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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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23698085 No.23698085 [Reply] [Original]

My cousin is buying a house to rent it out.
He doesnt have any money saved and he plans to put up a 30 year mortgage.
He already has his own house, so he doesnt have to pay rent

Is this a 200IQ move or a 50IQ move?

>> No.23698103

>>23698085
my god..

>> No.23698181

It's all fun and games until the tennant shits everywhere and smashes it up and your cousin is left to foot the bill

>> No.23698212

Boob job? Yes, it is. It will keep the tits up.

>> No.23698243

50

>> No.23698296
File: 21 KB, 700x394, fetchimage.jpg [View same] [iqdb] [saucenao] [google]
23698296

>>23698085
Booba

>> No.23698304

Depends on the location

>> No.23698317

>>23698085
30y is low iq

>> No.23698343

>>23698085
sexy women are a good investment if you make more sexy women out of them. or engineers or something I dunno. Also there is the SAFEX revolution. also a good invetment

>> No.23698628

>>23698343
Would 2d/digital women be a good investment?
Would it be possible to make money with them in OnlyFans, or similar platforms?

>> No.23699434

>>23698085
need source for coom

>> No.23699469

Do they even have milk?

>> No.23699531

>>23698181
Thats why you vet your tenants and sue for damages, then remodel.

>> No.23699565

>>23699434
ngmi
thewyldewoman

>> No.23699639

>already owns a house (no FHA)
>no money saved (no down payment)
Those mortgage terms have got to be shit.

>> No.23699662

>>23699469
this guy gets it

>> No.23699954

>>23699639
apparently the rent is higher than his monthly payment

well hes absolutely shitty regarding savings. he literally cant save. maybe this is good because now hes forced to save

>> No.23700782

>>23698085
Literally was just looking at this slot on plebbit

>> No.23700809

>>23698317
30y opting to overpay every month is high IQ though.

>> No.23700825

>>23698085
that's a man

>> No.23700899

>>23698085
Are you ready to die for your cousin? To kill for your cousin? Landlord is more danger than police. I have known 7 landlords who are killed

>> No.23700950

>>23699954
>apparently the rent is higher than his monthly payment
Perhaps, but he should consider the additional cost of home ownership: maintenance, etc.
And his monthly calculation seems short-sighted, since you can't guarantee that you'll always have renters (willing to pay what he's asking).

Keep in mind, he's renting the place for more than a $0 down 30y mortgage + taxes + maintenance. So he's charging a lot for rent ... and literally any potential renter could pay less by walking into a bank and getting the same shitty loan. So he has to ask himself, who are his potential customers here? Who would be willing to rent a house for as much as he has to charge to cover all his costs? Would they seem like the kind of trustworthy people he can be assured will pay rent every month and not trash the house?

>> No.23701212

>>23700950
Good advice on biz, foster this op

>> No.23701317

>>23700950
>Keep in mind, he's renting the place for more than a $0 down 30y mortgage + taxes + maintenance. So he's charging a lot for rent ... and literally any potential renter could pay less by walking into a bank and getting the same shitty loan.
That's true of virtually all rental properties.

But yes, plenty of renters are shitheads.

>> No.23701335

>>23700950
thats indeed 200IQ advice
thanks anon

>> No.23701423

Where can I find boba sir

>> No.23701560

>>23701423
see >>23699565

>> No.23701680

>>23698317
I got a 30yr with no money down. VA loan. Am I retarded?

>> No.23701834

>>23700950
because people that rent cant come up with a deposit because theyre renting which means they have no money to spare?

>> No.23701907

https://mega.nz/folder/QY5EzIRK#VrZ468eFt-ZJsKHmk9GlLw

>> No.23701942

>>23698103
Yea those are some VERY nice boobies. She looks a lot like my ex gf physically here. She was a nutjob, very sexy though and very nice white boobies with blue veins like this you could see. I liked that.

>> No.23701957

>>23699531
>sue
kek good luck with that

>> No.23702081

>>23701942
why'd it end?

>> No.23702237

>>23702081
>She was a nutjob

>> No.23702271

>>23698085
If he can get a low fixed rate it’s probably a good investment. Keep as little equity as possible and if prices crash to the point it’s not worth it just walk away and take the hit to your credit score.

