want to rent out my house, but where can I LIVE? - Posted by claudio rivera

Posted by GL(ON) on July 12, 2002 at 09:58:42:

You are obviously comfortable with the rooming house concept so why not do it again? Look around for a big house that can be bought reasonable with the idea of turning it into another rooming house.

This is a way to generate large cashflow but it is labor intensive and management intensive. If you can handle it you can really get some good income.

Another largely overlooked type of property is the house with a basement suite or granny flat. They usually sell for only $5000 or $10000 more than the same house with an unfinished basement or no granny flat but they bring in nearly double the income.

You could also be looking at duplexes, triplexes and small apartment houses.

Valuable tip: the bigger the building the more positive cash flow, yet the harder it is to sell and therefore the easier it is to buy with owner financing.

There are lots of buyer for rental houses and duplexes. For some reason the number of buyers thins out rapidly once you get to 4 or more units. Also the banks often put them into the commercial category rather than residential (same as a house) making it much harder to get a loan.

So you can often get a good deal with positive cash flow and owner financing on an apartment house where you can’t on rental houses.

Look for a “don’t wanter” landlord. One with vacancies tenant problems and a slightly run down building is usually fed up and just wants out of a headache at any cost.

want to rent out my house, but where can I LIVE? - Posted by claudio rivera

Posted by claudio rivera on July 12, 2002 at 07:43:06:

hi, i’m new, i’ve looked around, not quite ready, yadda, yadda, yadda… :wink:


right now, my girlfriend has a house (that is being HOMESTEAD with her and her parent’s name on it, what is HOMESTEAD exactly ANYWAY?) with 4 bedrooms. she lives in one (and acts as the manager, while her mom acts as the owner/landlord/big boss), and rents out the other 3 rooms to ALMOST pay mortgage+expenses (in other words, it’s very cheap rent for her because her tenants are covering the bulk of the mortgage+expenses).

my question is, i know that we could rent out the whole house as one unit, or just rent out my gf’s room (total 4 rooms) and we could easily generate a positive cash flow (ex: my gf pays about $200 for her rent, we could easily rent her room out for $450-650, so, 250-450 cashflow, right?)…


is there a way to work it out so that we can secure a new place to live with no money down, and POSSIBLY EVEN pay for the new place using income from the rental?

HOLY CRAP! I’M LATE FOR “WORK”! i need to get out of this rat race very soon!

please email me (remove “SPAMGOAWAY”) and we can discuss the details and such… right now, i SERIOUSLY have to go to work. :wink:

thanks for your time!
claudio rivera.