Hey all,
My partner just got a job offer in Birmingham, AL and we've accepted it (he's been unemployed for a while and this is career critical training). Pay is about $52k/year, 2 year contract. We need to get down there ASAP. Most folks rent, what we're seeing is $700-$1100, and so far we've only seen 4 places available in the neighborhood where we are looking. (Employer has strong neighborhood preference, not requirement, but we'd like to live there as it would also be a walking commute to work and other reasons.) Future co-worker has seen at least one of the 4 places and said it looked like a dump... Most do not come with appliances and those need to be bought separately, adding another expense. There's a few places for sale too ($50-$55k) but as it's only a 2 year stint and the economy is likely going to completely tank so we aren't too keen on the idea, but does seem like the rental market is doing ok given the lack of options and we hear things move fast... One property management firm in the area charges 10%-12%/mo rent to manage, but it would be a reach to get the 2% rule to work. The house with the better location needs extensive kitchen and bathroom work. (Looks like someone ran out of money on an attempted flip.)
I have a house and job in Maryland where we are now. House is in a cooperative with some rules, and I can't sell (for a profit) until this coming March (I also don't want to sell). I pay about $1500 for mortgage + coop fee (includes taxes) currently. I'll be moving down to AL with him while my employer is doing remote work, but unsure how long this will last and we most likely will be maintaining two households for much of this two years with the full intent to return to Maryland after his 2 year contract is up. Being in education somewhat, I'm guessing we'll be back in the office in some capacity with some frequency starting in August, but I really have no idea at this point. Either way, most likely to try to get a graduate student to rent out a room to get some money there.
What thoughts do you have on this housing situation? There's also the option to stay with a co-worker for a little while to look for a place to live, but since he has ADHD and it will be a heavy workload, we'd really like to get him into a stable location where he can make routines and not have to take a busy weekend to buy appliances and move again once work gets heavy and underway. Should we suck it up and settle for one of the rentals even if it is a "dump"? Or even if it's $1100 plus needs appliances? How horrible of an idea would it be to buy (potential to borrow the money from his parents and pay in cash...)?
What other information am I leaving out? How fast everything is/needs to move is really slowing my brain down.
ETA: House for buy consideration looks like it was bought in late 2018 for $13k and has been listed on and off since November. My dad suggested coming in with a cash offer at 60% value as they might be motivated with COVID - and that we could easily get 2% for.
