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re: Anyone spotting a trend with houses in BR right now...
Posted on 9/29/22 at 11:02 pm to Tomatocantender
Posted on 9/29/22 at 11:02 pm to Tomatocantender
Uncle rented out his 600K house and it got absolutely trashed twice. Memphis so you know why.
0
Posted on 9/29/22 at 11:05 pm to Tomatocantender
I have one for rent for $2600. It’s a 4 bedroom in a pretty good neighborhood. Got kids that are out of college living there. The college apartments are about 700-800 per person for a 1000 sq ft apartment by LSU. My house I rent is 2400 sq ft 4 bed 3 full bath and garage. Pretty easy decision when it comes to comfort.
Posted on 9/29/22 at 11:11 pm to BRgetthenet
quote:
Just rent yours out. You know why.
This.
Let's just say there's a big market right now in BR for people who pay cash for everything. Just make sure you get enough of a deposit to keep from all the damage the pitbull in your backyard does to doorframes, siding, fences, etc.
Also, DSLD, Level and DR Horton are having a hard time selling all the shite neighborhoods they bulk built all over greater EBR so that rental market is also about to pop up.
What a great time to be a Baton Rougeeon.
Posted on 9/29/22 at 11:37 pm to AbitaFan08
quote:
High interest rates are hurting the real estate market right now.
I read that the average renter has a FICO score of 650 and most mortgage companies look for over 700. Half of the country can't cover a $500 emergency, & that's before 9% inflation.
Couple that with having to come up with cash for down payment and interest rates approaching 7% anyway & it's easy to see why many have no choice but to rent, even though the rental amount is same or greater than the note would be.
It's going to make it much more difficult for new home buyers, especially with low housing inventory and inflated purchase prices.
It's going to be a rude awakening and paradigm shift in the years to come as this financial new world evolves...
Posted on 9/29/22 at 11:54 pm to Tomatocantender
Second comment has zero down votes.
Posted on 9/29/22 at 11:58 pm to Chad504boy
quote:
Those who don’t pay property taxes, insurances, homeowner deductible or repair a god damn thing in the house that breaks
You can make that up fast in equity. ETA, you're paying for all of that whether you think you are or not, and you better have renters insurance anyway. All of my tenants have to have it.
This post was edited on 9/30/22 at 12:03 am
Posted on 9/30/22 at 12:00 am to LSUSkip
quote:
You can make that up fast in equity.
Depends on where you live. I think the average home appreciates 3-4% a year. Some markets it may be way more and some it may be less.
Posted on 9/30/22 at 6:50 am to Tomatocantender
quote:
I would like to know also about the landlord people renting out these nice houses. Have they recently moved out of state or downsized up the road. Where are they going?
Galt’s Gulch.
Posted on 9/30/22 at 6:58 am to TigerDeBaiter
quote:
You said BR, not a bedroom community.
I said Greater BR. And Prairieville is a suburb to BR therefore it's in the greater BR area. I don't know anyone that considers Prairieville as a boutique bedroom community, at least in the year 2022. I'm not sure you understand what "greater" means in the real estate sense and I'm confident you have no clue how to define "bedroom community."
Posted on 9/30/22 at 7:21 am to LSU1018
it amazes me that people who can pay $2000 a month rent try to get a house and are denied even though the mortgage would only be $900.
Posted on 9/30/22 at 7:38 am to tigerbacon
quote:
Nice houses are renting for 3k a month right now in mid city
I was about to say that $2300 sounds kinda low for a "nice" house. Had a buddy of mine that rented for a year or so in Dutchtown when moving back from out of state. He needed to sell his other properties before taking on a new mortgage and rented a 4br for 2 years at $2800/month, and this was 5-6 years ago.
Posted on 9/30/22 at 7:40 am to Napoleon
quote:
it amazes me that people who can pay $2000 a month rent try to get a house and are denied even though the mortgage would only be $900.
A lot of people don’t show all of their income so their debt to income ratio is bad.
Posted on 9/30/22 at 7:51 am to Napoleon
quote:
it amazes me that people who can pay $2000 a month rent try to get a house and are denied even though the mortgage would only be $900.
Exactly, and the interest on the mortgage is 1098-int tax deductible while simultaneously building equity. I can absolutely understand, for a multitude of reasons, why a family is renting around that $1500/mo mark in the greater BR area, but when you start getting north of $2k/mo I mean that's no joke. And my point in starting this thread is that there seems to be an ever growing market for these $2k rents.
Posted on 9/30/22 at 8:44 am to Tomatocantender
I know a few people that started self proprietor companies. They can afford the rent but don't claim the income to get a house.
Posted on 9/30/22 at 8:48 am to Tomatocantender
Call a property manager and they’d give you the Correct information
Posted on 9/30/22 at 8:51 am to Klondikekajun
quote:
I read that the average renter has a FICO score of 650 and most mortgage companies look for over 700.
That's being generous. Most renters have around a 600 score.
I'm currently going through a post divorce refinance.
The guy at the mortgage company said they want at least 650, but are concentrating more on debt to income ration lately.
Posted on 9/30/22 at 9:00 am to Tomatocantender
We rented our old house in Zachary for $2,100 a month for a year to a Baton Rouge family who just wanted out of BR. It took them a while to sell their house then they ended up buying in St Francisville. It rented out within 3 weeks again. There's definitely a market for them.
Posted on 9/30/22 at 9:24 am to Tomatocantender
I'd consider renting out my mandeville home if/when I leave LA. I got the mortgage at such a low % of 2.5 it almost doesn't make sense to get rid of it. Then add to that the continual white flight from across the lake and there's money to be made.
This post was edited on 9/30/22 at 9:25 am
Posted on 9/30/22 at 2:12 pm to Paul Allen
quote:
Depends on where you live. I think the average home appreciates 3-4% a year. Some markets it may be way more and some it may be less.
I've lived in my house for 1 year, it's gone up over 15% It will probably stagnate because of the market and economy, but that's a hell of an roi for one year.
Posted on 9/30/22 at 2:20 pm to LSUSkip
But what about going forward? Is it going to go back to 3-4% annual appreciation or is it going to be flat?
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