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Old 02-17-2009, 08:59 AM
 
1,989 posts, read 4,453,623 times
Reputation: 1401

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From craigslist:

"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.
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Old 02-17-2009, 09:17 AM
 
5,458 posts, read 6,698,104 times
Reputation: 1814
Wasn't this done to lots of large houses in the 1930s as well? Everything old is new again, it appears.
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Old 02-17-2009, 09:26 AM
 
22,768 posts, read 30,632,804 times
Reputation: 14737
Seems pretty commonplace around here.

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.
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Old 02-17-2009, 09:48 AM
 
Location: NJ
23,815 posts, read 33,315,086 times
Reputation: 30661
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
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Old 02-17-2009, 09:49 AM
 
Location: Chicago
249 posts, read 682,280 times
Reputation: 74
I can see it ... Real World Kenilworth on MTV next year.
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Old 02-17-2009, 10:38 AM
 
1,989 posts, read 4,453,623 times
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Quote:
Originally Posted by Johnny Northside View Post
I can see it ... Real World Kenilworth on MTV next year.


To laugh or cry, that it the question. Rep to you for emotional volatility.
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Old 02-17-2009, 10:43 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,818,725 times
Reputation: 474
Don't some HOA's prevent rentals?
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Old 02-17-2009, 12:35 PM
 
Location: Barrington
63,919 posts, read 46,509,429 times
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Quote:
Originally Posted by GeminiGal View Post
Don't some HOA's prevent rentals?
Yes, some HOA's prevent/restrict rentals.

The house the OP is rferring to, is not a part of an HOA.
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Old 02-17-2009, 12:44 PM
 
Location: Barrington
63,919 posts, read 46,509,429 times
Reputation: 20674
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.
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Old 02-17-2009, 01:37 PM
 
22,768 posts, read 30,632,804 times
Reputation: 14737
Quote:
Originally Posted by middle-aged mom View Post
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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