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Old 03-16-2011, 07:39 PM
 
1,828 posts, read 5,306,280 times
Reputation: 1702

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Quote:
Originally Posted by Grofica View Post
ItsNot like that its just I dont live on credit cards. So my biggest bill is eletric. So I put my whole check on the house every month minus utilities food and smokes. The payments were insane low so thats how I got it down.
Sounds like a recipe to turn the house into a rental property. With the other house paid off you should be able to qualify for a condo + construction loan and may just want to keep the monthly payment close to your expected monthly ROI from the rental.

Quote:
Originally Posted by Robustus View Post
Ok, so you paid at least $10,000 / month. Fine, but makes me wonder why you bothered with a mortgage in the first place.
Pretty fair assumption. I imagine most 4bed 3bath houses anywhere in the valley goes for over $200k, even if you paid $80k cash that would leave $120k cash divided by the 12 months you said you could pay it off which equals $10k per month.

Quote:
Originally Posted by Grofica View Post
i am sorry i posted in the first damn place. i have gotten 4-5 answers that were useful.
This is generically how CD and other public forums work... I'd say 4-5 substantive answers in a single day is a pretty decent number.

 
Old 03-16-2011, 07:41 PM
 
Location: Las Vegas / GV
508 posts, read 1,020,429 times
Reputation: 175
......

Last edited by Grofica; 03-16-2011 at 08:53 PM..
 
Old 03-16-2011, 07:42 PM
 
Location: Las Vegas via Minnesota
136 posts, read 276,397 times
Reputation: 59
Uh, the reason that people think you can pay off your mortgage is because you said it in this post:

Quote:
Originally Posted by Grofica View Post
The mortgage isnt that big of a deal its WAYYYYYYYYYYY less then rent. and in the year since i purchased maybe 3 more months before its paid off.
What else did you mean when you said maybe 3 more months before it's paid off? That's what I thought you meant too.
 
Old 03-16-2011, 07:54 PM
 
Location: Ft. Lauderdale, FL
228 posts, read 717,815 times
Reputation: 169
Quote:
Originally Posted by Grofica View Post
i am sorry i posted in the first damn place. i have gotten 4-5 answers that were useful.
Not to be rude or put you down, but what did you expect when you came on here?

Did you expect everyone to be an expert on real estate and would help you?

Did you expect people wouldn’t be shocked and confused at someone who bought a 4/3 house and now out of the blue wants to sell it to move into a smaller space?

I mean, is it really that weird for someone to try to question your motives when you post something like that? I'm just saying don't get upset because your expectations were not met, clearly you need to speak to someone more qualified and knowledgeable then the posters here. Here's to your well-being, and your clear answers
 
Old 03-16-2011, 07:59 PM
 
2,036 posts, read 4,237,110 times
Reputation: 3201
Quote:
Originally Posted by Grofica View Post
does anyone have any advice or imput on the losses or how to find responsible renters or how the renting process works to find people who dont tear up the house or what other options i might have?

I would not consider renting the space unless you can easily afford both mortgages.

I would not consider renting if I didn't have at least 12 months of operating expenses in cash to cover things like deductibles, broken HVAC (that would be like putting a brand new Hyundai in the attic if it were to fail).

I would hire a property management company to manage your rental and keep track of the applicants, given that you are not experienced in finding renters. Of course, you are going to pay an additional premium for that service.

Now ask yourself if you stand to net a mere couple of hundred dollars each month, is it even worth renting the property? Replacing a bad water heater would eat away most of your profit in that scenario. You could very easily hemorrhage money each month holding on to this mistake.

You have to sit down and ask yourself if your current financial situation is stable and liquid enough to move. Only you know the answer to that question. Losing 10-20K on a bad purchase is a lot of money to absorb, but that is your decision to make. Buying and remodelling two properties within a short timeframe is very capital intensive.

If you are going to move, maybe you can find a well-appointed property close to where you want to live that has all the upgrades you desire. Maybe you can offset some of the cost of your own remodel by taking advantage of someone else who upgraded but has to sell in a hurry.

That requires a bit of perseverance. In the mean time, you may want to list and sell your current home. Maybe you can rent closer to the action and in lesser digs while you save up some money for your new place?

If it were me, I would hire a limo for a few months and buy some Cristal in the party spots. Money is difficult to come by and happiness even harder (especially if it hinges mostly on material elements.)
 
Old 03-16-2011, 08:21 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,449,091 times
Reputation: 7615
Sad thing...in LV's heyday...you would have made at least $100K on this deal.
 
Old 03-16-2011, 08:29 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,135,624 times
Reputation: 3895
This thread is confusing.

 
Old 03-16-2011, 08:32 PM
 
Location: Ft. Lauderdale, FL
228 posts, read 717,815 times
Reputation: 169
Yes, very.
 
Old 03-16-2011, 08:33 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,129,998 times
Reputation: 2661
Quote:
Originally Posted by Spraynard Kruger View Post
I would not consider renting the space unless you can easily afford both mortgages.

I would not consider renting if I didn't have at least 12 months of operating expenses in cash to cover things like deductibles, broken HVAC (that would be like putting a brand new Hyundai in the attic if it were to fail).

I would hire a property management company to manage your rental and keep track of the applicants, given that you are not experienced in finding renters. Of course, you are going to pay an additional premium for that service.

Now ask yourself if you stand to net a mere couple of hundred dollars each month, is it even worth renting the property? Replacing a bad water heater would eat away most of your profit in that scenario. You could very easily hemorrhage money each month holding on to this mistake.

You have to sit down and ask yourself if your current financial situation is stable and liquid enough to move. Only you know the answer to that question. Losing 10-20K on a bad purchase is a lot of money to absorb, but that is your decision to make. Buying and remodelling two properties within a short timeframe is very capital intensive.

If you are going to move, maybe you can find a well-appointed property close to where you want to live that has all the upgrades you desire. Maybe you can offset some of the cost of your own remodel by taking advantage of someone else who upgraded but has to sell in a hurry.

That requires a bit of perseverance. In the mean time, you may want to list and sell your current home. Maybe you can rent closer to the action and in lesser digs while you save up some money for your new place?

If it were me, I would hire a limo for a few months and buy some Cristal in the party spots. Money is difficult to come by and happiness even harder (especially if it hinges mostly on material elements.)
You are past the reach of your ken SK. There is insufficient information to really make hard calls. You have to be privy to more details than Grofica has provided.

I suspect, though don't know, that the sums involved are much greater than you suggest.

A very interesting dilemma.
 
Old 03-16-2011, 08:58 PM
 
10,494 posts, read 27,185,462 times
Reputation: 6717
Quote:
Originally Posted by Grofica View Post
Sorry i have not written for a while. It's been a little crazy here. Anyway, So I got my house. it's all done the way i want it to be but its really really too big.

I cant stand it and I hate cleaning it. I would rather have a 800 - 1100 sq foot condo near the strip. The house is way out in seven hills and i cant stand being that far away from life. I would rather be centrally located.

So i guess my question is what options do i have?
One thing you could do is get a maid to clean the house for you. That would still leave you with being far away from the strip, but you could at least kill one of the two stones without taking a financial hit.
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