Out of state move, rent or buy first?
hollynla
9 years ago
Featured Answer
Sort by:Oldest
Comments (13)
sjerin
9 years agoCA Kate z9
9 years agoRelated Discussions
Question about SD moving with mother out of state
Comments (7)Yes, the mom has paid support, not on time or in full most times but after they attached last years income tax, we are now up to date. It is a small amount, we pay for health insurance. She is responsible for very little. We had custody of the 3 children, 1 is moved out on her own, she is in her 20's, the other is going to college here but will transfer to the new state. So, the last one is the youngest minor. SD has not said alot about the move, it has been a well kept secret. She did say that she wants to experience life and see different places. SD is very well adjusted, well liked at school and a top honor student. But she is close to her mom and I would imagine that she feels very very torn about this. I would like DH to talk to her when it actually becomes a reality and tell her that 2 years will fly by and she can apply to colleges there. this may sound petty, but I hope their house doesn't sell before the fall so SD will not have to make a decision. She has made it very clear to us that if this does not happen in the next 5 months and the move happens during the summer, she will not move if she starts her junior year, she will finish her jr and sr year here. That would pretty much solve this whole mess. Bio's DH will not make more money, he will be closing the doors to his business and I guess find a job/business to go to. Bio mom will work 20 hrs a week I assume and attend this program. She has attended 3 schools in 5 years and has not gotten very far, she flunks many of her classes so I have no hopes that she will actually complete this process. I don't know, I am a rambling kind of mood today. I think this is a selfish decision to make at this point. This education could be attained here and she could wait until her youngest is 18 and go where ever she pleases, she is causing a tremendous amount of unhevel and there is no home, job, family she is going to... just the acceptance into a community college? Who does that? And don't drag your kids along, wait until you are settled yourself. Who is going to support them and my SD? Our child support? Beginning to look that way. We will subpeona her payroll records if this actually happens and our arguement will be that she is leaving a good paying job, so we should not have to pay more because of that....See MoreBuy house, rent it out for a year, then move in-Mortgage options?
Comments (5)Vamppire, If this particular property, and its timing to market, are really this important to you... you may have some other creative options at your disposal, (especially since it is also very likely that the seller is sitting on their thumbs w/o a whole lot of buyer activity at the moment.) If you are ready & willing to make the payments of ownership for a full year ANYWAY......... Why not approach the seller & ask for a Lease-to-Buy... or, alternatively, a seller-carried land contract with a sufficient non-refundable down payment (should the seller be uncomfortable with the potential that you could backout of a lease/purchase agreement.) Going about it this way you can; A) Avoid paying investor interst rates, B) Potentially pay even LESS than if you got your own loan (at least for that 1st year,) C) Avoid paying an additional set of financing closing costs, D) Qualify for preferential primary residence refinance rates & terms after that 1st year, instead of purchase rates & terms. This is something you'd likely need assistance from someone experienced in lease/purchase contracts or seller-carried land contracts... not a typical average real estate agent's forte'. Hope that is also helpful! CHeers, Dave Donhoff Leverage Planner...See MoreMoving: sell or rent out current home?
Comments (41)Interesting to see this thread again! I read over the responses and see this was when we had lost our first renters. We had an absolutely wonderful family after that - BEST RENTERS EVER - and no problems whatsoever. It probably is in part due to the fact they had owned a home for several years and were looking to move to a specific area and having a very hard time finding a home. Our rental house was close to a direct path to the husband's workplace. I think because of them owning a home, they were very mindful of our they treated our house. My dad enjoy seeing them out and about. They moved out end of November. We are planning to sell the house soon. We have a little touch-up painting and a couple of rooms that will need to be repainted (they home-schooled in one room). This past year we put in a new heat/air system. Rental money is in an account and has not been used as income. It's not a huge profit at this point, but it has been a help on our taxes! Here's hoping to a nice profit when we sell!!...See MoreTo rent out or not to rent out...
Comments (6)In my state, the deposit can be whatever amount requested by the landlord instead of the traditional 1 months rent. I would suggest offering a deal to your prospective tenant for a lower monthly rent and an increased security deposit. I wouldn't advertise the lower rental price because you want to attract potential tenants who are financially stable and able to pay the high end of market rate. Also, consider asking for lease of more than one year as having to find a new tenant can be costly. It would be expensive to leave the property empty, due to lack of rental income and the insurance on a vacant property is much more expensive than for an occupied property. Years ago, we faced a similar situation but without the financial incentive and we chose to leave the property empty and hired a neighbor to keep an eye on the house. I don't think he was much good at checking on the house but he appreciated the extra money in his pocket. I think, in the current age of improved wireless cameras with online video, keeping an eye on the house would be much easier than 20 years ago. I would lean toward renting it out and put the money towards your remodeling budget...See Morefunkycamper
9 years agogmp3
9 years agohollynla
9 years agokayjones
9 years agogmp3
9 years agocearbhaill (zone 6b Eastern Kentucky)
9 years agoDLM2000-GW
9 years agohollynla
9 years agoc9pilot
9 years agojglo4
9 years ago
Related Stories
HOME INNOVATIONSConsidering Renting to Vacationers? Read This First
More people are redesigning their homes for the short-term-rental boom. Here are 3 examples — and what to consider before joining in
Full StoryLIFESo You're Moving In Together: 3 Things to Do First
Before you pick a new place with your honey, plan and prepare to make the experience sweet
Full StoryBATHROOM STORAGE10 Design Moves From Tricked-Out Bathrooms
Cool splurges: Get ideas for a bathroom upgrade from these clever bathroom cabinet additions
Full StoryKITCHEN DESIGNRenting? 15 Ways to Make Your Kitchen Your Own
If you’re feeling stuck with a blah kitchen you can’t renovate, these small moves can help make it feel like home
Full StoryMOST POPULARFirst Things First: How to Prioritize Home Projects
What to do when you’re contemplating home improvements after a move and you don't know where to begin
Full StoryDECORATING GUIDES10 Easy Fixes for That Nearly Perfect House You Want to Buy
Find out the common flaws that shouldn’t be deal-breakers — and a few that should give you pause
Full StoryLIFEThe Moving-Day Survival Kit: Lifesaving Items and Niceties
Gather these must-haves in advance for a smooth move and more comfortable first days in your new home
Full StoryHOUZZ TOURSMy Houzz: Eclectic, Artistic Rented House in Ojai
Original artwork, vintage furniture and vivid colors saturate a designer's quirky Southern California space. And wait 'til you see the swing
Full StoryLIFESo You've Moved In Together — How to Merge Your Stuff
Learn the art of sharing a home, including paring down, trading up and talking things out
Full StoryMOVING5 Risks in Buying a Short-Sale Home — and How to Handle Them
Don’t let the lure of a great deal blind you to the hidden costs and issues in snagging a short-sale property
Full Story
weedyacres