Is this a crazy dream? Buying our current rental...

[georgiegirl]

I know you like your neighbors, but they could get relocated for work tomorrow and you many never see or hear from them again, they are just nice people who share a wall with you. Don't get emotionally tied to the other people. If you want the house buy the house and raise the rent. This is business. Don't give up bc they might want it, this is all about you.

You need to get pre-approved, get a good inspection to see what the actual costs are going to be and what needs to be fixed and you need to talk to the owner. None of that will commit you, but it will give you info.

I totally agree. Also contact an accountant who can let you know the financial implications of renting. I know real estate in your area is crazy right now.


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[hwin708]

I would never buy a house with friends. Your own life can be unpredictable enough. Hedging your bets that these friends will remain in the same stable position in their lives is too much uncertainty. What if they get divorced? It might seem improbable, but that happens to people, even those who have been married for decades. What happens if they run into unexpected financial difficulties and can no longer afford their portion of the mortgage? What if they need to sell their portion of the house, and you are not in the position to buy them out right when that happens? There are far too many what ifs. Do not do this.

I would definitely approach the landlord as swiftly as possible, just to float the idea that you are interested. You never know, they may like the idea of selling off the property quickly. I will say, as a warning, my parents were these kinds of landlords. Bought rental properties when they were starting out, then never increased the rents for 40 years. As it turns out, they were not suited to be landlords, and had to interest in it, even with a management company to handle any issues. Just ignoring it all together turned out to be the easiest option for them. But that also means the hassle of selling held no appeal to them either - too much paperwork. Which might be the situation you are in.

[bisous]

I have the worst head for business. In my head I buy the property for both of us and they pay us what they can and we live happily like this forever, lol.

I will see what we could be pre-approved for and also speak with the landlord about our interest. We're in a financial position I could not have imagined 3 years ago and just today my ILs gifted us $15K! BUT as many of you mentioned, real estate is going crazy right now. If I could just know that I could sit tight right here in my rental for the next couple of years I think I'd be less anxious to buy--though I really do want to buy.

[Kestrel]

If you really feel the above - that if you could know you could stay for the next couple of years - you'd feel better? If so, maybe you want to get a two-year lease, and then start putting the difference between your rent and a potential mortgage into a specific savings account. You can then experience living on a new budget and see how you feel.

Good luck! Home buying is very personal.