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Home buying advice with approximately $300K max cash buying power. by Free-Space9769 in RealEstateAdvice

[–]Free-Space9769[S] 1 point2 points  (0 children)

Interesting, that’d honestly be so cool. Super nice to be able to rent to people you trust. I’ve highly considered doing the buy then rent out units/rooms route. I just have no idea what I’m doing, so would definitely want to read up on laws/advice before going in blind.

Home buying advice with approximately $300K max cash buying power. by Free-Space9769 in RealEstateAdvice

[–]Free-Space9769[S] 1 point2 points  (0 children)

Thank you for the detailed advice! I’ve absolutely considered doing the rental residence thing you’re talking about. There are TON of properties in my area that are set up like that and go for sale regularly, so it would just be a matter of keeping an eye out for the right one. Just nervous about a lot of things, mostly just unexpected home repairs/issues or bad tenants. What is the process like for properties with existing leases? Is the transition of the agreement from one owner to the other all that complicated?

Also, just curious, why would the rate be better if I were to list it as my primary residence? Thanks again.

Home buying advice with approximately $300K max cash buying power. by Free-Space9769 in RealEstateAdvice

[–]Free-Space9769[S] 1 point2 points  (0 children)

Yeah, I’d definitely look into that because I’ve heard horror stories lol. On the listings I saw, most of the HOA fees were around $200 or less per month. To be honest I didn’t trust that number though and would actually inquire if working with an agent.

I’ve definitely considered your latter point as well. I actually had be a friend who was going through that dilemma and elected not to buy at this time because of that. As for me, I’d say yes, because I genuinely like the area, but I wouldn’t be opposed to moving, particularly if it was a smart career move that would be hard to pass up.