Any of yall own rental properties?

[kannon]

I'm looking into buying a property half way across the US where it's cheaper to buy a house, and rent that shit out.

My mans an em has a place in Michigan he bought last year. Looking into copping one of my own down the block from his. He's already got a broker and property manager lined up, so most of the hard work is out the way. I work in banking, so I got the lending locked up. But shit's like 65k for a 1,900 sq. foot duplex. Two 2br/1bath units. Mortgage/taxes/insurance would run me about $450/month, and I'd pull probably $1,300/month in rent ($650 per unit). Property manager takes 10%. Shit seems golden. Down payment with closing costs and everything would be like $16k up front. Then I just let the shit ride out...


Anyone else renting properties out? Pros/cons? Do it feel like it take forever to see a return on your investment?

[Geno]

Lol. I hope your prepaired for maintenance issues and bad tennants. That shit aint always sweet. Especially if your not there to over see shit. Js. Good luck with it. Sounds fun.

[kannon]

obviously it aint gonna be as peaches and cream as it seems. That's why I'm asking for pros/cons from anyone who's done it, before I jump in.

My friend who owns the property down the block is kinda showing me the ropes. He bought his first property in Sacramento back in like 2010, and has 4 properties now, including the one in Michigan. He flew out there last year and found some neighborhood near Grand Rapids that's supposed to be up and coming. I don't know what took him to Grand Rapids, MI. But either way, I aint in no position to buy property in god damn San Jose, CA where I actually live, so this seems like a decent enough alternative haha.

[uh-oh]

yea i mean that sounds great and all but aren't you liable for a ton of shit? you're putting alot of trust into someone to basically be the landlord for you on a place you're thousands of miles away from.

i'm not sure anything is on the up and up in michigan lmao. but that said who knows, i know north canton is flourishing now.

ive changed my mind doggie. this is a great idea. lets go in on some properties. i'll manage them for 10 percent, plus a percentage point for XX amount i put down on it with you. i ain't cutting grass or plowing tho, thats on the ho ass tenants. but i'll call plumbers and roofers to fix stuff with your money and break their legs if the tenants late on rent

[Exis]

I just rent, ain't rich enough to own shit...

[Zaddy]

Well almost everyone here is a millionaire apparently with the exception of finny and I who actually work and make an honest living

And exis

[Exis]

& me I just said? Lol...

[Amen]

Lol. I hope your prepaired for maintenance issues and bad tennants. That shit aint always sweet. Especially if your not there to over see shit. Js. Good luck with it. Sounds fun.

Eh, that's what background checks are for.

Obviously, someone will slip through the cracks but it's something you have to deal with as it presents itself.

Doesn't take that long to see a return. As long as you stay on top of your shit and don't let the properties fall to shit. Typically, if your tenants are happy with your service - they'll treat the home well.

Depends on location, tho. Out here in PA, home are cheap but rent out for typically double+ the amount of a mortgage/property tax, etc... So you make out well, here (PA). After your 1st, a year down the line of not in less time look in to another. You make out really well owning multiple properties, not just one. Also keeping them occupied is another task.

Good luck.

[WRATH]

You get some good tenants sure anything else they gonna bust the pipes and call you a slumlord. Maybe have some lawyers on reserve and a quick eviction procedure for any slackers. Other then that you should be good.

I rented a house from this dude for like a year always paid on time he was starting to stack up we got to the point I could just deposit the rent into his account and any problems he would fix them relatively quickly. They were pretty expensive fixes broken heater overgrown tree in the front yard but he had like a handful of discount contractors do the work so he was getting it done cheap.

[uh-oh]

Well almost everyone here is a millionaire apparently with the exception of finny and I who actually work and make an honest living

And exis

Ayo niggas i made it

The fact i was excluded from one of these posts means alot to me

50k and up club whats good

[Amen]

Ayo niggas i made it

The fact i was excluded from one of these posts means alot to me

50k and up club whats good

Lmfao

[Diode]

you better have a fucking top notch prop management company if you're not planning on living nearby

also time to set up a trust and an llc

[Suthaveli]

Idk if you flat out brought the property or under a mortgage but most cases the mortgage company will act as your property management taking their 10%.

I would def say make sure all of the appliances in the house aren't over the top. Because you would have to kick out the money to replace a lot of the equipment when it fails (& it will happen) of equal or better value.
Property management will call you & basically ask which direction would you want to take w. that. Hiring contractors, etc.
The biggest headache is that & making certain you have gd tenants ( which property management will screen)
I will say property management makes it much easier.

[Sharp]

Do you own where live (or are you trying to anytime soon)?

[Geno]

obviously it aint gonna be as peaches and cream as it seems. That's why I'm asking for pros/cons from anyone who's done it, before I jump in.

My friend who owns the property down the block is kinda showing me the ropes. He bought his first property in Sacramento back in like 2010, and has 4 properties now, including the one in Michigan. He flew out there last year and found some neighborhood near Grand Rapids that's supposed to be up and coming. I don't know what took him to Grand Rapids, MI. But either way, I aint in no position to buy property in god damn San Jose, CA where I actually live, so this seems like a decent enough alternative haha.

Awesome. Sounds like an adventure. Hope it goes well

[Suthaveli]

Do you own where live (or are you trying to anytime soon)?

Me or kannon?

[Sharp]

Me or kannon?

Kannon

Idk much about this but when he said he can't buy property where he is, my first thought was 'you take out a mortgage on rental in Michigan... What if you want to buy closer to you soon?' can't see it having a positive impact on the rate a lender is willing to give him

[Exis]

Is Michigan the cheapest to buy?...I was actually told that pretty recent, well a year ago...That Boston was one of the best places to look @ if you wanna buy a home...

[TeckNeek]

yo kannon does your boy still got rentals in sacramento... thats where im at and i need a house in like a year or so..

[kannon]

Do you own where live (or are you trying to anytime soon)?

Absolutely not. I live in San Jose. It's like 800k for a 1br condo here. There are areas an hour+ out that are a little cheaper, but I am not about that commute life. I rent a 2br/2bath right now for $2,800/month. I don't have any intent to buy around here unless I hit the lotto.

[kannon]

you better have a fucking top notch prop management company if you're not planning on living nearby

also time to set up a trust and an llc

My buddy has used this property management for the last year, and he swears by them. They've actually already been super helpful in going to inspect properties that we send him from redfin.

And we're working on setting up an LLC right now.

[kannon]

Is Michigan the cheapest to buy?...I was actually told that pretty recent, well a year ago...That Boston was one of the best places to look @ if you wanna buy a home...

I don't know if Michigan is the cheapest. But I know it's cheaper than Boston. Boston's property values may raise a lot quicker, but it sure as hell ain't very cheap.

[kannon]

yo kannon does your boy still got rentals in sacramento... thats where im at and i need a house in like a year or so..

Yeah, I think he still has two. But they're both rented.

[WRATH]

I live in cali let's go half on it

[Immolate]

yea i'm here @ my girls actually. i'm in the UP about to dip.

we had a great economy so far the past 3 quarters. our neighbor just dipped, she said she was paying $400 and the new guys are paying $650. the place their in was small af, like a condo built in the 1930s

we in a house, so we should get a lot more if we rent

we're considering just renting this place out but the cons are shitty. if u do a traditional rent, then u gotta worry about the meth addicts and shit around. they're 1% of the population but somehow they're 35% of the renting population -.-

place we bought was trashed by some junkies. it's in a real nice quiet neighborhood too.