This is my very first post. I did a search and didnt find the answers to my questions so I need a little help.
I am currently buying a home from the bank at a pretty decent price considering the. I am buying this house all cash to fix it up (some) and then rent it out.
Now here are my questions:
-Homeowner’s insurance: Do I need any ‘special’ insurance since I am not going to be living in this home?
-Do you guys think its a good investment? I mean to buy an all cash home to fix it up and rent it or Am I better off keeping my $$ in the bank?
-Is 207k a good price for a 3 bedroom, 1 bath in PJS, NY?
To answer your questions (so you can help me with mine) the recent sales in that area are in the highs 200k. I did a search through the MLSListings and I saw two houses of the same size for about 25-40k higher, but of course, i dont know what the condition is…
The other thing is I just dont feel that my money is working as hard as it could be. I have two money market accts and I get about $250 a month, and I also have a CD which gets me about $95 a month. So I thought ‘if I can get a house all cash, i can make money on the rent PLUS get money when i decide to sell’ or if in the future I need a place to live, i will have this little house to go back to. But I am not sure if dealing with tenants is an easy thing…