I am now, but only for 2 houses.

Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from 110k
to 165k) and average monthly rent is projected to be about 1350/month(8 of the 14 currently have tenants).

If I do this I'm going to need a property manager I know.....someone to go bang on doors and make sure the rent gets in every month if you know what I mean lol. Because that sure as hell isn't me.

Outside of that, it sounds like a decent idea.

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Check for reputable companies in the area.

Emphasis on "reputable".

Mike

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michael anderson <[email protected]> wrote:

I am now, but only for 2 houses.

Thinking about buying a package of 14 properties in middle georgia. All
as investment properties to be used as rentals. Current interest rates
are not a concern as I'll just pay cash. Average price of the properties
is about 135k(basically from 110k to 165k) and average monthly rent is projected to be about 1350/month(8 of the 14 currently have tenants).

If I do this I'm going to need a property manager I know.....someone to
go bang on doors and make sure the rent gets in every month if you know
what I mean lol. Because that sure as hell isn't me.

Outside of that, it sounds like a decent idea.

I was a landlord for about five years. So was my wife before I met her It
can be sweet when things go well. Not so much when they don’t. Word to the wise: you think your property manager works for you. Legally he does. But
he has a reputation in the rental market to preserve and no renters know
who you are. Both my and my wife’s managers screwed us by returning
deposits to tenants who did a lot of damage. Mine also screwed me by
quickly signing a tenant to a one year lease when he got wind I was
planning to sell the place, locking in his commissions and fees for an
extra year. That tenant was the worst because they rushed it to beat me
ending my contract and they didn’t do the expected due diligence.

Also consider if you had been owning those 14 properties during the year
plus of Covid eviction moratoriums (which for all practical purposes turned into rent moratoriums). A friend who owned a few units got taken to the cleaners by tenants who just stopped paying during those moratoriums.

Also: besides the above, the toughest thing financially is getting to
deduct your expenses. The IRS considers rental real estate to be a passive activity and that limits your write-offs. To get full write offs you have
to show that you “actively participated”. That’s not as easy as it sounds.
I have a friend whose wife is a full time Realtor who owns a real estate
agency and they manage all their rental properties themselves. I can’t
think of a more classic definition of active participation. But the IRS
audited them and put them through a wringer to prove their active participation. They succeed but it was touch and go for well over a year.

Apparently this has been an area of IRS emphasis for a while. 14 properties will put you more on the radar than my one did. My friends who got audited didn’t even have 10.

--
“I usually skip over your posts because of your disguistng, contrarian, liberal personality.” — Altie

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On 2023-02-04, michael anderson <[email protected]> wrote:

I am now, but only for 2 houses.

Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from 110k

to 165k) and average monthly rent is projected to be about 1350/month(8 of the 14 currently have tenants).

If I do this I'm going to need a property manager I know.....someone to go bang on doors and make sure the rent gets in every month if you know what I mean lol. Because that sure as hell isn't me.

Outside of that, it sounds like a decent idea.

Invest in REITs. You won't pay much more in fees than what it
costs you to hire a decent property manager; a difficult hire to
make, by the way.

If you want to invest in property, consider crowdfunded private
equity for accredited investors. You can get access via sites like
CrowdStreet. You can own pieces of condo developments and apartment
complexes. They can often be lucrative, and they really aren't that
much more risky than operating a bunch of properties with no sweat
equity to push and uncertainty like the COVID moratorium to take
into account.

I'm a landlord in that way. :)

--
An amateur practices until he gets it right. A pro
practices until he can't get it wrong. -- unknown

--- SoupGate-Win32 v1.05
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Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from 110k to

165k)

Time for some number crunching...you have $1.9 million in cash just lying around that you can do this?

--- SoupGate-Win32 v1.05
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On Saturday, February 4, 2023 at 10:00:00 PM UTC-6, The NOTBCS Guy wrote:

Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from 110k

to 165k)

Time for some number crunching...you have $1.9 million in cash just lying around that you can do this?

not in a checking account no of course not. I would hope none of you rsfckers keep that much of your relatively liquid assets in that sort
of thing.

