Rentals....

[Moosie]

I know, been there, tried that. But I want to be back at it again......it's in my blood. Tjones got his dig in (Ouch ) so I'm out to ask some of HuntTalk's professional advice.

Senario : 2300ft2 house with a partial 750ft addition. (Outside done but inside just framed.) 1 Acre piece of ground. a Lein shed in the back for horses and a 2 car garage (Detached) with 2 storage rooms off of it. Yards weeds and dead grass. In the county adjacent to town. Neighbors have chickens and cows.

$97k selling price, 20% down plus some closing, Payment on a 30 Year $525(ish) and we have a Renter at $950. Partner I'm dealing with needs land to store equipment on it. His buisness partner will rent the house.

Tell me why you wouldn't do it.............

 

[Oak]

Tell me why you wouldn't do it.............

Because my wife would leave me for even bringing it up after my first experiment with rentals.

Good luck, Mooseman. You've got brass ones.

 

[Moosie]

Because my wife would leave me for even bringing it up after my first experiment with rentals.

Good luck, Mooseman. You've got brass ones.

2 things.....

1. I had brass ones till last Friday. Now, I'm gingerly walking around this week. Ice packs over the weekend did wonders.

2. My wife didn't leave me, but she is NOT a fan of the idea. She's thinking I'm making mistake #1 all over again. We never talked specifics on how much I'm coming up with but the general idea of it is purdy much not liked. So, with that said, she's not on board but still loves me.

 

[WV Hunter]

50% rule is why I wouldn't do that deal. Payment, taxes, insurance should be 50% of the rent or as close as possible.

I know we aren't in the same area but I can buy houses from 20k to 30k and rent them for $450 - $550 a month. I only have 3 units right now because I don't have the time at the moment to go after, fix up and be a handy man to ever want and need tenants have.

 

[Gerald Martin]

Is a rental worth a mad wife? You ever want to have more kids?.....

 

[Moosie]

50% rule is why I wouldn't do that deal. Payment, taxes, insurance should be 50% of the rent or as close as possible.

I know we aren't in the same area but I can buy houses from 20k to 30k and rent them for $450 - $550 a month. I only have 3 units right now because I don't have the time at the moment to go after, fix up and be a handy man to ever want and need tenants have.

50% ? That's a big return but I can see what you mean. So... when I was buying them before and doing NEGATIVE 10%, you're saying that was a mistake,,,,, right ?

How big are your Units ....... Uhhhhh I mean what's the square footage on a 20-30k place ? Just wondering what the home price differences are.

You should turn them in to a "least to own" and tell the "renters" to fix their own crap. But then again, I'm not one to give advice. It's like an Alchoholic giving non drinking advice .

Is a rental worth a mad wife? You ever want to have more kids?.....

Gerald, Apperently you didn't read my #1 above. It's like a Song I once heard.....

"I'm going to get the big "V" and don't mean Vegas"..... or was it the Big D and Dallas ? Either way, it's past tense and it's not the big "D". Although at months end I'll re-report.

 

[WV Hunter]

50% ? That's a big return but I can see what you mean. So... when I was buying them before and doing NEGATIVE 10%, you're saying that was a mistake,,,,, right ?

How big are your Units ....... Uhhhhh I mean what's the square footage on a 20-30k place ? Just wondering what the home price differences are.

You should turn them in to a "least to own" and tell the "renters" to fix their own crap. But then again, I'm not one to give advice. It's like an Alchoholic giving non drinking advice .




Gerald, Apperently you didn't read my #1 above. It's like a Song I once heard.....

"I'm going to get the big "V" and don't mean Vegas"..... or was it the Big D and Dallas ? Either way, it's past tense and it's not the big "D". Although at months end I'll re-report.

50% is a big return, also doesn't mean one of my units isn't bringing a negative return as well. I won't sell it just yet because it will be paid off in a few years and it's worth the most of all my rentals ($90k), it was my personal house before I got married. I lose about $2500 a year on it. Fortunately the other units cover the losses quite well.

The $20 - $30k places are all right around 1200 sq.ft. Three bedroom one bathers.

I'm scheduled for the big "V" soon. Was supposed to be this Friday but the doctor decided not to renew his creds at the only hospital my insurance will pay to have it done at. Now I have an appointment with a new doctor in a couple of weeks.

 

[Moosie]

I have a funny story about the Big "V". I'll post it someday soon, look for the title

Good to hear you're taking a loss too, I didn't want to be the only one ever to have done that

 

[putm2sleep]

Add a partner and lessen the burden...... and keep rockin' in this environment. Buy your wife something real nice when it is paid off in 7 years (triple down on your monthly principal with it cash flowing.) >My' V' was horrifying. The doc said to drop 'em, and lay back. He went right to work. I felt like a young bull at a castrating party?! The pain I felt was mental pain laying there being stripped of manhood and pride eatin at ya. Recommendation - have them give you a little something to take the edge off.

 

[bdidaho]

I have a funny story about the Big "V". I'll post it someday soon, look for the title

My first "V" is named Tayor, He's 21 next month!!!