I’ve been in the realsetate game for about 10yrs. I have rental properties plus I flp about 4-5 homes a year. I could proabably do more but I also have another business. You can make lots of money but you need to be ruthless. Being a landlord can be tough but once you learn the game its easy. Always maximise profits and dont take excuses from tenants. Sec 8 is fine as long as they dont have too many kids. 1-2 kid per bedroom max . Get pay stubs & run background checks. Credit checks are worthless they are renting not buying. Make tenants do all yardwork & dont pay for any utilities. Do all your repairs prior to move in and always do a 90 day walk through to make sure they arent fucking up. Tenants should make 3-4 times the rent in income thats the most important number. Also not to sound racist or sexist single moms & imigrants make the best tenants they always pay and stay forever, plus when you have to boot them they don’t put up a fight.
[quote]thehebrewhero wrote:
I’ve been in the realsetate game for about 10yrs. I have rental properties plus I flp about 4-5 homes a year. I could proabably do more but I also have another business. You can make lots of money but you need to be ruthless. Being a landlord can be tough but once you learn the game its easy. Always maximise profits and dont take excuses from tenants. Sec 8 is fine as long as they dont have too many kids. 1-2 kid per bedroom max . Get pay stubs & run background checks. Credit checks are worthless they are renting not buying. Make tenants do all yardwork & dont pay for any utilities. Do all your repairs prior to move in and always do a 90 day walk through to make sure they arent fucking up. Tenants should make 3-4 times the rent in income thats the most important number. Also not to sound racist or sexist single moms & imigrants make the best tenants they always pay and stay forever, plus when you have to boot them they don’t put up a fight.[/quote]
I run the credit check to make sure there are no evictions or foreclosures. I want to make sure they pay their rent first.
Everything else is good though.
[quote]dmaddox wrote:
[quote]drunkpig wrote:
Dmaddox -
I was wondering if you involved any of your properties with the HUD rental assistance programs. I’m looking at a lot of properties online, and most all of them in my price range are lower-middle class type homes. So I figured a lot of the renters in that market would be on some form of rental assistance.
I’m not sure if I should look to buy fewer, more expensive rental properties - or a bunch of 30-50K homes that would have a higher monthly cash over cash return.
We are attending a seminar as soon as possible - hopefully right after Father’s Day. [/quote]
I personally am not a big fan of Section 8 Housing. There are many reasons, but it is the tenets that make it bad. There are good and bad renters at all income levels. Just do the Criminal and Credit Background Check.
On another note I am about to buy an apartment complex. Should return 15-20% annually. This is the natural progression. Single Family then Multi Family.[/quote]
Personally SF homes are a waste…IMO duplexs and multis can be found at bargain prices plus if a unit is vacant the property still cash flows if its a multi… If you are new to the biz and need to start sure SFH is what you gotta do but if you have the cash or credit to do multis dont be a pussy. The realestate game is all about going as big as you can within a calculated risk. This will bring you the most reward… Always think “what will make me the most cash with the least amount of work”
[quote]thehebrewhero wrote:
[quote]dmaddox wrote:
[quote]drunkpig wrote:
Dmaddox -
I was wondering if you involved any of your properties with the HUD rental assistance programs. I’m looking at a lot of properties online, and most all of them in my price range are lower-middle class type homes. So I figured a lot of the renters in that market would be on some form of rental assistance.
I’m not sure if I should look to buy fewer, more expensive rental properties - or a bunch of 30-50K homes that would have a higher monthly cash over cash return.
We are attending a seminar as soon as possible - hopefully right after Father’s Day. [/quote]
I personally am not a big fan of Section 8 Housing. There are many reasons, but it is the tenets that make it bad. There are good and bad renters at all income levels. Just do the Criminal and Credit Background Check.
