Thread: Paging Misc Real Estate Moguls
07-15-2021, 08:05 PM
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#1
Paging Misc Real Estate Moguls
No, not a thread where OP forecasts the future.
Because let's be real- if the present situation with the US economy isn't unprecedented it's close enough.
I wish I knew what to expect, or that the situation was much more boring.
If you were to buy or build a small multi-family in an area that could be attractive as student housing what would you look for?
Student housing seems more attractive because w/multiple tenants and regular turnover I think you would be less likely to get burned by too large a portion of your expected rents being delinquent or having tenants that are difficult to evict.
Owner occupied tri or quad is what I was thinking. I believe that the requirements and zoning are more stringent above a fourplex.
Heck, who even knows if people will still be going away to school at this point with online learning, high tuition/fees, etc.? Maybe near a well rated state school would be better?
OP could possibly go with female students only [plumbing though
] and pitch parents as "house mom".
Because let's be real- if the present situation with the US economy isn't unprecedented it's close enough.
I wish I knew what to expect, or that the situation was much more boring.
If you were to buy or build a small multi-family in an area that could be attractive as student housing what would you look for?
Student housing seems more attractive because w/multiple tenants and regular turnover I think you would be less likely to get burned by too large a portion of your expected rents being delinquent or having tenants that are difficult to evict.
Owner occupied tri or quad is what I was thinking. I believe that the requirements and zoning are more stringent above a fourplex.
Heck, who even knows if people will still be going away to school at this point with online learning, high tuition/fees, etc.? Maybe near a well rated state school would be better?
OP could possibly go with female students only [plumbing though
] and pitch parents as "house mom".INTP Crew
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07-15-2021, 08:14 PM
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#2
Student housing is hit or miss. Your units WILL get trashed. You might be able to fully recoup losses because 9/10 the parents co-sign but it’s still a massive fukking headache. Not to mention you WILL have to deal with insane amounts of complaints from other tenants or disputes between roommates or neighbors.
Owner occupied tri or quad is solid but do you really want to live like that? And yes tri is generally easier (zoning, financing, etc).
Try to find somewhere close to really really nice or highly regarded schools, elementary. You’ll capture solid families that either want the best for their kids and won’t fukk your chit up, or divorcés that will want to stay close to their kids school.
Owner occupied tri or quad is solid but do you really want to live like that? And yes tri is generally easier (zoning, financing, etc).
Try to find somewhere close to really really nice or highly regarded schools, elementary. You’ll capture solid families that either want the best for their kids and won’t fukk your chit up, or divorcés that will want to stay close to their kids school.
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07-15-2021, 08:18 PM
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#3
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In Australia I have an investment property near a university. 4 bedrooms each one leased out to a student.
I didn't put any money into anything special for the house, as I was under the impression it would be trashed and the rental market was strong enough that even renting the house out as is I was never going to have trouble finding tenants. Will renovate when I sell.
I didn't put any money into anything special for the house, as I was under the impression it would be trashed and the rental market was strong enough that even renting the house out as is I was never going to have trouble finding tenants. Will renovate when I sell.
07-15-2021, 08:28 PM
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#4
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07-15-2021, 08:30 PM
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#5
07-15-2021, 08:32 PM
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#6
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In the process of building a triplex
Landlord suite upstairs
Tenant unit on first floor
Each unit about 600sqft
Equipped with:
Dishwasher
Laundry
Air conditioning
I made it whole enough to make it more enticing as most rentals in my area don’t come with dish washers.
I don’t cater to student but to working professionals or even multi year leases with company’s who hire professionals
Landlord suite upstairs
Tenant unit on first floor
Each unit about 600sqft
Equipped with:
Dishwasher
Laundry
Air conditioning
I made it whole enough to make it more enticing as most rentals in my area don’t come with dish washers.
