Rental property

[jl9618]

I just closed on my 3rd rental property yesterday. I was supposed to close before I went out of town but had to push it back. Anyway, just thought I'd share as I felt like patting myself on the back and financing was a terror on this one.

Cheers to a ealier retirement (I hope)

[G35Princess]

Congrats... this is one investments that keeps on giving. Most people don't do it...but it actually gives back so much. Property always appreciates... and your renters pays most of your mortgages...

In a few years... you'll have equity and if anything you'll have a free and clear title in 30 years....assuming you don't refi

[ABQ_G35]

Originally Posted by jl9618

I just closed on my 3rd rental property yesterday. I was supposed to close before I went out of town but had to push it back. Anyway, just thought I'd share as I felt like patting myself on the back and financing was a terror on this one.

Cheers to a ealier retirement (I hope)

That's good! How do you keep the renters from trashing the places? The house across from me is a rental, and it's not taken care of at all, and the owner (who lived there prior to it being a rental) doesn't seem to think it matters. Geez!

[lovechild1970]

Yea, my new bf and I were talking about this...he said he would do it and then buy me a lotus after he makes first mil. So, I guess I shouldn't buy myself that condo down the street if my credit needs to be saved for business venture.

[ABQ_G35]

Originally Posted by lovechild1970

Yea, my new bf and I were talking about this...he said he would do it and then buy me a lotus after he makes first mil. So, I guess I shouldn't buy myself that condo down the street if my credit needs to be saved for business venture.

Can't wait to see that Lotus!

[jl9618]

Originally Posted by ABQ_G35

That's good! How do you keep the renters from trashing the places? The house across from me is a rental, and it's not taken care of at all, and the owner (who lived there prior to it being a rental) doesn't seem to think it matters. Geez!

Thanks guys.

This property is a condotel and is professionally managed onsight. It's niche in the market is short to long term executive housing. The tenants are mainly working professionals away from home. Rents and damages are direct billed to the corporation putting their employee up. It's a pretty cool setup. I should be cashflowing next month

[ABQ_G35]

Originally Posted by jl9618

Thanks guys.

This property is a condotel and is professionally managed onsight. It's niche in the market is short to long term executive housing. The tenants are mainly working professionals away from home. Rents and damages are direct billed to the corporation putting their employee up. It's a pretty cool setup. I should be cashflowing next month

Oh, that would be a good deal, was it expensive to get into?

[jl9618]

Not really. The units are going in the mid 100's fully furnished. The key to this scenario is the financing. Because it is such a niche property type you've got to put down at least 20% to fit. Probably not great for a short term investment but I'm looking longer term anyway.

[ABQ_G35]

Originally Posted by jl9618

Not really. The units are going in the mid 100's fully furnished. The key to this scenario is the financing. Because it is such a niche property type you've got to put down at least 20% to fit. Probably not great for a short term investment but I'm looking longer term anyway.

Where are you located? Denver, right?

[jl9618]

Yup. This property is in the DTC area to the south of Downtown Denver. With the light rail and new town center going in I'm hoping for a bit of appreciation.

[Lardoggy]

Originally Posted by jl9618

Not really. The units are going in the mid 100's fully furnished. The key to this scenario is the financing. Because it is such a niche property type you've got to put down at least 20% to fit. Probably not great for a short term investment but I'm looking longer term anyway.

I thought about doing something like this a year or so ago, tapping into the the runnup in equity I've enjoyed these last 5 years. There's a HUGE demand for quality rental housing here in central OC, problem is, you can't buy a 1 bedroom condo for less than $400K...kinda hard to pencil it out at the price.

[ABQ_G35]

Originally Posted by Lardoggy

I thought about doing something like this a year or so ago, tapping into the the runnup in equity I've enjoyed these last 5 years. There's a HUGE demand for quality rental housing here in central OC, problem is, you can't buy a 1 bedroom condo for less than $400K...kinda hard to pencil it out at the price.

That's pretty scary, I'd almost be afraid to buy anything now out there, my luck the market would go bust! Been through that once already, that's enough!

[Lardoggy]

I feel your pain, man.......I bought my first house in 1990 and sold it TEN YEARS later for $1,000 more than I paid. Good news is, thought, the last 5 years have been very good to me

[ABQ_G35]

Originally Posted by Lardoggy

I feel your pain, man.......I bought my first house in 1990 and sold it TEN YEARS later for $1,000 more than I paid. Good news is, thought, the last 5 years have been very good to me

At one point here, a while back, a lot of folks were selling for less than they paid, actually, that's how I got into my current place, it was 4 years old, and I got it for about 6k less than the original buyer paid, now it worth roughly twice what I paid, took a while but............

[jl9618]

Originally Posted by ABQ_G35

At one point here, a while back, a lot of folks were selling for less than they paid, actually, that's how I got into my current place, it was 4 years old, and I got it for about 6k less than the original buyer paid, now it worth roughly twice what I paid, took a while but............

Thats the thing with most investments that people overlook. Time. The long term usually ends up quite nicely.