luckily, So far I haven't had that experience.
What would you do if you had an extra house laying around?
- Thread starter tom999w
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My 9x great grandparents lived there in 1660 when it was a Dutch settlement called Esopus for the native people.
My wife wanted to do that, too but I convinced her were were sitting on a "silver mine" (not a gold mine) that could significantly reduce our financial responsibilities moving forward and allow us to enjoy life more, therefore creating "new memories" with both an improved lifestyle and the bonding experiences of managing and occasionally renovating rental properties.
That worked out so well, we bought another one across the street, and then I bought my storage/shop complex.
It really has changed our life.
Oh wow. Ya, Indians were living there on the river for 500 years, then the Dutch and English moved in and pushed them off of their own properties. When the Indians fought back, the Dutch and English killed them. There's alot of history there.
1WildRT
Well-Known Member
Well, come on out to Commiefornia.... Your vacant house is a target for squatters.... Another reason I was happy to sell my rental... Between renters who trash the place, always late or short with rent & when you finally get rid of them you need to defend your home from an even lower life-form....
Yeah, I don't miss owning a rental..
I'd sit on it, cash it out when you retire.
Ya, in New York I think they can live for free for up to a year before they can legally get kicked out. Covid made things even worse with non-payers.. Good thing the local police officer lives next door.
I don't have any financial responsibilities, besides taxes (no mortgages, no car payments, no kids in college, no ex-wife alimony, etc.). That's how I can be poor and still throw money into A bodies. It took alot of years to get here, but I live at the position of F* you...
1WildRT
Well-Known Member
It's a good position to be in...
i would fix and sell best bang for your buck ...unless its going to fail septic or well ...then the extra 50k might not be worth it
does it have access to gas ?
renting can be a pia if you get crappy renters
letting it sit is like letting cars sit ,roof,siding ,windows ect.
is it in a flood area ....
but you have an offer ? cash out unless you can double your investment
you can't get alone on a house that dosen't have a co that leaves 1st buys out will need to get a cash offer
need to check the comps ....unless the rates drop i don't see a big bubble coming might be on a slight slide
but i'm in the buy land it will never be worth nothing ...just can't let it go into too much disrepair
does it have access to gas ?
renting can be a pia if you get crappy renters
letting it sit is like letting cars sit ,roof,siding ,windows ect.
is it in a flood area ....
but you have an offer ? cash out unless you can double your investment
you can't get alone on a house that dosen't have a co that leaves 1st buys out will need to get a cash offer
need to check the comps ....unless the rates drop i don't see a big bubble coming might be on a slight slide
but i'm in the buy land it will never be worth nothing ...just can't let it go into too much disrepair
10,000 or more people will buy for cash "as is" right now.
You don't even need to find them, they find you.
Every day.
Look up the tax assessor's valuation.
I've come to the conclusion, that's the max price most of those cash buyers are willing to pay.
Then they deduct for "repairs".
Those valuations are historically years behind the actual fair market valuations, but they are public information, and assure the cash buyer a nice profit, if a potential seller agrees to it.
Even lower valuation if it's homesteaded for decades.
I've been known to respond to those offers with "how many properties do have to sell ME at 40-60% of current market value?"
You don't even need to find them, they find you.
Every day.
Look up the tax assessor's valuation.
I've come to the conclusion, that's the max price most of those cash buyers are willing to pay.
Then they deduct for "repairs".
Those valuations are historically years behind the actual fair market valuations, but they are public information, and assure the cash buyer a nice profit, if a potential seller agrees to it.
Even lower valuation if it's homesteaded for decades.
I've been known to respond to those offers with "how many properties do have to sell ME at 40-60% of current market value?"
No! I lived there back in the 60's. it was great, but it's fallin' so far, now. and it 100% due to Liberal politics.
Yeah. That's a completely difference experience.
It's too bad that you've had such a bad time of it. Sorry, man.
We lost three months rent to someone who simply stopped paying.
They left as soon as we got the paperwork though the legal system, though.
... and we've had damage, of course.
You get good ones, and you get bad ones.
Part of "the business" and they are still "better to have, than not to have".
If you play the cards anywhere close to "right", you come out WAY ahead in the long run.
Did I mention renters paid for one house completely...free and clear?
Renters also paid 60K of the 90K I paid for my shop buildings.
No way could I build a 2720 cu/ft building in my back yard for 30K.
...and the only reason I paid the last 12K, is that I couldn't find anyone at the bank to sign off on an insurance waiver.
...plus, now that the shop is paid off, it brings in "spendin' money", that I put directly into my "car fund".
They left as soon as we got the paperwork though the legal system, though.
... and we've had damage, of course.
You get good ones, and you get bad ones.
Part of "the business" and they are still "better to have, than not to have".
If you play the cards anywhere close to "right", you come out WAY ahead in the long run.
Did I mention renters paid for one house completely...free and clear?
Renters also paid 60K of the 90K I paid for my shop buildings.
No way could I build a 2720 cu/ft building in my back yard for 30K.
...and the only reason I paid the last 12K, is that I couldn't find anyone at the bank to sign off on an insurance waiver.
...plus, now that the shop is paid off, it brings in "spendin' money", that I put directly into my "car fund".
