Any Landlords here? Questions

Discussion in 'The Duck Hunters Forum' started by seiowa, Sep 11, 2017.

  1. tcc

    tcc Elite Refuge Member

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    That's probably true. The guy I'm referring to has over 850 units spread across a bunch of subdivisions.
     
  2. TheDuckSlayer

    TheDuckSlayer Elite Refuge Member

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    Housing market is strong right now in my area, too. Nothing is vacant, and sellers/renters are getting what they want money wise.

    The two people I know who own section 8 properties are basically slumlords. Wealthy slumlords, but slumlords nonetheless. I have seen upscale section 8 homes in nice neighborhoods too, but my observation is those are the exception rather than the norm.
     
  3. TheDuckSlayer

    TheDuckSlayer Elite Refuge Member

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    Holy crap, that's like 700-800k a month gross revenue. Must be nice...

    (Get me the lawn maintence contract on that, please)
     
  4. TheDuckSlayer

    TheDuckSlayer Elite Refuge Member

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    Since you are only looking to get one or two rental properties, I'm assuming you are going to finance them and use the rent money to pay the mortgage. Be advised, there is a limit to how many many mortgages you can hold at one time, I think most banks allow 4... also, this is kinda stating the obvious, but if your rental is vacant, or your renter quits paying, then you'll have to cover the mortgage out of your pocket... this is important, because in most states it takes 2 or 3 months to evict someone if they are under lease, possibly longer if there are kids or disabled people involved... if it were me, I'd make sure to have 6 months of mortgages per property in savings, just in case.
     
  5. tcc

    tcc Elite Refuge Member

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    No kidding. Crazy thing is it's a very minor part of the overall business, or businesses. He and his BIL own dozens of companies; started with a tiny little construction company his dad had and just blew it up. He's the wealthiest guy I know personally.
     
  6. TheDuckSlayer

    TheDuckSlayer Elite Refuge Member

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    I wish I had that kind of entrepreneurial intelligence. Like I said, I'd just like to have the lawn maintence contract on 850 units. That alone should be more than enough to afford me a six figure salary, which I'd be satisfied with. :nutz
     
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  7. HaydenHunter

    HaydenHunter Elite Refuge Member

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    All the more reason to have paid for rental properties. When you miss those couple of months of rental payments you don't have to worry about the wolf at the door.
     
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  8. TheDuckSlayer

    TheDuckSlayer Elite Refuge Member

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    Right. But not many folks can afford to buy rental properties outright. I do agree that aggressively paying off rental properties is absolutely the best strategy.
     
  9. seiowa

    seiowa Senior Refuge Member

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    I am using the sale of a commercial property to fund the purchase of the first rental property so not many worries there. I am kind of against the idea on principle of taking a mortgage out on a rental property but seeing as I'll have one in the clear *hopefully* making money Ill be a lot less hesitant than I normally would be. Still can't decide if a mortgage on the second is the way to go.
     
  10. tcc

    tcc Elite Refuge Member

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    No kidding. He made some smart moves early on and then because he had the cash, or access to it, he could jump on an opportunity when it arose.
    I would not be surprised if he was worth over 100 mil at this point.
    He is also a very humble and generous guy.
     

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