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BenKenobi
Crazy Old Hermit
Joined: Nov 24, 2002
Posts: 1204
Points : 954
Location: Oak Grove, KY (temporarily)
Status: Offline
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 Posted:
Tue Jan 31, 2006 3:46 am
Post subject: I'll be back.. |
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The Kenobi family will be moving back to Baton Rouge (hopefully) at the end of March as part of the process to returning to (the) New Orleans (area)..
The problem is gonna be finding housing.. anyone got an inside-track on a house (at least 2 br, 3 preferable.. # of bathrooms doesn't matter.. as long as there's 1) anywhere in the BR area (zachary, baker, BR, gonzales, etc ... though I'd prefer gonzales or that side of br, for quicker trips to NO) for rent at a REASONABLE rate?
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"The ability to speak does not make you intelligent" -- Qui-Gon Jinn
LouisianaSports.net |
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AWE
Site Admin
Joined: Nov 24, 2002
Posts: 1655
Points : 1436
Location: Baton Rouge, LA
Status: Offline
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Posted:
Tue Jan 31, 2006 10:37 am
Post subject: |
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I've emailed Ginger Murray with Red Stick Realty to look into rentals for y'all and will mention it to her at the BNI meeting at 11:30 also.
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BenKenobi
Crazy Old Hermit
Joined: Nov 24, 2002
Posts: 1204
Points : 954
Location: Oak Grove, KY (temporarily)
Status: Offline
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Posted:
Tue Jan 31, 2006 11:36 am
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Well, I guess that's pretty "inside"  ...
Hopefully someone knows someone who doesn't go through a realor though ..
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"The ability to speak does not make you intelligent" -- Qui-Gon Jinn
LouisianaSports.net |
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AWE
Site Admin
Joined: Nov 24, 2002
Posts: 1655
Points : 1436
Location: Baton Rouge, LA
Status: Offline
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Posted:
Tue Jan 31, 2006 3:29 pm
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She might be able to find something you can buy also and pay the same you would in rent.
Chasity Marshall with First Mutual Mortgage will do free pre-qualifications.
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BenKenobi
Crazy Old Hermit
Joined: Nov 24, 2002
Posts: 1204
Points : 954
Location: Oak Grove, KY (temporarily)
Status: Offline
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Posted:
Tue Jan 31, 2006 3:45 pm
Post subject: |
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| Quote: | | The Kenobi family will be moving back to Baton Rouge (hopefully) at the end of March as part of the process to returning to (the) New Orleans (area).. |
I'm not too interested in buying in Baton Rouge.. Although I suppose a person can sell at any time during a mortgage..
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"The ability to speak does not make you intelligent" -- Qui-Gon Jinn
LouisianaSports.net |
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AWE
Site Admin
Joined: Nov 24, 2002
Posts: 1655
Points : 1436
Location: Baton Rouge, LA
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Posted:
Tue Jan 31, 2006 4:17 pm
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Yep.
And you might make some money if you buy and then sell. Or at least you'll own something if you don't. You never make money renting and just flushing it.
Even better... Buy a duplex or a 4 plex. Live in 1 unit. Rent the rest. Pays for itself.
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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Posted:
Tue Jan 31, 2006 4:38 pm
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Yes, and you can depreciate the house and all that jazz.
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Trunks
Regular
Joined: Feb 07, 2005
Posts: 177
Points : 268
Status: Offline
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Posted:
Tue Jan 31, 2006 4:43 pm
Post subject: |
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| AWE wrote: | Yep.
And you might make some money if you buy and then sell. Or at least you'll own something if you don't. You never make money renting and just flushing it.
Even better... Buy a duplex or a 4 plex. Live in 1 unit. Rent the rest. Pays for itself. |
nope...not really for a while not unless you charge more rent than the going rate by quite a bit.
Example....
