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Old 03-13-2021, 03:47 PM   #21
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I have mulled that. I am sure I could easily rent it but I don't fancy being a landlord from a distance, which would be the case if I decided not to stay.

Maybe dependent on the area, but rental management agencies are nearly everywhere. Last I checked they get around 10%, but you do nothing but watch the deposits come in.
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Old 03-13-2021, 04:40 PM   #22
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If financials were not an issue; and buying, selling and moving not a concern, than certainly it is an option.

Since you know that you already like the area - even if it takes a bit of time to sell after two years - it probably wouldn't be the worse thing in the world.
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Old 03-14-2021, 08:43 AM   #23
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Thanks all.

Good food for thought here. Thanks. I have what I need.


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Old 03-14-2021, 10:39 AM   #24
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....
I have an on-again off-again realtor in the area who thinks it would be a sound move and would represent me as buyer's agent. It is in the county rather than in the incorporated city limits, so I am researching what that means.

.
Since you are buying a friends house, FSBO, (IMHO) you need a house inspection and a lawyer, not a buyer agent realtor who will take 2% -> 3% for doing practically zero work.

As to the original question: rent vs buy.
How much would rent cost in the country (same area) vs buy and lose 5->6% when selling 2 yrs later ?
Usually renting in the county rural area's is a lot cheaper than city, so make the comparison equal.

Could you rent from your friends for 2 yrs ?

Note: if you are buying in a rural area, it could take years to sell as some rural areas move real estate very slowly.
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Old 03-14-2021, 11:05 AM   #25
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I could be wrong, but I just sense that (consciously or subconsciously) you have some reservations about buying this house. I don't know what these would be, but I feel like there might be something like that going on. Otherwise I think you would have bought it and would be posting about your new "forever home" that just fell into your lap.

If it was me - - well, if you don't clearly feel like buying this house is a great opportunity for you at a good price, and something you truly want to do, I'd refrain from buying it.
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Old 03-15-2021, 07:21 PM   #26
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Since you are buying a friends house, FSBO, (IMHO) you need a house inspection and a lawyer, not a buyer agent realtor who will take 2% -> 3% for doing practically zero work.
Agreed, I thought the reason for FSBO was to avoid the real estate agent fee, therefore slightly reducing the cost of the home for the buyer and less fees for the seller to pay. win-win.
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Old 03-15-2021, 07:39 PM   #27
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We fronted our granddaughter the $ to get into a starter home @ $205K. Every home in the market is being sucked up in hours by millennials that are buying for the same monthly rental on a nice apartment. It's a buy "as is" market as most of the homes are of the age that some repairs are needed.

There's no evidence that there's going to be a blowup of this starter market as long as the employment market remains stable. They way this market's going, 2 years and you will be able to get your money out of a house.

We have noticed a softer market when you get around $600K where you can get a lot for your money--in the same area. The new 2800 square foot homes are running $450K-500K, and they're not really that nice and yards are not up to the price in size.

I say go for it.
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