Why does the UK have this and we don't? (Comic Book Forums)

  • Why does the UK have this and we don't?

Author Discussion
  • Posted: September 27, 2011 1:00:14 pm
  • Thanks! I know and the thing is the newer homes and the best deals (foreclosed ones) in my area are all in the same township so the taxes on a $130,000 home 3,500 sq is like $200 a month. Probably not a bad deal for you considering NY but you get the idea. I am paying $1200 a year in taxes right now whic for this same house 5 miles from me it would be about $700 or so.

    This is my first house I have owned and I have learned a lot. I could refi to a 20 year and keep the same payment give or take a few bucks. A 15 refi would be like a hundred more which is do able but again its how long do i really want ot live here and how long can I stand to live here (sq vs family space). Sometimes I think the best thing is to stay put and then rent this place out later or sell.
  • Posted: September 27, 2011 1:02:30 pm
  • SilentAssassin said:
    Sometimes I think the best thing is to stay put and then rent this place out later or sell.

    I am wondering the same thing. I have another house on the market, an inheritance, and I was trying to sell it but the market just sucks. So I am debating do I just sit on it and wait or invest money into it and fix what needs to be fixed and rent it....I would hate being a landlord though!
  • Posted: September 27, 2011 1:23:45 pm
  • Get a property management company. That is the ONLY way I would be a landlord. The people I bought my house from was my landlord for at least 2 other places I lived prior. I was a renter with them for 5 years then bought. They charge 10% fee for doing all the work for you. You have to pay the regular payment when no one is in there though. They take care of evictions and the like and they do a super good job making sure they have good renters. I think the company here has 300 plus rentals they manage. So you do the math at 10% per rental you know they are making money.

    The thing I like is the company takes care of all repairs and if it costs you anything they take it out of your next months rent check. If nothing else if you "own" the property you would be silly not to fix it up and rent it out as those expenses are deductible. Not too mention if you own it free and clear you would be getting some decent money even after you recoup the fix up expenses. If you owe on the property then you just have to be ok with paying two payments when you have no one in there renting but if you move from the home you are in now that you have payments on and you own the other one you can buy you another better one and rent both out and those payments you get will increase the amount you can borrow and if you stay within your means you can live payment free between the rents you collect on both those properties.
  • Posted: September 27, 2011 1:27:53 pm
  • SilentAssassin said:
    Get a property management company.

    Have thought about this option have to do some research! Thanks for the advice and recommendation!
  • Posted: September 27, 2011 1:40:26 pm
  • No problem. They tell me that you would want to buy a home warranty for the ones you rent out especially if someone major needs replaced. I guess they take care of all of that as well. If i did not rent from them and see how they run their operation I would NEVER consider renting but I have had nothing but good experience as a renter from them so I have faith in what they provide.

    I don;t want the 2 am phone call wanting their toilet fixed
25 posts • Page 1 of 3
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