This is amazing lol
You whine like a child about fraud in government programs (not even agreeing that the things you whine about happen at the rate you claim they do if at all) and one of your pieces of evidence is that you yourself commit fraud in government programs
That all gets factored into the purchase price though. So if taxes are that high then that lowers the upfront cost you should be paying. If you should only be getting 1050 in rent that lowers the upfront cost you should be paying.
Ultimately if youâre not making money on a rental property itâs because you overpaid for it. This is a thing that happens generally from people who acquire property just to acquire property and donât actually look into the details of the deal.
End of the day, inso made a bad purchase with no money down and should have failed completely but the rental market is so good it can still bail out situations like this.
Yeah forgot to add that part lol
I donât think the fact that some landlords choose to sell in year 13 of a 30 year high interest loan affects my point at all.
Imagine if Ins0 actually had to work a real job.
This is technically correct, which of course is the best kind of correct.
I was left with three choices:
I went with #3
Thatâs how life works, yes. But itâs a little more nuanced than that. There are plenty of landlords (most, probably) who eat an annual paper operating loss and bank on the âprofitâ as catface calls the principal paydown, to make it all worth it. Then you have situations like this where it was never intended to be a rental. I was just another accidental landlord in the middle of the housing crisis.
Unsurprisingly, one or both of these is a lie. The property taxes in Milwaukee on a $150k home are $3,872. If this assessment dropped by $35k to 115k (and really for what heâs claiming it would have had to be even lower than this), the property taxes would be $2,968. So nowhere near $450 per month in either scenario.
In any reasonably (local) healthy housing market itâs almost impossible to have much positive cash flow if one buys a single-family home to turn into a rental, unless the purchase price was WAY below market value.
A couple of years into owning the 10 unit building, we looked for additional opportunities, but it was clear from running the numbers that the only way a single family home made sense (as a rental) was to count on housing prices continuing to climb. .
Purchasing an average single family home to convert into rental property is a bad idea. No one is forcing anyone to make these purchases to turn into a rental property and if they choose to make a bad purchase in order to do this, then they shouldnât make money on it. Thatâs the whole point.
The single family homes that work as rental property investment tend to be ones that have already been rental properties for years or because of the specific area they are in (being near a University being a prime example). Another example is one where the property is run down and can be fixed up to bring in a good rental income.
ohhh ok now I get it, when committing the fraud is aligned with your self interest itâs okay to do and no biggie, you just donât like other forms of fraud in your state for reasons
I misspoke. The appraisal is the important part as far as refinancing goes. I overshot the mark with my knee-jerk FYP. I pulled it up online and the taxes on the property were 4k.
Because Milwaukee Public Schools are awful. I had been paying for private K-8 education for the three kids with every intention to move to a better district once the oldest hit high school, since private high school wouldâve been prohibitively expensive. Without the market crash, selling or refinancing out of the WHEDA loan wouldâve been a simple matter.
Not that surprising. I think in general a lot of people who are very untrusting are very untrustworthy.
Grunching a little but Yes on those taxes. But jfc does nobody have any sense of history? Speculation in publicly traded companies has been crashing economies for 400 years. And before that, it was even worse.
This âinvesting in other peopleâs companies is immoralâ take is utter bollocks. L
Because in 2006 I was making a fraction of what I do now and only had so much money to work with. I went through a reputable mortgage broker, so I wasnât one of the people who got a âNINJAâ loan no questions asked. The same size house in a nicer district wouldâve been twice as expensive at the time. We snuck into Wauwatosa when prices were still depressed. Iâm closing a loan tonight at 5pm on a refi at 2.5% on the new house. It appraised for 45% more than I paid for it 6 years ago.
Just want to point out that Inso is displaying the same brainworm symptoms that trump does. Their worldview was frozen in amber back in the 80s. âPublic housingâ = cabrini green. Itâs just axiomatic for them, there is literally zero ability to even consider that things change over time, much less the idea that things that are bad can be improved.
most of the âwhat about landlordsâ crying seems to be based in the idea that landlords are entitled to rent. Like, theyâre investors. Investment carries risk. Why is real estate special here? Like, real estate is just supposed to have consistent returns with no risk? Get the fuck out of here with that shit. If theyâre overleveraged, thatâs their problem, not anyone elseâs.
Welcome to the free market, you fucking crybabies.
