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Rental Property Update

January 7th, 2013 at 11:38 pm

Well, since my son and his friends moved into the rental property I have not had one month when the rent wasn't paid. There is one that I kind of have to chase, but it is always paid by the end of the month. Amazingly, the one girl that is in there is the only one with full rent on the first. I guess girls are just more responsible, at least in this situation. I take my son's rent directly out of his checking account on Fridays so he doesn't have to come up with it all at once.

One of the renters, the problem one, has said that this will be his last month. He wrecked his mom's car a couple of weeks ago and has to move back in with mom for a while. I told DS that meant that the rent was going to go back up unless they get another person in there.

He wants to talk to me about buying the property. I don't think it is a wise investment for him. The roof is 10 years old and it is fixing to need a new furnace. But once he gets something in his head it doesn't go away.

Posted in Misc Thoughts and Updates | 5 Comments »

5 Responses to “Rental Property Update”

  1. creditcardfree Says:
    January 7th, 2013 at 11:51 pm 1357602717
    1357602717

    At the least, I would have your DS call several places to get replacement costs on the furnace and roof. He will need to at least start saving for those repairs if he buys it from you. I bet you could help him figure out if it work on his income. It will be your responsibility at some point if you don't sell it.

  2. LuckyRobin Says:
    January 8th, 2013 at 12:09 am 1357603782
    1357603782

    I don't think it's a good idea for him to try to buy it either. If he has trouble covering an unexpected $64 being deducted from his account, he has no business trying to buy a house right now.

  3. Jane Says:
    January 8th, 2013 at 12:31 am 1357605097
    1357605097

    No disrespect intended, but right now his mother has to take his rent directly from his bank account "so he doesn't have to come up with it all at once." He is nowhere near ready for the responsibility of home ownership and dealing with the associated budgeting. Also, if he does not have $64 as a buffer for unexpected expenses, I doubt he has the necessary downpayment saved.

  4. BuckyBadger Says:
    January 8th, 2013 at 08:20 pm 1357676457
    1357676457

    The only thing worse than YOU owning this property would be HIM owning this property!

    And I mean this in the best way -- but how much easier would your life be if you had been able to get out form under this thing long ago...

  5. baselle Says:
    January 9th, 2013 at 07:09 pm 1357758544
    1357758544

    I have to agree with the others on this. But this is a good teaching moment for him because the bank would be far less forgiving than his mom would be.

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