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My husband and I will be moving to CH this coming summer for his 3 year residency program and then definitely moving to another state afterwards. We have been looking at houses that are for rent and haven't found anything that we LOVE so now we are starting to think about buying a property and leasing it out afterwards.
We found a new construction by David Weekley that we really like from the pictures. It's off of W Barbee Chapel Hill Road by Five Guys, Pure Barre and Harris Teeter. We are trying to figure out if it's 1) convenient to the dental school since that is where my husband will be going for his program 2) a good location to lease out.
I went on google maps and it doesn't seem like the free bus line goes by it, but the 800 does - which I believe is not free? I feel like that would make the location less desirable to students. My husband will probably bike to the school.
so now we are starting to think about buying a property and leasing it out afterwards.
Have you been a landlord before? It can be very time consuming, and especially difficult if you will be living in another state. (The classic example is how are you going to handle a 2AM call for an overflowing toilet?) There are companies you can hire to manage your property, but after you subtract what they charge, you often are barely breaking even.
Are you talking about David Weekley's Montclair community?
It isn't in Meadowmont. It is on Barbee Chapel Rd., but at Farrington Mill Rd/Farrington Rd.
You are wise to be curious about the bike ride. If you are considering Montclair, it is about a 4.5 mile bike ride and it would not be one I would choose.
And, I agree with Don about landlording. However, you may be able to get a corporate lease, or lease to another professional in similar circumstances. You will not be in student rental territory, which is something I would avoid with a newer tract-built house anyway.
And if you did want to be a landlord in a college town, new construction for $400K+ a ways out from campus is about the least sensible path to take.
If you could get in early you might catch some appreciation and then sell in three years. A much better plan that converting a home like that to a rental.
My husband and I will be moving to CH this coming summer for his 3 year residency program and then definitely moving to another state afterwards. We have been looking at houses that are for rent and haven't found anything that we LOVE so now we are starting to think about buying a property and leasing it out afterwards.
I think it would be more sensible to realize that you will not "LOVE" any rental house. I'd suggest moderating your expectations and find a place that is close to your husband's work. After all, won't he be working a lot of long hours in a residency?
A second reasonable choice would be to buy and then resell after 3 years.
My husband and I will be moving to CH this coming summer for his 3 year residency program and then definitely moving to another state afterwards. We have been looking at houses that are for rent and haven't found anything that we LOVE so now we are starting to think about buying a property and leasing it out afterwards.
We found a new construction by David Weekley that we really like from the pictures. It's off of W Barbee Chapel Hill Road by Five Guys, Pure Barre and Harris Teeter. We are trying to figure out if it's 1) convenient to the dental school since that is where my husband will be going for his program 2) a good location to lease out.
I went on google maps and it doesn't seem like the free bus line goes by it, but the 800 does - which I believe is not free? I feel like that would make the location less desirable to students. My husband will probably bike to the school.
Looking for any and all suggestions and opinions!
Not a good plan, imo. As goldenage suggested, moderate your expectations and rent.
Are you talking about David Weekley's Montclair community?
It isn't in Meadowmont. It is on Barbee Chapel Rd., but at Farrington Mill Rd/Farrington Rd.
.... You will not be in student rental territory, which is something I would avoid with a newer tract-built house anyway.
I only saw David Weekly building at Montclair and Briar Chapel. Montclair is closer to the UNC Dental School.
We have been out-of-state landlords twice. It was not by choice, and only because it was the best solution at the time. I don't recommend it. You are unlikely to make money if you are paying a normal mortgage, HOA fees and taxes. If you need tax write-offs, that is another story.
Howver, Montclair seems like a good location if you want to buy and resell in three years.
Howver, Montclair seems like a good location if you want to buy and resell in three years.
Agreed. But, buy it right, and not with all the "Dream" accouterments that won't bring value. Look at it like a cold business venture.
Average or smaller for the subdivision.
Smart choices in option $ investment.
Uncompromised lot/location in the neighborhood.
Why do you have to absolutely love a rental home? It's just for 3 years.
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