swamp
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THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Oct 12, 2015 8:47:37 GMT -5
should I buy it?
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ArchietheDragon
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Post by ArchietheDragon on Oct 12, 2015 8:48:57 GMT -5
Who is going to live there? College kids?
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swamp
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THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Oct 12, 2015 8:52:00 GMT -5
Who is going to live there? College kids? anyone who will pay the rent. but they can't be a smoker.
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ArchietheDragon
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Post by ArchietheDragon on Oct 12, 2015 8:53:27 GMT -5
Who is going to live there? College kids? anyone who will pay the rent. but they can't be a smoker. Is the target market college kids? if not, who the heck is renting houses? If it is a SFH. Is it a SFH?
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swamp
Community Leader
THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Oct 12, 2015 8:54:59 GMT -5
It is a SFH.
The target market is a young person or couple who is saving money to buy a house. Or an older person who sold a house and doesn't want to own anymore.
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ArchietheDragon
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Post by ArchietheDragon on Oct 12, 2015 8:56:39 GMT -5
It is a SFH.
The target market is a young person or couple who is saving money to buy a house. Or an older person who sold a house and doesn't want to own anymore. Is there a big market for that there? Last time I was in the area, you could have your pick of beautiful houses to buy for a handful of loose change and a few Denny's coupons.
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Chocolate Lover
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Post by Chocolate Lover on Oct 12, 2015 9:08:31 GMT -5
No. You have enough to do.
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giramomma
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Post by giramomma on Oct 12, 2015 9:20:08 GMT -5
Are you going to buy outright in cash or mortgage?
What are you projecting to pocket every month?
I wished we could have kept our condo. We could have easily rented it out and made $400/month after taxes and maintenance (but, there was such little maintenance...). We were fairly close to having it paid off...but, we needed that equity for our current place...
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Tiny
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Post by Tiny on Oct 12, 2015 11:14:31 GMT -5
No. It's a bad time to buy - property values are going up because most of the people who lost their house can now afford to buy a house again... and THEY are buying property to flip or rent out. You won't be able to rent your new 'rental property' since there will be more rental properties than renters. Well, you will find a renter, but you'll have to rent at a lower than expected price... so you wont have positive cash flow you may not even 'break even'. Any rental property you buy now will be a "money pit of despair". There. How's that for an answer.
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Wisconsin Beth
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Post by Wisconsin Beth on Oct 12, 2015 11:29:17 GMT -5
WEll, it's less money for DH to want to use for a new truck or another trip to Disney...
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mollyanna58
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Post by mollyanna58 on Oct 12, 2015 11:40:53 GMT -5
Sure. You're already used to dealing with problem people on a regular basis so if you wind up with an asshat for a tenant, no big deal. And if you wind up with a nice tenant, yay!
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Bonny
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Post by Bonny on Oct 12, 2015 12:35:51 GMT -5
It's an interesting way to drum up business...
On a more serious note why?
You know you'll make more money on an hourly basis with your law business. Unless you are buying for you or yours or you are expecting significant appreciation (like a new industry moving in) I don't see the point. Both you and your DH work, have kids, and would like to have a social life.
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The Captain
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Post by The Captain on Oct 12, 2015 12:45:30 GMT -5
I can't speak for swamp, but basically we're in the same boat from an income stream point of view. Yea, I make a lot more at my day job than I do on the rentals. But I don't want to have to do the day job forever.
DH and I sometimes refer to the rentals as our pension. By the time I hit 55 they'll be mostly paid for and generating positive cash flows of around $2500 a month. That's on what we currently own and the plan is to buy two more before retirement.
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swamp
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THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Oct 12, 2015 13:30:12 GMT -5
It's an interesting way to drum up business...
On a more serious note why?
You know you'll make more money on an hourly basis with your law business. Unless you are buying for you or yours or you are expecting significant appreciation (like a new industry moving in) I don't see the point. Both you and your DH work, have kids, and would like to have a social life. because I like the house, it's reasonably priced, it's completely updated/renovated, it would rent without any problem, and I may want to start spending winters in town.
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Gardening Grandma
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Post by Gardening Grandma on Oct 12, 2015 14:24:52 GMT -5
If you are going to use a property manager, I'd say "Go ahead". If you are planning to manage it yourself (with a full time career and a family), I'd say "You're nuts to consider it". And I'm assuming you've run the numbers.
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CCL
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Post by CCL on Oct 12, 2015 14:26:50 GMT -5
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CCL
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Post by CCL on Oct 12, 2015 14:28:48 GMT -5
It's an interesting way to drum up business...
On a more serious note why?
You know you'll make more money on an hourly basis with your law business. Unless you are buying for you or yours or you are expecting significant appreciation (like a new industry moving in) I don't see the point. Both you and your DH work, have kids, and would like to have a social life. because I like the house, it's reasonably priced, it's completely updated/renovated, it would rent without any problem, and I may want to start spending winters in town. But if you are renting it you can't stay in it and if you are staying in it you can't rent it.
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ArchietheDragon
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Post by ArchietheDragon on Oct 12, 2015 14:29:43 GMT -5
It's an interesting way to drum up business...
On a more serious note why?
You know you'll make more money on an hourly basis with your law business. Unless you are buying for you or yours or you are expecting significant appreciation (like a new industry moving in) I don't see the point. Both you and your DH work, have kids, and would like to have a social life. because I like the house, it's reasonably priced, it's completely updated/renovated, it would rent without any problem, and I may want to start spending winters in town. Are you going to live with the renter or kick them out come winter?
