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May 15, 2019
8:51
:50
pm
Dr MoBYU
All-American
It is a tough spot.
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Dr MoBYU
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MoBYU
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Dr MoBYU
Joined
Jul 22, 2001
Last login
May 5, 2024
Total posts
16,258 (1,000 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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