All Forum Posts by: Bryan Elam

Thank you. I understand now how my logic is flawed.

Would it make sense for me to buy the house now with traditional financing, but pay extra to the mortgage equivalent to what I would be paying to rent an apartment while I am here and then refinance so the property will cash flow when I rent it out after I leave?

Hypothetical purchase price of 189k with a mortgage around $900 or so, but pay $1800 toward the mortgage each month(because that is what a rental would cost) then refinance for 156k ($900x36mo=$32,400 paid down from 189K). The property will cash flow nicely at the 156k price. Does this make sense?

I am currently in short term rental at my new duty station and a colleague owns the house I am staying in. She is really motivated to sell but is connected with a realtor already and the numbers don't work out for me in a buy and hold scenario so I cant offer to buy the house thru traditional channels.

My question is, would owner financing be an option for me over the next three years where I can continue to live in the house and pay down the ultimate purchase price and refinance at the end of my tour so I could keep the house long term as a buy and hold type rental where the numbers work out for me. Is this scenario realistic? If so, how would I approach her, with an offer?