Author Topic: Our house with apt.  (Read 2214 times)

Mstrlucky74

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Our house with apt.
« on: July 08, 2014, 06:18:21 PM »
We own a home on Long Island, NY where we live on the 2nd floor(3br) and there is a legal apt. On the ground floor(1br).

We have some space on the ground floor as that is where we enter, the laundry room is down there and we converted the garage to a den. We bought the house  about 8 years ago for $350 and put down about $50k. Unfort the market has spiraled downward but is slowing coming back and our home has been accessed at about $300k. I believe our mortgage is about $2,500 per month and we get $1,150 for rent. Just looking for any advice as to what we should do if anything to help us financially.

Btw, our interest rate is 4.3%


Should we buy more real estate as an investment? We are thinking about Florida. Thanks a lot
Thanks
« Last Edit: July 08, 2014, 06:21:27 PM by Mstrlucky74 »

Mstrlucky74

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Re: Our house with apt.
« Reply #1 on: July 12, 2014, 05:12:36 PM »
No advice and all these looks..:) :(

Another Reader

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Re: Our house with apt.
« Reply #2 on: July 12, 2014, 05:19:08 PM »
What you own is no indication of whether you should buy more.

What would you buy?  How much would it cost?  How would you finance it?  What rent would you expect?  Who will manage it?  What are taxes, insurance and other expenses like where you are looking?  What is your financial situation?  Do you have a down payment?

I could go on, but you get the idea.  No one can have an opinion on what they would do in your shoes without a lot more information.

SDREMNGR

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Re: Our house with apt.
« Reply #3 on: July 12, 2014, 06:03:17 PM »
I don't see the question.  What is the question?  How should you get more out of the house?   Sell or rent it all out?

Mstrlucky74

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Re: Our house with apt.
« Reply #4 on: July 13, 2014, 12:34:29 AM »
Sorry and yes....what can i do to get more out of the house? Thanks.

escolegrove

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Re: Our house with apt.
« Reply #5 on: July 13, 2014, 08:21:42 PM »
We have been actively investing in real estate. I have been treating the "lowered prices" as houses being on sale. The market is coming back up and does not make sense in all markets. So I definitely recommend you do your research. If you go to Florida make sure you evaluate your deal base on Florida's higher taxes as they have no state income tax.

Only you know where you are comfortable investing. Pure investments require 20% down. Personally your primary sounds like a great deal. You have a $350k house for $1,350 a month as long as you don't mind having a tenant.

Zoot Allures

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Re: Our house with apt.
« Reply #6 on: July 13, 2014, 11:24:22 PM »
No advice and all these looks..:) :(

I found your post confusing. Perhaps others did too.

arebelspy

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Re: Our house with apt.
« Reply #7 on: August 11, 2014, 10:12:29 AM »
I'd try to sell that property ASAP (and take the loss).  Whether or not you want more rental property will be up to you and your temperament, goals, etc.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.