No, I am more interested in privately holding properties in IN and my hometown in AL.
That one is still a work in progress. Getting very close to pulling the trigger on my first property, though.
One of the more useful books I've come across is:
This is the syllogism they are using.
A) Black people use this social program B) Republicans want to cut this social program
Therefore, Republicans want to cut social programs because Black people use them.
So if you want to cut welfare you hate black people. If you point out that the large majority of people who use welfare in America are not black, so why you hear, "DIBRPORITONALLHY BLACK." These people have no idea what a proportion is or what it should mean. Ask someone, "What is the proper proportion that something should be of another thing?" They have no idea and can't unpack it.
Bonus points, if instead of talking about disproportionate black people they instead say "people of color" you can ask them how they got so racist that they would use an old-timey racist phrase like "colored people" AND lump in all races into one group as if Cubans, and Italians, and Arabs and Indians and African Americans and Koreans are all the same, have no special identity that matters to them and their only feature is not being white. Sounds like a white supremacist talking point, doesn't it?
Edit: People should actually just read this book instead of launching misinformed and unrelated arguments against what I said. It turns out the professional academic goes into a little more detail and cites extensive sources, unlike my exceedingly brief reddit comment. Literally, go read a book. It's very short, because half of it is citations.
Bigger pockets has a good podcast on remote rentals by David Greene:
They recommended his book here:
https://smile.amazon.com/gp/product/0997584750/ref=ox_sc_act_title_2?smid=ATVPDKIKX0DER&psc=1
I'm investigating this as well because I live in a very high CoL area. There's not a ton of meat in the podcast, but the general statement from him was that if you have a good team, it doesn't really matter where you buy because you're not the one that's supposed to be doing the work and going to the house anyway.
> How could this problem have been avoided?
There is an excellent book on various historical solutions to these problems.
This book answers all your questions:
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties
https://www.amazon.com/dp/0997584750/ref=cm_sw_r_cp_apa_i_gDcoFbEEC2104
Also listen to the podcast which promotes the book: https://www.biggerpockets.com/blog/biggerpockets-podcast-257-how-to-become-long-distance-real-estate-investor-david-greene
Check out long distance real estate investing by David Greene. Same author as Buy, Rehab, Rent, Refinance, Repeat.
He breaks down the approach
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties https://www.amazon.com/dp/0997584750/ref=cm_sw_r_cp_api_glt_fabc_61AFYVBV2FD90Y9Z5QY0
Absolutely, I always tell people to begin with self educating yourself on how real estate investing works. Check out the following book: The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit, 2) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glt_fabc_GZD29097867Z00TEHX4V
Landlording by Leigh Robinson. Excellent and no-nonsense. Contains a lot of sample forms, checklists, and concepts you can use immediately.
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Years ago I used to recommend the "BiggerPockets" stuff but honestly the signal-to-noise ratio there has gone way down - now there's a lot of "motivational" type content packed into their articles and podcasts and that honestly turns me off. I might be in the minority but content that's marketed as "educational" but spends a good deal of time on "motivating the reader / listener" always bothers me.
Highly recommend this:
The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit (2)) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glc_fabc_wh0aGbYXAW3F0
It's an interesting subject.
One factor is that the black population tends to be younger, which has an impact.
Thomas Sowell went into this in more depth in his book, "Discrimination and Disparities."
The book changed my perspective, which had previously been that our institutions were riddled with so much racial bias and corruption as to be almost useless, to something more tempered.
There's definitely discrimination at play. But for a real, more permanent, more effective, and faster solution, we will need to look deeper. But there are other factors that may make it appear worse than it is. And these factors should inform the solution.
For instance, banks owned by blacks are actually less likely to make loans to black borrowers, and that's the case in both single-factor and multi-factor analysis.
The point is, to win the fight against racism, not fight people or companies that simply happen to look racist, when, in fact, they may be applying policies that have nothing to do with racism.
Because the situation is not always as it seems at first glance.
Send me a message if you'd like to talk about this, because my family and I have been discussing it, back and forth, for some time.
