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"I AM RENTING ROOMS IN MY BEAUTIFUL WELL APPOINTED HOME IN THE NORTH SHORE SUBURB OF (deleted for discretion). THIS NEWER HOME HAS 6 BEDROOMS/ 5 BATHS, CHEFS KITCHEN, 3 CAR GARAGE, FINISHED BASEMENT WITH BATHROOM AND A MOVIE VIEWING AREA."
I think this house sold at foreclosure February 13. The judgment amount against it was $820,000. It was purchased in 2006 for $970,000. Built in 2001.
Now that mansion next door will be full of renters. (No offense renters-- I'd rather have you living next door than irresponsible borrowers. It's just a lot more cars, people coming and going and potential for low upkeep.)
This isn't the first time I've seen this happen, by the way.
2 Story Traditional (http://wilmington.craigslist.org/apa/1029882469.html - broken link)
Waterview Home with Boat Slip (http://wilmington.craigslist.org/apa/1038312474.html - broken link) classifieds - craigslist=
I'm 25, so I can only imagine what would happen if I found 5 friends to rent that $1 million 6br mansion for $466/month, per person. I bet the neighbors would LOVE that.
There's a post in the NJ forum where the OP got a notice in the mail from the town where they want to enter the house to see who is renting rooms. Apparently someone complained.
I guess to people considering renting, make sure it's legal in that town or you might find yourself on the street
About a million years ago, I briefly rented a bedroom in a historical mansion in the Gold Coast/Chicago. Actually, there were 6 of us and the owner in that huge and fabulous home.
The owner purchased it for $90K and his tennants, over the years, paid the mortgage for him. He sold the building almost 20 years later for more than $4MM.
That was the city and I doubt anyone noticed or cared.
You would be amazed how many suburban homes are renting out rooms as a part of a sober living/half way house or the entire building is a quiet shelter for abused women and their children.
About a million years ago, I briefly rented a bedroom in a historical mansion in the Gold Coast/Chicago. Actually, there were 6 of us and the owner in that huge and fabulous home.
The owner purchased it for $90K and his tennants, over the years, paid the mortgage for him. He sold the building almost 20 years later for more than $4MM.
That was the city and I doubt anyone noticed or cared.
Sounds like what I'm doing. Living in a historical mansion that's converted into a multi-unit place. Its in the city, so the neighbors will tolerate an awful lot.
My rental market is screwy. Both of these places are convenient locations... would you take:
Option A:
302 Pine Valley Rd Recently updated! (http://wilmington.craigslist.org/apa/1038697958.html - broken link)
4BR 1970's ranch house in OK part of town for $2200/month ($550/bedroom).
House last sold for $265,000 (I almost bought a smaller fixer-upper down the street, which eventually sold for $167k a few days ago).
or would you take
Option B:
421 W. Blackbeard Rd. (http://wilmington.craigslist.org/apa/1003339656.html - broken link)
6BR 4,000 sqft gated creekfront mansion in an exclusive part of town for $2300/month ($383/bedroom)
House last sold for $734,000, on market for just under $1 million
Tough decision..
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