thinkin about gettin a house
h:
Senior Member
Joined: Mar 2002
Posts: 16,353
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From: Ossining, New York
Originally Posted by ISP James
bonzo buy a couple of them and pay me to manage them so i dont have to work anyplace else ever again 
Senior Member
Joined: Jun 2004
Posts: 30,331
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From: Montréal, Canada
Originally Posted by ISP James
what business isnt like that? your revenues should always exceed your expenses, shouldnt they?
my gf's current landlord owns 14 local properties and does nothing else, just buys and rents...
my gf's current landlord owns 14 local properties and does nothing else, just buys and rents...
Usually when buying realestate you are actually gaining on equity. You pay out of your pockets renting it for often less then the actual cost of purchasing(or else no one in there right mind would rent) then when selling it back, or to gain equity and re-morgage to buy an other one...
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DAMIMRED
Joined: May 2002
Posts: 13,495
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From: Syracuse, NY
im thinkin in the future when/if i had this gig and rented out both units, id probably have to pay income tax on it as a business which means i can buy a truck and lawn mower and snowplow and write them off as business expenses.... HEMI Ram quad cab, here i come :naughty:
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DAMIMRED
Joined: May 2002
Posts: 13,495
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From: Syracuse, NY
Originally Posted by tark_o
dude i dont know if its normal where your from but i know(as a fact) that in the rest of the world you cant buy a duplex get it paid off totally without paying 1$ in about 9 years!!! If you do 64900 at 5% with paiements of 745/month pais it in 9 years... then you could sell it back for 64000? no its not like that!!
Usually when buying realestate you are actually gaining on equity. You pay out of your pockets renting it for often less then the actual cost of purchasing(or else no one in there right mind would rent) then when selling it back, or to gain equity and re-morgage to buy an other one...
Usually when buying realestate you are actually gaining on equity. You pay out of your pockets renting it for often less then the actual cost of purchasing(or else no one in there right mind would rent) then when selling it back, or to gain equity and re-morgage to buy an other one...
dude what are you talking about? owning a rental property is a business... there is no business in the world that operates for very long without making profit. here is how it works...
say you rent both units at 500 each....
Revenue: 1000
Expenses:
Mortgage: 400
Utilities: say 300
1000 - (400+300) = 300 profits.
as long as your revenue is = or > your expenses, its a profitable venture.
Senior Member
Joined: Jun 2004
Posts: 30,331
Likes: 0
From: Montréal, Canada
Originally Posted by ISP James
dude what are you talking about? owning a rental property is a business... there is no business in the world that operates for very long without making profit. here is how it works...
say you rent both units at 500 each....
Revenue: 1000
Expenses:
Mortgage: 400
Utilities: say 300
1000 - (400+300) = 300 profits.
as long as your revenue is = or > your expenses, its a profitable venture.
say you rent both units at 500 each....
Revenue: 1000
Expenses:
Mortgage: 400
Utilities: say 300
1000 - (400+300) = 300 profits.
as long as your revenue is = or > your expenses, its a profitable venture.
