If you're not looking to stay in Gainesville, then don't buy just yet. You don't want to be a long distance landlord plus condos have low resale value, especially in a place where newer condos are being built regularly.So you think I should look into buying a home now? what if I don't get my ROI?
The one thing that's keeping me from buying is that I live in shytty ass Gainesville, Fl.
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Aceofspades404
Superstar
that's what I was thinking but on the other hand, there's new construction in the area which will probably increase my rent in a couple of years. I live smack dab in the middle of all the shops and restaurants and they're building more so I'm really on the fence.
Worst case scenario she has to move and rents it out. She can hire a management company to handle the headache.
Rent prices are ridiculous because people don't have the credit to purchase. And then AirBnB restricts the rental supply on top of that.
Dollface will be fine as long as she gets a condo in a decent neighborhood and proximity to Gainesville attractions
Aceofspades404
Superstar
Can you expound on this? is this costly?
Dreamzeedream
Banned
My tax money came today, plus I get paid todayI feel what you're saying but I still wouldn't suggest you purchase if you're planning on moving. A once a year tax credit isn't going to be worth the hassle of trying to resell. If you don't want to stay at least 5 years just keep renting.
Right but you still have to make sure they are doing their job. If she's trying to invest and build wealth the last thing she needs to do is be trying to manage the management company. Also if she decides to buy in another city and the mortgage is outstanding on the other house, she may have trouble qualifying for additional monies.
I agree that renting is bad, but it can be the best option when you're not staying in a city that long.
Lol. You really are risk averse. Scared money don't make money.
The management company earns based off % of rent received. Its in their best interest to do their job.
When she moves, she probably not gonna buy right away so that's not an issue re: 2 mortgages. She will have time to sell the condo while she's looking in a new city.
Aceofspades404
Superstar
I do live in a college town so it'll be easy for me to rent just as long as the place I decide on is near campus.
even if the property were less than 150k?
all these wanna be Puff Daddy pseudo moguls
like everytime i see this nikka he talking about yet another business venture
but u basically throw money without researching shyt
then lose
then play it off
now u in the trucking business and ya driver had to pull a pistol on u to get paid cause u aint even making a profit and the 2 trucks u bought are pieces of shyt
u paying more for repairs than you make in income
but atleast u get to call yourself a business owner tho
now u talking bout making a website that is a msg board/facebook dedicated to sports
how original brah
and u asking me to invest
like everytime i see this nikka he talking about yet another business venture
but u basically throw money without researching shyt
then lose
then play it off
now u in the trucking business and ya driver had to pull a pistol on u to get paid cause u aint even making a profit and the 2 trucks u bought are pieces of shyt
u paying more for repairs than you make in income
but atleast u get to call yourself a business owner tho
now u talking bout making a website that is a msg board/facebook dedicated to sports
how original brahand u asking me to invest
Rawtid and I just have different risk tolerances. And we should (kids,married/not married, contract work/at will employment, etc)
Just figure out what risk you comfortable with and decide from there
Just figure out what risk you comfortable with and decide from there
Not adverse to risk, just adverse to being a long distance landlord. That's never worked out for anyone I know even with hiring a management company. Plus Maryland is a tenant friendly state so getting a bad renter out is a lot of trouble which the owner would need to get involved in. And again condo resale is tough, especially if new ones are being built. So she will STILL have to rent until she buys again. Why not just buy once when you're settled?
Aceofspades404
Superstar
you firing shots?
I personally hate the bank and if I can help it will only borrow money to purchase my first home and that's it. Rental properties I will buy in cash and use cash to fix it up and rent it out. I personally don't want to be reliant upon a renter to cover the mortgage on a home I'm not living in. I REALLY don't want to be reliant upon a company/person in a different town/area to make sure the renter is paying to cover a mortgage that I'm ultimately responsible for. Call me risk adverse but that's a lot of money to be fukking around with.
