저자: Brandon/출연Kevin-소속미상 · 외국인
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오하이오 중부 저가 주택(약 9,800달러) 투자 현장을 둘러보며 지붕 곰팡이, 체납세, 세입자 관리 문제, 무단 점유(스쿼터) 위험 등 저가 부동산의 리스크를 설명. 지역 전문가 지식의 중요성과 저가 임대 수익(월 약 600달러)을 강조. 자산 가격 자체의 1~3개월 방향 예측 발언은 없고, 장기적으로 지역 가격이 크게 떨어지기 어렵다는 취지의 견해만 있음.
다듬은 글
is that risk of becoming worthless this sounds like the wild Midwest it is it's great everyone always wants to know about the pros and cons of buying cheap houses so I flew to central Ohio to understand cheap houses in person hey everyone it's me Kevin here the feels-like temperature is 14 right now in Ohio and I am here to meet up with Brandon from the channel investment joy and he's about to show me this $9,800 house that one of your colleagues bought yes well my buddy Sean there is a bag in the sink you'll see the bag in here in a second and the bag was moving and the first thing this is this is my life as a landlord the first thing that I thought of was there's a mobile meth lab in there like a shake and bake deal and it was it was it was fizzing because that can't happen I thought oh crap and then that's when I had my phone off for three seconds of the master I'm down I mean like I'm looking at this right away and the first thing I'm thinking is not a shake and what a shake and bake or Mouse I'm freaking out of it I have never seen a roof like this yeah this roof is praat as an original it's probably built in around 1900 so it's a hundred and nineteen years old right now this roof that's the original roof that's original 10 roof it's like an almost partially seamless roof and that's what they did in Ohio my grandma has one of these roofs this has been improperly maintained my grandma's roof has been properly maintained they go on and they coat it with this really thick paint her roofs original from like 1870 on her house Wow and you end up building layer upon layer of paint it'll last forever I mean is this like when they say they don't build them like they used to and now they built 20-year roof in my opinion well if you do asphalt shingles here in Ohio we actually have a mold that will eat the shingles alive and it you have to get your house power washing your roof POW or wash it every so often it's a shingle eating mold yes we have a shingle eating mold and we have a brick eating mold that will actually eat the mortar out of a lot of these older houses and then they just start disintegrate no way and what else like this this is a what is this a typical like two and one yeah this is a 2-1 with a typical house like this be affected by both of those things I mean it doesn't have shingles design fuels but it could be a victim by the mold we actually had a downtown building have a partial collapse because the mortar had completely disintegrated mortar eating bacteria mold yeah yeah it's insane it's very common for folks in pricier areas to want to invest out of the area and this is clearly an indicator here that local knowledge is extremely important because if you're not aware of things like this it can cost you thousands this is a sub ten thousand dollar house now this is not indicative of every deal that you would do in this area this is a homerun deal if this was in really good shape meaning these wood floors in here they're wood painted if you would restore them or you would do something appropriate with them central air things like that this is probably in a good shape 65 maybe 75,000 Wow and this is picked up for 10 K now filling back taxes yes there were tack taxes it I think was nine thousand eight hundred dollars plus twelve hundred bucks and back taxes I've also found it's pretty common with these cheap houses to have a significant amount of back taxes owed to the city though I hear these could be negotiable make sure to ask your local professional about your options we have this problem and it's a much more of a problem in Ohio than it is somewhere in like California these older people they get these homes they think they can take care of them and they run into a situation where the house starts falling apart do they just buy these older houses cheap and then they they think they think they're capable of fixing them up which it does take some effort so an elderly person might buy this thinking oh well I can just do a little bit of this that or whatever they move into it and then end up coming back on the market yes but the major cost here is going to be six K for the roof so if you have a person that body's like no no it's not bad at open because it looks like a whole lot worse than six K yeah but the person that would have this would have thought well I'll have the money someday that someday never came and they cannot afford to fix the roof and now we're running into a problem you can start seeing a little bit of cracks and like that on the roof even see moisture intrusion and there's moisture intrusion the plaster on the ceiling is starting to bubble off a pointer so this roof has maybe here to left and it has life left they're getting to this point where this house is at risk of becoming worthless and I could take you over town and I could show you dozens of locations where a house currently sits or it has been tore down where it only took three to four years of water infiltration from the ceiling from the roof it's