Quote:
Originally Posted by After Shock Media
Off topic but assuming my upcoming surgeries go OK, I should be purchasing houses starting in June. I will know my full bills by then and there are several out there (lots) that would be quick rental flips. I can pick them up with mortgages on average of a 1/3rd of what the median rents are in the area. Even with a set vacancy rate, property tax, insurance, maintenance, etc, they still will be cash positive at today's rents - even if rented at very competitive rates.
Plus I must say there is one hell of a nice loan program available right now. Few limitations and all but still if used right it can be highly useful.
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Yep, I am looking at rentals myself.
Last year I had thought about it, and there were maybe around 50 houses in the $20-75k range I was looking. Two days ago I ran a search, and there were over 200! I was like WTF?!?
Some of them were in decent neighborhoods, and some needed some work. I have a handy man who can do the work cheap, but have to try and get more of my house done before taking on any projects like that.
My goal is to grab two of them for cheap, put my sister in one of them, fix it up while she is there as a renter to make the bank happy, and then work on next one. Around here you can get $750.00 in rent for a small bread box type of house.
If you are scooping them up for $20-50k, you are making a decent profit.