Home Buying in Fresno>Question Details

Xyz, Home Buyer in Sunnyvale, CA

Purchase or Rent a condo/townhome /single fly near medical university.

Asked by Xyz, Sunnyvale, CA Thu May 10, 2012

Hi, Does it make sense to rent a property near medical college university or purchase the property for 4-5 yrs and save on rental? And later sell it or put it on rent for college students.
Thanks,

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Xyz’s answer
Thanks everyone for your quick response. Condo/Townhome is what I had in mind because SFH may not be within my budget. Also with condos/townhome I need to worry about HOA - I need to sit down and work on numbers to see how much rent I can generate for a 2 bedroom 1 (or 2 bath) condo/townhome subtracting the HOA.
Thanks.
0 votes Thank Flag Link Fri May 11, 2012
Purchase definitely. Contact me for help. Cell Phone: (559) 307-3723. email: carmen@guarantee.com
0 votes Thank Flag Link Thu May 10, 2012
It makes great sense. I have a new Resident Dr. at CRMC that's closing next week on a brand new home. He's single, but going to rent out two of the 4 bedrooms (to other Residents) and live rent free for the 3 year term of his residency. I'd recommend a single family residence rather than a condo, since they are more in demand and easier to resell and/or finance. Call or email, and we'll discuss a game plan.
0 votes Thank Flag Link Thu May 10, 2012
Currently it is cheaper to buy than rent in most areas. I would suggest buying if you can. You can take advantage of the mortgage interest deduction. Most likely you would be able to sell for more in 4 to 5 years but the smartest move would be to keep as an investment. You should have positive cash flow & could be the beginning of a good investment into your future.
Let us know how we could be of further assistance.

Mark A Pretzer
559-288-4967
0 votes Thank Flag Link Thu May 10, 2012
Hello
I would rather buy than rent. With the mortgage interest being very low you will be paying less on the mortgage payment than rent. There are good deals out there by the time you are ready to sell you will be getting your invested money back.
Thank you
0 votes Thank Flag Link Thu May 10, 2012
With mortgage interest being very low you will be paying less than paying rent. Also, when you are ready to sell you would get your invested money back. if you are renting you would get nothing back. There are good deals out there. I would buy rather than rent.
0 votes Thank Flag Link Thu May 10, 2012
The answer depends upon your financial situation. Speak with a loan officer to see what you can do.
0 votes Thank Flag Link Thu May 10, 2012
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