All Forum Posts by: Lauren Soderstrom

A second home to rent out at convenience :) but either way, I don't want to take a total bath. But primary motivation is creating memories with family. 

My family was planning to buy a lake house in WI, IN or MI.  We were going to rent it out when we are not using it.  Lake houses right now in the pandemic are FLYING off the market at or above list in many case.  I know we don't have crystal balls, but I am trying to figure out if I should jump in now or wait a couple years.  If it is a permanent trend, it makes more sense to jump in now.  BUT with all the recession, job and hour cuts, might this be a temp boost creating a bubble? Or are the cuts not hitting hte "lake house" crowd.  Just curious on your thoughts! :) Thanks!!!
Lauren

@Darius Ogloza Yes, it does :) I think the emotional factor of knowing the house and acquisition costs weigh heavily for me. Thanks! 

and thank you for the condolences @Julio Garcia :)

Thank you all!!

@Darius Ogloza the total value would be $400,000 but MY total value/cost would be $200,000.  To me, the sale would net $200,000 and the cost to acquire would be $200,000 but the value is $400,000.  So the way I am thinking is while the house for a normal investor wouldn't make sense, since I inherited half, the numbers should work well. 

@Kevin Berry I like the way you put it. :) While the income certainly helps, the thought of my family living there one day (or even me since it is a ranch!) is sort of wonderful. Thank you!

Sadly, my father passed away leaving my brother and I half of a paid-off house.  It is in an A neighborhood.  About 40 years old.  All major stuff done 8 years ago. It would be silly not to buy my brother out on this one right? I would be paying about $200,000 for about $2,650 in rent.  It just feels weird renting out my childhood home so I need some calm rational thoughts. Lots of emotion playing into things now. 

@anthony McEvoy thank you!! I am from nearby Downers Grove too :) Good tip on Urbana. 

@quentinmcnew that's great to hear!! I plan on a long term investing. 

@Art Perkitny thank you that's awesome!! I love this info. Can I play in the site in your signature? I want to see how it compares to other towns. A growing town in Illinois is good to see! :)

Anyone invest in Champaign Urbana? I went to school there and am an Illinois broker but wasn't sure if there are specific laws, guidelines market forces that were specific to there. Is it landlord friendly? I like the idea of college towns. 

I agree.  Where are you looking?