Discrimination and Disparities https://www.amazon.com/dp/1541645634/ref=cm_sw_r_cp_api_i_4kCuFb699QVY1
Her entire argument is trashed by a much more intelligent man than her. Thomas Sowell is the boss when it comes to these topics.
Quote him and watch them call him a racist. Then drop a picture of him. 😂
I have a team out there. A GC, an agent, and a fellow investor (who has basically stopped scaling). I vetted them and met them in person. I've usually got a good read on people and I determined I could trust them pretty far. Still, I cross check what they say with each other and I get pictures of work being done.
David Greene has a book about this process. https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
There don’t seem to be any serious responses so far so I’ll take a stab at it. I’m certainly not any kind of authority but my wife and I own 5 rental properties across two states. As always the key is to buy it right going into it and research the hell out of your numbers. You should budget for repairs, capex, professional management, know your vacancy rate and how to budget for it, you should insure it expecting a hurricane and keep a lower deductible. If you can do that and the numbers still show a large enough profit then you might be successful.
I would avoid buying in 100% secondary markets (vacation only/tourism markets). Personally I would look at areas near the beach but also near a military base or larger city just to avoid a fall out. In a recession the secondary markets are the first to suffer. Also you need enough industry to support the rent.
I’m personally looking in Ft Walton beach. Close to Destin and Panama City but has two bases close so I can minimize off season vacancies. Ultimately I want to do a 2-4 unit property with less than 6 month leases and vacation rent it over the summer, at least with one of the units. That’s my plan anyway but it’s unproven.
I recommend BiggerPockets podcast, and all the books and for this situation I’d recommend this book.
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties https://www.amazon.com/dp/0997584750/ref=cm_sw_r_cp_api_sYYLBbQPZR546
> I can see why people are angry but I don't know what the alternative
I do: remove arbitrary, non-technical height limits and, where relevant, parking minimums, per The Rent is Too Damn High.
If you want to decrease prices, there are two ways: decrease demand or increase supply. The former seems unlikely in NYC over the short to medium term.
Zo simpel is het niet. Je kunt de betaalde huur niet vergelijken met de hypotheeklasten. In dit goede boek wordt dat alles uitgelegd: https://www.amazon.com/Wealthy-Renter-Choose-Housing-That/dp/145973646X
Sowieso kun je waarschijnlijk in de huidige markt veel meer huis krijgen voor 1500 aan huur, dan voor 1500 aan hypotheek laat staan totale lasten…
I owned a house. OWNED it (i.e., no mortgage). Regular maintenance was a lot of work, and unexpected surprises (roof, appliances, furnaces etc.) costly. I sold, and my cost to rent is now less than my average monthly maintenance cost (including property taxes, utilities, insurance etc), AND the ROI from the proceeds of the sale more than cover my rent. Been doing it for about 7 years, plan on doing it the rest of my life. The Wealthy Renter is a great resource that really opened my eyes and saw what a waste of money owning and tying up all my capital was.
> por que quando os primeiros colonos chegavam em algum lugar técnicamente não existia estado apenas colonos no local [...] Então técnicamente era sim uma terra sei lei até um certo período da história
E vc presume que só pq n tem estado n tem lei? Não é uma opinião minha, é um fato
Lê esse livro aq sobre o assunto
While I certainly didn't have time to read all of that (you didn't either...wokes rarely do) I did read enough to see that there were very little actual disparities in the few I was able to read. I agree that there's a 5-10% cost of racism and we should work toward getting rid of that. But CRT posits that everything is racist and must be changed. That would be bad for everyone, including black people.
As a counter, I offer https://www.amazon.com/Discrimination-Disparities-Thomas-Sowell/dp/1541645634
I'm also a big fan of John McWhorter https://www.nytimes.com/2021/11/09/opinion/critical-race-theory.html?searchResultPosition=3
As a mediocre American, you are about as unqualified to speak on either of these topics as a human being could possibly be.
Awesome I wish you the best.
