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/biz/ - Business & Finance

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10859204 No.10859204 [Reply] [Original]

>buy 3 bedroom house
>rent out 2 of the rooms which pays for the mortgage, property tax, maintenance
>live for free while building equity

Why doesn't everyone do this? Are these the cheat codes for life?

>> No.10859224

>>10859204
inaccessibility of downpayment
PMI too pricey
not going to stay in that location for many years

>> No.10859239

Its pretty jewy youre taking advantage of young people who dont have enough money to buy the house like you did

>> No.10859253

> sharing an apartment / house
> ever

>> No.10859257

>>10859204
And live with 2 other people? I think not!

>> No.10859260

>>10859204
>Why doesn't everyone do this?
i own a place and hosted roommates. i was happy when they left. it wasn't worth the hassle. if you're really penny pinching then go for it, otherwise it will probably suck.

>> No.10859283

>>10859239

I lived like a poor college kid for several years to save up the down payment, saving 70% of my income each month. Didn't buy the BMW, go to clubs, travel, eat out every day like the other young people do. Why am I the bad guy for making sacrifices to get a leg up in life?

>> No.10859299

>>10859204
You are better off renting all three rooms and using the extra cash to pay for the 1 bedroom you live in by yourself. Fuck room mates

>> No.10859300

>>10859283
Do something else then start a business i juat think its jewy to do the generic passive income from rent idea and taking advantage of people

>> No.10859302

>>10859204
The real cheat code is buying a house in a cheap place, rent it, and use that money to rent in a nicer place. The difference between real estate prices is always much bigger than the difference between rent prices.

>> No.10859310

>>10859283
Lol. You forgot about the 60k your dad gave you and staying at your parents house rent free for years shekelberg.

>> No.10859311

>>10859253
>>10859257
>>10859260

I have a typical r9k personality, how bad do you think it'll be living with random normies? Do you think if I do a good job screening them it'll be ok? I could also buy a second small place eventually just for myself to live in and then rent out all 3 rooms which might cover all the expenses for the first place and a portion of the expenses for the second place.

>> No.10859320

>>10859253
/thread

>>10859204
OP you are either a fucking moron or just a 45 y/o lonely boomer who bought into peak housing right before the big crash just for company’s sake.

Kill yourself

>> No.10859328

>>10859239
This. Fuck off slum Lord greasy Jew we make our living honestly around here

>> No.10859334

>>10859283
Lol okay gary vaynerchuk. nice larp

>> No.10859345

>>10859311
>I have a typical r9k personality
you should try it out for the experience, it might do you some good. worst case, you end the situation.

>> No.10859459

>>10859204
OP, if you've ever lived with roommates, you wouldnt ask this question. roommates are the worst.

>> No.10859606

>>10859459
Tbh I wouldn't be able to keep my guard down if two strangers lived with me. Fuck that a home is for yourself.

>> No.10859648

>>10859204
they buy bitcoin with the funds you needed to get the mortgage and become billionaires by 2020

>> No.10859654

>>10859204

kys fucking retard

>> No.10859690

>>10859283
I have to pay bills for my parents who are no longer able to. Don’t assume just because you’re a spoiled shit stain who has no responsibility that other people are mismanaging their finances. Cunt.

>> No.10859707

>>10859204
it's better to buy a bigger house and rent out one floor. that way you don't have to share anything. each floor has its own kitchen and bathrooms.

>> No.10859727

>>10859224

pmi is negligible in most cases

>>10859328
what if landlord is cool and gives you cheaper rent

>> No.10859748
File: 260 KB, 1009x1024, 1521507139720.jpg [View same] [iqdb] [saucenao] [google]
10859748

>>10859224

Is it possible to get a 0% down payment if you're a first time home buyer?

>> No.10859752

>>10859204
Your not thinking jhewy enough buddy. Rent out the third room, pimp out the garage and live in there or rent out the garage.

>> No.10859771

>>10859727
>what if landlord is cool and gives you cheaper rent

What if landlord becomes shitty and instantly changes his mind and constantly harasses his tenants buy guilt tripping them into giving him more money?

>> No.10859814

Thanks to the greed of boomers qualifying for a loan is basically impossible.

I own my own business, I made $70k last year, and have a 720 credit score. I did not qualify to buy a home.

>> No.10859822

>>10859814

Holyshit, really?

>> No.10859838

>>10859814

70k/year, that is like poverty status though

>> No.10859852

>>10859771
If your landlord is guilt tripping you into paying more rent then is required and you oblige, you are a fucking retard.

