OFFICIAL real estate bs discussion

frank

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Im pretty sure it’s difficult to get a loan on a rental property these days unless you’re paying cash up front. If you have the cash I’d say there are better investments out there for sure.
Not all that difficult, just need to be able to put down 30% or more for the lenders to take a chance.

My mom is looking for a rental / second property at the moment here In Florida by me, she would need to come up with 30% minimum.
 

frank

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I don’t know much of an investment that really is with that much down required (or more) and the rates given what they are. I haven’t looked into it either so maybe I’m wrong.
The rates are what killing the sales right now. Make or break a profitable rental , meaning rent to cover the mortgage payment.
 

FirstWorldProblems

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Sep 6, 2006
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Crown point, IN
Ca$h money is the only way
Yep. If you want to buy a rental property basically plan to put >30% down and pay it off as quick as possible. Then you’ll make money, not before

Otherwise you’re just giving your profits to the bank
 

sickmint79

I Drink Your Milkshake
Mar 2, 2008
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grayslake
I love when people say I’m thinking about buying a rental property. WTF at 8-10% second mortgage that’s a rental property is a higher rate. At the high prices and taxes going up you ain’t going to make shit in profit.
i'm surprised prices have been as resilient as they have. it's not like there haven't been rental properties in the past at these rates though, at the end of the day you just need to be cash flow positive. i only really looked at buying a property for investment once, and at the end of the day it was lake county taxes that put me off of it.
 

Yaj Yak

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May 24, 2007
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A pole barn AND a grizzly bear

bill hader snl GIF by Saturday Night Live
 

FirstWorldProblems

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Sep 6, 2006
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Crown point, IN
Sold for 600k in 2018
does not appear to have been renovated at all since then, and no mention of it in the comments

....now asking $1.1m for a 2100 sq ft 3br house lol. Cedar lake people are a different breed