Is being a Landlord the new easy-wealth meme?

Scam

Not really. Rentals provide steady and reliable income, but it's not very significant. Additionally, it's a lot of work, especially initially, to get into the business.

It is easy, but immoral.

>get inspected once by chance
>lose everything

It's always been the "lazy ass trying to get passive income" meme. Hence the housing collapse. Boomers buying houses to "flip" as "investments" instead of just buying fucking stocks. And they lose all their money when turns out going into an old house and making everything luxurious actually prices out people who just want a fucking house.

That too is such a scam, every since Youtube monetized videos, every scammer on earth has been on there peddling easy money if you just give them easy money to find out how to make the easy money.

You can have appliances last almost forever. If you live in the south wait for a hurricane to come by and use insurance to replace the roof.

>inspected
>loose everything
Are you retarded? They don't take your property over an inspection user. Also a HUD inspection is the dumbest fucking thing imaginable. And, once you get a nigger in there they never fucking leave. They don't want inspections either. They are liable for the damage they do.

Also they don't inspect by chance, you call those mother fuckers and schedule an inspection.

It not new and it's not easy. A lot of people barely scrape together mortgages or fail to understand their obligations to tenants and lose their properties that way.

Owning a RV park is the real gold mine

Truth. The housing market will collapse due to demographic reasons. No way around it. Only way to get insanely rich would be to leverage 3D printing or another revolutionary tech for housing and start pumping out quality houses at 50%+ discount. One would suck up all the demand. Otherwise the market has been maxed out in real inflation adjusted purchasing power for regular investors. The market will decline on average for years to come (US and Europe).

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How very not white of you

No, that's dividend stocks. The only effort you need to put into it is paying taxes after $40,000 earned and making sure you don't get BTFO by a dividend getting slashed.

Most of the time the tenant provides their own appliances, and metal roofs are cheap if you do it yourself.

AC units are what you have to worry about. Just go by once a month and replace the filter. Have someone clean the coils once a year, should be fine.

Where I live the local HUD gets gutted to drywall and subfloor and remodeled every 8 years or so.

>They are liable for the damage they do.
>Have no money
>Liable
Lol. Just like when a beaner with no insurance rear ends you. Sure they are "liable" but the don't have a cent so guess who is paying for it.

that's why you only buy houses in areas the value is near asset value. finance is a nearly perfect science these days, especially with mainstream stuff like real estate.

It's simple, 20% down, 80% loan. rent it out, pay back the mortgage (you wont make any money, just equity.) a year down the line, you have paid back 12 mo of mortgage, refinance back to 20% equity 80% debt and spend your tax free money.

3d printed houses are a meme. The market is the way it is because of shit zoning and developers trying to maximize boomer retirement profits. No one builds affordable houses, they only build 2500 sqft development "town homes" and sell them for 450k. If people were interested in building them and zoning allowed it, they could do like the Sears kit homes: a shipping container full of prefab stud walls put together like an Ikea bookshelf mass produced in a few different styles for cheap. Build it right on a simple poured slab.

>Mortgage interest rates dab on your plan
Psshh nothing personal kid

Usually it's stupid shit.
>broken clogged sinks
>carpet is fucked
>holes in the wall
>broken light fixtures
That sort of thing. I use carpet squares and just patch the drywall.

True, but you can report them to the housing authority for any damages.

The main point is that they are responsible for at least 10% of the rent. They never pay. So, when shit breaks they don't say shit. You probably won't hear from them again ever after they move in, and the government gets you the other 90% like clockwork every month.

>year down the line, you have paid back 12 mo of mortgage, refinance back to 20% equity 80% debt and spend your tax free money.

What? You don't pay anything to the principal of a mortgage in the first year user. I don't think you know what the fuck you're talking about.

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nope. you realize you can model all of this out? you can literally make certain that you wont run in the red. that is assuming you can find a renter that pays. whatever, i was only trying to lay some knowledge on this board.

also that's not really the point of the post. mortgages can be set up a million ways. you can even pay interest only for up to 5 years if you ask.

Everything's got to be replaced about every 3 years out here. and there are no financial repercussions for the tenant, That square them with the landlord sure they might lose their section 8 they might be homeless for a little while but I'll never see a dime the nine doors, two garage door openers fridge stove and furnace I had to replace

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>you can even pay interest only for up to 5 years if you ask.
Bullshit, I've never heard of any type home loan that allows all of your monthly minimum to go directly to principal. True you can pay above the minimum directly to principal. The best I know is to get a 15 year and double the payments. It should pay off in around 8 years. Also any money made off of a refinance before two years on your primary residence is subject to capital gains tax. There are ways to work the system, but you have to know what you're doing.

T. 20 years commercial/residential contractor and licensed real estate broker

Currently semi retired, and doing land development.

Sorry I read that wrong, you said interest only for five years. Yes that's correct, but a very bad move.

it always has been but don't be a shitty one otherwise you attract shitty tenants that will try and fuck you at every turn.

>t.faggot who owns nothing.

i think you misunderstood what you copied.

It all depends, have to have decent credit and money for the down payment.

Then when you get it rented out you have to figure the taxes if you pay utility's (water electric trash) and set aside rent money for fixing/maintaining the place. If it all works out for you and you found a good renter that wont fuck the place up you should see a few hundred dollars a month in extra income while they pay your mortgage.

if your just starting out I recommend looking at duplexes as you can live in the bitch too and making sure you have a rock solid lease and to follow the lease to the letter.

>but a very bad move
see you're looking at it all wrong. if youre making an investment, you truly need 6 months of capital in cash sitting around in case your investment needs working capital.

dont look at the house as a single house. look at it as part of your portfolio. shit you can retire at 30 if you do real estate right. and i mean you can REALLY DO IT.

before you ask yes i am currently doing it but getting fucked by corona (which is an anomaly of course)