Where I used to live the rent was between 450 and 650 (for the same sized units, just different owners) One of the units sold for about $100,000. So for lack of a better number lets say all 4 would sell for 400,000. Now lets say you have good credit and get near the current rate ~ 5+%. Using annual accumulation the fist year you will lose/build 20,000 in tax on that. That averages out to losing near 1600 a month for the first year.
But to look at it another way your payments will be near $2400 a month. If on the 3 remaining units you keep them full and have no repairs or whatever then you need to charge $800 or more in rent. And the bank will want you to have some kind of insurance, so you have to pay for that too.
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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Posted:
Tue Jan 31, 2006 5:22 pm
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Then you have to worry about non-paying renters and all sorts of legal crap.
Okay, using Trunk's numbers, on a 30-year loan.
Monthly mortgage payment: $2150 (rounded to nearest $10)
It wouldn't pay for itself per se. It'll help reimburse you; however, without knowing too much in the way of specifics, the tax consequences could be rather bad. If you make money, you have to report it. Yet if you don't make any money, your tax deductions are limited.
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AWE
Site Admin
Joined: Nov 24, 2002
Posts: 1655
Points : 1436
Location: Baton Rouge, LA
Status: Offline
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Posted:
Tue Jan 31, 2006 6:27 pm
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Pulled these out of the Advocate... Run the numbers.
$128,000
CENTRAL DUPLEX: 3BR/2BA. Remodeled. Vacant. $128,000.
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$45,000
(2) homes 2br/1b ea. Adjacent to one another. Fully rented $45,000 for both.
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Trunks
Regular
Joined: Feb 07, 2005
Posts: 177
Points : 268
Status: Offline
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Posted:
Tue Jan 31, 2006 8:27 pm
Post subject: |
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| AWE wrote: | Pulled these out of the Advocate... Run the numbers.
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Run your own numbers…
2 homes 45k, sounds like mobile homes. I can not imagine them being in good shape, or in a good place. Anything as crappy as that sounds, the bank would not give you a loan.
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BenKenobi
Crazy Old Hermit
Joined: Nov 24, 2002
Posts: 1204
Points : 954
Location: Oak Grove, KY (temporarily)
Status: Offline
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Posted:
Tue Jan 31, 2006 10:54 pm
Post subject: |
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and 128k for a duplex? sounds like it's crap.
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____________
"The ability to speak does not make you intelligent" -- Qui-Gon Jinn
LouisianaSports.net |
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paTRICKY
From back in the day...
Joined: Dec 04, 2002
Posts: 19
Points : 50
Location: NOLA/DC
Status: Offline
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Posted:
Tue Feb 07, 2006 12:22 am
Post subject: |
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chris, you're in kentucky? sucks. sorry i've been delinquent around here. it'll happen again. but i'm like a bitch dog, i'll come back again and again...
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BenKenobi
Crazy Old Hermit
Joined: Nov 24, 2002
Posts: 1204
Points : 954
Location: Oak Grove, KY (temporarily)
Status: Offline
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Posted:
Tue Feb 07, 2006 12:29 am
Post subject: |
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Yeah.. Katrina really fucked my house up..
http://chrisgarcia.com/gallery/v/other/houses/walker/
S o we had to stay where we evacuated .. Which was Oak Grove, KY ... Where the in-laws live.
As for buying a house ... I've looked at the numbers.. I only made $11000 last year, and right now (which is what they'll look at) I'm only making $400 per month (that I can prove.. i don't have any proof of my tip income) ... My credit is horrible, I'm in a "credit counseling" program...
So more than likely, I'll just be assraped by gouged rental prices until I can make more money.
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"The ability to speak does not make you intelligent" -- Qui-Gon Jinn
LouisianaSports.net |
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paTRICKY
From back in the day...
Joined: Dec 04, 2002
Posts: 19
Points : 50
Location: NOLA/DC
Status: Offline
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Posted:
Tue Feb 07, 2006 12:44 am
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katrina fucked my shit up too. i got a pimp trailnizzle to housee my dizzle fo shizzle for the timebizzle.
um...and it came with a fridge.
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