I don’t cater to student but to working professionals or even multi year leases with company’s who hire professionals
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07-15-2021, 08:34 PM
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#7
Originally Posted By chino3⏩
Thanks for feedback.Student housing is hit or miss. Your units WILL get trashed. You might be able to fully recoup losses because 9/10 the parents co-sign but it’s still a massive fukking headache. Not to mention you WILL have to deal with insane amounts of complaints from other tenants or disputes between roommates or neighbors.
Owner occupied tri or quad is solid but do you really want to live like that? And yes tri is generally easier (zoning, financing, etc).
Try to find somewhere close to really really nice or highly regarded schools, elementary. You’ll capture solid families that either want the best for their kids and won’t fukk your chit up, or divorcés that will want to stay close to their kids school.
Owner occupied tri or quad is solid but do you really want to live like that? And yes tri is generally easier (zoning, financing, etc).
Try to find somewhere close to really really nice or highly regarded schools, elementary. You’ll capture solid families that either want the best for their kids and won’t fukk your chit up, or divorcés that will want to stay close to their kids school.
Do I want to live in the same building as tenants? Not particularly, no.
But I have limited capital/income and I'm trying to come up with a plan to create some financial security.
As far as noise I can still climb stairs, so figured I would take the top floor.
I used to live near Ann Arbor and saw the student housing listings there that were essentially SROs renting out bedrooms in a shared housing situation. I was thinking of each unit maybe being a 2/2.
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07-15-2021, 08:37 PM
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#8
Originally Posted By AlexxVann⏩
Makes sense. I was leaning towards building if possible so that the units are more durable.In Australia I have an investment property near a university. 4 bedrooms each one leased out to a student.
I didn't put any money into anything special for the house, as I was under the impression it would be trashed and the rental market was strong enough that even renting the house out as is I was never going to have trouble finding tenants. Will renovate when I sell.
I didn't put any money into anything special for the house, as I was under the impression it would be trashed and the rental market was strong enough that even renting the house out as is I was never going to have trouble finding tenants. Will renovate when I sell.
I read about buying a house to help pay for your child's college a long time ago in some finance book; basically buy house near school for your kid to live in + renting other rooms out, use rental income to defray cost of college and then sell when they graduate.
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07-15-2021, 09:12 PM
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#9
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Originally Posted By katya422⏩
Yeah it's a good way of doing it and what you've said is perfect, build it to be more durable instead of expensive pretty finishings and furnishes.Makes sense. I was leaning towards building if possible so that the units are more durable.
I read about buying a house to help pay for your child's college a long time ago in some finance book; basically buy house near school for your kid to live in + renting other rooms out, use rental income to defray cost of college and then sell when they graduate.
I read about buying a house to help pay for your child's college a long time ago in some finance book; basically buy house near school for your kid to live in + renting other rooms out, use rental income to defray cost of college and then sell when they graduate.
07-15-2021, 09:36 PM
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#10
07-15-2021, 09:41 PM
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#11
Originally Posted By ashin1⏩
Nice. I understand Canadian cities have very high RE prices, so a lack of dishwashers as standard seems odd.In the process of building a triplex
Landlord suite upstairs
Tenant unit on first floor
Each unit about 600sqft
Equipped with:
Dishwasher
Laundry
Air conditioning
I made it whole enough to make it more enticing as most rentals in my area don’t come with dish washers.
I don’t cater to student but to working professionals or even multi year leases with company’s who hire professionals
Landlord suite upstairs
Tenant unit on first floor
Each unit about 600sqft
Equipped with:
Dishwasher
Laundry
Air conditioning
I made it whole enough to make it more enticing as most rentals in my area don’t come with dish washers.
I don’t cater to student but to working professionals or even multi year leases with company’s who hire professionals
Originally Posted By AlexxVann⏩
This was my thinking. Stuff that is durable and/or less expensive- some type of hard flooring, single piece fiberglass tub/shower inserts instead of tile, more shelves than finished cabinets, etc.Yeah it's a good way of doing it and what you've said is perfect, build it to be more durable instead of expensive pretty finishings and furnishes.
Not something that looks bad, just thought out more.
