All Forum Posts by: Aidan Mulligan

@Eric Carr Thank you for explaining what I've been thinking but couldn't express in the way that you did. That is the argument that I was failing to convey. 100 Likes for your post sir.

The pros and cons of Capitalism, this is one of the items in the cons column

@Wesley W. I agree with you. The analogy I'm trying to make is that if you allow something inherently dangerous on your property it isn't the item that needs vetting, it's the owner. However, for some reason the landlord gets screwed in a lawsuit because the owner wasn't responsible for it's property.

I had to google this last night but the reasoning is that you as the landlord let something that is "known to be dangerous" onto your property and then someone was harmed because of negligence by the owner.

• A quick guide is to use the 50% rule. 50% of the rent is going to all your expenses excluding the mortgage.
  
  • Expenses = $3,250/month
  • Mortgage = $5,400/month
  • Total = $8,650/month
  • Rent = $6,500/month (Year 1) $7,000/month (year 2)
  • Cashflow = -$2,150/month (Year 1) -$1,650/month (year 2)

• After running through my own proforma with my own assumed expenses I get -$1,087/month (year 1) -$756/month (year 2)

• The 1% rule says you need 1% of the purchase price in rent in order to have cashflow. By this rule rents should be $8,750 or $4,375 per unit

I've never dealt with a property at that purchase price before but that's my jab at an analysis for it.

@Isaac SInger

Probably the best post on this thread. Didn’t use scare logic or biased “facts” and that goes for both sides of the argument. Facts can be swung one way or the other.

I never even thought about the fact that being too parenting over the dog without training it could lead to this but that’s absolutely true.

@Grant Rothenburger

Follow up, I know the landlord can be sued for a dog bite, but why? Let’s say I’m in a legal gun state and my tenant has firearms and shoots someone, am I responsible for that too?

@Bill Brandt

https://www.aspca.org/about-us/aspca-policy-and-position-statements/position-statement-pit-bulls

This is a good article that expresses both sides of the argument.

@Account Closed Halfway through your post I was going to say "By that logic then ban all pets" and then you said it. Now that I don't have an issue with. My issue is singling out a specific breed. Either allow all breeds or ban all breeds.

@Bill B. I don't think you do hear story after story. You might notice more out of a bias like you see more red cars when you're looking for red cars. But since the whole Michael Vick and dog ring thing, I don't see stories like that. In fact I see studies that go against that idea and say pitbulls are more likely to pass temperate tests than Goldens.

It is unfair to judge a breed of dog based on the actions of a few select bad eggs.

@Arutyun Avakov It's a very popular strategy to do a cash-out refinance and I would read up on it because it could allow you to keep the condo and collect income from it while also living in a home of your own.

Essentially what you do is get a mortgage up to 75% of the current home value, pay off the original mortgage, and use what's left over for the downpayment on another home. Then you would have a condo collecting rental income and a home to live in. I wouldn't just wing it and do it but it's worth a look.