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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 .
What happens if in a couple of years prices drop and you're underwater? Can you go for the long haul? And 1.5 mil won't get you a mansion in So Cal. It will get you a nice big house but not a mansion
What happens if in a couple of years prices drop and you're underwater? Can you go for the long haul? And 1.5 mil won't get you a mansion in So Cal. It will get you a nice big house but not a mansion
I plan on doing my research and buying in an area were prices are likely to go up and not down. Although if something like that happened and I wanted to move I'd just move out and continue renting until the market gets better. Even if it was in the red by a 1-2k a month it would be a hit but not something I can't handle "again hopefully that wouldn't happen".
Hmm... How much would a mansion run you so cal? I've been looking on realtor.com and I've seen some homes in the LA metro area that I would classify as mansions for 1.5-1.75 mil. I guess it depends on what you consider to be a mansion.
Buy a mansion to sell in a few years. Of course it would only increase in value. Rent out rooms to people who could probably live in their own place for what you'd have to charge to live "free". Don't worry about upkeep or taxes.
Sure why not. You could buy the house a few blocks from me. A 4/2 1980's ranch that needs updating.
Let's take a step back.. What's your definition of a mansion?
5+ bedrooms, big swimming pool, decent yards space, maybe an indoor pool. Miami for sure has some baller houses in that price range. As you stated SoCal is more expensive but still saw some nice ass houses.
Mostly I'm looking for a really baller bachelor pad, a place that would impress women, could throw some awesome parties, stuff like that.
Buy a mansion to sell in a few years. Of course it would only increase in value. Rent out rooms to people who could probably live in their own place for what you'd have to charge to live "free". Don't worry about upkeep or taxes.
Sure why not. You could buy the house a few blocks from me. A 4/2 1980's ranch that needs updating.
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.
Please enlighten us as to how you're going to qualify for the mortgage. It's fairly clear that ypur priorities aren't career oriented, so I'm not optimistic that you've got a high paying income.
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