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Started By
Message
Home Buyers...You can buy up to a 4plex with only 5% down payment ANYWHERE
Posted on 10/12/23 at 10:13 am
Posted on 10/12/23 at 10:13 am
The rental income can be counted toward your ability to pay the note...all of you complaining about not being able to buy a single family home need to look into multi-family primary residence option.
EDIT: Not just NOLA
EDIT: Not just NOLA
This post was edited on 10/12/23 at 10:20 am
8
Posted on 10/12/23 at 10:13 am to sidewalkside
Have you tried to do an eviction in this state post-2020?
I wouldn’t count on ever seeing that income.
I wouldn’t count on ever seeing that income.
Posted on 10/12/23 at 10:15 am to teke184
You can decide who you do and don't lease to since it is also your primary residence. So you can screen out the riff raff applicants.
Posted on 10/12/23 at 10:17 am to sidewalkside
quote:
in NOLA
Posted on 10/12/23 at 10:18 am to Gifman
Posted on 10/12/23 at 10:21 am to sidewalkside
quote:
You can decide who you do and don't lease to since it is also your primary residence. So you can screen
I need to see a citation for this. Given all the strict anti discrimination policies HUD and other agencies have put in place, I have never seen as exception for "primary residence."
Posted on 10/12/23 at 10:26 am to jbgleason
quote:
jbgleason
Nah you don't need to see anything. You're the guy who fires his employees for asking for a raise and not quietly working for less than market value because you have a family business and expect them to sacrifice so your family has more money.
Posted on 10/12/23 at 10:30 am to sidewalkside
Show me a fourplex that isn't dilapidated in a part of town that isn't prone to property crime or murder for less than a million bucks.
Posted on 10/12/23 at 10:34 am to sidewalkside
Yep, it’s that easy. Wink, wink.
Posted on 10/12/23 at 10:41 am to sidewalkside
35 years ago? Sure. Duplexes were a great way to build up some capital. Today? You must be high.
Posted on 10/12/23 at 10:45 am to Ricardo
quote:
Duplexes
4 plex homie. You can cover 100% of your payments with rental income.
Posted on 10/12/23 at 10:47 am to sidewalkside
I got out of the business because outside of family I can’t trust people. It’s too much hassle.
Posted on 10/12/23 at 12:05 pm to sidewalkside
quote:
sidewalkside
quote:
Nah you don't need to see anything. You're the guy who fires his employees for asking for a raise and not quietly working for less than market value because you have a family business and expect them to sacrifice so your family has more money.
LoL. Holy shite. The fact that you remember that post and then completely misrepresent it is hilarious to me.
To set the record straight, that employee was making market value and then DEMANDED I double his pay when he was tasked with handling a time sensitive important task. One that was part of a bigger contract and kept our revenue static. We didn't make "more money". I paid him, because I had no choice, but then moved him out as soon as I found a replacement who was happy to have his original salary.
Your Socialist belief that any employee should be allowed to hold their employer hostage and then expect that act to not be considered later makes me believe you support Hamas taking hostages because "the Israelis deserve it."*
*See how I completely misquote and misconstrue your original statement? Sucks doesn't it?
Posted on 10/12/23 at 12:09 pm to jbgleason
quote:
jbgleason
quote:
The fact that you remember that post and then completely misrepresent it is hilarious to me
We all remember it and you're a terrible person/employer. Being upset that an employee didn't treat your family business like their own family business is the definition of selective socialism. Kick rocks loser.
Posted on 10/12/23 at 12:13 pm to jbgleason
quote:
Your Socialist belief that any employee should be allowed to hold their employer hostage and then expect that act to not be considered later makes me believe you support Hamas taking hostages because "the Israelis deserve it."*
This is so dumb and your analogy is garbage.
Posted on 10/12/23 at 12:18 pm to GhostofLesticleMiles
quote:
This is so dumb and your analogy is garbage.
I agree. It was meant to be.
Posted on 10/12/23 at 12:20 pm to sidewalkside
Years ago I had 20 duplexes.
Luckily, I sold out right before the areas went from bad to oooohhh sh&t. Now the area heavily Latino.
I did over time make money.
In the beginning it takes alot of money to redo alot of these places to not have major repairs down the road.
I gutted mine. Went from aluminum to copper wiring, new plumbing, new hvac systems, bust up concrete to replace sewer lines in 20 units. That stuff cost money. After it was done I didn’t have water leaks, sewer backing up, aluminum wiring coming loose causing shorts.
My father had four units and so I tried to fix known issues with these units before I put tenants in them.
Most my repairs were minor issues. Luckily I bought from a bank that foreclosed on these units. Didn’t have to evict people.m which is never good for the landlord or tenant.
As far as tenants I had older people on fixed incomes. I kept the rent down over the years. It balances out no repainting inside every year when a new tenant moves in etc. Jumped on issues quick. It was a great investment again over time.
Luckily, I sold out right before the areas went from bad to oooohhh sh&t. Now the area heavily Latino.
I did over time make money.
In the beginning it takes alot of money to redo alot of these places to not have major repairs down the road.
I gutted mine. Went from aluminum to copper wiring, new plumbing, new hvac systems, bust up concrete to replace sewer lines in 20 units. That stuff cost money. After it was done I didn’t have water leaks, sewer backing up, aluminum wiring coming loose causing shorts.
My father had four units and so I tried to fix known issues with these units before I put tenants in them.
Most my repairs were minor issues. Luckily I bought from a bank that foreclosed on these units. Didn’t have to evict people.m which is never good for the landlord or tenant.
As far as tenants I had older people on fixed incomes. I kept the rent down over the years. It balances out no repainting inside every year when a new tenant moves in etc. Jumped on issues quick. It was a great investment again over time.
This post was edited on 10/12/23 at 12:27 pm
Posted on 10/12/23 at 12:33 pm to jbgleason
quote:
Given all the strict anti discrimination policies HUD and other agencies have put in place, I have never seen as exception for "primary residence."
I'm going by memory but I think you can get around it by not using an agent, not advertising publicly, and owning no more than 4 units.
This post was edited on 10/12/23 at 12:59 pm
Posted on 10/12/23 at 1:16 pm to sidewalkside
If I am not mistaken, this doesn't go into effect until mid November and it has to be owner occupied, right?
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