/biz/ - Business & Finance

[Anonymous No.17574506]

rate my plan
>Buy 3 bedroom house
>Rent two rooms
>Make 400 dollars a month over the morgage
>live for free with equity
Does that work?

[Anonymous No.17574580]

Hard part is finding decent people to rent the rooms out but it’s a decent plan. You’ve gotta have a good rent agreement too so if they’re a piece of shit and you want them out. You can evict them without getting any legal backlash. A better plan would be buying a 3 bedroom house and renting the whole thing out.

[Anonymous No.17574614]

>>17574506
This is basically what I want to do except in a 2nd world country.

[Anonymous No.17574660]

>>17574614
What's a 2nd world?

[Anonymous No.17574701]

>>17574660
USA

[Anonymous No.17574754]

>>17574580
know an older woman that rented out a house she had, really nice tenants whom she really liked, until they moved out and she saw the inside of the house.

[Anonymous No.17574776]

I’m doing this when I get out of the military using a VA loan. Probably with 4 rooms, but I need to get on that renters agreement. That shits gonna be airtight. Might locate near the college town I’m going to, and see if I can’t get personal buddies to move in first. Good plan if you can keep a reign on your roomates

[Anonymous No.17574800]

>>17574754
Apartment units are better for renting because tenants tend not to be as destructive in them. Can’t have parties and make loud noises when you got people living all around you.

[Anonymous No.17574842]

>>17574580
Well the house gets cheaper if I rent it to a family instead of of breaking up the rooms, so if in the best case scenario I can charge 600 a month per room (If i get a nice place in a nice part of town, and it's a college town so maybe I can charge more) I'll make 1800 from the tenants, pay 400-600 in mortgage, then at the cheapest I'll be paying 500 dollars to rent my own room (800 if I want an apartment at the cheapest) so I figure living in the home I'm renting allows me to have less spinning plates while also keeping my fulltime job.

I can only really see losing a hundred dollars a month or so but it keeps my life a bit more simple, what do you folk think?

Thinking about it if I get something with a basement I can make the basement livable and rent out all 3 rooms.

[Anonymous No.17574845]

>>17574776
Everyone will hate you though because you are the land lord that collects their money. I think if you could just pretend that you are not the landlord but friends with him and he’s giving you a good deal and your friends a good deal.

[Anonymous No.17574865]

>>17574754
op here, I live with my family in a 3 bedroom rental, the landlord is going to need a hazmat team to get the smell of cat and cigarettes out of this house, not that those smells were my choices.

[Anonymous No.17574913]

>>17574776
>and see if I can’t get personal buddies to move in first.
Terrible idea, you don't want to be your friends landlord, and in general you don't want to rent to young men and/or certain minorities.

The ideal tenant is either an ugly college student female, an older woman or a career oriented person that live somewhere else but rent the house to be closer work.

[Anonymous No.17574957]

>>17574865
that is why so many rentals are pet and smoking free.

[Anonymous No.17574970]

>>17574506
Living with your renters is a terrible idea. Don’t do it. They will bug you do death over every little detail while fucking up your home. Renting is good income but you need to keep the separation. If you must use your spare rooms. Do air b&b or something like that. Payment up front and limited stay. Comes in handy if they are assholes.

[Anonymous No.17575029]

>>17574506
>rate my plan
great
unironically take $200 per month and put into BTC then in 8 years pay off most of your mortgage.

get a 30 year fixed mortgage and chose a location that can benefit from a commodity bull cycle.

[Anonymous No.17575058]

>>17575029
the fixed rate is the most important part desu

[Anonymous No.17575166]

>>17574970
Good point, if my landlord were next door I’d probably talk to him about the little things. I guess I could just say I’m not the landlord like someone in the thread suggested. But that type of lie would take effort to keep up.

[Anonymous No.17575190]

>>17575058
>>17575029
Fixed rate mortgage on frens.