how full of mold it is not salvageable and you end up with squatters you end up I've seen I actually had a deal it's the only time that someone threatened to kill me they took one of these houses and they set up a trap house in there and now to find that yeah like I was like booby trap like from The Mummy you know a trap house is where somebody's dealing heroin out of it and then they just turn it into a drug house and they start having parties there and they start selling heroin and things like that so what happened in this situation it was what yes they squatting them so the city came through and the local electric utility company they came and they removed all the utilities from the street running to the house and I went outside on my rehab looking and there's extension cords plugged inside my house so I start tugging on them and here someone went through the effort of burying extension cords I start pulling this extension cord up and it leads me to the trap house I said please don't do this again this guy comes out screaming and yelling I'm gonna gut you like a pig and you can hear these women and this other guy in the house where our electric go where's the TV where's the TV where the poor to go how many felonies have we reracked up here that's insane guy is hopped up I mean screaming yelling I'm gonna get you I'm gonna get you you know it would be bad he said if I came through and I broke out every single window in this house wouldn't be bad if you came back and all your windows were broken out with a rocker someone shot him out and I'm sitting there with four other guys and this guy's just going on and on and on and I said well good thing I got insurance yeah I said and I said you know if you're going to break all the windows you might as well burn the house - yeah this is a house I got on the lease option for $1,250 that was your option payment yeah okay so what is that one now did you fix it up yeah we fixed it up you said you left it vacant for a month which yeah I love to hate to say it but I cringe when I hear that because for me a vacant house cost me $150 a day yeah so I left it vacant for at least a month maybe a couple months and what was it like four grand for me yeah I waited for the house to be raided and the police did finally come wait why not my house oh the back oh you didn't want to do work on yours yet until the basically criminals next door we're gone I love my construction crew it's clear to me that you have three options you either are willing to deal with this on a regular basis you find someone like Brandon who's willing to deal with it for you or consider investing in pricier areas that might come with a little bit less work this is this is what I deal with on a pretty regular basis this one isn't nearly as bad so what's the average price of the house here well 6070 yes said this one would sell for 65 to 75 and these on the street they're all sixty to seventy five of them yeah and there's been two or three that are very similar to this if they were post-rehab they sell for 75 day 75k what is his rent for if you'll get if you rented it out he could get six hundred a month off of it now I always like to make a distinction between flipping vacation rentals turnkey real estate and renting out property long-term in my real estate investing course I teach you methods for all of these strategies but the most important premise is always buy quality products below market value you can't go wrong buying properties below market value in today's dollars where you guaranteed instant equity to learn more consider using coupon code Brandon 24 and a check out the courses down below you'll get 24 percent off because I know you're not flipping you're renting I'm running you're looking at me you're very similar to I am in that case where you're buying these properties fixing money renting them I own probably 20 houses okay in my portfolio that are very similar to this deal I was actually going through the one I bought a house was built in 1890 and it it it's in my opinion it's better than this house I paid 22 for it now sometimes another problem with less expensive real estate is the very real risk that the value of the real estate ends up going to zero as a town potentially becomes deserted I'm just concerned that you know what what happens if in an area like this in the Rust Belt more jobs leave and and you instead of having like a stagnant population like Cincinnati you start seeing declines yeah I mean it's definitely a risk but the thing is in my opinion that's why I like lower priced rentals and lower lower you know these cheaper properties is there's a the bottom for these kinds of places isn't much lower than it already is even when you go back to the 80s and you look at minimum prices when every employer was lost when we lost all the steel jobs everything was gone here in central Ohio the prices didn't change that bad I mean yeah there were some neighborhoods that became more zones but for the most part it wasn't that bad okay so so what you're saying is you look back to like the 80s and home prices rent prices everything like things aren't lower now than they were then you don't think things are gonna go lower they can't go lower because III toe I mentioned to you in one of our conversations about the