Should I buy the house I am renting?
My wife (30F) and I (26F) have been renting our two bedroom home for about 6 months for $1,500 a month. We would love to buy a home in the future but we have not even thought of the possibility with the current market especially where we live in southern Oregon. My landlord texted me today and let me know that him and his wife are retiring so they will soon be selling their rental properties and asked if my wife and I would want to buy the house we live in. The property is in the center of town in a small town. The property has our house which is a small 2 bedroom 1 bathroom and it is fairly newly renovated. The entire house is landscaped for easy care and fully fenced. On the same property there is a Studio apartment that is separate from the main house and also fully fenced in - our landlords rent that for about $800 a month. So with our rental and the studio the landlord is asking 375,000 with 6.5% interest. He will do an owner carry with 20 - 30,000 down. This will bring our monthly payments to around $2,250.
The opportunity sounds appealing but we were not prepared for this so the downpayment (30k) would be all of our savings and while we could afford the monthly payment it would be tight as we usually take off work in the winters to travel. We are willing to put in the work to make extra money and rent out the studio full time if this sounds like a good opportunity. If this sounds like it would be easily achievable somewhere else we will wait. Should I counter offer my landlord? The house would be sold to us as is, is there any thing I could say to him to possibly get the price down lower?