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Old 06-13-2018, 03:28 PM
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Default Buying the house next door

Buying the house next door to us. Going to use it as a rental (and already have it rented, even before we close on it).

Sits on 5 acres so that'll gives me 15 adjoining acres. Once we have the house done, I'm going to try and buy the 20+ acres next to it.

It'll need a little work. New paint, carpets and some bathroom re-dos.

Don't have any recent pictures but you can get the idea from when we built the deck.
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  #2  
Old 06-13-2018, 06:32 PM
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Default Re: Buying the house next door

Looks like it will make a great rental property.
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Old 06-15-2018, 08:34 AM
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Default Re: Buying the house next door

Nice! Now we can call you slum lord ..... :)
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Old 06-15-2018, 08:53 AM
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Default Re: Buying the house next door

Let's keep it short. Just call me Lord.
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Old 06-15-2018, 09:31 AM
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Default Re: Buying the house next door

Have you been a landlord before?

I've never done residential rentals, my wife is adamantly opposed to being a landlord. Laws vary by state as to favoring either tenant or the property owner. Indiana laws are pretty favorable to landlords. Illinois laws favor tenants.

I've only done commercial and industrial properties as a landlord.
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Old 06-15-2018, 10:01 AM
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Default Re: Buying the house next door

Never been a landlord before.

We had our attorney create a triple net lease for us. That should greatly reduce our risks and responsibilities.
https://en.wikipedia.org/wiki/NNN_lease
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Old 06-15-2018, 01:27 PM
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Default Re: Buying the house next door

Quote:
Originally Posted by bczoom View Post
Never been a landlord before.

We had our attorney create a triple net lease for us. That should greatly reduce our risks and responsibilities.
https://en.wikipedia.org/wiki/NNN_lease
Triple Net is the way I do commercial
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Old 06-15-2018, 10:04 PM
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Default Re: Buying the house next door

Quote:
Originally Posted by Melensdad View Post
Have you been a landlord before?

I've never done residential rentals, my wife is adamantly opposed to being a landlord. Laws vary by state as to favoring either tenant or the property owner. Indiana laws are pretty favorable to landlords. Illinois laws favor tenants.

I've only done commercial and industrial properties as a landlord.
I've done residential rentals. If I ever do another one I will place it in the hands of a professional, and the tenant will never know who actually owns the property.
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Old 06-16-2018, 12:11 AM
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Default Re: Buying the house next door

Nice, I really like that deck.
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Old 06-16-2018, 07:53 AM
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Default Re: Buying the house next door

Quote:
Originally Posted by jimbo View Post
I've done residential rentals. If I ever do another one I will place it in the hands of a professional, and the tenant will never know who actually owns the property.
If I ever did a residential it would with a professional manager. And I'd probably do a mid-size multi-unit building, 8 units or more. And it would probably be in an upper middle class area. And it would probably be at the higher end of the rent scale. And I would look for retired professionals as tenants. And ...

So all that said, I will likely never do residential.

Honestly residential scares me. Even with the favorable Indiana lease laws. I know I'd never even buy a property, residential or commercial in some states (Illinois being one of those). Real estate can be the greatest of all investments but it can also be a nightmare. I recommend real estate to most people, but with words of caution.
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