has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
antoinette
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has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
dh and i are consirdiring this option need opinions please
nov04LIbride
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
FH wanted to...I was concerned with bad tenants, loud tenants, people not paying on time, trashing the place, etc. I really just didn't like the thought of someone else living in my house....FH rented an apt. in a house, and we totally heard everything they did (and I assume vice versa) through the wall...
brideinapril
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
Posted by nov04LIbride
FH wanted to...I was concerned with bad tenants, loud tenants, people not paying on time, trashing the place, etc. I really just didn't like the thought of someone else living in my house....FH rented an apt. in a house, and we totally heard everything they did (and I assume vice versa) through the wall...
You read my mind, I have all of these concerns and I've heard too many horror stories.
DjPiLL
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
This is an excellent investment strategy if you can deal with a tenant. Nothing better than somebody else paying for your mortgage.
One thing to consider... if the apartment you would be renting is 2br... its more likely you will be renting out to a family as compared to an individual or couple. I would believe that there would be less turnover and less BS renting to a family as compared to a single couple. The family would be more likely to establish a home, and not want to move every year. Better IMO.
Teri
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
I personally wouldn't. It'd be one thing to rent out the apt to someone I knew or a member of the family in a crunch, but I don't think I'd buy a house knowing that I couldn't make the payments without a tenant. I'd be too scared of potential problems.....
butterfly20
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
we thought about it, but you really dont know what tennants you get... they could be perfect but you run the risk of miserable ones....also keep in mine your not guaranteed that someone will rent it....you still need to find someone too
Kelly9904
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
I know alot of people who do this and it works fine! My concern would be what happens if for some reason you cant rent the apt? Then you risk losing your house because of it and I dont think thats a risk I would be willing to take!
jannshari
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
I've seen far too many landlords go into foreclosure because they purchased a house they couldn't afford and rented to non-paying tenants. Whether the tenants didn't pay because they were scumbags or because they fell on hard times didn't really matter. If you think that you can simply sue for your money and get it, you would be in for a big surprise. In Nassau County, if you are a landlord and want to evict a tenant, after you have received a judgment of possession and a warrant of eviction, you still have to pay sheriff's fees AND pay for the 1st month's storage of the tenant's belongings...that will run you at least $1,000.
I tell you these things as a tenant-side attorney. I've been doing this long enough to be able to tell anyone who is thinking of becoming a landlord this one piece of advice: Never rent out any portion of your primary residence if you cannot afford the mortgage without a tenant.
Also beware that basement apartments are illegal, so if you find a place with an apartment in the basement and someone decides to tell the town/village/whatever, you can be facing monetary and criminal violations.
Of course, if you have wonderful tenants, it can be a great thing, but I would strongly advise against it.
julz33
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
My Fh and I are considering this... but we will definately be able to pay the mortgage without depending on the rent just incase. It would be cutting it close... but we would still have to be able to afford the mortgage on our own like Jannshari said. The money collected from rent would definatley come in handy
ChristineC68
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
Posted by Teri
I personally wouldn't. It'd be one thing to rent out the apt to someone I knew or a member of the family in a crunch, but I don't think I'd buy a house knowing that I couldn't make the payments without a tenant. I'd be too scared of potential problems.....
I agree with Teri 100%
missmmpr
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
I rent my top floor out to a great tenant...We were a little torn about this at first, but she is great and it really helps...we did a background check on every person we considered...When we start a family, we will take over the top floor
maiahsdad
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
you should never buy a house unless you can aford it......it you need the rent to buy then you are asking for trouble, believe me i would love to buy a house but say if you cant rent it....then what do you do......getting married has enough stress with out things like this........rainemama and i live in a apt with one that is empty below us for 3 months now..i have lived here in this place for years and it's NEVER taken this long to rent, even thoughpeople are always looking, so just think twice....just my though
AmyKay
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
I don't think its a bad idea, but you should be able to afford your home without a tentant, also.
The Original 2nd-time-around
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
I have 2 apartments in my house and they pay 80 of the mortgage. They are GREAT tenants, one has been here for almost 5 years, the other for 25 YEARS!!!! I wouldnt change a thing and I think it's a GREAT option, especially for young couples!
allaboutthecake
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
FH and I just closed on our house yesterday. We would be able to swing the mortgage without a tenant but having a tenant helps out SO much. We already have it rented and have gotten the security and whatnot. You don't need to buy a house with an apartment already in it....those seem to run more money. FH and I had a contractor set up an apartment...door installed, sheetrock, starter kitchen and so on. It's really a big help...you just have to screen your tenants. Good Luck!!! Any questions just ask
Dani00518
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
Dh and I are also considering this option...not so much for the extra money but more because I would feel safer having someone else in the house.....Dh works alot and always at night....so basically I spend many nights alone....and I'm a scardy cat...every little noise freaks me out so for me I would feel much more comfortable!
itsbouttime
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
it would be great to have the exra cash but you could also be asking for a problems!!
angellvjs95
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
We bought our house 3 years ago and last year we decided to make an apt in one of our garages. I think it was a good thing for us. We had no problem paying the mortgage but now we have a nice savings from the apt. Its really nice too 1 bedroom,huge living room, kitchen, cathedral ceilings and a small loft over the bedroom.
Scoop
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
I always lived in a single family house growning up and so did my husband and we had many of the same concerns that have been posted on this thread...bad tenants, noise, not paying rent, etc.
However, we ended up buying a three-family house for the following reasons:
It is a great investment (b/c even when we move out down the road, we will keep it.)
Since both of us work full time, we didn't want to buy our 'dream' house now b/c we wouldn't be able to enjoy it and we would have nothing to look forward to.
The two rents cover most of our mortgage and now we are saving for another multi-family investment to rent out.
I am so happy that we did this. Our house has three separate entrances and I was very careful of the people we rented out too. Both apartments are rented by young couples who work and are never home. We haven't had any issues from them at all and it is going on 2 years. (knock on wood.)
I would definitely look into it. Good luck with your search.
kathleenmarie
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Re: has anyone bought a house with an apartment because you couldnt really swing the full mortgage without it?
We couldn't afford our house with out a tenant. We are having his parents rent from us and this helps us both. If we ever have to rent to someone we didn't know I would go through a real estate because you get less problems that way. You have a better chance of getting a reputable person and they are screened. I'm glad we will have his parents right now though.
