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FIND YOUR DREAM HOME OR APARTMENT

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Sep 13, 2014 8:34AM
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The problem with this country is Greed, 1000 a month for a home the cost 350. All a bunch of Greedy Pricks.
Sep 13, 2014 5:47AM
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I've managed over two hundred units over the years. If you are in a state that favors tenants in the Landlord-Tenant Act, don't do it. I have seen investors take home equity loans on their principal residences lose their shirts...and homes. Don't go to get rich quick free investment seminars! This is the second easiest way to lose everything and don't watch late night infomercials wanting you to share in secrets to amass millions. If you must dabble, find a good local Realtor or investor with a track record, and get educated. My specialty was single family home rentals. If you have a terrific tenant, offer to sell the home to them and take back the mortgage. They will take better care of property and really show some semblance of pride in ownership. I know what I'm talking about...be very careful!
Aug 27, 2014 11:02AM
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That 3BR 2BA home in OKC is selling for what 2BR 1BA homes are selling for where I live. Have to see it for myself, but that's a fantastic price, especially if it has central heat & air.
Aug 27, 2014 10:10AM
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Wyoming is a good state, one of the few where landlord-tenant law is skewed favor of the landlord and it's easy to evict deadbeats and undesirables.
Aug 27, 2014 10:03AM
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I was in the mortgage biz' for 13 years and I would pick the brains of the occasional landlord I would refi.

The best advice I ever got was from a guy who owned a 12-unit building on the South Side of Chicago:

1) Buy one building with many units.  It makes it much easier to keep your eyes on the property and collect rents. Next best thing is to acquire 3-flats on the same street.  (However, it is much harder to get financing on anything bigger than a 3-flat, and the rates will be sky-high if you can get them.  Two-flats have lower rates still, and SFRs have the lowest rates.)

2) Make sure you do background checks so as not to get relatives or friends of your other renters renting. Families moving into multiple units in one building will pull a rental strike on you to get their rent lowered.

3) Pay cash for your rental property.  This way, you don't paint yourself into a tight financial corner if renting declines or you have large maintenance expenses hit you (roof).  When rates drop and builders boom, it is tough to rent out properties.  A lot of landlords got into trouble in 2002-2006 as their renters bought homes and they could not rent units.  Those who were leveraged either lost properties or sold them at a loss by 2007-2008.

4) Offer month-to-month leases.  Anything longer in most cities and states is much harder to break and much harder to evict.  Week-to-week is even better, which this man did, because you find out four weeks sooner that your renter has a problem paying the rent and you can begin eviction sooner, thus reducing your loss.  And month-to-month or week-to-week usually allows at-will vacation of the unit.  You don't need to prove damages. You just give notice (30 days in many cities/states) that you want them to move out. 

5) Collect in cash, in person, on a set day of the week or month.  This guy would collect every Friday.

6) Require a back-up credit card payment method, with a 5% penalty, to be used if the rent is more than five days late. 

This landlord rented to poor people and said he rarely had issues because he was on top of everything and he saw his renters on a weekly basis.

I'll add 7) Fix problems for your renters post-haste.  If you give them a reason to resent you, they are more likely to start screwing with you (late rent, damage, etc.).

