Edward Davis

From the information you have provided, it seems like these repairs are minor. I guess the question you may need to ask yourself is, "Is it worth it to let this deal fall through for minor repairs or could you negotiate with the potential Buyer to say offer credit based on estimates you or he receive from a licensed contractor, or just get the repairs done so as to let the selling of this property go through?"

My thoughts on this is to put down a comfortable amount to get your monthly payments to where it is manageable for you and perhaps pay an additional amount each month toward principal so as to reduce the amount of years you pay for the house, invest a portion of it to reestablish your "nest egg" and enjoy life.

First step in buying a house is to ensure you check your credit and know what your credit scores are; then of course, set a budget on what amount you want to put down on the house and then factor in, how much you want to reasonably spend or how much you can afford to pay monthly towards your mortgage. Then of course, build out you a team by getting you a Realtor who will in turn, find you a lender who can and will work towards the best interest for you on your Real Estate Journey. They can answer all questions dealing with market conditions and what ever programs you may qualify for to offset the cost of purchasing a home.

At a minimum of 2 years is the consensus, due to potential higher tax rate or the opportunity to where you will lose money and not profit from the sale especially if you had to finance to purchase the property. May not have enough equity built in to make it worth your while. Best bet is to seek the guidance form a tax accountant or CPA for more details.

In most instances you can make an offer; some may take Backup offers just in case the primary offer fall through. Have your Realtor reach out to the Listing Agent to see what their take is on Back-up Offers.

Several factors may play in to that. One of the main factor is, if you chose to rent it out, will you be able to cover the mortgage for that house as well if for instance, you go a few months without a renter in the house? Quite a few saw the horror during the pandemic in renting out and tenants not being able to pay the monthly rent and it takes a minute to try to get them out of the house. Make sure you make a list of pros and cons of renting verse selling and then make an informed decision based upon that. Not everyone wants to be a Landlord or even wants to deal with those problems that will occur with rental properties. Definitely not all glamorous.