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He lives in NY....cali of the east
Nj not for behind
Not sure of the area but seems everywhere is booming as people are fleeing nyc
Nj not for behind
Not sure of the area but seems everywhere is booming as people are fleeing nyc
I live upstate, six plus hours from NYC.
Asking price here just means minimum bid now. Here and many places around the U.S.
Plan is when i retire is to rent my shop
Its a nice gig cause can adjust rent for inflation
And if I sell capital gains would kill me
At least with commercial properties you don't have to worry about squatters
Think if I had residential I would need to use a property manager cause people like that just piss me off
I work on euro cars just to stay away from deadbeats....
Was talking today about building another shop on my property
Will think about it more in 5 years when it paid off and my kid is out of school
Still thinking of building on my extra lot behind my shop as a retirement home
At 63 and counting
Its a nice gig cause can adjust rent for inflation
And if I sell capital gains would kill me
At least with commercial properties you don't have to worry about squatters
Think if I had residential I would need to use a property manager cause people like that just piss me off
I work on euro cars just to stay away from deadbeats....
Was talking today about building another shop on my property
Will think about it more in 5 years when it paid off and my kid is out of school
Still thinking of building on my extra lot behind my shop as a retirement home
At 63 and counting
That's "supply side" economy working for you.
Gives you a chance to do what all the big boys do- pass things along to the consumer.
Not really. Chronic late payers, people that don't pay the proper amount, people that get months behind. Evections do occur, you just don't have as much of a process to go through.
Again, that's all part of "the business". Basically, you put your lock on it, and hold their stuff hostage while sending strongly worded letters with receipts.
Math becomes REAL important, as paid for management can eat up a big chunk of profits. One of the reasons we've done so well is that I use 50% profit as a starting point. If we can't get that, it's not worth doing (for the most part), but we also do 85% of our own repairs. My wife was a finish carpenter and cabinet installer in a previous life, and I've been an electrical apprentice, and did building maintenance for almost 10 years. We've got nice tools (and some expensive/specialty tools were write-offs because we used them first on the rentals). We certainly wouldn't be doing as well if we had to call plumbers, electricians, carpenters, drywallers, and painters every time something went wrong. About the only thigs we haven't done are AC, roofing, and garage doors (garage doors are another, somewhat long story), and crucial (shut off main) plumbing. We also wrote and frequently update our own lease, and screen our own tenants (with a little help from zillow, where we also research comps).
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Owning a repair shop i have the trades as customers
I've done pumbing...but won't touch it now
Electric carpenter stuff but found out it was better to do what I do best and pay people to do what they do
Im playing in the home shop but any thing on the home or shop I have people
I have another 5 years till my kid is out of school
Have a great helper
Plan is let him take over the lease the biz to him
If my kid wants to stay in the biz I'll build him a shop ...
I've done pumbing...but won't touch it now
Electric carpenter stuff but found out it was better to do what I do best and pay people to do what they do
Im playing in the home shop but any thing on the home or shop I have people
I have another 5 years till my kid is out of school
Have a great helper
Plan is let him take over the lease the biz to him
If my kid wants to stay in the biz I'll build him a shop ...
Just following up on this thread: thanks everyone for the great replies; it was definitely a lot to think about. I talked things over with the wife and we're going to do a two year plan. We've decided to keep the house and finish renovating it in the spring, and then rent it out. I'd also forgotten that downstairs originally had a one car garage and a studio apartment. When I bought the house I converted the apartment to a 3 car garage; but did leave the structure (bathroom plumbing, electrical, etc.) intact, in case of future use. That studio also faces the waterfront side of the house, so could be a cash-cow if done right. And the upstairs will be a three bedroom house that will be rented as a single home. Then after one year of renting, we're going to take the rental income (in addition to our personal incomes) and get a mortgage to build a new house and dream garage in Colorado. I also have a military VA house loan that I haven't used, so can apply that to the new house. Then the income from the extra house rental units will pay for the mortgage on the new house. The new build in Colorado will include a separate apartment, and the income from that will also help to pay bills. We are also planning on renting our primary house out in New York, in addition to a four-plex that the wife owns outright in Playa Del Carmen. So in the end, the person that you know in the worst financial shape is right on your screen (me), but I think things will turn out ok in the end and allow us to put food on the table and play with A bodies.
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nice plan...hope it works out
If you don't need the money then keep it. Vacation home(sort of),weekend getaway? Remodel the upstairs for living and leave the apartment as a garage until you decide you don't need or want it.
Vacation rental? Bed and breakfast on the river? Rental for small parties,weddings,etc in the garage?
Out house is paid for but too small. We can't afford another one even if we sold this one due to wife's job change last year. Property values in our area are still NUTS. I am 60 and still have a 12 and 16 year old at home so no retiring for me. If I could afford another house I would be relieved to know both of my kids would have a chance.
Vacation rental? Bed and breakfast on the river? Rental for small parties,weddings,etc in the garage?
Out house is paid for but too small. We can't afford another one even if we sold this one due to wife's job change last year. Property values in our area are still NUTS. I am 60 and still have a 12 and 16 year old at home so no retiring for me. If I could afford another house I would be relieved to know both of my kids would have a chance.
JDMopar
Well-Known Member
Sounds like a pretty good plan. Worst part is, that Colorado is just as cold or colder than NY in the winter. At least the altitude is so high that you'll be dizzy all the time and maybe not feel so cold!
Fluffy snow not the heavy stuff we get
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