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Any Slumlords here? I want to acquire and rent some places in the hood.

H

HatchetHarry

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I’ve always wanted to be a slumlord. Anyone here in the game and have some advice? Next year I’ll start having a ton of disposable income to invest and am thinking of getting into this racket.
 
Excellent.

What's happening next year to free up this boatload of dough?
 
I'm not but I inquired with others since I was in a similar boat - don't do it. I think it depends on the state you're in though.
 
Being a landlord is a numbers game, and you've provided us none. A rental property typically generates good money after the first 10 years. You then get paid big at year 25-30 when your mortgage is paid and you can sell the building.
 
Execute said:
I'm not but I inquired with others since I was in a similar boat - don't do it. I think it depends on the state you're in though.
Click to expand...

What were your reasons? I’d probably use a property manager but I realize this takes 10% generally
 
The hood meaning?? Detroit?
All the hoods were gentrified after the the Great Recession.
Places that were once dangerous 20 years ago are now safe and too expensive to live for most people.
 
probably have to deal w/ Section 8 and other stipulations, could get red tapey if you feel me
 
HatchetHarry said:
What were your reasons? I’d probably use a property manager but I realize this takes 10% generally
Click to expand...

Maybe with a property manager it will ease the experience, but most of them told me they would've gotten a better ROI investing elsewhere. Most of the people in my line of work have some background in finance so I'm willing to believe them. Maybe they would feel differently now, but that was two years ago.
 
Rhood said:
The hood meaning?? Detroit?
All the hoods were gentrified after the the Great Recession.
Places that were once dangerous 20 years ago are now safe and too expensive to live for most people.
Click to expand...

You're on to something. If dude can find property for cheap in up and coming areas, and there's no laws forcing rent control, I'd say it's worth a look.
 
depending on how much money you'll have to invest, and the Dividend schedule you set up, you can make a damn decent living off the annual yields from a large portfolio of Mortgage REITs, many even have monthly dividend distributions. The NAV will stay relatively constant, but them dividends and or reinvested shares can add up quick....
 
HunterSdVa29 said:
depending on how much money you'll have to invest, and the Dividend schedule you set up, you can make a damn decent living off the annual yields from a large portfolio of Mortgage REITs, many even have monthly dividend distributions. The NAV will stay relatively constant, but them dividends and or reinvested shares can add up quick....
Click to expand...

English?
 
I don't want to burst your bubble, but I'm not sure a male nurse has what it takes to be a slumlord, bro.
 
HatchetHarry said:
I’ve always wanted to be a slumlord. Anyone here in the game and have some advice? Next year I’ll start having a ton of disposable income to invest and am thinking of getting into this racket.
Click to expand...

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It's not worth it. Scumbag tenants require a scumbag landlord to deal with them in a scumbag way. However, the govt and the public are always on the tenants side because they're the "poor tenant just trying to get by" and you're the "rich evil landlord."

If you're going to buy property then I'd go with a decent neighborhood so you can get good tenants that have jobs and won't steal the copper wiring out of the walls when they leave.
 
A male nurse transitioning into a slumlord. What completely shameful profession comes next?
 
  • "Slumlords" have to deal with drug gangs TAKING your building over, ATF, DEA, Child Support Services, etc. The actions of just a single tenant can complicate your days.
  • Nobody wants to be a property manager for a guy who owns one shitty building in one shitty neighborhood. Besides they are going to TAX you on repairs, real and imagined.
  • The real money is renting properties near Universities. Students pay above market rate because they don't know prevailing rent rates in new cities.
  • They are reliable sources of income and have parents to back them.
  • As tenants go they are generally good. If they bother anybody, it will be other students, not you.
  • Being a landlord is as much about being able to reinvest $100,000-300,000 back into your building every decade or so, so it will continue to draw high rents.
  • Also AirBnBs make more in 5 months that renting the same units to a tenant.
  • If you don't have $500,000 to start with, you're not really trying to be a serious landlords in most cities. If we're talking California or New York, you need more to get started in a good neighborhood.
 
Most people have no idea how the investment in rentals works. It's a long term investment unless you take advantage of market conditions.
 
Gross. I just bought my first duplex a few months ago. I'm currently living in one side and renting the other. I'll be buying another next year or two.

Anyways go fuck yourself TS. Smh being a slum Lord is a great way to lose money.
 
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