Would it be a good idea to buy a shitty little house in a nice neighborhood and then rent it out and use that money to pay off the mortgage? Anyone got experience with this? Should I do it?
>>62308661The obvious obstacles are diversity and AI unemployment. So don't buy in working class neighborhoods, use upper middle class which lives off capital. But that might still feel the impact while the lower middle class is being thrown off the cliff.
>>62308661no one has done this before. you are a pioneer in the field.have you come up with a name for this technique?
>>62308661In small town 10k pop ontario I'm not joking when I say this would probably run you 400-500k
>>62308693
>>62308661Make sure to rent it out to government assisted housing because the government pays the check so it’s easy money and it helps make the rest of the neighborhood more affordable
>>62308661Whoa anon you just found the infinite money hack!!!
>>62308693Yeah but that’s Canadian funny money so more like 300k in real money
>>62308688>>62308706Its sus that you would say this im not claiming i came up with the idea im asking for advice from people that have done this already
>>62308697Lol these were $699 in a hardware store lot in 2019. Lemme guess, a buildable lot of this size would be 150k in that neighborhood, so 330k + tip for that sawdust?
>>62308679I dont think anyone thats upper middle class would want to rent the place im eyeballing. Its a dump but its cheap and its in a nice area where home price and rent price are sky high. Im imagining the type of person that would rent it would be someone lower middle class that doesnt want to pay 2k for rent and needs 3 bedrooms because they have kids.
>>62308698How do i do that?
>>62308693No one cares about canada. Why do u retards insist on intruding in everything we do? You're irrelevant please kys
>>62308741maybe 250k, 150k will get you whatever this is.
>>62308661you don't have enough money to buy a shitbox in a nice neighborhood
>>62308780Yes I do.
>>62308749I meant the location should be upper middle class. If they tolerate a lower middle class family there, why not? But I would recommend renting out to some wage slaves in a corrupt industry like healthcare, where AI can't just mush the wagies like warm butter.
>>62308808Yeah good point. Im not sure how picky I can be though. Right now Im just hoping that I can find some one that wants to rent it. But idk... maybe ill have a ton of people wanting to rent it.
>>62308661Real estate is a horrible investment for like 80% of people. Have you ever had a tenant? It's like running a kindergarten just with adult people. And I seriously doubt it'll be able to cover the mortgage. Either buy entire suburb and hire property manager or buy the house for your usage only.
Don't do it, you only ever want to rent a single family unit if the home is paid off otherwise you're going to lose money.You are better off using the money towards the purchase of a multi-family home or a fixer upper in a decent neighborhood
>>62309093Well Im not going to lose money when I rent it out I dont have to pay anything and if I can't rent it for some reason then im paying less than id be paying on rent for a property that will inevitably go up in value. It being paid off or not is completely irrelevant.
>>62309053I already checked and the price for the rent would cover the mortgage. I can probably even make $200-300 a month depending on how many people actually want to rent it.
>>62309314you need to post a detailed analysis for this discussion to have any merit. you're likely leaving out a lot of expenses and/or not budgeting for repairs and maintenance. i've run the numbers on landlording and it's not worth it. you're cash flowing a few hundred dollars a month after all actual and budgeted expenses. if you get a bad tenant that causes thousands of dollars of damage, that means you're eating shit and generating no profit for a year or more. >just sue themrentcucks are infamously judgement proof. if they had any assets or income they wouldn't be renting.
>>62309333What youre not understanding is that im not looking to make a ton of money right now. I just want the property so I can sell it in the future or do whatever I want with it. I can even live there if I want to, but the thing is I don't. So if I buy this property and my tenet is paying my rent, I'm free to go buy another property which I can supplement with my other income.
>>62309383>>62309314>>62309285you have two optionsrent it, or live in it. you say you dont want to live in it, which means your only option is to rent it, and you're being told why its a bad idea and a waste of time. you need to learn more about your local housing market and risk assessment theres better places to put your money
>>62308749Move a black family in and then buy up cheap real estate when everyone goes to sell and then kick black family out and flip everything
>>62309438I think i know more about my local housing market than the people telling me its a bad idea. I already know its a good idea, if it works out and im able to find a reliable renter. I just dont know how easy or difficult that can be.I didnt ask for the opinion of retards i asked to hear the experiences of other individuals who have done this before. None of you are telling me anything I dont already know.The maintenance cost means nothing if somebody else is paying for the rent (plus the expensive shit like the roof and hvac has been renovated but anyway) Oh wow some renters are bad im shocked by that. This isnt going to cost me anything. If I find a renter I pay nothing, if dont then I pay the mortgage and live there until I find a renter. Get it yet?
>>62309499if you know all this and you're still wanting to do it then you're a retard that deserves to lose their time and money lol
>>62308661>OP rents the house>renters set up a meth lab>house explodes>2 dead bodies>OP still has to pay mortgage. Insurance won't cover any damages whatsoever produced by illegal activities>OP has now a huge debt (and a lot of questions to answer to the cops)Don't bother trying to outsmart this corrupted system, anon. It's all rigged against you
>>62308661your goal needs to be much more than just paying off the mortgage, that'd just be putting in time and effort to yield the same result as doing nothing at all.you have to deal with your tenants, your tenants might be retard junkies that live like pigs, what amount of profit beyond your mortgage and bills is worth that effort to you over literally any other means of making money?
>>62308661yeah youre just gonna compete with a boomer who has 1/4th the mortgage payment
>>62309499Enjoy your money sink, faggot. I am sure you know better than anyone in this thread. Moron. You absolute drooling idiot. Do it! You deserve pain and suffering.
>>62312571Youre a retard and I feel bad for you. It really is that simple.
