All Forum Posts by: Leyha Williams

I’ve submitted an offer of $175K for a 3-bed, 2-bath, 2-car garage home with 1,632 SF on a 5,199 SF lot. It’s listed at $200K and being sold as-is, needing new flooring in all bedrooms, as well as a fridge and washer/dryer. My plan is to live in it for 4-6 months while securing a tenant, then move out.

Estimated monthly costs range from $1,600 to $1,800, while similar properties rent for $1,800 to $1,900. Given these numbers, is this a good investment, or would it be better to wait for a comparable property with fewer required renovations? What factors might I be overlooking? Any other thoughts?

@Jeff Pasmore Thank you!! This is great and I will consider these factors before making the decision.

I am purchasing my first property and I am deciding whether I want to rent it out and get a cheaper apartment or stay in it and pay the mortgage myself. As of now my plan is to buy a 3bd 2bath starter home for $200,000. PITI will be $1600-1800. I will buy it in a neighborhood outside the 610 loop (20-40 minutes outside of downtown) in an up and coming neighborhood where rents for comparable properties are $1800-$2000. While my tenants pay that mortgage, I plan to live in an apartment closer to downtown for $900-$1200. Does this make financial sense? Is there anything I should be concerned about? Is there something that I am not considering? Please help me make this decision.