 Can i leave my tenenacy agreement in the first few days if i dont like my neighbours? |
| I have just moved into a new flat and have only been there a few days. It's an upstairs flat and i've discovered a young family living below who like to play music, blast their TV and ... |
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 In foreclosure, can they take other property? |
| I can't make current mortgage payments, and am trying to sell. But if I can't it will go into foreclosure. If the bank sells the house for LESS than the loan amount, can they make me pay ... |
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 College, flat and a job ~ only 16 need advice!!?? |
hey !
i want to move in a flat with 3 of my friends into a 2 bedroom flat (we're gonna share rooms) but i know that rent is very expensive so i would need to get a job to help pay for it, i&... |
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 Foreclosure or...? |
| I own a rental with huge structural problems needing repair and tenants who never pay their rent on time. The building is below code and this wasn't reported to me by my inspector. I am in ... |
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 How do i rid myself of a renter who wont pay rent? |
| i have a renter who will not pay her rent. i want her out because i have someone who will. i dont have the money to go to court. what do i do?... |
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 My new home contract says that the home is pre-wired for a security system, but I found out that it is not? |
| They are only offering me $150 to make up for this. To me, the pre-wiring was an attractive and valuable part of the home purchase, especially when I decide to sell it. What do you recommend that I ... |
|
 How can medium income people afford a home in California? |
How is it that people can afford homes in California if a small home is $400,000 or more?
I know for a fact that people don't make 8 times as much as the rest of the country.....
... |
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 Roomate problem? |
| I recently bought a house on my own. I got a renter to help allivaite the added costs of living. But this current roomate seems to think he "runs the show". He takes things of mine and ... |
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 Will we be able to refinance our home ? |
| We bought our home in Riverside Ca. in 11/05 - we have a 5 years interest only loan - we have 3 years left on that loan. We can refinance at the 5 year point - but with the market the way it's ... |
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 How can you buy a house if you have bad credit? |
| How can you buy a house if you have bad credit?... |
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 My rental property has mould and damp. the landlord keeps telling me to wipe it off and keep windows open? |
| is this legal . i have reported it many a time and he says its because of double glazing. whats my legal ... |
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Nathan R | Is it wise to buy a condo and then rent it out to someone to build equity? |
Probably something in the 80 to 100 thousand range. Would only be able to make a small down payment. Is this a good idea or waste of time and money? I am twenty one years old. Thanks for the imput. |
 |
 
cricket
|
It's an excellent way to go. Someone else is basically buying the property for you when you do this. I'd advise you to collect a sizeable damage deposit in case you get a bad tenant. Don't worry too much about damage though, just keep your homeowners policy up to date and you'll be fine! |
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BoomChikkaBoom
 |
You really need to sit down with a good lawyer who specializes in Landlord/Tenant issues. Sometimes when it comes to condos, there are many additional laws and regulations.
I do real estate closings, and I can't begin to tell you how many condo horror stories I have witnessed.
For instance, one client who showed up after someone else had done his closing. He had bought a condo from a person who owned 6 units in that building. Because the prior owner had owned 6 units, all the units were subject to rent control. The tenant in the recently purchased unit was also a pre-conversion tenant.
Long story short, the tenants rent was about $ 400.00 The clients mortgage, taxes and maint. were around $ 1,500.00. He had not bothered to consult with someone who knew what they were doing, so he did not know that not only could he not raise the tenants rent more than the CPI (usually around 2% or 3%), he also could never evict them for anything other than non-payment or destruction because of their protected status.
In other words, his investment was costing him more than $ 1,100 a month, and all because he was too cheap to pay $100 for an in-depth consultation BEFORE he signed on the dotted line. |
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Dirty D
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First check out the rental laws in your state and with whoever owns the property the condos are on and see if they'll allow it. Some won't and actually have a board that reviews prospective tenants. Secondly you'll want to keep the names of some good cheap contractors handy because if anything needs fixed in most cases you're the one who's footing the bill. If you can find good tenants it is a nice source of income though. |
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rahrah
|
Yes, i believe so. As long as you have the other resources to do so....You'd need to manage it, etc. It's gonna end up being more time and money than you believe (if you think the price of the condo is the only investment you're gonna make). but overall, i believe it's a good deal. |
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fuschiawillow
 |
Renting out property is a very big risk. Many tenants thrash the properties they rent solely because they can and its not theirs. |
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willberb
 |
If you can get positive cash flow, its a great deal. |
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newpuppymommy
 |
my son just bought one in sacramento, CA for 172,000 and that was a good price...it's a buyers market now so don't wait too long..good idea if you can handle it all..good luck.. |
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brittanyprovidence
|
Rental property is a great investment. It brings in a little money during the month but it appreciates over the years. If you can get it done then do it.
But you should look up the rental laws in your state. |
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chicata25
 |
In my state you cant rent out a condo that you are buying. I'm not sure why but it is illegal for some reason. I'd check it out before doing so |
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