- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 5/16/15 at 7:38 pm to jmh5724
There's no way I would rent an 1100 sqft house for $1200 and anyone who would is stupid.
Posted on 5/16/15 at 9:00 pm to 13SaintTiger
quote:huh?
There's no way I would rent an 1100 sqft house for $1200 and anyone who would is stupid.
Posted on 5/17/15 at 12:13 am to achenator
OP - how much will the property insurance increase when you rent it out?
Have you looked at AirBnB
Have you looked at AirBnB
Posted on 5/17/15 at 12:19 am to 13SaintTiger
Posted on 5/17/15 at 2:19 am to matthew25
The insurance will go down if he does it right. Who told you it increases??? All he needs is a dwelling policy.
Posted on 5/17/15 at 2:55 am to matthew25
I haven't looked into anything as far as renting it out. I was just floating the idea to see what type of returns were possible. I'm more than likely going to sell. My hometown is very rural and most rentals in the area are old shotgun houses or trailers. I had a potential buyer who expressed they were looking to rent it and I was wondering what profit did they see in it that I'm missing.
Posted on 5/17/15 at 6:17 am to Fat Bastard
quote:Didn't work that way for me because of increased liability.
The insurance will go down if he does it right. Who told you it increases??? All he needs is a dwelling policy.
Posted on 5/17/15 at 11:14 am to 13SaintTiger
Uh, you don't live in New Orleans (or any other desirable city for that matter), do you?
Posted on 5/17/15 at 2:15 pm to achenator
quote:
Didn't work that way for me because of increased liability.
you got screwed then. I have great coverage. covers all the basics plus terrorism and loss of rents. way cheaper than my homeowners i have for my residence.
Posted on 5/17/15 at 5:00 pm to Fat Bastard
quote:I can't find my dec page but I can see that I paid $1697 for that house this year with Northlight. I just got a quote from Chubb when I switched my own home to them and it was similar. House is a 10 year old 4/2 2000 ft living 3000 ub cottage in Abita Springs worth somewhere in the 220-240k range.
you got screwed then. I have great coverage. covers all the basics plus terrorism and loss of rents. way cheaper than my homeowners i have for my residence.
I pay $4000 a year for $750k plus contents on my home in Covington with Chubb.
I also carry a pretty hefty umbrella so having to have high liability up to where the umbrella starts may be a factor.
This post was edited on 5/17/15 at 5:04 pm
Posted on 5/17/15 at 5:28 pm to jmh5724
quote:Rentals in an escalating property market can be a boon. In a declining market, you chase your tail right down the money drain. Unexpected costs, renter damages, vacancy, etc are all risk variables.
I haven't looked into anything as far as renting it out.
quote:Problem is your note seems high too. Obviously it is what it is. But assuming 0% down and a $100/sqft valuation, your note should run around $520/mo + escrow. At that rate, renting for $1200/mo would work.
My current note is $900/month and I can't see getting more than $1200/month rent at best in my area(1100 sqft 3bed/2 bath, rural town). Most rentals and apartments in my area are for lower income people.
Posted on 5/17/15 at 5:29 pm to jmh5724
quote:
How do you justify if a property is worth renting? $3600/year doesnt seem worth my time if I still have to cover major repairs and the possibility of having two notes if they moved out unexpectedly.
I thought about doing the same thing once and after going through all the trouble of getting my 5 year old home ready for sale, I thought no way would I let a fricking renter in here.... Sold it on a short sale and banked the return.
Once a house is a rental it's always a rental until a fliper gets it..
Posted on 5/17/15 at 6:26 pm to NC_Tigah
I should have specified, $900/month includes escrow.
Posted on 5/17/15 at 7:06 pm to jmh5724
Quick question to derail my own thread. I havent had the house appraised and was kind of shooting from the hip with my asking price. Should I order one? I figured a lender would require it done again anyway.
Posted on 5/18/15 at 10:52 am to BarberitosDawg
quote:
Sold it on a short sale and banked the return.
Posted on 5/18/15 at 1:30 pm to stout
This had me wondering too. I think "short" means he sold it quickly
Posted on 5/18/15 at 1:53 pm to Chris4x4gill2
If so, he got the context of it all wrong.
Posted on 5/18/15 at 5:15 pm to stout
I did get that wrong as rain in the context I used it.
Sorry.
Sorry.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News