evan9381 Posted June 20, 2009 Report Share Posted June 20, 2009 Quoted. I will unquote this for a small fee. i think about 20k from equity sounds reasonable. and im going to ask for 15% for the suggestion. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted June 20, 2009 Report Share Posted June 20, 2009 a few more facts... we are unable to move back because my wife is the "bread winner" and her job is too far from the old house to commute. her family is very understanding about everything and willing to work with us. Not to be an ass, but how far is "too far"? When i worked at GM, iwas driving an 1hr and 20mins each way.. Do you WANT to lose the house? And by this i mean, is it something that will give you a great relief just to be done with? (i dont know how to make that not sound un-snarky, sorry) Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted June 20, 2009 Report Share Posted June 20, 2009 The $250/month insurance can't be true, period, unless you own a $1,000,000+ property (even then it can't be that high). Maybe an extra $250 for the year. We own 3 properties (of significantly different values), so I am well aware of what insurance costs. Honestly, house insurance is cheap for what all it covers and the value of what it is covering. Rent it out. I am renting out my Reynoldsburg house. It may lose a little each month, but better than losing the house. Then use the other money you have to save back for repairs on the place, and get it right when the market bounces back. Yes, renters are likely to be hard on it. But at least you will still have the joint. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted June 20, 2009 Report Share Posted June 20, 2009 Plus how hard can renters be? I have renovated rental properties for years. Shy of busting out windows, and damaging cabinets what else can they do. Most renters arent busting holes in drywall. Get a nice family to rent it and just assume if they move out that you may have to spend a few hundred fixing the place up. You can do wonders on a small budget. Plus the deposit of a months rent covers alot in repairs. I would literally spend less than $1000 replacing carpet, repainting, landscaping, and fixing odds and ends stuff when a customer of mine would by a new foreclosed property. I did all the work myself but in 2 days, the house could have been put up for sale and the owner would make $$$$$$$$$$$$ Quote Link to comment Share on other sites More sharing options...
Bam Posted June 20, 2009 Report Share Posted June 20, 2009 I'm debating on renting my house out. Not because I'm in the OP situation but because I want to sell it and even though I'll be fine selling it, I'll still lose money because of the market and what I've put into the house... How did you guys get renters and how did you screen them? Did you pull credit, if so how? etc etc, I know nothing of the sort. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted June 22, 2009 Report Share Posted June 22, 2009 Plus how hard can renters be? I have renovated rental properties for years. Shy of busting out windows, and damaging cabinets what else can they do. Most renters arent busting holes in drywall. Get a nice family to rent it and just assume if they move out that you may have to spend a few hundred fixing the place up. You can do wonders on a small budget. Plus the deposit of a months rent covers alot in repairs. I would literally spend less than $1000 replacing carpet, repainting, landscaping, and fixing odds and ends stuff when a customer of mine would by a new foreclosed property. I did all the work myself but in 2 days, the house could have been put up for sale and the owner would make $$$$$$$$$$$$ you'd be surprised... my old house, I rented out... got the house back, carpet was torched, EVERY wall knocked out, and trash was dumped through the entire house. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted June 22, 2009 Report Share Posted June 22, 2009 My friends all rent their places out with an extensive background check. They rent to families. It can happen but in the 17 years I have done remodel work, I have never seen it happen to one of theirs. I have seen it happen to customers who just will rent to anyone. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted June 22, 2009 Report Share Posted June 22, 2009 My friends all rent their places out with an extensive background check. They rent to families. It can happen but in the 17 years I have done remodel work, I have never seen it happen to one of theirs. I have seen it happen to customers who just will rent to anyone. rented to people I thought were my friends... you're right, if you are going to rent, do an extensive background check. Quote Link to comment Share on other sites More sharing options...
gillbot Posted June 22, 2009 Report Share Posted June 22, 2009 rented to people I thought were my friends... you're right, if you are going to rent, do an extensive background check. my buddy did the same with his first house. He said after coming back and surveying the situation, he'd never rent again IF he planned on living in that house again. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted June 22, 2009 Report Share Posted June 22, 2009 I would literally spend less than $1000 replacing carpet, repainting, landscaping, and fixing odds and ends stuff when a customer of mine would by a new foreclosed property. I did all the work myself but in 2 days, the house could have been put up for sale and the owner would make $$$$$$$$$$$$ We just moved into our foreclosed house. We have been doing all the work ourselves, and are thousands deep. I think I am in the $400's for just paint. $1800 for carpet (and we got it at a STEAL, luckily we only had to do the bedrooms, loft, stairs, and office in carpet, but that was still about 1500 sq/ft of carpet). Appliances were a couple thousand; the ones that were here were shot, other than the range. Just found out yesterday our freon system for the heat pump is contaminated because previous people that worked on it screwed up, so now we need a new heat pump, coil, and lines...estimate of 3k at the moment, but at least it will be done right. All this for a house built in 2003. Last person was hard on it, with kids drawing on it everywhere, a guy that must have had a temper and put holes in drywall, dogs that pissed all over the carpets requiring not only removal, but painting Kilz on all the subfloors (that stuff really works). Filth everywhere that has required extensive scrubbing - simply put, we have a lot of hours into a house that looked better than most of the forclosed homes we looked at. We have many more hours to go here too, but we also got the house for hundreds of thousands less than the previous person paid for it too, so it's worth it. Quote Link to comment Share on other sites More sharing options...
FormulaMatt Posted June 22, 2009 Report Share Posted June 22, 2009 We have many more hours to go here too, but we also got the house for hundreds of thousands less than the previous person paid for it too, so it's worth it. Damn, sounds like it will be a good deal in the long run. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted June 23, 2009 Report Share Posted June 23, 2009 Damn, sounds like it will be a good deal in the long run. It's a good deal in the short run...we could easily sell it now and make a nice profit. Everyone that has seen this house (Wease lives within walking distance) can attest to how much of a steal our house is. I'll post some pictures up once we have everything put away. Sadly we just dumped $3200 in a new heat pump, coil, and lines today...something our shitty inspector failed to find. Luckily it sounds like we will get a tax credit for the heat pump, which will be nice at least. Quote Link to comment Share on other sites More sharing options...
Bam Posted June 23, 2009 Report Share Posted June 23, 2009 Just don't overdue it like me,lol. I bought a house almost two years ago in an estate sale in Bexley, I bought it for roughly $50k under value compared to the two houses that had sold within 6months of mine, on my block. So sweet, good deal for me, sure the house needed work but I didn't think I'd put that much into it and come out ahead. Yet, coming up on two years down the road I have at least $40k into it....but its exactly how I want it and everything is new, the house didn't NEED $40k but that's how it goes. I don't regret it and luckily my house value has improved as well. Quote Link to comment Share on other sites More sharing options...
Bam Posted June 23, 2009 Report Share Posted June 23, 2009 All I can say is.....It adds up QUICK. Quote Link to comment Share on other sites More sharing options...
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