/biz/ - Business & Finance

Depends on how much you are able to charge for rent. Say you rent both for US$ 600. Then it will take 14 years to earn back your 200k.

>>52494430

then again he still owns the 200k in the house's values

>>52494430
600 is ridiculous for a sfh. studio apartments go for like 1300 so thats nonsense. plus owning property isnt always a bad thing

>>52494375
bump

I live in Canada and did this during the 2008/09 crash. And it was definitely worth it. Started with 5 houses, sold 2, and 3 are still being rented. All of the renties take atleast 90 minutes to get to work by train but still pay premium rent

>>52494468
>600 is ridiculous for a sfh
Do you people live in a Tennessee coal mining town or something? 600 is borderline free, you cannot get a 1-bedroom apartment for even half that here. Are you people in India? tell me where you are with this rent please

>>52494662
oh nice. i am itching to do something because i dont want to get a trad job
>>52494724
i meant what you meant. 600 for a sfh is retarded. i was thinking along the lines of 1500-2k

>>52494662
>during the 2008/09 crash
when will we have another one of these

>>52494375
depends on your tenants

>>52497226
do you have any experience?

>>52494430
>Then it will take 14 years to earn back your 200k.
he still owns the house, dumbfuck

>>52494375
Great idea if you can control costs. If you do some of the work yourself you can increase your margins. . The key is building a team you can contract with so you can lower your overhead by increasing volume with your workers. This guy that lived in my parents neighborhood had like 6 or more Mexicans working for him, made an absolute killing in flipping high homes. I’m talking hundreds of millions.

>>52494375
depends if you want to rely on deadbeat renties on oxy or worse, niggers, to make your mortgage payments

>>52497328
thats my dream
>>52497510
buying foreclosures require that you buy them in cash most of the time. so id have no mortgage

>>52494375
The hard part is scale, if both properties are vacant simultaneously or one or both have big unanticipated problems by coincidence you can bankrupt yourself

>>52497574
sigh...

>>52494375
Be warned OP: being a landlord can be a massive pain in the ass sometimes. With only two properties it might not be so bad, but it only takes a couple bad tenants to sour you on the whole idea and make you want to just sell the properties and fuck off elsewhere (which many friends of mine have actually done). If you happen to know any landlords in the area I'd recommend having a chat with them first to see what you can expect.

>>52497648
yea thats definitely on my mind. but i dont have any friends. may just sudoku

>>52497308
Exactly. I know it's a fucking child posting when I read retarded posts like this >>52494430

>>52497308
and if the house goes down in value, which is what's currently happening, it would be a shitty investment

>>52497751
It'd be better to hear from someone who's actually in the area you plan to enter, but if you really don't know anyone then here's some generic beginner tips

>document absolutely everything, keep all of your records, get all agreements in writing, etc. If you don't trust yourself, consider consulting a lawyer the first time you so you don't fuck up
>read your local eviction laws / procedures because you're gonna have to go through it eventually, probably many times.
>read up on all the other relevant landlord / tenant laws so you're not caught off guard and sued for something stupid. There's also some fun scenarios where, depending on local laws, you might end up being responsible for certain bills your tenants owe. Again, read that shit in advance
>don't become too reliant on your rental income, especially if you only have a few properties, because at some point you're going to have tenants that won't pay
>some tenants are shitty, how shitty they'll be depends on your neighborhood. In a nicer area you may not have many problems, in others you'll be getting more calls from the police than it's worth. I suggest not taking any tenant you wouldn't trust as a roommate
>particularly bad tenants love to steal shit and do tons of property damage right before they get evicted, the smarter ones will try to hide it so you don't notice immediately. Good luck getting them (or your insurance sometimes) to pay for it
>don't bother unless you plan to do most of the maintenance yourself. If you're someone like >>52497328 with lots of property you can justify outsourcing, with only two homes it wouldn't be worth it to pay a plumber every time there's a leak. You don't need to be able to do everything yourself but you should at least be able to handle the small / common shit on your own
I could keep going but I'm sure google will cover everything else you need to know, and if you're too lazy to do your own research then you shouldn't get involved in renting to begin with

>>52497751
>>52498340
PS I'm not trying to dissuade you from going through with it, just don't go into it blindly is all or you may end up regretting it

>>52498325
Everything is currently going down. There's nowhere safe to put your money. You can either put it somewhere it will lose value but will be worth it in the long term, or you can gamble on shorting or buying puts.

>>52494375
Foreclosures aren't for sale anymore, the banks get them.

>>52498340
For sure you should be handy enough to handle minor issues You’re 100% right you don’t want to be hiring somebody for every little thing. The more you can do yourself the high your margins. If you’re doing it a lot like I said you can hire out a bunch of shit, I personally think flipping is better than holding and renting out. Too much overhead in renting out generally, you’re responsible for everything, taxes, upkeep etc.

>>52498581
Who do you think is selling the houses at auction?

>>52498581
Foreclosures are for sale negro

>>52495099
never. and even if it does happen, vanguard will slurp everything up at a premium and rent it back to you. you will own nothing

>>52494375
no its not. just sit on it, buy a house if you need one

>>52497328
>The key is building a team you can contract with so you can lower your overhead by increasing volume with your workers
how do you actually get lower rates this way? who is going to work for less just because you do more volume

>>52498325
>which is what's currently happening
>>52498421
will there be another collapse or no