@John Hickey John, started approx 5 years ago. Although the areas i buy in aren’t the war zones you invest in they are def tough. I look for streets that have a couple well cared for homes (which tells me there are at least a couple people that care) and numerous homes that have boarded windows, overgrown lawns, and you know those white sheriff sale papers on the doors.
Slowly but surely I just start buying either from other investors and landlords, homeowners, and banks. Most of the properties I’ve purchased I’ve done full renovations to.
Every house i do looks identical using the same materials. Outside I clean them up, number signs, front doors, windows. You can drive down my blocks and know exactly which ones i own. I talk to everyone especially the neighbors right next door. Sometimes I’ll even paint the neighbors fence if connected to mine. They love it and I’ve found as we fix, my neighbors will start to clean up at the same time.
As far as numbers go, I’m generally 65k all in after renovation. Rents average 1200 per month but I’ve been pushing those to over 1300 by adding additional bedroom in basement. 30 percent of my tenants are section 8. I screen like crazy and I can tell you i generally get great tenants. I have a great product without over improving so I can attract the “better” ones
Currently own just under 60 of these 3/1 and 4/1 homes and have been buying an average of 1 per month.