--- SoupGate-Win32 v1.05
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On 2/4/2023 6:49 PM, michael anderson wrote:

I am now, but only for 2 houses.

Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from 110k

to 165k) and average monthly rent is projected to be about 1350/month(8 of the 14 currently have tenants).

If I do this I'm going to need a property manager I know.....someone to go bang on doors and make sure the rent gets in every month if you know what I mean lol. Because that sure as hell isn't me.

Outside of that, it sounds like a decent idea.

Should be a wonderful source of aggravation. Georgia probably is a
little light on tenant rights so you won't have to spend six months
trying to evict them. You might do better in Alabama where you can keep
an eye on things.

--
"In theory, there is no difference between theory and practice. In
practice, there is." Ruben Goldberg

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)

Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from

110k to 165k)

Time for some number crunching...you have $1.9 million in cash just lying around that you can do this?

not in a checking account no of course not. I would hope none of you rsfckers keep that much of your relatively liquid assets in that sort
of thing.

Well, not in a checking, or even lowbrow savings, account (I'm not exactly poor in terms of what I have in mutual funds, or my 401(k), at the moment - and everyone laughed at me when I went in heavy on GE at 7 in the bubble burst of 2008 or so), but just
having 1.9M in easily liquifiable money you can afford to risk on something like this.

--- SoupGate-Win32 v1.05
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On Sunday, February 5, 2023 at 12:56:40 AM UTC-6, RoddyMcCorley wrote:

On 2/4/2023 6:49 PM, michael anderson wrote:

I am now, but only for 2 houses.

Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from 110k

to 165k) and average monthly rent is projected to be about 1350/month(8 of the 14 currently have tenants).

If I do this I'm going to need a property manager I know.....someone to go bang on doors and make sure the rent gets in every month if you know what I mean lol. Because that sure as hell isn't me.

Outside of that, it sounds like a decent idea.

Should be a wonderful source of aggravation. Georgia probably is a
little light on tenant rights so you won't have to spend six months
trying to evict them. You might do better in Alabama where you can keep
an eye on things.

--
"In theory, there is no difference between theory and practice. In
practice, there is." Ruben Goldberg

well the good thing is a lot of these are already into section 8 setup and I'm told that paperwork can be switched over fairly easily. And with section 8 most(about 75% on average) of the rent is going to be guaranteed by the govt. But yeah, I do want
that other 25% too lol....

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On Sunday, February 5, 2023 at 2:13:05 PM UTC-6, The NOTBCS Guy wrote:

Thinking about buying a package of 14 properties in middle georgia. All as investment properties to be used as rentals. Current interest rates are not a concern as I'll just pay cash. Average price of the properties is about 135k(basically from

110k to 165k)

Time for some number crunching...you have $1.9 million in cash just lying around that you can do this?

not in a checking account no of course not. I would hope none of you rsfckers keep that much of your relatively liquid assets in that sort
of thing.

Well, not in a checking, or even lowbrow savings, account (I'm not exactly poor in terms of what I have in mutual funds, or my 401(k), at the moment - and everyone laughed at me when I went in heavy on GE at 7 in the bubble burst of 2008 or so), but

just having 1.9M in easily liquifiable money you can afford to risk on something like this.

I mean yeah I'm not a young buck anymore lol. Given the choice though between going back to being 27 and bank account then and current age and bank account now, we'd all pick the former everytime lol. I would anticipate most rsfckers have more than
that in easily liquifiable money. Just the new houses where I live now go for 1.8, and you're not supposed to have more than a third of your worth in a house so I'm pretty sure most people have that. But to buy this that involves things like cashing
out stocks, mutual funds, etc....obviously things like property, retirement accounts, CDs,etc are not liquid, but I consider things like stocks(even if used in a DRIP sense) liquid.

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