Posted by Rich_WI on March 08, 2014 at 11:03:11 from (50.50.82.205):
In Reply to: paying off mortgage posted by Ultradog MN on March 08, 2014 at 08:03:51:
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Are you sure you will be $500 in the black each month? Most people underestimate expenses on rentals. The national average is 40% of rent and being a condo, with fees and early replacement of common areas, you should figure a higher percentage than the standard 40%.
If you have to pay a property management company, they will likely eat up profits at a pretty good rate. They are in business to make money, not break even and the money they make is all your profit, or it was before you hired them. Also, when a magement company has a call to fix something, they tend to be johnny on the spot fixing it. That makes them, as a company, look good so other renters want to live in a place controled by XYZ managment company. As such, they dont look for lowest bid or maximize saving money on repairs, its get-r-done... and fast. That translates to every time you let XYZ managment company have someone fix something for you, you are also paying a tax to the company for their good name. Think of it as when a sink leaks at your rental, they dont manage your money as well as you would and that extra money paid to the plumber translates to you paying XYZ'z advertizing that month. Does that make sense?
Not trying to talk you out of renting the condo, in fact I think it would be better to keep and rent but I want you to know the numbers. I have heard of people talking about clearing decient amounts of money each month, like $500 and in a few years they are getting foreclosed on. They just didnt expect the maintence budget that was needed for a rental. Most people just figured the same amount for maintence that they spent when they lived in the house. Thats just not accurate because most people that rent are animals...
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