daveman0720
Member
Cash: $ 2.60
Posts: 12
Joined: 04 Apr 2005
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| Move in or rent?? |
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i have a problem but its a good one. i just recently signed a contract on a condo for 135,000. closing date will most likely be first week of may. i turn 24 in july and live at home with my parents. i live at home for free and the condo will be $1000 a month. i really want to move in but i really want to make money by renting it out. i am tempted to rent it out maybe until around jan then move in. only thing that sucks is that the place is completely finished and i dont want anyone irresponsible to ruin it. i know this is a big decision and it will affect me in the long run. i want to get another place either multi family or a condo in florida within a year. i also need a new car and wont be able to afford one if i move into the condo.. someone help me..lol...
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Mon Apr 04, 2005 12:57 pm |
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David Briggs
Senior Member
Cash: $ 57.86
Posts: 289
Joined: 16 Jan 2005
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Move into the new place and postpone acquisition of the second property. Buy a previously owned, low mileage car~~ the highest quality and best fuel efficiency you can, and with the longest-term financing they will give you with the lowest monthly payment.
Unless you were able to completely luck into a corporate arrangement for relocation or temporary housing of one of their unmarried employess, anyone who would rent from you on a 6-month-only basis is probably not someone you want living in your beautiful condo.
~~David
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Mon Apr 04, 2005 1:27 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 796
Joined: 19 Sep 2004
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quote:
Originally posted by David Briggs
Move into the new place and postpone acquisition of the second property. Buy a previously owned, low mileage car~~ the highest quality and best fuel efficiency you can, and with the longest-term financing they will give you with the lowest monthly payment.
Unless you were able to completely luck into a corporate arrangement for relocation or temporary housing of one of their unmarried employess, anyone who would rent from you on a 6-month-only basis is probably not someone you want living in your beautiful condo.
I concur move in to your condo.
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Mon Apr 04, 2005 1:40 pm |
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daveman0720
Member
Cash: $ 2.60
Posts: 12
Joined: 04 Apr 2005
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Thanks guys...well I am doing 0% down.
5/1@4.875% (90% loan)
20yr fixed @5.99% (10% loan)
No PMI
I am going to be tight and cheap month to month but we'll see how it goes..Hopefully okay..lol
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Wed Apr 06, 2005 11:47 am |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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Keep tabs on your cash flow with a spreadsheet.
Build cash reserves (what if your A/C goes out?).
Can you postpone buying a new car? I drove mine until just before they imploded whilst I built a cashpile. I don't recommend buying a used car: too much risk in inheriting someone elses problems and even more importantly, a car wears based on the driver's habits. Change drivers and *POOF*.
"Expect me when you see me."
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Thu Apr 07, 2005 1:32 am |
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daveman0720
Member
Cash: $ 2.60
Posts: 12
Joined: 04 Apr 2005
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ill try to wing it..my car has 180,000 miles on it..lol 1991 honda...well i am going for my state exam for real estate today so hopefully i will pass sell some houses and be on my way for some $$ to get a better car..
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Thu Apr 07, 2005 12:30 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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180K miles...oy. Yes, a replacement vehicle is in your future. In the meantime, keep on its maintenance and it should still provide plenty more service for you.
Good luck on your exam!
"Expect me when you see me."
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Fri Apr 08, 2005 1:13 am |
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daveman0720
Member
Cash: $ 2.60
Posts: 12
Joined: 04 Apr 2005
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wooohoo passed my exam!!  this will make things a lot easier..thanks for everything u guys...i think im going to get a honda civic maybe 2003 or 2004 i have to check into the prices and mileage..if anything ill prob get one that has 10000 or less miles...
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Fri Apr 08, 2005 11:58 am |
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