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Posted on 1/5/14 at 9:01 pm to I Love Bama
quote:
middle class neighborhood. All white.
It's definitely a lower class neighborhood. Not really a good area. But IMO a perfect area to own a rental house. I do agree with you though my parents own rental property and it has been a great investment. I plan on doing the same thing.
This post was edited on 1/5/14 at 9:03 pm
Posted on 1/5/14 at 9:56 pm to notiger1997
??
Posted on 1/5/14 at 10:44 pm to I Love Bama
Y'all wouldn't believe how cheap property is in Alabama. My friends just bought a 3/2 corner lot house in mobile that would be Listed $120k more here in BR.
Posted on 1/5/14 at 11:01 pm to Golfer
For how much?
Posted on 1/5/14 at 11:16 pm to I Love Bama
Bought it for $80 and put $55 into it. No way it would fetch below $250 in BR
Posted on 1/6/14 at 5:47 am to foshizzle
quote:
foshizzle
I am going to be moving to DC at the end of this year. I just started looking at housing and holy batman, my dreams of buying something are freaking gone
I am debating whether or not I want to live out in the burbs and commute in, or just rent near work.
Posted on 1/6/14 at 9:06 am to Golfer
quote:
Bought it for $80 and put $55 into it. No way it would fetch below $250 in BR
One of the reasons I love living here. The cost of living is nothing. You wouldn't belive the rednecks complaining how expensive everything is though.
Posted on 1/6/14 at 9:19 am to I Love Bama
quote:
I focus on lower middle class homes.
Be honest. You focus on LOWER middle class homes and income. The threshold (and I think it's low) for "middle class" in the US is $32500 a year. Where I live middle class is household income of well over $100,000 a year. You wouldn't even be a slumlord here because you couldn't afford the properties.
I'm not slamming what you do. I think it's great that you've found a niche that a) you seem to like and b) you can make a very nice living doing. Just don't sugarcoat it with this middle class bullshite because that's exactly what it is.
Posted on 1/6/14 at 9:24 am to I Love Bama
quote:
Could you go 50 miles out and find a sub $100,000 rental? Maybe a quadplex in DC where two of your tenants pay the mortgage? I bet you could....
Lol. No, you could not. 50 miles out might get you under $250k here. Might. You need to understand DC connects to Baltimore and northern Virginia. The two richest counties in the nation are Fairfax County and Loudoun County Virginia. Montgomery County Maryland isn't far behind and it is adjacent to Washington, DC. There is no cheap housing here.
Posted on 1/6/14 at 9:25 am to Azazello
quote:
I am going to be moving to DC at the end of this year. I just started looking at housing and holy batman, my dreams of buying something are freaking gone
I am debating whether or not I want to live out in the burbs and commute in, or just rent near work.
The suburbs aren't cheap either. See my post above. This area is a tremendous area to have a career and raise a family because every creature comfort you could possibly want is easy to get. It just takes money.
Good luck in the housing search.
Posted on 1/6/14 at 9:33 am to VABuckeye
quote:
The threshold (and I think it's low) for "middle class" in the US is $32500 a year
It's $40,000 here. I posted links.
quote:
think it's great that you've found a niche that a) you seem to like and b) you can make a very nice living doing.
Thanks...just trying to share other investment options with others.
quote:
ust don't sugarcoat it with this middle class bullshite because that's exactly what it is.
You're wrong. All my tenants are employed with good jobs. UPS driver, teacher, restaurant manager, etc. Nobody has ever been late on rent and they take care of the property. They are middle class.
Posted on 1/6/14 at 12:52 pm to I Love Bama
Cats out of the bag. I'm moving to Bama and getting in on this action. Thanks
Posted on 1/6/14 at 12:57 pm to I Love Bama
I'm trying to wrap my mind around getting that kind of instant return on real estate. You are very lucky on that particular piece IMO.
Posted on 1/6/14 at 1:32 pm to VABuckeye
quote:
VABuckeye
quote:
Just don't sugarcoat it with this middle class bullshite because that's exactly what it is.
I'm gonna just assume you've never stepped foot in Huntsville.
Posted on 1/6/14 at 1:57 pm to Golfer
quote:
Y'all wouldn't believe how cheap property is in Alabama.
And the property taxes are low. I thought Texas was cheap until I saw the property taxes.
Posted on 1/6/14 at 2:14 pm to yellowhammer2098
quote:
I'm gonna just assume you've never stepped foot in Huntsville.
You sir, are correct. I'm probably just jaded because middle class here is the nicest house in town in most of America.
Posted on 1/6/14 at 3:53 pm to I Love Bama
quote:
Brookline Drive
Huntsville, AL
I'm in Huntsville too and you're right, there are many neighborhoods in the city just like that one that are definitely middle class. Lots of houses and subdivisions like that were built in the 1960s-1980s that are ~1500 sq ft, modest homes, to supply the budding NASA and US Army/Redstone growth.
Today these homes are older, smaller, and lived in by just the type of middle class people you describe. Thanks for this thread.
Posted on 1/6/14 at 6:31 pm to VABuckeye
quote:
The two richest counties in the nation are Fairfax County and Loudoun County Virginia
A good friend of mine is from Loudoun Co and his parents still live there. I am about 10 miles NW of downtown ATL in a 2400 sq foot upgraded house that is worth $315k realistically. He said if the Wizard of Oz could magically move it to Loudoun Co it would be worth 1.8-2.0M. I'm like, damn, son, make that happen.
OP has a good thing going, I spent roughly 3 hours this AM "winterizing" my highest value property that is in an excellent neighborhood, not much of a fan of 9 degrees and a crawl space. After all expenses it net cash flows $625/month and have raised the rent from $1200 to $1400/ month over 3 years to the same tenant who just re-upped for 2 more years. Plus I sold off the adjacent lot that came with the house for $120k and have built up $20k cash off rents from the property and that is just one property, I have two commercial props that require about zero work and sold another residential property.
There is money to be made, but like JT and I always agreed you have to get a very good value upfront as otherwise I don't like the potential lack of liquidity nor total return prospects and wouldn't want to be locked in a bad deal. It's not a reach to consider that the expected return of the stock market at current valuations likely isn't goin to blow the pants off anyone, and bond yields suck, so good deals on rental RE can be attractive and based upon what equity REITs are valued at likely much less risky if one does their homework and makes rational decisions. I'm at my limit with RE exposure at present.
YMMV, not responsible for any bad decisions, this is not investment advice, etc.
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