If you rent, can you also be a Landlord?
You might even find a great first tenant - yourself!
Most home buyers put off home ownership until they feel settled. Job and family seem set for the long-term = ready to won. In the meantime, they pay rent that in part goes toward their landlord's equity in a property.
What if you decide to be a rebel? Buy a house and "rent" it from yourself?
If you have a roommate to share in the rent, that's OK. If you decide to move somewhere else, that's OK. You can even break your "lease" without fear. Your landlord will understand!
It is more a mindset change than anything else.
You buy a property based on a few criteria:
Will the rent be enough to make this investment make sense to me?
Would I live here as a renter? This is a bit lower standard than a typical home purchase. It doesn't have to be "the one". Just needs to be good enough for a year or two.
Cost of maintenance is more important than emotions.
There are some real benefits around financing. Because this is your home, you can qualify for lower down payments and better interest rates designed for owner-occupants. That is what you will be - at least for a time. You have a plan that when you eventually move out you'll convert it to rental use. But for now it will be your primary residence. Bet your CPA has some favorable ideas about this!
If you'd like to talk about getting "in" on the real estate market before you fit the image of a typical homeowner - give me a call! Email or texts are fine, too.
Brian and Missy decided it was time to get the truck out of town! He delivers farm equipment all over the country. Once in a while he would be nearly home and about to hit his daily driving limit. With the choice of getting home or having to stop a few miles short of the office, he'd choose home. The HOA didn't like it. Then he found a home on acreage in Iowa near family. And no HOA. They had updated their home with the intent of staying - which made my job easier. Just make sure every potential buyer out there had no way of missing how gorgeous the house looks in person. The weather didn’t cooperate - rainy weekends and most weekdays. Still, we had it under contract in just 9 days
This month's image was taken on a walk with my daughter Johanna near Marble Falls.
Weeks, months, and years fly by. I hope you have a chance to make some memories this month!
Who knows, if we ever get a cold front, we might even see some leaves change color this year?
Have a great month!
Real estate artist