Posted On 16 Sep 2019
Long story short, my grandmother has gotten very sick and has to sell her house IMMEDIATELY because she needs the money urgently for assisted living. It's in a very wealthy suburb of Baltimore, Maryland where housing has consistently went up the past 5-6 years. Her house is appraised for 315k, but she offered that if I want to buy it ASAP she will give it to me for 260k.
I would live in the house for the next year…the mortgage would be half of my current rent of a small 1 bedroom downtown. I plan to get my PhD in a city far away from this house next year so I would plan to resell it next summer for market value and hopefully make a profit.
This will be my first "entrepreneurial venture" and I want to make sure I'm not missing a reason that this would be a horrible mistake. Any insight on why this would or wouldn't be a good idea?