Quote:
Originally Posted by xtac
I am sure there are cheaper places, you're just picking the main metro. Try manhattan same thing. Move an hr any direction and its 80% cheaper.
I applaud anyone who can live like this, 99% of people will not want to rent out and live with 4 people. I can't even imagine living with 1 roommate let alone 4, but kudos at least you are not burning money renting. Theres a lot of laws against stuff like that here and neighbors are quick to shout.
Alternative to this is buying a hi ranch or MF house at least it is separate kitchens/etc.
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It only works if certain parameters are met. The house HAD to be 3000 sqft minimum and 5 bedrooms. 3 bathrooms (2 upstairs) and one full bath downstairs. Kitchen is very open and expansive. There were points in time where I thought the whole idea would fall apart.
Responding to potential tenants telling them that there are 4 people already living in the house was disheartening, but when they toured the house and saw the layout, they understood how it would work. Its very easy to maintain a 3000 sq ft house when you have 5 people working to do so.
I really love my roommates (I am 26 and they are all mid 40s plus except for one). All have steady incomes and are coming out of divorces or foreclosure. There credit is shot, but they have a decent income... enough to pay $550 a month + utilities. We all get along every well and I always bring home a 6 pack of some new beer nobody has tried. We are starting to have poker nights once a month.
Again, this can only work if the layout of the house is right and the people. I had a lot of people tour the house, but I didn't feel the right vibe and kept up the search for the right fit.