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Old 01-02-2014, 11:57 AM   #81
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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.
$150 deposit? That is crazy.
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Old 01-02-2014, 11:59 AM   #82
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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
I'm just quoting this for future reference.
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Old 01-02-2014, 12:06 PM   #83
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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
I call BS on this one. Even in Detroit I doubt you can discharge 200 rounds in public without care.
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Old 01-02-2014, 12:06 PM   #84
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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.
So no security deposit?
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Old 01-02-2014, 12:13 PM   #85
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I call BS on this one. Even in Detroit I doubt you can discharge 200 rounds in public without care.



what it sounds like just driving around on new years.

no one cares. police are all dirivng around wasted beating the ish outta hookers for fun. Had a cop tell me the city won;t let him get out of his patrol car anymore for insurance purposes lol. has to do all his "policing" from the car.
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Old 01-02-2014, 01:14 PM   #86
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Old 01-03-2014, 11:26 AM   #87
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Old 01-03-2014, 01:23 PM   #88
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Old 01-03-2014, 02:55 PM   #89
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Why pay 14k for a home when there is 1k homes for sale all over detroit?
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Old 01-03-2014, 03:14 PM   #90
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Well, make up your mind what it is. Is it a slum or is it a great rental with low crime rate?

Given that the furnace and water heater were stolen, me thinks you have a bit of a crime problem.
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Old 01-03-2014, 03:40 PM   #91
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Why someone would pay $650 rent for a house that cost $200 a month to own is beyond me.
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Old 01-03-2014, 04:20 PM   #92
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Why someone would pay $650 rent for a house that cost $200 a month to own is beyond me.
Same people that laugh at paying 20,000 for a car but would JUMP on the chance to finance it for 99/month for 20 years at 17%
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Old 01-03-2014, 04:21 PM   #93
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Old 01-03-2014, 09:58 PM   #94
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$3500 later and I got a new furnace, 2 ton central air, and a new hot water heater. Long day.
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Old 01-03-2014, 09:59 PM   #95
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Old 01-03-2014, 10:02 PM   #96
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Exclamation

Who the hell keeps venting that water heater DOWN

Edit: looks like it goes up and out and the 2nd pipe is for the furnace tie in?

That would make more sense
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Old 01-03-2014, 10:07 PM   #97
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Who the hell keeps venting that water heater DOWN??!!
F2B takes out life insurance on his tenants


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Old 01-03-2014, 10:16 PM   #98
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Question?
Why pay 14k for a home when there is 1k homes for sale all over detroit?
I explained that in my long post above. The Detroit suburbs consist of working class/factory worker towns, all the way up to high end luxury towns that cost 500k+ just to buy a small house.

Anything with a "Detroit"address is garbage. Sure you can buy a house for a few grand and rent it out for $700 per month. But unless you are in good with the community or a big time gangster type dude that knows everyone on the block and people look out for you, it will not work. Not because the rent won't get paid, section 8 takes care of that. Its because the thieves will steal everything. As soon as your tenant goes to church your water heater, furnace, AC will be gone. Over and over again. Not worth it to me.


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Well, make up your mind what it is. Is it a slum or is it a great rental with low crime rate?

Given that the furnace and water heater were stolen, me thinks you have a bit of a crime problem.
more then likely the previous owner who foreclosed on the property "stole" them. No idea though, no real way to tell. But yes someone took the furnace, AC and hot water heater. One of the reasons I got the place so cheap.

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Why someone would pay $650 rent for a house that cost $200 a month to own is beyond me.
I agree. Maybe you would have to come out there to understand how things are. People don't save money, they bust their azz for $17 an hour in the auto factories (5 years a go it was $37 an hour). The areas I invest in are mostly working class factory towns. Tough for these people to save money.

I read a lot of landlord forums and it is beyond me on the Cali landlord game. You can rent houses for $1500 when the mortgage is $2500, even after 20% down. Same with NYC. that blows my mind even more man. I obviously haven't researched every market in the US, but i know enough that the west coast and East coast are a joke when it comes to making money as a landlord. One forum I was on a guy bought a place in San Fran for 900k cash, no mortgage. And was bragging about his 3.5% return on investment......da fuq??

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.
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Old 01-03-2014, 10:16 PM   #99
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Its a shady hookup for sure. The lower BTU appliance should be on top of the vent out. They looked tied in or side by side. The water heater could get back vented and produce CO

just saying... Get it inspected.
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Old 01-03-2014, 10:17 PM   #100
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Who the hell keeps venting that water heater DOWN

Edit: looks like it goes up and out and the 2nd pipe is for the furnace tie in?

That would make more sense
yeah everything goes up and out.

they are not tied in at all. two totally separate pipes all the way out.
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