1st home purchase advice needed

The Corvallis area is definitely a great place to have a rental. They seem to never sit for long if at all. What price range are you looking at? How much is your down? I'm asking this question to calculate payments etc for you to show you the difference.

In my opinion (28 year real estate investor), long distant landlords rarely work out.. So i would ditch the idea that after 2 years you're going to rent it out if you intend on moving out of the area.. Property management will cost you 10% or more of your rental income, and the simplest of repairs are done by expensive contractors, not handy men.. I've seen countless folks get burned by doing the long distant landlord thing, and you can verify this by a simple google search. (Even Dave Ramsey says don't do it) But buying with the intent to sell isn't really a bad idea.. If you see an average appreciation of say 3.5% to 5%, and you have help with the mortgage with room mates, then after 2 years or so, you could benefit. The benefits would be even greater if you purchased a fix up type property, and did your own improvements in your spare time.. You would have 2 years to make the home "Sale Ready", and if you got an extra 10% to 20% because of your efforts, it can be even more beneficial. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Corvallis is and always will be a college town, renters will not be a problem to find. However your turn over in tenants will be high and you will replacing and fixing items more often than not. That all being said I think the 2 year investment in real estate may not be a bad thing, you more than likely will get a tax deduction for the mortgage interest you pay, if you use a loan. I would talk with a tax accountant to be sure but it could be pretty safe investment that would be easily turned after you complete grad school. GOOD LUCK

BUY, BUY, BUY!!! I would go FHA with low down payment...Owner occupied 2-4 unit property...you can live in property with rental income coming in!!!. Before you move out you can consider a refinance to remove pmi and lower rate if possible at that time.

Hi Marc,Give me a call to discuss this in greater detail.There's a lot of options and too many moving parts to cover everything adequately with your questions and concerns. We'll need to go into greater detail and dicuss tax implications and such as well.

Reminder that you also have to qualify based on your income, and it needs to be "permanent" or a position that will last more than 3 years after the closing.