Can you go up into the tower?
By What Age Should Someone Own/Have Bought a House?
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Can you go up into the tower?
Massive inflation, lack of affordable housing and persistent encroaching poverty are all the hallmarks of a banana republic.
BTW.......If you care to check you will see that annual median incomes have been basically flat for the last 20 years. While rents food ulils and home prices skyrocketed to the moon.
Venezuela here we come. Once a country reaches a certain tipping point it becomes a failed state.....a banana republic. The key features of which are perpetual poverty & corrupt government.
Only from the attic....it's not a second floor at the moment....but it eventually will be.Can you go up into the tower?
But the real shutters that will actually work need attention first. Then come the attic windows and floors and walls. Then the air handlers to heat and cool the space.
I am thinking 20K a year minimum. That would be after taxes. Definitely no joke.
CV5, you say, "Venezuela here we come." I think you've got it backwards, they are coming here!!!!!!!!!!!!!:
In Record Numbers, Venezuelans Risk a Deadly Trek to Reach the U.S. Border
In Record Numbers, Venezuelans Risk a Deadly Trek to the U.S. Border - The New York Times (nytimes.com)
Real estate is a great way to build wealth. Most people take out a 30 year mortgage, but if you got a 15 year mortgage, it would only cost a few hundred more per month. Once you pay off the first home, buy another using the first as collateral. Rent the first home out and double up on payments on the second. It will be paid off in 7 years or less. Do it a third time and triple payments and in 3 years you will own another home. In less than 30 years you can own 3 homes in the time most get one.
I know this isn't feasible for everyone. But generational wealth can be grown in relatively few generations.
I know this isn't feasible for everyone. But generational wealth can be grown in relatively few generations.
There is no doubt in my mind whatsoever that is part of the overall plan they have conjured up for the future of America. Dystopean and bleak are an understatement.
There are massive homeless tent cities and encampments all over the US. It has reached epic proportions and beyond.
Just depends upon what we have available....I can borrow tools....materials are the thing....and I work fast....I feel slow because I'm an old man at 56....but I'm going to make sure that things are really right and last a really really long time. Newer paints, primers, caulk, glues and etc. Things they didn't have back then.
That only works in a real estate bull market. As of today there is a massive devastating mortgage crisis in Canada right now. Literally one third mortgages are in negative equity. That is ridiculously huge.
Being a landlord and renting to others is a risky business nowadays. Many renters refuse to pay rent, refuse to leave, squat, and with government protection they demand to live rent free. If you do manage to spend '$thousands$ to evict them, the freeloaders will trash/destroy the residence.
And the margins are ridiculously slim. After taxes 3 to 5% on your capital?......forget about it.
If however the property values are going up 15% a year you are golden.
Not where I live. 30 days and out. Court costs under $100. But if you hire an agency to do it, they handle the hassles.
The Eurodollar futures market says it all. Spectacularly huge basis point moves. The smartest guy's in the room are hedging like crazy right now bro.
Should be at least 7%....minimum annual return on investment. Whether EBITA or not is a matter of market forces. But expenses are usually the thing that gets most people.
Half of the properties usually sit empty at any given time because of turnover and repairs after the renter moves out.
Usually trim work and water heaters and leaky sinks....sometimes electrical work or windows need fixing. New closet doors and of course painting every time. Carpets also....some states have regulations concerning carpets.
I used to do some side work for a real estate agent who also rented some houses. I've seen some nightmare scenarios. Fixed them right up too. He wasn't upset with any of the repairs....they were always figured into the rent. (Easy enough to get in the Nashville area)
Rent is all inclusive of taxes. Renter pays for everything else...including things they damage. If they plug up the drain and can't get it fixed....they pay the plumber. (Especially when it's a mix of grease and brillo pad)
Water heaters....ok....landlord pays. Same thing with air conditioning/heat. Tenants pay the gas and electric bills and water, sewer, and trash. Not keeping heat, water, sewer, and trash current and on are grounds for eviction. And the tenants have to keep the lawn mowed. Any fines for the yard are on the tenants.
Renting is not all it's cracked up to be. Vetting the renters is NOT cut and dried.
Right. And hedging with some lamebrain RE scheme at the beginning of potentially the biggest market crash in history is not.