Investment with Family Member in Abilene, TX
Hi BP community,
I live in California and one of my family member will be stationed at Dyess Airforce Base in a month. He will be staying there for at least 2 years. His housing allowance is $1350. He is willing to live in a hotel for a month or so while I search for a potential rental home. I would like some tips and advice on the situation.
I've done some research and Wylie, which is about 15 minutes from the AF base, will be the most desirable location for families with children due to the school system. Houses around there average $160-200k currently for a 3br, 2 baths. I was looking at this as an opportunity to get my feet wet in the buy and hold. I am not sure if a month or so is enough to look for a decent deal or just a home within my budget of being sub $200k. I would not have to worry about the first 2 years of rent, which is the main reason for my interest in buying right now. I figure I can learn the nitty-gritty using those 2 years.
Please let me know your thoughts, comments and questions on the situation. Also, please recommend an agent in the area that I could work with during the process. Thanks in advance!