Thread 937288265

We own (4) single family properties.
~$10-12K/yr (net) from rentals.
Wife and myself both work full time.

>>937288265 (OP)
I hope you're not a scumlord.

How are you netting so little? Are you charging $250 /month for rent? You should be grossing like $70,000/year (yes I know that's not net, but still). What am I missing?

>>937288512
I hope I am not too..

>>937288265 (OP)
if your tenants are paying the mortgages, then you're a scumbag

>>937288625
You probably are then.

>>937288597
>>937288597
>How are you netting so little? Are you charging $250 /month for rent? You should be grossing like $70,000/year (yes I know that's not net, but still). What am I missing?

Lmao, what are you basing this on? Some urban hellhole in California?

$525/mo
$600/mo
$700/mo
$750/mo

>>937288743
>>937288676
I purchased the properties outright (cash) no mortgage.

>>937288801
$525/mo (Purchased, $15K)
$600/mo (Purchased, $45K)
$700/mo (Purchased, $20K)
$750/mo (Purchased, $37K)
This is NY

>>937288265 (OP)
I keep my net at near zero. Should I add a profit layer to my rentals?

>>937288265 (OP)
Why is housing in the US treated as a speculative investment opportunity rather than a basic right of people to have a place to live?

>>937289152
based capitalistic thinking. subhumans rent, overlords profit. YOU DON'T DESERVE RIGHTS FOR EXISTING. HUMAN RIGHTS ARE A LIE, NOW GO BE A GOOD SLAVE AND FETCH ME A BURGER.

>>937289218
Posted from your mom's basement.

>>937289059
>>937289059
>I keep my net at near zero.
Honestly, I try to do the same. Most of what I make I try to roll back into making the properties nicer.

>Should I add a profit layer to my rentals?
Probably? You should definitely have cash on hand for emergencies.

We are fortunate in that we both work decently paying jobs (and budget well). If an emergency comes up (e.g. Roof, Hot water heater, etc.) and our LLC doesn't have the funds for the repair then we can always transfer some of our money into the business.

>>937288265 (OP)
Spy cams? If not

>GET ON IT!

>>937288265 (OP)
i charge 1.5k monthly for mostly foreigners but they are allowed to keep pigs in the garage
sucks i gotta clean up the human shit stains on the walls when done

>>937289241
LEARN OBEDIENCE SLAVE

>>937289152
>Why is housing in the US treated as a speculative investment opportunity rather than a basic right of people to have a place to live?
Like it (or not) anything that can be commoditized will be. In truth, most people are idiots and can barely manage their own finances.

Trying to build something for my family?


>>937289218
>based capitalistic thinking. subhumans rent, overlords profit. YOU DON'T DESERVE RIGHTS FOR EXISTING. HUMAN RIGHTS ARE A LIE, NOW GO BE A GOOD SLAVE AND FETCH ME A BURGER.

Lol.

>>937289344
No thanks. I'll pass.

>>937289416
Your mommy's probably done making you dino nuggets, you should go get some.

>>937289152
>Why is housing in the US treated as a speculative investment opportunity rather than a basic right of people to have a place to live?

Also, houses don't fix themselves. We are all playing by the same rules in this world.

My wife and I still live at home (with parents) to share expenses. We both can work full time, they can watch the kids in their old age, we help out around the house (etc. etc.) with maintenance.

We (us and parents) are all able to save more money for future and benefit from the arrangement.

Only scumbags throw their kids out at 18 to fend for themselves.

>>937289376
I'm sorry, is there supposed to be a question here?

>>937289665
>We are all playing by the same rules in this world.
Factually incorrect.

>>937288512
There are only slumlords. These peopledo not provide a good nor service. They buy up homes with the sole purpose renting out more then its worth so they can profit off of nothing.
People wouldn't need to rent off of landlords if landlords didnt artificially inflate the cost of housing by buying up most of the avaliable housing.

They create a problem so they can profit off of the solution.

>>937288265 (OP)
Looking to get into real estate but don't know where to start. I have about $50,000 in cash I've been rolling over on 30 day Treasury bills. Any advice?

>>937288951
Is this section 8? I don't understand how you're renting a house for that little, in 2025.... in NY no less

>>937289741
In the sense that we are born into the situations we have in life. I need to follow the same laws as everyone else. I try to have my decisions make things better in my life rather than worse.

It is our duty to make the best of whatever situation we find ourselves in (regardless of life circumstances foisted on us).

>honor your father and all that junk
>Insert Christian values here

>>937290226
In that very vague, general sense, yes, but in a practical sense people play by very different rules in life depending on wealth, status, race, religion, sex, etc.

