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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Lets chat about the wonderful world of owning rental property
 
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Cranbe
Dec 9, 2012
 Cross-posting from the home buying thread...

Anybody have any thoughts on buying a house to live in myself and rent out a room or two? It seems to me that would greatly speed up the timeline for whether or not it's worth it to buy vs. rent. Is that a completely naive sentiment?

I'm aware that being a landlord has its own risks and headaches (in addition to the usual ones that come with home ownership), but it seems like those particular risks would be significantly (not entirely) lessened by renting out individual rooms while still living in the house myself.

Some obvious things I've already considered:
  • Would need to account for the taxes on the rent paid to me
  • Would need to account for some assumed vacancy (like all rental properties)
  • Would only purchase a house that I could afford without any tenants
  • Would thoroughly run the numbers with comparable rent rates in the neighborhoods I'm looking at

What are the other pitfalls I haven't accounted for?

Also, anybody have any thoughts on how this would affect the mortgage process? Lastly, would that change the classification of the property for income tax and property tax purposes? (Denver CO if that matters.)

* # ¿ Jan 6, 2014 02:32
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Cranbe
Dec 9, 2012

LogisticEarth posted:

Is the expansion taking place in the right-of-way? If so I don't think you can get anything. As I understand it the compensation was already paid out when the initial RoW was put in place.

Depends on the document that created the RoW. Sometimes they provide for recurring damage payments, but most road easements do not.

DNova posted:

Assuming there is no right of way or the expansion exceeds it, it's a normal thing to be paid some amount when they grab a slice off your parcel, right? Is it negotiable?

This is mostly out of curiosity, not something that is happening to me.
You would be paid something in that scenario, and yes it's negotiable, but there are cases where there is a de facto RoW even without a specific document creating one (statutory easements along section lines in some states, for example).

Cranbe fucked around with this message at 16:06 on Apr 30, 2014

* # ¿ Apr 30, 2014 16:03
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Lets chat about the wonderful world of owning rental property