Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
 [Register]
Tampa Bay Tampa - St. Petersburg - Clearwater
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-04-2010, 05:00 PM
 
5 posts, read 8,247 times
Reputation: 20

Advertisements

We recently just sold our home in n.y.We would like to move to the tarpon,palm harbor area.My question is would it make more sence to rent a home or buy.What type of account would we be able to put the proceeds in to have the interest pay the rent.We would be working with approx.300k.WE would like torent either a 2 or 3 bdr.home in a decent area.
Reply With Quote Quick reply to this message

 
Old 03-04-2010, 05:20 PM
 
Location: Tampa, FL
27,798 posts, read 32,427,246 times
Reputation: 14611
how long do you expect to live in the home?
Reply With Quote Quick reply to this message
 
Old 03-04-2010, 05:29 PM
 
5 posts, read 8,247 times
Reputation: 20
Default ?

Looking to rent approx.1 year.or less.till we find the right area to buy in.
Reply With Quote Quick reply to this message
 
Old 03-04-2010, 05:30 PM
 
Location: Tampa
1,317 posts, read 2,308,357 times
Reputation: 508
I would rent for a year and determine where you REALLY want to live. get to know the area. in the meantime, you could put the money in a high yield money market account, and hope you can pay the rent with the interest that accrues monthly. Money market accounts are ALMOST as liquid as a savings account, but typically have a higher return. Keep in mind it is NOT FDIC insured and returns are NOT a sure thing, although I have never lost money in a MM account.

I always reccomend to people that they rent for a year to ensure they find what they are really looking for and they wait for the perfect deal!
Reply With Quote Quick reply to this message
 
Old 03-04-2010, 05:33 PM
 
Location: Tampa
1,317 posts, read 2,308,357 times
Reputation: 508
^^You could also pay the rent up front and put the remainder in a money market account. You should be able to recoup your lost moneys within a year providing you dont rent a $2500/mo home. After a year, you would have your money in tact in a liquid account which you can then easily write a check for a downpayment on your dream home
Reply With Quote Quick reply to this message
 
Old 03-04-2010, 05:35 PM
 
Location: Tampa
1,317 posts, read 2,308,357 times
Reputation: 508
^^^sorry. dont mean to keep posting! If you pay the rent up front, you should be able to work a sweet deal on the monthly rent. That is a huge incentive for most home owners to cut the rent down a bit, because NOW, they can turn around and invest the money as they see fit up front, making it a lucritive move for them in the long run.

Capitalism is still alive
Reply With Quote Quick reply to this message
 
Old 03-04-2010, 05:39 PM
 
Location: East Tennessee
3,928 posts, read 11,599,672 times
Reputation: 5259
Just wanted to add something for consideration: if you pay all the rent up front and the landlord doesn't pay the mortgage, you'll be screwed. Not recommended IMO.
Reply With Quote Quick reply to this message
 
Old 03-04-2010, 05:45 PM
 
Location: Tampa
1,317 posts, read 2,308,357 times
Reputation: 508
Quote:
Originally Posted by TampaKaren View Post
Just wanted to add something for consideration: if you pay all the rent up front and the landlord doesn't pay the mortgage, you'll be screwed. Not recommended IMO.
That is true. You run the risk of making monthly payments and the landlord not making mortgage payments as well.

With the economy the way it is, it's risky to rent from someone privately anyway. I would try to determine if you are renting from an investor or someone renting a property out because they cant sell it and need to move. chances are an investor has more of a vested interest in the property and less likely to let it get forclosed on.
Reply With Quote Quick reply to this message
 
Old 03-04-2010, 05:48 PM
 
Location: Tampa, FL
27,798 posts, read 32,427,246 times
Reputation: 14611
OP: where will you be working?
Reply With Quote Quick reply to this message
 
Old 03-05-2010, 08:28 AM
 
5 posts, read 8,247 times
Reputation: 20
I will be working from home.Consultation .
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
Similar Threads
View detailed profiles of:

All times are GMT -6. The time now is 12:03 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top