I've been renting for 10 years building no equity. I'm now thinking of buying a huge nice house, living in one room and renting out the rest to men only. The rules would be no pets, no smoking, no overnight guests. Rent for each room would be $500, month to month lease and background check required. My friend does this with good results, anyone else?
[–]squidracer 15 points16 points17 points (12 children) | Copy Link
[+][deleted] [recovered] (11 children) | Copy Link
My lease has a clause that says more than 3 nights in 30 days requires them to be approved and added to the lease. Never had a problem.
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[+][deleted] [recovered] (5 children) | Copy Link
oh boy.... clause of no children will bring hate mail and threats!
[–]mrdouchy-1 points0 points1 point (4 children) | Copy Link
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Can you site where you got this information?
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[+][deleted] [recovered] (12 children) | Copy Link
The exact opposite of what I would recommend... especially in the current housing market.
Huge houses are (pretty much by definition) Huge liabilities: in terms of mortgage payments, property taxes, utility bills, maintenance and repair expenses... not to mention they're a pain in the ass to keep clean (think your "renters" are gonna clean the windows? or even vacuum the hallways? think again; much less are they gonna keep the bathrooms or kitchen or other "common" areas clean).
A huge Nice house is all of the above... but times 10 (else it ain't gonna be "nice" very long).
Good luck even doing that and NOT getting massively cited for violating zoning laws -- you're basically planning to run what is legally known as a "boarding house", and in most "residential" zoning areas, renting out on anything OTHER than a 12 month lease basis, or to more than 1 or 2 "residents" (other than the property owner) -- is strictly verboten; you'll end up with thousands of dollars in legal bills trying to fight the citations, possibly criminal judgements/penalties, etc... AND you'll be stuck with a huge house (and it's bills/costs) that you CANNOT turn into a revenue spinner like you'd planned; in fairly short order, you'll probably go bankrupt & lose the place.
Also, if you advertise that the place is "men only" -- well say hello to a "discrimination" lawsuit.
LOL. Have fun trying to enforce ANY of those, much less all of them.
Even if you WERE able to do this scenario... you would soon enough end up on the short side financially speaking: The fact that you're coming up with the "per month rent price" NOW -- before you have ANY idea what the actual costs would be (i.e. you don't have the "house" have no idea what the mortgage, various insurance, utility & other bills & costs would be etc... you're just naively seeing "dollar signs", and then ONLY on the income side).
There are good and plenty reasons why "boarding houses" are virtually always in rather "run down" (if not "ghetto") areas of towns; and that's NOT just because of zoning laws being laxly applied... rather its because the residents (especially any "month to month" renters) tend to be "transients"... and transients are the kind of people who "trash the place" and then "move on" (and why not? what's the cost to them? they have no lease, no security deposit, etc.)
Also, I think you're delusional about the "background checks" bit -- you seem to be rather clueless regarding the costs of getting a THOROUGH (and VALIDATED) background check of an actual person done; and conversely how utterly useless the "cheap & quick/digital-records on a name -- 'John Smith'" actually are.
Bully for him. But what are the SPECIFIC circumstances that your "friend" is doing that in? Is it near where you are planning on doing it? (i.e. same state, same county, same municipality, etc.)
Or is it in someplace entirely different (say out in some "oil boom town" region of western North Dakota or some similar such location) -- i.e. someplace where housing is in short supply, where the demand is almost entirely "men" just by definition, where they are primarily in the area to WORK (just need a sack to crash in at night or on their "off" hours), and where violations of zoning and other "housing" laws are just not enforced because they're really NOT applicable to the present economic circumstances (plus the local police & other bureaucratic people are already stretched thin dealing with other, far more major issues).
In short, I think you're both clueless AND somewhat nuts.
But hey, good luck with all of that.
[–]quixoticme10 points1 point2 points (11 children) | Copy Link
[+][deleted] [recovered] (10 children) | Copy Link
Aye, just about every city has a "run down" (if not "ghetto") area.
And that's where these things exist; they're not in the "nice" parts of town.
Ergo the "nice huge [boarding] house" is a contradictory set of requirements. It may be a huge house, it may be a boarding house, but it's not going to be "nice".
[–]quixoticme10 points1 point2 points (9 children) | Copy Link
[+][deleted] [recovered] (8 children) | Copy Link
Every part of WHICH "the city"?
Because it is simply NOT true everywhere.
[–]quixoticme10 points1 point2 points (7 children) | Copy Link
[+][deleted] [recovered] (6 children) | Copy Link
Lol... do your own legwork junior.
Most regions of the country residential areas are zoned "single family"; and the nicer areas that is definitely enforced.
Now in those nicer areas someone might be able to have a handful (say 3, maybe 4) "roommates" that they "share expenses" with -- but if so, they're keeping it below the radar, and definitely not advertising it as such; certainly not in the manner that OP is suggesting he's planning on doing.
[–]quixoticme1-1 points0 points1 point (5 children) | Copy Link
[+][deleted] [recovered] (4 children) | Copy Link
And??? How many "the city" locations are we talking about? One? Two? Three?
You're trying to avoid the question; and substituting a purposely vague degree of expertise.
No, I am point out that he damned well better get his ducks in a row and do so, before he bites the proverbial bullet; else he's gonna land his ass in some DEEP doodoo.
Actually that sounds EXACTLY like that's what he's planning -- he seems to be looking towards at least a half-dozen or more -- depending on how you define "HUGE" house, it could be 6, or 8, or 12, or even higher... and that's not something you can keep "under the radar" (again, unless it's some run down ghetto like area near a college campus where such things are common).
And 2 or 3 would not be a "HUGE" house; in fact it would be a rather SMALL house (i.e. a 3 to 4 bedroom).
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