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Old 02-01-2018, 07:32 PM
 
Location: Somewhere in deep in Maine
3,665 posts, read 2,825,609 times
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Quote:
Originally Posted by Happy in Wyoming View Post
Why do you buy single family homes as rentals? I have some rentals: all apartments. It works well.

Interestingly, I too have a 5200 sq, ft. home which I share with my dog, my cat, and my five chickens. I'm planning to add some space to it.
You keep chickens IN YOUR HOUSE? Or maybe I misunderstood and you meant 5 chicks form the local college.
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Old 02-01-2018, 07:43 PM
Status: "Support the Mining Law of 1872" (set 24 days ago)
 
Location: Cody, WY
9,600 posts, read 10,970,510 times
Reputation: 19273
Quote:
Originally Posted by slyfox2 View Post
You keep chickens IN YOUR HOUSE? Or maybe I misunderstood and you meant 5 chicks form the local college.
I have a top-lit greenhouse in my home (tubular skylight). That's where my five pet chickens (four hens and a rooster) live. They do not smell.
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Old 02-01-2018, 08:08 PM
 
167 posts, read 74,824 times
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Quote:
Originally Posted by tijlover View Post
I work in a LTC/Rehab facility and I've met up with some pretty stubborn people that refuse to share their house with anyone, and suffer the consequences. And some have been pet owners, and? Once hospitalized, no one to tend to them, off to a shelter they go!

85YO woman falls in her backyard. This is Las Vegas where most backyards have 6 foot cinder block walls, and gravel landscaping. She yelled and yelled, no response. So, on her back, yes, she ever so slowly dragged her body around to the side of the house and to the front yard, where, finally, someone saw her before it got dark. No Life Alert!

Another woman fell in her trailer home and laid there for 2 days, she broke her hip, she couldn't edge her way to a phone, yelling would have been useless, and it was summer here in Las Vegas, she could have dehydrated!

Even myself, at 43, I had just moved to and bought a home in Phoenix. Knew no one there, initially. I was painting one afternoon, I looked down from the ladder, and said: You better get down from this ladder as it'd be just like you to hit your head on the fast spinning ceiling fan. And? I did exactly that, blood spurting out everywhere! Thank God it wasn't too severe, but I could have been knocked out, unconscious, and having not even met all the neighbors yet, I could have laid there for days!

After that, and being so far away from family, I decided right then and there I'd always have someone around the house, as accidents can happen.
Good information to know. Pays to have someone within earshot at all times especially during the older years when accidents are more likely.
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Old 02-01-2018, 09:48 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
5,542 posts, read 4,139,307 times
Reputation: 7384
Quote:
Originally Posted by Happy in Wyoming View Post
Why do you buy single family homes as rentals? I have some rentals: all apartments. It works well.

Interestingly, I too have a 5200 sq, ft. home which I share with my dog, my cat, and my five chickens. I'm planning to add some space to it.
It's just the way it worked out. My credit wasn't so good when I bought most of them. My rentals are over 800 miles away and my people work with sfh. It's what they know and they do a good job. Rather than insist on apartments which is out of their comfort zone or have to rely on people unproven to me that deal with apartments, I chose to go with what has worked.

My Roi is pretty good on the sfh. I could not qualify for financing when I bought them so I bought them as I got the cash together. Typically I bought them for 40 to 50K, put in 10 to 15 to fix them up. The value after fixing them up was 75 to 90 so I immediately picked up about 40% Roi within the first 2 months. After that the yearly cashflow is about 13% roi on each one.
My credit is better now and I just pulled cash out of 2 of them. Both of those I got all my money back that I paid and a few thousand more on top. Both still cash flow positive even with their new loans.

I know some people with multi's and my numbers compare favorably to theirs, often performing better. I did look into 4 plexes and smaller and the numbers just weren't as good.
I assume your apartments are probably 20+ units each?

So you are the only human in the 5200 sq ft?

