On Sat, 05 Jun 2010 08:22:35 -0500, Lou Decruss
> wrote:
>On Fri, 04 Jun 2010 17:49:07 -0400, brooklyn1
> wrote:
>
>>Lou Decruss wrote:
>
>>>> http://i45.tinypic.com/24wt5ye.jpg
>>>>
>>>> I'm still scrambling for a way to keep that place but it ain't looking
>>>> to promising. I lost everything 25 years ago to cocaine and a
>>>> miserable bitch but I climbed out and did well. I can do it again but
>>>> it's not going to be as easy these days.
>>
>>Looks like a great place for retirement. I really don't know what
>>kind of bind you're in but have you considered renting the place until
>>times get better? Right after I closed on my first house after my
>>divorce I realized the bills would be very tough for me to pay on my
>>own so I stayed in my apartment and rented the place to a coworker who
>>was just married. With two incomes and no child support they handled
>>it easy. Two years later the housing market went nuts, I sold the
>>house to my coworker for more than three times what I paid (paid $23K
>>sold $80K), we both made out well, that little house is worth over
>>$400K now, they still live there and own it free and clear. Of course
>>you can't count on that happening any time soon but if you can rent
>>your house for enough to cover expenses even if you need to add some
>>it's a way for you to keep your house until life gets better, and in
>>time it will... renting it is far better than losing it or selling at
>>a big loss. Often one can figure a way to rent only a small portion
>>of a house for enough money to make up the shortage... and rents are
>>steep these days, in a nice location an efficiency apartment in a walk
>>out basement can go for a grand. Just saying there are possibilities.
>
>All good points but the problem is anyone renting would need to work
>and it's not close to anything.
You'd be amazed at how many people work from home. Whenever I need to
rent more than half the inquireys are from people who work from home;
from all kinds of artists/crafts people, tax accountants, and many
traveling sales people who are on the road more than half the time.
Not everyone is a nine to fiver. Most of these home workers prefer a
secluded location. Many of my neighbors are firemen who work in NYC,
they typically work 3 days on, 3 days off... they feel raising their
family in a rural location is worth the 150 mile commute. I had a
tenant here who worked for Otis Elevator, he worked 10 hour days,
worked in NYC 4 days and off 3... he stayed with his girlfriend in her
apartment in NYC and she was here with him most weekends, best tenants
I ever had.
>Not many retired folks want to rent.
Again you'd be surprised, many retired people rent, many have rented
all their life (they don't want the hassle of ownership) and many rent
more than one abode... they'd live in the north summers and in the
south winters. And folks retire relatively young nowadays... 50 is
not too young to retire; many military/civil servants.
>And there's a homeowners association which requires both the owner and
>the renter to pay the dues. Kinda sucky.
So how much are the dues... I won't believe some ridiculous amount...
you can pay the dues for the tenant and include it in the rent. I pay
the mechanicals maintenece costs and include them in the rent; furnace
tuneups and service contract, same for water softener, and I do all
the gardening but apportion a cost... it's a win/win situation,
ensures everything stays in good working order... when tenants are
left to their own devices things fall apart, they won't pay for
preventative maintenance, many homeowners don't either (fools). You're
paying property taxes and home owner insurance too, that's apportioned
into the rent as well. You're not looking to make a killing, just to
hold on to your house. Every house can be rented. And the more rent
you ask the better caliber tenant you attract.