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CCL
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Post by CCL on Oct 12, 2015 14:31:25 GMT -5
I can't speak for swamp, but basically we're in the same boat from an income stream point of view. Yea, I make a lot more at my day job than I do on the rentals. But I don't want to have to do the day job forever. DH and I sometimes refer to the rentals as our pension. By the time I hit 55 they'll be mostly paid for and generating positive cash flows of around $2500 a month. That's on what we currently own and the plan is to buy two more before retirement. That's what 401ks are for.
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The Captain
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Post by The Captain on Oct 12, 2015 14:37:42 GMT -5
I can't speak for swamp, but basically we're in the same boat from an income stream point of view. Yea, I make a lot more at my day job than I do on the rentals. But I don't want to have to do the day job forever. DH and I sometimes refer to the rentals as our pension. By the time I hit 55 they'll be mostly paid for and generating positive cash flows of around $2500 a month. That's on what we currently own and the plan is to buy two more before retirement. That's what 401ks are for. We have those as well. After taking two major hits to my portfolio in the past 15 years I'm going for some diversification.
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Jaguar
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Post by Jaguar on Oct 12, 2015 14:39:37 GMT -5
Buy a property up here in Toronto, Canada, I need a new place to rent.
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giramomma
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Post by giramomma on Oct 12, 2015 14:53:37 GMT -5
because I like the house, it's reasonably priced, it's completely updated/renovated, it would rent without any problem, and I may want to start spending winters in town. But if you are renting it you can't stay in it and if you are staying in it you can't rent it. I'm assuming swamp is interested in staying in town a few years, possibly down the road, not, as in a month from now. I'm also betting it might be different once her kids get older, in different activities, can drive, etc. I think they are close to my older two in age, which means driving is 6-8 years on the horizon. Not two months. I guess I don't see what the big deal is. She likely can afford it. She's not dumb. It sounds like she wants to keep options open, you know, in case she can't accurately predict the next decade with 100% certainty.
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973beachbum
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Post by 973beachbum on Oct 12, 2015 15:00:00 GMT -5
It is a SFH.
The target market is a young person or couple who is saving money to buy a house. Or an older person who sold a house and doesn't want to own anymore. Is there a big market for that there? Last time I was in the area, you could have your pick of beautiful houses to buy for a handful of loose change and a few Denny's coupons. OMG that is the funniest post I have read in a long time!!
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CCL
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Post by CCL on Oct 12, 2015 15:02:11 GMT -5
Sure. You're already used to dealing with problem people on a regular basis so if you wind up with an asshat for a tenant, no big deal. And if you wind up with a nice tenant, yay! That's a good point. Some of us, like me, for example, don't have the patience for it.
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justme
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Post by justme on Oct 12, 2015 15:29:02 GMT -5
Aren't winter houses supposed to be where it doesn't snow?
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Miss Tequila
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Post by Miss Tequila on Oct 12, 2015 15:32:46 GMT -5
I can't speak for swamp, but basically we're in the same boat from an income stream point of view. Yea, I make a lot more at my day job than I do on the rentals. But I don't want to have to do the day job forever. DH and I sometimes refer to the rentals as our pension. By the time I hit 55 they'll be mostly paid for and generating positive cash flows of around $2500 a month. That's on what we currently own and the plan is to buy two more before retirement. That's exactly where I'm at. I am getting to a point where the tight deadlines and stress just ain't worth the money. I still have two rentals in Florida (positive cash flow is about $1k but since they are both sfh one vacancy can wipe that out). Injust finished a local rehab of a two unit and just rented the second one on Saturday. Positive cash flow will be $1200 until i refinance it to buy the next My goal is to keep buying until my rental income exceeds my working income (with probably a $2000 a month buffer for vacancies and unforeseen wxpenses). That and about $50k in cash will make comfortable enough to retire. I still have my 401ks to tap when I'm older and might need it.
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tskeeter
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Post by tskeeter on Oct 12, 2015 16:22:54 GMT -5
Might be worth buying as a tax shelter. Considering the occupations in your family, I'd imagine that your marginal tax rate is fairly steep. If the house allowed you to generate a tax loss for several years, and recover those losses when you sell the house and pay capital gains taxes, it might work out. But, as others have said, do you want to be/do you have the personality to be a landlord?
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Bonny
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Post by Bonny on Oct 12, 2015 18:24:27 GMT -5
It's an interesting way to drum up business...
On a more serious note why?
You know you'll make more money on an hourly basis with your law business. Unless you are buying for you or yours or you are expecting significant appreciation (like a new industry moving in) I don't see the point. Both you and your DH work, have kids, and would like to have a social life. because I like the house, it's reasonably priced, it's completely updated/renovated, it would rent without any problem, and I may want to start spending winters in town. So you're buying it with the thought that you might eventually turn it into a second home?
Is it cheap enough that you can buy it cash and not worry about a mortgage? If not, is there a market and will the town allow short-term rentals?
If you are going to rent it out who will be the PM; you, DH or a professional?
Enquiring minds gotta know!
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swamp
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THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Oct 12, 2015 18:41:01 GMT -5
Yes
$60k. I can pay cash. But I don't want to.
Yes. There are locum medical professionals that need houses.
Me. DH will be handy man.
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obelisk
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Post by obelisk on Oct 12, 2015 19:18:47 GMT -5
It is a wise move for an investment property. Way to go!
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