Investor · Venice, CA · Member since 2012 · 5 posts · 0 votes
12y
Hi Jon.
Great question. In the debate over class A, B, C rental properties I've veered towards class A--though there's no strict definition I suppose. So my typical rental properties are around $1500/m, but I have one at $3000. I'm about to purchase a couple more in the $3000 range and some higher end multi-families which might rent for $1500/unit.
Hi Jon.
Great question. In the debate over class A, B, C rental properties I've veered towards class A--though there's no strict definition I suppose. So my typical rental properties are around $1500/m, but I have one at $3000. I'm about to purchase a couple more in the $3000 range and some higher end multi-families which might rent for $1500/unit.
Welcome to BiggerPockets @Tapan Maniar Are these in Venice? I assume you've had good appreciation over the past year?
Investor · Venice, CA · Member since 2012 · 5 posts · 0 votes
12y
Jon, I live in Venice (California) but my properties are mostly in the midwest and south--including Texas. I should clarify that these are all single-family homes, though I do have 1 duplex with a combined $1675 rent.
The Venice market--where I love to live but not to invest--has seen some appreciation, maybe 10% in the past 12-18 months. The expensive coastal communities in SoCal--ie Malibu, Santa Monica, Venice, Newport Beach--probably only saw price drops of 15% and probably fewer foreclosures during the crisis. We are not seeing the crazy appreciation I hear about in San Francisco, where I almost moved to last year. I think Venice is a very stable market with almost guaranteed long-term appreciation since it is on the beach, prime location, and almost completely free of new land to build on. It's all tear downs if you want to build anything new. I've considered buying a place since I think the market is destined to keep going up long term, but I just can't justify it when my ROI is so much higher in other parts of the country. So I own a bunch of rentals, but not a primary residence.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
@Jon Klaus it's in Atlanta. And after I wrote the post I realized that 2 of my other duplexes have higher rents.
One I bought for 13.7 and have about 20K in it total and rents are 475 +495 (970) and the other (they're right next to each other) I bought for $ 8.5K and have about 20K in it total and I get $ 475+475 = 950
The tax assessors believe its worth 290K. We paid a little less than that ... so the ROI won't be nearly as impressive as what you see on a 35K house or 75K duplex down your way.
It speaks volumes about the frothy state of the Canadian real estate market ... and we are in a relatively affordable part of the Country.
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
12y
For houses: 4 Beds ,2.5 Bath, 2,824 Sq/Ft house in Round Rock, TX, Rented for $1,795. Just over $300 net.
Apts: 3 unit I purchased in Dec 2012. I had to put $40K down (used a cash advance off a credit card at 4 pts / 0 interest for 12 months), got seller financing on the rest at 5% I/O for 8 years, but the net is right about $1,000/month. I have a wholesale deal in escrow that will repay that cc in the next 3 weeks.
Investor · Los Angeles, CA · Member since 2013 · 231 posts · 260 votes
12y
$2,895 for a 4bedroom unit on the top floor of a triplex. It was a younger group of roommates with only some having a limited work history, so I charged over $5k in security deposit. The prior owner had basically done 3/4 of a rehab, so I finished what was left and made it look great. Initially thought I'd only get $2,600 - 2,700, but it looked great so I went for it. There are not many 4bd here so it was tough to estimate.
Investor · Middletown, NJ · Member since 2008 · 2k+ posts · 1k+ votes
12y
My highest rents dollar-wise are $1100 for 2/2 condos in Ft. Lauderdale. Our best ROI are two condos we paid in the low $40s cash as short sales 3 years ago, which rent for $925 and $950. We're selling one now, got a full price offer for $79K.
Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
12y
My highest is $1,195 for a 1400 sq ft, 3/1.5 with basement and garage in a nice neighborhood with great schools. I net about $915 after paying taxes and insurance. I bought it two years ago from HUD for $48K. This past summer, a tenant moved out and I put it up for sale. I had the house sold for $94,000 but a low appraisal killed the deal. I'm glad because I rented it out right away and now it's worth probably closer to $110K.