>> No.10859861

I had a friend who did this and absolutely fucking hated it. Imagine having roommates, but you also are the only person responsible for fixing everything that gets broken

>> No.10859978

>>10859852
I'm not doing that. My landlord is fine. Her mom on the other hand keeps harassing the tenants in the house telling us to pay more and they we should only be confined to our room.

Pulling this shitty boomer mentality. I hope she dies on dementia.

>> No.10860051

>>10859204

OP here, I'm currently living in a 1br apartment by myself paying $1600 a month. Was browsing craigslist and am seeing all these ads for $600 rooms for rent in shared houses, utilities included. Do you guys think it would be worth it if I save $1k a month? I was going to save for a house down payment this way.

>> No.10860111

>>10860051
sharing a space will always be less then ideal. but people have to make sacrifices to get ahead. you have to ask yourself is it worth it.

>> No.10860119

attention to all.

put an ad on craigslist.

DO NOT ASK FOR FEMALES ONLY

put your ad up.

seem cool as fuck.

put a good price.

only reply to females.

meet up with females.

rent out to females.

do not fuck roomates.

that is all.

all the girls i rent to just stay in there room the whole time.

i get irritated by them after 8 months

>> No.10860249

>>10860119

Why not guys? In my experience women are messy as fuck, plus wouldn't you have random Chads coming over to fuck your female tenants?

>> No.10860279

>>10859814
What are house prices where you live though?

>> No.10860339

>>10859300
Heres what I don't understand. How is it taking advantage? There is a demand for rentals and people pay to rent. I can understand if you were some ass that jacks up prices but there is nothing wrong with renting. Basically, you hate capitalism then.

>> No.10860357

>>10859311
you'll be fine, im pretty outgoing but I've lived with people who stay home all day and don't interact with me when I'm in the living room and shit etc. theyre chill af and as long as theyre paying rent and keeping it generally clean im fine with it. usually like personalities clash more

>> No.10860361

>>10859690
Well, you do not have to pay your parents bills. That is your choice, so you are the reason you don't save.

>> No.10860366

Ok everyone in this thread:
I outright own a house and have enough cash to pay for a second one outright as well. Thank you Bitcoin.

Anyway, would this work for me? Could I retire on this??? Current house is 300k, with close to 300k cash in bank.

>> No.10860373

>>10859978
Seek litigation then if she is bothering you.

>> No.10860376

>>10859311
Me personally I wouldn’t want to live in the house with my tenants. I’d like that layer of separation so we don’t get too friendly and they start getting lax on taking care of the place or paying rent.

>> No.10860382

>>10859204
>not living in the basement to collect rent on 3 rooms
>not living in your car to collect rent on the basement
>not living on the street to collect rent on your car

>> No.10860401

>>10859648
nice meme

>> No.10860417

>>10859300
>jewy
Nice try shlomo

>> No.10860424

I did almost exactly this. Autist in IT. I saved for over a year for the down payment. I rent my rooms to coworkers and one pays half the mortgage the other pays bills(averages to half mortgage) and I pay the other half of mortgage. The great thing is that these guys are just as much as an autist as I am and theyre cool dudes. We just vibe so well, haven't had any issues and I have lived with 'em for 2 years now. If you are picky about tenants, it can be really great especially in a college town.

>> No.10860442

>>10859311

You'd be better off buying a duplex and renting out one side. At least that way you're not actually living with those people. Or a house with a self contained secondary suite works too.

>> No.10860454

>>10860424
That sounds nice. Any things you learned buying property in a college town?

>> No.10860455

>>10859748
Yes

>> No.10860474

>>10859748
VA loan

>> No.10860516

>>10860454
Never a shortage of potential tenants. I have a few flyers that I left up at nearby campuses about rooms maybe being available. I still get calls about those flyers and its been 2 years. With so many potential tenants, you can choose the cream of the crop. Also, tons of rich kids going to school in the area with parents that will pay all expenses including rent(reliable income stream). If I wanted to price gouge I could but I like the peeps I rent to now so fuck that. College towns are also easy money for side hustles. I made decent money selling flavor of the week meme shirts last year.

>> No.10860546

>>10860474

Sorry, not a VA

>> No.10860558

>>10860516
Also to supplement, house parties. For simply being the landlord, I can't tell you how many times its led to hookups.

>> No.10860563

>>10859204

I literally do this.

