Hi All,
Rich here and have a question I would please like the BP community help with. I have always wanted to get into real estate and possibly have my wife on board with this proposition but need to move quick. We are 35, married, rent and starting a family. She has always wanted to buy her house first then I can go do what I want with real estate. Currently I am laid off but getting tons of offers so will not be for long due to numerous offers. I have found a house, small little house, which we would be able to get financing for through her income. I did the numbers and if we lived in it for say a year it would cost at most $200 more than our rent which is around the corner but in mu parents 3 family. They get $1200 for a first floor apartment and no offense my father is probably close to a slum lord I keep the house as nice as possible in community areas. Knowing this I know this house would rent for $1200 easy up to $1500 with a few little touch ups I could do myself. Now I have my wife on board to look at it but this would definitely just be a stopping point because once she is pregnant and has the baby and I have my income she wants out of this city. Even though Zillow estimates this house appreciates 2.6 % next year which is slightly higher than the rest of the city due to location, it is in the best part of town. If we buy this house and are able to have it be a positive cash flow will it hurt us when we go to buy a home next year? We may not even live in it and just keep our cheap rent and have it rented from day one. I see very minimal vacancy rate if any especially in this area. But will it effect our buying power in a year or two if it is producing or can produce a positive cash flow?
Sorry for long post wanted to put it all out there and know that you at BP need the most info to give the best answer. Let me know if you need more.
Please and thanks
