Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
thoughts on becoming a landlord (v2)
#11
GuyGene wrote:
I was a landlord for 11 years. You MUST be able to make mortgage even if not rented!
:agree:
Reply
#12
clay wrote:
It can be a good way to have the entire (or at least a good chunk of) mortgage paid by your tenants.
With current property prices, especially where matt is, this is just a fantasy at this point. Most of us would have to time travel and buy outr properties 30 years ago to have a remote shot at this.
Reply
#13
cbelt3 wrote:
You have to be VERY careful about 'being selective'. Anything that smacks of discrimination,
There is a lot to learn about this-- I'm sure matt will learn it.
Reply
#14
I don't know how things are by you, but a 3-flat is considered a sweet spot here because:
1) It's the largest number of units that gets the homeowner tax break if owner occupied
2) It's the largest number of units that's considered residential in terms of trash collection/property taxes.
Reply
#15
Black wrote:
I don't know how things are by you, but a 3-flat is considered a sweet spot here because:
1) It's the largest number of units that gets the homeowner tax break if owner occupied
2) It's the largest number of units that's considered residential in terms of trash collection/property taxes.

:agree:

Black, you must have had rental property too!
Reply
#16
GuyGene wrote:
[quote=Black]
I don't know how things are by you, but a 3-flat is considered a sweet spot here because:
1) It's the largest number of units that gets the homeowner tax break if owner occupied
2) It's the largest number of units that's considered residential in terms of trash collection/property taxes.

:agree:

Black, you must have had rental property too!
Shhhh! I'm pretty sure it's frowned upon here to try to speak from actual firsthand experience....


Edit: Forgot one-- I believe it's also the larger number of units that's exempt from local landlord/tenant ordinance if owner-occupied. Like the other bullets-- very dependent on local code.
Reply
#17
Black wrote:
[quote=clay]
It can be a good way to have the entire (or at least a good chunk of) mortgage paid by your tenants.
With current property prices, especially where matt is, this is just a fantasy at this point. Most of us would have to time travel and buy outr properties 30 years ago to have a remote shot at this.
I'm sure that's true... where you live.
Reply
#18
Paul F. wrote:
[quote=Black]
[quote=clay]
It can be a good way to have the entire (or at least a good chunk of) mortgage paid by your tenants.
With current property prices, especially where matt is, this is just a fantasy at this point. Most of us would have to time travel and buy outr properties 30 years ago to have a remote shot at this.
I'm sure that's true... where you live.
Yes-- pretty much all info offered in threads about housing depends greatly on local markets and laws.
Reply
#19
When the single-family house next to ours, literally right across the driveway, came up for sale, I seriously considered buying it, mainly for the large grassy field next door, which went with it. After the original owners either died or moved out, it went for sale twice in four years, and both times I stewed for a while, and then chickened out.

Both times the discouraging factors were (1) extra work being a landlord and responsible for all maintenance and repairs; (2) the imponderables of keeping it rented and making sure the tenants were copacetic (without violating some kind of anti-discrimination statute); (3) the likelihood that the money we'd have had to invest would have done better in the market.

But I still regret not getting that field.

/Mr Lynn
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)