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Are any of you guys' landlords? (1 Viewer)

Eminence

Footballguy
No, really. Since the market crashed, I can buy homes that were allegedly worth $200,000 at one point inn Florida for like $90,000 now. I'm obviously years away from owning any type of Real Estate but there are some smart people on here, so I figured I'd pry some knowledge out of them.

What % down do most places want? For me, I would probably be looking for a 30-year mortgage and refinancing later. Just trying to get my foot in the door somewhere while the market is still down.

 

coyote5

Footballguy
this from the guy who couldn't scrape together a few extra hundys to flip cell phones... you're a trip dude :lmao:

 

Kool-Aid Larry

Footballguy
a buddy of mine would buy houses near the local college and rent them out to college students

the whole thing sounded like a huge pain in the ###, frankly

 

fantasycurse42

Footballguy Jr.
My good friend left his high paying job as a store clerk at 7-11 and bought a few buildings here in Manhattan. He appears to be doing okay, good luck to you!

 

Kool-Aid Larry

Footballguy
also, you can check out some hud homes

and remember, when you're talking to lenders about financing you are telling them that you plan to live there -- don't mention the renting it out part.

 

jon_mx

Footballguy
Do not buy real estate unless you actually live in the area. EVER. Owning a home in another state which you are unable to watch and manage will be a disaster. Not that Em has a chance in the next 10 years of actually doing this, but for someone who might be stupid enough to think about doing something like this.

 

AAABatteries

Footballguy
Do not buy real estate unless you actually live in the area. EVER. Owning a home in another state which you are unable to watch and manage will be a disaster. Not that Em has a chance in the next 10 years of actually doing this, but for someone who might be stupid enough to think about doing something like this.
I have no intentions of buying real estate but isn't this why you get a property manager?

 

Gawain

Footballguy
Do not buy real estate unless you actually live in the area. EVER. Owning a home in another state which you are unable to watch and manage will be a disaster. Not that Em has a chance in the next 10 years of actually doing this, but for someone who might be stupid enough to think about doing something like this.
I have no intentions of buying real estate but isn't this why you get a property manager?
Quis custodiet ipsos terrae custodet?

 

jon_mx

Footballguy
Do not buy real estate unless you actually live in the area. EVER. Owning a home in another state which you are unable to watch and manage will be a disaster. Not that Em has a chance in the next 10 years of actually doing this, but for someone who might be stupid enough to think about doing something like this.
I have no intentions of buying real estate but isn't this why you get a property manager?
Sure and you will end up paying at least 15% and they may or may not watch and take care of your property that well. They rent to one bad tenant and it is over. A bad tenant can ruin the house, but it is no skin off the property manager.

 

mquinnjr

Footballguy
You guys keep feeding the cat....
There is no better example I can think of regarding this phenomenon than a really bad :tfp:

I don't want to look, because I know what happened is not a good thing. But, I know with absolute certainty, there is no scenario where I'm not immediately fixated on the accident and finding out exactly what happened.

 

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