House with an apartment

DeniseMang Posted: Nov 20, 2002 04:20 PM

House with an apartment

Hi girls. Need advice fast! We think we have found a house and expect to put an offer on it tonight. Its in North Babylon, not the same one I talked about the other day. This one is in the poet section. Anyway, they have an legal apartment on the upper floor, its a cape. My question is do you think I am crazy to buy that house and rent the top floor to someone. It is a great one bedroom ap't. It would be great income for us and I might be able to stay home with that income coming in. The only thing I worry about is renting. They will have to come in the front door to go upstairs (we have our own door to our part of the house). and I worry about hearing them walking above us. Advice please, fast! We originally wanted to do a basement ap't, but most capes dont have a separate entrance into the basement or are not set up with kitchen and bath or are small and ugly. Please help quick!

NovemberSue Posted: Nov 20, 2002 04:23 PM

Re: House with an apartment

I think everyone will have a different opinion on this one. It would be a great second income but you could wind up with a lousy tenant. You could also wind up with a great tenant.
We have friend's that rented upstairs to a close friend of theirs and its hurting the friendship now.

NovemberSue Posted: Nov 20, 2002 04:29 PM

Re: House with an apartment

I hope I didn't bum you out. I'm just trying to look at both the positive and the negative sides. Good luck with whatever the decision. You must be so excited.

Latina511 Posted: Nov 20, 2002 04:32 PM

Re: House with an apartment

I don't think its a bad idea to rent the upstairs. I would do it just for a few years too help out with the mortgage. When ready you can always stop renting the apartment.

Marcela1654 Posted: Nov 20, 2002 04:34 PM

Re: House with an apartment

I think it's a great idea. Are there wooden floors upstairs or carpeted floors? If there are wooden floors, you should carpet them to absorb the noise of people walking around.
I think renting that apartment will be a HUGE help with the mortgage and expenses. Especially in the beginning. And you can always stop renting it when you're ready.

Good Luck!

DeniseMang Posted: Nov 20, 2002 04:44 PM

Re: House with an apartment

Thanks so much, girls!!!!!!!!1

Teri Posted: Nov 20, 2002 04:49 PM

Re: House with an apartment

hmmm - unless you know someone who would be a great tenant, I'd be a little hesistant to rent it to a stranger. You hear stories sometimes of horrible tenants and you can't kick them out quickly. Sorry - just my 2 cents

NovemberSue Posted: Nov 20, 2002 04:52 PM

Re: House with an apartment

We have to look out for each other. Be very careful who you rent it to.

Lisa Rose Posted: Nov 20, 2002 04:58 PM

Re: House with an apartment

its a good idea as long as you do not rely on the apt to help pay for your mortgage. You should be sure that you can pay for your mortgage with or without the rental income.
I lived on the top floor of a cape, I used the same front door as the downstairs, I had all carpets and the landlady never heard me and visa versa. I lived there for almost 8 years.
I guess it would depend on the tenant that you would have.

Good Luck with what ever you do!!

DeniseMang Posted: Nov 20, 2002 05:10 PM

Re: House with an apartment

Well we will definitely be careful. We will either keep the guy who is there now, who the owner says is great (?) or we will go to a real estate broker and get someone single who works, get backgroud checks and references and we will also interview this person. Its a chance we take. But I rented for 8 years too and I was a great tenant -- I think God has some pay back for me! :) Any of you girls looking for an apartment in May??? Also, we will have a lease stating they must leave if we want them too. We will do everything by the book!

Becky Posted: Nov 20, 2002 05:13 PM

Re: House with an apartment

I agree that you should not do it unless you can swing the mortgage with or without the tenant. If you can, than I think it is a great deal. Of course you will want to be careful about who you rent to, but you could end up with a hateful neighbor, too. At least the tenant you can get rid of if you don't like them Good luck! I am so proud of you that you managed to save such a nice chunk for your deposit! That is great. (I meant to say that a while ago, but I don't think I ever did because I hardly ever have time to respond to anything anymore)

DeniseMang Posted: Nov 20, 2002 05:17 PM

Re: House with an apartment

Awe thank you@ :-) Well for the next year or two that I am working we can definitely pay the mortgage with or without the tenant, therefore the extra income will be building back our savings from how we are cleaning it out with the down payment. I was hoping to have the tenant for when I am not working. I mean we will have a nest egg in case something happens and who knows by them, maybe we won't be depending on the rent money. But if we are and something happens to the tenant we have, we will just have to find another tenant fast and dip into our savings, if we have to.

Fran M Posted: Nov 20, 2002 05:38 PM

Re: House with an apartment

Denise Best of Luck to You -
I agree with the other ladies you have to be very careful. I have a cousin who had to evict her tenants after they totally trashed her basement apartment. I have another cousin who rented (happened to be in N. Babylon) for about 12 years with very little problem. So you just have to find out as much as you can about the renter and stay on top of them. Just curious - What happened to the other house?

alina Posted: Nov 20, 2002 05:54 PM

Re: House with an apartment

I wouldn't do it simply b/c I would feel weird sharing a home with someone else, even if its a full legal apt... I also don't want to risk having tenant issues, but then again I would most likely buy a smaller house, to make sure we can afford the morgtage, etc.

jennbaby Posted: Nov 20, 2002 06:57 PM

Re: House with an apartment

I would definately do it.
However, either rent to someone you know or get references and check them
Good Luck!

Stacey1403 Posted: Nov 20, 2002 11:19 PM

Re: House with an apartment

Ditto on checking references. Go for it!

MarcellaBella Posted: Nov 21, 2002 09:46 AM

Re: House with an apartment

I think that's a great idea!! Everyone is doing that now-a-days.. I plan on doing the same with my first home...

Let me know if you need someone to rent it for you...it wouldn't cost you anything and it would air out all those crazy people out there..

Good luck!! it must be soo exciting!