We rent. I just got an e-mail from our landlord that an appraiser will be coming by our place this week. Crap. CrapCrapCrap. We love this house, the neighborhood, even the landlord (up until now). This comes totally out of the blue, as our landlord seemed pretty happy with the steady rental income. I guess she wants to try and cash out on top before interest rates rise.
Our place would probably go for about $300k currently. Can we buy it? I suppose. Do we want to? Not really. The rent to mortgage ratio is pretty low for us… and she’s also pet friendly. We’re on a month-to-month lease. So we could be kicked out with just a 30 day notice. @#$%$^&*!!!
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I am sorry to hear you may have to move.
The good thing about owning the property with a low, fixed interest mortgage, is that it is yours. The payments don’t go up according to market conditions. As long as you pay them, no one will ever kick you out. The lease terms will not change… it is yours, period.
Also, you have to think about the potential for market capitalization. When I consider the market capitalization of the properties I have bought, it is as if the market was paying me to live on the house.
Good luck,
— Jose Anes
I just took the plunge myself and bought a place – it’s hard to plunk down that much money that you’ve worked so diligently to save up. But then again, that’s why you saved it up… so you could spend it on something worthwhile. 🙂
Very sorry, looks like you had the cruel joke pulled on you too.
This just happened to us within the last month, we will be closing on our first house on the 27th if everything goes well. We had to find a house in one week. I ended up spending 50k more than I planned on and down here in Fl. If you need any advice or questions about moving fast go ahead and email me.
Thanks for the support everyone. Yeah, we’re renting since we are 98% moving to another state in 2 years, and I’m not sure housing prices will appreciate enough to warrant a purchase for such a short time frame. Of course, we could keep it as a rental, but relying on a property management company for everything seems like it could be a headache. Well, we’ll see.
Don’t get too upset yet, there’s many reasons to have an appraisal. We were just told we had to get one in order to kill the PMI on our house.
good advice jlacivita, it seems like it’s for refinancing purposes, see my next post. whew (I hope)!
If the property is cashflow positive, even if she sells the place, she may sell it to another investor who would probably be happy to keep you as tenants.