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Old 08-13-2014, 07:40 PM
 
Location: Southern California
4,453 posts, read 6,767,067 times
Reputation: 2233

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Quote:
Originally Posted by Jkerr03 View Post
Not sure how the days of entourage are over? actors are still making plenty money. A lot of people are making good money, it's all a matter of right skills that are in demand.

How would people be paying for my fantasies? If the going rate to rent a house is say 10k and 4 people are in the house and each person pays 2.5k and contributes equally that's hardly scamming someone which is what you are making it sound like.
On the purchase idea, I've always had roommates, I think what you are trying to do won't pencil out since you don't want to put that much down. You can adjust your model and have to come in with cash every month. It becomes highly speculative based on future sale price. Can you make money, possibly. Will your neighbors hate you, call the police, probably. 1.5M won't buy privacy in a place ballers will want to be. You might find people willing to rent for a lot but you'll have to consider their baggage.

LA is full of dreamer willing to take a a chance. I've done a lot of things people said I couldn't do. It is only math.

I'll elaborate more if you are serious.

You idea does have the making of a realty TV show, this is LA after all.

I've also had a friend do something similar with the renting of a big house, but they only rented with the same friends he grew up with.
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Old 08-13-2014, 09:04 PM
 
1,279 posts, read 1,823,395 times
Reputation: 1710
I thought about buying a mansion and actually put an offer in on one. The idea was to make money off the appreciation while I lived in it. My area is in a hot market.
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Old 08-13-2014, 10:56 PM
 
Location: los angeles county
1,763 posts, read 2,035,718 times
Reputation: 1877
You can get a $1.5 million mcmansion if you go further east of los angeles, like rancho cucamonga, upland.

It's doable, just not in the best cities.

same with miami, just not by the beach.
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Old 08-14-2014, 08:43 AM
 
34,620 posts, read 21,459,003 times
Reputation: 22231
Quote:
Originally Posted by oh come on! View Post
You can get a $1.5 million mcmansion if you go further east of los angeles, like rancho cucamonga, upland.

It's doable, just not in the best cities.

same with miami, just not by the beach.
What's a mcmansion?

Oh, never mind, I remember. A mcmansion is a suburban home of good size and affordable that people in homes half the size for double the price get all bent out of shape over because they can't stand somebody paying less for a larger home with a larger yard; therefore, they come up with a derogatory term in an attempt to belittle it and feel better about themselves.
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Old 08-14-2014, 11:17 AM
 
18,487 posts, read 15,447,872 times
Reputation: 16143
Quote:
Originally Posted by Jkerr03 View Post
I am thinking about buying a mansion in either Miami or Southern Cali. I want to buy it and rent it out to 3 or so roommates with me living in it as well. Has anyone ever done anything like this? My hope is to basically live in the mansion for free for a few years "roommate will pay rent covering all or most of the mortgage" then sell it. I did this on a smaller scale in college and it worked out great. But a 1.5 million dollar house is a much bigger cost and risk if I was to have a vacancy for any extended period of time.

Also to be clear I have plenty money for the down payment and all of that and could cover several months of vacancy in the house if such an event occurred "hopefully it wouldn't". Can anyone give me any insight on this or have any of you done something like this b4 .
Why a mansion and not just an apartment building?
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Old 08-14-2014, 11:31 AM
 
Location: Southern California
4,453 posts, read 6,767,067 times
Reputation: 2233
Quote:
Originally Posted by oh come on! View Post
You can get a $1.5 million mcmansion if you go further east of los angeles, like rancho cucamonga, upland.

It's doable, just not in the best cities.

same with miami, just not by the beach.
Speaking specifically about the OPs plan, is the 1.5M mansion somewhere where the "Ballers" want to live and 'party it' up and have a viable business plan? He is looking to bring his current model to a larger scale making the bigger bucks.
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Old 08-14-2014, 11:44 AM
 
Location: Southern California
4,453 posts, read 6,767,067 times
Reputation: 2233
Quote:
Originally Posted by PedroMartinez View Post
What's a mcmansion?

Oh, never mind, I remember. A mcmansion is a suburban home of good size and affordable that people in homes half the size for double the price get all bent out of shape over because they can't stand somebody paying less for a larger home with a larger yard; therefore, they come up with a derogatory term in an attempt to belittle it and feel better about themselves.
Not necessarily. Around here a McMansion is not necessarily affordable. More that it the largest size structure you can build on a lot, very little yard left. I thought the Mc has to do with fast food and cheap mass produced off the shelf parts, built assembly line fast, like fast food, didn't know it was derogatory. I hear people say "I live in a McMansion," are they insulting themselves?

Do other consider big homes McMansion if they are build on large lots, acres?
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Old 08-14-2014, 11:54 AM
 
16,715 posts, read 19,311,162 times
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I thought McMansions were huge houses built on tiny lots so that there is barely any yard left, all lined up in a neighborhood full of other McMansions that look exactly like the next one.
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Old 08-14-2014, 12:44 PM
 
Location: los angeles county
1,763 posts, read 2,035,718 times
Reputation: 1877
Quote:
Originally Posted by PedroMartinez View Post
What's a mcmansion?

Oh, never mind, I remember. A mcmansion is a suburban home of good size and affordable that people in homes half the size for double the price get all bent out of shape over because they can't stand somebody paying less for a larger home with a larger yard; therefore, they come up with a derogatory term in an attempt to belittle it and feel better about themselves.
it ain't derogatory if it's the truth.


Quote:
Originally Posted by thelopez2 View Post

Do other consider big homes McMansion if they are build on large lots, acres?
if they're cheaply built, then yes.

Here in socal, you see new mcmansions with particle board mouldings, paint grade cabinets, and a bunch of other chinese imports. On the outside, there are a bunch of foam mouldings and other junk.
This is characteristic of homes in miami as well.
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Old 08-14-2014, 02:43 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,210,857 times
Reputation: 21885
Quote:
Originally Posted by Jkerr03 View Post
I can pay for upkeep/taxes if that runs well above what the rent would be. I should rephrase me statement from free to cheap. Pay 1-2k a month to live in a mansion would be very cheap in my opinion. If I can live there for a couple years sell it and at least break even that would be ideal. Again I've got money for the down payment and initial fees.
Wow, you need to come on out here and see what a mansion goes for. Your talking a minimum of $2.5million in our area. In desirable areas you would be talking $7million or more. Relize I live on the coast of Southern California. (We don't call it Cali around here.)

I just don't see you getting a bunch of people together that would pull this off for you. You would still need to qualify rent or buy. If you were to rent it that would mean that your income would need to be three X the rent. If you were to buy you would need the down payment and have to qualify for a jumbo loan. I just don't understand why you would want all those people in your home if you can qualify anyway.
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