Real Estate Investor · Fort Myers, FL · Member since 2014 · 50 posts · 4 votes
Hey guys!
Looking to buy a single family home as a primary residence while renting my current home... The house we love is in an amazing, thriving neighborhood, but is the first house in on a semi-busy road. The home has already dropped $25k in price and the realtor is confident they'll take another $25g off after being on the market for 83 days and are motivated to move. This would be a buy and hold for us as a place to raise a family, close to shops, A+ schools, its 2000sq ft under air, and only really needs a roof within the next 5 years. Its big, well kept, granite counters, large lot, room for a pool...
Just aren't sure if it's a smart buy even with the instant equity because it has been difficult to sell and IS on a fairly busy street. It was appraised at $250k which is their current asking price, but again, the realtor is confident it will sell for $225-$230k.
If the numbers work and you'll be keeping this house for a long time to eventually rent out, I would go for it. You probably would t be able to get all the equity out if you were planning on selling in the near future, but since you would hold, that shouldn't be a huge issue.