Real Estate/Landlord thread

Real Estate/Landlord thread
Post tenant horror stories
Anyone do House Hacking? (Buying duplex/triplex/quadplex and living in 1 unit while renting the rest)
Is the US housing market going to collapse?
If you’re saving up for a down payment, where’s the best place to keep it (high interest savings account, T Bills, Stocks, etc?)

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bought a duplex back in ottawa for a good deal. had tenants, house had problems to high hell. i got out of it asap even tho i had to eat a $9000 payment for ending my fucking mortgage early.

now i have an airbnb at the caravan behind my house. i like that bc its like getting paid to host a party i dont have to attend (i used to throw parties all the time). people come over, stay one night and I get about $40. that's not much but I control the situation and I'm comfortable with it.

i might buy a house i can rent to tenants nearby IF i can get a good deal, but you don't normally net more than $5000 per house per year around here so I'm not even sure that's worth it.

more likely i'll rent an empty shop on the main drag and become a merchant of some sort.

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currently debating between house hack or caving in and getting a single family with a lot of land away from the city. been living in apartments for 6 years now and getting tired of it desu. either way i have my down payment in money market account, looking to buy within the next year but anticipating housing market decline so not buying right now

duplex hacker
i dont do shit
its great

Interesting because I’m actually struggling with the same kind of thing
I live in a trailer right now
I’m debating between trying to house hack or just buying property and moving the trailer onto it and building a large garage while I save up again to build an actual house on the land

if i were to buy today i would choose the single-family house because of the market I’m in right now. $300k for duplexes built in the 40s that are only worth their land value because of proximity to downtown. i’m hoping there will be a crash and I can get something in a better area. i don’t mind if it’s a little run down because I can work on it and it’ll give me something to do on the weekends. but having to worry about getting robbed or killed everyday and living in a house with window ac units is not something I want to do. preferably a quiet place with a bunch of old people that doesn’t require collecting rent with a shotgun

Detroit?

houston. i don’t want to be a white landlord living in george floyd’s neighborhood

I’m currently planning on buying a triplex with my family. I live with my mom and brothers, one of whom is of working age so the plan is to save up 10-15k for a down payment and each of us have our own spot in the duplex. Mortgage is way cheaper than local rent, my only concern is me and my mom do gig jobs so getting a mortgage may be tricky.

one note on down payment which is going to be relevant to most here: you can't use cash from cryptocurrency sale in a down payment on conventional loans. I learned that the hard way when I was trying to get my first rental property back in 2018. Your bank will want to play ball with you but if they can't get 2 months of clean bank transactions from you it will be out of their hands, since they won't be able to sell the note.

Basically make sure that you can get your bank two months of bank statements that show enough for the down payment + reserves and don't have any deposits from coinbase/gemini/whatever on them.

Oh man that's genius.

Why not just buy a house and all of you live in there?

All

My parents are looking to refinance

Anyone work in the industry ?
What kind of rate should they be getting?
They owe probably 80k

Thinking about house hacking next summer with my wife.

Im jelly whats your situation

To add, they have great credit and owe no one else anything.
They just got offered 2.42% from quicken loan rocket mortgage..
Good rate and typically competitive company?

That's a very solid rate.

Think i should use it and call other places and tell them to beat it?

Bump

Anyone else?

There's a national rate that lenders have to adhere to so I doubt that anybody would budge BUT I'd still do it anyway.

You could also have your parents pay for points. It's an upfront payment to the mortgage company that would lower interest rate. Mortgage companies do this for extra cash flow up front instead of having to wait 30 or so years.

Parents are landlords in Britbongistan they have a rental in a commuter town outside Edinburgh, it's pretty nice.

Turns out the tennent above theirs was a drug dealer and wrecked the place, noise/smell complaints. So many issues for parents' tennent and the agency my parents dealt with sounded like a nightmare. Eventually I think they jailed the guy and they actually ended up buying another rental flat in the same apartment complex few years later.

I went to help tidy it out, turns out 2 of the neighbors of the new flat are police that have been living their for years lmfao

>be nyc landlord
>make illegal conversions everywhere, slowly becoming a slum lord
>city dont give a shit
>all tenants are happy they can even afford a place
>city dont even give a fck anymore
>spend my days collecting rent and looking a frog memes.
>life is good i guess.

With a triplex we all have our own space, plus i can rent out my part if I ever want to leave

>Anyone do House Hacking? (Buying duplex/triplex/quadplex and living in 1 unit while renting the rest)
Ya, live in a quadplex that I own and rent out, it's pretty sweet

>Is the US housing market going to collapse?
idc, I'm Canadian living in one of the most neutral, stable areas of the country. Boom or bust, my province basically just tows the line and doesn't really swing much (fun fact, my city Winnipeg is used as a testing ground for a lot of new products because of how neutral and nonsensationalist we are in almost all aspects). I imagine shit will fluctuate, but it's impossible for the housing market to totally collapse. It's all backed by actual, physical objects and land. People always need somewhere to live. As I said, it might fluctuate, banks may get fucked over, insurance companies, the feds, landlords, people who are overleveraged etc might all get fucked over, but the houses will all still be there.

I just kept my money in a savings account (I say "savings" lightly, it was like 0.5% apr) for my down deposit, although we have really favourable 1st time homebuyer rates here. I only had to put 5% down. But anything that's a solid store of value is fine. BTC, gold, s&p 500 index funds, a hole in your backyard even, fucking anything it all "works". Just some things will out perform others at various times, it's hard to say what the best is for every situation

bump

Fuck me, is Houston that bad? I'm about to move into rural Houston, what am I in for bros?

Bump I’m also looking to move to Houston suburbs

Teach me pls

>want to buy a house in Wyoming or somewhere else
>2bed/2ba shitboxes built in the 50's are $200k+tip
Am I crazy or is that stupid overpriced? Is everyone else trying to escape the mexicans too?

>moving closer to mexicans
You're in for a bad time

Remeber this. Do not seek BIG FREE MONEY CASH FLOW. The property matters much less than the tenants. A mortgage is a contract to purchase a wage slave and an obligation to maintain the slaves quarters. Many people view it the other way around. The value is in the slave. You are not a charity, do not "give someone a chance". Not the house. Even if you only break even, you gain a slave that puts equity into your pocket each month. A bad slave will ruin you. A good slave should be taken care of. Remember, a good slave is better than a great house. A bad slave is a net loss.

I'll be living almost an hour away from the city, surrounded by 10 acres of land with the nearest neighbor being 1/10 of a mile away. Are there really that many spics in the country? I'm currently in Vegas so I already live with a ridiculous amount of them, but fuck I thought there would be less in the texas country...

>dont buy properties bad areas, no matter how cheap
>minimize common area, make more rooms. probably under 9x9, sub standard bathrooms especially.
>give it a modern touch, wall paint color is especially effective.
>if you can fit in a washing machine do so, you will get probably +$300 per month.
>invest in 3-4 family residential.
>commercials suck in terms of dollar per square feet and covid happening
>always find tenants yourself, never trust the real estate agents/brokers.
>be VERY selective with potential tenants, yuppies prefered.
>act like your tenants are your friends