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Chess Pie
Chess Pie
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Tour of the new duplex is up. I am not sure I'd be willing to live like that to make money house hacking haha. She seemed unsure of the size of the unit they are living in now but if it's on the higher end of her range at 1400 square feet, downgrading to 950 is not an insignificant size difference. I wish she still showed us her budget because I'd be curious how she plans to cash flow the renovations. The bathroom seems to need serious work, it looks to have a lot of mold and water damage. The newer side looks nice except for the weird door in the middle of the wall.
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Muffin Warfare Survivor
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I know it’s not that much of a down size, but she has a lot of stuff and 3 dogs in that small size. And going from two bathrooms to one bathroom. I wouldn’t want to keep living like this to house hack. Now she’s gonna have 3 tenants to bother her with issues. 🤣 I’m assuming she still has the RV too. The place does look nice. The renting side looks nicer than her new side.
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Chess Pie
Chess Pie
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Yuck, in one of the comments she said there are german cockroaches in the kitchen on the side she is taking.
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Lumpy Frosting
Lumpy Frosting
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I got the impression (due to her description of tenants' sleeping arrangements and their reluctance to sign a lease) that she bought a property that was previously housing migrants.
Given Sarah's and Jacob's recent engagement I was curious to know how this would factor into the house purchase - if they were going forward as a "team", or not. They're not (at least as co-owners of property).
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Muffin Tosser
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I don't understand why they're moving into this one instead of just staying where they're at and renting out both sides of the new place. It seems like a big downgrade. Smaller and only one bathroom? And has no backyard for the dogs, just that dirt pit in the front that she's going to have to fence in. And then they'd have to haul all their shit over there. It just doesn't make sense to move there other than for the novelty of a new place.
I wonder how this is all going to work when they get married. Is he going to get half ownership of everything? Is she still going to charge him rent so she can live almost rent free?
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Chess Pie
Chess Pie
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QUOTE (leahh @ 2/2/2024, 09:41 PM) I don't understand why they're moving into this one instead of just staying where they're at and renting out both sides of the new place. It seems like a big downgrade. Smaller and only one bathroom? And has no backyard for the dogs, just that dirt pit in the front that she's going to have to fence in. And then they'd have to haul all their shit over there. It just doesn't make sense to move there other than for the novelty of a new place.
I wonder how this is all going to work when they get married. Is he going to get half ownership of everything? Is she still going to charge him rent so she can live almost rent free?
She has to live in it to qualify for the lower down payment. There are different rules surrounding rental property and mortgages and all that. That's why I said I don't think I'd want to make money this way if I had to live like that to do it haha. She said she had the cash to put down 20% to avoid that rule but then she'd not have as much money for the reno which it clearly needs. Plus she can rent her current side of the duplex out for more than she could this new place.
I'd be curious to know her arrangement with Jacob and this new place now that they are engaged. Sounds like she still bought this one on her own. Wonder if she's going to charge him the same rent, less because it's not as big a place, or if they'll do more of a split on expenses now that marriage is happening.
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Lumpy Frosting
Lumpy Frosting
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Is she gonna debt snowball Jacobs student loans?
260k seems impossibly cheap for something like that, especially with a new addition.
I think she's done alright.
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Swiss Roes
Swiss Roes
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I would think she would want to eventually get a house for her and Jacob. One that they won’t need to think about tenants moving into it in a few years. The side with the one bedroom looks great. She just needs to fix the random door leading to the other half and she could rent that out quickly to a college student/med student/single person. She benefits a lot from living in a college town. She will always have a ton of renters wanting a place to stay off campus.
Her side of the duplex however, ick. I don’t know the current rules but last I checked to qualify for the lower down payment you have to have intentions to live in the dwelling for two years. I guess that gives a lot of time to do the cosmetic repairs to her side. But I do think it’s a bit cruel to have 3 dogs in a small space with no yard. Hopefully those dogs get adequately exercised in some way
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Lumpy Frosting
Lumpy Frosting
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Its weird to me that a house that new has sash windows.
Her dogs if I remember correctly are quite small, so if she fences in the front yard I suppose it'd be ok.
The law of averages are now way higher that she's gonna land a bad tenant - one of those professional renter people who portray like the salt of the earth when they apply
Just to put things in perspective you buy 1 unit and share a wall with the space next door and its gonna be like 272k in american money.
So this place started its life as a single family home and then somebody decided to tack another unit to it to make it a duplex only 2 years ago.
I don't think you'd do something like that here, cause the unit I'm talking about is existing, but if you added another unit onto your home to make it a duplex you'd have to meet all sorts of regulations as far as a fireproof wall between the units and such.
That being said on paper I guess this would be classed as one home.
An extension like that where I am would cost you 200k or something, you might as well just build an extra house.
At least the 2nd bedroom has a very small passage space between it and the living space - this makes it a more liveable design.
So her old duplex she got for 230k, and this new one she got for 260k, but there was I'm pretty sure a massive increase in real estate value in the interim, so I dunno. is this new place in the ghetto perhaps?
Ah sorry I just noticed all my errors. I was saying that where I am it would cost about 270k for just one unit...
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Chess Pie
Chess Pie
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Does anyone remember what the mortgage is on her current duplex? I suppose I could look it up...ok looked it up, $1,600. She is renting the one side out for $1,400. So figure she rents her side out for $1,400 as well. So her profit could be around $15k a year on the current duplex. I suppose that doesn't count for any vacancy if she has to turn over renters but for argument sake $15k profit but I assume you have to pay taxes on that? Then have some amount set aside for repairs. The mortgage on the new place is $2,200. She can rent the good side out for $900. The bad side is going to cost her at least $1,300, cancelling out the profit for the other duplex. It's really just not that much money at the end of the day. I guess over 30 years it'll add up but it seems like a lot of effort and having to live in a small space for at least 2 years would suck. These are not people that live minimally, she's got a ton of crap in her current place. House hacking would 100% not ever be something I'd do. Sarah has shown me that with her videos, not for me lol. Too much work and exposure to make not a lot of money. You really have to have no mortgages on these places to make serious money.
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Swiss Roes
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So she really is knocking down the wall in the kitchen for $8,000! She’s also removing half the cabinet storage while doing so!
Back when I rented cabinet storage would have been more important to me than an open concept. Most renters move every few years. I have a lot of kitchen items as I like to bake and cook. It also doesn’t appear that there is a pantry in that kitchen so the cabinets would be needed to store food in as well. I’ve passed up rentals for lack of storage options in the past. But I have absolutely lived in less than ideal layouts. I think she is making a mistake. I don’t think she will see the return on investment for many, many, many years
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Lumpy Frosting
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Nah.. That sort of property you just do the minimum to make it tidy and functioning well.. before you let it out.
This new duplex I think is better laid out than the old one, it has a passage between the living room and the bedrooms.
It may be a smaller space but that passageway means that the circulation is better.
Her other duplex the way it was designed it looked like the kitchen would be very dark.
I think that kitchen though might be taking up more space than it should when you look at it in proportion to the other living space available. It looks like there is not really anywhere to put a table and chairs.
I think maybe the best thing to do is to just add a kitchen island where you can sit to the existing kitchen.
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Chess Pie
Chess Pie
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Well we were totally right about the Ag wagon as an airbnb, just a waste of money. Hopefully she had fun at least?
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Muffin Warfare Survivor
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Yeah, I didn’t think it would do very well. Of course she lost money with it besides her YouTube video income of it.
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Swiss Roes
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I thought it was a cute idea and that she decorated it cute, but it was never destined to be a moneymaker unless she had her own land with hookups.
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120 replies since 9/12/2022, 01:31 17416 views
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