Nonsense Thread

[LowR3V'in]

compton is pretty chill it's not like san andreas anymore. long time ago

[ThatM20Guy]

I live one block east of Troost (google it)

LoL I live over in Leawood and if anything is east of Troost it is automatically considered ghetto to basically 95% of us. That being said I don't have many ghetto areas to compare it to besides northeast KC.

[Stanley Rockafella]

Yeah, I saw way too many 90s gang movies, and listened to waaayy too much rap from that time based in Compton. I'd still like to go tho


Hey, we should all plan an e30 park meet in Compton sometime! that would be awesome! (or scary, I'm still unsure on the idea)

[MR E30 325is]

My neighborhood in KC is making similar progress.

Based on the comparable sale research I have done, my house has appreciated ~30% in a little over 2 years.

For those of you that don't know KC, I live one block east of Troost (google it), which is essentially the dividing line between 'the hood' and everything else. On Saturday night I heard ~25 gunshots that were fired between two rival cars within a block or two of my house - it was STUPID FUCKING LOUD, woke us up out of a dead sleep (first such occurrence since I've been there), but I have heard shots in the distance before.

That said, the neighborhood as a whole is on the upswing and I'm making money on my house everyday.

So my two cents says buy a house near "the hood" and play it long, especially in rapidly growing areas like LA where housing is scarce and expensive.

KC is THE place for Out of State investors (mainly from Cali) to buy income producing real estate. That alone is a major contributor to the upward value of your home. Investors are going to find the best "deals" right at that borderline street between nice and ghetto. Slowly but surely renovated and maintained homes will spread.

Excellent for home values, as you have discovered for yourself!

[Joe G]

KC is THE place for Out of State investors (mainly from Cali) to buy income producing real estate. That alone is a major contributor to the upward value of your home. Investors are going to find the best "deals" right at that borderline street between nice and ghetto. Slowly but surely renovated and maintained homes will spread.

Excellent for home values, as you have discovered for yourself!

Exactly! Tons of money coming into KC from Cali and even more from Denver/CO.

I'm torn between selling next fall and taking my 30-40% and renting from afar. The latter would likely be a PITA, but I feel like if I don't rent, I'm leaving money on the table. Decisions, decisions.

[supermansocks95]

Well, I'm finally closing on the house today. Was supposed to last week, but they were dragging ass on getting painting and other outside stuff done(RD loan regulations). Called Cox to transfer service. I was paying $76 a month for 50mb with contour. Now going to be paying the same for 300mb. I'm a pretty happy camper right now.

[supermansocks95]

Exactly! Tons of money coming into KC from Cali and even more from Denver/CO.

I'm torn between selling next fall and taking my 30-40% and renting from afar. The latter would likely be a PITA, but I feel like if I don't rent, I'm leaving money on the table. Decisions, decisions.

Yeah, it might be a pain in the ass, but that's money right there. One thing that sucks is you'll basically always have to call a service instead of doing it yourself. But, communicate from afar, have a friend or family member show the place or pay someone to do it, have a bank account that they can deposit to and that you can access online to still do mortgage payments(if it isn't paid off).

Over here, rent on the place I'm buying would be like 1100-1300 a month easily. My payment will be 750. As long as your systems are in good condition and you have some extra for major repairs, you can make good money off of it.

[MR E30 325is]

Exactly! Tons of money coming into KC from Cali and even more from Denver/CO.

I'm torn between selling next fall and taking my 30-40% and renting from afar. The latter would likely be a PITA, but I feel like if I don't rent, I'm leaving money on the table. Decisions, decisions.

Find someone local you can trust, completely, to manage your property before you bounce to the west coast.

If you can't build a solid relationship with someone, sell the fucker off and use that money for an M5!

I just read a story about an OOS from Cali who bought a SFR in KC. He saw the property once, bought it, and turned it over to a management company. Property manager put a tenant in right away and everything was dandy. He was cashflowing about 150 a month, feeling like he was living large.

Turnover came, and the make ready costs after 1 year of tenancy was 3600 dollars! His property manager dropped the ball, failed to complete regular inspections, hired out the work to his contractor buddies, etc. That measly 150 dollars a month was obliterated. For 2 years!

This story is all too common for OOS investors.

Now, you do have principal paydown, depreciation, etc. to take into account, but that isn't the tangible money in your hand that can improve your life in the moment.

Long term buy and hold REI is becoming a new, hot trend (behind flipping and wholesaling), though few understand it well enough and have the intestinal fortitude to truly make it work long term.

Simply having a spread between PITI and rent is not enough. Especially if it is only 2-300 dollars, and especially if you don't self manage.

[supermansocks95]

Find someone local you can trust, completely, to manage your property before you bounce to the west coast.

If you can't build a solid relationship with someone, sell the fucker off and use that money for an M5!

I just read a story about an OOS from Cali who bought a SFR in KC. He saw the property once, bought it, and turned it over to a management company. Property manager put a tenant in right away and everything was dandy. He was cashflowing about 150 a month, feeling like he was living large.

