07-08-2019, 08:09 PM
I'm convinced the only way to make money in residential real estate is to be a slum lord. Just ask this guy in Dallas. Owned over 300 homes and was collecting $180k a month in rent. But his tenants were living in squalor - holes in floors all the way to the ground, exposed wiring, etc. Rent was cheap - under $500 a month but the poor people living in his houses couldn't afford anything else and they had no leverage for him to make repairs.
Once the city of Dallas started cracking down this guy had the brilliant idea of selling the houses to his tenants and he would finance the mortgage with extremely biased terms. This then put the responsibility of bringing the home to code on the new owners who could never afford it. Absolute scumbag.
https://www.npr.org/2017/12/18/558625656...rnment-aid
Once the city of Dallas started cracking down this guy had the brilliant idea of selling the houses to his tenants and he would finance the mortgage with extremely biased terms. This then put the responsibility of bringing the home to code on the new owners who could never afford it. Absolute scumbag.
https://www.npr.org/2017/12/18/558625656...rnment-aid
2019 Accord Sport 2.0 A/T
2012 Civic Si - Sold
2012 Civic Si - Sold