Colorado B.S. Thread

Eyes first. Possible 6' Italian babe moving in next month. Got a lot on the plate all of a sudden.
If I can chase her off, shouldn't be too hard, I'll be looking at a spring departure. Still debating renting the house out vs just selli g it And running.

 

You should probably post pics of babe... Since you might need a second opinion of her before she moves in.

Nice, I would say rent. I would've rented my place but didn't want to go back there for anything. But working on having someone else paying it off vs a one time lump sum is better as long as the numbers work and you have wiggle room on your end of it.

 

My sister and I turned my moms house into an Airbnb vs long term rental. Its supplementing her income at the assisted living (4200$ a month)
Airbnb is pulling in 2800$ a month - monthly basic costs.
This is a rough average over a couple months. I'm sure there'll be ups and downs.
So far it's been a success, and enough to supplement my moms monthly expenses, and make her comfortable.
I'd rather do this than a long term rental, makes me paranoid thinking what people could do to your house,over a long period of time.

 

Actually talked to a guy here who has a monthly rental in rates park. Seems like a huge money maker.

 

We didn't want to sell her house, and run out of money for her too quickly. I didn't like the thought of long term rental.
My sister has a coworker that runs his own Airbnb in my moms neighborhood, he offered to manage it for 20%. We are pretty much sitting back collecting cash.
Whatever it takes to make my mom comfortable, this seem to fit the bill.

 

That makes considerably more sense. Didn't know about the 'must finance' requirement part. And yeah, like I said, I was pretty sure they didn't do upgrades anymore really. A most I'm hoping to get them to waive any new device activation fees and all that extra crap.

I honestly don't remember how much I paid for my phone originally. Wasn't anywhere close to what a smartphone is now. That's why I haven't moved up yet, in part (other part being cost of data, which is a lot better than it was) - these days it's like buying new laptop every couple of years, not a phone. Because that's pretty much exactly how much I spent on my laptop for business a couple years ago. And while a good chunk of smartphone capability would be for business use, the phone wouldn't be 100% that so the write-off would be complicated at best.

Not on mine you can't. I love my phone for what it is and what it does and how well it's done it for how long. Sadly it's from an era when the hardware lasts longer than the pace of technology making it obsolete. Or rather sadly I have to move to that model since everything these days is crap. Former roommate went through at least seven of the same model LG phone over the course of a few years because of device issues.

 

It's a good investment strat, if risky, as long as things work out. The short term rentals face increasing regulation issues, and there are some horror stories out there about people who rent them and what they do to the place (including not leaving). Family sold my grandmother's house, and she didn't live long enough to need all the money. I'm more than a little concerned about my parents, because I don't know where they're at and I am not where I should be.

 

Ya I'm definetley not where I should be.
Airbnb has an insurance policy for anything that gets ruined.
There is a cleaning fee, and a security deposit fee. We did a 3 week rental,when you do that it's a separate contract.
It's basically the same as renting a motel,but you're renting the whole house.
My sisters coworker has been a host for a couple years and he loves it, he also has 3 rentals.
Hopefully it works out, and in the long run helps supplement my retirement.

 

The past year or two has taught me that owning rental properties can be pretty lucrative, such that it's been an idea for a while. Ideally I'd own a duplex and rent the other side out or something, so I thought. Never mind the irony behind thinking all these property investors suck because they drive prices up for those just wanting to get into a place, all the while wanting to be one. The problem is getting into it. Which is also another thing - you knew/know people who have experience in doing just the thing, and that's a pretty invaluable asset as well. It's much harder to break into or do anything from a cold start/outside.

 

Not siding with either side... just an observation.

It'll be interesting to see how things work out in the next decade or so due to the rental properties thing becoming the cool thing to do. The American dream of owning a house will very quickly become a thing of the past for first time buyers/borrowers that aren't "grandfather'ed in" by already owning something. Its already close to the point when every decently priced entry level/first time house is quickly scooped up with cash by an investor (whether it be instantly for rental or for a fix/flip).

 

Absolutely
I would've never even thought of doing this, hell, I had never even heard of Airbnb (I live in a cave ) Sometimes once in a life time opportunities present themselves and you just have to go with that gut feeling, that it's the right thing to do.

 

Not to mention the 800sqft houses in my hood going for 260k!!

 

Well another recession will fix that, even though that can "never happen again". But guess who will be waiting after that to scoop up all those deals.

 

Will? It already has in a lot of areas. I'm in one of them. There isn't a single family detached house in this area for less than 350k. There was an article in the local a few weeks ago about the topic, interviewed some guy who just 'had to buy' like a 400k house to rent out because while it was close to not balancing, it was still 'too good a deal to pass up.' And the last recession? That whole housing bubble? Apparently it wasn't just, or even mostly, bad lending practices. Another recent article was talking about how fix and flip people inflated the market because, like you say, it was the thing to do.

I want to buy now, but all indicators are we're on the crest or near it. Starting to see more 'free rent special' signs, and other things are pointing to at least something of a correction in real estate in the next few years. I dunno if I can or want to wait that long though, because I'll be damned if I end up in another situation like I am now sharing a house with... well don't get me started, it occupies enough of my mental energy already. I'm hoping the correction just coincides with my prep schedule.

 

I bought a new phone, once. Consider the fact most phones lose 60%+ or their value in 6 months. I bought my 7 month old htc 10 for $240 when it was $700+ new.

Also on the subject of lg, they suck. Used to be a fan in the past but after the G3 they went downhill hard. I had a G5 and while it had potential, and I did like the wide angle, the hardware design was absolute trash! It had so many connection problems because of that bottom removable piece. Specifically with getting a GPS signal.

 

It's all relative to the time we live in.
Creative financing can get anybody into a million dollar home if the credit is good.
A friend of mine and his wife just bought a $600k home a few blocks away from me, I about shit myself when he told me the cost. And they will never pay it off before one of them dies.
My dad bought a house back in the mid 80's, on 5 acres, in the mountains of Northern Idaho. Paid $45k for it and thought it was gonna break him. That was huge back then.
I was working after school jobs back then. Minimum wage was a whopping $3.35 an hour and that was huge too. Gas was under a dollar and smokes could be bought with change from the couch.

The house he bought in Fort Collins was around $80k way back then (30 years ago) and scared the hell out of me, I was convinced I'd never own a home.

Every generation thinks that things are more expensive. When really it's just a number game that rises across the board.
The stuff you guys talk about as far as expensive, my generation had that very same discussion, as did previous generations before us.

 

I agree
Grandma used to give me 5$ for a bday present, that was a lot for her. Now if I gave my nieces 5$ they'd say thank you, but I'd know they'd be thinking you cheap "I can't even buy a piece of gum with this"

 

Bingo

My wife’s grandparents (87 and 84) bought their home in Broomfield for $14,300 in 1957, and grandma that it was going to break them because only grandpa worked. Made it work and still in it

 

Prices and inflation are one thing... Along with "creative" financing to make sure people get into houses that they can't afford.

And people have cheated the system all the way back to the homestead days (I'm sure you might've signed up for a neighboring parcel under a second name).

But I think it's more of an income inequality issue now... It used to be a stretch and it's now getting impossible.

 

My G5 doesn't have any removable pieces...