Anyone in real estate investment?

[dcs13]

You make your money and save time with the front end work. You GOTTA check references and backgrounds. There will be the occaisional that gets through, but if you check stuff up front, most tennants will be fine.
Now, if you're renting a $700 house in the hood, well, thats the cost of business. Thats a whole different renter. Kinda like used cars..

[David]

They were there for 3 years. For the most part they paid on time. The house has a mortgage on it so my cash flow is on the low end when you factor in repairs. Not to sound dumb, but why wouldn't I get my money with a judgement? When one of your tenants does something like this, what do you do?

First of all I think the problems you have are a wash after 3 yrs. Hardly bad tenants imo. Secondly, a judgment doesn't force them to pay you. You can record it at the clerks office and hold it against them forever, doesn't mean you'll necessarily get paid. Most renters could careless about credit history.

[akfodysvn]

I'm glad this thread got started and you guys had that link for the website.

We started our first rental this year... we turned our former primary residence into a rental and I had the help of a family member to do all of the paperwork. It was designed by their property management company and I just tailored it to my single family home.

Some highlights of things we required on our end:

Background check- Automatic DQ for any felony or sex offender
Proof of Income- 3x the rent amount- No exceptions
Minimum Credit Score
No co-signers- We live in a University town, so this keeps students away

I'm trying to learn some of the techinical terms and calculations you from the link provided.

We paid 200k for the house and got the $8k rebate from the Govt that didn't have to be paid back. I put down 25k(ish) and refinanced into a lower rate 2 years after living there. The rate is currently 3.25%.

My mortgage is now just under $1100/mo after the Homeowners insurance increase for it being a rental. We signed our tenant into a 2 year lease at $1700/mo. The house is a 1600sq/ft slab with 5" trim, granite, nice floors, etc. The home was built in 2010 and we were the original owners. Maintenance should be low and we have a great tenant. They actually put carpet into all 3 bedrooms at their expense. Dream tenant that we will never have again

I obviously would have done things a little different if I knew we were going to move but we ended up moving out of the blue into a bigger house. We actually moved right next door to the rental property so I know that some people will say we are crazy. I think that the rent is high enough that we wont have to stress too much about the quality of neighbor. It's a quite subdivision in a good school district. I'm glad we decided to rent the home and not sell it. Our realtor said it would have sold easily at $230k but she agreed that we should rent based on the monthly return.

I'm hoping to educate myself further so that I"m ready to invest into another single family home in a few years. I have no interest dealing with duplexes or section 8 type investments. I think I can produce a higher quality tenant out of a single family home.

[black2002ls]

Has anyone dealt with pre-foreclosures/foreclosures? I drove around town and looked at a few properties that caught my eye after searching zillow.

[jewozzy]

I have been thinking of trying to get a few acres and throw some mobile homes on them to rent out. Like 5 acres and get 5-10 homes. You can get mobile homes for dirt cheap 8k or less (sometimes much less) and redo the inside cheap as well. They still easily bring in 800-1000 a month in the right areas.

[03mustangdude]

I have been thinking of trying to get a few acres and throw some mobile homes on them to rent out. Like 5 acres and get 5-10 homes. You can get mobile homes for dirt cheap 8k or less (sometimes much less) and redo the inside cheap as well. They still easily bring in 800-1000 a month in the right areas.

Almost all cities have limits on this without permits plus those are a pain to move and setup, for 8k they are trashed you are better off just ordering prefab containers from China those last forever

[War Machine]

fyi, I deal with a wholesaler, he just sent me a 20 condo property in RISD , 745k for the property rents for 14500 a month, some of you ballers should jump on it. get your investment back in roughly 8 years.

[slow99]

fyi, I deal with a wholesaler, he just sent me a 20 condo property in RISD , 745k for the property rents for 14500 a month, some of you ballers should jump on it. get your investment back in roughly 8 years.

745 total, so I'd need $150k and finance the rest?

[jewozzy]

Almost all cities have limits on this without permits plus those are a pain to move and setup, for 8k they are trashed you are better off just ordering prefab containers from China those last forever

You would have to look at unincorporated areas. I've seen plenty of mobile homes around 8k that needed work but nothing crazy.

[dcs13]

fyi, I deal with a wholesaler, he just sent me a 20 condo property in RISD , 745k for the property rents for 14500 a month, some of you ballers should jump on it. get your investment back in roughly 8 years.

I'd love to have a 4-6 unit complex. Thats a big complex there. Whats the occupancy rate and history, do you know ? If it's 100% for a few years, thats a no brainer depending on condition of property.

[David]

One apt get up is enough for me.

[dblack1]

745 total, so I'd need $150k and finance the rest?

Bank I use now only needs 15%.

I'll only buy multi family or nicer 3/2 f-rom here out. Closed on nice four plex a month ago that cash flows really well. Maybe in the next crash I'll pick up an apartment complex.

I pay someone to manage, and for all repairs.

I lost money on them last year. Two ac units, package units...

[black2002ls]

Bank I use now only needs 15%.

I'll only buy multi family or nicer 3/2 f-rom here out. Closed on nice four plex a month ago that cash flows really well. Maybe in the next crash I'll pick up an apartment complex.

I pay someone to manage, and for all repairs.

I lost money on them last year. Two ac units, package units...

Care to share the lender?

Sent from my SAMSUNG-SGH-I337 using Tapatalk

[War Machine]

I'd love to have a 4-6 unit complex. Thats a big complex there. Whats the occupancy rate and history, do you know ? If it's 100% for a few years, thats a no brainer depending on condition of property.

18 full other 2 being remodeled. All have been remodeled but 3 and the remodel is part of the price.

Hell of a deal if ya have the capital. Divorce sale

[slow99]

18 full other 2 being remodeled. All have been remodeled but 3 and the remodel is part of the price.

Hell of a deal if ya have the capital. Divorce sale

Send me details? NOI breakout, etc? I'll pm you my email addy if you can.