QlriPower
2020-02-17 17:35:47
- #1
Hello,
briefly about my situation: I am renting an apartment that I really like. There is only one garage included, so I rented 2 additional garages from the neighbor. Parking on our street is a disaster (I have 2 classic cars, they can't be left outside anyway). Now the owner of the house with the garages has passed away, and the heirs are inclined to sell it.
The spaces in the house cannot compete with my apartment, as significant renovations would be necessary and it still wouldn't be comparable. But it is designed as 3 medium-sized apartments that could be rented out.
Therefore, my idea is to buy the house and rent out the apartments there. Is it a crazy idea to buy a house without living in it myself, and instead continue renting?
I assume that the rental income would roughly cover the loan payments. But not the maintenance costs, so that would cost me a few hundred extra per month, which wouldn’t be a problem to put aside. Plus the work involved. But after 25 years it would be paid off. If all 3 tenants moved out, I would be struggling but could last for a few months. However, that is rather unlikely to happen. Then I could move there myself if necessary and give up the rental apartment.
briefly about my situation: I am renting an apartment that I really like. There is only one garage included, so I rented 2 additional garages from the neighbor. Parking on our street is a disaster (I have 2 classic cars, they can't be left outside anyway). Now the owner of the house with the garages has passed away, and the heirs are inclined to sell it.
The spaces in the house cannot compete with my apartment, as significant renovations would be necessary and it still wouldn't be comparable. But it is designed as 3 medium-sized apartments that could be rented out.
Therefore, my idea is to buy the house and rent out the apartments there. Is it a crazy idea to buy a house without living in it myself, and instead continue renting?
I assume that the rental income would roughly cover the loan payments. But not the maintenance costs, so that would cost me a few hundred extra per month, which wouldn’t be a problem to put aside. Plus the work involved. But after 25 years it would be paid off. If all 3 tenants moved out, I would be struggling but could last for a few months. However, that is rather unlikely to happen. Then I could move there myself if necessary and give up the rental apartment.