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tenant pays $3000 for rent and not buy a house? - Landlord Forum thread 345132

tenant pays $3000 for rent and not buy a house? by learner (VA) on May 23, 2016 @18:35

                              
Are there many people who are willing to pay $3000 rent and do not buy a house? Why?
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Re: tenant pays $3000 for rent and not buy a house? by Magic Mike on May 23, 2016 @19:20 [ Reply ]
Sure. I've paid $1500 a night for a beach house rental. Why? Cheaper than paying $30 million to buy it :)
Re: tenant pays $3000 for rent and not buy a house? by Anonymous on May 23, 2016 @20:19 [ Reply ]
Some people don't want to deal with the hassle that goes with homeownership - mortgage payments, property taxes, repairs, yard work. $3000 a month would be a high-end rental, this wouldn't be uncommon in places like New York City where you *can't* own your own.

operating overhead by learner (VA) on May 23, 2016 @23:46 [ Reply ]
I worried I could have the hard time to find a qualified tenant paying $3000 or more to rent a single family house.

It is going to be a Single family detached house, has lawn and deck, near metro in VA. This is going to be the first time for me to own and rent it out if I buy it. I would like to learn how to handle the cost of operating overhead (L-landlord, T-tenant). For example,
1. (L) the roof, gutters, siding, deck (outside and structure)
2. (T) Air Conditioner, hot water heater, fireplace, and floor (inside the house)

Any suggestions are most welcome.
new door locks by learner (VA) on May 23, 2016 @23:50 [ Reply ]
Who (landlord or tenant) is responsible to get new door lock while renting or switching a tenant lease?
Re: tenant pays $3000 for rent and not buy a house? by P-Bone (NY and OH) on May 24, 2016 @11:27 [ Reply ]
Yes, all the time. I knew a couple that lived in downtown Alexandria, just a few blocks of Kings Street and a couple blocks from the water. Their row home unit was 3 bedroom and cost them around $3,000 a month. They paid it because to own one of those homes would cost over $500,000, which before taxes, insurance, and any other premiums would be well over $2,000 a month. Now I know that sounds like bad rental bet, but considering you'd have to put 20% down, not everyone has $100,000 laying around. So, if you decide you only want to stay for 5-10 years, that extra $1,000 a month costs you $60k-$120k and you have no responsibility to any major repairs. Again, that's excluding what would likely be high taxes and insurance for a place like that.

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