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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Clarifications and more data... Posted by Alfred, SoCal on February 18, 2010 at 8:12 PM In Reply to: Re: Poll: Best city to own small multi-family unit or a few SFRs? posted by dond on February 18, 2010 at 4:12 PM Thanks for the feedback. Interesting opinion coming from a property manager. I know that is the general consensus, although I've owned SFRs in Las Vegas and Phoenix for 10 years and did very well with the property managers I hired in both locations. Worth the cost to have most everything taken care of. I kept my oversight in also. I can't have properties close to me and they have to be property managed because I move around a lot. Next year will be traveling the country full time in a motorhome. And plan on living in different locations in the US over the next decade (I go where the business opportunities are). The solution I'm considering to enable me to have out of state properties again is Ward's Dingbat Plan (see column to the left if you aren't aware of it)... put retirees in the houses or 4plex units and then I'd have stable tenants that wouldn't go anywhere so no turnovers to deal with (Sec 8 would be a good feature that locks them in too.) Ward says it works great for him. He averages a turnover every 14 years! He says most all of his tenants only leave "feet first". Now that you have this addtional data, any other feedback? If you had to own some rentals in another state/city, where would you pick? Thanx, Alfred ==================== Ward's dingbat plan, so far as I know, only works for single family houses and condos. We are allowed to discriminate on the basis of age (i.e., rent only to older people) only for sfr's. If you buy a 4-plex you are required to obey all of the non-discrimination laws, including age discrimination. As for your question about "best cities", Southern California looks better than it has for years. Retail values are down by 50-60%, as you know, and rents have dropped only a little. I think it is possible to find sfr's and condos that make at least a little sense as rentals. Ventura, for instance, has a neighborhood called "the avenue", after Ventura Avenue. That area has a lot of the little 1920 - 1930 houses that might fit Ward's criteria. I haven't paid much attention to that neighborhood because I want to flip, not buy and hold. dond Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Thanks for the feedback. Interesting opinion coming from a property manager. I know that is the general consensus, although I've owned SFRs in Las Vegas and Phoenix for 10 years and did very well with the property managers I hired in both locations. Worth the cost to have most everything taken care of. I kept my oversight in also. : I can't have properties close to me and they have to be property managed because I move around a lot. Next year will be traveling the country full time in a motorhome. And plan on living in different locations in the US over the next decade (I go where the business opportunities are). : The solution I'm considering to enable me to have out of state properties again is Ward's Dingbat Plan (see column to the left if you aren't aware of it)... put retirees in the houses or 4plex units and then I'd have stable tenants that wouldn't go anywhere so no turnovers to deal with (Sec 8 would be a good feature that locks them in too.) Ward says it works great for him. He averages a turnover every 14 years! He says most all of his tenants only leave "feet first". : Now that you have this addtional data, any other feedback? : If you had to own some rentals in another state/city, where would you pick? : Thanx, : Alfred : ==================== : : Ward's dingbat plan, so far as I know, only works for single family houses and condos. We are allowed to discriminate on the basis of age (i.e., rent only to older people) only for sfr's. : : If you buy a 4-plex you are required to obey all of the non-discrimination laws, including age discrimination. : : As for your question about "best cities", Southern California looks better than it has for years. Retail values are down by 50-60%, as you know, and rents have dropped only a little. I think it is possible to : find sfr's and condos that make at least a little sense as rentals. : : Ventura, for instance, has a neighborhood called "the avenue", after Ventura Avenue. That area has a lot of the little 1920 - 1930 houses that might fit Ward's criteria. I haven't paid much attention to that neighborhood because I want to flip, not buy and hold. : : dond [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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