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two family for hedging against further falling prices
invite response
2012 Apr 9, 5:12am 2,000 views 6 comments
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Some random thoughts --
Personally, I don't want to be a landlord. It's a whole additional set of headaches that I wouldn't want to take on. If you've honestly considered the time and effort it would take and you're OK with that, then it's not a problem; after all, lots of people do make it work. But, if it's your own home, you're sort of stuck in that situation -- no easy way to just sell the rental part without moving yourself (unless you want to be stuck living in two separate units) except for selling the entire place.
Part of the reason I'm considering buying a house is to not have shared walls / floors / ceilings. It's not the worst thing in the world, but it will be nice not to have to deal with that, either.
If prices do continue to drop, will you be able to keep rent at the same levels? If someone else is able to buy a house in your area for cheaper than you did, and maintain positive cash flow while charging a lower rent than you are, you might not get as much benefit from renting it.
Patrick
2012 Apr 9, 11:04am
Disappeared? Was it visible at all after you submitted it?
Sorry about any trouble. I want to debug this.
everything
2012 Apr 9, 11:23am
It's a way to help afford buying, and paying for the mess, my realtor and banker tried to talk me into a duplex back in 2001, they may have known I could flip it within a few years, etc.
You could always move out and rent the whole place out eventually.
Disappeared? Was it visible at all after you submitted it?
Sorry about any trouble. I want to debug this.
What happened was I forgot to put a title in my thread and when I hit submit it said "someone else has used my title" and what I had written disppeared and I had to start from scratch but I made sure to put a title first
Part of the reason I'm considering buying a house is to not have shared walls / floors / ceilings. It's not the worst thing in the world, but it will be nice not to have to deal with that, either.
If prices do continue to drop, will you be able to keep rent at the same levels? If someone else is able to buy a house in your area for cheaper than you did, and maintain positive cash flow while charging a lower rent than you are, you might not get as much benefit from renting it.
Ive been a landlord before of a 4 family plus renting out basement and that wasnt too bad, just occational drippy sink or clogged toilet. So I'm thinking a 2 family with me in one unit and one other unit occupied by someone i know shouldnt be too bad. Peace and quiet sure is nice but also the extra money each month would be nice. Rent rarely drops in NY. $1200 is actually a discounted price since I know the rentor. Similar houses selling cheaper over the next few years is possible but rent wont be cheaper than $1200 thats for sure !
It's a way to help afford buying, and paying for the mess, my realtor and banker tried to talk me into a duplex back in 2001, they may have known I could flip it within a few years, etc.
You could always move out and rent the whole place out eventually.
True but if one of the two rentors stopped paying and I had to cover that plus the rent for where I'd be living it sure would be unfomfortable for me for a while
I wrote a long thread and it disappeared on me- gotta write it again sigh here goes.
I believe housing prices will continue to fall but more slowly. Want to buy a two family in long island ny as opposed to 1 family because I feel the extra income of 1200/month can offset any reduction of reduced value of the house. Prices have already come down dramatically. Prices for 2 and 1 family are basically same. I have a great tenant lined up if I buy and the area is convenient to Mahattan and house is walking distance to railroad so replacing a lost tenant should be easy. I would obviously be giving up living space of one floor of house but I would still have my floor and basement with outside entry. I could still pay mortgage without tenant but it would be very tight. Any thoughts?
#housing