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Updated over 13 years ago,
Help! job relocation options
Hello BP,
I think this could be a fun discussion, but I'm really coming to ask the pro's and veterans of life for some advices.
I have the option to move from the Northeast to the Dallas/Fort Worth area of Texas.
There's lots of factors to consider, but I'd basically be weighing 3 things. The incentives (which are very nice), my house here in RI, and the fact that I'm about to start doing my first marketing for motivated sellers to begin wholesaling.
I don't know if I should sell my house and buy there, rent my house and buy there, or sell my house and rent there.
homeowner relocation benefits offered:
company pays all commissions and closing costs. (approx 8%?) In addition, I'd get a 5k make-ready allowance to spend on fixing the house up. Anything not spent can be given as a buyer incentive. If the house sold within 60 days of listing I'd get another 2% of sales price cash (tax free) 60-120 days is 1%.
I would also get 2% of purchase price if I were to buy in Texas.
House was bought april 2009 for 174.5k and appraised at 199k. I put 20k in to it adding a very nice bedroom and bathroom in the finished lower level, new appliances, and paint throughout. I don't know an accurate appraisal value at this point but I assume I have at least 60k in equity. I owe 150ish
Is that a no-brainer sale? I was leaning towards renting the house before i found out the details (if I did I'd get 90 days free living in TX) and I think, after property mgmt fees I could cash flow $250-$300 a month. There is also a very nice cash consideration given to move.
As for my wholesaling business, I figure it would be just as good to start there as it would be here, if not better since people in the northeast don't buy or rehab houses in the winter.
I'm considering buying a newer house that needs work and fixing it up while I get settled there for my first rehab project.
I'll stop the rambling there....thanks in advance for your input.