I'm not actually going to buy it, but it's essentially my dream house at a good price. A person making at least $50-60k could reasonably afford it.
Hypothetically, if I bought a 2 family home in the future and I rented out the addition for $1000 a month including electric, gas, water, and heat… Would it be worth it? Given that I could already afford the mortgage by myself. I would really be looking for around $300 extra income per month. I would pick my tenant based on a 600-700+ credit score and ask for 3 reference forms to be filled out by past landlords, employers, or educational references. It would be a one page reference form (rate applicant on 3-5 areas, answer a couple short answer questions, sign it, leaving contact information if needed).
My security deposit would be $700. If requested, tenants could split up the deposit by paying $300 upfront and do $100 monthly installments with rent to pay off the rest. One pet would be allowed. Additional pets would be allowed for an extra $200 non-refundable deposit. If allowed by law, I would give tenant one time $100 off rent for passing a yearly inspection where no significant property damage is found (probably around the holidays).
Added (1). I don't really have much risk tolerance, so I probably won't ever do this. But this is basically how I would like to approach it if I did.
Take this as a 99% hypothetical question.
Added (2). Maxi is taking this very seriously for a hypothetical question.
"… Who has no idea what the JOB entails". Right, because you're assuming I've done absolutely zero research on this topic and would do no further research if ever I got more serious about it.
Read more: https://allmortgage.net/forum/buying-a-2-family-house-investment-property.html
