Author Topic: Seeking tips on renting before buying during first year of ER  (Read 1540 times)

Trudie

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After reading on this forum about the many benefits of renting before buying in a potential new FIRE destination, I'm seeking some advice.

We currently live in Iowa.  In ER we'd like to give Fort Collins a test run.  We've taken a vacation there and have been taking our vacations in the front range for the last several years to peruse the area.

Since Fort Collins is a university town I have no doubt that rentals will not be a problem -- that is, if you want to live with students.  We'd like to find something that more closely resembles the kind of place we'd actually buy.

Do you think finding a reputable realtor to help with the rental and is also someone we would feel comfortable representing us in a purchase is the best first step?

Any other suggestions?

zinethstache

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Re: Seeking tips on renting before buying during first year of ER
« Reply #1 on: May 10, 2016, 12:24:33 PM »
I don't have a suggestion, but rather a warning.

Friends are FIRING in Jan 2017. They want to spent one month in a specific town in Florida to test the waters there before they buy something. They are finding that their only option is for a minimum 3 month stay, for 12k! that's 4k/month...

So be ready for some wacky, over the top rents.

I am moving in to a fifth wheel and wanted to live in the city I live in now (selling our home as I type this). However, I called all three RV parks. They only do long term rentals in the winter and are on summer rates now (short term only) AND, I would need to get on a wait list... sheesh I had NO idea.

Here's the even crazier part. My current mortgage for a 2200sf home is $862/month. If I DID find a long term spot available, it would be $600+/month for a measly gravel pad! Electric is metered.

So, I hope you are researching well ahead of time so you can budget accordingly.

The best of luck to you!

Trudie

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Re: Seeking tips on renting before buying during first year of ER
« Reply #2 on: May 10, 2016, 02:49:00 PM »
I used to live in Ft. Collins and it was awesome! Have you ever heard of or looked into cohousing? There are a few spaces for rent there currently (although hard to say if there will be when you're ready to go) http://www.riverrock.org/forsale.php and cohousing is a pretty cool concept that might appeal to a lot of mustachians. The community is walking distance to Old Town and right on a big park area. The focus is on community and shared resources. If I were moving back to Ft Collins I'd definitely be looking at this as an option.

Thanks for the info.  I'll tuck it away.

sokoloff

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Re: Seeking tips on renting before buying during first year of ER
« Reply #3 on: May 11, 2016, 11:56:14 AM »
If you're planning on getting a mortgage, you might want to get that done while still working as well. (Depending on how your ER finances look, you might have a harder time with underwriting than a traditional working stiff.)

Bicycle_B

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Re: Seeking tips on renting before buying during first year of ER
« Reply #4 on: May 11, 2016, 03:51:24 PM »
As someone who grew up in university town:

Look for university professors/staff who might have rentals.  They don't want students either, necessarily.  They might be taking sabbatical leave, so you could rent a prof's house.  Or they might have a granny flat or spare room for a mature tenant, not an undergrad.

Search for professor associations... search on social media for people in the area connected to your own network, then ask around... Craigslist?... contact the admins of all major university departments, they might know someone...

Trudie

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Re: Seeking tips on renting before buying during first year of ER
« Reply #5 on: May 12, 2016, 08:09:57 AM »
As someone who grew up in university town:

Look for university professors/staff who might have rentals.  They don't want students either, necessarily.  They might be taking sabbatical leave, so you could rent a prof's house.  Or they might have a granny flat or spare room for a mature tenant, not an undergrad.

Search for professor associations... search on social media for people in the area connected to your own network, then ask around... Craigslist?... contact the admins of all major university departments, they might know someone...

Thanks for this, and I definitely thing we will try this.  My husband will be a retired academic, so I'm sure that might give us some cred.  We pretty much want to come and go quietly, ride our bikes, go to the library... and so on.  No bigtime parties planned.  Come to think of it, we could probably write something up and provide references up front... be proactive about it to put their minds at ease.  Now I'm trying to think if we know anyone at CSU...