Thinking to buy an old house:, Rent to students:
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 Aug 2 2020, 01:28 PM
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All Stars
14,511 posts Joined: Sep 2017 
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1. What is your current nett salary?
2. What is the current monthly rental of a similar house ? 3. Old house ? ...how much cost to repair for rental purpose. ? This post has been edited by mini orchard: Aug 2 2020, 01:29 PM |
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Aug 2 2020, 01:59 PM
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#2
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All Stars
14,511 posts Joined: Sep 2017
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QUOTE(Ryk @ Aug 2 2020, 01:40 PM) a) about 6k Apparently, you are still pay installment for a car and a current house. How much are those monthly ?b) I think around 1.2-1.5k c) budget around 35k  This post has been edited by mini orchard: Aug 2 2020, 01:59 PM |
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Aug 2 2020, 02:26 PM
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#3
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All Stars
14,511 posts Joined: Sep 2017
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Financial .. you are ok.
Now ... 1. How much has the house appreciated since new. 2. Easy to rent out ? 3. How is tenant quality ? ... low or mid income ? This post has been edited by mini orchard: Aug 2 2020, 02:26 PM |
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Aug 2 2020, 03:21 PM
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#4
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All Stars
14,511 posts Joined: Sep 2017
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QUOTE(Ryk @ Aug 2 2020, 03:08 PM) a) It is a semi-d about 3900 soft, interior of the house just need some easy touch up like paint and some light furniture, jut the exterior of the house have some minor problem like car porch need repair, and new fence. Next week will go site visit again with agent Renting individual rooms can be messy esp on bathroom usage, utilities and cleaniness. You need basic furnishing like bed, tables, chairs, kitchen things, etc. Cooperation between roomates are important.b) I cannot estimate for this yet. My first plan is actually looking a house under 200k for student, till few days ago I saw this unit then my plan changed. c) I’m thinking make one of the room for my staff (so he can help to monitor the rest tenant), what do you think? Students from uni ? Where about is this house, if you dont mind. |
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Aug 2 2020, 04:35 PM
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#5
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All Stars
14,511 posts Joined: Sep 2017
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QUOTE(Ryk @ Aug 2 2020, 04:21 PM) It is four bed rooms with individual bathroom. Yea I’m quite worried as I never have that experience before. Sometimes, each room tenant may bring outsider occaionally to sleep over which you cant control 24 hours. You cant stop their friends from visiting them to do assignments etc.It is in Terengganu. Do consider carefully whether you want messy few tenants or 1 only. Your max 1.5k rental is based on 1 or few tenants ? |
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Aug 2 2020, 08:53 PM
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#6
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All Stars
14,511 posts Joined: Sep 2017
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QUOTE(Ryk @ Aug 2 2020, 08:10 PM) You are right and agreed with you Location is important for higher rental and capital appreciation. Few tenants as impossible one room can have that high rental haha. Do you think I should pay attention on location more than the condition of the house? Unless the SD, you have plan to live there in the future. |
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Aug 2 2020, 09:06 PM
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#7
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All Stars
14,511 posts Joined: Sep 2017
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QUOTE(Ryk @ Aug 2 2020, 09:03 PM) Beside the dead end, the main concern is about loan. Not true.As I heard is not easy can get a loan now. Bank need to survive by giving out new loans. If your ctos is good, should have no problem. |
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Aug 2 2020, 09:14 PM
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#8
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QUOTE(Ryk @ Aug 2 2020, 09:09 PM) Previously have due on car loan and credit card repayment After 1 year, should be ok and if your current repayment is prompt. |
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Aug 2 2020, 09:35 PM
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#9
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All Stars
14,511 posts Joined: Sep 2017
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QUOTE(Ryk @ Aug 2 2020, 09:27 PM) I think less than a year, like few months back only😂 Then have to wait to increase back credit score.With your current nett salary of 6k, why you have repayment issues previously ? Just found new job ? |
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Aug 2 2020, 09:43 PM
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#10
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All Stars
14,511 posts Joined: Sep 2017
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QUOTE(Ryk @ Aug 2 2020, 09:38 PM) Some debt to issue that’s why😂 Understand.Then hold on till your score improved. This post has been edited by mini orchard: Aug 2 2020, 09:45 PM |
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