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Old 04-29-2021, 05:54 PM
Status: "Dreaming of road trips." (set 2 days ago)
 
Location: Manitou Springs
1,160 posts, read 1,354,884 times
Reputation: 1113

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"So I now choose to live in apts = Boring but more cash flow"... are you sure about that?

Quote:
Originally Posted by wilberry View Post
new lease just signed my Rent is now officially 48 % of my take-home pay , yay.
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Old 04-29-2021, 05:55 PM
 
241 posts, read 351,750 times
Reputation: 630
Quote:
Originally Posted by wilberry View Post
new lease just signed my Rent is now officially 48 % of my take-home pay , yay.
Yikes, is that an average percentage for the area?
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Old 04-29-2021, 06:22 PM
Status: "Dreaming of road trips." (set 2 days ago)
 
Location: Manitou Springs
1,160 posts, read 1,354,884 times
Reputation: 1113
Default Rent Evictions

"Nearly a third of renters didn't pay their April rent"...

https://www.wsj.com/articles/nearly-...nt-11586340000

What's going to happen when eviction protections are no longer in place? Evicted renters are most certainly not going to find lower rents than what they had. They're going to be up the proverbial creek.
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Old 04-30-2021, 08:30 AM
 
1,240 posts, read 1,439,375 times
Reputation: 844
House :
$350,000
3% interest rate with HUGE down payment
3o yrs
Total Payment
$531,221
Total Interest
$181,221
Monthly Payment
$1,476
With a $350,000 home loan, you will pay about $1,476 monthly and a total of $181,221 in interest over the life of your loan. You will pay a total of $531,221 over the life of the mortgage

add
Home maintenance emergency fund $ 10,000

rent a two bd two bath " Luxury " Apt in North COS

2 Beds
2 Bathroom
1100 sq. Ft.
From $1500 a month
add
extra fees $ 100.
Total $ 1600

keep Emergency funds, savings, and IRA

simple right? but where is a 350K house?

Last edited by wilberry; 04-30-2021 at 08:39 AM..
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Old 04-30-2021, 04:31 PM
 
981 posts, read 650,719 times
Reputation: 1609
Quote:
Originally Posted by wilberry View Post
House :
$350,000
3% interest rate with HUGE down payment
3o yrs
Total Payment
$531,221
Total Interest
$181,221
Monthly Payment
$1,476
With a $350,000 home loan, you will pay about $1,476 monthly and a total of $181,221 in interest over the life of your loan. You will pay a total of $531,221 over the life of the mortgage

add
Home maintenance emergency fund $ 10,000

rent a two bd two bath " Luxury " Apt in North COS

2 Beds
2 Bathroom
1100 sq. Ft.
From $1500 a month
add
extra fees $ 100.
Total $ 1600

keep Emergency funds, savings, and IRA

simple right? but where is a 350K house?
The houses they are building on Powers/Hwy.24 (Challenger?) and on Galley a few blocks west of Powers (St. Aubyn) are all in the $350k range or probably even less.

You may not get the all-important wood floors and granite counters but it would be a start.

Unfortunately you are on the final approach to a couple of runways.
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Old 04-30-2021, 05:45 PM
 
Location: State of Transition
89,146 posts, read 83,655,765 times
Reputation: 94230
Quote:
Originally Posted by wilberry View Post
I owned a house that was built in 85 and it had an open floor plan /great room. Replaced air cond / furnace twice in 18 yrs
replaced kitchen sink, garbage disposal, tore out carpet replaced with a hard floor in bedrooms, remodeled bathrooms, new garage door because daughter ran into it, painted 4 times outside, inside, replaced fridge twice, oven once, washer dryer twice, relandscaped front yard twice, sprinkler system repairs every two years, roof once AND THEN the neighborhood went downhill because the people that moved in did not have the same ideas about keeping their house looking good. They did not believe in watering or maintenance.
newer = clean = low maint = boring if you like working on the house and yard every single weekend! because there won't be much to do.
Older = big trees ( loved my big trees )=more bugs/ mice = more diversity and lots of work /money spent.
So I now choose to live in apts = Boring but more cash flow since I am not well off or rich or coming from California/ Connecticut
still, if I were to buy a house again it would be tempting to do a fixer-upper again but in Walsenburg ...
I don't understand this business of having to replace furnace twice in 18 yrs, appliances (fridge, etc.) ditto, and so on. Replacing a roof, yes, and a hot water heater? Maybe twice in 20 yrs or so. But as a LL, I've never had to replace ordinary appliances or a furnace. Not in a rental, nor in my own unit.

Yet here in Santa Fe, the last 5 yrs or so I've been in two different rentals, and the appliances were garbage, all kinds of things--showerheads, valves on bathroom faucets, etc., have needed replacing. And both rentals had been owner-occupied originally, but the owners didn't do any maintenance, except in one case, they put in a new roof. But there was other visible deterioration when I moved in, that clearly had begun when the owners were still there, but got ignored.

I can't imagine why you'd have to replace a fridge twice in 18 yrs, and washer/dryer twice, as well. And interestingly enough, y ou don't mention replacing a hot water heater, even though the general rule of thumb is every 10 years (though they can last quite a bit longer, if you want to risk it).

Are appliances being made more cheaply these days?
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Old 04-30-2021, 05:49 PM
 
Location: State of Transition
89,146 posts, read 83,655,765 times
Reputation: 94230
Quote:
Originally Posted by Vision67 View Post
Sprawl attracts people. Everything in new and clean. People who can afford it go for it.
You guys, what's going on in Colorado Springs? There's a chance I may move to Denver, and a moving company I was talking to said that it's an 8-10 hr. drive to Denver from Santa Fe. I asked why, because all I've ever heard is it's an easy 5 hr. straight shot down I-25. And they said, that CO Springs has become a HUGE bottleneck; there's so much traffic, it takes HOURS to get through!


So....when are they going to build a bypass?
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Old 04-30-2021, 07:24 PM
 
981 posts, read 650,719 times
Reputation: 1609
Quote:
Originally Posted by Ruth4Truth View Post
You guys, what's going on in Colorado Springs? There's a chance I may move to Denver, and a moving company I was talking to said that it's an 8-10 hr. drive to Denver from Santa Fe. I asked why, because all I've ever heard is it's an easy 5 hr. straight shot down I-25. And they said, that CO Springs has become a HUGE bottleneck; there's so much traffic, it takes HOURS to get through!


So....when are they going to build a bypass?
Probably around the same time the train line from Pueblo to Ft. Collins is built.
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Old 04-30-2021, 10:44 PM
 
6,171 posts, read 8,430,896 times
Reputation: 6694
It doesn't take hours to get through Colorado Springs. If you left right now you'd get from Denver to Santa Fe in under 6.5 hours probably 95 out of 100 times..... BUT, traffic is indeed worse in Colorado Springs than it used to be - infrastructure has not kept up with growth. I do think Denver traffic is still worse, on average.
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Old 05-03-2021, 08:30 AM
 
1,240 posts, read 1,439,375 times
Reputation: 844
Ruth4truth
yes, I bought cheap appliances from Circuit City 21 yrs ago and they did not last long, learned my lesson.
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