That's gorgeous, flea. And income property is pretty much always a good idea, I think?
I'm just trying to tell you that we have nothing in common besides both of us liking your penis.
Anya ,'Dirty Girls'
Natter 73: Chuck Norris only wishes he could Natter
Off-topic discussion. Wanna talk about corsets, duct tape, butt kicking, or physics? This is the place. Detailed discussion of any current-season TV must be whitefonted.
Amy - Aug 21, 2014 6:55:03 am PDT #4562 of 30000
Because books.
Jesse - Aug 21, 2014 6:55:39 am PDT #4563 of 30000
Sometimes I trip on how happy we could be.
If you want landlording opinions, see if you can reach out to Jon B? I'm pretty sure he has a two-family and rents out half.
flea - Aug 21, 2014 6:57:36 am PDT #4564 of 30000
information libertarian
Sue, that is an excellent point. Thank you. The owner seemed very vague about the electrical; the fuse boxes are clearly old. I am not sure it is knob and tube but it would be important to know.
Steph L. - Aug 21, 2014 7:00:27 am PDT #4565 of 30000
I look more rad than Lutheranism
A house 3 doors down from us was apparently half knob and tube and half modern wiring when the owner bought it. They had it re-wired, but I don't know if it was for insurance purposes or if it was because they thought the half-and-half-ness made it a death trap (which would still be an insurance issue, I suppose).
Jesse - Aug 21, 2014 7:01:18 am PDT #4566 of 30000
Sometimes I trip on how happy we could be.
All of my expertise comes from HGTV, but having the rental income would make me feel better about the prospect of needing and/or wanting to do a lot of work on the place.
flea - Aug 21, 2014 7:03:27 am PDT #4567 of 30000
information libertarian
On the other hand, they're running at least 6 ac window units in the (large) building, and it hasn't burned down yet.
Steph L. - Aug 21, 2014 7:04:57 am PDT #4568 of 30000
I look more rad than Lutheranism
they're running at least 6 ac window units
Oh my god, that electric bill.
meara - Aug 21, 2014 7:11:35 am PDT #4569 of 30000
Ouch, that does sound like quite the bill.
Would you be able to afford a month or two here and there without a tenant?
Will your taxes require a lot of professional help, as a landlord? (Will it HELP your taxes because you can depreciate or somesuch? Or hurt because you can't deduct all the mortgage interest?)
It's super cute. I'd figure out how much replacing the knob and tube would run and add that to your theoretical budget. I mean, if the place cost $20K more (or however much replacement runs, I have no clue), would you still want it? (Keeping in mind while it sounds like a lot of money as a separate "we need to do $X of work to this house!", when added to a mortgage it doesn't sound so crazy)
Ginger - Aug 21, 2014 7:36:36 am PDT #4570 of 30000
"It didn't taste good. It tasted soooo horrible. It tasted like....a vodka martini." - Matilda
It's a lovely house, and it hasn't had dreadful things done to it. Would the rental income be enough to put in A/C and rewire the house? You could put in a ductless split system and not have to install ductwork.
flea - Aug 21, 2014 7:49:29 am PDT #4571 of 30000
information libertarian
I did not know about ductless split ac systems, and now I do! You guys are so helpful.