No, the owners are not friends or family members. They are a nice older couple (60s) that bought back in the early 90s…so they don’t have a big mortgage payment I assume.
We actually just stumbled upon it. The place was really neglected (another reason for the lower rent) and we have put a lot of effort into fixing it up since we’ve moved in. I don’t mind fixing things up and the owner pays me a bit for my time and the cost of materials. It is a win-win for both of us.
We are locked in until late 2009 with an option for 2010. We are hoping that the market will be right for us to buy late next year. If it’s not, we’ll probably stay another year. I will definitely post the availability when I am sure we are going to leave. If you want I can even show you around the place so you know what you are getting into before you commit.
