All Forum Posts by: Matt M.

Thanks everyone for your input!

@Karen Margrave He will pocket basically $0 from the sale

@Dennis M. Even though I wouldn’t be rehabbing it now, you’d still consider $700+/month rent with $350 expenses losing $? No, im not collecting $1100/month but I’d also not be putting out $15k now to fix it up.

@Dennis M. Dennis, the $38k pays off a loan he has on the house, it’s not cash in his pocket. No, I do not want to evict an old dude. Especially from a house his parents bought 60 years ago. He said he was planning to go to hud to see if they can help find him something. I guess senior apartments are a hot commodity in my area.

@Jaysen Medhurst Good thoughts. Thanks. I don’t know for sure that he is actually “scraping by”. He has been looking at senior housing for the past 6mos, but the waiting lists are 1+years. I don’t know what his monthly payment is on the $37k loan he has, but he also has taxes, Ins, upkeep, and all utilities for a 1400sqft house by himself. It would have positive cash flow even at the reduced rent I’d offer him (house stays as-is), while I’d be able to save about $300/mo for as long as he’s there to put towards rehab costs. If he stays a year, and I have no major repairs, my savings from the rent will buy the new kitchen. All the major items are done. I am a contractor, so rehab is no issue, and cost would be less of course, maybe $15k. I would think getting him out of his loan, and the taxes,Ins, repair bills while giving him some time to find new housing would be a good thing for him, while I buy the “other half” of my house and can control what happens there, not only for my tenant, but there’s nothing worse than a good half attached to a crappy half. My half is a total cash cow, purchased for $23k, rehab $14k. Rent for house and garage is $1205/month while my monthly expenses are $350.

Hey all,So I own an attached SF, it is a “half double” or “half duplex” as some call it. I bought it 3 years ago, stole it on a Hudson & Marshall auction. I have been interested in the other half since day one. Fixed up it is worth $90k+. The owner is an older gentleman, and I’ve spoken to him about it many times over the past 3 years. He had said hopefully by end of year he would sell it to me, around $38k which is the balance of a loan on it. It is livable but super dated, needs work, bathroom, kitchen, etc but roof, windows, siding, boiler, electric all updated in the last 5 years. He wants to sell, is just scraping by, but is having trouble finding a suitable apartment. Would it be a good investment for me to buy the house now, and rent to him at a discount, for say up to 2-3 years, but letting him go as soon as he is ready? Expenses would be about $350/mo for me, and rent to him for $7-750? I get $1080 for the other half, rehabbed. I would do no work now except for things that would need immediate attention, and throughout his stay. So I would make a few dollars while helping him out. Win-win?

Hey all, So I own an attached SF, it is a “half double” or “half duplex” as some call it. I bought it 3 years ago, stole it on a Hudson & Marshall auction. I have been interested in the other half since day one. Fixed up it is worth $90k+. The owner is an older gentleman, and I’ve spoken to him about it many times over the past 3 years. He had said hopefully by end of year he would sell it to me, around $38k which is the balance of a loan on it. It is livable but super dated, needs work, bathroom, kitchen, etc but roof, windows, siding, boiler, electric all updated in the last 5 years. He wants to sell, is just scraping by, but is having trouble finding a suitable apartment. Would it be a good investment for me to buy the house now, and rent to him at a discount, for say up to 2-3 years, but letting him go as soon as he is ready? Expenses would be about $350/mo for me, and rent to him for $7-750? I get $1080 for the other half, rehabbed. I would do no work now except for things that would need immediate attention, and throughout his stay. So I would make a few dollars while helping him out. Win-win?

@Anthony Wick I would totally do it. If they are financially stable, good people, and will get you thru paying to heat a unit, do it.

@Patrick Fraire If I had a property where the going rent isn’t close to the mortgage payment, if there was equity I’d sell it. Making a quick $10-15k or whatever is better than losing $600-950/month. And stay away from the sisters brothers girlfriends aunts cousins step daughter. They obviously can’t afford much, and two months from now they will only have $1200... and so on.

@Dennis M. Ok good. Sorry if I got snippy. This thing sent me a notification that your message was to me.