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Old 12-31-2013, 08:04 PM   #61
Raymond42262
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hang in there f2b, you are doing well.

the guys making snide remarks are probably living at home and their mother does their laundry.
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Old 12-31-2013, 08:13 PM   #62
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hang in there f2b, you are doing well.

the guys making snide remarks are probably living at home and their mother does their laundry.
+1. You are doing much better than most.


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v10 was awesome new m5 is just fast dosent have a soul just 2 easy to make hp turbos
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Old 12-31-2013, 08:17 PM   #63
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hang in there f2b, you are doing well.

the guys making snide remarks are probably living at home and their mother does their laundry.
Yes that describes me perfectly
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Old 01-02-2014, 02:25 AM   #64
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Congratz f2b - !
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Old 01-02-2014, 02:31 AM   #65
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http://www.trulia.com/property/31197...tland-MI-48186
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Old 01-02-2014, 03:55 AM   #66
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Old 01-02-2014, 05:58 AM   #67
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I think I spend more last night.
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Old 01-02-2014, 06:13 AM   #68
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2595 Ackley Ave? Good choice bro. Suresh is my n*gga
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Old 01-02-2014, 06:17 AM   #69
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PFF duh guys its obviously 2346 ackley ave
http://www.trulia.com/property/31416...tland-MI-48186
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Old 01-02-2014, 10:13 AM   #70
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PFF duh guys its obviously 2346 ackley ave
http://www.trulia.com/property/31416...tland-MI-48186
Mortgage.... 77/month
Schools Rating.... 2 outta 10

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I agree with JonJon.

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Old 01-02-2014, 10:21 AM   #71
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Old 01-02-2014, 10:32 AM   #72
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Mortgage.... 77/month
Schools Rating.... 2 outta 10

described as "an excellent investment opportunity"

must be true
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Old 01-02-2014, 10:33 AM   #73
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described as "an excellent investment opportunity"

must be true
Just because the school sucks dosnt mean it's not a good investment.


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v10 was awesome new m5 is just fast dosent have a soul just 2 easy to make hp turbos
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Old 01-02-2014, 10:34 AM   #74
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Just because the school sucks dosnt mean it's not a good investment.


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Not at all, i would judge an investment based on stability of cash flow and purchase price.
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Old 01-02-2014, 10:39 AM   #75
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Just because the school sucks dosnt mean it's not a good investment.


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Anything you can make money on is a good investment... that said...
When buying a house, you shop first for a good school district. Tells you a lot about the location, expected appreciation and risk.

This location is going to obvious be people living paycheck to paycheck (cash), renting and probably not looking to start a family (on purpose_)
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Old 01-02-2014, 11:28 AM   #76
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Anything you can make money on is a good investment... that said...
When buying a house, you shop first for a good school district. Tells you a lot about the location, expected appreciation and risk.

This location is going to obvious be people living paycheck to paycheck (cash), renting and probably not looking to start a family (on purpose_)


I mean yea, but this place is so cheap that as long as he takes first and last months rent up front, those 3 months they squat he's still taking in a profit.
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Old 01-02-2014, 11:42 AM   #77
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I mean yea, but this place is so cheap that as long as he takes first and last months rent up front, those 3 months they squat he's still taking in a profit.
I will let F2B chime in, but I doubt he's going to get 3 months of rent in cash at move in.

In Dallas, first month +$150 deposit for a year lease is pretty typical.

In Miami, I paid first+ last + one month deposit, but we're talking about $6,000 cash gone.
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Old 01-02-2014, 11:53 AM   #78
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I will let F2B chime in, but I doubt he's going to get 3 months of rent in cash at move in.

In Dallas, first month +$150 deposit for a year lease is pretty typical.

In Miami, I paid first+ last + one month deposit, but we're talking about $6,000 cash gone.


I didn't say 3 months of rent. First and last = 2 months of rent. They will likely never pay past that, and then squat for 3 months after that. If this happens 2x in 1 year. he'll have + $2600. If his bills on the place = anything less than 2600 for the year, he's running at a profit. Even if it's first + $150 he's not in bad shape lol.

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Old 01-02-2014, 11:55 AM   #79
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You're not going to get 3 months rent on an unit like that.

Slumlord have profit potentials, but boy dealing with deadbeats may not be worth the headaches.
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Old 01-02-2014, 11:57 AM   #80
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My other rentals in the area I get 550-625 for small 1 bedrooms. First months and ones months rent due day the lease starts. So 2 months rent up front.

This is a 2 bed 1 bath with a full basement and your own driveway that can fit 2 cars. Getting $650 should not be a problem. 2 months up front.

Yes the schools suck. Crime is however below the national average, large city of 90,000 residents and I think there might of been 1 murder last year. The city is operating at a surplus and has a very large police force.

But i dont care about schools when buying investment property, im not raising a family here.

My rule of thumb when buying investment property is I need at least 2% of purchase price per month for rent or I wont even go look at it. Then if everything still looks good I pull the trigger. So for example a property that costs 100k should rent for 2,000 per month of it isn;t even worth me looking at it.

I am in this game to make money NOW. I dont care about appreciation/depreciation. If all my rentals lose 75% of their value tomorrow I dont care. As long as rents stay the same. I am in this for the long haul. Heck if prices drop Im happy, ill buy more for less, granted the rents stay the same.

The areas I buy in have very strong rental markets. Whenever i throw a sign up i literally get 35 calls a day in this area. No craigslist, just a little azz sign on the front lawn.

Also I would never buy anything in Detroit. There are no police there and you will lose money due to thieves. You will buy a house for $2k and put $5k into it and will be able to rent it out for $750 per month easy with a section 8 tenant (government pays rent every month) but the problem is the thieves will break in and steal your hot water heater, furnace, AC....appliances everything. You will replace them all and they will do it again, and again, and again.

My buddy owns a ton of stuff in the hood in Detroit. Literally brings in over 100k per month in rent, probably paid 400k for his rentals. Whenever he buys a new rental he goes over there in the middle of the day and sits on the bed of his truck and loads up his AR-15 and cleans it for about 30-40min to make sure everyone on the block sees him. Then he lets off about 200 rounds in the air real slow for about an hour. No one steals anything from any of his houses. Kids don;t even walk on his sidewalks lol

not for me
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