O/T I'm Buying A Rental House (And Hope Eventually Chef Will Move Into It)
I've mentioned to Chef that I want to buy a rental house purely for the tax deduction factor. He gets POUNDED with taxes every year because he has been keeping his tax contributions artificially low JUST so he can have a PITTANCE left over after CS is taken out.
He has no healthcare and any Obamacare plan would wipe out his takehome pay, which he would NOT stand for (need $$ for booze, fancy food, etc.)
He has no savings, no retirement, nothing. The tax money owed this year will come directly out of the savings account in my name which he put his workers comp money into (Chef doesn't pay rent to me nor help out with bills, but I do have him contribute to his account twice a month.)
Now I should mention that I worked for Section 8 Govt Assisted Housing waaaaay back in the day for nine years. I saw it all in that time. Chef is all keen on buying a HUGE rental house in the "hood" and renting it out to just anyone. I also owned rental property myself and learned from the best.
Of course, Chef is taking all my advice and flushing it because he "knows everything." He started getting angry that I told him to read up (as I was doing) on the latest Section 8 book that has been written by experienced S8 landlords.
Chef (angrily): "JUST GO TO WORK, GO TO WORK, GET, GO!"
Now I also must mention that tomorrow, Chef has a court date to get the childcare portion of CS taken off. Chef is kicking and screaming at this and would rather "just pay the BM whatever it takes to keep from going back to court" (TM). He is also blaming the new attorney because this attorney THOUGHT that he could just settle this whole matter over the phone with her attorney. Um, NO because the BM is NOT REASONABLE!
But instead of blaming the BM for not being reasonable, it somehow is the new ATTORNEY'S fault for not waving his magic wand and turning the greedy, massive BM into someone normal.
I'm not buying a house in the "hood" per se because then Chef would NEVER want to move into it. I also told him I'm not looking for the biggest 4 bedroom HUD house on the block, I want to buy a modest 1700 sq ft 3 bedroom house so as to keep problem tenants at bay.
Hopefully in the near future, Chef will get angry enough to move into the rental and if he doesn't pay the mortgage/rent, it won't be that great of a loss because I want to buy it cheap.
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Comments
I have rental properties and
I have rental properties and love them. Easy with a good management company. But, my recommendation is no more than three bedrooms since that seems to be what tenants are looking for. I also have them where there are several Japanese companies since they sign two year leases and the corporation pays their rent. Makes it so easy. I actually do work on the house before needed, because the profit margin is great and I need the tax breaks.
Watch your location and don't get bigger than most tenants are looking for. Call some management companies and see where they have the best tenants.
I use spotcrime.org to check
I use spotcrime.org to check the status of certain streets. Once you go past three bedroom, especially single houses, you are asking for trouble. I wouldn't be renting in the nicer areas becauese I can't afford the nicer properties on my salary alone.
Chef has no credit rating. He had a poor credit rating as both he and the BM had champagne tastes on a beer budget AND he filed bankruptcy back in 2007. He has made no attempt to re-establish credit since then and frankly, I'm glad as he's a spendaholic and impulse buyer.
My start into this has been
My start into this has been in a nice town, but a small property on a nice lot. Three bedroom, three bath. You can do a nice property with a foreclosure. I love the extra income and the plan is to buy another soon and also rent our primary residence out when SS leaves for college and buy another property in our major city. I am looking now knowing if something fits, I will rent it out and move in when he leaves. My ultimate goal is 4 properties and using that income to fund my retirement and not having to use my IRA's. DH will not be buying the next property with me. We have no joint property. Works better this way.
I looked at HUD homes and always found them to be too much work for me. Good luck if you can find a good one.
Hell if my house were paid
Hell if my house were paid off, I'd abandon it in a heartbeat to get the hell away from Chef!!