making an offer on a house tomorrow! mill village longmont - need advices (Denver: wood floors, fit in)

[danny_isr]

Hi

i'm about to buy my first house , or at least i'm trying.
i found this house on mill village Longmont. this house has a detached garage
and above the garage it has a studio apartment. this is why i'm interested in buying it.

i'm a contractor and i'm not sure for how long my contract will last. i can find myself between contracts without a job for few months.
renting the studio to someone OR living in the studio and renting the house can help me with the mortgage.

now to the questions :
i called a Boulder property management company and asked them how easy it is to rent in Longmont and how much i can get.

well this is what she said : " you are wasting your money , you are not going to build any equity in Longmont. it's very tough to rent there especially on the east site . i own myself few houses in Longmont and im renting them for 695 !!! etc etc"

that really freaked me out. is it that bad ? i have hard time to believe it.


more concerns about this area : there is a water waste facility west to it. and there may be potential smell issues ?

noise from 119 ?




thanks

[DressageRider]

Honestly, I do think the rental market is probably not so great in Longmont. But I have a friend with a house in a different part of Longmont that she has been renting for a little over a year now. She has been able to secure year-long leases with no problems (i.e., the house hasn't had to sit empty for any amount of time). It is a very blah 80s house, although well kept up, 2br, 2bth, and I think rents it for about 950.

[tfox]

Property Managers should be taken with a grain of salt. A few will "tell you what you want to hear" and tell you you can get huge bucks for your place, and others will try to convince you to rent it out for less money so they can find a tenant easier.

I'd talk to a number of property managers and don't pick one that seems to be unrealistically high or low.

BTW, I doubt that anyone's going to be renting out a single family home for $695 in Longmont -- not unless the place is a complete dump or there's something major wrong with the place.

[WhereTheSidewalkEnds]

Originally Posted by tfox

BTW, I doubt that anyone's going to be renting out a single family home for $695 in Longmont -- not unless the place is a complete dump or there's something major wrong with the place.

Gotta agree here.

My first thought though is that if at all possible, try not to get into a situation where you might be relying on rental income. If you can try and put money back for those months in between contracts, I'd opt for that.

I've been a landlord - once. You really have to be cut out for it.

As for that area - I drive by it all the time, but in all honesty, can't say I've noticed anything one way or the other. Can't offer up info on smells . The noise from the Hwy could be an issue. It is a busy road. Just by looking on the map, I think it's not bad location wise. Close to shopping and Sandstone Ranch.

[Shuffler]

The rental market in Longmont is lagging. I have a few friends who dumped their rentals as they were losing money and not finding reliable tenants.

Mill Village isn't an area I'd want to be, since there is nothing out there and you will be dependent on a car, moto, or bicycle to get to the store etc. You will hear Hwy 119 and you will have plenty of smells. Sirens will be a common occurrence since Mtn View Fire Station 1 is just down the road.

I wouldn't count on renting your place for a profit in this market...at a minimum, you can avoid the property management fees and do it yourself since you're right there, but you may only break even at best. Hard to say.

With the recession in full swing and jobs vaporizing, I imagine the rental market is going to suffer and renters can find great deals, at the expense of the owner in some cases.

Great time to buy if you are flush with cash, don't need huge financing, and have guaranteed stable employment for the next few years.....which rules out 99.9% of the general population

[danny_isr]

yes i talked with more management companies and it does seems they tell you what you want to hear. but i could still read between the lines and get the picture. sounds like it is more difficult to rent now.
but it may just take more time , then before.

i was never a land lord and i'm sure it is a pain. but i'm looking at it as a business . a business has it's down sides and expenses.

i would not go through management company . unless i need to go for a contract out of state.

Originally Posted by Shuffler

Mill Village isn't an area I'd want to be, since there is nothing out there and you will be dependent on a car, moto, or bicycle to get to the store etc. You will hear Hwy 119 and you will have plenty of smells. Sirens will be a common occurrence since Mtn View Fire Station 1 is just down the road.

