david.alan.williams
06-23-2012, 07:44 PM
Hey Folks!
I have two sons; 22 and 17 year old. The 22 year old is going to a local college but was tired of living with "Mom and Dad" :( so he moved out with 2 friends but in a REALLY BAD neighborhood. Seriously BAD. After a month, he saw how bad it was so I started looking for an apartment for him hoping I could afford helping him but WOW, I can't believe how expensive they are.
Well, I ran across a 5 bedroom, 2 bath, 2 kitchen, 2 livingroom house with attached garage and fenced back yard in a good neighborhood for.......wait for it.........$23,000 cash only; Short Sale. I CAN'T BELIEVE IT BUT WE ACTUALLY GOT IT! :nuts: Closed on it about 5 months ago and we are fixing up a few things (paint, carpet). My oldest son moved in the day after closing. His younger brother is moving over there in August and will attend a different College. Well I decided, what the heck, it was just 23G's so I'll give it to my boys but will wait about actually deeding it over to them until they mature more.
These 2 little Entrepreneur's decided to live downstairs where there is 2BR, 1BA, with kitchen dining room and living room; kinda like an in-law suite and they rented EACH upstair bedroom to other college students on a semester by semester basis for.....$400 per month, per bedroom, with all utilites included. Each student will have to share the upstairs bathroom, kitchen, dining room, and living room.
So...the $1200 per month income they are getting is paying for the shared electric, water, sewer, gas, Dish Network, Highspeed Cable Internet, annual proper tax, and the annual homeowners insurance, with PLENTY left over each month; like $500 left over. Leave it to them to figure out how to get out of paying utilites! ;)
The best thing to me though, is being able to give them that home with a free and clear deed....makes me feel good!
Regards,
DD
I have two sons; 22 and 17 year old. The 22 year old is going to a local college but was tired of living with "Mom and Dad" :( so he moved out with 2 friends but in a REALLY BAD neighborhood. Seriously BAD. After a month, he saw how bad it was so I started looking for an apartment for him hoping I could afford helping him but WOW, I can't believe how expensive they are.
Well, I ran across a 5 bedroom, 2 bath, 2 kitchen, 2 livingroom house with attached garage and fenced back yard in a good neighborhood for.......wait for it.........$23,000 cash only; Short Sale. I CAN'T BELIEVE IT BUT WE ACTUALLY GOT IT! :nuts: Closed on it about 5 months ago and we are fixing up a few things (paint, carpet). My oldest son moved in the day after closing. His younger brother is moving over there in August and will attend a different College. Well I decided, what the heck, it was just 23G's so I'll give it to my boys but will wait about actually deeding it over to them until they mature more.
These 2 little Entrepreneur's decided to live downstairs where there is 2BR, 1BA, with kitchen dining room and living room; kinda like an in-law suite and they rented EACH upstair bedroom to other college students on a semester by semester basis for.....$400 per month, per bedroom, with all utilites included. Each student will have to share the upstairs bathroom, kitchen, dining room, and living room.
So...the $1200 per month income they are getting is paying for the shared electric, water, sewer, gas, Dish Network, Highspeed Cable Internet, annual proper tax, and the annual homeowners insurance, with PLENTY left over each month; like $500 left over. Leave it to them to figure out how to get out of paying utilites! ;)
The best thing to me though, is being able to give them that home with a free and clear deed....makes me feel good!
Regards,
DD