Purchase home for temporary residency, rent thereafter

Hoping I can get some comments and opinions on a home I’m looking at in the upper Midwest.

It’s located in mid-Michigan, in a medium sized middle class city. A large Fortune 500 is based there with many white collar positions, along with some automotive/manufacturing blue collar positions.

The home: 3 bedroom/1 bath/1000 sq ft on a quarter acre lot, central air/heat, built in 1950’s. Needs nothing but carpet and a bathroom update.

The plan: purchase, complete upgrades in the first two months. Move into the home as my primary residence until a time where my employment requires in office daily reporting, in which I will need to move closer to work (unknown timeframe, my guess 2 years to never).

Financials: Sale price for the home, $119K. Estimated cost for carpet/bathroom $10K. Annual taxes: $1500

Rental income: Similar homes offered between $1000-$1200/month in the area.

My experience in renting out a home is zero, am I crazy for considering this idea? The math seems like it’s a no brainer, but maybe there’s something I’m overlooking?

submitted by /u/colebeasley313
[link] [comments]

Hoping I can get some comments and opinions on a home I’m looking at in the upper Midwest. It’s located in mid-Michigan, in a medium sized middle class city. A large Fortune 500 is based there with many white collar positions, along with some automotive/manufacturing blue collar positions. The home: 3 bedroom/1 bath/1000 sq ft on a quarter acre lot, central air/heat, built in 1950’s. Needs nothing but carpet and a bathroom update. The plan: purchase, complete upgrades in the first two months. Move into the home as my primary residence until a time where my employment requires in office daily reporting, in which I will need to move closer to work (unknown timeframe, my guess 2 years to never). Financials: Sale price for the home, $119K. Estimated cost for carpet/bathroom $10K. Annual taxes: $1500 Rental income: Similar homes offered between $1000-$1200/month in the area. My experience in renting out a home is zero, am I crazy for considering this idea? The math seems like it’s a no brainer, but maybe there’s something I’m overlooking? submitted by /u/colebeasley313 [link] [comments]

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