I wouldn't count on renting your place for a profit in this market...at a minimum, you can avoid the property management fees and do it yourself since you're right there, but you may only break even at best. Hard to say.

well i talked with few neighbors about the smell ,they had no clue what i'm talking about.( except some farm smells here and there that from what i understand is common to longmont).

there is a plan for Walmart just north to mill village. i'm taking about a mile away.

i did hear 119 , but it's hard to tell. it's kinda in the background . nothing inside the house when the windows are closed. so i'm not sure how much it'sa deal breaker . i still think a tanet inside or in the basement is much more "noise" then the highway.
And hey nothing is perfect. I seen 18 houses so far . EVERY one had at least ONE thing that I didn’t like.

i didnt hear any Sirens while i was there, but i wasnt too much time there.


now for the positive things
the house is in new condition . wood floors , all new appliances, central A/C , new kitchen , new baths.

i'm not thinking of doing any profit by renting it at this point.
if i can get the studio rented for 500 or above , that can help me a bunch.

yes it is a bit away, but it's a price of a room else where, but with a "house privacy" no roommates , your own bath .kitchen . i would think that must a peal to some people....?
people that are sick of roommates situation (like myself), and don't have money for their own place. that can work for them.


seems the people that live in this neighborhood (talked to 3 neighbors ) really like it.

you have access to 119 directly to Boulder , or I-25 very close. so location is great.

i hope i'm not convincing myself here just looks to me like a good investment, and an easier way to pay to mortgage .

by the way , what is the reputation of the schools near Mill Village

[osman]

Longmont has the highest level of foreclosures in Boulder County, more foreclosures than property listed on the MLS in fact. That, among several other factors, is strongly impacting Longmont's market.

If I were you, I would rent. You've said that you're a contractor and might end up going without a contract for a few months. I'm not sure if that means you're a building contractor or if you're a contract worker. Either way, I suspect the market for work is tough and likely to get tougher. Contractors are often the first one's let go when layoffs are imminent.

Longmont has been hit hard by the downturn and it's not over yet. Renting for awhile might be a smart move.

By the way, if you'd like specifics on longmont's market google "longmont real estate market update" with the quotes. That's my local real estate blog.

[danny_isr]

i'm a contract worker. electrical engineer working in the hi tech industry (currently in fort collins).

dont you think it's a good time to take advantage of the tough market,
and buy a house cheaper ?

i'm paying now rent $850 for apartment in gunbarrel . my mortgage will be around $1150(including everything taxes ,HOA , insurances).
if i will rent the studio for 400-500 i will end up paying $650-$750.

i just don't think i will be able to find such a combo again of house with a detached studio.

decisions decisions

[Shuffler]

if you work in FC, why are you wanting to buy in Longmont? Don't count on cheap gas lasting too much longer...

think about wasting 1-2hrs a day in a vehicle to get to work in Fort Collins. Will your employer pay for a bus pass?

I have a bad feeling about this market and unless you are wealthy with lots of liquid assets to fall back on, I'd be very leery about locking myself into a house payment right now with an uncertain economic future.

If you manage to get financing lined up on a new house, consider the fact that you are locked into that payment for years to come...is your job & income guaranteed as well?

Good luck with whatever you do. If anything, lowball your offer...and be sure to ask about HOA dues, why the house is for sale, etc.

[danny_isr]

i'm buying in longmont because i want to be close to Boulder (as many others)
i'm contracting in Fort Collins.it's not a full time job. so my next contract can be in Denver DTC for example ....

i'm planing on renting the Studio. OR if things are really bad and i dont have income for awhile i can move to the studio and rent the Whole house !

that will pay for the mortgage ($1150) . i mean asking price in that area is $1400 rent. even if i will have to pay 100-200 a month to add to that and cover the mortgage its ok.

think about it , Rent is Rent , im paying now 850 a month no matter what.
i have no way out of that payment. sure i can move to a cheaper place.
but i will still have to pay it.

i know BUYING now when i have no steady income sounds crazy.
BUT i think this house is unique about the Studio + House. something that i can "play" with. unless i'm missing here something ???


worse comes to worse , i can move to the studio and rent the whole house. even if i will have to rent it in only $900 i will still have to pay $200-250 a month to live there. that still better then renting ...
thanks for the advices . yeah i'm going to start low with them ...see where it goes