Turnover came, and the make ready costs after 1 year of tenancy was 3600 dollars! His property manager dropped the ball, failed to complete regular inspections, hired out the work to his contractor buddies, etc. That measly 150 dollars a month was obliterated. For 2 years!

This story is all too common for OOS investors.

Now, you do have principal paydown, depreciation, etc. to take into account, but that isn't the tangible money in your hand that can improve your life in the moment.

Long term buy and hold REI is becoming a new, hot trend (behind flipping and wholesaling), though few understand it well enough and have the intestinal fortitude to truly make it work long term.

Simply having a spread between PITI and rent is not enough. Especially if it is only 2-300 dollars, and especially if you don't self manage.

Listen to this dude. I don't know know shit lol.

[Joe G]

Find someone local you can trust, completely, to manage your property before you bounce to the west coast.

If you can't build a solid relationship with someone, sell the fucker off and use that money for an M5!

I just read a story about an OOS from Cali who bought a SFR in KC. He saw the property once, bought it, and turned it over to a management company. Property manager put a tenant in right away and everything was dandy. He was cashflowing about 150 a month, feeling like he was living large.

Turnover came, and the make ready costs after 1 year of tenancy was 3600 dollars! His property manager dropped the ball, failed to complete regular inspections, hired out the work to his contractor buddies, etc. That measly 150 dollars a month was obliterated. For 2 years!

This story is all too common for OOS investors.

Now, you do have principal paydown, depreciation, etc. to take into account, but that isn't the tangible money in your hand that can improve your life in the moment.

Long term buy and hold REI is becoming a new, hot trend (behind flipping and wholesaling), though few understand it well enough and have the intestinal fortitude to truly make it work long term.

Simply having a spread between PITI and rent is not enough. Especially if it is only 2-300 dollars, and especially if you don't self manage.

And that's just the thing, I don't know that I will make enough in rental income to make it worthwhile. Based on the research I've done, I'd be making ~$400/month not accounting for a management company. So let's say $250/month, which would mean $3k/year in rental income, which isn't bad and should cover most of the turnover cost or smaller maintenance items...but again, is the headache worth it? I could make $3k/year driving for uber for an hour a day after work. That said, I would be making $3k/year + any appreciation on the property.

So is it really worth it? I think this will be a game time decision once I get closer to moving. If the KC market remains a strong sellers market, like it has been for the past 24-36 months, then I will sell. If I start to see some cooling, then maybe it's time to rent?

More to come on that. For now, I'm just smitten with my equity and am forever tempted to sell the place and buy something with three pedals and tire melting abilities.

[supermansocks95]

buy something with three pedals and tire melting abilities.

E30's can melt tires ;D






If you burnout against a wall...

[MR E30 325is]

And that's just the thing, I don't know that I will make enough in rental income to make it worthwhile. Based on the research I've done, I'd be making ~$400/month not accounting for a management company. So let's say $250/month, which would mean $3k/year in rental income, which isn't bad and should cover most of the turnover cost or smaller maintenance items...but again, is the headache worth it? I could make $3k/year driving for uber for an hour a day after work. That said, I would be making $3k/year + any appreciation on the property.

So is it really worth it? I think this will be a game time decision once I get closer to moving. If the KC market remains a strong sellers market, like it has been for the past 24-36 months, then I will sell. If I start to see some cooling, then maybe it's time to rent?

More to come on that. For now, I'm just smitten with my equity and am forever tempted to sell the place and buy something with three pedals and tire melting abilities.

Unless you have developed a relationship with someone you can trust completely, sell the house, no matter what the market looks like.

Nothing will make you pull your hair out faster than finding out the property manager is charging you 150 dollars for a handyman to go to your house and fix some menial thing that you could have easily done yourself for free! Or charging you 65 dollars to swap out a furnace filter. All of a sudden this thing that is supposed to be putting money in your pocket is suddenly taking money out! And it could be flowing out for trivial things, not massive things like the roof or the heater.

There's a generally accepted mentality with this buy and hold rental thing.

Unless you can get to 10 properties quickly, don't bother.

Without being able to capitalize on the economies of scale, quickly, it isn't worth the headache for the out of state real estate owner. If you were staying local, I'd tell you to keep it. But moving many, many states away? No thanks.

[LowR3V'in]

so do you guys have the oem control arms on ur e30?

[ThatOneEuroE30]

Trying to find a new shop to rent mine i getting too crowded and I can afford being on my own now but its turning out to be a difficult process. Hard to find anything.

[ThatOneEuroE30]

As long as i don’t get snipped some how. Which i doubt i will cause its in a small town no one would think to rent it and its be available for a while. Im going to be signing a lease on this shop.

1000sf and has a bathroom and good lighting. Only asking 500 a month plus utilities







Perfect amount of space for me and my cars and be able to work comfortably. Will have my two projects in the back a lift in the middle with work benches and tools and my two drivers up front I’m stoked to move in.