On another note I am about to buy an apartment complex. Should return 15-20% annually. This is the natural progression. Single Family then Multi Family.[/quote]
Personally SF homes are a waste…IMO duplexs and multis can be found at bargain prices plus if a unit is vacant the property still cash flows if its a multi… If you are new to the biz and need to start sure SFH is what you gotta do but if you have the cash or credit to do multis dont be a pussy. The realestate game is all about going as big as you can within a calculated risk. This will bring you the most reward… Always think “what will make me the most cash with the least amount of work”
[/quote]
I like what you are saying no issues here. 2-4 units are hard for comps in my area, so they are based on the last sale which is usually what that property sold for 4-10 years ago, so getting cap gains and appreciation in those properties. Great for Cashflow though. I like the apartment Complexes because you can get force appreciation.
[quote]dmaddox wrote:
[quote]thehebrewhero wrote:
I’ve been in the realsetate game for about 10yrs. I have rental properties plus I flp about 4-5 homes a year. I could proabably do more but I also have another business. You can make lots of money but you need to be ruthless. Being a landlord can be tough but once you learn the game its easy. Always maximise profits and dont take excuses from tenants. Sec 8 is fine as long as they dont have too many kids. 1-2 kid per bedroom max . Get pay stubs & run background checks. Credit checks are worthless they are renting not buying. Make tenants do all yardwork & dont pay for any utilities. Do all your repairs prior to move in and always do a 90 day walk through to make sure they arent fucking up. Tenants should make 3-4 times the rent in income thats the most important number. Also not to sound racist or sexist single moms & imigrants make the best tenants they always pay and stay forever, plus when you have to boot them they don’t put up a fight.[/quote]
I run the credit check to make sure there are no evictions or foreclosures. I want to make sure they pay their rent first.
Everything else is good though.[/quote]
Yes I agree but you can check that with the county for free on the evictions… Im not generally too concerned about foreclosures and heres why. We had a massive forclosure boom due to too many people having loans they should have never been approved for now they are back where they should have been as renters. Also divorce is the number one reason for foreclosure and divorced people make great tenants espicailly moms. That being said there is a surplus of tenants so be choosy and keep rent as high as you can get away with
[quote]thehebrewhero wrote:
[quote]dmaddox wrote:
[quote]thehebrewhero wrote:
I’ve been in the realsetate game for about 10yrs. I have rental properties plus I flp about 4-5 homes a year. I could proabably do more but I also have another business. You can make lots of money but you need to be ruthless. Being a landlord can be tough but once you learn the game its easy. Always maximise profits and dont take excuses from tenants. Sec 8 is fine as long as they dont have too many kids. 1-2 kid per bedroom max . Get pay stubs & run background checks. Credit checks are worthless they are renting not buying. Make tenants do all yardwork & dont pay for any utilities. Do all your repairs prior to move in and always do a 90 day walk through to make sure they arent fucking up. Tenants should make 3-4 times the rent in income thats the most important number. Also not to sound racist or sexist single moms & imigrants make the best tenants they always pay and stay forever, plus when you have to boot them they don’t put up a fight.[/quote]
I run the credit check to make sure there are no evictions or foreclosures. I want to make sure they pay their rent first.
Everything else is good though.[/quote]
Yes I agree but you can check that with the county for free on the evictions… Im not generally too concerned about foreclosures and heres why. We had a massive forclosure boom due to too many people having loans they should have never been approved for now they are back where they should have been as renters. Also divorce is the number one reason for foreclosure and divorced people make great tenants espicailly moms. That being said there is a surplus of tenants so be choosy and keep rent as high as you can get away with[/quote]
I agree. I have a place I run the background and credit for $25 and I charge a $25 application fee so it really is not a big deal for me to run both really fast.
I am very choosy. Houston is a great place to rent properties.
Thanks for chiming in other jewish guy who isnt me or Jewbacca.
[quote]Waittz wrote:
Thanks for chiming in other jewish guy who isnt me or Jewbacca.
[/quote]
He is the brew hero, not the jew hero. lol. j/k
I really have no clue whether he is jewish or not.
[quote]dmaddox wrote:
[quote]Waittz wrote:
Thanks for chiming in other jewish guy who isnt me or Jewbacca.
[/quote]
He is the brew hero, not the jew hero. lol. j/k
I really have no clue whether he is jewish or not.[/quote]
I read it as the hebrew hero. Would make sense as being a jew makes you predisposed to being obsessed with money.
