Guys I think I've got the perfect business plan, first time posting here just wanted to run it over you.
>tfw you manage to acquire a house, dwelling or flat of some kind
>you rent it out to some wageslave cuck and they pay you for example £100 a week and a deposit, lets say £500.
>you use this money to rent a house, cheaper if possible, say for example £80 a week and deposit £400
>you are literally making £20 a week
>tfw you decide you hate the tenants or just want some quick cash, you kick them out and sell the house for say £100,000.
You've been making profit all this time and still have a house at the end of it which has probably sky rocketed with inflation.
Spot any flaws? This is why the rich stay rich imo.
Great idea of you're lucky enough to inherit, you'll neee better margins however as you pay taxes on the money that your Tennant pays, you foot the bill for repairs/property tax, and you take on risks of loss due to Tennant laws.
People generally get fucked over on repairing the house, depending on where you live literally 50% of tenants will fuck your shit up.
Also what happens when they don't pay? I don't know where you live but I bet the eviction procedures are heavily in favor of the tenant and you could be waiting months and paying legal fees before you get them out.
It all works perfect in theory but you gotta really understand lower class renters to see how wrong things can go.
You have described what buy-to-let is. Congratulations.
>You just inherit a house.
>Making £20 a week is good. JSA is £70
>TFW tenants refuse to pay rent after a couple months, can't just kick them out. Have to go to court
Smarter idea and you don't need a house to start
>get approved for builder's mortgage on vacant lot
>design the house specifically to rent
>design basement so basement tenants can access their apartment from the garage so they don't have to enter your house
>you use the front door, they use the garage door
>insulate the fuck out of the basement ceiling, spend a bit extra on sound proofing, use 5/8" drywall for maximum sound proofing
>basement tenant pays for mortgage
>you make extra mortgage payments to pay mortgage off quicker
>you own it in full faster, it's brand new and you designed it
If you buy a home in the ghetto and make it rentable to as section 8 you now have money coming to you directly from the government rather than the renters.
The only issue is that section 8 people are more likely to damage the home and then complain about small shit that they broke themselves.
Also home will probably be cheaper in the hood but the value may never increase and you have to drive to the ghetto just to collect a check.