Quote:
Originally posted by bdjuf
how much profit you making a month? if you dont mind me asking?
|
I've got 5 properties at the moment. 4 single family and one double family.
The singles bring in $600-700 for the entire house. And the double I get $500 per unit. I work with the Department of Social Services and they place welfare moms/families and the rent checks come from the state each month. I don't have to worry about collecting rent from deadbeats. NYS has me covered.
I paid $5k for the double unit. That is my most expensive unit to date. I got a $20k grant from the state to put into this one. The others cost no more than 3 months rent, so at this point...it's all profit. My cousin runs a management company, and he's the one that turned me on to this. I give him 10% to keep on eye on things. I just collect and cash the checks.
These houses are in the ABSOLUTE worth section of our city. My cousin has to collect rent for some of his properties and has to huge black guys that go with him to knock on doors. I don't venture down there unless I'm looking at a potential buy.