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Old 09-14-2019, 12:29 PM
 
Location: Wisconsin
17,586 posts, read 17,845,173 times
Reputation: 43136

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Quote:
Originally Posted by Kavalier View Post
Doesn't Walmart allow RV parking throughout the country?
Quote:
Originally Posted by fluffythewondercat View Post
(snip)

Cracker Barrel allows it. Many truck stops allow it.
It was my understanding that the free RV parking was meant for single night or very short term parking (while traveling). I suppose if you lived in a large city you could alternate parking between various places.
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Old 09-14-2019, 08:26 PM
 
777 posts, read 238,210 times
Reputation: 2160
Quote:
Originally Posted by Kavalier View Post
I would actually pay one of those companies to manage the rental situation for me.


I would be entirely as hands off as possible with the situation.


Why do this? Because I don't believe in stocks/bonds...my house IS my investment. I only believe in property as investment. I would likely cash out on the IRA. The global overlords are going to destroy it at their leisure anyways somewhere down the road, I bet.


This is the house that has been in my family for 40 years. I have inherited a third in equity in the home. It's too big for me - 2k sq ft...I don't hardly use a third of the house.


You've all brought up some points I hadn't thought about, thank you.
You're carrying a mortgage on a house that's been in the family for forty years, yet two/thirds of the equity is possessed by others within your family? Something's not quite adding up here (at least to my way of thinking) in this part of your scenario even outside of the outlandish thought that living in an RV and renting out the house is a good idea.

I second the thought that others had: remain in your house, rent out a room to a trusted friend or coworker, and pocket the extra cash.
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Old 09-15-2019, 06:25 PM
 
467 posts, read 465,049 times
Reputation: 792
I read this differently. I was thinking he and his siblings inherited this house, and the $800 a month mortgage is the money he used to buy out his siblings, so he has equity in the house equal to about 33%. Assuming he has a reasonable loan rate, I’m guessing he has a mortgage of about $175K, and equity of about $85K meaning the house is worth about $260K.

The house is too big for his living style. If he doesn’t want a roommate, and doesn’t have the money to make part of the house a stand alone rental unit, he might just want to sell it. He could then look for an abode that is smaller and more remote for about $120K, which he could pay cash for and would use up some of his savings. These means his he’d have more take home pay to either replenish savings or use for luxuries.

The downside of the rental idea is he may end up losing money. The property manager will probably lop $160 off his check. Renters may be not be willing to deal with lax maintenance issues he let slide, and things like leak fixes and lacksidasical heating and ac will come directly out of his check. Add mortgage, insurance, and taxes to that and you are down to a couple hundred, that may not cover the RV lifestyle.
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Old 09-15-2019, 08:30 PM
 
2,589 posts, read 1,313,013 times
Reputation: 5551
This poster constantly looks for a "get rich" scheme. Though I applaud the creative thinking sometimes the answer is get a side hustle or better paying full time job. That always seems to be missing as a possibility from these various questions. Sometimes you just have to work hard and sock away money.

Otherwise if you want to give society the finger as you say why not sell the 2000 square foot house and buy a tiny house with the proceeds/savings where you can live mortgage free,?
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Old 09-16-2019, 03:48 AM
 
Location: Western Washington
9,428 posts, read 8,674,062 times
Reputation: 16226
Quote:
Originally Posted by charmed59 View Post
The downside of the rental idea is he may end up losing money. The property manager will probably lop $160 off his check. Renters may be not be willing to deal with lax maintenance issues he let slide, and things like leak fixes and lacksidasical heating and ac will come directly out of his check. Add mortgage, insurance, and taxes to that and you are down to a couple hundred, that may not cover the RV lifestyle.
Great point, and I had forgotten that. In previous posts his idea on saving money was to simply let the house deteriorate over time. That would not be as possible if he used it as a rental unit.
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Old Yesterday, 09:09 PM
 
Location: Up North
4,720 posts, read 1,197,233 times
Reputation: 2753
Quote:
Originally Posted by Nell Plotts View Post
As others have mentioned renting out a room would be your best bet. See a lawyer to draft up a roommate agreement.

Did I see that you have others on the title because it is an inherited home? If that is the case I doubt that you can move out and rent the house.
Quote:
Originally Posted by charmed59 View Post
I read this differently. I was thinking he and his siblings inherited this house, and the $800 a month mortgage is the money he used to buy out his siblings, so he has equity in the house equal to about 33%. Assuming he has a reasonable loan rate, I’m guessing he has a mortgage of about $175K, and equity of about $85K meaning the house is worth about $260K.

The house is too big for his living style. If he doesn’t want a roommate, and doesn’t have the money to make part of the house a stand alone rental unit, he might just want to sell it. He could then look for an abode that is smaller and more remote for about $120K, which he could pay cash for and would use up some of his savings. These means his he’d have more take home pay to either replenish savings or use for luxuries.

The downside of the rental idea is he may end up losing money. The property manager will probably lop $160 off his check. Renters may be not be willing to deal with lax maintenance issues he let slide, and things like leak fixes and lacksidasical heating and ac will come directly out of his check. Add mortgage, insurance, and taxes to that and you are down to a couple hundred, that may not cover the RV lifestyle.


Yes...my siblings sold their portions to me.

I got a $100k mortgage 30 year @$800/mo. (That includes insurance and taxes). The house across the street about same size (actually their Base isn't finished, mine is) is renting out @about $1600/mo.
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Old Yesterday, 09:11 PM
 
Location: Up North
4,720 posts, read 1,197,233 times
Reputation: 2753
House was estimated twice once for $170k and once for $210k. I don't understand how the big discrepancy from one realtor to another but the house is across from park, lake, golf course. Area is okay, but some crime for sure. I'm immune to the riff raff though.
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Old Yesterday, 10:02 PM
 
512 posts, read 193,809 times
Reputation: 1766
Is your house in a desirable tourist area?
You can turn it into an airBNB and make much higher income renting by the weekend or by the week than a monthly rental.
Then the question is where do you live.
Can you partition off the house or turn your garage into your own living area?
Tourists do not need garages.

Test out how successful the AirBNB will be before spending money on garage conversion (stay with friends temporarily).
If RV's are legal to park on your property you can hook it up to water and electric (but sewer not allowed).
I have seen an RV parked in a garage with full hookups and the house occupied by owner.

If none of this is legal don't do it or you'll be fined and that costs money.
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Old Yesterday, 10:06 PM
 
Location: Up North
4,720 posts, read 1,197,233 times
Reputation: 2753
Quote:
Originally Posted by twinkletwinkle22 View Post
Is your house in a desirable tourist area?
You can turn it into an airBNB and make much higher income renting by the weekend or by the week than a monthly rental.
Then the question is where do you live.
Can you partition off the house or turn your garage into your own living area?
Tourists do not need garages.

Test out how successful the AirBNB will be before spending money on garage conversion (stay with friends temporarily).
If RV's are legal to park on your property you can hook it up to water and electric (but sewer not allowed).
I have seen an RV parked in a garage with full hookups and the house occupied by owner.

If none of this is legal don't do it or you'll be fined and that costs money.
It's in the Twin Cities proper. I don't know I'd say it's a tourist area in any way. I've heard of Air bnb but haven't the slightest what it's about because I have not read up on it yet.
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Old Yesterday, 10:10 PM
 
792 posts, read 251,764 times
Reputation: 2107
Rent out the bedrooms and keep living there.
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