Real Estate Investor · North Vancouver, British Columbia · Member since 2012 · 4 posts · 0 votes
I feel so lucky to have found this site, great people! I want start building a rental port folio. Any advise for resources would be gratefully appreciated. I have heard about HUD, section 8 etc, but don't know much. Is there a group or individuals who think of themselves as landlords with a social conscience? That is what I aim to be.
Thanks Rich, point taken.
It is true, if your business is successful you can donate to charities.
What I mean: must profit be the foremost motivator?
I had a buddy who bought an apartment for #18,000 with an existing tenant paying $780 a month. The realtor advised him to kick the single lady with 3 kids out and with minimal effort he could raise it to $860. She was a tenant for3+ years with no holes in the walls. He lowered her rent by $50 on the "deal" no calls to me for repairs under $400, like dripping taps, switches etc., I supply paint on request. He has not heard from her and the checks are on time.
Is that call good business sense or charity?
Axel - I'm in Vegas. Do you plan to make a trip here to begin your search? Perhaps we can connect and put together a plan to start building your portfolio.
Vegas is a wild, and "sneaky" when it comes to real estate. Just realize that things aren't always done above board. At least not when i was doing my dealings there a two years ago. My understanding is the rental market there is still pretty soft from the PM companies i keep in touch with. Took 2x as long to get a tenant this past go around than my first, and thats after lowering rent $100 also.
Make sure your numbers match, and your vacancy rate is 2-3 months. I'm dealing in north vegas sub 100K property, dont sure what the other segments of the market are showing.