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Just Window Shopping

December 19th, 2013 at 05:52 am

Look at this place. It is priced at 6k less than I paid for my current house.



Text is http://www.realtor.com/realestateandhomes-detail/1120-Mazatlan-Cir_Colorado-Springs_CO_80910_M11987-95006?row=12 and Link is
http://www.realtor.com/realestateandhomes-detail/1120-Mazatl...

I think if I bought something like this to live in, the rents from the other three units would pretty much cover the mortgage, property taxes, and property management company. (If I lived there, I would let the tenants assume I was a renter too). Which would mean I could live there very cheaply, maybe free. That would certainly make my modest income go further. Eventually, the mortgage would be paid in full. What a nice inheritance for my two children.

Besides, it is basically the same as living in a condo. Only better, because if one tenant was unpleasant to live near, I could instruct the property manager to not renew their lease.

Mrs M180 and I have tossed around the idea of buying such a place together. That is a thought, too.

8 Responses to “Just Window Shopping”

  1. Mrs.M180 Says:
    1387434983

    Mrs. M180 will have access to a VA loan as soon as she gets her ducks in a row enough to qualify, which makes this sort of arrangement more exciting.
    While there aren't too many places in the Springs I wouldn't want to walk alone at night through, I remember this neighborhood being quite fancy and well lit:
    http://tinyurl.com/mps599z

  2. creditcardfree Says:
    1387456975

    @Mrs. M180, can you buy a rental property with a VA loan? Might want to check that.

  3. Rachael777 Says:
    1387463047

    Exciting ideas.. let us know. I do not know your current home situation but if you wilol be just as happy here (and we downsize as we get older).. go ahead.. No better time to buy . how much is it?

  4. snafu Says:
    1387465315

    I have a different perspective on being a landlord having managed a six-plex. Have you had any experience at being a landlord? Do you have the skill sets to fix small problems? Not all renters are what they seem and they can play really mean tricks even if you are living on site.

    Your profit margin can be wiped out by a combination of management company's fees and their poor decisions. The eviction process is exacting and frustrating and at the same time there is the probability that tenant is not paying rent. If they also stop paying utilities you will nearly pull your hair out jumping through hoops/fees/problems to get heat, electric, garbage p/u and water service restored. I advocate starting slowly with a duplex so that there is merely one tenant before jumping into a 4-plex.

  5. MonkeyMama Says:
    1387469741

    In addition to what Sanfu said, my first thought was you can't evict someone without some really probably cause (more than just being annoying). & it can be a very difficult process.

    Some people are more cut out for landlording than others. I am the least cut out for it so have nothing positive to say about it.

    P.S. I was born in Colorado Springs. Big Grin

  6. Petunia 100 Says:
    1387474416

    You can buy a rental property with a VA loan, but the property must have 4 or fewer units and of course the veteran must live in one of the units. What we do not know though is whether or not the veteran can buy the property jointly with another party (other than spouse). My guess is no. However, if the "kids" wanted to buy the property and just have me rent from them, I could go for that too.

    The property is listed at 225k. That seems so cheap to me! But it must be priced about right because there are several four-plexes listed right now between 200 - 250k.

    Yes, I have had some experience being a landlord. My ex-h and I owned a rental house for about 5 years. I am not familiar with landlord/tenant laws in Colorado, but am familiar with them in California.

    A landlord can legally choose not to renew a lease, as long as they do no violate the terms of the lease. The "kids" had better not try this with me!

    Born in Colorado Springs? Cool. I have visited the area (twice) and thought it beautiful. Its high elevation and dry air have it on my short list, as that is ideal for my allergies. Of course, the fact that Mr and Mrs M180 are considering moving back doesn't hurt, either. Smile

  7. Petunia 100 Says:
    1387474800

    And Rachel, I am not ready to move yet. I need to be able to sell my house, move, and get settled. I need more cash and less negative equity before I can do all of that. I'm working on it.

    Also, my son is in the 11th grade. I will not be making any big moves before he finishes high school.

  8. ceejay74 Says:
    1387488641

    I do have to say, as wife of an absentee landlord, that a management company can take all the headaches off your hands, for a fee. That fee has definitely been worth it though, and we do still bring home some money after mortgage, mgmt company fees and repairs.

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