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Old 01-22-2023, 07:38 PM   #1131 (permalink)
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Ooh, I'd jump on a program like that.

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Old 01-22-2023, 10:22 PM   #1132 (permalink)
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Quote:
Originally Posted by ME_Andy View Post
Ooh, I'd jump on a program like that.
The question is if a family of 4 could live off of $2,000 per month (actually, $4,000, but after $2,000 paid to mortgage).

Car:
$200 fuel
$200 maintenance and insurance
$200 payment

Food:
$400

That's $1,000, and $1,000 left for everything else:

Other debts?

Phone?

Gas?

Electricity?

Health insurance?

Sudden repairs, saving for rainy day, etc.?

Seems possible, but close.
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Old 01-23-2023, 11:38 AM   #1133 (permalink)
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Stuff regarding finances may have changed but a 50% ratio of expenses to income disqualified people from getting homebuyer financial loans. Back in October, it was still 30%, but I have this friend named Guido.......
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Old 01-23-2023, 11:59 AM   #1134 (permalink)
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Maybe check your bank statements over the past year or so and check if it would have been possible \_(ツ)_/
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Old 01-23-2023, 02:31 PM   #1135 (permalink)
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Originally Posted by Isaac Zachary View Post
That seems correct. The ad says 80% of the AMI (whatever that means). So I take it that someone is paying 20% of the house already. And yes, there seem to be a lot of rules when reading the stuff from the housing authority.

It's also part of a lottery: those that qualify are put into a lottery and the "winners" get the oportunity to buy one of the several apartments they are building on that block. But it seems they didn't get enough in the lottery to do the lottery, so they're apparently selling them, but still under the same requirements.

A part of me wants to go apply for one, but another says I'd be up to my neck in financial frustration.
AMI is Area Median Income. The property is restricted to buyers making 80% of the AMI. They've done the math for you: 80% of the AMI is $56,000.
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Old 01-23-2023, 03:07 PM   #1136 (permalink)
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So median income is $70k. Half of households make more, half less. Now, is that gross, or adjusted?
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Old 01-23-2023, 05:43 PM   #1137 (permalink)
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Do air b and bs flow more cash than conventional rentals?
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Old 01-23-2023, 05:46 PM   #1138 (permalink)
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Quote:
Originally Posted by redpoint5 View Post
So median income is $70k. Half of households make more, half less. Now, is that gross, or adjusted?
Last time I applied for a mortgage (admittedly a long time ago) it was gross income.
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Old 01-23-2023, 06:03 PM   #1139 (permalink)
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So median income is $70k. Half of households make more, half less. Now, is that gross, or adjusted?
Application form says gross.

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Do air b and bs flow more cash than conventional rentals?
Depends on the property, area, and amount of work the owner is willing to do. An Airbnb property will generally rent for hundreds a night - generally more than a hotel in the area. If you live in a prime location and can keep the property booked you can make a lot more than renting long term. If you just rent on weekends you likely make less but with a lot more hassle than a long term rental.
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Old 01-23-2023, 11:47 PM   #1140 (permalink)
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Quote:
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Do air b and bs flow more cash than conventional rentals?
As Jason said, it depends.

Zillow says my Vancouver rental value is $2,700. Nobody would really want to ABnB the place because it's 10 minutes from Portland, in a whole 'nother state. Nobody vacations in Vancouver when Portland is just across the river, and people know what Portland is but never knew the US has a Vancouver.

If I made $200/night on my Vancouver house renting it 2 days every weekend, that would be $1,600. I'd struggle to book every weekend.

I wonder if there's some way to auction nights in a nice vacation rental? Set some minimum bid at which point renting is still slightly profitable, and let people bid for days. Super valuable weekends like Memorial Day weekend could go sky high, and people could find bargain pricing during the week off-season.

I'd just not want 50%+ vacancy on a rental.

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