Mortgage?

[Russky2Participant 3086]

Hey fellas,

I would like some advice on here. Looking to purchase a house for 130K with a mortgage down payment of at least 10%. But I plan on renting out this house for 800-1000$ a month. What do you think, is it feasible to have this plan of action?

MGTOW AKBAR

[Anonymous 1]

Way too little info here.
There are lots of calcs online.
If your Mortgage, Taxes, Insurance, management agency, and repair fees are less than what you can pull in rent, it MIGHT be worth exploring.
Pets? They’ll ruin it.
Smokers? They’ll ruin it.
LOTS more info needed. Sorry.

[Secret Agent MGTOWParticipant 22534]

Dont know enough to know how many negatives are probable.

But you are taking on a lot of personal debt to an asset that you will sink repair money into and also becoming a landlord and all that comes with that, on top of that.

There could potentially be a huge amount of negatives that happen. For not a great deal of reward.

The house would have to be in an excellent, extremely safe neighborhood, not a lot of urban yutes roaming around.

The house would need to be in great condition not requiring thousands of dollars of fixing up. All the major appliances and hvac would have to be recent and good quality. Home inspection would have to be excellet to perfect done by a thorough home inspector most realtors say is very tough.

You would have to rent to very reliable folks, probably want to specify no pets, no smokers (fire risk). Require first and last month rent plus separate security deposit. Would not rent to those who do not have employment or do not make enough to be able to cover rent. these would be people who start missing because of this and that, and know its impossible for you to easily evict them. And then they would trash the place before leaving.

Most people sell themselves on what they think is a good idea and downplay the negatives, call those who point them out cynics and pessimists. I am a realist who lives in the real world and knows what real people have done, do, and will continue to do as long as society doesn’t do anything to stop them.

Society currently enables people to f~~~ over landlords. You are a greedy sob slum lord only interested in money from your innocent renters, by default. In other words, as landlord you are a man, therefore evil. Your renter is a woman, therefore innocent and good.

Hows this analysis for a wake-up call?

Women want everything, but want responsibility and accountability for nothing.

[BeerParticipant 11832]

https://www.mortgagecalculator.org/

Plug some numbers in for mortgage rate, taxes, and insurance. Figure out what it would cost you per month to own. Just punching 110k 30 year loan @ 4%, 3000 a year in taxes, 1000 a year in insurance…800 a month would be renting this out for a loss…

[foghornleghornParticipant 3449]

As others have pointed out there is not enough info here.

1. What is your monthly mortgage payment going to be?

2. Does the area the house is located support that kind of a rent for that size house?

3. Are you planning on doing maintenance when your renter complains about a disposal being broken or are you hiring a property management company?

4. If you are hiring a property management company what are you paying for their services?

5. What sort of deposit are you planning on asking your potential tenant to pay? What I have seen usually is for 2-3 month’s rent but not sure if that is based on area.

6. Have you looked at what it would take to draw up a lease agreement?

[Anonymous 7]

Might be good might be bad idk I’m not a real estate guy.
Do you really want to deal with the single mom renter?

[experiencedParticipant]

Once you get into something like this, the renters have ALL of the rights and you have none.

Reminds me of divorce court.

"It seems like there's times a body gets struck down so low, there ain't a power on earth that can ever bring him up again. Seems like something inside dies so he don't even want to get up again. But he does."

[Faust For ScienceParticipant 22531]

Many people here will tell you stay out of debt. This is one of the reasons why many MGTOW eventually become minimalists.

Though, if you do this, make sure the interest rate is low, the interest rate is fixed for the entirety of the loan payment schedule, and that there is an option to pay the principle up front (including how much is paid on interest before the principle of the loan is paid).

[JVBParticipant]

No.

Peace is > piece.

[JB BooksParticipant 3182]

Don’t do it. The overall costs are higher than you imagine, because of maintaining the property, taxes, and the fact that you’re never going to get pure rent each and every month because tenants move, don’t pay, etc. It’s a pain in the buttski as well. You’d be doing this at a loss and that doesn’t make sense. Up your savings and carefully invest what you have.

We just don't realize life's most significant events while they're happening. Back then, I thought, "Well, there'll be other days". I didn't realize that that was the only day. - "Moonlight" Graham

[BernieParticipant 254]

JB Books wrote:

Don’t do it. The overall costs are higher than you imagine, because of maintaining the property, taxes, and the fact that you’re never going to get pure rent each and every month because tenants move,

Also They tear things up and only tell you about the appliance to get them repaired. I’m facing a massive repair cost right now because the renters didn’t disclose their destruction. Definitely don’t rent to family with teenagers. Unless you can get at least 1200-1500 a month. Your’re looking at a money pit at those rental rates. Just did the same exact thing and have been in hole the whole time. I finally kicked the renters out and have a sales contract on the house.