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07-15-2021, 09:45 PM
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#12
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Originally Posted By ashin1⏩
Are you financing the build or did you put cash down for everything just CURIOUS.In the process of building a triplex
Landlord suite upstairs
Tenant unit on first floor
Each unit about 600sqft
Equipped with:
Dishwasher
Laundry
Air conditioning
I made it whole enough to make it more enticing as most rentals in my area don’t come with dish washers.
I don’t cater to student but to working professionals or even multi year leases with company’s who hire professionals
Landlord suite upstairs
Tenant unit on first floor
Each unit about 600sqft
Equipped with:
Dishwasher
Laundry
Air conditioning
I made it whole enough to make it more enticing as most rentals in my area don’t come with dish washers.
I don’t cater to student but to working professionals or even multi year leases with company’s who hire professionals
- Keep the misc great again
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07-15-2021, 09:56 PM
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#13
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Originally Posted By katya422⏩
Something I've been working on that I've seen work wonders was a 4plex with 4 bedrooms/2 baths each. Basically shove 16 kids in the building and charge 'em each $400(this was podunk middle of nowhere). That's $6,400 a month right there assuming cost of living is low in the general area. Keep in mind this works well, but you'll always get the "plex bros" who will absolutely trash their unit and you'll have to sue them and their parents to recoup the damages.Nice. I understand Canadian cities have very high RE prices, so a lack of dishwashers as standard seems odd.
This was my thinking. Stuff that is durable and/or less expensive- some type of hard flooring, single piece fiberglass tub/shower inserts instead of tile, more shelves than finished cabinets, etc.
Not something that looks bad, just thought out more.
This was my thinking. Stuff that is durable and/or less expensive- some type of hard flooring, single piece fiberglass tub/shower inserts instead of tile, more shelves than finished cabinets, etc.
Not something that looks bad, just thought out more.
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07-15-2021, 09:57 PM
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#14
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Renting long-term is terrible.
Weak returns, a lot of hassle and entry/exit costs, and risks.
The bulldoze/subdivide/redevelop/sell model is far more profitable and way less risk.
I’ve been using the current market hysteria as an opportunity to unload all my long-term rentals.
Which is even sadder when you consider his most valuable “properties” are valued below CAD$20k
Weak returns, a lot of hassle and entry/exit costs, and risks.
The bulldoze/subdivide/redevelop/sell model is far more profitable and way less risk.
I’ve been using the current market hysteria as an opportunity to unload all my long-term rentals.
Originally Posted By Realclout⏩
He finances everything exclusively with retirement funds that he steals from his elderly parentsAre you financing the build or did you put cash down for everything just CURIOUS.
Which is even sadder when you consider his most valuable “properties” are valued below CAD$20k
07-15-2021, 09:59 PM
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#15
07-15-2021, 10:02 PM
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#16
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Not a bad idea. I wouldn’t want to deal with the headaches of students though. If I did own a property like that I would 100% hire a management company for the property. It would be worth their cut imo. Id also ask them to put strict vetting in place.
07-15-2021, 10:05 PM
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#17
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Originally Posted By r32gojirra⏩
Gotcha, I want to acquire a trades based business in the near future and want to do some developing and building not just remodels or contract work that I bid on for other people if that makes sense and was curious when you are at that level how it works since it's a lot more expensive then a remodel or a contract job you bid on if that makes sense. I agree completely though RENTING is not bad but compared to other options it's PRETTY retarded.Renting long-term is terrible.
Weak returns, a lot of hassle and entry/exit costs, and risks.
The bulldoze/subdivide/redevelop/sell model is far more profitable and way less risk.
I’ve been using the current market hysteria as an opportunity to unload all my long-term rentals.
He finances everything exclusively with retirement funds that he steals from his elderly parents
Weak returns, a lot of hassle and entry/exit costs, and risks.
The bulldoze/subdivide/redevelop/sell model is far more profitable and way less risk.
I’ve been using the current market hysteria as an opportunity to unload all my long-term rentals.
