All Forum Posts by: Account Closed
Account Closed has started 3 posts and replied 98 times.
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
Originally posted by @Jonathan R.:
I’m pretty sure this thread could be leveraged into a pretty darn good BP book. With all these different takes, stories and strategies.
Working title....
“I’ve got a huge crush on you....cos you’re so popular and I want to be you.” ?
“Beginners guide to sucking up to people who have more real estate than you “
This is turning into a sick warped episode of Black Mirror......
Post: Business Credit cards and Commercial accounts
- Las Vegas, NV
- Posts 100
- Votes 140
With Chase you need to bear in mind their 5/24 rule
The only business cards that report to personal are Capital One and Discover
Home Depot and Lowes Commercial accounts i got after a year or so of net 30 payments with the well known suppliers
If you have a personal Amex account , business cards are usually a soft pull
Stagger the applications paying attention to which bank pulls which bureau in your state
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
So , we have had plenty of first hand experiences of people making this work, very successfully......and yet it continues, “it can’t be done” the negatives, the stories....I can’t for the life of me see why ?
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
I’ve been sent to the back of the class, sat on the naughty step, facing the wall......But I’m still grinning
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
Originally posted by @Jonathan R.:
Originally posted by @Account Closed:
"buy a house and become rich."
Where did I, or anyone, claim that ?
$30k properties cost that much for a reason, and it doesn't seem like you're really looking for the $30k-that-needs-a-bit-of-work-to-fit-into-the-$100k-neighborhood homes.
Why wouldnt i ?, surely that would be a way better proposition
You seem to think that buying any home in Detroit, Cleveland, or Indy will yield massive cash in your pocket.
What have I written to lead you to claim that’s what I seem to think ?
The members who are saying don't do it are trying to help you out.
There are thousands of posts like yours, we know the risks ok....we know !!
“I refer the honorable lady to the answer I gave some moments ago.....”
“I won’t buy anything that won’t pay for itself in 2 years.....”
That’s the kind of guy I want to hear from, his experience......
Some of this is evidently lost in translation, but some of this is simply vapid.
You may be looking for a unicorn. For an all in 30k property to pay for itself in two years the rent would need to be $1350-1400 a month.
Mine do 3.5 years to 4.5. We’ll keep waiting to hear from the person you I envisioned this post for. Be sure to tag me when they come forward, I’d like pick their brain too.
I will try to find it, but I’m pretty sure there are duplex that come close to that listed regularly
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
Originally posted by @Dave DeMarco:
@Account Closed We are birds of a feather. 5 properties for me last year all sub 20K grossing $3475 monthly. Long distance, managed by PM's, NOT in war zones and NOT in crime infested areas. I would like all 5 to be section 8 eventually. These types of properties are tough to find in places that aren't going to get you in trouble and that have good long term returns and my model is very specific.
This model is absolutely doable and there are plenty of people like minded. The people like @Jay Hinrichs who say that you will get burned doing things this way are both absolutely right and wrong. If you buy in a s***hole neighborhood or pocket area, you will make a ton of money and then give it all back (ask me how I know). What Jay and others miss is LOW-COST DOESN'T ALWAYS EQUAL GHETTO PROPERTIES.
That being said, pay very close attention to Jay when he says local knowledge is key. And that knowledge can come from trust worthy boots on the ground across the country. I'll add that you better have a ROCK SOLID PM.
Lastly I'll say that you all better stay away from the sub 30K market - so I can buy them competition free! ;)
No way, you can’t possibly be that successful with such low stake money, it’s not allowed in here....
It’s just not right.....because the gods have said so !!!!!
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
Originally posted by @Mindy Jensen:
@Account Closed , did it escape your attention that I work here? This is my site. I'm here all the time. I have seen posts like yours many times. Frequently, the person who isn't listening, who is convinced that everyone who is giving him cautionary advice is just 'being negative' is back a few months after doing what they wanted, asking for advice for an investment gone wrong.
I'm done with this thread. You clearly are looking only for validation, and I can't give you that.
Good luck with your investments. I hope you succeed and prove us all wrong.
It did escape my attention yes, I had no Idea
Doesn’t change anything, does it ?
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
There are plenty of examples of how people have done ok from buying $30k and below properties, ok meaning they have rented them successfully,and the properties have increased in value
Some in the areas I listed originally, some in other cities .
Everyone has to start somewhere, and the most common new post is all about getting a foot on the ladder
$30k is affordable, and it’s this market that attracts allcomers, so it’s clear that good solid information on areas, good and bad, financial solutions both the obvious and the more creative are all helpful....if they apply tod this market, this situation
Anyone astute enough to want to get involved in the first place is going to chose a property that has potential to increase in value over one in the roughest part of town , that’s doesnt need explaining in reams and reams of type.....we are not 12 years old, we have a basic grasp of mathematics and a modicum of common sense !
It’s clear this is just a gentleman’s club.....who don’t like anyone undermining their superior knowledge and experience or going against THEIR grain
That’s a shame
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
Circle the wagons .......
Post: The $30k rental club.......
- Las Vegas, NV
- Posts 100
- Votes 140
"buy a house and become rich."
Where did I, or anyone, claim that ?
$30k properties cost that much for a reason, and it doesn't seem like you're really looking for the $30k-that-needs-a-bit-of-work-to-fit-into-the-$100k-neighborhood homes.
Why wouldnt i ?, surely that would be a way better proposition
You seem to think that buying any home in Detroit, Cleveland, or Indy will yield massive cash in your pocket.
What have I written to lead you to claim that’s what I seem to think ?
The members who are saying don't do it are trying to help you out.
There are thousands of posts like yours, we know the risks ok....we know !!
“I refer the honorable lady to the answer I gave some moments ago.....”
“I won’t buy anything that won’t pay for itself in 2 years.....”
That’s the kind of guy I want to hear from, his experience......
Some of this is evidently lost in translation, but some of this is simply vapid.