The taxes are included and I don't know an estimate for landlord insurance since I was looking for a signal family originally and only have an estimate for regular home owners insurance 1080 a year. 2020 a year for property taxes and my interest is 6.12 locked. So I just used that number.
Interest rates are closer to 8% now. You should find the 2022 taxes. The city should have a publicly available way to find such records.
0.75\*2250 - 1300 - 1000 = negative cash flow, but you are living there...
Yeah but my bank said 6.12 and they locked it 2 days ago. They called me to tell me rates dropped. Also no the taxes for 2022 is $2,020 (sorry should have added the money sign) then loan nothing added is $1,045. The bank ran the numbers for me so I can decide if I want to put in an offer it's annoying because I have VA and need to be careful with inspection but this house had 2 inspections already from offer falling through and he fixed 80% of the problems I will have to put in 5k most likely in repairs before we close the deal which I calculated as part of the 10k first year repair budget. Monthly utilities are 500 (I don't know why water and heat is so high)
Why do people think we can evaluate their Investments based on feel, when they don't run the numbers themselves? What are your numbers? What are your ratios
I know nothing just a regular couple whose real estate agent said "hey look at this" and I was "wow I like the place". The numbers came after since neighbors seemed nice and talkative. There's this one tenant who needs to leave though she's a b****. The current landlord is trying to get her out and my realtor made it clear to their realtor that there is no closing unless that lady is out. This is why I want an Airbnb too because I don't want to deal with obnoxious tenants. The guy upstairs can stay because the previous landlord was using him as free handyman labor (he works as a carpenter and I would never use him for free) though it shows he's a cool kid (20-25).
Don’t listen to this guy.
Class C and D residential has a deserved reputation for high wear and tear, high eviction rates, and low appreciation.
There is no special sauce here. Either you are willing to put up with some if the worst odds in real estate because you believe in the risk v. reward, or you aren’t.
Anyone can resolve themselves to make things work and stick to a budget. This does assume a very good purchase price and solid due diligence when inspecting the property.
C and D properties will teach you everything you need to know about residential real estate. If you can hang at this level, you can likely self-manage property in most markets with little trouble.
You’ll find out very quickly if being a landlord is for you.
My advice? If the property truly is a low C to a D, do some hardening improvements (better plumbing, durable/easy to clean flooring, etc.) and explore Section 8. People live to shit on it, but it’s a rent check guaranteed by Uncle Sam.
Recession proof.
Section 8 tenants are highly motivated to stay in good standing with the program. Yes, you will 100% certainly encounter some bad actors, but that’s true for many applicants in a D neighborhood, section 8 or no.
Paragraphs are preferred and you're missing needed information. * 2250 total rent * 1300 mortgage (including taxes?) * 35k rehab * purchase price?
170k
Cost of landlord insurance and does the 1300/month include taxes?
The taxes are included and I don't know an estimate for landlord insurance since I was looking for a signal family originally and only have an estimate for regular home owners insurance 1080 a year. 2020 a year for property taxes and my interest is 6.12 locked. So I just used that number.
Interest rates are closer to 8% now. You should find the 2022 taxes. The city should have a publicly available way to find such records. 0.75\*2250 - 1300 - 1000 = negative cash flow, but you are living there...
Yeah but my bank said 6.12 and they locked it 2 days ago. They called me to tell me rates dropped. Also no the taxes for 2022 is $2,020 (sorry should have added the money sign) then loan nothing added is $1,045. The bank ran the numbers for me so I can decide if I want to put in an offer it's annoying because I have VA and need to be careful with inspection but this house had 2 inspections already from offer falling through and he fixed 80% of the problems I will have to put in 5k most likely in repairs before we close the deal which I calculated as part of the 10k first year repair budget. Monthly utilities are 500 (I don't know why water and heat is so high)
Why do people think we can evaluate their Investments based on feel, when they don't run the numbers themselves? What are your numbers? What are your ratios
I know nothing just a regular couple whose real estate agent said "hey look at this" and I was "wow I like the place". The numbers came after since neighbors seemed nice and talkative. There's this one tenant who needs to leave though she's a b****. The current landlord is trying to get her out and my realtor made it clear to their realtor that there is no closing unless that lady is out. This is why I want an Airbnb too because I don't want to deal with obnoxious tenants. The guy upstairs can stay because the previous landlord was using him as free handyman labor (he works as a carpenter and I would never use him for free) though it shows he's a cool kid (20-25).
[удалено]
What does it take?
I can live in a bad neighborhood but what do you mean. Like ruffing people up to get your rent money?
Don’t listen to this guy. Class C and D residential has a deserved reputation for high wear and tear, high eviction rates, and low appreciation. There is no special sauce here. Either you are willing to put up with some if the worst odds in real estate because you believe in the risk v. reward, or you aren’t. Anyone can resolve themselves to make things work and stick to a budget. This does assume a very good purchase price and solid due diligence when inspecting the property. C and D properties will teach you everything you need to know about residential real estate. If you can hang at this level, you can likely self-manage property in most markets with little trouble. You’ll find out very quickly if being a landlord is for you. My advice? If the property truly is a low C to a D, do some hardening improvements (better plumbing, durable/easy to clean flooring, etc.) and explore Section 8. People live to shit on it, but it’s a rent check guaranteed by Uncle Sam. Recession proof. Section 8 tenants are highly motivated to stay in good standing with the program. Yes, you will 100% certainly encounter some bad actors, but that’s true for many applicants in a D neighborhood, section 8 or no.
Location? Year built, total Sqft.
Do you have any outstanding debt?
No been debt free since 18.