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The ball is rolling now...

Discussion in 'Members' Lounge' started by reckedracing, Dec 23, 2005.

  1. reckedracing

    reckedracing TTIWWOP VIP

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    so the ball is getting rolling now

    property = .7 acres, 2 family house, full basement

    block garage with no footings = fallings down/walls spreading at the top and leaning horribly

    paved driveway

    accepted off of 130K
    mortgage with taxes insurance etc = 900 a month
    the rental unit nets 750 a month income including heat/electric/septic/water

    property has a well/septic, no city water or sewer fees but also leaves me responsible if something goes wrong...

    the property has a structure in the back which was a recording studio, but will probably be converted into a living residence for myself so i can rent both apartments...
    needs some major work before it will be liveable though...

    the property was listed as 1 acre according to tax maps, but a survey previously done revealed its only .7 acres, which isn't too cool
    an acre is only 200 ft x 200 ft, not that large to begin with...

    i am dealing with RUPCO - Rural Ulster Preservation Company
    they help people buy their first home, and help you do rehab work if the home needs work, such as new appliances, new roof, insulation etc etc etc
    basically free money which is a huge plus
    and also why i am getting a house that needs some work so i get decent rehab funds...

    RUPCO inspection is wed the 28th
    structural is thursday the 29th
    i wanted to make sure it qualifies for RUPCO before i waste money on the inspection

    HOME PRO NY is doing the inspection
    it'll be 510 which is real expensive, but thats because the company is excellent and its a 2 family house...
    radon test is an extra 95, but i chose not to have it...
    anyone think i need it?

    the lower tenant will stay and she is a very nice lady...
    seems a bit, no, a LOT hippy...
    drives a hybrid toyota, more plants in her house than i could count...
    tie dye everywhere
    incense and for some reason she loves pinecones
    lol

    place has oil heat, which will run me about $3000 for a year, but i plan to vinyl side it with extra wall insulation... and i will be redoing the roof if rupco doesn;t do it for me...
    there is also a wood/coal stove hooked up to the boiler system so that might be an additional option for heat...

    anyone ever burn tires in a wood stove?
    lol
     
  2. Celerity

    Celerity Well-Known Member

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    An ulster rent for $750 a month ?!?! Do you have a mask and a gun ?

    -> S
     
  3. pissedoffsol

    pissedoffsol RETIRED

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    seems like a good deal. any pics?

    also look like FHA, its a gov't program for first-time home buyers. I have one.

    do the raedon test. esp if the house is older.

    $3000 a year for heat.... is just, rediculous... what do you keep your house at, 110 degrees?
     
  4. Celerity

    Celerity Well-Known Member

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    Heating my house costs, if I include the propane heater in the garage, can approach $2000 a year. That's water included.

    My oil tank gets filled thrice a year at $600 a pop.
     
  5. reckedracing

    reckedracing TTIWWOP VIP

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    lol, do you know the area?
    i agree its a very good income price, but i guess rent is pretty high now cause of the heating costs and the demand for apts and housing in general...
    or were you implying that 750 a month is extremely low?

    thats an estimate, the old owner said last year they used 1200 gallons on fuel oil, so the final price depends on fuel prices...

    and i don't know if 1200 gallons was for one unit or if both were occupied...
    i personally never have my heat on, my current apt is on the second floor and my asshole downstairs neighbor always has his heat on about 80 so my place is always hot as shit...
    and my brother is the landlord and pays for heat so i really really hate the guy downstairs...

    i will prob have my heat on 68 or 70, depending on how much comes from the lower apt into mine...
     
  6. pissedoffsol

    pissedoffsol RETIRED

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    you guys need to learn how to keep your house cooler.

    my parents house is oil iwith crappy insulation, and our tank was filled twice, for a total of $512 last year.

    62 when you're up, 58 when you're not.

    its totally livable, not uncomfortable, and makes for cuddleing up in a blanket while watching tv :)


    at my condo, i've ran my heat just a handful of times... most of my rooms are set to 55, and its still 65 in there. its nice having cold neighbors :p

    next year, it will be even less, as i'll have re-done my windows/insulation/curtains, and installed a better door to the garage (i can feel the draft come through it) and put another door at the bottom of my stairs (there's a frame, but no door on it... lol)

    i have a closet in my garage which runs under my stairs. i plan to re-insualte that as well.

