you act like houses automatically come with tennants that actually pay their rent, or don't call the city to get the house condemned because they are fucking broke and can't pay rent. Empty rent houses still require, taxes, insurance, yard maintenence not to mention if for some fucked up reason you actually take out a loan to buy rental property. I'm telling you, i've seen it all, it doesn't make money
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Originally posted by SVT Lurch View PostMost people don't have positive cash flow on investment properties (unless they pay cash for them). Any of you that own them currently care to comment on that?Originally posted by Cmarsh93zDon't Fuck with DFWmustangs...the most powerfull gang I have ever been a member of.
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Originally posted by 347Mike View PostI am curious as well. They must REALLY trash the place to have to pay $6,000 a year to fix up the place just to make it look presentable. This is why I asked if they received a deposit. I would figure that would offset some of $6,000 but I may be wrong. I think it may also be with the clientel he is bringing in with the 100,000 or less house.pinto gt with wood trim
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Originally posted by Grape View Postyou act like houses automatically come with tennants that actually pay their rent, or don't call the city to get the house condemned because they are fucking broke and can't pay rent. Empty rent houses still require, taxes, insurance, yard maintenence not to mention if for some fucked up reason you actually take out a loan to buy rental property. I'm telling you, i've seen it all, it doesn't make money
Taxes, insurance is rolled into an escrow account like I mentioned earlier and compared to other properties in my area I would be able to list for 300-400 more than what I pay monthly. Not sure if that is a lot or not but then again that is why I am asking.Originally posted by Cmarsh93zDon't Fuck with DFWmustangs...the most powerfull gang I have ever been a member of.
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Originally posted by 347Mike View PostI am not acting like anything. I made this thread to inquire.
Taxes, insurance is rolled into an escrow account like I mentioned earlier and compared to other properties in my area I would be able to list for 300-400 more than what I pay monthly. Not sure if that is a lot or not but then again that is why I am asking.pinto gt with wood trim
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Originally posted by Grape View Post1 A/C unit could take a shit.......whole year's profit wiped the fuck out.Originally posted by Cmarsh93zDon't Fuck with DFWmustangs...the most powerfull gang I have ever been a member of.
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Originally posted by 347Mike View PostInsurance? My house is only a few years old. I don't see anything major blowing up, and again I would have insurance.
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Originally posted by 347Mike View PostInsurance? My house is only a few years old. I don't see anything major blowing up, and again I would have insurance.Last edited by Grape; 04-27-2011, 03:11 PM.pinto gt with wood trim
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Originally posted by Grape View Postsounds like you have it figured out, i will sell you a rent house with a 7 year tennant if you'd like, last one i have leftOriginally posted by Cmarsh93zDon't Fuck with DFWmustangs...the most powerfull gang I have ever been a member of.
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Originally posted by 347Mike View PostThey must tear shit up to a whole other level. If my math is right that is 6,000 a year for each house.... I am expecting to make some money off of this. I don't want to be stuck breaking even. Are there any precautionary steps you can do to see their living habbits? I know you probably wouldn't ask them straight out but can you meet them at their place or anything of the sort?
I am very weird when it comes to things I own and I think if I knew someone was tearing my place to shit I would freak ultimately in affecting my attitude towards them. Everyone has wear and tear but straight up trashing it would be nuts.
You don't have to answer this if you don't want to but how much over your current payment are you charging?
Like in my first house, I put nice curtains, nicer carpet, etc. Well, fuck that. Now I put run of the mill carpet, basic blinds, etc and if they want something nicer, by all means they are welcome to.
I am charging $500/mos over my mortgage payments so not much profit. Factor in all the repairs and my goal right now is just to break even.
My parents have 6 rent houses and they too said it took a bit to get going, but now after 24 years the tenants have paid the homes all off and their cash flow is much better not having a monthly mortgage payment. Like one home they bought for $23,000 in 1979, has earned them roughly $162,000 in rental income.
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Originally posted by SVT Lurch View PostMost people don't have positive cash flow on investment properties (unless they pay cash for them). Any of you that own them currently care to comment on that?
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There are also tax benifits to owning a rent house. From what I can tell it's great way to lower your income (that sounds totally fucked up) especially when you make repairs. Granted it's not always a rose garden, but I bet depending on the sitiation it's not too bad if you do your homework. A lot of pretty decent folks are hanging out there renting right now because of the mortgage requirements. If you have a 900sqft shack and rent it out to biker gang members who cook meth, you may have issues in the future.
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Originally posted by jw33 View PostThere are also tax benifits to owning a rent house. From what I can tell it's great way to lower your income (that sounds totally fucked up) especially when you make repairs. Granted it's not always a rose garden, but I bet depending on the sitiation it's not too bad if you do your homework. A lot of pretty decent folks are hanging out there renting right now because of the mortgage requirements. If you have a 900sqft shack and rent it out to biker gang members who cook meth, you may have issues in the future.
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