Would you sell this rental property?

[paulinkansas]

My biggest place has 4 baths and sleeps 8. February of 2020 it was bringing in $2000/week. It has been unoccupied since April of last year because of the pandemic. That's 14 months. A lady contacted me about buying it for a place for women to stay as they are recovering from drug and alcohol addiction. They would get their funding through a government program. I would sell the house and all the contents (furniture, appliances, electronics, kitchen gadgets, linens, vacuum cleaner, everything). All she would have to do is put the utilities in her name, turn on the air conditioning, and people could start staying there.

I rent out furnished houses to refinery contractors (boilermakers, welders, etc). The lady that wants to buy it works in health care. Her husband is a boilermaker and has probably referred $20,000 worth of rentals to me.

I'm asking 3x my actual purchase price for the house and contents. The asking price is the appraised value by the county assessor. If I sold it, I would just have 22 furnished rentals with 75 beds.

Would you sell?

[DoragonKingu]

My biggest place has 4 baths and sleeps 8. February of 2020 it was bringing in $2000/week. It has been unoccupied since April of last year because of the pandemic. That's 14 months. A lady contacted me about buying it for a place for women to stay as they are recovering from drug and alcohol addiction. They would get their funding through a government program. I would sell the house and all the contents (furniture, appliances, electronics, kitchen gadgets, linens, vacuum cleaner, everything). All she would have to do is put the utilities in her name, turn on the air conditioning, and people could start staying there.

I rent out furnished houses to refinery contractors (boilermakers, welders, etc). The lady that wants to buy it works in health care. Her husband is a boilermaker and has probably referred $20,000 worth of rentals to me.

I'm asking 3x my actual purchase price for the house and contents. The asking price is the appraised value by the county assessor. If I sold it, I would just have 22 furnished rentals with 75 beds.

Would you sell?

Are you losing money on it right now? Have you checked value on zillow.com? Have you tried putting it up for sale at a higher price or renting it out Airbnb?

[paulinkansas]

Are you losing money on it right now? Have you checked value on zillow.com? Have you tried putting it up for sale at a higher price or renting it out Airbnb?

1. Losing about $150/month by keeping the utilities on. Not a big deal because I've got other properties in the same situation. But they do get rented out for several weeks at a time every month or two.

2. The Zillow Zestimate is my asking price.

3. It's on Airbnb, but I decline all the requests. People just want it for 2-3 nights. My minimum stay is one week. The average stay by typical tenants is usually 4-10 weeks to traveling workers. There is no money in this town to be made by renting to vacationers. It's all made by catering to the ruffians that work short term jobs at the refinery.

Most of the work at the refinery has been indefinitely postponed because of the pandemic.

When things were normal, there were always 50-150 traveling contractors in this town that needed a place to stay.

[chino3]

is this the one with the arnold picture in the bathroom?

[paulinkansas]

is this the one with the arnold picture in the bathroom?

Yes. I have about a dozen of those pictures in bathrooms. It looks like Arnold is trying to take a dump. I wrote on them "Paul. It was a pleasure to take a crap here. I'll be back. Arnold Schwarzenneger"

[2011change]

OP, you are of the best posters in Misc history. (srs)

[woadito]

Would you be able to make a deal with the lady and rent it out to her through some government contract instead of selling it?

[chino3]

Yes. I have about a dozen of those pictures in bathrooms. It looks like Arnold is trying to take a dump. I wrote on them "Paul. It was a pleasure to take a crap here. I'll be back. Arnold Schwarzenneger"

that should easily boost the value over the zestimate imo. I would list at about 3.50% higher tbh.

[Realclout]

My biggest place has 4 baths and sleeps 8. February of 2020 it was bringing in $2000/week. It has been unoccupied since April of last year because of the pandemic. That's 14 months. A lady contacted me about buying it for a place for women to stay as they are recovering from drug and alcohol addiction. They would get their funding through a government program. I would sell the house and all the contents (furniture, appliances, electronics, kitchen gadgets, linens, vacuum cleaner, everything). All she would have to do is put the utilities in her name, turn on the air conditioning, and people could start staying there.

