Rent or Own

Discussion in 'Business Operations' started by DLONGLANDSCAPING, Mar 13, 2013.

  1. larryinalabama

    larryinalabama LawnSite Fanatic
    Messages: 19,649

    Just my opinion, but it sounds like you have a lot of uncertanity about your future, that is not a bad thing in anyway, Id just find something really cheap to rent for now. You could likley find a RV lot with 24 hour security and park yourstuff there.

    DLONGLANDSCAPING LawnSite Bronze Member
    Messages: 1,418

    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.
  3. newguy123

    newguy123 LawnSite Bronze Member
    Messages: 1,096

    Going through old threads...any updates???
  4. easy-lift guy

    easy-lift guy LawnSite Gold Member
    Messages: 3,372

    You can pay your own mortgage every month or someone else's mortgage every month. You have to decide sooner or later.
    easy-lift guy
  5. BandBLawncare

    BandBLawncare LawnSite Senior Member
    from Ohio
    Messages: 375

    Would love an update as well!
  6. CowboysLawnCareDelaware

    CowboysLawnCareDelaware LawnSite Senior Member
    from DE
    Messages: 569

    Short Sales take MONTHS to close, so at best he got the property in June. Im 21 and am going to start looking for my own place in a month when I am available for a mortgage (2 years in bus.). My parents want me to stay home for a few more years but im ready to get out and have my own space where my buddies can come over and drink.

    Im currently renting a storage unit for $140 a month and I keep all of my mowers, hydroseeder, tiller, Echo equipment, etc. in the unit. My trailer stays at the house.

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