lady that I've learned to remember 7th landlord yes and she's been there since 79 her rent price on that place back in 79 was 200 bucks a month today it's 420 504 prices haven't changed that much or what are your concerns now regarding the existing market do you see a recession coming I I think that we'll see some cool off and I think that a cool off is good yeah we've got people spending just crazy amounts right now then we discovered a basement neither of us knew about housing or repeat that on expensive housing or what yes oh my gosh there's a basement oh gosh is that normal here you didn't you didn't even know there was base no I did pay any attention to it online that's scary I hope nobody's Lemon down there so this is a root cellar so when this house was built around 1900 you would take the vegetables like your potatoes like your carrots and things like that and you would store them down here and it would act as a primitive refrigerator in the early 1800s this down here would stay in almost constant 55 degrees all year long knob-and-tube yeah it's likely been abated look at these splices though very dirty words in real estate and especially here and we've run into multiple houses with knob-and-tube in the basement and whatnot and we try to avoid it at all costs but just it's just so labor-intensive to do oh yeah it's still a good buy if somebody will come in and maintain it properly this is where you have to ask yourself is it worth the work or why are you doing this I mean it's not truly anything to super write home about but it's also not bad it's mostly it's it's fully fenced now one question you always ask when you're touring real estate how is the neighborhood the local professionals will know oh it's not there it's really not terrible not great I mean you have to collect rent with a gun no okay I don't feel that need on any of my rentals on any of them now I don't need to know don't need to carry it okay you emphasize I need that I also you do I do there's the scary neighborhoods in smaller rural areas of Ohio are a lot less scary than some of the worst neighborhoods up in Columbus like hilltop and Linden not two not two down not to dig it some of the neighborhoods too bad but yeah a buddy of mine watch LaShawn the guys bought this house he was robbed in hilltop back for the second year real estate one of his buddies engineered a robbery at gunpoint because he knew that Shawn was picking up rent the 1st of the month and he said hey you want to come up to my neighborhood and spins hangout we haven't seen each other since high school and Shawn got robbed for $3500 now by this point I might have been missing the point and I asked why is it that you do this him and I are both at a point we're starting to try and just do fun projects it's not passion project yeah passion projects it's not always about making the big bucks ASAP ok you know if we can delay payments over a couple years or whatever it might be it might be worthwhile this is where I think Brandon astutely picked up on some of them I can and so for very wisely compared this property to the Detroit tours I've done do you feel more confident in this house than you did in your 12,000 Detroit house oh my gosh yeah that Dellwood Detroit and just the amount of fires over there do you don't get that as much here oh no no I mean we have insurance jobs every so often I'll indirect jobs yeah people burn them down for insurance money yeah that happens I mean I've seen a few of those I know I suspect a real estate broker have doing a couple of them on his rose back to the house itself I wanted to compare what Brennan might do in terms of renovations compared to what I might do so we checked out the bathroom it's not too bad of a bathroom either in my opinion I mean it's not a it's not California nice but yeah and there's there's some roof damage our ceiling damage in there what now what do you think they would like I mean I could fix this tub off this fiberglass I could put some new hardware on it on the baby painted cabinet but I imagine at this price range you wouldn't even paint the cabinet you would just scroll skirts and light bulbs in it yeah you'd probably replace that light bar up there you might replace the medicine cabinet those are things that I would do is typical but you would leave the vanity I would leave the vanity and I'd hire somebody to come in and recaulk the tub and like polish it yeah polish it up there needs to be some trim around the bathtub there I mean you could do all that stuff for 150 bucks yeah I mean it's gonna provide some value to the new and I might put a door in here I might do that if that's what now when I asked if there were a lot of opportunities around he surprisingly said yes and because there's just not a lot of people out here beating the streets like I said on my video Sean got this cuz he stole and writes letters to sellers every single day he's willing to meet him with a coffee shop and he works hard to get deals and if you could head khun's kind of system eyes and come up with a way to do that I mean I think you can kind of rule the world if you so desire so there's no shortage of opportunities in other words and if you want the cash flow here's maybe the way to get that cash flow now another thing that can drive values