Author Topic: Any landlords here rent their primary residence?  (Read 1147 times)

undercover

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Any landlords here rent their primary residence?
« on: September 04, 2015, 09:32:37 PM »
The title means that you own properties to rent out but you yourself pay to rent your primary residence.

I wouldn't imagine too many do - as I'm sure some like buying properties, living in them, then renting them out and repeating. But, I was just curious.

And if you do, how's it working out for you?

andyp2010

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Re: Any landlords here rent their primary residence?
« Reply #1 on: September 05, 2015, 05:18:49 PM »
CAVEAT - NZ based, no idea what US law is all about.

I didn't own my own home until after owning 3 rentals.

Reason being, I rented a 5 bed house and let out the extra rooms to flatmates - all with the landlords consent. This gave me a weekly PROFIT on living in the house of $170pw. It was only when I decided I wanted a little bit of luxury, nothing too flash that I bought my first one, 6 months ago and it still makes me $100pw with flatmates in. And I've added about $80k to it's value after purchase and reno costs. Soooo, I have to put up with the odd bit of dishes being left undone and it's rare that anyone else vacuums but bugger it, for the last 3 years, I've got paid to live in a reasonably nice house.

Would never rent them out, live in them and repeat as the tax system here is very much geared against that, mortgage interest and any repairs are then non-tax deductible.

Great way to kill any long term expenses, saved me in the region of $20kpa

clarkfan1979

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Re: Any landlords here rent their primary residence?
« Reply #2 on: September 05, 2015, 07:27:34 PM »
I own two single family homes that I rent out and I'm currently renting an apartment for myself as my primary residence. However, I think my situation is temporary. I just moved and I'm looking at buying my third place in one year.

Renting an apartment for a year works for me. The rental application process was a little weird because they want rental references. I haven't rented since 2006 and it was a room from a friend. I haven't done an official lease since 2002.