Originally Posted by dstifel
Good luck man that sounds awesome. Just be careful with counting on these companies to follow through with actually renting. You know them better then me but when i moved into my house i had three buddies who all rented and moved in with me. Now i am down to one. First year was great was actually profiting off of the house now I'm back to paying about 1/2 of it. Just a helpful hint not trying to bash on you or anything I'm jealous as hell of what you got going!
Calculated debt is the way i see it. After i build the shops on there, the value of the property will increase to where, if i get tight, and my friends cant pay the rent, i can sell everything....My plan is to put 50k down on the land, and then mortgage the buildings and the rest of the land.
My future isnt uncertain, i know that i am going to be building up the business while still going to school for another couple of years, but then after college i will have an additional 20k a year to spend/save....and i always will have loving parents to take me in if i cant afford a place of my own.... and future inlaws hopefully.....
I will update this thread when i get the blueprints back for the rental shop drawings. My architect/one of my customers said that it may just be cheaper to build 2, 1200 sq foot shops adjoined and rent both out, because then there would be two incomes from the building, but each are using the same plumbing, heating, electric, sewage, and the building price is only like a 9k increase.
the only thing im really worried about is taxes. This is in a high tax city, and i have to see all of the numbers before i do anything. The property is selling on short sale i just found out as well.... not sure if this means i have to pay any fee's to the bank for back-taxs or anything, but we shall see.