posted
i've noticed in your posts, you speak alot about, oddly enough, managing properties. i was just wondering if you would care to share your experiences in this field? things like, do you actually own the properties or do you just manage them for someone else? if so how did you aquire them? what is your favorite type of property to own, from a profitability/payment perspective? etc.
overall im just interested in your business, i rented out a house for 2 years with relative success for being a youngin' and would like to venture back into it when it becomes affordable again. do share, if you want that is..
-------------------- "Gentleman, you have come sixty days too late. The depression is over." Herbert Hoover 1930 Posts: 678 | From: currently in hiding due to investigation | Registered: Oct 2004
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We can all benefit from the knowledge and experience of those among us that have it.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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Yes, I own a rental property business with several dozen rentals. I have single family houses and apartment buildings. I buy my properties from people who are DESPERATE to sell, often failed landlords (the vast majority of newbies fail in a short period of time and therefore there are always landlords selling properties). I also buy REO (foreclosures), at auctions, from other investors, from people getting a divorce or that must move for a job, etc. One of our niche markets is to buy rentals from distressed landlords who are in over their heads. These are often landlords who have drug dealers, felons, and other trouble makers in their property. These landlords will often tell me that they will do ANYTHING to stop the pain. They can't eat; they can't sleep; and they are absolutely miserable dealing with the riff-raff.
We buy the building(s) (often several buildings on the same street); evict the deadbeats and druggies; rehab the properties; and find better tenants.
I manage and maintain all the properties my self (except HVAC, commercial electric, and some high roofing jobs).
We only buy properties at a BIG discount (typically 50% to 70% of market value) and they must cash flow a minimum of $100 per unit per month using real world expense numbers.
If you have any other questions, I'll be happy to answer.
Owned a few rental properties though...One 4 unit and a couple of single family units. I prefer the single families...a lot less bickering to deal with...and always remember this...you make your money when you BUY the property.
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It's all in the timing... Posts: 4303 | From: DSA | Registered: Dec 2003
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