We're trying to find a place to rent for my daughter returning to college but the rent in Pittsburgh Ks seems to be higher than in Wichita. My wife was trying to talk me into buying a small house that our daughter could live in but I don't want the commitment for her to stay there for just two years. She's not going to live there after that. Not to mention that I don't want to be on the hook to pay for repairs and such.
I'm trying to keep an open mind. We looked online for something to rent and the rent is too high there. My wife's point is we could buy a small two bedroom house for less than the rent would be for an apartment. She found one that's got newer roof, hvac, and electrical that the payment with taxes would be around $369 which is about half of any place we could find to rent and would still have to pay utilities at the rental places. I'm just not sure what to do.
Sry to .... in, but have you considered insurance? How difficult would it be to sell it when you are finished with it?
Just throwing that into the mix, something else to think about.
Sry to .... in, but have you considered insurance? How difficult would it be to sell it when you are finished with it?
Just throwing that into the mix, something else to think about.
When I looked on Zillow, it showed monthly expense including insurance and taxes but not mortgage insurance. I think I could use my VA loan so I didn't have to pay mortgage insurance. You have a valid point about selling it when finished with it. I'd of course have to go inspect it myself but appears to be in decent shape and comes with all appliances. I can easily get a quote through state farm for insurance if I decide I am serious about this. It's just in thinking stage right now. I really don't want to have to hang on to it any longer than I would have to. From what I understand my daughter has 2.5 years left. The mortgage would be 369 on this particular house. Rent there is going for 650+ and that's not necessarily including utilities. Most of the places we looked at online didn't. She has to get her CNA first but will be working after that while going to school so should be able to contribute after a while. It's a hard call.
Yes that is a lot to take on for such a short stent. Looking further out, maybe you could rent it out after she is done with it. Are there a lot of college students looking for places to rent there? Just another option. Living so far away from Pittsburgh KS, if you do do this and end up renting it out, please consider allowing a rental agency to handle it for you. That way you know it will be taken care of. Most of the rental agencies charge around 10% of the monthly rental after initial set-up fee. But it is well worth it. Just something else to consider.
Good luck to you. I am kinda having the same type of situation now, so I know how hard it can be.
It is a college town so yes there are going to be students looking for rentals. According to Zillow it could rent for 800 but I don't see many college kids being able to afford that. I'd be willing to do 500-550 plus utilities. We could decide later if we want to keep it as a rental.
Consider how far away you are if the house gets trashed by the renters.
Yeah, I’d probably just try to sell it when we were done with it. If I did hire a management company like suggested then they’d keep an eye on it. Nothing is decided. My wife and daughter are going to go to that area Thursday and look at rentals and swing by that house to look at.
Yes you are probably correct in that college aged students probably could not afford 800 but if their parents are like you and pay the rent for their children......never hurts to have a second income stream....ya never know......
Not only will a rental agency keep an eye on it, but will handle any repairs needed. With your approval of course. Just lots to weigh out. You will know more when your girls go check it out.
Good morning. I'm glad all is well PT. New plan on the house hunting. It got put off until Monday for my wife and daughter to go. The main house we were interested in for my daughter had an offer on it and thought it was sold but the real estate agent called my wife later in the day and said it didn't go through and they could look at it and a few others on Monday.
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