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InvisibleZippoZM
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Registered: 06/17/03
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Loc: Pongyang, North Korea
So I think I want to Buy a house
    #21638366 - 05/05/15 07:09 AM (9 years, 15 days ago)

Yeah, so I currently live in a really heavily populated ski county. Many people get offered jobs out here, but cant come work because there is no housing! I think the going rate is about 700 a room plus utilities, and if you have a dog... its a big pain in the ass.

So ive been looking into getting a large 4 bedroom place that I could rent out 3 of the bedrooms in, and keep a 4th as a lock off for my self, or an Air BNB rental while im gone. Im thinking that if i can pull this off right, the roommates should cover most of the mortgage and bills, and there should be some left over.

Seems kind of crazy, because im not sure if i want to continue living out here year round, but the numbers seem right, and its always nice to have a backup place to call home.

Anyone ever try this?


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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OfflineAdolin
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Re: So I think I want to Buy a house [Re: ZippoZ]
    #21638378 - 05/05/15 07:17 AM (9 years, 15 days ago)

not to sound like a dick, but wont you be sent to some "free housing" if you don't pay a certain casino back soon?

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InvisibleDestitute
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Registered: 11/28/12
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Re: So I think I want to Buy a house [Re: ZippoZ]
    #21638381 - 05/05/15 07:18 AM (9 years, 15 days ago)

Great idea to let renters take care of the mortgage!
It's been an idea of mine as well, but i'm still several years from attempting to buy a house. If you are handy with fixing things you can save a lot of money as well.

Would you plan on remodeling a 4 bedroom house to allow separate living quarters? I couldn't imagine living with roommates whom I don't know.

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Invisiblevinsue
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Re: So I think I want to Buy a house [Re: ZippoZ]
    #21638384 - 05/05/15 07:19 AM (9 years, 15 days ago)



--------------------

"All mushrooms are edible; but some only once." Croatian proverb. BTW ...
  Have You Rated Ythans Mom Yet ?? ... :taser:  ... HERE'S HOW ... (be nice) .  :mod: ... :peace:

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OnlineCHeifM4sterDiezL
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Re: So I think I want to Buy a house [Re: vinsue] * 1
    #21638390 - 05/05/15 07:25 AM (9 years, 15 days ago)

I turned my house into a duplex and rent out the first floor. I hope you dont have any lapse in renters if you pay a mortgage. :shrug:

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InvisibleZippoZM
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Re: So I think I want to Buy a house [Re: Adolin]
    #21638396 - 05/05/15 07:27 AM (9 years, 15 days ago)

Quote:

Gresh said:
not to sound like a dick, but wont you be sent to some "free housing" if you don't pay a certain casino back soon?



paid that shit off


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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InvisibleZippoZM
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Re: So I think I want to Buy a house [Re: Destitute]
    #21638402 - 05/05/15 07:28 AM (9 years, 15 days ago)

Quote:

Destitute said:
Great idea to let renters take care of the mortgage!
It's been an idea of mine as well, but i'm still several years from attempting to buy a house. If you are handy with fixing things you can save a lot of money as well.

Would you plan on remodeling a 4 bedroom house to allow separate living quarters? I couldn't imagine living with roommates whom I don't know.




yeah i have another house back in illinois that i rent out to college kids, shared everything, but private rooms.

Im hoping to do the same thing here. Most of the hosues im looking at are in the 500K range, but with their location, i dont think they will be too hard to keep filled the majority of the time. As far as living with someone you dont know, it can  be a crap shoot, but more often than not, in this small town you knnow them, or their friends. And if not you become firends.

Im done paying rent, i want that money to go to equity


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

Edited by ZippoZ (05/05/15 07:29 AM)

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OfflineAdolin
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Re: So I think I want to Buy a house [Re: ZippoZ]
    #21638407 - 05/05/15 07:31 AM (9 years, 15 days ago)

oh nice dude. im not very resourceful myself... im great at making money last awhile.... but i could never in a million years scratch up 5 grand in a few days without committing some crime :lol:

shit, i cant even get a decent credit card because i "dont have enough of a credit history". meanwhile, ive owned a (shitty, high interest) credit card for over 2 years have have spent 2000$ on it easy, and always payed it back on time

Edited by Adolin (05/05/15 07:32 AM)

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Invisibletrekie
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Re: So I think I want to Buy a house [Re: ZippoZ]
    #21638410 - 05/05/15 07:33 AM (9 years, 15 days ago)

Patlal does that you should talk with him.

