Peakster's House Efficiency - Page 19

Wanna Beco · 11-18-19, 05:01 PM

Did you ever look into getting coin op laundry machine?

Peakster · 11-18-19, 05:15 PM

Quote:

Originally Posted by Wanna Beco

Did you ever look into getting coin op laundry machine?

Naw. The 5 year mortgage term comes up for renewal in 2020, so I might actually just sell the house completely as there's no penalty to pay if off between terms. Toying with a few ideas of what to invest the money in next.

Peakster · 12-19-19, 02:42 AM

November 2019 housing costs:

Natural Gas - $128.93
Electricity - $129.53
Water - $172.90

Other expenses:

Cell Phone - $84.53
Wifi - 61.00
Monthly Cleaning Service - $125.00 (top floor only)
Insurance - $114.21
Water Heater Rental - $9.71
Property Tax - $380.99
Mortgage P+I - $696.98

Total November '19 Housing Costs: $1,903.78

Rent collection from 5-ish housemates: $2,973.00

Month Profit: $1,069.22

Full house for a bit, but one guy moved out. Still made a decent profit. No more paid streaming services (YouTube is more fun anyway).

MN Renovator · 12-19-19, 04:59 AM

"5 year mortgage term comes up for renewal in 2020"

I'm unfamiliar with Canadian mortgages because this isn't standard in the US.

In the US the most common loans have 30 year fixed rate terms, although others are available such as 20, 15, and 10 year terms. This term is when the house would be fully paid off and the interest rate on the loan remains the same. Apart from fixed rate, there is an adjustable rate that lasts for 5, 7, or 10 years and then typically adjusts every year based on an indicator rate, these have a 30 year total term.

How does this 5 year renewal thing work?

Peakster · 12-27-19, 01:20 AM

This is a pretty good explanation.

Basically if you sell your house before the "term" is up, you have to pay a penalty fee (in most cases). When the mortgage is up for renewal, you can pay off the entire mortgage with no penalty.

MN Renovator · 12-28-19, 02:12 PM

Thanks for the link. In the US, the mortgage companies are more competitive and prepayment penalties aren't that common here. Here 'term' means the duration of amortization. Most loans here are 30 year fixed rate loans, followed by 15 year fixed rate loans. Many still get 5/1 or 7/1 adjustable rate mortgages though which are 30 year loans based on a specific loan-based indicator where the first 5 or 7 years is a fixed rate and then every year after that period the rate adjusts with the indicator. They usually come at a slightly lower rate than a fixed rate loan. With rates at historic lows, it's difficult to consider one of these loans today unless someone plans to move out within 5-10 years of moving in.

Peakster · 01-17-20, 02:46 AM

December 2019 housing costs:

Natural Gas - $152.81 (488.333 m3)
Electricity - $167.73 (843 kWh)
Water - $197.57 (35,438 litres)

Other expenses:

Cell Phone - $84.53
Wifi - 61.00
Monthly Cleaning Service - $125.00 (top floor only)
Insurance - $114.21
Water Heater Rental - $9.71
Property Tax - $380.99
Mortgage P+I - $696.98

Total December '19 Housing Costs: $1,990.53

Rent collection from 5-ish housemates: $2,843.00

Month Profit: $852.47

A bit of household turnover. 2019 was a bit a rental struggle with significant vacancies. I'm going into 2020 with a full house though! Still contemplating whether or not to sell the house in spring (just a few months away).

Wanna Beco · 01-17-20, 08:04 PM

Keep the house... you quit your job!!! And this house produces income.

Peakster · 01-20-20, 02:51 AM

Quote:

Originally Posted by Wanna Beco

Keep the house... you quit your job!!! And this house produces income.

That is true. However it's so tempting to sell since my neighbour listed their house for a cool $440K just 3 doors down. If I could get $429K for my place I'd be very happy; I'd have $185K cash after realtor fees & paying off all my debts.

Remember my first property I had in the beginning of this thread? I sold it for $229K in 2014. Yeah, a unit in the same complex with identical floor plan to what I had is listed for $120K

.

Peakster · 02-19-20, 04:41 AM

January 2020 housing costs:

Natural Gas - $153.52 (488.333 m3)
Electricity - $164.78 (843 kWh)
Water - $205.48 (35,438 litres)

Other expenses:

Cell Phone - $84.53
Wifi - 61.00
Monthly Cleaning Service - $125.00 (top floor only)
Insurance - $114.21
Water Heater Rental - $9.71
Property Tax - $380.99
Mortgage P+I - $696.98

Total January '20 Housing Costs: $1,996.20

Rent collection from 5 housemates: $3,401.00

Month Profit: $1,404.80

A solid month at full capacity. I contacted my realtor & it turns out that listing my home for sale right now is not advised. Average home prices are down 9.5% from last year & take about 85 days to sell on average.

