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Updated over 6 years ago on . Most recent reply

User Stats

17
Posts
7
Votes
Ian F.
  • Rental Property Investor
  • Houston, TX
7
Votes |
17
Posts

How to find multifamily and why do people abandon them?

Ian F.
  • Rental Property Investor
  • Houston, TX
Posted

Hey all,

After a flip from hell, two years and a lot of lessons learned I am considering getting into real estate after relocating.

My original investment strategy was to buy a duplex and house hack, but all the units I saw were trashed and not up to code.  I mean every single property but one, and I spent 3 solid months of looking two or three times a week.  Why do people let this happen to their rental properties?  I saw units with families living in houses that were structurally unsound, electrically unsafe, etc.  These people just sucked up rent and depreciation while leaving absolutely nothing but a death trap good for pawning off on a gullible investor, or demolishing.  Add to that the terrible state of our local economy and it felt nearly impossible to get started. /end rant.  Is this just a south jersey thing or is this everywhere?  Did anyone else experience this getting started?

That being said, what areas are best to move to for multifamily investing?  I know Dallas is growing fast, as is most of Texas.  Also, I work in IT so there's no city where I would really have a hard time getting a job.

Thanks in advance and pardon my rant.

Most Popular Reply

User Stats

384
Posts
318
Votes
Russell Gronsky
  • Specialist
  • Baltimore, MD
318
Votes |
384
Posts
Russell Gronsky
  • Specialist
  • Baltimore, MD
Replied

One man's trash is another man's treasure. I love trashed houses like that. All those things you mentioned, plus give me some mold in there and a smell please! The worse the smell, the more I'm interested!

And no, that isn't just a south jersey thing. I've seen it everywhere from CA to CO to MD. Many landlords just try to squeeze every last dime out of a property and never re-invest in it. Once it gets to the point where they fear a lawsuit from unsafe conditions or no one wants to rent the place at all because it is in such bad shape, they just sell it to someone else to deal with the pain of getting the property back into proper operating order. I actually don't mind this at all but I enjoy the rehab process. Most people don't share my passion. haha.

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