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May 15, 2019
2:17
:10
pm
CoogsWin
All-American
And build in cost to repair damage done by renters.
I've been amazed by the stories of my friends who've rented big houses to high income poeple who trash the place.
This message has been modified
Originally posted on May 15, 2019 at 2:17:10pm
Message modified by CoogsWin on May 15, 2019 at 2:17:43pm
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CoogsWin
Previous username
gearhearts
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CoogsWin
Joined
Dec 7, 2004
Last login
May 3, 2024
Total posts
7,169 (11 FO)
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Messages
Author
Time
Advice? Looking at buying a house in AZ. Keeping it for a rental...
Dr MoBYU
5/15/19 12:39pm
Where is the house?
JOPE
5/15/19 12:41pm
Where; and age of the home and interior upgrades. I've seen that square footage go for as low
scall
5/15/19 12:54pm
It’s 3 years old in the gilbert/Mesa region.
Dr MoBYU
5/15/19 12:59pm
Holy crap, I had no idea Mesa/Gilbert had gotten that expensive
Windward_Coug
5/15/19 1:02pm
Yeah the newer large homes definitely go for around that. I think the number is on the very high side of the
scall
5/15/19 1:06pm
More just thinking about if becoming a landlord is a good idea.
Dr MoBYU
5/15/19 1:01pm
You have to have 1 of 2 things to be a good landlord- the willingness to pay a property management company to handle
scall
5/15/19 1:06pm
You also have to have the ability to pay a mortgage with no rent for a
crack
5/15/19 1:24pm
Rentals are great-under certain conditions. Are you going to stay in AZ?
grandpacoug
5/15/19 1:27pm
Definitely no need for a realtor. Can you make the numbers work if you were
cracka
5/15/19 12:46pm
I think so. We can rent it for about the mortgage.
Dr MoBYU
5/15/19 1:02pm
rent same as mortgage = you will lose a lot of money, at least near term
JackStack
5/15/19 1:07pm
Yup. Need to be able to rent it for at LEAST 0.85% of purchase.
molodyets
5/15/19 1:17pm
0.85 Of purchase price, not of mortgage, right? Bc we’d be putting 20% down.
Dr MoBYU
5/15/19 2:12pm
Yes, of purchase.
molodyets
5/15/19 4:54pm
Also in a house that like when you have tenant turnover it will be hard to
molodyets
5/15/19 4:55pm
You may be too nice to be a landlord. It needs to be run as a business.
grandpacoug
5/15/19 1:34pm
And build in cost to repair damage done by renters.
CoogsWin
5/15/19 2:17pm
Any concern about getting upside down in a house you don’t
kotacoug
5/15/19 1:14pm
this sounds like it is at the top and of the chart. I always have
grandpacoug
5/15/19 1:23pm
We can afford it. But I agree this is an insane market right now.
Dr MoBYU
5/15/19 1:53pm
Affording it is the easy part. Dumping it when it’s worth $75k less
kotacoug
5/15/19 1:58pm
Agree. Hey thanks guys for your thoughts.
Dr MoBYU
5/15/19 2:00pm
Why would you buy it if you think the market has insane prices right now?
molodyets
5/15/19 2:08pm
We need to stay in the house or move. He wants to sell. We are renting it.
Dr MoBYU
5/15/19 2:13pm
So you're considering buying it for yourself. If that price works then buy it
molodyets
5/15/19 4:53pm
If you think you're getting a good deal then buy it. If not, don't.
Ned Schneebly
5/15/19 2:18pm
I would be concerned about what kind of tenants you could get in the future.
orrin7
5/15/19 2:25pm
I have owned real estate for over 40 years. This is one of the first times that
grandpacoug
5/15/19 4:04pm
It is a tough spot.
Dr MoBYU
5/15/19 8:51pm
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