BTW congrats to your state having Weatherby relocate there.
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Old 02-01-2018, 11:23 PM
Status: "Support the Mining Law of 1872" (set 24 days ago)
 
Location: Cody, WY
9,600 posts, read 10,970,510 times
Reputation: 19273
Quote:
Originally Posted by aslowdodge View Post
It's just the way it worked out. My credit wasn't so good when I bought most of them. My rentals are over 800 miles away and my people work with sfh. It's what they know and they do a good job. Rather than insist on apartments which is out of their comfort zone or have to rely on people unproven to me that deal with apartments, I chose to go with what has worked.

My Roi is pretty good on the sfh. I could not qualify for financing when I bought them so I bought them as I got the cash together. Typically I bought them for 40 to 50K, put in 10 to 15 to fix them up. The value after fixing them up was 75 to 90 so I immediately picked up about 40% Roi within the first 2 months. After that the yearly cashflow is about 13% roi on each one.
My credit is better now and I just pulled cash out of 2 of them. Both of those I got all my money back that I paid and a few thousand more on top. Both still cash flow positive even with their new loans.

I know some people with multi's and my numbers compare favorably to theirs, often performing better. I did look into 4 plexes and smaller and the numbers just weren't as good.
I assume your apartments are probably 20+ units each?

So you are the only human in the 5200 sq ft?

BTW congrats to your state having Weatherby relocate there.
Yes, large complex in Utah.

Yes, I'm the only human; My wife died twelve years ago.
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Old 02-02-2018, 08:10 AM
 
6,729 posts, read 3,787,331 times
Reputation: 13858
It would cause my insurance to go up, eating into any rent, if not wiping it out entirely. Ins. cos. ASK. If you lie, and something happens, they won't cover the claim (they look for any reason not to pay).

Not sure if my subdivision allows renting. Some don't.

I would consider this if I move to a lower insurance area that allow renting, and if I had a separate room and bath on other side of house that is private, close to an entrance, so we don't have to see each other often.

But my experience with roomies when younger was that it didn't save me much if any money. There are disagreements or life changes, so that people move out before end of lease, anyway.
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Old 02-02-2018, 12:03 PM
 
Location: Somewhere in deep in Maine
3,665 posts, read 2,825,609 times
Reputation: 4448
Not humor...now.

I used to be a landlord when I had to rent the house before retirement to mostly pay the mortgage. I did not enjoy the experience. While I was a good renter when I rented, roughly 1/2 of the people I rented the house to seemed to think I was part of the 1% and as such could destroy whatever they felt like.

Being a landlord is risky and unless you can be pretty heartless, kind of hard to do. of course if you are exceptionally lucky, maybe you will get wonderful renters ONLY.

Good luck to what you decide to do.
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Old 02-02-2018, 12:06 PM
 
Location: Somewhere in deep in Maine
3,665 posts, read 2,825,609 times
Reputation: 4448
It was said before....

1. You may not be able to do it. The ordinance for my house only allows relatives without special permits, which I cannot get.

2. Your insurance agent may say no. When I had a friend who was losing their rental and wanted to stay with me for an undetermined time, my agent said that she could not insure any damage including burning the house down, that they might do accidentally or on purpose. Nor could she insure me against damage they had in the house like falling down the stairs because they had wet feet from taking a shower.

3. You may not really want to. From all the other stuff people said.
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Old 02-02-2018, 12:21 PM
 
6,256 posts, read 2,906,590 times
Reputation: 15891
My uncle -retired years ago. He now has a room available ...no money involved. He lets the homecare aid use it for her craft room. He loves having a person there. She doesn't reside there but loves having a place to go and make her talented crafts. It's a win win for both. He is old school though and doesn't believe in profiting off someone's happenstance.
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Old 02-02-2018, 02:33 PM
Status: "Send HIM back- to Queens!" (set 9 days ago)
 
Location: Eureka CA
8,307 posts, read 11,161,760 times
Reputation: 12656
I rent out one room and bath, usually to a student. 80% of them have been fine, some of them I have had to Have A Talk With on subjects ranging from cleaning up after themselves to "No, I'd rather you not watch TV with me". Warning : you get addicted to that extra income. It's like crack.
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