I rent out furnished houses to refinery contractors (boilermakers, welders, etc). The lady that wants to buy it works in health care. Her husband is a boilermaker and has probably referred $20,000 worth of rentals to me.

I'm asking 3x my actual purchase price for the house and contents. The asking price is the appraised value by the county assessor. If I sold it, I would just have 22 furnished rentals with 75 beds.

Would you sell?

You can't 3x the valuation without it cash flowing STRONG retardation. How the fook are you getting 2k a week are you running some SLUMLORD hostel for TRANSIENTS. SRS. Just rent it to regular family YOU fooking DUNCE or at least LEVERAGE the equity HOW FOOKING dumb are you SRS.

On a SRS note those DRUG addicts places CASH out had to stay in one for ****GT court and it was a 3 flat dude had 6 people in a 1 bedroom SRS charging like 750 a month per person MILK those STUPID boozers and drugies SRS. No idea how that is legal.

[chino3]

You can't 3x the valuation without it cash flowing STRONG retardation. How the fook are you getting 2k a week are you running some SLUMLORD hostel for TRANSIENTS. SRS. Just rent it to regular family YOU fooking DUNCE or at least LEVERAGE the equity HOW FOOKING dumb are you SRS.

On a SRS note those DRUG addicts places CASH out had to stay in one for ****GT court and it was a 3 flat dude had 6 people in a 1 bedroom SRS charging like 750 a month per person MILK those STUPID boozers and drugies SRS. No idea how that is legal.

are you pretending to be retarded or are you actually retarded?

"You can't 3x the valuation without it cash flowing STRONG retardation."

yeah because a fukking house doesn't increase in value unless it is "cash flowing" right?

stick to paper trading, *******.

[paulinkansas]

You can't 3x the valuation without it cash flowing STRONG retardation. How the fook are you getting 2k a week are you running some SLUMLORD hostel for TRANSIENTS. SRS. Just rent it to regular family YOU fooking DUNCE or at least LEVERAGE the equity HOW FOOKING dumb are you SRS.

On a SRS note those DRUG addicts places CASH out had to stay in one for ****GT court and it was a 3 flat dude had 6 people in a 1 bedroom SRS charging like 750 a month per person MILK those STUPID boozers and drugies SRS. No idea how that is legal.

It's pretty easy. It was a bank foreclosure. Bank was asking $60k. We offered $15k. They accepted the offer. It has 4 baths and a jacuzzi. I put 8 beds in it and charge by the week to work group crews working at a refinery for the same company. Refinery contractors. I was getting $250 a week per person in early 2020. Then covid. It's been empty for the last 14 months. From 2012 to 2019 it would generally gross $15k to $20k.

There are no groups of 8 that have been coming here to work. It's 2 or 3 or 4, and I put them in a house with 2 or 3 or 4 bedrooms (For $200-$250 a week per person). The other houses are also bank foreclosures. These contractors get about $700/week as a per diem, so $250 a week is cheap considering they can cook and do laundry. Started with one house, now I'm up to 23. 83 beds total. Do you know anyone that can get $250/week for a bed and has 83 beds?

[mr.left hook]

find a way to make less money and ride this year out or go get a license to operate one of those drug rehabs and bone the fine one.

those Government funded places are guaranteed cash



https://www.ascensionrs.com/the-clim...eatment-center

[paulinkansas]

find a way to make less money and ride this year out or go get a license to operate one of those drug rehabs and bone the fine ones

I've got a DOT (Dept of Transportation) certificate to do drug screens. Doing the drug screens is how I meet the refinery contractors that come here for work. It's my official day job. They have to pee in a cup before they can work in that facility. That's when I sell them on staying in one of my houses. Same price as a motel, but they can cook and do their laundry.

[Realclout]

are you pretending to be retarded or are you actually retarded?

