Originally posted by: BigToque
Originally posted by: aceO07
I say take the deal, assuming that there are no catches to your statement in the OP. Also assuming that your salary will be increasing in the next couple of years.
Here's my plan at the moment:
I'm taking 1 class a term in university right now for the next 2 years. By September 2011, I'll be applying to grad schools for September 2012. If I get in to a school, I'm moving. I need to move away from this city. I assume the house will grow in value just enough in 3 years that I could have effectively lived for free for 3 years and break even.
The house was built in 1962 (we knew the original owners), and every appliance has been replaced within the last 5 years. There are no major things that I have any reason to believe will break down in 3 years. (crossing fingers obviously)
That said, If I don't get into a grad school, (I'll know by October/November 2011 I imagine), I plan to take the job my boss has been asking me to take for the last six months which would see my salary jump >50% and I'd jump from having $300 free per month for savings to $1000 a month in savings.
What I really need to do is just manage to be "house poor" for just over 2 years.
Have him rent the house to you then you can "buy" it from him when you are making moar monay.