Just Put an Offer on Another House

[curling]

I am getting this one pretty decent I guess. Paying 69k for a 1000 sqft pier and beam home in a upscale yuppy area that I think I rent for $850. The guy wanted 84k but having financial trouble so he lowered the price. What sucks is 2 months ago he had an offer of 82k he turned down.

 

[Judo Tom]

sucks for him .. not for you

good luck

 

[curling]

Thanks. I just put this on the board because a bunch of people give me grief for buying toys instead of investment property. I just wanted to show people I am not shallow.

 

[newbiebynature]

what part of the country do you live in that you can buy a decent house for 69k?

 

[Dunk]

$69,000 for a house?

and here i am bitching about not being able to find anything for less than $500,000.

 

[SoKlueles]

dang im from tenn and we got a 1000sq foot house for 52000
brick too and on an acre lot
in city limits

 

[curling]

what part of the country do you live in that you can buy a decent house for 69k?

Texas. It is a 3/1 with no garage though. I think I can build a little garage apt for 30k and rent that for $450. It is a nice little house hardwood floors saltillo tile and updated kitchen.

 

[newbiebynature]

im guessing you can build a mansion where you live for 300k...

 

[curling]

dang im from tenn and we got a 1000sq foot house for 52000
brick too and on an acre lot
in city limits

Dang, that is a good deal what can you rent it for?

 

[newbiebynature]

soklu what part of tenn...my brother lives in nashville....

 

[HumorMe]

Dang, that is a good deal what can you rent it for?

$3.50

 

[TheProject]

$3.50

I gave him a dollar!

 

[SoKlueles]

i dont know, it was the house i lived in lol
was the first house
i lived in east tenn below knoxville
the payments were 356 a month
but he refinanced it last year and got it financed for a shorter time but the payments are now over 600 a month
we bought it in 96 and it was built in 91 and had a carport and stuff
3 bedroom 1 bath tho.....was really tiny
oh and a kitchen (nice size) and dining room

 

[HumorMe]

I gave him a dollar!

You got a good deal then.

 

[curling]

Never mind what your payment are what could you rent it for?

 

[curling]

Do you think 12% return is good for rental property? Do any of ya'll know of a better investment than that right now?

 

[SoKlueles]

Never mind what your payment are what could you rent it for?

i dont know, i have rented crappy places before for 300, im sure it could go for at LEAST 600 a month

 

[Cuthbert]

Do you think 12% return is good for rental property? Do any of ya'll know of a better investment than that right now?

buy low, sell high

 

[WODIN]

Do you live in bum or fuck Texas? Shit that's cheap.

Here, its about 15-20 K per 100 sqft and that doubles closer to water and well you just can't even get water front for under 200K on a postage stamp lot.

 

[TheProject]

You got a good deal then.

That's right. I said "I ain't giving you no tree-fitty you goddamn Loch Ness monster! Get your own goddamn money!"

 

[ZKaudio]

there isn't a home in my entire city under 1.3 million. fucking sad. Find me an undervalued coastal community ( no red states ) or I'm going to argentina.

 

[curling]

there isn't a home in my entire city under 1.3 million. fucking sad. Find me an undervalued coastal community ( no red states ) or I'm going to argentina.

See that is the problem those blue states are just too dang high to live in them.

 

[redguru]

Use the rule of 125% of what you are paying including insurance and taxes for rental income.

 

[curling]

Use the rule of 125% of what you are paying including insurance and taxes for rental income.

Explain.

 

[redguru]

Total up mortgage, insurance, taxes and charge 125% of that, if you can't get that much, you're paying too much for the house.

 

[rnch]

perhaps with the rental income you could afford to buy a motel room with TWO bedrooms the next time you and your family go out of town?






lol

 

[curling]

Total up mortgage, insurance, taxes and charge 125% of that, if you can't get that much, you're paying too much for the house.

After doing that i am getting 130%. Just on the money I am netting 12% after taxes and insurance.

 

[ZKaudio]

rent here is waaaay below mortgage prices... that's nto even factoring in prop taxes... avg 1.5 mil home here rents for 3k per month... that ain't makin a profit.

 

[curling]

How many square feet is a 1.5 million dollar house?

 

[bran987]

Do you think 12% return is good for rental property? Do any of ya'll know of a better investment than that right now?

Is that an ATIRR?

 

[ZKaudio]

How many square feet is a 1.5 million dollar house?

anywhere from 1600 to 2100 probably. You have to also remember, we don't really have many track homes here, so you're also paying for landscaping like no other.