He finances everything exclusively with retirement funds that he steals from his elderly parents
- Keep the misc great again
- Watch my poo flush while holding the plunger to make sure I don't flood the bathroom crew.
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07-15-2021, 10:09 PM
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#18
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Sec 8 bro
Do NOT and I repeat DO NOT
rent to non sec 8 tenants
Do NOT and I repeat DO NOT
rent to non sec 8 tenants
- Disregard females, acquire real estate
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07-15-2021, 10:10 PM
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#19
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Originally Posted By the700level⏩
Heard GOOD and BAD about this SRS.Sec 8 bro
Do NOT and I repeat DO NOT
rent to non sec 8 tenants
Do NOT and I repeat DO NOT
rent to non sec 8 tenants
- Keep the misc great again
- Watch my poo flush while holding the plunger to make sure I don't flood the bathroom crew.
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Click here ----------------> https://js.do/caffeinatedlogic/50858
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07-15-2021, 10:14 PM
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#20
07-15-2021, 10:21 PM
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#21
Originally Posted By RobParks2M⏩
I could see that. $400 each seems low if that includes utilities.Something I've been working on that I've seen work wonders was a 4plex with 4 bedrooms/2 baths each. Basically shove 16 kids in the building and charge 'em each $400(this was podunk middle of nowhere). That's $6,400 a month right there assuming cost of living is low in the general area. Keep in mind this works well, but you'll always get the "plex bros" who will absolutely trash their unit and you'll have to sue them and their parents to recoup the damages.
I think females would be harder on plumbing, but maybe less lethal to things likely to be destroyed by rowdiness. Also: no pets.
Originally Posted By r32gojirra⏩
Yeah, but I'm not a baller. Basically poor widow with a kid. Small amount of capital [maybe $100K, proceeds from sale of a house] and unfortunate credit...not a huge debt/late pays, but short history/high utilization.Renting long-term is terrible.
Weak returns, a lot of hassle and entry/exit costs, and risks.
The bulldoze/subdivide/redevelop/sell model is far more profitable and way less risk.
I’ve been using the current market hysteria as an opportunity to unload all my long-term rentals.
He finances everything exclusively with retirement funds that he steals from his elderly parents
Which is even sadder when you consider his most valuable “properties” are valued below CAD$20k
Weak returns, a lot of hassle and entry/exit costs, and risks.
The bulldoze/subdivide/redevelop/sell model is far more profitable and way less risk.
I’ve been using the current market hysteria as an opportunity to unload all my long-term rentals.
He finances everything exclusively with retirement funds that he steals from his elderly parents
Which is even sadder when you consider his most valuable “properties” are valued below CAD$20k
Originally Posted By JPF82⏩
No. That would be Rabbit.Thought you live in the UK?
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07-15-2021, 10:23 PM
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#22
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Originally Posted By katya422⏩
In one sentence can you say what you're trying to do? Your post was so all over the place with all sorts of things I truly cannot understand what you're attempting to do or advice you're attempting to get here?No. That would be Rabbit.
Please help
07-15-2021, 10:27 PM
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#23
Originally Posted By Coach
Sounds nice, but couldn't afford right now.Not a bad idea. I wouldn’t want to deal with the headaches of students though. If I did own a property like that I would 100% hire a management company for the property. It would be worth their cut imo. Id also ask them to put strict vetting in place.
Originally Posted By the700level⏩
I know that you get paid, but seems like it could be a bigger headache.Sec 8 bro
Do NOT and I repeat DO NOT
rent to non sec 8 tenants
Do NOT and I repeat DO NOT
rent to non sec 8 tenants
Originally Posted By 5x10⏩
Basically answered this above. Inherited house has a mortgage on it, but some equity. Qualifying for financing? Unsure. Credit score was over 700, but then divorce/disruption/high utilization.You have the down payment/financing?
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07-15-2021, 10:31 PM
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#24
Originally Posted By JPF82⏩
Find a location/niche where I can establish an owner occupied rental property with maximum steady income and minimal hassle.In one sentence can you say what you're trying to do? Your post was so all over the place with all sorts of things I truly cannot understand what you're attempting to do or advice you're attempting to get here?
