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Considering becoming a slum lord
Well, my printing business didn't work out, so I am considering becoming a slumlord. I think that my tenants would like me, and I would make a great landlord. Anyone have any tips or bright ideas for financing garbage property?
Around here in garbage stan I can buy properties for a few thousand dollars and rent them to locals for a few hundred per month, which is pretty sweet in terms of cash on cash and as a long term investment.
I was considering trying to use VA loans but it looks like it might be a mess and I couldn't have very many
The best thing would be buying garbaged out hell hole fuckholes and rehabbing them for not instant but nearly instant equity and then I could leverage those to buy more and I can end up owning half of trashastan here
Then, if I understand the rules correctly, I could probably 1031 several of those into a couple of nice apartment buildings not in garbage stan... right.. 1031 is a fed thing I think
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