You may. Some of the rules regarding this may be tough, but rather than carry on a dialogue here, I'm going to encourage you to meet with a local lender. You'll need to provide copies of your leases along with the standard income and asset documentation. Part of the decision may rely on your equity in the other properties.
You will also need to have enough income to cover yourself if the renters don't meet their full obligation. Typically rent is factored at 75% of what you receive when calculating your debt ratio. If you get $1,000 per month in rent, the bank will use $750 plus your gross monthly income against your total debts to decide how much they will loan you.
Talk to a local lender and see what they have to say. Best of luck.... more
Eugene is a tough area for rental property. With the influx of students, and that number is on the rise, it is hard to find good rentals cheap in Eugene. A typical 3 bed/2 ba starts at $1200. Really you could be better off to buy because you can have a mortgage starting at $1200 and own your home. You can also take advantage of the tax break that you get for paying mortgage interest. Depending on you tax bracket you could be paying 30% less than the $1200 if you factor in the tax break. Talk with your tax consultant to figure out what will work best for you in your tax bracket. Good luck with the move!
PS I have a 3 bed/ 2 ba rental for $1350 if you are sure that you want to rent.
Equinox Real Estate Investments
541 915-2933... more
For school information see links http://www.greatschools.org/ http://www.schooldigger.com/ When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase, or not, in specific neighborhoods.
97405 is a pretty big zip code area... I don't think there are any houses in Eugene that would meet your criteria (well, not yet), but there might be in the Goshen area. If by "20 miles west" you mean the area along Lorane Highway or Territorial Highway, that's another possibility, but I don't recall seeing any "newer" houses there in this price range.
If your downpayment is 20% or less, there is a very high probability that you will be under water within a year if you buy now. If your job is super stable, and you plan to stay put for a long time, this might not be a problem. Note, however, that even a 5% price reduction on a $175K house will save you more than $8,000 tax credit. With tons of foreclosures that will be hitting the market later this year and in 2010, we are likely to see price declines well above 5% in Eugene... just something to think about. Best of luck in your search!... more
A local real estate agent would be able to show the last 6 months sales of 2 bed, vs. 3 bedroom UNLESS it is new construction not posted in MLS. In the information supplied by the agent give days on market (DOM) prior to selling. The agent MIGHT be able to do a 3 year search on your behalf.
http://www.lynn911.com http://www.homes-for-sale-dallas.com... more
Eugene is a very unique and diverse city offering many different types of lifestyles. The most sought after schools are in the Ferry Street Bridge/Gilham areas. I personally grew up in South Eugene which does offer great schooling as well.
I would be happy to speak with you over the phone or via email to offer you further information about our beautiful Eugene area. After working with so many families seeking to relocate here, I enjoy getting to know my clients better in order to find locations that are conducive to their family and lifestyle.
I have family near you in the Concord/Clayton area ;) When my husband and I travel there to visit we are easily reminded why we too chose to raise our family here in Oregon!
Again, please feel free to contact me anytime...I am always happy to help!
Keller Williams Realty
Eugene & Springfield
Independent Member Broker
Licensed in the State of Oregon