>>937290001
>Looking to get into real estate but don't know where to start. I have about $50,000 in cash I've been rolling over on 30 day Treasury bills. Any advice?
That is a huge sum of money, congrats!

If you have general technical knowledge and can vet properties and do repairs yourself (e.g. have your own tools) I would suggest look at local tax foreclosures.

In my area properties that haven't had any taxes paid in 3 years go up for tax auction (i.e. cheap) but they don't come without (some) headache. You can offer to buy a property "as-is" no inspection and go through a real estate lawyer instead of a realtor.

A realtor will (typically) charge up to ~6% of the sale price just for being involved. A real estate lawyer will do the title search and deed paperwork for like $400.

>>937290139
>Is this section 8? I don't understand how you're renting a house for that little, in 2025.... in NY no less
There is a WHOLE lot of state in NY (that is not NYC).

Only one of the properties is section 8. Honestly, I wish I had more section 8 rentals. The people are usually very appreciative to not live in some trailer park slum and have to pass yearly housing inspections to get renewed.

>>937290289
>in a practical sense people play by very different rules in life depending on wealth, status, race, religion, sex, etc.
Yes. When (throughout human history) has this not been the case. A tale as old as time. If I set my kids up for a good future (the hope is) my grandchildren should be even better off than my own children will be.

>>937290424
>If you have general technical knowledge and can vet properties and do repairs yourself (e.g. have your own tools) I would suggest look at local tax foreclosures.
I have some minor technical knowledge, I have some tools but I don't know how to vet properties, is there a resource you recommend? For me, if it's online, and preferably I there's a YouTube video, I can learn to do it.

>>937291393
What do you do for employment?

I worked resi & commercial as an electrician (for a few years) and learned a lot about the other trades in the process.

Check for the big things first:
Foundation - Condition and type (full basement vs crawl space, etc.)
Roof - Shingles vs metal, how old, number of penetrations (chimeys, ridge vent, etc?)
Plumbing - Present and working? Village water or septic? Accesible?
Electrical - Present and working? Also, check the entrance (i.e. meter box and panel condition)

Check the general layout and condition of the property (was it maintained and neglected for 3 years vs chronically abused for the last 20 years). Is the siding intact? Windows (single or double pane?)? Bees or critters getting into the home?

>>937288265 (OP)
Thats not very much money dumbshit

>>937291792
I work at Frito-Lay. I'm two years out of prison and lived in the halfway house rent free for 18 months while working a pretty good paying job. Everything not necessary for the few bills I had went into Treasury bills. I have excellent credit as well. Like I said if there's an intelligently written or well made guide on how to do it, I can learn it. I just don't have the opportunity to learn trades via working.

>>937289445
Well we don't like it and we demand that housing be available for everybody who needs it

>>937292229
How much are you making?

>>937292309
I don't have any alternative for you (other than the places I rent...)

>>937292298
Do you work on the machines?

You can learn how to do pretty much anything online as far as house repairs go.

>>937288676
no, it's called capitalist

if they weren't poor fucks, they'd get enough for a downpayment themselves, it's not my fault they suck at financing

t. opened mortgage on property when it was valued at $150k 10 years ago, $1500/month to the bank - charge $2500/month rent because property is worth $350k now; people fall over themselves to live here. pouring it back into loan, have "5 years" left on 30 year mortgage

t. opened mortgage on 2nd property last year, rent is $150 more than mortgage in order to cover repairs and maintenance, been pouring it back into mortgage and already down to 10 years left on my 15 year mortgage.

tldr; in 5 years, I'll own 3 properties outright and yield $5k/month profit by doing nothing but having financial sense

Landlords go to hell alongside Cain the. creator of property lines and the original sinner.

>>937288265 (OP)
that's pretty bad anon. if you aren't charging 1% of the property value per month as rent, you are failing.

Looking to get started on property management. Took a home inspector intro course to learn some basics but lack much of the skills to deal with general contracting, etc as have worked an office environment mostly. I love working with my hands though and plan on retiring from my job in the next few years. I was thinking of taking a trade skills course to learn basics and maybe journeyman for a year before I go independent. Any other suggestions?

>>937289253
I need to set up a property based IRA so rental gains are tax free

can/will you share your notice to enter property form, my is dense?

>>937288265 (OP)
If one of your tenants was thinking about making you disappear and then just assuming ownership of the property, how hard do you think it would be for them to steal your identity?

>>937297761
Not op but this question is retarded

>>937298502
that's interesting. How do you think?

>>937289756
then buy some land and build a house on it. no? then just rage impotently.