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Unread 2016-01-12, 11:54 AM   #76
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Personally I fucking hate being a landlord. It's a pain in the ass.
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Unread 2016-01-12, 12:34 PM   #77
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Personally I fucking hate being a landlord. It's a pain in the ass.
It's not the funnest thing in the world, but if I'm obsolete at that point and that's what I do, so be it. It's pretty self-explanatory, low-skill, for the most part.
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Unread 2016-01-12, 04:38 PM   #78
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I heard error owns some property...
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Unread 2016-01-12, 05:24 PM   #79
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Does anyone in here own property that is in areas where banks won't loan? My buddy who is a plumber owns 10 houses in Ferguson (yes, that Ferguson). Paid between $30-40k for each one. Banks won't loan money on the houses, but he does a lot of section 8 and typically rents b/w $650-850/month, depending on the house. He was telling me that it's a great way for cash flow, but it has a high upfront cost, obviously. He prefers to do that than put the $30k down on a 120k house in a nicer neighborhood.
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Unread 2016-01-12, 09:37 PM   #80
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I'm in the same position as your friend in but I bought in topeka.
But the banks will lend to you if:
1: You put way more $ down. (50%)
2: Go to a smaller bank. They will only do a 10 year loan but at least they will lend to you.
3: Be able to show liquid collateral to pay off house if you need to. (Don't buy a 80k property unless you have 80k in cash/stocks
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Unread 2016-01-12, 10:10 PM   #81
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I'm in the same position as your friend in but I bought in topeka.
But the banks will lend to you if:
1: You put way more $ down. (50%)
2: Go to a smaller bank. They will only do a 10 year loan but at least they will lend to you.
3: Be able to show liquid collateral to pay off house if you need to. (Don't buy a 80k property unless you have 80k in cash/stocks
I'm thinking about trying to go that route for my next purchase to see how it goes. I like the idea of owning it sooner, and I like the cash flow out of it, my main concern is messing with bad tenants.
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Unread 2016-01-12, 11:10 PM   #82
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I've had great tenants. It's the dbags that break in that is costing me time and money
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Unread 2016-01-13, 05:33 AM   #83
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I've had great tenants. It's the dbags that break in that is costing me time and money
Do you do any section 8?
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Unread 2016-01-13, 08:43 AM   #84
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Do you do any section 8?
No way
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