Luke0927
Senior Member
Hey folks sorry if this ends up being a long one. I know we have a good group of folks on here with a lot of knowledge and experience; I would like to hear some of you weigh in.
Looks like I have the opportunity to purchase my great grandfathers house that I could use for a rental property. This house is owned by my grandparents, I lived/rented it for probably 3 or 4 years until I built my home 6 years ago basically next door.
My uncle moved in after my wife and I moved out. Long story short he relied on my grandparents a lot and unfortunately he passed away about 2 weeks ago, my grandparents are at that age they do not want to deal with renters and said they will just board it up, they don't want family members or friends asking to rent etc...
Here are some details of the house. It was built by my great grandpa for a wedding present for my great grandma in the 30's, this land was his side of the family as well. It is basically an old farm house. Kitchen, living room, 1 original bedroom, a porch that was closed in for an additional room years back, and the kitchen was also sectioned off to make a 2nd bedroom, 1 bath room accessed from the bedroom made from the kitchen.
The house is probably 1-1200 sq foot. The house structurally was solid the last time I was under the floor, several years ago, there is a sway in the middle (not a lot with carpet you can't really even tell) of the living room, original hardwood floor is under carpet. It just needed jacking up and some new piers to level it out.
The band was solid oak heart wood with joist being pine. I would lite the furnace for the house every fall so last time I was up there was last fall. Rafters and bracing are solid rough cut 2x6 lumber very solid, Tin roof has replaced the original (needs a new coat of paint), no leaks that I'm aware of.
So all in all a good inspection is due under the house, to check band and joist for termite etc...I replaced most of the polybutylene if not all of it years back (there is not much with only 1 sink and bathroom) The fuse box is still the old screw in type fuses so electrical is old.
The house is located in north Forsyth within a few mins of multiple boat ramps on Lanier, 10 mins from Dawsonville, and 15 mins from Cumming great location I don't think I would have any trouble renting.
A couple of question with a little clean up and paint etc... I could probably get $600-800 a month around the area. What I'm wondering is in that price range what type of renters are you going to get (not meant in a negative way I would prefer to rent to young couple working on buying their first home etc...). If you wanted to sink some money in the place you could make it a nice restored type farm house and based on rents in the area do very well, I'm now wanting to put that much in it any time soon.
For those of you that rent, what are your thoughts. Would you rather have a rental property you are this close to to keep an eye on it?
When you purchase a rental or investment property if you are not looking to sell any time soon how many years would you like to have your ROI back?
Thoughts or questions, I would appreciate it....
Looks like I have the opportunity to purchase my great grandfathers house that I could use for a rental property. This house is owned by my grandparents, I lived/rented it for probably 3 or 4 years until I built my home 6 years ago basically next door.
My uncle moved in after my wife and I moved out. Long story short he relied on my grandparents a lot and unfortunately he passed away about 2 weeks ago, my grandparents are at that age they do not want to deal with renters and said they will just board it up, they don't want family members or friends asking to rent etc...
Here are some details of the house. It was built by my great grandpa for a wedding present for my great grandma in the 30's, this land was his side of the family as well. It is basically an old farm house. Kitchen, living room, 1 original bedroom, a porch that was closed in for an additional room years back, and the kitchen was also sectioned off to make a 2nd bedroom, 1 bath room accessed from the bedroom made from the kitchen.
The house is probably 1-1200 sq foot. The house structurally was solid the last time I was under the floor, several years ago, there is a sway in the middle (not a lot with carpet you can't really even tell) of the living room, original hardwood floor is under carpet. It just needed jacking up and some new piers to level it out.
The band was solid oak heart wood with joist being pine. I would lite the furnace for the house every fall so last time I was up there was last fall. Rafters and bracing are solid rough cut 2x6 lumber very solid, Tin roof has replaced the original (needs a new coat of paint), no leaks that I'm aware of.
So all in all a good inspection is due under the house, to check band and joist for termite etc...I replaced most of the polybutylene if not all of it years back (there is not much with only 1 sink and bathroom) The fuse box is still the old screw in type fuses so electrical is old.
The house is located in north Forsyth within a few mins of multiple boat ramps on Lanier, 10 mins from Dawsonville, and 15 mins from Cumming great location I don't think I would have any trouble renting.
A couple of question with a little clean up and paint etc... I could probably get $600-800 a month around the area. What I'm wondering is in that price range what type of renters are you going to get (not meant in a negative way I would prefer to rent to young couple working on buying their first home etc...). If you wanted to sink some money in the place you could make it a nice restored type farm house and based on rents in the area do very well, I'm now wanting to put that much in it any time soon.
For those of you that rent, what are your thoughts. Would you rather have a rental property you are this close to to keep an eye on it?
When you purchase a rental or investment property if you are not looking to sell any time soon how many years would you like to have your ROI back?
Thoughts or questions, I would appreciate it....
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