Affluent Black County Mired In Mortgage Mess

[AGDee]

Originally Posted by PiKA2001

The bolded statements are more universal than you think. We are just living in a different era now than when our parents were our age. Over Thanksgiving my aunt was telling me how she bought her first house when she was 19 and working as a cashier at a grocery store and couldn't understand why "kids" these days couldn't afford their own houses. I told her if I was able to buy a nice 3 bedroom ranch in a safe, tree lined suburb for $35,000 than I probably would've been a homeowner at 19 as well

You could if you were still up here...house next door to me went for $30K. A 3 bedroom ranch in a safe tree lined suburb! 4 bedroom cape cod with hot tub and in ground pool went for $43K.

[PiKA2001]

Originally Posted by AGDee

You could if you were still up here...house next door to me went for $30K. A 3 bedroom ranch in a safe tree lined suburb! 4 bedroom cape cod with hot tub and in ground pool went for $43K.

Yeah now but those houses probably went for about 200K five years ago. If I lived in MI making the money I make now I'd own at least two houses right now with one of them without a mortgage. One to live in and another one (or two) to rent out and then sell later on in life once the housing market in MI got better. I thought about buying a house and renting it out but the whole long distance landlord thing wasn't very appealing to me, even though I would've only had a $20k mortgage. And on another note, the city where I'm currently vying for a job has starter homes starting at $260k

[DrPhil]

Originally Posted by PiKA2001

I thought about buying a house and renting it out but the whole long distance landlord thing wasn't very appealing to me, even though I would've only had a $20k mortgage.

That is hit or miss even with a strict contract. You never know what kind of house tenant you'll get until they either are or are not a bust. Then you have to consider costs for maintenance and other incidentals that the tenant may or may not be responsible for.

It works better if you don't live too far and/or you have reliable family and friends in the area who can check on your property and answer more immediate concerns.

My parents did the long distance landlord thing and BOOOOOOOOOOOOOOOOO...*taking a breath*...BOOOOOOOOOOOOO....

[Drolefille]

Originally Posted by DrPhil

That is hit or miss even with a strict contract. You never know what kind of house tenant you'll get until they either are or are not a bust. Then you have to consider costs for maintenance and other incidentals that the tenant may or may not be responsible for.

It works better if you don't live too far and/or you have reliable family and friends in the area who can check on your property and answer more immediate concerns.

My parents did the long distance landlord thing and BOOOOOOOOOOOOOOOOO...*taking a breath*...BOOOOOOOOOOOOO....

[DrPhil]

Originally Posted by Drolefille

LOL.



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