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re: Buying investment properties...
Posted on 6/5/14 at 2:17 pm to LSUFanHouston
Posted on 6/5/14 at 2:17 pm to LSUFanHouston
It's harder now that the economy is "improving". All of my rentals are under 40k and I would live in all of them except one (rougher part of town).
Heck, I paid 50k for my primary residence (3br/2ba). It was a foreclosure in a GREAT part of Birmingham. I have put about 20k into it and I could sell it tomorrow for $140,000.
Heck, I paid 50k for my primary residence (3br/2ba). It was a foreclosure in a GREAT part of Birmingham. I have put about 20k into it and I could sell it tomorrow for $140,000.
2
Posted on 6/5/14 at 2:28 pm to I Love Bama
I wish Houston wasnt so damn big. TO buy a property in the $140k range as a primary I would be out in the deep subburbs/ship channel with suspect neighbors.
Not viable for someone in their early 30s/single.
Not viable for someone in their early 30s/single.
This post was edited on 6/5/14 at 2:29 pm
Posted on 6/5/14 at 2:35 pm to I Love Bama
Mine are around 1100 square feet on cement pillars and have wall units. If I need to purchase an appliance I find one on craigslist. Wall units are extremely cheap. I don't do contracts, always month to month
The most important part is going through the house extremely thorough before purchase. Most of the time it's just a little tlc needed.
A couple friends I have that dabble in real estate investments actually charge per person and label their property as a group home charging 400/person. Most of his tenants have psychiatric disorders and go to day programs throughout the day. They sometimes live 2-3 pple per bedroom but to them that's just they're way of life. Sure getting payments can be troublesome at times but they get their checks on the first and most are very good at paying that day. My brother is a psych doc and refers them people looking for housing, which happens on a weekly basis. Louisiana has a very high psych disorder population bc they're rent is extremely cheap relative to other states.
The most important part is going through the house extremely thorough before purchase. Most of the time it's just a little tlc needed.
A couple friends I have that dabble in real estate investments actually charge per person and label their property as a group home charging 400/person. Most of his tenants have psychiatric disorders and go to day programs throughout the day. They sometimes live 2-3 pple per bedroom but to them that's just they're way of life. Sure getting payments can be troublesome at times but they get their checks on the first and most are very good at paying that day. My brother is a psych doc and refers them people looking for housing, which happens on a weekly basis. Louisiana has a very high psych disorder population bc they're rent is extremely cheap relative to other states.
This post was edited on 6/5/14 at 2:39 pm
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