"You can't 3x the valuation without it cash flowing STRONG retardation."

yeah because a fukking house doesn't increase in value unless it is "cash flowing" right?

stick to paper trading, *******.

Not even going to respond because you probably couldn't COMPREHEND the sheer stupidity of what you or OP said.

[Realclout]

It's pretty easy. It was a bank foreclosure. Bank was asking $60k. We offered $15k. They accepted the offer. It has 4 baths and a jacuzzi. I put 8 beds in it and charge by the week to work group crews working at a refinery for the same company. Refinery contractors. I was getting $250 a week per person in early 2020. Then covid. It's been empty for the last 14 months. From 2012 to 2019 it would generally gross $15k to $20k.

There are no groups of 8 that have been coming here to work. It's 2 or 3 or 4, and I put them in a house with 2 or 3 or 4 bedrooms (For $200-$250 a week per person). The other houses are also bank foreclosures. These contractors get about $700/week as a per diem, so $250 a week is cheap considering they can cook and do laundry. Started with one house, now I'm up to 23. 83 beds total. Do you know anyone that can get $250/week for a bed and has 83 beds?

lol, is it a 900 sqft 1920 wood siding chit hole...?! Jacuzzi is not a value add FYI. HO LEEE strong. CONFIRMED slumlord SRS.

Nobody is impressed with your less then 200k SLUMlord peasantry SRS. lol LEARN to count doors a REAL metric not FOOKING beds I could put 10 beds in my townhouse right now that doesn't mean it's a 10 bedroom let alone 10 individual units STRONG peasantry.

You aren't going to make it SRS, 1031 exchange everything into a single FAMILY and stop being a RETARD ****get srs.

Maybe, In your town of 4k you're a big shot but I am trying not to laugh RN srs. My property costs almost as much as all 10 of your slums SRS. I just live here LOL.

[paulinkansas]

Not even going to respond because you probably couldn't COMPREHEND the sheer stupidity of what you or OP said.

Not even going to respond because you probably couldn't COMPREHEND the sheer stupidity of what you said.

[Realclout]

Not even going to respond because you probably couldn't COMPREHEND the sheer stupidity of what you said.

Hehe, Cheeky kunt. One day if you stick around long enough you might learn something and actually make it if you stop doing retarded chit like this SRS. Being ignorant is the only way to be a true HIGH test MONEYMOGGGER. As soon as you think you're smarter then other people you end up like a rustled loser and close yourself from any ability to learn anything.

SRS.

[paulinkansas]

Hehe, Cheeky kunt. One day if you stick around long enough you might learn something and actually make it if you stop doing retarded chit like this SRS. Being ignorant is the only way to be a true HIGH test MONEYMOGGGER. As soon as you think you're smarter then other people you end up like a rustled loser and close yourself from any ability to learn anything.

SRS.

Since this is the Education/Career/Finance forum, tell us some of your accomplishments in Education/Career/Finance. Not dissing you or resorting to calling you names. Just want to see if you are legit.

[RobParks2M]

are you pretending to be retarded or are you actually retarded?

"You can't 3x the valuation without it cash flowing STRONG retardation."

yeah because a fukking house doesn't increase in value unless it is "cash flowing" right?

stick to paper trading, *******.

That kid is legit retarded. First poster that ever made me embarrassed to be posting in the same forum.

[Heaney]

If I'm reading this correctly youre asking 45K for this house (15K x3) and its generally generated you 15-20K of revenue per year in non pandemic times. Just curious why you'd sell for so cheap given the likely return to previous revenue levels in the next year.

[paulinkansas]

If I'm reading this correctly youre asking 45K for this house (15K x3) and its generally generated you 15-20K of revenue per year in non pandemic times. Just curious why you'd sell for so cheap given the likely return to previous revenue levels in the next year.

It's my hardest house to rent out. Renting out a 2 bedroom place for $400/week is as difficult as pouring water out of a boot with the directions written on the heel.

6-8 guys have to get along with each other if they are going to stay under the same roof. I talk to them individually and they more or less say "I work with these muther fukkers 12 hours a day, I'll be damned if I'm going to be around them for 24".

