Making money by buying a house and selling it a year later?


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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?

submitted by /u/bbdontwaitlistme
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