Bought a 225k 4 bedroom house with 30 year VA loan. My 2 tenants pay me $1400 a month total. My mortgage, insurance, property taxes are right at $1250.

I only pay for water, electricity, internet.

I could rent out my 3rd room and make even more money.

>> No.10860578

>>10859257

this

fuck that shit

there's nothing like having your own fucking place without sharing it with some weirdos

>> No.10860661

>>10860366
it could but being a landlord is work

its not like dividends because you actually have to do stuff

Id recommend a mortgage even if you can pay in full

60k down for a 300k property gives you ~1500/mo mortgage
Idk your area but lets say you rent it for 2500/mo
you net 1k a month and still have 240k
then you could drop the 240k in a fund netting 7% annually ($16,800)

that's 28,800 annually total
you would make 21k if you just put 300k in the fund
so you make 27% more just by adding one property

you could add more too but I recommend starting small so you don't overextend and work more than you'd like

>> No.10861074

>>10860119
why don't you fuck them?

i did this and fucked them. even while they had a BF

>> No.10861079

>>10860249
no BF over rule,

>> No.10861150

>>10860366
with 600k, i'd get 10-20% of that into various single-family properties through mortgaging. save another 10% for repairs on those properties. rent them out and then you'll be able to borrow against those properties while keeping your bank account comfy through the use of LLC's.

>> No.10861218

>>10859690
> Don’t assume just because you’re a spoiled shit stain who has no responsibility

Lol you're so deep in FOG you dont even know how to unfuck your situation. Fear Obligation & Guilt

Landlording is patrician tier if you have the money and handiman skills

>> No.10861253

>>10861074
>why don't you fuck them?
Wont they try to pay less rent?

>> No.10861733

>>10860361

>Just be a degenerate selfish shit like me

Ok Mr berg

>> No.10861753

>>10859239
Classic example of slave morality. Get tough or stay poor fag.

>> No.10861765
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10861765

>>10859204
>Roommate kills you in your sleep
>Cheat codes!

>> No.10861772

>>10859283
because your white privilege enabled these opportunities for you.

>> No.10861786

>>10859239
What's jewy about that? A non Jew should give away houses? It's called business you biztard

>> No.10861905

>>10859204
>not moving to eastern europe where you can get studio for 15k

>> No.10862081

this only works if you're american
there is indeed no reason not to be millionaire if you're american, which is why the burgers chasing shitcoins here are absolute bottom of the barrel

>> No.10862862

>>10859748
3% or 5% is normal for first time home buyers in the US. As another said veterans can get 0% mortgages depending on their service.

>>10862081
>there is indeed no reason not to be millionaire if you're american

Even as someone who is great with his money, this takes time

>> No.10862882

>>10859822

Yes really.

I live near Atlanta.

>> No.10862894

>>10860119

The only female roommate I had was so psychotic, I had to move.

>> No.10862909

>>10859204
>buy house

You need the money to buy a house, that's why most people don't do it, And it takes several years to be pure profit, there are probably better ROI investments out there, if you're a permabull in the market your gains will probably surpass the ones put in houses unless you get in early on a developing city. There are other issues like maintenance, low liquidity, etc. which makes it non free money

>> No.10862993

>>10859204
>Be 22 in 2001
>Get dad to co-sign loan
>Buy 3 bedroom home in Toronto for 220,000 with 11k down
>Rent out two beds to high school friends to afford mortgage etc.

Living with room mates was hell but it was only for 3 years. There were good times too, playing Golden eye and having the odd party. Better than being old and married anyway.

The problem is that these things are cyclical. I know people who held their homes for 20 years before getting back into the break even point.

It would have been aweful to live like that and then lose money on the deal. I would have really regretted it. Instead it made me more money than I made working.

TLDR: if you buy a house make sure you will be happy there long term.

>> No.10863169

>>10860382
True /biz/

>> No.10863207
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10863207

>A week after 35-year-old Byron Mitchell moved in, the family said he attacked Jones on her 23rd birthday.

>"My daughter's face is cut up like he was going to take her face off. She has a brain injury and no one knows what the prognosis is," Nikolove said.

>> No.10863213
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10863213

>>10859283
t.boomer

>> No.10863249

my brother in law tried this, one of his boarders hid that he was bipolar and often didn't take meds. This is in NY which has really strong renter protection laws, so, you can imagine how fun the eight fucking months it took to evict the guy were.

