This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends mee...
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bad housing market
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My finace and I have come across an amzing deal on 2 houses. One is the house we live in and the other is a rental with 2 apartments. Now the selling prie is about half of what they are worth. So, I can turn around and sell them to make a large profit (which would pay off all me debt.) and buy better. That is ultimatly what I want to do.
The only problem I have is wondering if anyone will even buy these houses due to our shitty economy? IS the housing market ever going to get better? IN the mean time I can have rental income, but I don't want to be stuck here because I can't sell. What would you do in my shoes? Posted on 02/12/08, 09:02 am |
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If you have the money I would say go for it but being a landlord is hard work. My sis and her hubby have about 6 rentals. It is hard to get people in there that pay, then if they don't pay you gotta kick them out. It's not fun. But can be profitable.
Wish I had a crystal ball as far as the economy is concerned but I don't. If it keeps going like it is wouldn't surprise me if we ended up in another depression. Okay maybe thats a little extreme but I am not feeling very positive at the moment. 
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how long have houses been on market?
Do others know of this deal.../good marketting????????????? if its been on a while and no investors have picked up it might not be wise choice.. See what is selling... to who etc new families or..... business people etc... if it needs a quick paint new kitchen etc... Perhaps do it for a quick sale... you may not make heaps of profit but hopefully still some... make sure all costing done Get an evaluation done on property should cost a few hundred bux i guess here they range from $200-600. NZD If you can buy and hold rent out reccommed you do that :) until property market boosts back :D Perhaps turn lounge into two rooms etc.. rooms equals money... university equals renters lol... Goodluck eh tell me what happens... photoss web links...? Im not going to steal the 'deal' just curious Im from new zealand and saving for house deposit i guess Need to get on to it asap eh :) message me :D and goodluck factor in property manager if you dont want to control renters :) factor in their margin :) eh 'momof'
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this deal is through a family member. So it's just for us.
I just don't want to be stuck with them.
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jd brings up a lot of good points...
I would look at it from if you are unable to sell the houses, what % of your mortgages will the rental income cover? How long can you go with either/both houses on the market? How long can you go with the rental being vacant? 100%? 50%?
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ha cheers maxwell.. you in the property game?
yea how long can you go with it being vacant good question.. and whether its cash flow positive :) haha.. meaning you get a interest only mortgage and the rent covers for all the bills interest insurance etc... Usually you can get more money if you install such things as dishwashers for x amount more per week.. well thats what its like in new zealand... lol america it might be plasmas lol... um....other rent boosters is fully furnished.. and renting out by the room.. Possibly including broadband or... target certain people.. and the more bedrooms the more $$ :) check out this link www.propertytalk.com theres a whole lot of kiwis on there but Kiwis are cool :) too helpful :) anyother websites I should know of..? in america.. etc.. the world wide web///
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