Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-07-2008, 11:50 AM   #21
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,949
Quote:
Originally Posted by Art G View Post
....vs. living in the street?
Hey, when I was 19 maybe I would have considered something like that. But now? I mean really?
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-07-2008, 12:08 PM   #22
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Because the banks are not in the rental business, they're naive about the risks inherent to owning rental property. Was negotiating with a bank for a duplex ... they were stuck at 40k ... I wanted it for 30k (like 2 others I had purchased from the same bank). During my inspection I suspected lead paint on the doors and windows ... NOT GOOD in MA. Also noted a 2 year old in the first floor ... CLEAR VIOLATION of MA lead paint laws.

I told the realtor to tell the bank "they have a HUGE liability here. Who better for a tenant to sue than a BANK! And by the way, I'll pay 40k if they delead the units. No way I am taking ownership of this liability." Bank came back with the idea of adding the deleading costs onto the sale price. I said "no way, what else is on your REO list." Couple weeks go by, the units are deleaded for a cost of 5k (all new doors and windows primarily). My realtor calls saying they'll take 40k. Closed it with 20% down.

If the 2 year old had come down with lead poison ... he'ld be part owner of that small bank.
__________________

__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 03-07-2008, 02:38 PM   #23
Thinks s/he gets paid by the post
 
Join Date: Nov 2007
Posts: 1,052
Quote:
Originally Posted by Want2retire View Post
Hey, when I was 19 maybe I would have considered something like that. But now? I mean really?
You'd be amazed by how many people live in this manner. Buy a house, and if you can't make the payments just duck the creditors. Then you've got those who buy cars with little intention of making payments.
"Hey! If you'll approve me for the loan, I'll drive it 'til you take it away!"
I tried repo-ing cars once.....just once.
__________________
Art G is offline   Reply With Quote
Old 03-07-2008, 02:44 PM   #24
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,949
Quote:
Originally Posted by TickTock View Post
That suggests an interesting strategy - market yourself to the bank as a no-rent REO house-sitter. You keep up the property on your own dime.

Hmmmm.......
Quote:
Originally Posted by Want2retire View Post
Now THINK about that. What a miserable existence!!! Living in a doubtlessly trashed house, for an indeterminate length of time, with endless buyers tromping through. Yuck.
Quote:
Originally Posted by Art G View Post
....vs. living in the street?
Quote:
Originally Posted by Want2retire View Post
Hey, when I was 19 maybe I would have considered something like that. But now? I mean really?
Quote:
Originally Posted by Art G View Post
You'd be amazed by how many people live in this manner. Buy a house, and if you can't make the payments just duck the creditors. Then you've got those who buy cars with little intention of making payments.
"Hey! If you'll approve me for the loan, I'll drive it 'til you take it away!"
I tried repo-ing cars once.....just once.
I thought Tick Tock's comment (to which I was responding... see above) meant responding to the bank as a third party housesitter.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 03-07-2008, 02:49 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Nov 2007
Posts: 1,052
Oh, sorry. I know there are already people who housesit for real estate agents. They just have to be ready to move on a moments notice.
I guess too many conversations going at once.
__________________
Art G is offline   Reply With Quote
Old 03-07-2008, 03:54 PM   #26
Recycles dryer sheets
 
Join Date: Dec 2006
Location: Florida
Posts: 249
Interesting ideas. I could do this (I'm single) but still have the wreckage of a failed realtionship (including the house, the ex-'s cats and furniture). But still, the idea of being a house-sitter is attractive. It is a lifestyle sometimes recommended in the LBYM type books. For someone with few possessions, a truck maybe, and a cell phone, and a mail forwarding service, it might be a neat-o life style. Even to offer to just pay utilities and do basic maintenance might be a good offer to the owner ("bank"), but these alone can rival rent in many cases. An aggressive layman who knew local tenant law could probably milk the system very well....as said earlier, I bet we'll see more of this in coming years.
__________________
I've got nothing against an honest day's work, provided that someone else does it.
pedorrero is offline   Reply With Quote
Old 03-07-2008, 08:12 PM   #27
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 463
Quote:
Originally Posted by Want2retire View Post
I thought Tick Tock's comment (to which I was responding... see above) meant responding to the bank as a third party housesitter.
Yes, that's what I meant.
__________________
TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future

"I've traded love for pennies, sold my soul for less" -Jim Croce, Age
TickTock is offline   Reply With Quote
Old 03-07-2008, 09:52 PM   #28
Thinks s/he gets paid by the post
Texarkandy's Avatar
 
Join Date: Feb 2008
Posts: 1,281
I'm reminded of the verse "When ya ain't got nothin, Ya got nothin to lose"
__________________

__________________
Retired 2009!
Texarkandy is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Home foreclosure - sound business move? Da Nag FIRE and Money 63 06-17-2008 04:38 PM
Super Rich Continue to Spend.. SteveR Other topics 12 02-05-2008 05:07 PM
Thinking of Buying a Motorhome & living in it instead of a traditional home? xtradoe Other topics 31 01-15-2008 01:47 PM
Did you continue to save in retirement? JustCurious FIRE and Money 17 04-17-2007 09:18 AM
The Beatings Will Continue Until Morale Improves... jdmorton Other topics 39 02-25-2007 08:09 PM

 

 
All times are GMT -6. The time now is 01:38 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.