Please help
Please help
If you can stand another sentence- single mom w/teenage daughter, limited budget, want to avoid rough areas, but can't afford very nice areas.
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07-15-2021, 10:32 PM
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#25
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Originally Posted By katya422⏩
Where in the states are you? City or county?Find a location/niche where I can establish an owner occupied rental property with maximum steady income and minimal hassle.
If you can stand another sentence- single mom w/teenage daughter, limited budget, want to avoid rough areas, but can't afford very nice areas.
If you can stand another sentence- single mom w/teenage daughter, limited budget, want to avoid rough areas, but can't afford very nice areas.
07-15-2021, 10:56 PM
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#26
Originally Posted By JPF82⏩
Presently the Dallas metro area. Have a sprinkling of family throughout the center of the state.Where in the states are you? City or county?
I'm open to relocating though, so long as it isn't to dark/cold for a long time.
TX native, but property taxes here are high and people are flooding in. I've browsed online listings for nearly 2 years and prices just keep going higher.
I like the TCU area, but that's a long shot. Have family around A&M; think I read it was one of the most expensive places to live in the state.
I've considered SC or NC. Don't totally hate the idea of UT. Curious about a town north of Tulsa; no college there though, or anything much. Thought about Columbia, MO; kind of isolated though and not sure about winters there.
ETA: will be back tomorrow
Seemed worth a try to make a thread as I've seen many posts of the type [rental property].
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07-15-2021, 11:00 PM
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#27
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Originally Posted By katya422⏩
You should check out Charleston, no joke. Easy cost of living, lots of real estate potential.Presently the Dallas metro area. Have a sprinkling of family throughout the center of the state.
I'm open to relocating though, so long as it isn't to dark/cold for a long time.
TX native, but property taxes here are high and people are flooding in. I've browsed online listings for nearly 2 years and prices just keep going higher.
I like the TCU area, but that's a long shot. Have family around A&M; think I read it was one of the most expensive places to live in the state.
I've considered SC or NC. Don't totally hate the idea of UT. Curious about a town north of Tulsa; no college there though, or anything much. Thought about Columbia, MO; kind of isolated though and not sure about winters there.
ETA: will be back tomorrow
Seemed worth a try to make a thread as I've seen many posts of the type [rental property].
I'm open to relocating though, so long as it isn't to dark/cold for a long time.
TX native, but property taxes here are high and people are flooding in. I've browsed online listings for nearly 2 years and prices just keep going higher.
I like the TCU area, but that's a long shot. Have family around A&M; think I read it was one of the most expensive places to live in the state.
I've considered SC or NC. Don't totally hate the idea of UT. Curious about a town north of Tulsa; no college there though, or anything much. Thought about Columbia, MO; kind of isolated though and not sure about winters there.
ETA: will be back tomorrow
Seemed worth a try to make a thread as I've seen many posts of the type [rental property].
This is just 145k max houses. We have duplex and quadplex and such.......
Any questions about the Charleston area, just PM me
https://www.zillow.com/homes/for_sal...Zoom%22%3A9%7D
07-15-2021, 11:26 PM
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#28
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If you can come up with a 100k from selling house which it sounds like you can you should be AT the bare minimum be able to swing a DUPLEX, triplex and 4-plex may be pushing it I'm guess you'd be able to secure financing around the 500k mark maybe a little above or below depending or property taxes and income...etc SINCE it would generate some level of income they WILL probably be more lenient with debt COMPARED to being a COMPLETE liability which WOULD be more risky factoring debt potentially BUT since TENNET will probably COVER mortgage and property taxes WHICH makes the LOAN less risky DESPITE debt you SHOULD be okay MIGHT be an OLDER building NEEDING some work or NOT in the best area and MAY not make A lot of PROFIT but it COULD save you 500$ a month minimum DEPENDING on what you pay currently for MORTGAGE so that EXTRA bit plus BUILDING equity could help not to mention ANOTHER maybe 5-15k yearly on PROPERTY tax
ALL in ALL I would say that you could COME out 20k give OR take ahead and IF you're frugal after 5 or so years YOU could pretty much have an extra 100k WOULD cover all if NOT most of college unless GRANTS or scholarships. LESSEN your liabilities and HELP retain more of your income and INCREASE your wealth because IF you can stick it out you can EVENTUALLY rent out both sides and AS you pay it OFF more income and you can move into a condo or SOMETHING.
