U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-05-2013, 10:16 AM
 
55 posts, read 65,900 times
Reputation: 31

Advertisements

My friend owns a house in Richardson's Saddle Brook Estates. Its a paid off house, currently being rented out and managed by a property management company. Its coming back on market this month and causing a rift between the couple as they decide wether to cash on current market and sell or keep it as a rental property. Its probably a $400k house on rent at $3300 or so with 10% going to the manager, expenses include property tax, insurance, upkeep and repairs.

I believe it is feeding to PISD and looks like a nice area. What would you do if you were in their shoes?
Reply With Quote Quick reply to this message

 
Old 09-05-2013, 10:23 AM
 
3,535 posts, read 6,954,136 times
Reputation: 4540
It's definitely feeding to PISD. Stinson Elementary.
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 10:57 AM
 
Location: Blah
4,153 posts, read 7,646,575 times
Reputation: 3053
Where is this couple currently living, is it paid off, do they pay rent, if so, how much, how old is this couple?
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 11:17 AM
 
55 posts, read 65,900 times
Reputation: 31
They live in University Park. Their home is partially paid off and husband wants to use proceeds from sale to pay it off and live care free. Wife believes that they can pay it off themselves in 5-10 years by living frugally and keep both homes for their retirement and later leave these homes to their two daughters if possible. Husband is in mid forties and wife just had her 40th birthday last month.
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 12:41 PM
 
Location: Blah
4,153 posts, read 7,646,575 times
Reputation: 3053
Quote:
Originally Posted by Maple Shade View Post
They live in University Park. Their home is partially paid off and husband wants to use proceeds from sale to pay it off and live care free. Wife believes that they can pay it off themselves in 5-10 years by living frugally and keep both homes for their retirement and later leave these homes to their two daughters if possible. Husband is in mid forties and wife just had her 40th birthday last month.
How old are the children and how are they set for college?
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 01:23 PM
 
177 posts, read 235,650 times
Reputation: 225
Cash out on top, and when the market turns over one day use the $ to buy properties on the cheap!

A very rich man named Warren Buffett once said, you should "sell when everyone else is buying and buy when everyone else is selling".........

Last edited by aggieplaya; 09-05-2013 at 01:36 PM..
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 07:39 PM
 
2,206 posts, read 3,792,801 times
Reputation: 2073
Quote:
Originally Posted by Maple Shade View Post
They live in University Park. Their home is partially paid off and husband wants to use proceeds from sale to pay it off and live care free. Wife believes that they can pay it off themselves in 5-10 years by living frugally and keep both homes for their retirement and later leave these homes to their two daughters if possible. Husband is in mid forties and wife just had her 40th birthday last month.
If the rent is covering the expenses then this is a no-brainer. You must factor in depreciation and make repairs - and set aside this $$ each year.

When I was in my early 20s I put most of my money into RE - both raw land and homes.

I bought several hundred acres at $500 an acre and now it is worth over 5K per acre. Just paid the last of it off this year.

I now am into two homes on decent sized parcels and about half way to paying those off with renters paying the expenses on those.

They should keep their heads down and keep plugging away!
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 07:41 PM
 
2,206 posts, read 3,792,801 times
Reputation: 2073
Quote:
Originally Posted by aggieplaya View Post
Cash out on top, and when the market turns over one day use the $ to buy properties on the cheap!

A very rich man named Warren Buffett once said, you should "sell when everyone else is buying and buy when everyone else is selling".........

You make your money when you buy.

Buy low, sell high, hold for the low, then ride it up again.

The ONLY exception is a cash flowing asset with > 20% margin after ALL expenses including depreciation AND your time.

Or a startup looking for a first round...

Takes patience and a long view.
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 08:43 PM
 
55 posts, read 65,900 times
Reputation: 31
Quote:
Originally Posted by SVTRay View Post
How old are the children and how are they set for college?
Their daughters are teen, currently in high school with roughly $25k in each college account.
Reply With Quote Quick reply to this message
 
Old 09-05-2013, 08:49 PM
 
3,535 posts, read 6,954,136 times
Reputation: 4540
So... he wants to save these houses to let his daughters inherit someday? One gets a UP house and the other a house in Richardson. Granted, probably a nice house. I'd love to see how that will reading goes.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top