[Anonymous 42]

Use your down payment to by a run down white-wash special at a public auction!

The longer it takes you to find that gem in a landfill of s~~~ty houses the more money you’ll accumulate to both purchase it and fix it up.

Had I practiced what I preach, I’d be a millionaire today, and I still have the potential to become a millionaire depending on the things I do TODAY!

Good luck Russky2, I know you Russians are like pit bulls when you put your minds to it!

Look me up when you’re purchasing million dollar beach front estates!

[black_knightParticipant 2602]

I once looked into this, and the consensus suggested you’d need a 40% deposit to make it financially worthwhile.

The consensus also suggested only about 50% of tenants are very good. So it’s basically a 50/50 gamble.

[iMickey503Participant 12465]

Many just go with a rental company. THey have power in the courts to get things done that you do not.

But here’s the thing. You rent to a person, you make sure they have 3 months of RENT PAID with LARGE DEPOSITS.

I would do AIRBNB. That way you don’t get f~~~ed. The money always comes to you, and you get other guests keeping the other ones in line.

AirBnB is the way to go.

You are all alone. If you have been falsely accused of RAPE, DV, PLEASE let all men know about the people who did this. http://register-her.net/web/guest/home

[Faust For ScienceParticipant 22531]

Anonymous wrote:

Use your down payment to by a run down white-wash special at a public auction!

The longer it takes you to find that gem in a landfill of s~~~ty houses the more money you’ll accumulate to both purchase it and fix it up.

Had I practiced what I preach, I’d be a millionaire today, and I still have the potential to become a millionaire depending on the things I do TODAY!

Good luck Russky2, I know you Russians are like pit bulls when you put your minds to it!

Look me up when you’re purchasing million dollar beach front estates!

I know a man whom built this own house in the rural country. A nice large house. He did not take out any loans. He paid as he went. He bought the land, then he paid for the foundation, etc.

It took him seven years, but he came out ahead in a lot of ways.

Better than a twenty to thirty year mortgage.

[Russky2Participant 3086]

Hey fellas.

Again, thanks so much for responses. I am considering what you all have said. Secret agent has had some good points. I do want to look at it from a realist POV. Always considering negatives.

Anyway the house is 40 years old. They want 130K for it, could possibly negotiate. House is in province of New Brunswick, while I’m from Ontario. But I’ve been looking to make money in any way possible to escape plantation. Here’s the link
https://www.kijiji.ca/v-house-for-sale/moncton/20-danforth-st-moncton-new-brunswick/1335680240?enableSearchNavigationFlag=true

MGTOW AKBAR

[Russky2Participant 3086]

Anonymous wrote:

Use your down payment to by a run down white-wash special at a public auction!

The longer it takes you to find that gem in a landfill of s~~~ty houses the more money you’ll accumulate to both purchase it and fix it up.

Had I practiced what I preach, I’d be a millionaire today, and I still have the potential to become a millionaire depending on the things I do TODAY!

Good luck Russky2, I know you Russians are like pit bulls when you put your minds to it!

Look me up when you’re purchasing million dollar beach front estates!

Can you elaborate by giving an example please? You mean buying a s~~~ old house for very cheap, fix it and then sell at higher price? Flipping?

MGTOW AKBAR

[Russky2Participant 3086]

Also, would you suggest a career in real estate, such as getting real estate agent license or broker’s license?

MGTOW AKBAR

[narwhalParticipant]

I wouldn’t start off with a 40 year old house as my first rental property. Sounds more like a house you’d want to flip rather then rent out.

As far as getting your own license, for what purpose? Buying/selling you’re own property or are looking for a new career? If the former, it would make sense if your doing significant volume. As a career choice, consider that the other agents and brokers are almost always women, and this will be who you’re working with. Even with customers, you’ll be dealing with a lot of single moms, men who’s wives wear the pants, and men who want to buy from a hot chick instead of you.

Ok. Then do it.

[NomadgParticipant 249]

All good points. Location, location, location. My Dad passed away last year and I am managing what is left of his rental and bond for deed properties. When he purchased these 30-35 years ago the area was a fairly strong working class area. It has turned into a mini Detroit. Really look at the area and where it is headed. I just booted out a renter that my Dad let live for free for several months because they could not make their payments. Their gift to me for several months of free rent? Every room completely destroyed and left with piles of trash and human waste. My suggestion is do not go into debt on the if cum you will make money. It is a lot of hassle and a colossal pain in the ass to be a land lord.

It's never to late to be what you might have been...

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