IDEALLY it would be best to INVEST the profit / SAVED salary into VALUE creation ( renovation and upgrades ) however IF not possible don't WORRY.
Hope that HELPS srs, I have HAD to live IN bad situations before and NOBODY should struggle ( not saying you are )
Money is printed everyday and NOTHING is stopping you from INCREASING your social standing.
Banks WANT to loan money because THEY make money.
LEVERAGE your credit to HELP yourself and LOWER your expenses and YOU should be okay SRS.
ALL in ALL I would say that you could COME out 20k give OR take ahead and IF you're frugal after 5 or so years YOU could pretty much have an extra 100k WOULD cover all if NOT most of college unless GRANTS or scholarships. LESSEN your liabilities and HELP retain more of your income and INCREASE your wealth because IF you can stick it out you can EVENTUALLY rent out both sides and AS you pay it OFF more income and you can move into a condo or SOMETHING.
IDEALLY it would be best to INVEST the profit / SAVED salary into VALUE creation ( renovation and upgrades ) however IF not possible don't WORRY.
Hope that HELPS srs, I have HAD to live IN bad situations before and NOBODY should struggle ( not saying you are )
Money is printed everyday and NOTHING is stopping you from INCREASING your social standing.
Banks WANT to loan money because THEY make money.
LEVERAGE your credit to HELP yourself and LOWER your expenses and YOU should be okay SRS.
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07-16-2021, 12:02 AM
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#29
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Originally Posted By katya422⏩
If you want a higher ROI stick with areas that are sparse for rental vacancies so even with a tiny home or smaller/older space you can still get market rental returnsNice. I understand Canadian cities have very high RE prices, so a lack of dishwashers as standard seems odd.
This was my thinking. Stuff that is durable and/or less expensive- some type of hard flooring, single piece fiberglass tub/shower inserts instead of tile, more shelves than finished cabinets, etc.
Not something that looks bad, just thought out more.
This was my thinking. Stuff that is durable and/or less expensive- some type of hard flooring, single piece fiberglass tub/shower inserts instead of tile, more shelves than finished cabinets, etc.
Not something that looks bad, just thought out more.
For example, I bought a property with a old trailer sitting on the land for $45k, it was a dump when I got it but about 5k reinvestment and a month of a few hours the odd day after work and I had it rented out $750(I could have charged more but didn’t want to be too greedy) to a working professional in the same week I finished renos.
Just find a location where a rental is a hot commodity and get creative on how you want to capitalize on that
Cheers
Originally Posted By Realclout⏩
Own the land (bought cash)Are you financing the build or did you put cash down for everything just CURIOUS.
Financing the rest.
Waiting on final permit and then digging begins
Originally Posted By r32gojirra⏩
Proof of said cope?He finances everything exclusively with retirement funds that he steals from his elderly parents
Which is even sadder when you consider his most valuable “properties” are valued below CAD$20k
Which is even sadder when you consider his most valuable “properties” are valued below CAD$20k
***Strong 2nd Reply Crew***
07-16-2021, 12:10 AM
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#30
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Originally Posted By katya422⏩
They only take the % off the rent. Negotiate so it’s not out of pocket (it normally isn’t anyway).Sounds nice, but couldn't afford right now.
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If you can’t afford 10% of the profit going to a management company then I’d say you aren’t in a position to embark on this experiment of yours. Srs.
If you went to rent one room yourself and vet the person then go for it. But no way you can afford to manage a whole complex if you can’t sacrifice 10%.
I didn’t read the whole thread so sorry if I’m missing something.
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