>> No.10863294

>>10860249
>>10860119
In my experience, always get hip young women as roommates, they'll just be at their boyfriends house all the time.
Problem solved.

>> No.10863303

>>10859239
They don't have to rent, turbofaggot. They choose to.

>> No.10863332

>>10863303
and just like that "free market" egoism strikes again.

>> No.10863361

>>10859204
>have to accept nibbas or be face a law suit
>they don't pay on time (if at all) and damage the building
>leave you with a mountain of roaches when they go

You have a lot to learn about life kid.

>> No.10863737

>>10859204
Just make sure you can keep your head above water if you can't rent out all of the rooms. Also make sure to talk to a lawyer. Landlords can get screwed over big time by tenants.

>> No.10863811

>>10861074
you scumbag I'll kill you

>> No.10863869

>>10859239
>>10859300
>>10859310
>>10859320
>>10859328
>>10859690
>All this crab mentality.
OP is being nice and simply asking a question on starting a business, and you faggots' first instinct is to call him a bad person and project all kinds of flaws onto him. You're doing this because you're losers and you don't want to see someone else succeed.

>> No.10863892

I bought a house and rent a room to my brother and gf, we share all costs so makes it a pretty sweet deal.

>> No.10863909

>>10863361
>have to accept nigs
Just do a credit or employment check

>> No.10863933

>>10861905
Yep. My grandmas house cost 85K and its a 4 br 2ba 2 story w/basement, almost 2000 sqft exc. basement. Also in the center of the town. $180/yr property taxes.

>> No.10864271

>>10863361
>>10863909
i dont get it
can't american landlords tenants?

>> No.10864392

>>10859283
I'm with you.
all these faggots arguing against you are just mad that they can't save money.

Do it. Jew these faggots to death.

>> No.10864448

>>10864271
Blue states make it hard to evict people

>> No.10864462

>>10864448
well then you shouldn't take a black tenant in the first place

>> No.10864484

>>10859204
I'd never live with a faggot like you

>> No.10864656

>>10859204
>absolutely everyone buys a 3 bedroom house and rents out 2 rooms
>everyone buys a house
>everyone
Why would anyone rent is everyone has bought a house

>> No.10864677

>>10859253
Just rent the whole house out, shove 3-6 people in it, and live in your parents basement. Problem solved. The reason people live in their rentals is so they can claim the 50% occupancy interest deduction against their income.

>> No.10864697

>>10864656
Young people cant afford downpayments/commit to a 30 year mortgage. Oldfags arent willing to share their living spaces or would get roasted by their peers for doing so.

>> No.10864720

>>10864697
In OPs world everyone owns a house

>> No.10864722

>>10864462
Exactly, large property management firms in the USA have strict criteria to weed out blacks. Technically its not racist because everyone has to go through it but their lease contracts are ironclad and niggerproof.

>> No.10864734

>>10864720
OPs world assumes 90% of people arent niggers trying to impress their friends.

>> No.10864969

>>10863332
>being this stupid
lmaoing at your life

>> No.10864982

>>10859300
If fewer people gave their extra rooms available for rent then rent prices would increase and poor young people will have it worse.

>> No.10865034

>>10859204
better

>buy 3 bedroom house
>rent out all 3
>rent own root somewhere else, which is paid by the own rents, plus every shit
>no hassle with roomates

>> No.10865051

>>10861150
Explain more how to use LLCs to your advantage please.

>> No.10865103

Most people are stupid. The difference between the poor and the rich is that the rich are generally better people. It's a hard pill to swallow, but there's the truth.

>> No.10865141
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10865141

>>10865034
Can someone explain to me why this wouldn't work?

>> No.10865922

>>10859239
>implying homeownership and it’s responsibilities is the right choice for everyone at all times

>> No.10866113

>>10865141
It all comes down in finding the right property.

>> No.10866250

>>10859239
there are people that actually think like this in 2018

>> No.10866714

>>10859748
FHA is (as low as) 5% down I believe. Must be first time buyer and the property must be your primary residence.

>> No.10866863

>>10865141
Getting combined rent from the investment property to cover it's mortgage, PMI, expenses AND the rent of the second place you end up living in is going to be hard. Not impossible, but you will need to find an amazing deal.

>> No.10866917
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10866917

>>10859814
I have the same problem....own my business....no debt, self employed, crediscore 750, 400k in cash savings. They refused to give me a mortgage...I had to buy my apt in cash. It’s ok to have no debt but I’m “cash poor” and that shit can suck.