We may own a house in two years
January 8, 2012 9:22 PM Subscribe
This Christmas we were told by my Dad that he will be giving us his house when he moves out of state. It doesn't have a functioning kitchen (no sink, just a fridge and a microwave and he washes his dishes in a tub with water from the bathroom) The house has charm, and there could be plumbing problems and it's also in a dicey neighborhood. So my question is this:
What do we do with this house? Fix it up enough to live in it for the price of utilities and taxes for a few years so we can go back to school? Try to sell it without even fixing it (we'd get maybe $20,000). Fix it up and become landlords after living there for a few years?
posted by anonymous to Work & Money (13 answers total) 2 users marked this as a favorite
Also, if we keep the house, what should I be saving up for since I have an almost two year window before we'd even possibly be taking ownership? And what else should I consider?