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I prefer my apartment buildings. Zero-down, they pay for themselves, they build equity, and they shelter my earned income from taxes. With prices dropping now is a great time to get into a few more.
I prefer my apartment buildings. Zero-down, they pay for themselves, they build equity, and they shelter my earned income from taxes. With prices dropping now is a great time to get into a few more.
yep... FABULOUS time to be getting into real estate, why the payback is even greater then gold because you make your money going into real estate, you dont have to wait till you sell...
My Dw and I were just looking at a 6-unit building last weekend. $175k, one tenant from this spring, all of the rest range from 3 years to 12 years in the building. they are all 2bdrm units, fully up to code, new shingles, new vinyl siding, no obvious structural issues, no leaks. Looks nice. Half a block from a municipal bus stop. They have been paying $600 for each unit.
The 'problem' is that heat and hot water are included. Which is why the owner is dumping it. The price of oil just went through the roof. He has done a lot of fixing, but paying for oil is seriously effecting his profits.
What I see is: each unit's heat is on a separate loop and thermostat-controlled, to a common furnace. So splitting the heat loops into separate water heaters would be a one weekend chore. Thus giving the tenants their own heat bills.
He is raising their rents now by $100/month to $700 each. So if we come in; and let them pay rents at the increased rate for a couple months, then split the heat and drop the rents back down to $550; I doubt if we would lose any of the renters.
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