Thread: Paging Misc Real Estate Moguls
07-16-2021, 04:08 PM
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#61
Originally Posted By arn710⏩
Thank you. This is the kind of thing that is good to know.Mizzou was on a downward spiral for a while. Its still not great. They don't even have the undergrad enrollment they had when I was attending in the early 2000s
There isn't much to do there outside the college stuff and not the best schools for your daughter
Summers are super hot and humid. Winters are bleak, wet and cold
There isn't much to do there outside the college stuff and not the best schools for your daughter
Summers are super hot and humid. Winters are bleak, wet and cold
Originally Posted By kcadrenalin⏩
anacron echoed some of my thinking on this, namely that if you have a higher number of tenants supporting a property that the risk is reduced because it is less of a problem if 1 out of 8 payments doesn't come in than if it is 1 out of 1. Plus I think that student often change housing and are less likely to become squatters that are difficult to evict.Something to keep in mind, we just spent the last year with a moratorium on evicting tenants that refuse to pay rent. It would not surprise me to see this happen more often for reasons other than the pandemic.
Be prepared to pay the full mortgage on your building with no income from your tenant(s) for a prolonged period of time. Also be aware MANY tenants that know they will be evicted once all their legal options allowing them to not pay rent, run out, will trash your property. There are a whole lot of individual rental property owners that are selling and getting out of the game right now. It's all trending towards large investment banks that buy and rent properties by the hundreds. They can absorb the non-pays easier and can better afford pursuing legal means to recover their money. If you are going to do it, be very, very picky about who you rent to. Even then, there is risk involved.
Be prepared to pay the full mortgage on your building with no income from your tenant(s) for a prolonged period of time. Also be aware MANY tenants that know they will be evicted once all their legal options allowing them to not pay rent, run out, will trash your property. There are a whole lot of individual rental property owners that are selling and getting out of the game right now. It's all trending towards large investment banks that buy and rent properties by the hundreds. They can absorb the non-pays easier and can better afford pursuing legal means to recover their money. If you are going to do it, be very, very picky about who you rent to. Even then, there is risk involved.
Originally Posted by Anachron View Post
Just LOL at trailerbrah giving RE advice ITT.
@ OP :
Refreshing thread to see on the misc, we need more of these.
-Do NOT do section 8 - especially in your specific situation. Profit margins are higher than normal, but you don't want to get into that whole hassle ( especially if you want to live there ).
-Student housing is higher profit margin and depending on your vetting of the tenants, is actually less hassle than single professionals. You do need to be in the right location though, and these locations will have higher property prices associated with this.
-One thing to look into before embarking in the direction of student housing is to see if there are any local regulations governing the number of "units" that can be rented out in a single home - as bedrooms, depending on the local rules, can be considered individual units if rented out individually.
-Skimmed the thread but didn't see a hard number on the finances available?
I didn't know your replies were going to self-destruct.Just LOL at trailerbrah giving RE advice ITT.
@ OP :
Refreshing thread to see on the misc, we need more of these.
-Do NOT do section 8 - especially in your specific situation. Profit margins are higher than normal, but you don't want to get into that whole hassle ( especially if you want to live there ).
-Student housing is higher profit margin and depending on your vetting of the tenants, is actually less hassle than single professionals. You do need to be in the right location though, and these locations will have higher property prices associated with this.
-One thing to look into before embarking in the direction of student housing is to see if there are any local regulations governing the number of "units" that can be rented out in a single home - as bedrooms, depending on the local rules, can be considered individual units if rented out individually.
-Skimmed the thread but didn't see a hard number on the finances available?
I didn't know about potential regulations on the number of units as my only experience was checking out rental ads for the area around U of M. Seemed to be 1 or 2 people per bedroom, but I would think bathrooms would figure in some how.
Finances: $100K conservatively, but iffy on loans/credit. Probably dependent on % down and making a good case for cash flow from the property.
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07-16-2021, 04:21 PM
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#62
Originally Posted By Lb54TG⏩
From anachron's missing post- maybe?Can you even do female only? That’s discrimination is it not?
My friend in Worcester MA rents out to students. He said they’ve been a pain in the ass. Nothing crazy but what do you expect. There are 4 colleges there.
I’ve considered buying a multi in MA too. But renting to low income ppl with assisted living. Screen them well, but you’re almost always gonna get paid cause it comes from the govt, and the tenants don’t want to lose their benefits so they tend to be good.
My friend in Worcester MA rents out to students. He said they’ve been a pain in the ass. Nothing crazy but what do you expect. There are 4 colleges there.