[Anonymous No.17575282]

>>17575190
>Fixed rate mortgage on frens.
lock in your profit fren

[Anonymous No.17575313]

>>17575166
You could lie about being allowed to sublet and then talk shit about your “landlord” every now and then but I would be hard to keep up the charade. Now you could get a property manager to collect the rents.

[Anonymous No.17575483]

>>17574506
I did exactly that
>was sharing a 3 bedromm appartment
>bought it, lived in it for 6 month while renting out the 2 other rooms, covering mortgage
>found another apprtment for me
>got the mortgage because bank was ok with rental income
>live by myself
> rent 3 rooms 420+420+450 (one is bigger with private dressing)
>mortgages are 700+500
>everything I used to spend in rent+ monthly savings, all in Tezos, DCA since Otober
> in the sapm of one year went fom tenant to having two appartments that cost me nothing, and sitting on 10k tezzies at average buy price 1.19
>level of comfy increases

advice:
make it a furnished rental, if your country is like mine you can use this for tax purposes (every expenses on the rental is tax deductible)
-target high income students from poor countries, they're here to study and won't party like maniacs. People over 25-30 living in shared flats are bound to be some kind of low income with every thing that goes with it (smoking, unreliable, etc...)
A shared rental means more coming and going, you'll be making entries and exits every few months, have a stack of leases pre-printed.
If you rent to "sub-groups" known for being trouble makers, you'll be able to congratulate yourself on your open-midednes while you deal with unecessary shit and hassle. Stereotypes don't fall out of the sky..

[Anonymous No.17575933]

>>17575483
>High income students from poor countries
Friend my town is FILLED with Chinese engineering students.
I didn't even think about how people 25+ renting are probably burnouts, but that seems to make sense. As for sub groups I don't need to be told twice, I work with plenty and only half of them show up and half of the half do their job properly.

What do you mean by
>Got the mortgage because bank was ok with
and
>mortgages are 700+500
Was that your mortgage and rent?

[Anonymous No.17575984]

>>17574506
Yes, it's called rent hacking. It's usually done with multi family homes (live in one unit and rent out the rest) but this is basically the same thing.

[Anonymous No.17576042]

>>17575166
if you had a prop manager it wouldn't be.

[Anonymous No.17576085]

>>17575984
Nice ID, must be a good idea then.
>>17576042
>>17575313
I never heard of a property manager, it seems like a good idea thanks for the tip

[Anonymous No.17576240]

>>17576085
The provide the necessary separation, keep the records for tax purposes, and know all the tricks and scams that go on in your particular area

[Anonymous No.17576269]

>>17575933
>What do you mean by
>Got the mortgage because bank was ok with
and
>mortgages are 700+500
>Was that your mortgage and rent?

The bank was ok for a second loan for the 2nd appartment because the first loan was for an appartment that "covered itself" with rental income.

My rent initially was 400.
I bought the first apprtment. Mortgage 700, rental income 800 (two rooms, leases signed by previous landlord), mine didn't cost me anything.
Bought second appartment, bumped up the rents and rented 3d room which I was living in.
Rental income 420+420+450.
Mortgae 1: 700
Maortgage 2: 500
Total: 1200. Total rental income: 1290
Simplifying, my rents and mortgages cancel each other out, i have my whole wage for expenses+crypto+other investments

[Anonymous No.17576322]

>>17574660
Former Soviet country, usually

[Anonymous No.17576373]

>>17576269
Oh okay you own your current apartment and live rent free because of your 3 bedroom rental, I think I like the idea of getting a few hundred dollars above the mortgage, but that's a good story to keep in mind incase I ever bug out and want to live with some privacy.
Thanks

[Anonymous No.17576389]

Good plan. Called 'househacking'

[Anonymous No.17576429]

>>17576373
No problem
I think you'll be wanting to move out quick, when you live with your tenants, they turn to you for every single nut and bolt, and you don't really have the same relationship as between ordinary flatmates.

[Anonymous No.17576446]

We’re all going to die you won’t make any money dead

[Anonymous No.17576483]

>>17576446
True, no use pulling my hair out over this type of thing.