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Old 12-31-2013, 11:46 AM   #1
FadeToblack
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Just picked up a condo for 14k. (pics) (AKA Official Ask a Slumlord Anything Thread)

Bank owned.

Put in an offer months a go, set back after set back I finally closed this morning.

No it is not in Detroit, about 10 miles from Detroit in a working class/middle class city of about 90,000 people. Crime statistics below national average, less then 2 murders per year, city is operating with a surplus. Not a bad area at all.

Condo is 2 bed 1 bath, full basement, own driveway.

All the comps in the complex for ones with little to no work have been around 20-30k a unit. No vacancies what so ever in this complex, as soon as a fore rent sign goes up they are leased within days.

Market rent is $650-700. The norm in this complex is that tenant pays water.

Monthly association is $30.
Taxes are $700 per year
Insurance is $440 per year. gets me 300k liability and 5k for appliances.

I need to replace the carpet, put in a new furnace, hot water heater, and refrigerator. and thats it. Cabinets and walls are in great shape, bathroom just needs a super good cleaning. Also need to replace some screens. Should have this puppy ready to go in a few days.


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Old 12-31-2013, 11:49 AM   #2
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Old 12-31-2013, 11:50 AM   #3
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Just picked up a condo for 14k. (pics)

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Old 12-31-2013, 11:51 AM   #4
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rent2fade

not me
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Old 12-31-2013, 11:54 AM   #5
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you forgot about adding the pitbull chained up in the front yard.
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Old 12-31-2013, 11:56 AM   #6
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Old 12-31-2013, 11:59 AM   #7
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Cool, I have a few friends who is still buying up what they can. I've pretty much got out of the rental business, just not for me.
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Old 12-31-2013, 12:01 PM   #8
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Does 14k include the squatters?
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Old 12-31-2013, 12:03 PM   #9
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Old 12-31-2013, 12:04 PM   #10
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Old 12-31-2013, 12:07 PM   #11
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Old 12-31-2013, 12:12 PM   #12
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Old 12-31-2013, 12:29 PM   #13
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damn. congrats.
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Old 12-31-2013, 12:34 PM   #14
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Condo? Looks like a house to me.

Nice score though, lets see the inside.
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Old 12-31-2013, 12:36 PM   #15
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Condo? Looks like a house to me.

Nice score though, lets see the inside.
the complex is divided into duplexes. about 100 of them. So you only share a wall with one person and get your own driveway on each side.

Ill get pics later of the inside. Carpet is messed up bad.

BRB looks like some hoe gave birth on the dam carpet.
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Old 12-31-2013, 12:37 PM   #16
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looks decent for the price.



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Old 12-31-2013, 12:37 PM   #17
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Re: Just picked up a condo for 14k. (pics)

Cool story

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buy my sedan rear seats (gray leather)

sell me sedan A pillars!! (black fabric)
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Old 12-31-2013, 12:37 PM   #18
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this complex is a few blocks over from an apartment building I own, I know the area well. Strong rental area, little to no vacancies.

I have never attempted to rent a unit in the dead of winter, I have heard it is the worst time to rent out units...we will see.
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Old 12-31-2013, 12:39 PM   #19
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the complex is divided into duplexes. about 100 of them. So you only share a wall with one person and get your own driveway on each side.

Ill get pics later of the inside. Carpet is messed up bad.

BRB looks like some hoe gave birth on the dam carpet.
Get ready to replace the subfloor. At least Kiltz it under there.
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Old 12-31-2013, 12:39 PM   #20
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haha

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