I’ve considered buying a multi in MA too. But renting to low income ppl with assisted living. Screen them well, but you’re almost always gonna get paid cause it comes from the govt, and the tenants don’t want to lose their benefits so they tend to be good.
I was envisioning a secured entryway/stairs. I know that there are segregated dorms, or at least there used to be.
Originally Posted By Legz422⏩
I believe that when you have a higher number of units you are required to have a percentage be accessible in most places. I don't know if it is a requirement for a small building or how it might effect the cost/building plans.Just something extra to think about, but maybe make sure the first floor units are handicap accessible. My niece is handicapped and in a wheelchair and she is in college now renting an apartment.
Originally Posted By 5x10⏩
Completely fair.No offense op, but if remember your income correctly, I don’t think your going to qualify for financing
I expect that I would have to make a strong business case for the loan.
I've sketched out a simple unit that is 4 bed/2 bath that is 24 X 60; beds and baths at either end with kitchen and living in the center. I think it could potentially be done as a modular with each unit being 2 sections and then the center entry/stairs being built on site.
If it could be done that would potentially be 4 units on a 60 X 60 footprint. As a student rental/SRO I could have 4 tenants in each of 3 units = 12 tenants each paying from $600 to a $1000 a month depending on market conditions and services included. I was considering including weekly cleaning service for the common areas w/an option for bedroom/laundry which I would contract out through a cleaning service. Should be nicer for the tenants and also help prevent minor issues from becoming larger repairs if the tenants are lax about cleaning/reporting maintenance needs.
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07-16-2021, 04:34 PM
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#63
Originally Posted By RobParks2M⏩
I had thought of something along these lines previously and was noodling on it again this morning; specifically residents and that IMO it seems like they could really use extra support when working changing shifts and long hours.If that is what you want to do thenfind a place near a hospital and rent out short term to nurses/doctors with 3-6 month contracts OR try and get the residents who are moving there then you've got a solid renter for 3-5 years. Best tenants you'll probably ever find.
IRL I usually like doctors and they usually like me, particularly hospital staff. Maybe just because I show up, I listen and understand facts, and don't expect them to be something more than human.
I was considering the possibility of contracting w/a teaching hospital rather than with individual residents as a potential way to help secure financing as I would be providing housing as a service to a very solid payor. I could see that things like cleaning and laundry are covered and that resident have a quiet pleasant place to stay while the hospital could defray part of the cost for the residents as a perk.
In that case I would want to have a "third space" with maybe a small gym and a tv/movie type space, maybe outside space...so that if there are people sleeping odd times it is easier to keep bedroom quiet.
Originally Posted By kcadrenalin⏩
Also a possibility.Not a bad suggestion. ^^
I have a friend that owns a couple of rental houses near a naval base. Only rents to military families. Always gets paid.
I have a friend that owns a couple of rental houses near a naval base. Only rents to military families. Always gets paid.
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07-16-2021, 04:37 PM
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#64
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OP are you planning on buying a property in a good market and paying for a management company or are you planning on moving there and living in a unit?
Asking cause I’m considering buying on an FHA in MA and living there for a year before moving back, and may pay a property management company after.
Asking cause I’m considering buying on an FHA in MA and living there for a year before moving back, and may pay a property management company after.
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07-16-2021, 04:47 PM
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#65
07-16-2021, 05:29 PM
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#66
Still catching up.
Originally Posted By ashin1⏩
On the videos I've watched about airbnb campsites that is one of the advantages- areas with a lot of visitors, but no a lot of rentals available. Places near national parks were suggested as something to target. Better would be a location that could potentially draw people in an area with good access to more than one attraction.Some areas with high demand for rentals have the population but lack the amount of development to sustain a proper balance between tenants to landlord ratios.
If you can do research on what municipalities/towns/cities will let you express your creative ideas and if it fits in the right market of say high demand for rentals you could have the best of both worlds.
In regards to taxes, markets like ive mentioned above aren’t always in cities, some of them can be rural based with the benefit of significantly lower property taxes.
When I had my trailers on my property I was paying a combined total of $1k year in property taxes for both of them.
Now without the trailers I am paying only $500 for both properties a year
Yep lots of potential will land alone.
One could also do some leasing of advertisement space on sea cans if they owned land on a busy enough road.
Land is one of the GOAT investments
If you can do research on what municipalities/towns/cities will let you express your creative ideas and if it fits in the right market of say high demand for rentals you could have the best of both worlds.
In regards to taxes, markets like ive mentioned above aren’t always in cities, some of them can be rural based with the benefit of significantly lower property taxes.
When I had my trailers on my property I was paying a combined total of $1k year in property taxes for both of them.
