James Sullivan
  • 30, Male
  • Derwood, MD
  • United States
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James Sullivan's Discussions

Owning rental properties while renting yourself?

Started this discussion. Last reply by Regular Joe on Tuesday. 21 Replies

Good Day Gentlemen,     I rent a 3br 2-1/2 bath TH in a fairly expensive area of MD.  Currently, my wife makes a very modest income babysitting for a friend, and I am working 2 jobs with the purpose…Continue

When can a boy learn to fight back?

Started this discussion. Last reply by Stein Oct 1. 64 Replies

Good Evening Gents,I have two young boys. My oldest is the only one in school yet. Today his mother called me in a panic because another boy slapped my son in the face at recess. For whatever reason,…Continue

Leave the family business?

Started this discussion. Last reply by Will Sep 5. 1 Reply

Good Morning Gents,Nearly two years ago, a few months after my second son was born, I made the decision to get out of my previous career in retail management to join the plastics fabrication company…Continue

Which is worse-no higher education or higher education that doesn't lead where you'd like?

Started this discussion. Last reply by Gentleman Engineer Aug 7. 27 Replies

Good Morning Gentlemen,I am a college dropout. I graduated high school, but did just barely well enough to to participate in extra-curricular activities. After 3 semesters at my local community…Continue

 

James Sullivan's Page

Latest Activity

James Sullivan posted a photo

wedding

Me and wifey at a friend's wedding this past weekend...
Thursday
James Sullivan replied to P. Stevenson's discussion Wallet issue
"Mine is a business card holder from 12-13 years ago. It was from my first retail commission sales job and was an award they gave to first-time quarterly sales award winners. I ended up winning that award seven more times, with different awards, nad…"
Tuesday
Regular Joe replied to James Sullivan's discussion Owning rental properties while renting yourself?
"No, Canadian real estate isn't particularly uniform. I guess my take on things is just that if I couldn't afford to buy Buckingham Palace, I wouldn't go out of my way to mortgage a rental property in Belfast in an attempt to generate…"
Tuesday
Rick Shelton replied to James Sullivan's discussion Owning rental properties while renting yourself?
"True but often people have said that cash buying property means it all goes to the owner, not taking into account all the associated costs.  And with the ownership of a rental unit there are costs that are not otherwise typically associated…"
Tuesday
Jack Bauer replied to James Sullivan's discussion Owning rental properties while renting yourself?
"Yeah ... but property taxes, insurance costs, property management, etc. are pretty nominal in comparison to a mortgage.  If you can't manage to cashflow some costs, you ought not be investing in anything. Landlording can be worth…"
Tuesday
Penelope replied to James Sullivan's discussion Owning rental properties while renting yourself?
"As a tenant, I've enjoyed living in multi-unit buildings that are paid off.  Because the landlords aren't under financial strain, they tend to not charge maximum rent.  They also tend to keep the units basic instead of trying to…"
Tuesday
Rick Shelton replied to James Sullivan's discussion Owning rental properties while renting yourself?
"There's still going to be a outlay even for a cash sale.  There's property taxes, insurance, maintenance contracts, and for long distance (absentee landlords) there are the costs for a property management company.  He may have to…"
Tuesday
Penelope replied to James Sullivan's discussion Owning rental properties while renting yourself?
"Is Canadian real estate really so uniform in price?  'Cause 2 br condos in my area sell for 5x the national median home price, which buys you a 2 br single-family in most of the US.  So, yeah, for a down payment in my region, I can…"
Tuesday
Rick Shelton replied to James Sullivan's discussion Owning rental properties while renting yourself?
"I'm going with the consensus on this. Rental properties are a pain in the ass when you're close by never mind when you're hundreds or thousands of miles away.  You'll have to travel out there to look for the property, you…"
Tuesday
James Sullivan replied to James Sullivan's discussion Owning rental properties while renting yourself?
"It's as if you can read my mind, sir. I was born in DC, raised just outside the beltway. I wish to move, however, convincing my wife to leave our families, both of whom still live here, is proving quite the task."
Tuesday
Jack Bauer replied to James Sullivan's discussion Owning rental properties while renting yourself?
"A lot of people are broke, though.  So, take what 'a lot of people' do with a grain of salt. JB"
Tuesday
Jack Bauer replied to James Sullivan's discussion Owning rental properties while renting yourself?
"Maybe so.  The only way I'd even consider it is if I could buy the rental in cash.  That way, it's just an income stream, not a debt to service.  And, if you can't rent it out immediately, you're not stuck paying a…"
Tuesday
John Muir replied to James Sullivan's discussion Owning rental properties while renting yourself?
"If you live near the beltway, the schools are top notch but the cost of living is intolerable. Unless an extended family situation prohibits it, I'd move before your kids get any older. You'd have to have some SERIOUS income potential…"
Tuesday
James Sullivan replied to James Sullivan's discussion Owning rental properties while renting yourself?
"As you'll see in Penelope's reply, MD real estate is among the most expensive in the country, particularly the area I live in. A down payment for a house in a MD ghetto can get you a decent house in decent suburbs of less expensive states…"
Tuesday
Regular Joe replied to James Sullivan's discussion Owning rental properties while renting yourself?
"If you can't come up with a down payment for your own single home, I don't see how you could come up with a down payment for a rental property anywhere else unless it was literally in the ghetto and, if that's the plan, the amount of…"
Tuesday
Regular Joe replied to James Sullivan's discussion Owning rental properties while renting yourself?
""Couple of problems.  First, as I understand it, long distance landlording is a pain in the ass, especially for inexperienced landlords." This is true.  If you intend to have a point of contact on-site (even if it's a…"
Tuesday

Profile Information

Website
http://www.capitalplasticsco.com
Interests
Baseball, Football, Music, Politics, Reading
Books
Of Mice and Men, Dracula, Lord of the Rings
Movies
Star Wars, The Shawshank Redemption, Batman, Mystic River, A Few Good Men, Anchorman, The Bourne Saga, James Bond, Training Day, Saving Private Ryan, Braveheart, Superbad
Music
Any and all.....specifically Thrice, AFI, Metallica, Thursday, Alter Bridge, Stevie Ray Vaughn, Eric Clapton, Big Band, Sinatra & other Crooners, Jimmy Eat World, the list goes on....

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Comment Wall (2 comments)

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At 1:03pm on April 29, 2014, Michael J. K. said…

Hi James liked some of your posts so far.   Hope you are doing well and your family too.   I have a 5 month old grand son and  a 5 year old grand daughter.  I am sure you are a great dad.   I am a wonderful grandpa.  You have a great day.

At 10:10am on September 14, 2013, Herb Munson said…

Hey there James, welcome to The Great Debate!

 
 
 

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