An intriguing proposition

[RoJoHen]

Things you may or may not know:

I moved back to this town about a year and a half ago, where I returned to my old job and made the decision to settle down for the long term. I moved into a temporary place until I could find a house to buy.

3 months ago, after deciding I hated where I was living, I moved into another house with my best friend and former roommate. We love this house. It's huge. It's cheap. We have an entire devoted to coffee and video games. It's awesome.

Today I receive a text from my landlord saying that he wants to sell the house. He's a good and honest guy, so he isn't going to sell it out from under me while I'm living here, but he doesn't really want to play the landlord game anymore.

He offered it to me for $53,000.

I feel like I would be an idiot not to take him up on this offer. I already love the house, and my mortgage payments would be significantly less than I am currently paying to rent it. Plus, it's only a few blocks from my college, and it's just old and crappy enough for me to be comfortable renting it to a bunch of college kids. It's a 5-bedroom house! I could make a ton of money if I did that.

My wheels are spinning right now.

 

[ShamelessMcBundy]

Make it so!

 

[Amaris]

Do it! [/enabler]

 

[RoJoHen]

The best part is that I wouldn't even have to move!

 

[Mr. Laser Beam]

I would take the offer. You like the house, and you'd save money on monthly payments. I see no downside to this.

 

[RoJoHen]

The only downside I see is that my credit is less-than-awesome and I have absolutely no money saved up for a down payment.

 

[ShamelessMcBundy]

Well, i could move out there and move in with you ...

 

[RoJoHen]

Well, i could move out there and move in with you ...

I have no extra rooms, and I am unwilling to get rid of the Coffee and Video Game Room.

 

[K'Ehleyr]

Totally go for it!

Unless it's on a fault line or something... a survey may be an idea
(talking from the 'it sounds too good to be true' side)

But it does sound like a great deal

 

[Amaris]

The only downside I see is that my credit is less-than-awesome and I have absolutely no money saved up for a down payment.

You can have the down payment absorbed into the mortgage, along with any other fees. For credit, as long as your FICO is above 620, you should be able to get a loan from your bank.

 

[RoJoHen]

Yeah, I know. I mean, he only bought the house for $59,000, and he doesn't even care if he makes a profit on it. He has plenty of money and bought it as an "in between house" while he was in the middle of a bunch of things. I think he decided to rent it out on a whim. He's never been a landlord before, and apparently he doesn't like it very much. But yeah, the house is great (well, great for 110-year old house anyway).

 

[ShamelessMcBundy]

Well, i could move out there and move in with you ...

I have no extra rooms, and I am unwilling to get rid of the Coffee and Video Game Room.

A simple no would have sufficed.

 

[RoJoHen]

The only downside I see is that my credit is less-than-awesome and I have absolutely no money saved up for a down payment.

You can have the down payment absorbed into the mortgage, along with any other fees. For credit, as long as your FICO is above 620, you should be able to get a loan from your bank.

I got my credit checked a year ago when I started looking into houses, but I don't remember what my score was. I remember it being incredibly mediocre.

 

[Amaris]

The only downside I see is that my credit is less-than-awesome and I have absolutely no money saved up for a down payment.

You can have the down payment absorbed into the mortgage, along with any other fees. For credit, as long as your FICO is above 620, you should be able to get a loan from your bank.

I got my credit checked a year ago when I started looking into houses, but I don't remember what my score was. I remember it being incredibly mediocre.

You can check it through My FICO for free if you want to know.

 

[RoJoHen]

I will have to check that later. I am so very intrigued by all of this.

 

[Shatnertage]

Do it, but work with a realtor--they will help make sure you don't skip any steps of a really long and tedious process.

 

[Captain_Nick]

Maybe the landlord knows something that you don't. Get a building inspector in.

 

[Mr. Laser Beam]

You can check it through My FICO for free if you want to know.

Is that really free? I noticed it mentions "Special Offers" and "Payment" which both send up kind of a red-flag here...

 

[Amaris]

You can check it through My FICO for free if you want to know.

Is that really free? I noticed it mentions "Special Offers" and "Payment" which both send up kind of a red-flag here...

They sign you up for a free 7 day ScoreWatch trial, but you cancel it before the end of the trial period, and they send you an email a few days beforehand so you can. You don't get charged anything.

The MyFICO website is the official website for the Fair Isaac COrporation, and is legit.

 

[Spot's Meow]

I am shocked at how cheap the houses apparently are where you live. And how old! That is so awesome. Go for it.