Price and market. Unless the roof is old(which I'm finding out), there's nothing wrong with it. New electrical, newer windows, and it's really nice. They've dropped about $85K since it's first been on. Actually a pretty good location too...walking distance to bars, CVS, park, the bus. It's better than my place, and if I can buy it for close to what I paid for mine....might not be a bad investment. The one downside, like my place, is there's no yard. But that doesn't matter too much for renting around here.
I would have to sink some money into the upstairs suite if I were to rent it. The downside to that is it's all skylights, no windows. Would have to do something about putting a wall-mounted AC in since it would be hot as Africa in the summer. That would be somewhat expensive.
Well we called the agent asking if it was worth putting an offer in at X amount...she said write it up. I think it's a steal, and if it goes through I decided I'd move into the upper suite and rent my current rooms out.
So, you'd rent out the house you're living in now, AND have a lower floor to rent in the new place, and live upstairs?
wow, the tenants in your current home would pay that mortgage, and if someone lived below you, it could cover the cost of the new place.
When you say A/C for the upper suite, do you mean some kind of central unit, or just window units? How many months of the year do you need air conditoning?
yeah, if you live in the upper suite, you don't have to worry really about fixing it up appearance wise for a tenant. I mean, you want a nice looking place to live, but if it was me, I look around and think that it's good enough for me right now, don't need to put in lots of fancy new stuff for a tenant, as long as it's comfortable.
Fully renting out my current place would cover the mortgage with condo fee + taxes, and maybe put a hundred or two in my pocket. Moving into the new place would end up costing me about $200 more per month vs. if I stayed where I was and rented the new place fully, but I like it better. The tenants below me won't cover the mortgage fully, but the living cost to me is about the same as if I were renting a room from myself. Not bad.
I'd have to put some kind of central unit, or a/c with a seperate condenser. It's all skylights, not sure if there's place for an in-wall unit.
That sounds good, as long as you don't mind not having windows...which could've made it harder to rent.
good thinking.
1 month and multiple offers later, finally came to an agreement. As long as the inspection goes well, it's a go.
I say slum lord that mofo , let it go to ****, use the profits to buy a lot of cocaine and cooze and when the hammer falls go chapter 7. You live once.
Bi-Polar Bear wrote:I say slum lord that mofo , let it go to ****, use the profits to buy a lot of cocaine and cooze and when the hammer falls go chapter 7. You live once.
Hell yea. Just to piss off the other condo owners, I'll Section 8 that bitch.
