Thanks for all the responses (Nabber I've PM'd you)
I think this part may have confused some people
Quote:
|
Now I'd be viewing buying this place as taking a protectionary stance in the market. If things take another run this year, or in the next 12 - 18 months I'm going to be a lot worse off. At the rates prices were rising I'm worse off saving money. If things stagnate, well I'm subsidizing my mortgage with rental income, if they go down, I would have been better off doing nothing. I'm more comfortable with the first two.
|
What I meant was if I "don't buy" and things take another run I'm going to be worse off... Even if they increase moderetly, I'm still not going to be saving the same amount and having enough of a downpayment to make a substantial difference for it to have been better. Like Nabber said, who can save 20,000 a year.
I also am not buying this to flip it, or anything, I'm buying it as a place to live, in an attractive area (to me). I just would rent it for 12-18 months while I'm still able to live (for the moment) free of charge and use the renters to subsidize my mortgage (or a percentage of it).
So thanks again, the info has been helpful.
If anyone has any tips on becoming a landlord, what things to watch out for, what to do to cover my a$$, etc. It'd also be appreciated!
Thanks