If you follow these suggestions, you will probably do well.  If you expect no problems, you are forgetting that being a landlord is a business, and all businesses experience problems, like late payments or no payments, vandalism, theft, and maintenance.  If you complain about it, you have lost sight of the reality of it and should probably get out of it. 
Aug 27, 2014 8:48AM
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Ya gotta like derelicts and deadbeats in order to rent. Ever try evicting? Takes forever and meanwhile the place gets completely trashed. We actually had a tenant ''sell'' our mobile home. Rent was overdue so we went to collect in person. Instead of a young guy an elderly lady answered the door and said she had bought the trailer from him. Needless to say we were out a couple of months' worth on that one. I don't even want to get into the one before him....
Aug 26, 2014 6:00PM
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A majority of these cities are from Texas and Florida - property taxes are outrageous!
Aug 23, 2014 10:33AM
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Zillow people have no idea of landlord business. They only included Principal and Interest. On top of that landlord has to pay Taxes and Insurance. Property tax here in Indiana on rentals is 2.5% of house value per year. Property management fee is usually 10 percent of rent. Add to that ongoing maintenance and cost of fixing up after the renters move out. Renters usually do not take care well of not their own property. Well qualified renters with good  credit will soon buy their own home. On top of that in Indiana all sewer charges unpaid by renters are collected from landlords. In recent years I had all tenants moving out with unpaid sewer bills. Taking them to court takes time of your busy schedule and money for lawyer fees. Most of the time the rent barely covers your cost.
Then you are taxed on your gains at the top of your tax bracket.
Renters are not willing/or have no money/ to pay much more for the convenience of the house than for living in apartment complex.
Aug 23, 2014 8:43AM
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morgantown wv the place to be no 1 places to live
Aug 23, 2014 8:42AM
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So now the Propaganda Lying Media is pushing SULMLOARD, along with the BS, how to make it on America's Poverty Wage service jobs.    
Aug 23, 2014 7:47AM
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Best place to be a landlord is the worst place to live and try to survive..!! Marietta, Ohio, 2 bedroom small house on average is $700 a month and the average paying job mostly is the state minimum wage of $8 and some change per hour. The math for 40 hour work week if you're lucky adds up to giving nearly all your hard earned money to the landlord then ya gotta worry about eats and gas to go make that check for the landlord and hope life don't throw any curve balls. No wonder suicide rate is so high anymore. Glad I own my home.
Aug 23, 2014 6:26AM
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Oklahoma City  #1 Best Place to be a Landlord???

F____ crazy people!  The city is near the heart of tornado alley!!

Crazy to own there, let alone be a landlord!

I'd rather own in a city that has an occasional hurricane.

Thank you!

Aug 23, 2014 6:07AM
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What the heck ... $250 a month for a 3/2 in Oklahoma City? I wouldn't waste my time ... and with 20% down you are still in the hole every month even before you add taxes, insurance and maintenance.

The big irony missed by most folks is that a $150k house will rent for about 30% more than a $50k house. Anyone who purchases investment property on a 80/20 mortgage isn't being very smart. They will not make any money, at least in the short term, and even worse, they may lose a huge amount of money. I've seen lots of folks lose nearly everything because of mortgaged investment property. I didn't because I don't carry a mortgage.



Aug 23, 2014 5:59AM
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The article was obviously NOT written by a real estate investor.  Never invest in rental property unless you can charge at least 1% of the purchase price in monthly rent.  Don't invest in the ghetto.  Never pay more than 20% less than Zillow's "Zestimate".  It's not as easy as the article makes it sound.  You have to factor in maintenance, HOA fees, vacant time, etc.  Plan on getting calls in the middle of the night unless you hire a management company who will charge 10% and most of them to a poor job.  It's a tough business.

Aug 23, 2014 5:52AM
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have great success at it. very profitable. Got a realtor to handle applicants,run credit, check references, assist with change over's. 
then I take over and manage. Finding good venders to handle issues takes time but once you got them they are gold. Problem I have seen with some is that "there just rentals why put money into them" more often than not a good well maintained property in a good neighborhood with good schools = good tenants and sometimes long term ones too.
And like Jamie T. the equity is there and getting stronger.
 

Aug 23, 2014 4:56AM
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the rent is too dam high...steal a cigar and assault a officer...how we roll...
Aug 23, 2014 3:27AM
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I own two rental homes that I rent to my sisters.   The rental fees that I charge them cover all costs, plus a few extra bucks each year.   My payoff will be when I sell them.  I purchased them at auction at very reduced prices (I have about 70k in and they are worth about 220k).  


They are probably the best investment I have made.   I am thinking about using the equity to purchase more, but I don't know if I really want to be a full time landlord...but it gives me options, and that is always a good thing.

Aug 23, 2014 3:27AM
Aug 23, 2014 2:25AM
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If you are thinking about being a landlord.  Don't do it.   Been there done that.  Several times.  It sounds great. Renters don't always tell the truth.   Maintenance  and upkeep will kill you.  And then there taxes and insurance.  
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