In the meantime I highly recommend you check out this book. The Wealthy Renter This book has helped me speed up my FIRE journey. It’s from a Canadian perspective but can totally be applied to the USA (I’m assuming you live in the USA)
There’s nothing wrong with buying a place you can afford. You might be surprised how much money you could save renting in the long term. Cheers!
Read this book The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit, 2) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glt_i_ER4CHTD5VXF1QZ12ZPFA
Also appreciation > cash flow in long run
This is a good one The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit, 2) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glt_i_BKXCJ48PN1579FRDMZXC
Book links were not sent for you to counter in a reply. They were provided in case you, or anyone reading this, would like to go deeper into the topic/data. Our back in forth communication with links to articles is a good starting point to try and dig into what reality is but a book with years, or a lifetime of research, is much more effective/useful. Unfortunately the media does a great job of manipulating data and swaying popular opinion with misleading headlines and biased/misleading articles to push a grand narratives and make money. Books are the most useful antidote. Again, if anyone is interested, what I consider the two most important book links are below.
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Thomas Sowell should be a house hold name. Man is a genius. Discrimination and Disparities by Thomas Sowell...
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Data, data and more data. Facing Reality by Charles Murray...
In the African slave trade (lets say approx. 1500s-1800s), there were potentially as many as 1-1.5 million white, European enslaved laborers taken to Africa (source: Sowell's Discrimination and Disparities) - most of this occurred before and just as the North American Slave Trade was starting. Now this number, despite being high, is still significantly smaller than the 10-14 million African enslaved laborers brought to North America.
And that number pales in comparison to the estimated 40 million humans currently living in enslaved conditions with ~71% are women used in some form of human/sex trafficking.
TLDR; slavery was and continues to be rampant.
Ah ok, that makes sense, thanks
TIL the word Nimbyism. I remember that being touched on in The Rent Is Too Damn High. That what would help is just putting dense condos in highly desirable areas. But locals push back on it, and every city has lots of dumb restrictions on building height
https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X is a good book and in the Canadian market. I'm not going to buy anything on these prices, it's much cheaper and less risky to rent. Even having the money.
Hate to break it to you but Elinor Ostrom got a Nobel prize in economics for solving this tragedy. Governing the Commons
There's pros and cons of each.
Personally I think the biggest factor is actually not a financial one, but rather what type of lifestyle you want.
Renting offers more flexibility, less headache of dealing with potentially costly issues, money not tied up in real estate.
Owning offers the free of having your own place to do what you want (though somewhat limited if you live in strata), equity, some degree of ensuring your cost of living doesn't go up as much (like rent), etc.
I'm more of a pro owning guy, like most of PFC, but there are arguments to be made on both sides. Many do choose to be lifelong renters by choice. See this book: https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X
I don’t have time for all of this but
> Let's take a look at the tragedy of the commons example
The tragedy of the commons was never scientific. It’s a hypothetical thought experiment that gained way too much traction. Here is a good tldr blog piece about it.
https://blogs.scientificamerican.com/voices/the-tragedy-of-the-tragedy-of-the-commons/
Here is something meatier if you’re into that.
http://www.amazon.com/Governing-Commons-Evolution-Institutions-Collective/dp/0521405998
The tragedy of the commons is hypothetical supposition that private ownership over land is superior because the owners would have an interest in maintaining it. Turns out collectively owned land has the same interests, and is actually resilient against degradation since many people have a say in how it’s used rather than one person who can run it ragged for the money. Land degradation is absolutely a thing and is of concern, but collective ownership—something uncommon under a capitalist market economy—is better according to the current scientific evidence we have on the topic.
There are many examples of communities having access to common resources and collectively using these resources ecologically, Elinor Ostrum just won a Nobel prize in economics for talking about them at length.
https://www.amazon.com/Governing-Commons-Evolution-Institutions-Collective/dp/0521405998
The tragedy of the commons is hilarious because people use it to say that resources given to collectives will be used without respect to the natural environment or their long term use, only short term gains will be thought of.
That's what Capitalism is, we are living through complete global ecological disaster, because of Capitalism, not Socialism.