are jobs what about jobs in this area and they are now manufacturing from my understanding the vast majority of toilet paper papered begins paper towels in central Ohio and selling them nationwide so what is this up you I see this for this plant they manufacture paper that's a company called pixel oh that is another paper okay it's but it's white paper it's like notebook paper not toilet paper I it's a let's go around the side over here they manufacture notebook paper over here so nine thousand eight hundred dollars plus the twelve hundred plus ten he's into it for about 21 K on something like this yep so if somebody had $21,000 and then a connection like Sean you know maybe they through Sean a few thousand dollars to help him get the deal or whatever they can have control of a property like this I should close the door they should you know they would own real estate here in central Ohio and they'd be cash flowing you know okay well the rent review but six hundred now you need a manager yes what's the manager in a charge seven bucks a month it depends on the manager that quality management I think right now in central has one of the hardest things to find I have people call me all the time okay so that's an issue though if there's like an infrastructural problems there's a huge infrastructure problem with quality management if you can set up your own quality management team there's just I think unlimited potential in Ohio you know this has really been a testament to how useful it is to have a local professional who also invests in real estate heck maybe we need to get branded into syndicating real estate so it's actually unless you find somebody like you it would be kind of difficult for somebody like me to invest here from California because I'm gonna have trouble getting managers getting vendors getting people to do the work yeah and I think that the real estate management aspect is gonna be the hardest everything else is a little bit easier to find a quality construction crew contractor things like that I mean it sounds like you're almost not so much getting paid rent value you're more getting paid just headache payment for managing the tenant no renovation finding the deal because if I find a deal that's five hundred thousand dollars I sit up and it's worth you know seven that's great to me like that's a lot of big money fast you'd have to do a lot of those deals here or have a lot of cash flow for a long time to get a hundred grand you might have to do ten ten of Ohio BLS equal one cow which means you're gonna have to be there locally grinding hustling okay and that's that's probably the biggest issue that out-of-state investors face in Ohio I've met a couple people that have bought tons of properties up in Cleveland and Cleveland looks great and I have a lot of people say why haven't you moved to Cleveland but and I say cuz I don't like it but what's your baseball bat rule we got to share that the slugger rule you won't invest anywhere you can yeah yeah yeah I only invest in areas where I can easily show up on my tenants porch or a contactors porch or anybody with a baseball bat aka the 30-minute rule in the real estate investing course okay everybody needs to look this up furio's first job on YouTube that's an okay right up the alley we're in fan I have never had to do that but I've kind of mentioned it as I'm walking through a place talking to Shane contractor I'm worried about shady I'm like yeah you know I like living where I can show up on somebody's baseball bat on somebody's porch at 2:00 a.m.
with a baseball bat my hands not that I want to do that to you but I'd like to know the fact that I know where you live and they'll have the kind of freak out what do you mean you know where I live I'm like well you live one two three East Main Street how do you know that Brandon cuz I'm friends with your landlord and he phone me where you live or I'm friends with so-and-so in town and I they probably were you laughs yeah this that's why you don't screw other people in in in Ohio but but when it comes to people from LA now you can say in other words nudge nudge wink wink the Californians get screwed when they invest I've met many management horror stories and then I've also met I talked to one guy I want to say he lives in Israel it has like 150 or 200 rebels up in Cleveland that's kind of cool you're owning all these rentals and you manage them from half a world around and things like that now towards the end we each seem to have our own bottom line here's mine this sounds like the wild Midwest it is it's great and here's Brandon's there's just all this opportunity in the Midwest well folks there you have it the $9,800 house and a little bit of a lesson in terms of what to expect if you're a local investor out-of-area investor Brandon if people want to get in touch with you follow you on Instagram smash that subscribe button on YouTube where can they go do that they can my channels under investment joy just like it sounds on YouTube you can also look me up on instagram at investment joy all one word on even if they do spaces on Instagram but I don't I'm new to Instagram so that's how you can find me and you can get a hold of me directly on either of those platform]
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