All Forum Posts by: Arnie Guida

I cringe when I see this type of thing...Kevin has zero landlording experience, and someone advises him to jump into the deep end of the pool...yikes! Yeah Kevin, go buy a 20 unit, you'll be rich! Then the over-leveraging, Jesus, Mary and Joseph! Talk about working without a net!

Very irresponsible.

Kevin, I can't help but state the obvious...crawl before you walk, walk before you run.

Wait a minute, wait a minute... from 3k to 15k? In what period of time?

I wouldn't mess with "cash flowing rental properties", what Ben Lebovic refers to as "Tenants, taxes and toilets" (so appropriate) if I had an investment like that!

Wow...

Note to self, look into PRE LLP's...

@Ross Denman

You wrote some thought provoking things that make me wonder and worry, who am I going to sell to when I don't want to/can't do this anymore? 

Hey, that's a great idea! Thanks so much...no, really, thanks a lot...I really mean it...honest...

Jesus...

So what about a 4plex on a corner lot? I've found a nice one, on a corner, in an area of other 4plexes, the area is surrounded by owner occupied singles. The numbers don't make sense to pursue, but for the sake of discussion, is the corner lot more or less of a concern when it's a rental as opposed to an owner occupied single? I guess potential tenants would have the same concerns that the buyer of an owner occupied single would, like more noise, less privacy, etc...

I think these types of duplexes are the least liquid of all residential income real estate.

When I first got interested in RE, I could never understand buying a "quality" duplex. By quality I mean, a nice neighborhood of mostly owner occupied singles, and then there's this one duplex, first class, beautiful...but who does it appeal to? Investors? Forget it, the numbers don't make sense...for a little more there's probably a 4plex nearby...

I bring this up because I've been approached by a relative to buy her parent's duplex. Just a beautiful building, all brick, nice part of town...it's their only building. They're in their late 70's, snowbirds and tired of it all. They've often lamented to me about tenant issues. Like I always say, being a landlord isn't for everyone. Now they've got it with a name realtor, big price...and it sits...and sits, and sits... It's currently at 184k, and the rents are around 8 per. They offered it to me at 170...but that's not close to investor numbers.

The kids aren't interested, and have approached me. Wanting to keep good relations with the family, I've politely asked for "the numbers", knowing it wouldn't make financial sense even with a dramatic price reduction. I feel kinda sorry for them.

My point is that these "quality" duplexes appeal to a VERY narrow market, first time buyers..."Oh honey, let's buy a duplex and the other rent will make our payment!"... but when it's time to sell, they have to hope for someone with the same mentality.

It's a trap.

Price 324,000

Rents 2,500?

Don't!

Now if it was:

Price 32,400

Rents 2,500

Dawn would own it... :-)

Thank you.

Do you have a resource to find these rentals?