Well these people were glad they listened to me and checked with the lender I put them in touch with, and bought a larger home then they thought just because of the interst rates were as low as they are. If you would like to have someone contact you and see if you would qualify and buy rather then rent then I would be glad to do that for you. If you do qualify then I can help you out by helping you find a home to purchase instead of renting.
By the way there is no charge for this except they may charge for pulling your credit report.
If you would like to maybe get a second opinion for your credit here is a place that my wife works and they do credit counseling as well, and there isn't a charge. They also offer advice and classes on home buying as well. Call me sometime if you would like to talk at 402-709-9768
http://www.fhasinc.org/ This is their site you can check it out .
30 years to pay it off. Which is a lifetime for most people. So the home has to get paid for somehow. For instance the home your speaking of at 9135 sprague looks to have been on the market for sale a couple different times. Then it didn't sell for one reason or another. It doesn't look to me like they wanted to be a landlord since they tried to sell. So in order to make the payments on a 115,000 home which is about what they paid for it back 8 years ago. Depends on the interst rate. If he never did a refi. Lets say an avg. rate for a investment property is around 6%, since these are higher rates then owner occupied loans. The P&I would be approx. 700.00 then you have taxes which you pay even after the home is paid off at $200 month then ins. another approx. 75.00 monthly. For not having 20% equity in the home there is what they call PMI ins , probably 60-80 monthly . So if you add these up you are right at $1050 a month.
Now when this guy has a vacant home he will have to make this payment in addition to his own mortgage, also when there are any repairs this will probably come out of his own pocket, since it doesn't look to me like he is making any kind of extra cash income to make any repairs. I myself have about a dozen rental and am lucky to make on some 100.00 montly. doesn't sound like a lot and really is not because repairs are not cheap. Replacing carpet for ex. after the tenants trash it at 20.00 yd . for this home looks to be about 125 yds carpet at 13.00 yd. for cheap carpet then pad 3.50 and 4.00yd . labor would be about $2500 So 2 years worth of income at 100.00 a month.
Sorry for the long drawn out answer but alot of people think the same way, So maybe this will help them understand as well. As well as maybe will take care of your landlords home so they can refund your deposit instead of keeping it for damages and repairs. that it cost them to rehab to the condition they moved in . Then the landlord won't also get a bad rap for being a slum lord because their tenants left the home in good condition So this is the main reason that rental prices are so high. We have to pay for the home and then hopefully have a small cash reserve to do any repairs needed.