So if it is a group of 6-8 guys, they generally rent a couple of smaller places from me and the whole group has a place to stay and no conflicting personalities are under the same roof. When the job is over and they move out, I can see why. One house has a lot of trash sitting around on the floor. Another house is immaculately clean.

Renting out the big house generally goes to an extended family of refinery contractors. A brother, father, cousin, uncle, brother in law, cousin in law, close friend that all do the same trade for the same company.

I'd take the $45k and buy 3 more smaller houses. All my places generate the same rent each year. I get $400 a week for a small place, and it's rented out a lot. I get up to $2000 a week for the big place, but it's not rented out that often for reasons I mentioned.

[Realclout]

Since this is the Education/Career/Finance forum, tell us some of your accomplishments in Education/Career/Finance. Not dissing you or resorting to calling you names. Just want to see if you are legit.

Made something out of nothing and I don't have to brag about being a SLUMlord asking for SIMPLE advice. Would say that is pretty successful to myself. No need to get defensive there NOW big guy Mr. 83 doors I mean beds. Hehe.

In all SRS you're a grown man HOW are you this LOW iq SRS.

[Realclout]

That kid is legit retarded. First poster that ever made me embarrassed to be posting in the same forum.

Free rent, How is your life WAGIE. Any new netflix SERIES perhaps a NEW shiny thing you CONSOOMERmaxxxed.

[Heaney]

It's my hardest house to rent out. Renting out a 2 bedroom place for $400/week is as difficult as pouring water out of a boot with the directions written on the heel.

6-8 guys have to get along with each other if they are going to stay under the same roof. I talk to them individually and they more or less say "I work with these muther fukkers 12 hours a day, I'll be damned if I'm going to be around them for 24".

So if it is a group of 6-8 guys, they generally rent a couple of smaller places from me and the whole group has a place to stay and no conflicting personalities are under the same roof. When the job is over and they move out, I can see why. One house has a lot of trash sitting around on the floor. Another house is immaculately clean.

Renting out the big house generally goes to an extended family of refinery contractors. A brother, father, cousin, uncle, brother in law, cousin in law, close friend that all do the same trade for the same company.

I'd take the $45k and buy 3 more smaller houses. All my places generate the same rent each year. I get $400 a week for a small place, and it's rented out a lot. I get up to $2000 a week for the big place, but it's not rented out that often for reasons I mentioned.

I get that it might be difficult to rent out but for 45K (which seems like not a huge deal given the rental income from your other houses) why not just keep this hard to rent one as an asset thats likely not going down in value any time soon/if ever and throw 45K at 3 more houses using your cash? Seems like you're growing a nice little empire and would be worth it to keep as much of the housing/land as possible. Just my 0.02

[RobParks2M]

Free rent, How is your life WAGIE. Any new netflix SERIES perhaps a NEW shiny thing you CONSOOMERmaxxxed.

Lol. Remind me again who is the paper trader? But that's cool weirdo keep begging for my advice in my thread on how to successfully trade options.

[Realclout]

Lol. Remind me again who is the paper trader? But that's cool weirdo keep begging for my advice in my thread on how to successfully trade options.

Should I be risking real money on my first couple options trades...?! Isn't that how RETARDS like you on WSB go from 50k to -300k in one trade...?! I never asked for your advice either YOU self-inflated LOSER. Keep trying to stay important and relevant RIDING my coat tails. Dumb loser ***GOT srs.

Free rent SRS.

Keep coping WAGIE.

[Realclout]

I get that it might be difficult to rent out but for 45K (which seems like not a huge deal given the rental income from your other houses) why not just keep this hard to rent one as an asset thats likely not going down in value any time soon/if ever and throw 45K at 3 more houses using your cash? Seems like you're growing a nice little empire and would be worth it to keep as much of the housing/land as possible. Just my 0.02

Unfortunately, As successful as he is he still needs you to tell him this.

When will they learn SRS.


Ain't gonna make it SRS.