>> No.23702567
File: 7 KB, 250x183, 1603603036635s.jpg [View same] [iqdb] [saucenao] [google]
23702567

>>23698085

>> No.23702632
File: 279 KB, 1600x1600, boomer_coomer_full.png [View same] [iqdb] [saucenao] [google]
23702632

>>23698085
HHHHNNNNNGGGGG YOU CAN SEE PART OF HER NIPPLE

OH WOW OH WOW OH WOW
I'M GONNA
OHHHH I'M GONNA

>> No.23702835

>>23698085
The best move for your cousin Niko is to get into the Cryptokek project!

https://blog.cryptokek.com/cryptokek-seed-funding-has-started/

>> No.23702905

>>23702632
i coomed two times this day to this bitch

>> No.23703008

Man, you need to tell your cousin to check out some landlord facebook groups.

If he still wants to do this after seeing whats on those groups, then god speed man.....

Most landlords own multiple properties and pretty much everyone gets burned pretty badly at some point. Its not uncommon to have to deal with $10,000 worth of damage, and thats with doing most of the labor yourself.

So many stories my landlord has told me.... someone got a pot bellied pig and claimed it was an "emotional support" pig or some BS and it simply ruined the entire houses carpets as it pissed and shitted everywhere. Essentially the house became an impromptu barnyard.

These renters dont give a fuck, its not their house and they HAVE NO ASSETS OR MONEY to take as most live WEEK TO WEEK. So suing them will cost you even more money you are likely to never get back.

You can get a judgment and go for wage garnishing but you have to pay for the damages out of your own pocket up front and it can take years to even get a wage garnish. Even then they can get it down to like $10 taken out of their paltry dollar general paycheck.

There is simply no way I could ever recommend renting a single house as an "investment". You may get stellar tenants for 5 years, you may get problem tenants for 2 years that nearly destroy the entire house that create so much stress in your life.

People with pets are the devil, even if they are very nice people.... they will always care more about their animal than they will about getting your house dirty or destroying the carpets/walls/furniture.

>> No.23703344

>>23701680
I did a 0 down 30 year va loan too. Intrest rate at 2.7%

Just got someone to rent two rooms for 900 a month. My mortgage, tax and home insurance in 1590..

Did I pull a 50 IQ or 250 IQ?

>> No.23703364
File: 257 KB, 500x358, bonded.png [View same] [iqdb] [saucenao] [google]
23703364

>>23698085
He'd be better looking to throw some of those house bux at Bonded.Finance which will net him way more than 2% a year.

>> No.23703711

>>23702237
I read that part, but more specifically, I'm curious what "nutjob" entails.

>> No.23703815

>>23698085
Dios mio...

>> No.23703847

>>23699531
No, you get tenant insurance

>> No.23704049

>>23703344
Why didn’t you run the numbers first..? That’s retarded.

>> No.23704138

>>23700950
This, but it also depends on where he’s buying the house. Some areas are still 300k houses that will go way up in value, and some places are 1.5 mil houses where he’ll get fucked.

>> No.23705483

>>23702081
>>23702237
>>23703711
She was too needy, asked me to do shit like call her every time I got from one place to another place. Got really jealous all the time. Would say hurtful things with zero basis to try to control me. She also was at heart a funny, smart, creative, sensitive and kind person but CONSTANTLY put on this "I'm a hot, stupid bitch" thing that I think she had been doing so long she actually had trouble being herself. I KNOW she was really smart but she would say the dumbest shit all the time just for the effect. I had a lot of stuff going on at the time and just couldn't deal with the psychoses so ended it.

>> No.23705541

>>23705483
sad

>> No.23705603

>>23705483
thanks for the explanation, anon. currently married here with a girl I'm finding less attracted by the day (altho we haven't had sex in almost a year, kek). trying to figure it all out.

>> No.23706079

>>23705603
yeah you need to get out of that relationship, you're just wasting your life anon

>> No.23706354

>>23704049
I'm no longer paying 1700 a month in rent. I live in a fucked state that will see a 15 min wage in 4 years. Just two years ago my rent was 1500.

Now 2.7% interest. Stonks preform at 7-12% yearly. My low performers are at 5% this year.

So now I'm pulling in an extra 900 in revenue. The fair housing agreement dosen't apply to me. I got over 120 messages in a week and only chose to respond to 5 messages on Facebook.