Korean Job Discussion Forums

[chaz47]

Let me just say that I'm totally uninformed on this subject before I begin.

I noticed today while surfing the web that an old storefront in one of the jerkwater towns I grew up in has recently been remodeled into a duplex. The whole building is going for $89,900. They want a downpayment of $18,000 or so. The monthly mortgage is expected to be $461 for 30 years.

The advertisement claims that all the mechanical and electrical stuff in the building is in "tip-top" shape.

I remember this building from my childhood and it is hard to imagine how it could have remodeled into apartments. It's not without its charm but it does look like some kind of bunker. Aside from the storefront the entire structure looks to have four windows. Rental spaces are a bit scarce in the town though so I'm quite sure that some desperate post high school type working at a factory 30 miles away would probably rent there. That is of course assuming that factory/foundry work is even still available in that area.

If both units were renting I could totally afford the taxes and mortgage payment. The catch is although I already have half of the downpayment (probably more with severance and pension) I would like to use a VA home loan to do it. With the VA loan there is some specificity about it being for a personal residence. But I'm thinking, what if I only use one of the unit's as a personal residence and rent the other out. What if I take a couple months off to do the paperwork and then find another job outside the US...

I could even get my father to be the de facto slumlord in my absence.



When I eventually decide I want to retire I can convert the front unit back into a storefront for some sort of small business venture. That is assuming I could find something that turns a profit in that size of a community.

The last time I checked the population was just pushing 700.

Any thoughts?

[Missihippi]

How many Sq. Ft? Rural or Urban? Get the building appraised and inspected, it may not be worth that much or may be infested with mold. Also, if you own a building, you can legally live in it. It doesn't matter if it's commercially zoned.