It's like he just can't stop taking orders like a WAGIE and think for himself.

[RobParks2M]

Should I be risking real money on my first couple options trades...?! Isn't that how RETARDS like you on WSB go from 50k to -300k in one trade...?! I never asked for your advice either YOU self-inflated LOSER. Keep trying to stay important and relevant RIDING my coat tails. Dumb loser ***GOT srs.

Free rent SRS.

Keep coping WAGIE.

No see, you are the peasant working in your little cube while your boss rides your ass. I've posted my 2021 returns thus far from my trading activities. You are the enraged soyboy that is so desperately trying to get out of your cage, but you haven't even managed to figure out how to utilize a 401k or open a trading account with real money. It is tragic you talk so big about getting out from the 9 to 5 grind you are trapped in, but haven't even taken the first step. Sad.

[Realclout]

No see, you are the peasant working in your little cube while your boss rides your ass. I've posted my 2021 returns thus far from my trading activities. You are the enraged soyboy that is so desperately trying to get out of your cage, but you haven't even managed to figure out how to utilize a 401k or open a trading account with real money. It is tragic you talk so big about getting out from the 9 to 5 grind you are trapped in, but haven't even taken the first step. Sad.

60k, partial work from home. No degree or experience. Will hit 100k+ by 30 EMPLOYER will pay for me degree and WILL promote me to project manager and most likely director eventually even spend some time over seas for the company. All it takes is 50k and I will retire with upwards of 100mil+ I can't even fathom a little peasants like you SRS. You're an insect an annoying bug people SHOO off.

how PATHETIC


SRS.

If only you could buzz around longer without being swatted and silenced like the DISGUSTING and revolting DEAD bug you are

SRS.

[paulinkansas]

A family member of the potential buyer was going to go in with her on the purchase of the house. I've known her for 40 years. They are backing out because the house in question is too big for their needs. So I told them how to find and purchase bank foreclosures.

Now I'm going to tell you, and have it buried in this thread. This is how I do it.

1. Look at your local online Multiple Listing Service for houses for sale. Here is mine:
www.sekmls.com

2. Go through all the listings that interest you and find out who owns the property.

3. Go to the registrar of deeds website for your town or county and enter the address. Here is the one for my county:
http://www.montgomery.kansasgov.com/.../NCRunLev2.asp

4. If the owners address is the same as the address as the house for sale, forget about it.

5. If the owners name is some sort of bank and their address is in another state you can be quite certain it is a foreclosure. A bank is not going to loan money on a house that is in disrepair or need major fixes, so you can be confident that the house was in good shape when they made the loan. You can also be certain that it will be clean inside and have been winterized. So fill up the hot water tank before you turn it on.

6. Call the agent and look at the house.

7. Go back to step 3 and see what the house is appraised at.

8. Offer 25% of your results from step 7 to the agent. You also need to put down $1000 in earnest money.

9. Wait for a counter offer or an acceptance.

10. You have to pay in full, then you'll get the keys from the realtor.

11. Buying bank foreclosure #2. Same steps as above, but when you get to step 6 do this. Take the key from step 10 and use it to unlock the front door of foreclosure #2. It will unlock the door. We found this out when we bought our foreclosure #2. We used the same key to look at foreclosure #3 and #4. We used it to look at and buy foreclosure #5. When the agent tried to give us keys to #5, we declined. I said we already had the keys. You'd think the realtor saw a ghost when we told her that.

12. What if 2 weeks has gone by and you haven't heard anything from the bank? Drive by the house and look for any housing codes or violations. It can be something as simple as a limb down in the front yard. This happened with #5. I chased down my cities code enforcer (I drink beer with her), and explained that I was trying to buy that house and the bank in Ohio wasn't doing anything with my offer. She took some pictures and went on her way. A letter takes 2 days to go from Kansas to Ohio. 2 days is also how much longer I had to wait until the bank accepted our offer of 25% of the appraised value. They didn't want to deal with a limb down in a yard that is 700 miles away.