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crazypeltast52 posted:That, or convert a couple floors into a kickin rad penthouse. Don't even joke about that. If I won the lottery or just came into some money, I'd buy the apartment building I live in (80 or so units) and turn 3 or 4 units into a rad penthouse. But I'm just some punk kid who doesn't own anything, but I would like to get into owning rental property.
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May 2, 2014 19:40
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| # ¿ May 9, 2024 00:20 |
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I'm sure Magellan will do the conversion themselves. I live in the ghetto, and I could pick up my building for cool $6 million (current tax assessed market value), so I don't even know. Like I have anything close to $6 million sitting around.
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May 2, 2014 21:58
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~$15k profit right now or $21 profit a month. The math looks pretty simple on that one.
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Oct 14, 2014 15:38
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Are you in Idaho by any chance? That's the only place I can think of that has a National Laboratory near a Downtown where everything is cheap as dirt.
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Dec 14, 2014 22:22
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When I lived in an apartment with carpet, my landlord told me this (or maybe it was when my mom worked for a housing authority, I don't remember which) about the carpet they use: It's budgeted to be replaced every 5 years. If you live in an apartment with new carpet for 5 years, and when you leave the carpet is trashed, no problem, it was gonna get replaced anyway. If you live in an apartment for 3 years with new carpet and it gets trashed, you're on the hook for 2 years extra worth of damage, or 40%. So I guess think about how long that floor was supposed to last and not what it costs wholesale to replace, but what portion of the remaining lifespan they removed.
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Jul 7, 2015 19:32
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I'm a tenant that takes care of the lawn. I'm also not a jerk so who knows.
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Aug 7, 2015 03:57
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My lease from a corporate rental agency says that if there is anybody under 18 living in the house, that as soon as they turn 18 they have to go through a background check and be put on the lease. So I'm a filthy tenant in this thread of landed gentry, but I've got a question for you anyway. I'm responsible for mowing the grass in the front yard, and there's no grass in my backyard. It's half landscape fabric with mulch on top, and the other half is a nice brick patio bordered with rock on top of landscape fabric. There's also a huge pine tree that drops a ton of needles onto the patio and stone area. I've tried to keep up with it over the summer, but it's all been overtaken with weeds. The mulch is old enough that the bottom has turned to dirt and things are growing out of it. Enough needles of fallen into the rocks that the needles have turned to dirt and weeds are growing there. So lots of weeds and it's kind of an absurd amount of work to keep the backyard looking crappy (rather than totally overgrown). So I'd like to ask for something to be done, and I'd even be willing to put my own sweat and possibly money into it, because I'm going to be in this house for a number of years. So I'm wondering how you guys think I should approach this, and maybe what kind of ideas you would be amenable to as owners of the property? I'm thinking I wouldn't mind seeding the backyard with grass (it's maybe 150 sq ft) and keeping it mowed, and then something in the rock border area that's easier to maintain than what's there now, but I don't really know what that is.
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Oct 8, 2015 19:31
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| # ¿ May 9, 2024 00:20 |
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I assume that when a tenant moves out, you're then able to set the rent however you want, or are you still limited in rent increases? If it resets when you get a new tenant, I'd look at what you expect the rent to be in a year vs how long on average a tenant would lease the unit, and try and figure out an estimate break even date. If you can rent it next year for $1500 and a tenant is likely to stay for 10 years, then it makes sense to wait. If you can rent it out for $1050 in a year and tenants only stay for 2 years then just do it now. (Average length of tenancy) x $1000 vs (Average length of tenancy - 12 months) x expected rent.
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Dec 14, 2017 20:13
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