Ways to tell you are in the ghetto

[Utilit99 4,099]

10 minutes ago, bostonlager said:

Nothing focks up a nice neighborhood quicker than section 8 housing. That sh1t program should be outlawed. 

I got into a section 8 apartment once. It was this little complex in the middle of a really well to do highly populated suburb. Somewhere around 120,00 just in that city. I was making less at the time of the required income to get in. Rent was cheap as can be. I started making a lot more money after I moved in so it was nice to pay next to nothing on my apartment and living in a decent area. 

Management was complete shlt. Maintenance was complete shlt. What a ghetto that turned out to be. But it was awesome for me as all I had to do was turn a corner to get away from it. I didn't care at that time so it was nice.

But why have a section 8 at all if you are going to have a governmental structure managing it? It doesn't take that much. 

[peenie 1,690]

2 hours ago, vuduchile said:

My former BIL and I flipped a few of them.  We bought them for pennies on the dollar due to delinquent property taxes, fixed them up and sold them   

How do you buy them? How did you learn to fix them up? Can I do this? Do I need a lot of savings or can I get a loan? I was told I couldn't get that sort of loan without showing I have experience renovating a house. There are homes in Georgia selling for nearly nothing but they're in horrible shape. The thing is, I've seen guys come in and fix up these homes in months and make them look fabulous, to the eye anyway. Did you buy with cash?

 

[vuduchile 1,941]

4 minutes ago, peenie said:

How do you buy them? How did you learn to fix them up? Can I do this? Do I need a lot of savings or can I get a loan? I was told I couldn't get that sort of loan without showing I have experience renovating a house. There are homes in Georgia selling for nearly nothing but they're in horrible shape. The thing is, I've seen guys come in and fix up these homes in months and make them look fabulous, to the eye anyway. Did you buy with cash?

 

I'm not an expert on financing for investment properties.  There are ways to do it, but it's not easy.  We used our FIL's cash and split the profits 3 ways. 

Renovating can also be tricky unless you're handy and have done similar work.  The best properties to buy are those without foundation, roofing, electrical, plumbing or hvac problems.  Finding those isn't easy.  

[peenie 1,690]

1 hour ago, vuduchile said:

I'm not an expert on financing for investment properties.  There are ways to do it, but it's not easy.  We used our FIL's cash and split the profits 3 ways. 

Renovating can also be tricky unless you're handy and have done similar work.  The best properties to buy are those without foundation, roofing, electrical, plumbing or hvac problems.  Finding those isn't easy.  

Oh...yes, I guess I'll just have to purchase outright. Thank for the info!!

[Strike 3,969]

5 hours ago, peenie said:

YES! Actually, this is something I never understood! Like...how y'all poor and yet you live in a house?? Aaannnd, it's never cold? Like, why are you shooting each other? I have no understanding of how and why people in California consider themselves poor. I never understood it, still don't understand it.

Whitey owns all the houses, and just rents them out to the darker folk.

[peenie 1,690]

3 hours ago, Strike said:

Whitey owns all the houses, and just rents them out to the darker folk.

Still...it's a house. Not a tiny little apartment with nailed shut windows and fifty million people all living in a cramped space and you have no heat in the winter. At least if your heat gets cut off you're still warm in California. 

[RLLD 3,455]

10 minutes ago, peenie said:

Still...it's a house. Not a tiny little apartment with nailed shut windows and fifty million people all living in a cramped space and you have no heat in the winter. At least if your heat gets cut off you're still warm in California. 

Perhaps, but it gets rather chilly even down near LA at times and at night, just saying....

[Strike 3,969]

4 hours ago, peenie said:

Still...it's a house. Not a tiny little apartment with nailed shut windows and fifty million people all living in a cramped space and you have no heat in the winter. At least if your heat gets cut off you're still warm in California. 

Those houses are like 800 SQ ft.