Quote:
Originally Posted by look 171
I say do it. There will always be renters in los Angeles. Especially in your area. There are many areas where they can't rent fast enough. If you are just a little too late, you are to look at the next one. A lot of people I talk to that are landloards list them just below market value just to get them rented and to a stable family. People who can afford to rent in your area will be fine. I know its hard to believe for many of you here, but people are still coming to socal.
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Yep, we let our condo go before we bought this place because it was in Santa Monica - easily a great place to rent and it was bought in the 90s and the mortgage was damned near nothing but because all the renters in the other units were typically on some sort of assistance and the other owners were all kind of nuts we decided to sell. It wasn't an easy choice but we feel it was the right one.
In this part of town there is a very limited housing market - so even me buying something else is kind of a stretch to be honest. We don't want to leave town we just want to go from the 1700 sq ft we have to something like ~2500 sq ft, nicer garage - basically move up a notch. I feel like I could easily rent this place for 40% more than my mortgage. What I need to figure out is, if that is the case then how much of that 40% is going to be eaten up by other expenses.
I am handy and I have a lot of good resources for folks who can handle plumbing, electrical, structural and landscaping issues. I have a good tool belt of my own and of contractors I know and have worked with.
I'm not against having someone else manage it if that fits into the expenses and doesn't kill me on profitability. Just part of the equation really.
I'm not interested in making anyone a deal or listening to a story really. In fact because of this and the close-knit nature of the town I would likely lean towards a management company to isolate myself and not publicize myself as the owner.