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Thread: Real Estate Investing

  1. #1

    Real Estate Investing

    I'm about to embark on my most ambitious project ever. I'm looking for property to rehab and use for rental income. Are there any other Real Estate Investors on the board that could share their experiences?
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  2. #2
    I've thought about it but decided it's not worth the hassle. And I've been around contracting most of my life. Finding contractors to do the work is painful and expensive, at least around here it is. It's pretty hard to control a rehab project from a wheelchair. Dealing with tenants is another big consideration.

  3. #3
    Senior Member darty's Avatar
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    We have a few rental units but purchased them a few years ago after the crash. They are all ground floor units that I can access. We found several contractors to rehab them enough to rent them out. For the first few years we managed getting tenants, screening them, collecting rents and repairs by ourselves. Now as we lose our old tenants (they move on) we use a management company and let them handle it all. Read "Rich Dad Poor Dad" if you can it will put you in the right mindset to decide if you are cut out for being a Landlord.

    A few of our suggestions would be:

    Read Rich Dad Poor Dad.
    The 3 rules of real estate are: 1. Location 2. Location 3. Location, you can't move the property.
    I would rather have the smallest house in the nicest neighborhood
    Find a GREAT Realtor who knows their stuff and can close the deal.
    Don't rent to family or friends.
    Don't over improve the property (it's a rental).
    Collect first month rent, last month rent, security deposit and cleaning deposit when they sign the lease.
    Background check the neighborhood the property as much as you would check the tenant.
    Make sure you insure the property well.

    I suppose I could go on and on but I don't want to bore you. It is worth it but it does take work, record keeping and investment of both time and money.
    ^^(A)^^

  4. #4
    Senior Member Andy's Avatar
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    Something that needs rehabbing probably isn't in an area a tenant that can pass a background and credit check to a decent standard would want to live in. So that would leave section 8 which you really don't rehab, you make it pass a checklist and then cross your fingers a meth lab doesn't pop up or the renters decide that the wall is for dinner and for dessert they will sue you for the effects of eating that wall. Or roll the dice with other less than prime 'renters' and hope they pay the rent, lol. Multiple unit properties are preferred for actual worthwhile profit levels.

    Best to find something already serviceable and as stated before...location is key.

  5. #5
    Quote Originally Posted by Andy View Post
    Something that needs rehabbing probably isn't in an area a tenant that can pass a background and credit check to a decent standard would want to live in. So that would leave section 8 which you really don't rehab, you make it pass a checklist and then cross your fingers a meth lab doesn't pop up or the renters decide that the wall is for dinner and for dessert they will sue you for the effects of eating that wall. Or roll the dice with other less than prime 'renters' and hope they pay the rent, lol. Multiple unit properties are preferred for actual worthwhile profit levels.

    Best to find something already serviceable and as stated before...location is key.
    Good grief!

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