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Old 01-03-2014, 10:27 PM   #101
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Originally Posted by wildirish317 View Post
Yes, that is the water heater and furnace combustion air vents. The question is, where is the ventilation (outdoor air) duct to the furnace?
Im having trouble trouble understanding?

where does it go down...
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Old 01-03-2014, 10:28 PM   #102
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the return is the big duct on the left....if that it was you are asking?
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Old 01-03-2014, 10:31 PM   #103
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who knows that the future holds. Maybe that guy in San Fran's investment will be worth 3mil in 5 years and he will be laughing all the way to the bank, while my 14k condo is worth 5k. who knows. I am in this landlord game for income, i wanna make money now, not in 5 years.
Well you got the gist of it right there. In Cali ppl buy rental properties hoping it'll go up in value, and the rent is to hold them over until the price appreciation happens. It's huge risk with more upside. Some ppl don't even bother renting it out.
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Old 01-03-2014, 10:33 PM   #104
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Well you got the gist of it right there. In Cali ppl buy rental properties hoping it'll go up in value, and the rent is to hold them over until the price appreciation happens. It's huge risk with more upside. Some ppl don't even bother renting it out.
sounds more like buying a stock. But only you have to come fix it when it breaks down.

I look at buying rentals as buying a "business".

I dont know a ton about cali markets, but it seems to have huge up and down swings. In the midwest it is much more steady.

I read an article where two guys who were college room mates in Michigan, one moved to San diego after graduation in 1987, the other stayed in Michigan. They both bought 300k houses. The guy in San Diego house is now worth over 1mil...the guy in Michigan's is still worth 300k lol.
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Old 01-03-2014, 11:07 PM   #105
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Fade, some advice on appliances, try not to supply a fridge if possible. I don't supply them in my rentals. One more thing to break and you'll be in the appliance repair business which sucks, plus a tenant complaining to you their food is spoiled. I have my tenants supply their own. I supply the range and dishwasher if applicable for the house.
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Old 01-03-2014, 11:14 PM   #106
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Fade, some advice on appliances, try not to supply a fridge if possible. I don't supply them in my rentals. One more thing to break and you'll be in the appliance repair business which sucks, plus a tenant complaining to you their food is spoiled. I have my tenants supply their own. I supply the range and dishwasher if applicable for the house.
yeah this place came with a nice stove. No fridge though.

Just worried that as soon as people see no fridge they are going to look elsewhere.
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Old 01-03-2014, 11:15 PM   #107
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Bought this house in STL for $38,250 put about $14,000 in it, I'm getting $925 a month. 3 bed 1.5 bath. I'd call it a B area for the rental game, accredited school district, good working middle class area.
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Old 01-03-2014, 11:17 PM   #108
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Bought this house in STL for $38,250 put about $14,000 in it, I'm getting $925 a month. 3 bed 1.5 bath. I'd call it a B area for the rental game, accredited school district, good working middle class area.
nice.

in STL do you pay water?
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Old 01-03-2014, 11:17 PM   #109
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Old 01-03-2014, 11:18 PM   #110
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Old 01-03-2014, 11:20 PM   #111
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nice.

in STL do you pay water?
Tenant pays all utilities, we pay the sewer bill, about $30 a month
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Old 01-03-2014, 11:21 PM   #112
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Some work we did
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Old 01-03-2014, 11:22 PM   #113
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Old 01-03-2014, 11:22 PM   #114
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very nice

still good deals around in STL?
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Old 01-03-2014, 11:26 PM   #115
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They are still around but certainly a lot harder than a year ago to buy, this house for $38250 would have sold for $29-$30k 12-18 months ago, a lot of the foreclosures have dried up.
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Old 01-04-2014, 09:34 AM   #116
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So no one in that area can get approved for a $14,000 loan, but they can all afford $650 monthly payments?
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Old 01-04-2014, 10:23 AM   #117
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Re: Just picked up a condo for 14k. (pics) (AKA Official Ask a Slumlord Anything Thre

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So no one in that area can get approved for a $14,000 loan, but they can all afford $650 monthly payments?
Do they even do mortgages on amounts that low?

Most people renting in that area most likely have **** credit. No problem on income but bad credit

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Old 01-04-2014, 02:54 PM   #118
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Do they even do mortgages on amounts that low?

Most people renting in that area most likely have **** credit. No problem on income but bad credit

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Yeah exactly
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Old 01-05-2014, 08:22 AM   #119
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How did you find the condo you picked up?
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Old 01-05-2014, 11:47 AM   #120
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So no one in that area can get approved for a $14,000 loan, but they can all afford $650 monthly payments?
Maybe they don't have the initiative to go out and find a repo.
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