I just wrote out my first rent check.
As of 4:45 this afternoon we are officially debt free, our house is finally sold, and we have my parents as landlords!
That's right, my parents bought our house.
When our previous buyer fell thru and we were considering renting it out ourselves, my parents made us an offer we couldn't refuse.
My dad has always been interested in rental property. Him and my Uncle are currently renting out my grandmother's old house. The idea of a rental check coming in monthly once he retires seems pretty tempting.
But I know my parents did not do this strictly as a "I want rental property" kind of thing, I know my parents were worried about us. We could have rented it out on our own, and possibly had everything work out perfectly down the road. But we are not in the greatest point in our lives to take on that sort of risk. What if we had to pay 2 house payments, with 2 kids in daycare down the road? There is so much stress that comes with rental property when its property you don't owe out right.
My amazing father made the comment after he made us our offer that "I know finances are the biggest problems for marriages and I do not want the stress of 2 mortgages to do anything to your relationship." Hearing him say that means so much. Its like he was telling me "I am proud of your life choices, and your family." Even at 27 I still strive to make my parents proud.
So in return of my parents buying our house, I have promised to put them in a good home and take extra good care of them when they are older. Luckily, I was already planning on doing that...
This situation has also made me realize that I want to make sure we can do the same for our children some day. We need to continue to be responsible with our money and actions and plan for the future.
And right now the future is looking pretty amazing!