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Crazy idea- 2 flat

October 9th, 2017 at 09:12 pm

Hi all

Work is REALLY slow so I called a realtor to get on those MLS listing services to look at homes in downtown area of where I live and 2 flats. My house is nice but is slightly out of downtown and a 'differnt crowd'.. suburbia.. snootier etc.. I never liked that and have been thinking for months about moving but it never made financial sense but I would eat in downtown and walk past all the small cute homes (and large ones) and feel envious of people living in downtown.

Anyway, my goal was to see if I could move to the downtown area for LESS that my home now.

Turns out there is a shortage of mid priced homes in downtown .. most are $800k and up. I am trying to downsize in cost.

They had 3 2 flats though.. 2 over $875k and one . a duplex for $560k right downtown near the train. I looked at it today.

These are side by side units.. with 3 bedrooms/3 bath each (crazy).. the 3rd bedroom is small and the whole unit is about 1600 sq feet. attached 2 car garage for one and separate 2 car garage for the other and then a FIFTH garage space to rent to a train commuter... currently rented for $125 which is Low. I rented an OUTDOOR space in my drivveway 15 years ago for $100. . There is also an efficiency over the garage (not rented) that was rented for $650 before.

I took a look at it today (like i said slow day at work) and it gave me some ideas.

I have approx $200k in my house.. if I put that down and took out a mortgage my mortgage would be approx $2700 (30 year) and the rents are currently $1950 (already rented) and $125 (garage) and if I rent the efficiency ($600) minus lets say $500 (utilities for the 2 rentals) pretty much pays for the mortgage.

I could live almost rent free, live downtown in a more lively neighborhood and when I get married again (assuming this) I can just pick up and go with out a fuss and rent out the unit I would live in (people just moved out of it apparently... but was rented at $2200)

I could move from this 'less friendly neighborhood'.. and start over and have MUCH less financial pressure.. more freedom.. more liveliness. and not feel pressured to keep up w the jones'.

I am scheduling to see the other unit (the occupied one) and the efficiency and rented commuter garage Wednesday. Will also get other info.. roof, mechanicals. etc.. but built in early 90s

Rooms were smaller and NOT all my furniture would fit but really seems warmer, cozier and I can move ON..and make a 'home'. Unit is in good shape (no immediate requirements). It does have grey carpet and light blue walls. I would want to make it my own with different colors..

Not sold totally just an intriguing thought right now.

thoughts people?


8 Responses to “Crazy idea- 2 flat”

  1. LivingAlmostLarge Says:

    Sure I am firm believer your home is not an investment. Investment property is investment property. Would you buy the property anyway if you weren't going to live there? If not why not? And if yes then great.

    What you look for in living is different i think that investing in property. You know what you are doing so it's up to you.

  2. snafu Says:

    When you initially repurchased your home...I wondered why! To me your writings represented so much upkeep for so little satisfaction. What are all the pros and cons of living in the current house? What do you anticipate good, bad, ugly in the duplex under consideration? Is living in a SF house what is familiar? What fear and concerns does change [duplex] represent? If you had to sell some furniture how traumatic would you feel? Hiring a painter and choosing new colors to paint walls is fun in my opinion. The part I don't like is the 'listing' period. It's all those strangers trekking through your home at their convenience. We've bought and sold a number of homes over the years and keeping the house pristine 24/7 and leaping out the door for unanticipated showings felt awful.

    just my .02 cents

  3. AnotherReader Says:

    Trading houses gets to be an expensive proposition. Doing it twice on the assumption of a marriage is particularly expensive. In your shoes, I would find the guy first and then decide about where you will live.

    Your job is not stable, as you are contract with renewals as needed. Your next job could be outside the area, especially if there is a downturn in the economy. You could end up with vacant units and no job if that happens. If you don't remarry, I would wait until everything else is paid off before deciding what to do with your current home. Houses are like buses, if you miss one, another will be along shortly.

  4. Rachael777 Says:

    the 2 flat sold. How disappointing

  5. rob62521 Says:

    I am not a risk taker, so keep that in mind when you read this. I can't imagine buying another home on the off chance you can get a big investment out of it and if you marry, it won't be a problem. Of course this is your life and you can make your own decisions.

  6. Rachael777 Says:

    I actually saw it as low risk. I have to sell this house at some point . For this 2 flat (which is now gone) I meant sell my house (which I do not like as much) to move somewhere that would almost pay for itself and I would like MORE. It would be funner for me and really no loss and almost pay for itself making my monthly amount very low. Sold in 4 days .. others must have thought it was a good buy too. onward.

  7. snafu Says:

    Sorry you missed the deal, a 4 day turnover is lightening speed, rarely seen. I suggest you make your interest know to the realtor in case something doesn't check out. Have you looked at the typical listing days in your specific housing community? If a move is likely in the next 6 months, I'd start now, selling extra furniture, clearing out cupboards, shelves, drawers and closets of items no longer used or serving your needs. Possibly join me and others in The Life-Changing Magic of Tidying Up and join us on the de
    clutter SA forum.

  8. Rachael777 Says:

    Deal is still open!! may make an offer tomorrow.. and I already followed the life changing art of tidying.. great book but may join that forum. what is the link?

    4 days is SUPER quick which shows how well priced it was. fingers crossed (but scared and unsure if I should make an offer)

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