Rental Property thread:Good, Bad, & Ugly

Poitier

Poitier

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.r. said:
Last week, five Baltimore City Councilors called on the city to revive the $1 home program from the 1980s designed to rehabilitate long-vacant properties. This proposal contrasts with a nearly $700 million state and city effort to demolish and replace 4,000 such buildings.

Unfortunately, Baltimore has a great many empty buildings. The city’s population peaked at nearly 950,000 in 1950 and has declined each decade since then, falling to about 615,000 people in 2016. This population decline contributed to over 16,000 vacant buildings. Aside from being an eyesore, these vacant and deteriorating buildings may also attract incidents of violent crime.

In the face of this seeming intractable problem, the nearly $700 million investment to rid the city of many vacant properties might appear to be a godsend. Announced in January 2016, the four-year Project CORE (Creating Opportunities for Renewal and Enterprise) has nearly $100 million to demolish entire rows of buildings and leave lots that are “clean and green” according to the project FAQ. Further, the state has promised $600 million in incentives and subsidies from existing programs to spur new development. Not everyone is happy.

Preservation Maryland and Baltimore Heritage are urging the city to seek alternatives to widespread demolition. The two organizations call for stabilizing historic vacant properties through new investments in the city’s Vacants to Value program, which seeks to redevelop city-owned vacant properties, and earmarking money for that purpose under Project CORE. Reviving the $1 home scheme may also be a good place to start.

Councilor Mary Pat Clarke’s revived the idea this past August and the Housing and Urban Affairs Committee held a hearing last Wednesday to discuss her resolution. Clarke’s proposal comes with the backing of H.O.M.E.S. a Baltimore-based community advocacy organization focused on rehabilitating rather than destroying many of the city’s vacant properties. (H.O.M.E.S. stands for Homeownership Opportunity for Mentorship and Economic Success.) The group says under the original scheme, prospective owners would purchase the building for $1 and commit to living in and repairing it.

The estimated cost to restore the properties was as a high as $100,000, so the city made low-interest loans available to new owners. With a one percent interest rate, Clarke’s resolution notes that new homeowners could pay as little as $300 per month to repay the loan. With the same terms in the 1980s, H.O.M.E.S. says no new owner defaulted on their loans. During the hearing, representatives from Mayor Pugh’s administration were less optimistic about the program. They said the federal funding available in the past is gone today, and that more comprehensive block-wide proposals are needed this time.


Baltimore may sell homes for $1 instead of demolishing them
Click to expand...

@BrokePhiBroke something for you to track.
 
KENNY DA COOKER

KENNY DA COOKER

HARD ON HOES is not a word it's a LIFESTYLE
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Cynic said:
You aren't subject to comps in commercial RE... only the income the building generates a valuation

Plus it's longer term contracts and if you get triple net lease tenants :whoo:

Honestly I'd rather deal with business owners and manufacturers than residential tenants
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Yeah me too....

My residential tenant just broke the lease last month only 3 mths into her contact..

With no warning ....

Fukk azz Byatch :pacspit:

And left a nasty blue stain on my carpet
:noah:

Now I'm gonna have to go up on my deposit and rent for the next tenant

Someone always gotta fukk it up for everyone else
 
Cynic

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THE RETIRED SKJ said:
Yeah me too....

My residential tenant just broke the lease last month only 3 mths into her contact..

With no warning ....

Fukk azz Byatch :pacspit:

And left a nasty blue stain on my carpet
:noah:

Now I'm gonna have to go up on my deposit and rent for the next tenant

Someone always gotta fukk it up for everyone else
Click to expand...
We had similar problems and here's how we resolved it.

We got our A1 best tenants and threw them a party to invite their friends
I'm talking the ones who never complain, always pay rent on time etc

We even paid them a small commission or installed new stuff for the referral.
Birds of the same feather do flock together so our occupancy dropped and the
quality of tenants always remained high.

Best part was teaming up with home builder/agents/wedding planners when they
wanted to move on. We'd get a cut of all that thereby maximizing the value of the
property as an asset.

The irony is sometimes we'd get these tenants to buy from stressed out residential landlords :wow:
 
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