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OnlineCHeifM4sterDiezL
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Re: So I think I want to Buy a house [Re: Adolin] * 1
    #21638413 - 05/05/15 07:34 AM (9 years, 15 days ago)

2000 in 2 years and pAid it all back they should be blowing you over there. :youseethisshit:

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InvisibleZippoZM
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Re: So I think I want to Buy a house [Re: Adolin]
    #21638419 - 05/05/15 07:35 AM (9 years, 15 days ago)

yeah, ive had some bad credit for a while, collections, but I hired this law firm called Lexington LAw, theyve got my score up like 100 points. On top of that, i am finally getting around to filing some back taxes, which lenders need to get an estimate of your income. Now with the taxes filed, and the credit good. There is an opportunity to buy a house.


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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OnlineCHeifM4sterDiezL
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Re: So I think I want to Buy a house [Re: ZippoZ]
    #21638422 - 05/05/15 07:37 AM (9 years, 15 days ago)

Do it up zippo seems like you got a game plan workin jus dont get screwed over bud!

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InvisibleDestitute
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Re: So I think I want to Buy a house [Re: ZippoZ]
    #21638446 - 05/05/15 07:51 AM (9 years, 15 days ago)

Yeah equity is all the more reason to own a house..

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OfflinePatlal
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Re: So I think I want to Buy a house [Re: Destitute]
    #21638457 - 05/05/15 07:54 AM (9 years, 15 days ago)

I know a guy that does this.


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Invisibletrekie
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Re: So I think I want to Buy a house [Re: Patlal]
    #21638547 - 05/05/15 08:34 AM (9 years, 15 days ago)

But can one really knows ones self .


:mindblown:

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OfflineRife
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Re: So I think I want to Buy a house [Re: trekie]
    #21638698 - 05/05/15 09:20 AM (9 years, 15 days ago)

Look into multi-family housing, like three or four flats. Less appreciation on property value, but higher cash flow.

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InvisibleStonehenge
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Re: So I think I want to Buy a house [Re: Rife]
    #21639588 - 05/05/15 02:08 PM (9 years, 15 days ago)

With bad credit its very hard to get a mortgage. It can be done depending on how bad. If you have a steady job with decent income that helps.

I rent out units, I have a house now with a back room 'mother in law' unit. It has its own bathroom, fridge and sink with a separate entrance. Get one like that, live in the separate unit, rent out the rest and you do not have to renovate. Or a garage apt in back.

Get a written rental agreement, take copies of rent checks paid or cash receipts. Take photos before they move in and after they go out. Be sure to get first, last and security. If you don't do that you will get raped because they give stories, then move owing a lot of money. Many are like that. Evict as soon as they get a week behind. The more time you waste listening to stories the more money you lose.


--------------------
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

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Offlineqman
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Re: So I think I want to Buy a house [Re: Stonehenge]
    #21639608 - 05/05/15 02:12 PM (9 years, 15 days ago)

How much % can you put down  OP?  For a rental investment I believe it's a high level today.

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OfflinePatlal
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Re: So I think I want to Buy a house [Re: qman]
    #21639627 - 05/05/15 02:17 PM (9 years, 15 days ago)

I don't know about Colorado real estate laws, but here if you buy a house and rent rooms in it, all you need is 5%. If you buy an apartment building you need either 20 to 25% down.

Of course the bigger the down  the lower the mortgage and the more positive cash flow at the end of the month. On the downside, you could have put down less money and kept a few grand for other things such as renos. It's all circumstantial. It always depends on something.

Also, don't buy anything too nice if you're thinking of pricing your room in the "normal" range. Not too low, not high end. Roommates tend to not care because they don't own the place so your shit will get damaged guaranteed. If that floor is due to be changed but still has a few years left in it. Keep it. Worst comes to worst you'll just have to change it more later. If you buy new floor and it gets damaged by a roommate, it hurts the soul.


--------------------

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Offlineqman
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Re: So I think I want to Buy a house [Re: Patlal]
    #21639722 - 05/05/15 02:41 PM (9 years, 15 days ago)

Quote:

Patlal said:
I don't know about Colorado real estate laws, but here if you buy a house and rent rooms in it, all you need is 5%. If you buy an apartment building you need either 20 to 25% down.

Of course the bigger the down  the lower the mortgage and the more positive cash flow at the end of the month. On the downside, you could have put down less money and kept a few grand for other things such as renos. It's all circumstantial. It always depends on something.

Also, don't buy anything too nice if you're thinking of pricing your room in the "normal" range. Not too low, not high end. Roommates tend to not care because they don't own the place so your shit will get damaged guaranteed. If that floor is due to be changed but still has a few years left in it. Keep it. Worst comes to worst you'll just have to change it more later. If you buy new floor and it gets damaged by a roommate, it hurts the soul.




"all you need is 5%"

In the US Mr.Banker will decide what you need, today credit is extremely tight, the days of Joe Six-Pack deciding to become a real estate investor with little risk to capital is long gone.

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