[_DC_]

(01-08-2012 01:07 PM)Dash Global Wrote:  

(01-08-2012 05:47 AM)pitt Wrote:  

(01-08-2012 05:24 AM)InternationPlayboy Wrote:  

(01-08-2012 04:32 AM)Anon-A-Moose Wrote:  

(01-08-2012 02:27 AM)OGNorCal707 Wrote:  

Yeah good luck with that unless you're buying properties in Detroit or Flint, Michigan.

Baltimore. It's about the same as Detroit or Flint, just not quite as bad.

The house next to me is a decent two-story rowhome, and sold for $23,500. Not the down payment, but the actual whole home.

How much could you rent it out for a month?

I was going to ask the same question. I am surprised that you can find such cheap homes in the states.

Anon i would appreciate if you could bust a datasheet about Baltimore, there is none on here.

This is a great time to purchase properties. There is nice apartments and townhouses that can be had for 80K in my city and much cheaper if it needs renovations.

Put a decent down payment on a 30 yr fixed and you can rent it out for well over the monthly mortgage.

Is there anyway to do this as purely an investor? If I pay a manager (I hear the going rate is 10% or rent) to fix the toilets, replace bulbs, collect the rent etc. Can I rent a house in Detroit or Baltimore and never ever have to see it more than once?

Are there any particular cities which would be best to buy a property? I'd want to buy something as is for more and not have to worry about renovations.

On pure whim I feel like Baltimore could see an upswing. Detroit just seems like its going to suck forever and never come back.

[thegmanifesto]

(01-08-2012 04:32 AM)Anon-A-Moose Wrote:  

(01-08-2012 02:27 AM)OGNorCal707 Wrote:  

Yeah good luck with that unless you're buying properties in Detroit or Flint, Michigan.

Baltimore. It's about the same as Detroit or Flint, just not quite as bad.

The house next to me is a decent two-story rowhome, and sold for $23,500. Not the down payment, but the actual whole home.

It is pretty amazing how America in many places is now cheaper than the third world.

It's too bad so much of America sucks so bad.

Actually, I guess the prices do make sense.

[Dash Global]

(01-08-2012 01:11 PM)_DC_ Wrote:  

Is there anyway to do this as purely an investor? If I pay a manager (I hear the going rate is 10% or rent) to fix the toilets, replace bulbs, collect the rent etc. Can I rent a house in Detroit or Baltimore and never ever have to see it more than once?

Are there any particular cities which would be best to buy a property? I'd want to buy something as is for more and not have to worry about renovations.

On pure whim I feel like Baltimore could see an upswing. Detroit just seems like its going to suck forever and never come back.

Ovcourse.

You will need a property manager if you will not be around to manage and fix what ever problems arise.

You need to check rental prices to see where you will get the most value.

Military and college towns are GREAT imo as there is a steady endless supply of people needing to rent.

[Anon-A-Moose]

Baltimore is stuck. Baltimore is very good IF you can find GOOD tenants. That $23.5k purchase can, as a split, probably pull close to 30%+ annual return if well-managed; usually that'd rent for around a thousand a month total. However, about 80% of people who go into Baltimore buy a house for much more (40k-80k), rent to druggies, then get ripped off by contractors or go with ultra-low-cost "contractors" who fuck up more than they fix. I'm in an unusual position in that I know several people with good long-term rent histories, fairly stable income, and my roommate is an out-of-work GC (I used to work with him until stuff really deadened), who does it cheap and makes it last.
Our home is a three-story, with us taking all utilities and all repairs, materials costs, and liabilities, is a shithole of an apt, and is still 850/mo plus utilities. I think it was offered for sale for $40k a year ago. But renting to an area full of druggies is very difficult.