The Super Official Homeowners Thread

[WRXtranceformed]

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

That's basically spot on.  The other way to do it is to buy or own land near active pipelines or natural gas drilling areas.  There are a few landowners near my wife's family in WV who paid the power company to run hookups into their fields and they rent out "spaces" to guys working in the oil and gas fields.  They're basically makeshift mobile home parks. The best part is they don't own the trailers or have to do any maintenance, the workers pull in their own campers / trailers and are probably getting a housing stipend from their companies.  Her grandfather said the guy next to them gets between $1500-2000 a month for each space. The last time I was there about a month ago he had probably 15 or 20 trailers on the lot next to his house. 

The obvious downside is when the pipeline is finished or the wells run dry, ain't nobody paying that money to live in a field in Nowheresville, WV.  But I can't blame those guys for hustling and milking it while they can