The REAL cost of ownership on a SFH - Posted by Russ Sims


#1

Posted by Russ Sims on December 08, 1998 at 18:29:22:

I read the article in my Sunday paper here in Tacoma (12/6). So it was an article about an article in the Wall St. Journal…My paper is owned by the New York Times so perhaps it appeared there…


#2

The REAL cost of ownership on a SFH - Posted by Russ Sims

Posted by Russ Sims on December 08, 1998 at 14:04:59:

Perhaps some of you read the recent Wall Street Journal finding that the long term cost (maintenance, repair, upgrades) of home ownership can equal the value of a home if you buy and hold. What I am wondering is this: Do you experienced investors have a reliable “average” figure to use for this cost? The Sheets course suggests a figure of $35-$50 dollars a month for maintenance. Is this realistic? If so, what about funds for capitol improvements like remodeling? If you buy and hold, do you have a general way of budgeting for that? It is oh-so-important to know what our costs are going to be going in so any info you can pass along would be greatly appreciated. Thanks!
Russ Sims


#3

Re: The REAL cost of ownership on a SFH - Posted by Rob FL

Posted by Rob FL on December 09, 1998 at 19:35:19:

On SFH I try to pass some of the costs for maintenance/repairs on to the tenants. Usually about 5% of their rent. In other words if they pay $600 per month they pay the first $30 a month in repairs. It eliminates calls in the night and it saves me time any money.


#4

Re: The REAL cost of ownership on a SFH - Posted by A Miller

Posted by A Miller on December 08, 1998 at 18:20:11:

Who cares!! Property can double every 10 years if youre buy and hold. But the big money is made by the great buy-the deal!! Ive owned a lot of property over 25 years and the
easiest is a house. You can go 5 years and never have
any hassels. But just buy 10 units or so and see the
difference. To buy to resell you should go to double
your money to turn quickly. Forget everything esle.
If you cant buy right dont waste Time!!! You`re deal-
with time more than money because real estate is slow.
It takes 30 days + to close when you buy-same to sell
and you want to double moneys.


#5

Re: The REAL cost of ownership on a SFH - Posted by drew

Posted by drew on December 08, 1998 at 15:53:07:

Russ,
Do you have the date on that article?

Thanx!
-drew