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We’ve begun putting our plan to buy a second home into effect this month. Our house is rented out, and we’ve moved into a travel trailer to save money and pay off our ridiculous credit card bills. After about a year, we should be able to afford a second mortgage so that we can buy (and move into) a new house while still renting out the house we have. Real estate investing seems to be the way to go if we want to make an extra income without having to work too hard.
Right now, we are waiting for my partner’s bankruptcy to fall off his credit report. He has an excellent credit score, but past bankruptcy makes it hard for him to get a good mortgage rate. Fortunately, we were able to get a small loan for the trailer from our local bank, but I know we won’t get a mortgage right now — not one we could afford anyway.
So for now, we’re settled in our trailer and really enjoying the experience. This may be the strangest thing we’ve ever done (or not!), but it sure is fun!
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