I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It will teach you how to buy a home without getting ripped off, and will be the best $6 you've ever spent. Follow the link below.
Best of luck!
Thank you for your question. I like your approach for your first home as I recommend clients to purchase their first home with the intention of keeping it for a future rental when they move.
I have assisted numerous clients execute this same plan. As for areas to look at, it would depend on what your price range is going to be. With the current low interest rates, it is hard for a home not to cash flow within a reasonable purchase price. I would suggest that your requirements include at least 3 bedrooms and 2 bathrooms. If you can purchase a home with a garage then that is a bonus. I invite you to contact me and we can discuss more particulars. As I currently manage approximately 60 properties for my clients, I have a very good "feel" for what you a home would lease for given certain specifications. I invite you to contact me on my cell at 336-338-6012
I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.
Best of luck!
If you want to purchase as an owner occupant, then rent, you need to make sure that you disclose your intentions to your lender so you don't violate the terms of your loan. Generally, if you get an owner occupant loan, you need to move in within 60 days and make it your personal residence for at least a year. Capital gains on the sale will be lowest if you live there for two of the last five years.
So far there is pretty good information that has been given to you. So much will depend on your price range and ability/ affordability to qualify for a mortgage. Then given your loan amount, you can move into a price range that will ultimately dictate some of the areas. I have been selling real estate investment properties for over 30 years and currently manage properties for my clients as well. Just about any reasonable property price range will return a rent that should be either equal or greater than the mortgage payment. This is a great situation. I believe in creating wealth through real estate investments. i would be glad to share some strategies with you and make some recommendations.
Good luck! You are on the right track.
As many have mentioned before me the northern area of Greensboro / Guilford County is a desirable area for many. We actually have low inventory on homes for sale and for rental homes in those areas as well. Of course a lot will depend on your price range and the size of the home you are looking for. Be prepared of course that as you venture into a more desirable area the prices will be higher. So a long term plan should be refined. You mentioned that you are going to live there for a little while and then rent the home out near the end of the year. Of course no one has a crystal ball as to the markets pattern (especially after the last downturn we had). But, if we keep going in the direction we are on that would be a wise strategy. I would advise that if you are going to keep to that path you look in the Northern School district and even Northwest. Now that is only if you are going to get the right size home.
If you have any questions feel free to contact me through my profile here on Trulia,
Hope this helps,
A good idea would be to find an agent to work with. If you don't have an agent yet, give me a call and we can talk more in depth about the process and the markets right now.
If you have anymore questions at all, please don't hesitate to call.
My cell number is 336-464-2447, give me a call anytime, or email me at AlexVercheski@kwrealty.com, I respond very quickly.
I am a buyer specialist with 10+ professional years and 30+ years of personal relocation. I would love the opportunity to talk further with you regarding your move to our area. We can meet at my office for a buyer consultation where I will review the entire home buying process with you. We have a property management company in house as well when you are ready to rent out your home. Please email me at your earliest convenience to discuss this process further. I hope to hear from you.
Team Triad Realty
3225 Battleground Avenue
Greensboro, NC 27408
Hope your day is great!