Now without the trailers I am paying only $500 for both properties a year
Yep lots of potential will land alone.
One could also do some leasing of advertisement space on sea cans if they owned land on a busy enough road.
Land is one of the GOAT investments
Originally Posted By Lb54TG⏩
I was looking at owner/occupant with or without a management company; basically a place to stay and an income. Can't sell the house and keep living in it; and the equity in the house is all I've got to work with.OP are you planning on buying a property in a good market and paying for a management company or are you planning on moving there and living in a unit?
Asking cause I’m considering buying on an FHA in MA and living there for a year before moving back, and may pay a property management company after.
Asking cause I’m considering buying on an FHA in MA and living there for a year before moving back, and may pay a property management company after.
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07-16-2021, 07:47 PM
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#67
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Originally Posted By Lb54TG⏩
I wouldn't want a property management company PERSONALLY and if you are going to be out of state that's not IDEAL there are some GOOD management companies but I have seen the SHODDY workmanship and GENERAL disregard for keeping a property nice USING the cheapest replacements bad WORKMANSHIP when fixing things ESPECIALLY when they KNOW you aren't even local to CALL them out.OP are you planning on buying a property in a good market and paying for a management company or are you planning on moving there and living in a unit?
Asking cause I’m considering buying on an FHA in MA and living there for a year before moving back, and may pay a property management company after.
Asking cause I’m considering buying on an FHA in MA and living there for a year before moving back, and may pay a property management company after.
Nobody is GOING to maintain your PROPERTY like you are BECAUSE they don't own it THEY don't care.
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07-16-2021, 07:57 PM
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#68
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Originally Posted By ashin1⏩
Gotcha, I appreciate the free game. SRS.Mind you this is the same ******* who got irate that one of the world’s largest railway system is actually a good investment.
Not sure what this fool was thinking CNR.TO was a bad investment at ~$90 a share
JFL
Spoiler!
It really depends on location and also on what your own goals are.
I’m choosing to develop and build because it would be better in my favour I go that route than instead of prepping the land and reselling it
Not sure what this fool was thinking CNR.TO was a bad investment at ~$90 a share
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Spoiler!
Ngl my place in nica looks pretty hnnng
It really depends on location and also on what your own goals are.
I’m choosing to develop and build because it would be better in my favour I go that route than instead of prepping the land and reselling it
Kinda retarded and getting started SORT of late in life BUT now that I know things like this I can't WAIT for the COME up.
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07-16-2021, 08:14 PM
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#69
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I have had quite a few rentals and my opinion to you would be this
Rentals are excellent money makers because you can buy them in up and coming areas, and bank off of that
The extra couple hundred dollars of rent you make is Not worth any additional work. You're better off to focus your attention on what can make you the most amount of money per hour.
At one point I had a dozen rentals and I'd hear from a tenant maybe once or twice a year. I would specifically look for well off extremely clean people with high paying jobs and I'd almost never get bothered.
If it becomes too much of a hassle it will run your life. The only way to expand much larger is to find things that don't require much managing.
Rentals are excellent money makers because you can buy them in up and coming areas, and bank off of that
The extra couple hundred dollars of rent you make is Not worth any additional work. You're better off to focus your attention on what can make you the most amount of money per hour.
At one point I had a dozen rentals and I'd hear from a tenant maybe once or twice a year. I would specifically look for well off extremely clean people with high paying jobs and I'd almost never get bothered.
If it becomes too much of a hassle it will run your life. The only way to expand much larger is to find things that don't require much managing.
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07-16-2021, 08:24 PM
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#70
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Originally Posted By Anachron⏩
I mean, if your aspiration in life is to unclog clogged toilet, you do you.
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07-16-2021, 08:41 PM
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#71
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Originally Posted By Anachron⏩
TFW when you don't even have an argument, Nvious.
That's OK though, you're only good for cleaning toilets anyway. Keep your aspirations to your own level.
That's OK though, you're only good for cleaning toilets anyway. Keep your aspirations to your own level.
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07-16-2021, 09:02 PM
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#72
Originally Posted By Mike1991⏩
I appreciate that better renters = less hassle.I have had quite a few rentals and my opinion to you would be this
Rentals are excellent money makers because you can buy them in up and coming areas, and bank off of that
The extra couple hundred dollars of rent you make is Not worth any additional work. You're better off to focus your attention on what can make you the most amount of money per hour.
At one point I had a dozen rentals and I'd hear from a tenant maybe once or twice a year. I would specifically look for well off extremely clean people with high paying jobs and I'd almost never get bothered.