    I might even re-insulate my garage ceiling. theres a beam that hangs down 8 inches or so from the rest of the cieling, and my head/car doesn't come close to that beam--- so im' thinking about putting in a faux drop ceiling to add another two rows of insulation there.

    next year, i probably won't have to use my heat at all but on the coldest nights. :)
     
  7. reckedracing

    reckedracing TTIWWOP VIP

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  8. pissedoffsol

    pissedoffsol RETIRED

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    absurd...



    seems like a good investment property. Personally, i'd rent both out and live somewhere else.

    it will pay for itself (750 + 650 = 1400... so you have 400 a month for the heat bill and taxes... it basically won't cost you anything, until something breaks)
     
  9. reckedracing

    reckedracing TTIWWOP VIP

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    all depends how comfortable i am...

    if i'm not cold then i'll turn it down as low as i can...
    i wear long johns (pants) everyday so i will prob be able to cut down the heating bill unless the tenant always has it absurdly high...

    people that don't pay for their own heat tend to be very wasteful...

    and if the wood stove works then i am definately going to be using a chainsaw and firewood


    living somewhere else kinda defeats the purpose of having my own house
    lol
    unless i stay in my apt at below market rent but i don't think thats fair to my brother...

    plus i HAVE to live there for the RUPCO program...

    but thats the main reason i want to finish the building in the back, so i can live rent/mortgage free...
     
  10. pissedoffsol

    pissedoffsol RETIRED

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    do you have a pic of the tool shed? be sure you can do that.... i mena, you can't just build another house on your land with out permits to do so, and re-tax zoning...
     
  11. reckedracing

    reckedracing TTIWWOP VIP

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    http://www.westwoodrealty.com/viewall.html?mlsid=16-20052936

    notice the tie dye, and fucked up stucco
    [​IMG]

    that little "porch" has a gay plastic roof which is shit, more road signs than the county garage, and the supporting walls seem to be gone underneath it... [​IMG]
    [​IMG]

    this is the little studio in the back, looks like it'll make a nice home for me :mrgreen:
    [​IMG]
     
  12. pissedoffsol

    pissedoffsol RETIRED

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    so wait, the studio is attached to the house? i thought it was some other building in the back yard or something
     
  13. reckedracing

    reckedracing TTIWWOP VIP

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    nope, "studio" is not connected, its on the other side of the paved driveway...

    the garage is all the way down by the road...

    the place is actually owned by a musician, who has a cd according to his tenant, but doesn't everyone have their own cd's these days
    lol

    so the musician had this second building setup as an actual studio, sound proof with heavy duty electric for the equipment, etc etc etc
    it needs a lot of work but will be a sweet little house when its done, and i get to design it however i want it

    very nice project for me...
     
  14. E_SolSi

    E_SolSi Member of the 20 nut club Moderator VIP

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  15. reckedracing

    reckedracing TTIWWOP VIP

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  16. pissedoffsol

    pissedoffsol RETIRED

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    also twice as new, more land, better built, less heating cost, and gas savings will be great, plus its closer to the ct crew if you ever get your ass down here to hang out :p
     
  17. reckedracing

    reckedracing TTIWWOP VIP

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    ellenville to bristol = 114.34 miles, 2 hours 24 minutes

    kerhonkson to bristol = 118.44 miles, 2 hours 19 minutes

    when are you having your hondaswap house party?
     
  18. pissedoffsol

    pissedoffsol RETIRED

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    im not :p

    i'm about 2 hrs from new paltz... maybe less if i were to jump up 87 instead of 9n and hitting all the lights...
     
  19. reckedracing

    reckedracing TTIWWOP VIP

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    i'll have to come out and see your house next summer some time...
     
  20. Battle Pope

    Battle Pope New Member

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    /spit take/

    LMMFAO!!!!
     
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