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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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1569924 No.1569924 [Reply] [Original]

Do you see all the money here? Why haven't you invested in rehabbing these houses?

>> No.1569971

you mean gentrification? because thats racist

>> No.1569983

Takes much more than rehabbing homes in bad neighborhoods (the inner city) to make it a profitable flip. Whole neighborhoods usually needs to be rehabbed and the poor (often blacks) need to be kicked out in order to make the neighborhood safe. Also people want to live near stores they can walk to that they spend money at regularly. All these things need to be taken into account.

When I lived in Cincinnati I would often see flips like those homes on Realtor.com all the time, most of them take 6-12 months to sell if they ever do. The only ones that sell are near the University where lots of shops are and people can make profit renting the place out to college kids.

>> No.1569994

>>1569983
>find nearby college
>buy entire block
>rehab
>refinance rehab loan
>rent to college kids
>profit

>> No.1570000

>>1569994

Yes, that's what I would do.
You could possibly make more money buying a empty block near a college/uni and turn it into a "Plaza" of sorts with multiple businesses that college kids spend money at and make more renting those places out to businesses each month.

>> No.1570411
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1570411

I like this idea

>> No.1570773

>>1570411
I would like to murder the person who took that picture.

>> No.1570896

>>1569924

You have to do the whole neighborhood.

No one is gonna buy a $300k home in a $50k neighborhood.

And it's a risk for the developer that takes on the project. They could risk like 10 million. Sometimes they win and sometimes they lose.

> Dad was a commercial developer for 35 years

>> No.1571134

>>1569994
Yes but then you'd have to force all of the people living there to vacate the premises. You'd turn into a Marvel original series villain.

Also, half of all college kids don't have much money, they WILL sit empty if you hike up rent too high.

>> No.1571160

>>1569924
Because my $500 won't get me very far

>> No.1571166

>>1569924
What money? Do you mean a moneypit?

A fixed up house in a niggerhood is still a house in a niggerhood.

>> No.1571263

>>1571134
>Also, half of all college kids don't have much money, they WILL sit empty if you hike up rent too high.

Have you seen what college dorms cost?

You rent out units by the bedroom. Even 2500 a month for a 5 BR house with 1.5 bath is cheaper than dorm life, and in the dorms you are sharing bedrooms too.

>> No.1571474
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1571474

>>1569924
In all likelihood the funds for welfare are going to increase, probably starting around 2020 at the latest, real estate will probably be reliably cheap for the next year or so. i've been interested but don't have enough cash saved. how much have you been making doing this?

>> No.1571479

>>1571263
You underestimate lowlives. Why would they leave just because they're not paying rent? In their minds it's your fault for overcharging. Their family has been here for years, to them that means it's "their" home.

You call the cops, they get dragged out, they come back. You call the cops again, they trash the place and escape, then come back. You try to get a constant guard from the cops, paperwork everywhere, likely denied, all the while your tenants are looking up how to find you.

They don't care about their credit score for missing rent, they don't care about their criminal record (they already have one), they don't have employers you can report them to, and they already don't give a shit about the police.

The problem with these people is they don't have their own future in mind, so your working class tactics have no effect.

>> No.1571512

>>1571166
>A fixed up house in a niggerhood is still a house in a niggerhood.

This. I've seen so many delusional flippers thinking that a nice house in a nigger neighborhood would actually sell.

Dumbfucks have been watching too many infomericals to realize nigger hoods will destroy any value you thought you had.

>> No.1571521
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1571521

>falling for the real estate meme

>> No.1572238

>>1571479
What the fuck are you even talking about? Someone breaking and entering into my units to squat gets trespassed and prosecuted.

The handful of times it's happened I call in private security to get rid of them, have all of their shit thrown into a dumpster, then re-secure the building. Squatters that haven't established tenancy have very few rights, so there's no need to evict them. They are welcome to try and sue me for an illegal eviction. The will lose if the case even manages to get to court.

Realistically this only happens when I'm rehabbing units because my vacancy rates are near zero. Trash rarely breaks into occupied homes to squat, and when they do the tenants can scream bloody murder to the cops.