Does anyone here have any experience with rental properties,

nah
converted lofts are always located downtown, you can't find any cool old industrial buildings elsewhere
no one with any money to afford that wants to live downtown, gentrification is a media lie and white flight is still in full effect
that's why i was surprised to find all these lofts cost roughly the same or less than typical apartments in the surrounding suburbs

>>1459869
Yeah I can see that, what about in more sprawling types of cities where things aren't as central?

Something else I've been reading a lot about is how profitable section 8 can be.

Don't look at asthetics, keep your eyes on the numbers. Also go to biggerpockets.com

>>1459865
>It seems like people will pay a premium for exposed brick, exposed electrical and ventilation, big windows, that sort of thing...

They will. Just know that being a landlord is a big responsibility. Do your homework and learn what you're really getting yourself into, it's a 24/7 job. If something goes bump in the night you're getting the 3am phone call.

>>1459865
I've been a tenant of 2 separate landlords that lost their shit. One overextended thinking it was easy. He got injured and everything got away from him.
Fell apart right under him and sold at a loss. Two cousins convinced themselves that their knowledge of construction would guarantee fixing up places would lead to riches but they fought and used a property manager that screwed them up.

Another one looked headed for failure and I got out because he wouldn't do repairs.

It is much harder than you think.

>>1459865
>exposed brick, exposed electrical and ventilation, big windows, that sort of thing

Also, those basic desirable characteristics sound universally desirable but please note that certain costly improvements like lighting fixtures will never pay off as everyone wants to choose their own. A house never sells based on the fancy chandelier in the foyer. Nobody wants to pay for your neato wallpaper.

>>1460153
>>1461356
I am not doubting that it's a big responsibility. I don't have any romantic ideas on what being a landlord would/will be like. I just know that I really want to grow my wealth and have more time to pursue other things, I don't feel like I'm going to get that if I keep working a normal job.

>>1461365
Those types of improvements would be for either an apartment complex (someday), or a place I was specifically going to rent. I've also heard that there's pretty good money in the whole Airbnb thing if you're in a desirable location.

thanks for the answers guys

>>1461356
>It is much harder than you think.
This is probably the best tl;dr.

>>1461635
Everyone else is talking aesthetics, I'll hit the law part of this topic.

If you are in a major market, the landlord/tenant law is likely incredibly complicated and - depending on the location - not going to be in your favor. There's a lot to consider - how you'd handle nonpaying tenants, how you'll handle damage to the property, etc. Airbnb is a sketchy thing to deal with in some areas, as you can easily get trapped into some laws (hotelier laws, or simply just landlord/tenant laws) that you don't want to deal with. God forbid you have to evict someone and they go insolvent - you'll never see the money. Even worse, I have relatives who rent property who have had to deal with tenants operating full-out theft operations out of their property, resulting in a fuckin' legal nightmare out of left field.

To put things in perspective, here in DC, there are something like 300+ eviction cases PER DAY. Last time I was in the court doing some pro bono bullshit, the docket sheet was a literal book on the wall. It's like a meat grinder for habitation and all the black people lose every time.

What you need to do, at absolute minimum, to get yourself up to speed:
- Go read every single part of your state's landlord/tenant code. Every. Single. Page. Figure out how broad they construe the implied warranty of habitability, what you can/can't do to evict someone, etc. Figure out what you must provide (for example, in Maine, you have to provide heat in certain circumstances).
- Go read and understand the housing code (or whatever your locality calls its standards for housing). Figure out what type of things a tenant could use to try to get a rent abatement and avoid them like the plague.
- Get yourself some sort of service to do background checks for you. Use it.

There's money to be made, just be careful.

>>1461649
Bateman you are awesome. Always good posts. Ty

Bong here, I am flipping my first house. Got a 90% mortgage on a 150k house which will be worth around 220 when I'm done. Two tenants are currently paying most of the mortgage for me. My salary from my full time job goes into the renovation costs.

The first thing I did was renovate two bedrooms and rent them to two willing acquaintances at half of the market rate. I slept on the floor. Now I am paying much less on my mortgage than I did renting a room in the ghetto, and I will make a big profit when the house is finished.

I spent the preceding six years moving around the country for work and renting. I learned a lot from the different landlords I dealt with and I even took one to court. In bong land you can earn around 7000 a year tax free if you have lodgers. The law is on your side if you are a live-in landlord with lodger - you don't have to abide by HMO regs and you can evict anyone without too much fuss.

I have done all of the work myself - rewiring, plumbing, the lot. I even fitted my own boiler. I am completely self taught with help from the internet, youtube and friends. Spent about £7000 so far, earned £3000 from rent and will make around £50k to £70k tax free profit when I sell. Can't wait to find the next one and do it again.

biggerpockets podcast will teach you more than tens of thousands of dollars on guru crap / books.

>>1461649
Jeez, I'm almost embarrassed to say that I wasn't aware that so much was going on there. I mean I've heard that you need to get the right tenants and you can't just anticipate they'll always pay on time and never break anything... It's not a perfect world. I had NO idea how much they can fuck you...

>>1459869

How can you blanket statement every city in the US ?

Whites are flocking to Austin TX and gentrification is full effect. Believe it or not, every city isn't Detroit.