Tomorrow I am attempting to buy this......

[jimmyjimmy19702010]

Only $36,000 !!!
Compared to Australias prices that is a STEAL
I should seriously consider selling up here in OZ and move into your
neighbourhood !

Congrats on taking the chance and i hope it works out for you.
Worst case is.... we all come and stay and use it for a massive boombox meet !!

$36,000!!!

Man, I could buy more than 20 of those houses for the price of my over priced Aussie shitbox!

James.....

 

[blu_fuz]

I like that house, if it were me, I think I would have kept it. Over the long haul, you will never lose with real estate.

I've ran the calculations a bunch of times. Keeping the income property would never be able to MAKE us more cash than it would SAVE us right now using the sale money to refinance our primary mortgage. We are going to save over $140,000 in interest on our house using $20k towards down payment and refinancing to a 15yr from a 30yr loan.

We are making the money work for us now, no way to lose. With people losing their jobs, I also didn't want to chance we would get a renter (at this price range you get people from the bottom of the barrel) that lost their job and stop paying us. It's a long process to get someone out of your property AND we would have to double mortgage again for who knows how long if they did stop paying. It wasn't worth the risk to squeeze every penny of rental income out of the place. I roll with the facts and the numbers, it was the right time to sell.

Holy crap! That IS a long overdue update! Looking at the bed of that truck, I bet you play a mean game of Tetris.

Yeah, way overdue! There was just enough **** to stay below the sides of the truck bed LOL.

Just re-read the thread, and realized this was right next to your house?? Hope they were cool people. I would have felt awkward running into my renters so often

Good call on getting out at this time. Rental income is gonna get pressured the next several months, and so will home prices.

Yep, right next door. They were cool people and their work schedule was almost exactly opposite ours so we didn't see each other much. I never bothered them and they never bothered me.

I 1,000% agree with you regarding rental income. People out of work still need a place to stay and I won't be the one carrying the cost of someone in my property not paying. The housing market has not been hurt yet. Homes are selling pretty steady in certain price ranges. The interest rates are so good right now, if someone was looking to buy or refinance, now is the time to save HUGE on interest.

Only $36,000 !!!
Compared to Australias prices that is a STEAL
I should seriously consider selling up here in OZ and move into your
neighbourhood !

Congrats on taking the chance and i hope it works out for you.
Worst case is.... we all come and stay and use it for a massive boombox meet !!

$36,000!!!

Man, I could buy more than 20 of those houses for the price of my over priced Aussie shitebox!

James.....

Yeah, crazy to know how different the prices of homes are in different parts of the world. Income and jobs vary in the same way.

 

[Ghettoboom767]

Congrats Joe,looks like you made a good move. That’s a good sound thing to do going from a 30 to a 15 year.

 

[trippy1313]

Wow, I've never seen this thread.

2.65%??????? That's amazing, makes me wonder what a 30 year refi would be. I definitely don't have the 20% down though.

That's a fantastic update. When we bought our current place, we considered renting out our old place, but doing the math, I had figured out it would have been at least 9 years before we could make enough money to pay off current debt and make more than we would have selling.

With one child and the second on the way it made no sense for us to live that way for 9+ years, with the risk of bad tenants. Plus if we rented for only a year or two then sold, we woulda had to pay Capital gains taxes, and then would have actually made less than just selling in the first place.

Risky game the real estate game is.