All Forum Posts by: Randy E.

I have no experience in renting to disabled tenants, and you eliminated my only wild hunch (Section 8), so I have nothing.  But I am curious to see what sort of premium might be associated with such a property, so I'll be keeping an eye on this thread.

Oh, something did come to mind. I've been approached twice by organizations that rent houses for veterans (disabled and not) to share. They place three or four unrelated veterans in a home in a group situation to help them out. They mentioned higher than normal rents. I don't know how you might find such organizations in Austin. Maybe check with the local VA?

One other thing.  Maybe posting a flyer in dialysis clinics might be a good idea.  Some dialysis patients have trouble with climbing stairs.

 Agree and agree.

While I love BP and I'm very happy for what I have learned about REI lately, I'm happy I didn't know about BP when I first started. I might have decided my plan was inadequate and decided to wait a while until I could proceed in a manner that most investors here think is wise.

My plan worked for me and it has put me in a position this year to begin a strong expansion of my REI empire.  Waiting might have made the first step sturdier, but it would have also delayed that first step.  In my case, time was much more important than getting my BP ducks in a row.

All together now ... "I like calling North Carolina home." :-)

I liked his show.  Personally, I wouldn't pay for any "guru" class.  Your mileage may vary.

I agree.  Get a multi-family home, live in one unit, and rent the others.  I wish I started that way.

Good luck!

Hi Erica.  Welcome to BP.  There is a lot to learn here, so if you stick around you're bound to become much more knowledgeable about the Real Estate Investing journey you're about to begin.

Good luck!

Tub.

'nuff said.

Yes, I would buy a house on the same street as a liquor store.  For that matter, on the same street as a church, school, Wal-Mart, bus route, Taco Bell, or just about any other establishment.  For me, a purchase is more about the financials than what I (or others) might perceive as "wrong" or "morally questionable."

How is the neighborhood in general?  I don't know about your city, but in my area liquor stores are located everywhere from A neighborhoods to C- neighborhoods.  If you're satisfied with the neighborhood in general, and you don't necessarily have any compunction against owning a property near any business that attracts business traffic, AND if the numbers work, I wouldn't worry about being across the street from the liquor store.

BTW, nice skylights!

Good luck

If your current home is hindering your investment goals, and if moving to a less expensive home is something you would consider, I would definitely do that. You may love your current home, but with a couple more good REI moves in the next two or three years, you'll have more income that will allow you to move to another home that you may love even more.

  Also, if you can replace that $418/month car payment with something around the $200/month (or even lower) range, you'd increase your borrowing power even more.

Good luck, Doel!

 Reuben, that vacancy rate is merely an average.  I would bet that some landlords experience much lower vacancy rates.  Those would be the landlords who own well-maintained properties, effectively screen their tenants, and own property outside of the absolute worst areas.  

If such a market appeals to you (because it naturally appeals to you, or it appeals in a last-resort sort of way) you would do yourself a big favor by learning as much about that area as possible.  Drive through it frequently, at different times of the day -- you might be surprised by what your find -- people taking care of lawns of tending to backyard vegetable gardens, parents sitting on porches watching children play, neighbors chatting.  Check the crime rates of specific neighborhoods -- bordering neighborhoods can have significantly different crime rates.  And definitely check the for rent ads to see how much money might be made.

These markets aren't for everyone, but some landlords do very well in low-income markets.  If you go into this with the attitude that every resident of a low-income neighborhood is a drug-addicted and/or drug-dealing gang banging reprobate, these areas probably aren't for you.  That's OK, but if it's not for you it's better to recognize that truth and cross such properties off your list now.  No need to make your first investment harder on yourself than necessary.

Good luck,

Randy