02-19-20, 04:41 AM	#190
Peakster Apprentice EcoRenovator Join Date: Feb 2009 Location: Regina Saskatchewan Canada Posts: 146 Thanks: 0 Thanked 22 Times in 21 Posts	January 2020 housing costs: Natural Gas - $153.52 (488.333 m3) Electricity - $164.78 (843 kWh) Water - $205.48 (35,438 litres) Other expenses: Cell Phone - $84.53 Wifi - 61.00 Monthly Cleaning Service - $125.00 (top floor only) Insurance - $114.21 Water Heater Rental - $9.71 Property Tax - $380.99 Mortgage P+I - $696.98 Total January '20 Housing Costs: $1,996.20 Rent collection from 5 housemates: $3,401.00 Month Profit: $1,404.80 A solid month at full capacity. I contacted my realtor & it turns out that listing my home for sale right now is not advised. Average home prices are down 9.5% from last year & take about 85 days to sell on average. Last edited by Peakster; 04-18-20 at 09:04 AM..

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11-18-19, 05:01 PM	#181
Wanna Beco Helper EcoRenovator Join Date: Jun 2011 Location: Phoenix Posts: 69 Thanks: 10 Thanked 12 Times in 9 Posts	Did you ever look into getting coin op laundry machine?

12-19-19, 02:42 AM	#183
Peakster Apprentice EcoRenovator Join Date: Feb 2009 Location: Regina Saskatchewan Canada Posts: 146 Thanks: 0 Thanked 22 Times in 21 Posts	November 2019 housing costs: Natural Gas - $128.93 Electricity - $129.53 Water - $172.90 Other expenses: Cell Phone - $84.53 Wifi - 61.00 Monthly Cleaning Service - $125.00 (top floor only) Insurance - $114.21 Water Heater Rental - $9.71 Property Tax - $380.99 Mortgage P+I - $696.98 Total November '19 Housing Costs: $1,903.78 Rent collection from 5-ish housemates: $2,973.00 Month Profit: $1,069.22 Full house for a bit, but one guy moved out. Still made a decent profit. No more paid streaming services (YouTube is more fun anyway).

12-19-19, 04:59 AM	#184
MN Renovator Less usage=Cheaper bills Join Date: Nov 2010 Location: Minneapolis, MN Posts: 939 Thanks: 41 Thanked 116 Times in 90 Posts	"5 year mortgage term comes up for renewal in 2020" I'm unfamiliar with Canadian mortgages because this isn't standard in the US. In the US the most common loans have 30 year fixed rate terms, although others are available such as 20, 15, and 10 year terms. This term is when the house would be fully paid off and the interest rate on the loan remains the same. Apart from fixed rate, there is an adjustable rate that lasts for 5, 7, or 10 years and then typically adjusts every year based on an indicator rate, these have a 30 year total term. How does this 5 year renewal thing work?

12-27-19, 01:20 AM	#185
Peakster Apprentice EcoRenovator Join Date: Feb 2009 Location: Regina Saskatchewan Canada Posts: 146 Thanks: 0 Thanked 22 Times in 21 Posts	This is a pretty good explanation. Basically if you sell your house before the "term" is up, you have to pay a penalty fee (in most cases). When the mortgage is up for renewal, you can pay off the entire mortgage with no penalty.

12-28-19, 02:12 PM	#186
MN Renovator Less usage=Cheaper bills Join Date: Nov 2010 Location: Minneapolis, MN Posts: 939 Thanks: 41 Thanked 116 Times in 90 Posts	Thanks for the link. In the US, the mortgage companies are more competitive and prepayment penalties aren't that common here. Here 'term' means the duration of amortization. Most loans here are 30 year fixed rate loans, followed by 15 year fixed rate loans. Many still get 5/1 or 7/1 adjustable rate mortgages though which are 30 year loans based on a specific loan-based indicator where the first 5 or 7 years is a fixed rate and then every year after that period the rate adjusts with the indicator. They usually come at a slightly lower rate than a fixed rate loan. With rates at historic lows, it's difficult to consider one of these loans today unless someone plans to move out within 5-10 years of moving in.

01-17-20, 02:46 AM	#187
Peakster Apprentice EcoRenovator Join Date: Feb 2009 Location: Regina Saskatchewan Canada Posts: 146 Thanks: 0 Thanked 22 Times in 21 Posts	December 2019 housing costs: Natural Gas - $152.81 (488.333 m3) Electricity - $167.73 (843 kWh) Water - $197.57 (35,438 litres) Other expenses: Cell Phone - $84.53 Wifi - 61.00 Monthly Cleaning Service - $125.00 (top floor only) Insurance - $114.21 Water Heater Rental - $9.71 Property Tax - $380.99 Mortgage P+I - $696.98 Total December '19 Housing Costs: $1,990.53 Rent collection from 5-ish housemates: $2,843.00 Month Profit: $852.47 A bit of household turnover. 2019 was a bit a rental struggle with significant vacancies. I'm going into 2020 with a full house though! Still contemplating whether or not to sell the house in spring (just a few months away).

01-17-20, 08:04 PM	#188
Wanna Beco Helper EcoRenovator Join Date: Jun 2011 Location: Phoenix Posts: 69 Thanks: 10 Thanked 12 Times in 9 Posts	Keep the house... you quit your job!!! And this house produces income.