yea you right, I’m just salty i don’t have 30k to drop into my s***box rn.
GX470 Pricing: What's Normal? (1 Viewer)
- Thread starter cwylde
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Lots of folks are fishing for suckers right now 
. IMO this is not going to last forever (remember housing prices pre-2007?). Injecting too much cash in the economy usually has consequences like this and it nearly always self corrects.
. IMO this is not going to last forever (remember housing prices pre-2007?). Injecting too much cash in the economy usually has consequences like this and it nearly always self corrects.
MrTorgue
Grizzly Clint
^ This. Happening in real estate as well. The real estate bubble will also suffer this fate and I cannot wait. I got property to buy. LOLLots of folks are fishing for suckers right now
im ready to buy my first income property if this does happen. nervous but excited!
MrTorgue
Grizzly Clint
You should be! We are going to do the same after we buy our homestead property. I’m not missing another good ROI situation.
Dropping $70k turning my attic into a full on separate apartment was the best thing I ever did. Even with 2020 COVID pricing on lumber/materials I will get my money back in 1.5-2 years. Pure profit after that. Worst month yet I did $3300 on airbnb. Best was $4700. Even at a standard month-to-month rental it will cover my bills at $2400-2600.
Bought a few rentals in my home state a few years ago for like $35-70k each. They're all now worth well over $100k each and rising. Wish I could have done that here in Denver I would be retired but the bar for entry on a rental home here is too high.
Don't wait too long for something that might never happen! Properties that need work are not the ones selling for $100k over asking.
Bought a few rentals in my home state a few years ago for like $35-70k each. They're all now worth well over $100k each and rising. Wish I could have done that here in Denver I would be retired but the bar for entry on a rental home here is too high.
Don't wait too long for something that might never happen! Properties that need work are not the ones selling for $100k over asking.
how do you manage rentals in a state you dont live in?
Hire someone to do it for you. I check in on mine 1-2x per year. Always do background/credit checks and hold as much deposit as your state allows. Don't take the first renters that show up, shop around.
Also dont buy in a state with liberal renters rights. My first rental was a former primary residence. I was 26. Took the first renters that showed up... they paid deposit and 1st months rent in cash (20s and 50s). Should have known something was up... they disappeared and I had crackheads dealing out of it at one point. No rent for 30 days and I was able to evict. They did about $10k in damage. First time I ever pulled a gun on someone post-eviction. Still worth it.
Also, never sell. I Rolled 60% above the mortgage on that home for a decade (minus the crackead period) then sold it last year for $150k in profit. The only home I have ever sold. I thought I was being smart selling early in COVID. That $150k in February 2020 would be $250k right now. Wish I kept it but oh well.
Most of the return you make on a rental is home value over time. Cover your costs with enough room to save for maintenance. If you can make money on top of that; great... but keep as much cash on hand as possible on your purchase. My example in this post is more extreme than most. Focus on covering your costs plus whatever percentage you need for maintenance.
On a 20-30 year plan, everything goes up. My advice: Don't worry about values in the short term unless you're a boomer who is trying to retire.
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MrTorgue
Grizzly Clint
This cannot be echoed enough. I’d like to also add large cities as well.
Disagree. Large cities bring high rents and gentrification value upswings. My Denver home is up 2.5x since I bought it. I wouldn't get anywhere near the airbnb $ I get if I were not in a great city location.
MrTorgue
Grizzly Clint
Depends on the city or state I suppose. In Texas where I live it’s more profitable to be in mid-sized cities and especially ones with a little upper middle class clientele. Frisco, Southlake, Cypress or anywhere outside of Austin for example.
