50k investment can CLEAR 50k a year

[twixt]

if you live in the BIG old wood framed, 2-3 story house that you fixed up. Borrow 20k from a bank to do this, hire the homeless that rent the rooms from you, to do the paining, carpet peeling, etc, that they can learn how to do, with your supervision. Rewire it, put in air conditioning, and cut those 14 big rooms into 28 smaller rooms, renting out each one for $80 a week or more, Intall, and bolt down/weld a small frig, microwave,tV set, and desktop computer, and you will have a WAITING list of people who want to rent from you. 28x $320 a month is 100k a year. i\

If you don't want to live there, you will have to let your "manager" live there for free. Get a couple who is retired military, SS, etc, and you won't have to pay them more than 5-10k a year, on top of the free rent, it depends upon what part of the country you live in. Y0u will have BIG bills for insurance, repairs, electricity, gas, etc, but you will clear at least 40k a year, if you don't live there and manage it yourself.

Such buildings can be had in many, many cities, and "variances' can be arranged with the city fathers, if their ordnances preclude such "code violations. If not, move to the next city, it wiill work anywhere that there's a large,( several thousand) popluation of homeless people and bad weather. They panhandle, sell dope and blood plasma, get VA disability,SS, sell their bodies, etc, and COME UP with the money to get in out of the heat, cold, rain, wind, bugs, cops and punks. Some of them can, at least, enough to make you plenty of money. There's no money at all in renting out homes that hold only 1-2 families. The only way to make REAL money is to have LOTS of rooms to rent.

 

[Vice]

Why do people come on here with these foolish plans and never mention anything about actually FOLLOWING THROUGH with their own bullsh*t ideas?

1. Hiring unliscenced individuals to perform building maintenance is foolish. It will cost much more than $20k in materials alone to do what you described.

2. Rewiring and hooking up A/C in every room in at 28 room house will be cost prohibitive if done correctly, (upgrading the circuit breakers to handle the increased load, ductwork, permits, labor) which I doubt by your rambles will be performed anyway. You will also need to install sufficient bathrooms for all of those units.

3. No insurance company will insure this kind of clusterf*ck.

4. This can be construed as a hotel by the law, and you can be held accountable for all sorts of sh*t.

5. Your clients aren't exactly the ideal people to surround yourself with. You run the risk of being held liable for theft, loss of life, damage/loss to property, and drugs when you have these kinds of people in your property.

6. What a nightmare of paperwork. You do realize that you have to retain applications for your rooms for a period of three years under the fair housing act?

You are a fool. Enough with the theory, tell us something you HAVE DONE.

 

[OzyBoy]

Sounfs like a bad idea to me. Very foolish indeed.