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In the NW (north of 215 west of Decatur) you probably can't deal with small homes. Basically anything below 1200SF is over $100 PSF. That is too expensive for positive cash flow rentals.
However newer homes in the next range upward are available at lower prices.. There are 50 under $90 PSF and 19 under $80 PSF.
The smaller homes are listed for lease at a median of 1150 and an average of 1158
Recent leases have been at a median of 1095 and an average of 1117.
I would also think BHs rule is a little overstated. I would think positive cash flow with reasonable assumptions starts at about 0.8 percent and is pretty positive at 1.0 per cent.
Note that virtualy all "deals" are two stories in a narrow set of neighborhoods. Single stories and homes with significant backyards are more expensive.
Thanks, everyone. Getting a better idea of the general feeling about smaller homes. I wouldn't get a small lot size and have been looking at over 4000sf closer to 5000-6000. There are quite a few. Ole capt, my captain, could you specify what you mean by "the next range upward"? I got several comps and it seems the smaller house rents well at the above stated prices, the medium (for me) house is very popular for both rent and sale (1300-1600sf), and 1700-1900 falls somehow undetected for sale and rents low (perhaps not large enough for families and too large for couples?), but the 1700 and up are in another category entirely for both rent and sale (not the 2-stories, Ole capt, you are right about those). We're only looking at single-stories. In your opinion, what's the best size house for first-time buyers and is a private pool a must? Have a great day, all!
believe it or not, i myself wouldnt consider a single story...(maybe its just me, but i like the upstairs, downstairs)... actually richmond homes makes a home where the kitchen is on the second level.. i really liked this idea.. too bad you cant look for a repo by model name.. this one was cottonwood.
I would think that a smaller home would work better as a rental than as a resale. Of course this all depends on what the market looks like when you go to sell. My first home was 1200 sq ft and it worked out great until my family grew and I needed to upsize. When I bought my second home I was looking at a minimum of 1600 sq ft, but ended up with almost 1900 sq ft. It is certainly no McMansion by any means, but very comfortable and I don't think that we would've ever bought anything smaller the second time around. So I think that buyer demographics at the time that you put it on the market will have an impact as well. Nice first home, maybe not so much with a family.
Right back at you.
As I've said in the other thread (which you did not respond to by the way) it is not another 2 waves of defaults coming. The next wave you are talking about is the Alt-A loans that are set to start resetting this year, except you don't realize that many Alt-A loans were 3 year ARMs originated in 2004, so if they were to default they did 2 years ago. Option ARMs are being modified. Get rich quick RE "investors" that used NINA (no income, no asset aka no doc loans) have already walked away from their rental properties. Will there be more foreclosures? Absolutely, although I believe that most foreclosures at present are current prime mortgage holders walking away because they are upside down, turning a paper loss into a realized loss (because they are obviously so financially savvy).
Blanket statements do not work. Property taxes are deductible. Mortgage payments are in line with rent payments. Mortgage interest is deductible, rent is not. Landlords do have to pay property tax, do you not think that they pass that on in the rent? What renter in their right mind would not carry renter's insurance? Many apartment complexes are now charging for water and trash, on some crazy averaged plan that is completely unfair to most tenants I might add. All of the "incentives" (you should have used benefits, incentives are something that are given as an inducement, a benefit is a positive that is realized whether through intent or happenstance) that you point to are nonexistent. Because you perceive them as so does not make them so.
That being said, source your research (not blogs from financial "experts" but hard stats) and I would be more than happy to look at it. Until then I stand by the stats and research I see every day.
again... We are on a roll!
First off, I don't know what hard data you're talking about(I'd love to see a reference or two here)
However, if you care to throw any sourced facts up that would be helpful(why is it that you scolded me for not doing so and in your rebuttal didn't source anything? Hmmm... Is it because you didn't know if you should source "Fox News" or "Nancy Grace from Fox News" ?) J/K of course.
First off, The assertion that homeowning costs and renting costs are anywhere near comparable is absolutely ridiculous and false. Do you really need to be shown an individual source for this? Do you not know how to work google or yahoo?! Maybe ask.com? I guess not, so I'll throw a simple one out: Rent Vs Buy Calculator - Financial Calculators
Any number of financial calculators like this one still show that renting is cheaper than buying in MOST cases. Obviously, if you can avoid the mortgage altogether, pay just cash at a great price, and the market starts to appreciate right now(which it WILL NOT), then buying could be the better choice...
Glance at this little snippet from an often sourced and well-known article from the Las Vegas Review Journal referencing this very debate in the Las Vegas Valley specifically:
"[SIZE=2]The cost of owning a home (see below) is about $2,450 per month. The cost is high because when you own you are paying many bills that you would otherwise not have if you were renting. This includes, water, sewer, garbage removal, insurance, property taxes, and repairs.
