so i was presented an interesting opportunity over the weekend. my dad and his brother and sister inheritted a house my grandfather owned in vermont and since they're making pretty much no money on it (my grandfather was charging the lady $450/month, just enough to cover taxes, etc..., no real profit) and it's more of a hassle to rent it than anything they're going to sell it around july. they're expecting to get around $150,000 for it. my dad said if i wanted to buy it he wouldn't charge for his portion, so $100,000. i'd feel bad taking that much from him though so let's say $140,000. i haven't looked into it but i would imagine rent for a house like that in that area (20 mins from mount snow and relatively close to a nice lake, really nice town just not a lot to do in the area) would be able to get at least $700/month. i wouldn't really make much of a profit from the rent, but it would allow me to pay the mortgage and build equity. the downside is if something breaks i have to make a trip to vermont to worry about it (a 2.5 hour trip iirc). is it worth it?
to buy or not?
- Thread starter jred321
- Start date
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- 2017 SG Ford Focus RS -- 2003 Protege 5 -- 2016 Ford Expedition
I would buy it... If you are worried about having to drive 2 hrs then look into a management company, they should take care of finding a tenant, most repairs, and if something big breaks they'll find the right person for the job.
The biggest reason that I went for a management company is because I didn't want to hassle with conracts/legal stuff.
good luck
The biggest reason that I went for a management company is because I didn't want to hassle with conracts/legal stuff.
good luck
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- '08 Jetta; '10 Wrangler Unlimited
buy it and rent it out for winter! we rented out place for 8K nov 15-april 15 this year that was about 3 miles from my snow. it slept a lot of people (3 bedrooms and loft).
sure you can rent it out in summer, too. we did not get x-mas week and feb vacation becasue they was 2K more and we really did not want to ski/board those dates......
-R
sure you can rent it out in summer, too. we did not get x-mas week and feb vacation becasue they was 2K more and we really did not want to ski/board those dates......
-R
it was inspected and appraised, that's where they were getting the prices from. they're going to list it at $170k but said they expect to get closer to $150k.
as far as renting it for the winter, it's like just far enough away that it'd be kinda tough to market, maybe not though. my dad said it was 20 mins from mt snow, so it's close enough but not like right next door. it's either a 2 or 3 bedroom, i can't remember, and the attic could be used as a sleeping area it's just not tall enough to be a full room. once the lady who lives there now moves out i'll probably take a trip up and look at it again, check the location, etc... cause i haven't been there in at least 10 years.
as far as renting it for the winter, it's like just far enough away that it'd be kinda tough to market, maybe not though. my dad said it was 20 mins from mt snow, so it's close enough but not like right next door. it's either a 2 or 3 bedroom, i can't remember, and the attic could be used as a sleeping area it's just not tall enough to be a full room. once the lady who lives there now moves out i'll probably take a trip up and look at it again, check the location, etc... cause i haven't been there in at least 10 years.
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- 2002 BJFW, 2007 BK3P, 1979 SA22C, 2005 BK3P
you really can't go wrong with property ownership, long term or short term
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- 2017 SG Ford Focus RS -- 2003 Protege 5 -- 2016 Ford Expedition
if you think you won't be able to find tenant after the old lady leaves and you don't plan on living there then it might be a good idea to think about it. But on the other hand, if you can get a tenant, you have a house that is paying for itself... You have assets... you are getting free equity (read: Free Money)... Your credit rating will skyrocket (providing you can keep the bank happy)
And the biggest reason to buy it, when you are ready to buy your own house, you can sell this one and use the earnings toward the down payment.
But don't take my word for it,in the end it is your decision.
And the biggest reason to buy it, when you are ready to buy your own house, you can sell this one and use the earnings toward the down payment.
But don't take my word for it,in the end it is your decision.
that's one thing i have to look into, how easy it would be to find a tenant. to me, i see vermont as a big open nothingness that is only good for skiing so i don't know why anyone would want to live there. on the other hand, people do live there, so there's gotta be at least a little market. i did a quick search for rentals in the town that it's in (whitingham, vt), and didn't come up with anything. i'd have the market cornered 
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- 96 Miata M-Edition, 2015 Mazda 3 Hatch
dude, I'd say go check it out, get it inspected, and if its kosher, buy it.. never hurts to have real estate.
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- 92 & 16 Meyatas
buy it! it's a deal...how many deals come along like this??? i can tell you...not a whole lot...go for it man!!
MikeAwesome42
Member
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- 2003.5 Protege5
yea, no matter what, owning a house is going to be positive. also, 100Gs for a house that close to ski country is pretty damned good, so you could even just flip it for a profit
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- '08 Jetta; '10 Wrangler Unlimited
jred321 said:hey ryan, i got a new house you can rent next year
was waiting for you to ask!
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