I'm brainstorming

[HeavenLeigh]

There's a house for sale right across the street from here. It's 3bd 2ba and pretty nice. They're asking way below the value of it.......it's been for sale for awhile now, there's just no market for houses in this area. I thought about putting in a offer on it to see how low they'll go. I can rent this house to make that payment and if I leave here I can rent them both. :huh:
Should I go for it? Or since I'm hoping to move should I just wait until I get where I'm going before making a purchase?
BTW........while noone can afford to buy around here rentals are a big thing. There's always someone looking to rent a nice place.

[Lisa]

Krysti~
I think you should make a list of the pro's and con's of buying the house to use as a rental. I know that I would never want to be a landlord. People just don't have respect anymore for other people's property.
But it's all how you feel hon. If you can afford it, and have the time, then I say go for it. Put in an offer, and let us know what happens. The worse they could say is, "Sorry, that's not enough."

[veda]

Sounds like something to think about...
It will be a huge responsibility & alot of maintenance, but if you have good connections with a construction crew & charge a fair rent to responsible or elderly people, it could be a great investment property. Plus you'd live very close & could TELL renters that you live very close ;)

Good Luck!

[HeavenLeigh]

Thanks V and L :) I'm still pondering on the idea. I traipsed all the way over across the street yesterday (okay, so I drove :D) and it looked okay. It needs some outside work done and carpets replaced (from what I could see from the windows) but I just don't think it's my cup of tea. I am going to let the realtor let me in and show me the rest tho. I may feel different once I get in and see it.

There is another.........CHEAPER (but smaller) than that one. In EXCELLENT condition. Even the outside is perfect. I'm looking for something bigger but that would be a killer deal. I'm also going and looking at that one.

[Csara]

If the demand for rentals is heavy near you and the supply isn't so big, I'd say it's a great idea. Really good way to make some income while you're building equity and gaining the appreciation on the property. You just really have to be careful that you don't over spend when you are fixing it up (if it even needs fixing). Also make sure to check ahead of time what kind of interest rate on the mortgage you can get and make sure that you can afford to put the 20% down and that you can handle carrying it for a while if you can't find a renter. You might also want to look into a management company to help you deal with any problems b/c remember you will be a landlord. Your tenant(s) will call you for every little thing and you are required to fix it. Go to the library (or bookstore) and pick up a book on "how to be a landlord". There are a bunch of basic things you should familiarize yourself with before jumping in. We are actually looking into the same thing right now. Good luck!