A house with a $200,000 mortgage on it has the following hypothetical, approximate expenses, per month:
Mortgage, principal & interest $1,350 (with low interest rates of about 6.1%)
Property taxes $300
Insurance $200
Electric & other utilities $400
Repairs $100
__________________________________________
Total: $2,350
The monthly cost of renting an apartment is typically $800 or less. Usually the only required utilities payment is electric for most tenants. The total monthly costs are then about $900.
If you bought a house with all cash and no mortgage, the total monthly cost would be $1,100. This is because the mortgage payment tends to be the largest expense, but certainly not the only expense.
If we compare the three choices by total monthly cost:
Renting an apartment or small house: $900-$1100
Buying a home, with mortgage: $2,350
Clearly renting is the least expensive route and allows for the most funds to be put away for savings or investments..."[end quote]
This example, while dramatic, doesn't take into consideration factors like renters insurance, security deposits, etc but these are all minute costs compared to the costs of homeownership. And you should know that renter's insurance is considerably cheaper than homeowners insurance because you arent insuring the HOME itself(again do you need a source? Talk to State Farm For Pete's sake)
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I don't have the time or inclination to throw out the 100s of sources I could link, and embarrassing your argument on this forum wouldn't be very rewarding for me(gotta go see TWILIGHT with my girl a little later anyways haha), so I'll just list a few people and sources to listen to for anyone whos interested in not getting BS from flawed sources, or Bush or Paulson, Barney Frank or Greenspan, or anyone else with corrupted interests. Keep in mind, ALL of my sources are well respected, have been shown to be more accurate in their predictions than others, and have no vested interest in lying to the public about how bad things can get.
*Peter Schiff, president of international investment firm Euro Pacific Capital and someone who correctly called, against innumerable detractors, the economic collapse of the housing bubble, and who predicts a continued massive decline
*Congressman Dr. Ron Paul (R/TX) another who called the crisis well before it happened, and has an incredible economic mind, and who also sees a continued downfall
*Whitney Tilson, an investment-firm manager, and writer for Kiplinger's and The Financial Times,was one of five investors included in SmartMoney’s Power 30, was named by Institutional Investor as one of 20 Rising Stars, has appeared dozens times on CNBC, Bloomberg TV, Fox Business Network, Lou Dobbs Moneyline and Wall $treet Week, was on the cover of the July 2007 Kiplinger’s, has been profiled by the Wall Street Journal and the Washington Post, and has spoken widely on value investing and behavioral finance who ALSO correctly called the crisis, ALSO sees it continuing, and has been so dead-on in his predictions so far, that 11 Fortune 500 companies have invited him to their offices in the last few months, and paid him and his firm a great deal of money for their insights.
Check out a segment he was interviewed for CBS a few weeks ago here: The Mortgage Meltdown Video - CBSNews.com
OK, I'm spent Gotta go hit up Yardhouse then the movie, so I'm out. If I'm wrong 6 months from now, I'll apologize on the forum, and I'll expect the same from any of the few here saying we're close to bottom here...It will get better eventually though! Anyone who has an actual interest in the housing market and would like links to more insight or advice, feel free to PM me, I'm done with this thread PEACE SUCKAS
The problem is that you are so far from correct that it takes pages to fix it.
It is very easy in Las Vegas at this point to own cheaper than to rent. You can of course also invert it. But you know...in the lower end of things it is getting hard.
And you can make a couple of hundreds box a month without the tax implications.
Virtually any reasonably new house bought below $90 PSF will at least break even compared to the rent for a similar structure. At $80 PSF you will make money. Below that even more.
200 a month for insurance? Stay off the pipe, man. And the Tooth Fairy is going to shell out 400 per month for utilities to renters?
Don't play Barry...he knows he is cooking the books. But does not yet want to admit it. Let him swing slowly, slowly in the wind for a while. He will then admit he did not understand or go away.
Don't play Barry...he knows he is cooking the books. But does not yet want to admit it. Let him swing slowly, slowly in the wind for a while. He will then admit he did not understand or go away.
Works almost every time.
Those "books" are from the LVRJ, not me you silly trolls, which you would've seen if you'd read my post
So you can talk to them about cooking books. And again , you have no sourced facts to back up what you say. No more talking until you can back it up.
Considering neither of you have anything at all(sources, websites, or lucid thought) to back up anything at all, allow Google to kindly direct you to the Disney Channel blog, so you can talk about Hannah Montana and The Jonas Brothers and other fun stuff for silly little 3rd-grade forum trolls
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Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Right back at you. 
) 
J/K of course.
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