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Posted on 2/20/11 at 8:16 pm
Posted on 2/20/11 at 8:16 pm
(no message)
This post was edited on 2/16/25 at 10:27 am
8
Posted on 2/20/11 at 9:01 pm to lnomm34
quote:
Having two mortgages. I wish we could just pay cash, but we don't have that kind of savings since we're still just starting out.
For this reason alone, i'd advise against it. If you could pay cash for it, to where it truly is working for you, it might be something to consider. But if you'd have to finance it, I'd say no.
Posted on 2/20/11 at 9:04 pm to Htown Tiger
(no message)
This post was edited on 2/16/25 at 10:27 am
Posted on 2/20/11 at 9:32 pm to lnomm34
I just can't wrap my head around a house only costing $36K. 
Kind of agree with others thought that this doesn't sound like all that great of a time to jump into this.
Kind of agree with others thought that this doesn't sound like all that great of a time to jump into this.
Posted on 2/20/11 at 10:06 pm to notiger1997
Do you know how long the current tenants plan to stay? Also, are there any big repairs coming up (i.e. new AC unit, new roof shingles, etc)? Those are some other considerations. Also, it might be good to own the land next door to you in case you ever want do something bigger with the land as a whole.
If the house is only $36k, then the $500/month rent should easily cover your mortgage payment, even if you do a 15-year loan.
PS: $36k! Do you live in the ghetto?
If the house is only $36k, then the $500/month rent should easily cover your mortgage payment, even if you do a 15-year loan.
PS: $36k! Do you live in the ghetto?
Posted on 2/20/11 at 10:48 pm to lnomm34
Is this Marion County, MS?
Posted on 2/20/11 at 10:51 pm to urinetrouble
$36,000?
Most of the posters will joke and play with you about this, but I am serious when I say this. I'll buy that house (depending on location). Give me a little more information.
Most of the posters will joke and play with you about this, but I am serious when I say this. I'll buy that house (depending on location). Give me a little more information.
This post was edited on 2/20/11 at 10:52 pm
Posted on 2/20/11 at 11:45 pm to lnomm34
quote:
They are looking to sell the house for about $36,000, they pay all closing costs. Tax on the property runs about $1000/year
Wow. $36K for a home is one thing I do miss about BR. That would buy 3-4 covered parking spaces here in DC, depending on location. No hookups, just concrete.
Posted on 2/21/11 at 9:07 am to notiger1997
quote:
I just can't wrap my head around a house only costing $36K.
Did this house have axels underneath it at some point?
Posted on 2/21/11 at 10:40 am to mt1
Be prepared, this will not count as your primary residence, therfore you will have to apply for a business loan (as you are doing this to make money) and such will not be at the same rates that you have your personal mortgage, be prepared for a 20-25% down payment, and 10 year term at 6% or better. The taxes will also not be subject to homestead exemption, but with a value of 36K you are not looking at a whole lot there either.
Posted on 2/21/11 at 12:05 pm to lnomm34
My neighbor is a land lord. At his peak he had 50 low rent properties that he bought for almost nothing. He's a slum lord.
He made a very good living. He has just now retired at 77. He said it was a mix of poor but good folks and a lot of jackasses.
You have to be good at repairs or hire a good guy and pay him a decent wage.
Don't over-extend geographically. They will call with problems and you don't want to be too far away.
Worst stories... Renters left with feces and graffiti all over the place. Stole everything that was capable of being stolen. One cut down a 70 year old hickory tree for firewood.
I've got the money to buy low end properties and become a land lord but I don't have the personality for it.
He made a very good living. He has just now retired at 77. He said it was a mix of poor but good folks and a lot of jackasses.
You have to be good at repairs or hire a good guy and pay him a decent wage.
Don't over-extend geographically. They will call with problems and you don't want to be too far away.
Worst stories... Renters left with feces and graffiti all over the place. Stole everything that was capable of being stolen. One cut down a 70 year old hickory tree for firewood.
I've got the money to buy low end properties and become a land lord but I don't have the personality for it.
Posted on 2/21/11 at 12:22 pm to Zach
I own a few rental homes and I would never want to live next door to my tenants. Being a landlord, a lot of times you have to put on a black mask and play the part of an a-hole.
Posted on 2/21/11 at 12:27 pm to Alabama Slim
All true, and you need to look into what happens when you want to sell it... the tax consequences are pretty rough - or at least use to be.
Posted on 2/21/11 at 1:00 pm to Alabama Slim
quote:
I own a few rental homes and I would never want to live next door to my tenants
Yep. He meant like a 10 mile radius instead of a 30 mile.
Posted on 2/21/11 at 8:49 pm to Zach
quote:
One cut down a 70 year old hickory tree for firewood.
holy shite!....
Posted on 2/21/11 at 8:54 pm to Alabama Slim
quote:
I own a few rental homes and I would never want to live next door to my tenants.
My dad does it, and they don't mind...they've only had one really bad tenant, though.
Posted on 2/21/11 at 9:40 pm to Alabama Slim
quote:
own a few rental homes and I would never want to live next door to my tenants. Being a landlord, a lot of times you have to put on a black mask and play the part of an a-hole.
this.
Posted on 2/21/11 at 9:42 pm to lnomm34
quote:
Having two mortgages. I wish we could just pay cash, but we don't have that kind of savings since we're still just starting out.
what would the note on 36k be? $200 a month? set up an checking account for the property and always have "reserves" for a years note in there.. if you can't rent it in a year you have other problems...
plus the reserves could be used to repairs you might need... no reason to come out of pocket too much... just don't blow all of the "income" save it to reinvest in the house if need be...
Posted on 2/21/11 at 9:44 pm to lnomm34
quote:
lnomm34
could you rent the house @ $500 if they moved out?
Posted on 2/21/11 at 9:46 pm to Tigerpaw123
quote:
Be prepared, this will not count as your primary residence, therfore you will have to apply for a business loan (as you are doing this to make money) and such will not be at the same rates that you have your personal mortgage, be prepared for a 20-25% down payment, and 10 year term at 6% or better. The taxes will also not be subject to homestead exemption, but with a value of 36K you are not looking at a whole lot there either.
at 36k dude should just go get a HELOC and double up on it every month....
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