[quote]Waittz wrote:
[quote]dmaddox wrote:
[quote]Waittz wrote:
Thanks for chiming in other jewish guy who isnt me or Jewbacca.
[/quote]
He is the brew hero, not the jew hero. lol. j/k
I really have no clue whether he is jewish or not.[/quote]
I read it as the hebrew hero. Would make sense as being a jew makes you predisposed to being obsessed with money. [/quote]
my bad I actually read it wrong.
Yes I am a Jew not a very good one but a Jew non the less. And yes I am obsessed with $$ but Im good at it 
The Hebrew Hero Mazel Mazel
I want money. Where do i start, jews?
It’s interesting how much in common i have with some of the guys posting in this thread.
My father is also a CA (Indian equivalent of CPA) and i am in the middle of my MBA too. However I am younger than you guys (23) so a bit behind in that sense.
I have to ask, do any of you invest actively in the Capital Markets? Specifically in equity?
I do understand that there are differences in terms of the state of countries and economic growth. Naturally this affects possible appreciation in terms of different assets, besides not everyone is keen to take on the risk that goes with it.
Btw, its been a very interesting read from the perspective of someone who is simply interested in understanding different investment avenues in other countries.
Steven F start buy not buying stupid shit then take verything you can and give out as litle as possible. Think of your self like a giant dragon hoarding your gold.
Deveil dont do capital markets thing… I just buy up disgusting run down buildings fix them up and charge high rent or sell them for big profits
[quote]thehebrewhero wrote:
Steven F start buy not buying stupid shit then take verything you can and give out as litle as possible. Think of your self like a giant dragon hoarding your gold.
Deveil dont do capital markets thing… I just buy up disgusting run down buildings fix them up and charge high rent or sell them for big profits :)[/quote]
Do you do most of the work yourself or do you hire it out?
[quote]StevenF wrote:
I want money. Where do i start, jews? [/quote]
Weird… I am also a Steven F…
[quote]thehebrewhero wrote:
Steven F start buy not buying stupid shit then take verything you can and give out as litle as possible. Think of your self like a giant dragon hoarding your gold.
Deveil dont do capital markets thing… I just buy up disgusting run down buildings fix them up and charge high rent or sell them for big profits :)[/quote]
thanks. sounds like what my girlfriend does. she has lots of money. Half-jewish too go figure.
BUMP.
DMaddox where you at big guy? Need some advice.
[quote]Waittz wrote:
BUMP.
DMaddox where you at big guy? Need some advice. [/quote]
Hit me bro.
[quote]dmaddox wrote:
[quote]Waittz wrote:
BUMP.
DMaddox where you at big guy? Need some advice. [/quote]
Hit me bro.[/quote]
Decided to either sell or rent my current house. The wifey and I want to downsize and move into the urban part of town. We figured we might as well turn this house into our first rental instead of buying one. It’s a 4-2 1850 sqft with a pool. It is in a great location surronded by work oppurtunities.
How do I start? What is the most reliable way to find out what I could and should charge for rent?
I planned on doing the following in the coming months as we prepare for this:
seek legal council for renter agreement
seek financial council for break-even and tax implications(my old man has offered his service)
Get a roofer to the house to check on the current situation(noticed some water marks, roof is 17 years old).
Locate a yard/pool service and see if I should work into the rental price
Replace stove and microwave(antiquated and issues, we were going to replace them if we decided to stay)
Cleaning service to steam the carpets etc before we show it.
I have a reliable handyman that I can call on for needed issues.
Perhaps getting an inspection for termites/mold and appraisal?
my fears?
The roof. If i get out of the house now I can avoid having to deal with it. If i rent it, I know it will come up soon and maybe through off the profitability of the house or be a huge cash outlay.
The pool. It is a vinyl pool and how do I ensure the renters dont mess it up? A rip or leak, or a blown motor from lack of cleaning can be a big financial issue to handle.
The fear. How do I handle the fear of the first time investment property? It would be so much simpler to just bail and sell it and make out now with some equity but no future earning potential.