Hello let me start off by saying i do not own any real estate but been educating myself on the subject for about 1 month now and would like to invest my mother owns 3 property in the same neighborhood and there is a old man selling hes home in the same neighborhood as well for 10k cash i have the money to buy and plan on renting out for 500$ a month but the problem is i live in detroit meaning it is very ghetto, violence, and abandon burned houses etc...and the house needs minor repairs maby about 2-3k total should i buy this home or get a co-sighn of a loan with my mother for 50k and buy somewhere else? thanks
If your mom owns there, and you live there, I would stay there.
Did you talk to your mom about this?
3-4 years you have your money back. That will not happen if you invest somewhere else for more money.
yes i have discussed this with her but she is not very helpfull as she rents out to family and they rarely pay her rent and kind of walk all over her so i take her advice with a grain of salt..also i forgot to mention the mortgage is paid off for the home and the house was built in 1877 so many things in the house are outdated..
What do you know about fixing things around the house?
Are you comfortable in the neighborhood?
You can make money anywhere. Read the book "Acres of Diamonds". You can get the audio version on Librivox.com. It is a free download.
Also read this series of books. The Section 8 Bible.
i know people who could fix houses for very cheap as i know them personally and yes im comfortable in my neighborhood as half my family is living there and yes i will listen to the links you have provided more on the topic of section8 rental properties thank you.
I would not rent to family. Your mom has trained them not to pay. I am not saying anything bad about your mom. I am impressed that she is able to own 4 homes and help out her family with cheap housing. You also should be proud of your mom for what she is doing.
But it sounds like you do not want to provide this service. Do not waste your time trying to retrain your family to pay every month.
You have any questions just ask.