If it becomes too much of a hassle it will run your life. The only way to expand much larger is to find things that don't require much managing.
Rentals are excellent money makers because you can buy them in up and coming areas, and bank off of that
The extra couple hundred dollars of rent you make is Not worth any additional work. You're better off to focus your attention on what can make you the most amount of money per hour.
At one point I had a dozen rentals and I'd hear from a tenant maybe once or twice a year. I would specifically look for well off extremely clean people with high paying jobs and I'd almost never get bothered.
If it becomes too much of a hassle it will run your life. The only way to expand much larger is to find things that don't require much managing.
I'm a lovely tenant. Usually leave a place nicer than when I moved in. Last landlord contacted me before putting their place on the market to see if I might want to move back.
They had a clause re:repairs that might be of interest [or may be common, IDK]. Basically the tenant agreed to pay the first $200 for repairs...something like that. Not a big deal for me as I've been a homeowner and know how to do basic things myself.
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07-16-2021, 09:12 PM
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#73
Originally Posted By Anachron⏩
Why perm bans though?Time for that perm ban bet yet, the one about whether you or I have the bigger RE portfolio?
Don't really care, just some variety would be nice.
What happened to classics like "hair on fire" or deep throating a banana?
Maybe the loser has to shave their head? Or, um, yeah that might not work for everybody...
Maybe the loser has to ship the winner a case of cigars? whey protein? lube?
And I'm still gonna rep you, but wish I had grabbed that other post.
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07-16-2021, 09:18 PM
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#74
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Originally Posted By Anachron⏩
A ban bet with a no avi, that never posts pics/vid, that has a deep passion for coping and mental gymnastics?Time for that perm ban bet about whether you or I have the bigger RE portfolio yet?
I am disgust you would even think I’d entertain that.
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07-16-2021, 09:21 PM
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#75
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Originally Posted By Anachron⏩
That one is still on if you want.As I expected, trailerbrah can't back his chit up -even though he wanted to perm ban bet over the state of his Nicaraguan investments.
That was quite expected, Ace.
That was quite expected, Ace.
But I can’t be the one to let a no avi make the rules
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07-16-2021, 10:27 PM
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#76
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Originally Posted By Anachron⏩
Time for that perm ban bet about whether you or I have the bigger RE portfolio yet?
No AVI scum, When will the LEARN srs.
SAD.
srs.
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07-16-2021, 10:43 PM
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#77
07-17-2021, 01:03 AM
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#78
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Originally Posted By jeshelton⏩
LoooooooooooooolololololDidn't know they built trailers that high.
Thread’s over everybody go home
07-17-2021, 01:15 AM
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#79
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You couldn't pay me to do student housing. I've know enough people who have owned rentals near campuses and fallen into this trap.
Brb 19 year-old Timmy leaves mid semester
Brb third tenant change this year
Brb Timmy and GF trashed unit during fights
Brb bedroom door broken in half
Brb burn marks on walls
Brb Timmy didn't leave a forwarding address
Brb taking Timmy to collections with no contact info
Brb a year later you sell the debt for 10 cents on the dollar
Brb 19 year-old Timmy leaves mid semester
Brb third tenant change this year
Brb Timmy and GF trashed unit during fights
Brb bedroom door broken in half
Brb burn marks on walls
Brb Timmy didn't leave a forwarding address
Brb taking Timmy to collections with no contact info
Brb a year later you sell the debt for 10 cents on the dollar
480s / 370b / 495d / 235 x 2 SOHP
Trump 2020
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07-18-2021, 08:16 AM
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#80
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Originally Posted By LinuxJon⏩
None of which is as bad as building a nice respectable community and then some trash chicken-faeces collecting, toxoplasmosis incubating, fleabag poverty s2000-driving scum moves in and devalues the entire neighborhoodYou couldn't pay me to do student housing. I've know enough people who have owned rentals near campuses and fallen into this trap.
Brb 19 year-old Timmy leaves mid semester
Brb third tenant change this year
Brb Timmy and GF trashed unit during fights
Brb bedroom door broken in half
Brb burn marks on walls
Brb Timmy didn't leave a forwarding address
Brb taking Timmy to collections with no contact info
Brb a year later you sell the debt for 10 cents on the dollar
Brb 19 year-old Timmy leaves mid semester
Brb third tenant change this year
Brb Timmy and GF trashed unit during fights
Brb bedroom door broken in half
Brb burn marks on walls
Brb Timmy didn't leave a forwarding address
Brb taking Timmy to collections with no contact info
Brb a year later you sell the debt for 10 cents on the dollar
In other words it could be worse
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