Possibly buying an older home to rent, advice..
I'm new to this forum so wanted to introduce myself. I'm Lisa and live in Fort Worth.
I grew up with my parents having rental properties and dealing with tenants, etc. I worked for a company for a year dealing with rental properties, but that was 25 years ago...
So I have some rental knowledge, but it is old and full of cobwebs.
Now, here is the scenario...
Dh and I paid off our mortgage a few years ago. We live in an older area of ranch homes. Our house is worth about $245k or so
The house down the street (7 houses down on next block) the owner died, and kids sold it, the new owner lost it to bank, and now it is on market. The house was on market for 7 days and was REO to highest bidder. It was listed at $46,000 which is ridiculously low (house two doors down sold for $225,000 last year). We bid $57,000 on it 3/2 on 1/2 acre and yesterday notified we won. Closing is set for 11 days from now.
I bid $57k because I watched this house from my front porch and saw at least 20 people go through it, inspectors, etc... I also knew the neighbors and new house across street the new owners dropped 100,000 in remodeling to making it nice. Old neighborhood but people are putting $$$ in as lots are nice and location is great.
I am signing paperwork today. I am going to get a home inspection. What else do I need to do besides home inspection?
I'm not sure if I over bid, have no idea. I love the fact that it is down the street and I know the neighbors and can keep an eye on renters. Love the fact that I could have a house for my kids when they are older, so to me house is worth price.
What are my most important priorities at moment? Home inspection and ??????