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Rental Income Podcast With Dan Lane

The Good And Bad Of Buying Cheap Rentals With Evan Polaski (Ep 488)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.9805 Ratings

🗓️ 24 September 2024

⏱️ 27 minutes

🧾️ Download transcript

Summary

Evan started investing in cheap properties that he rented to Section 8 tenants.

On this episode, we take a realistic look at investing in these low-cost and high-return properties.

Evan shares the good and the bad of Section 8.

He discusses his most significant expense and why assigning a percentage to the budget for expenses doesn't work.

We also compare his experience owning cheap rentals with his experience owning more expensive rentals.

https://rentalincomepodcast.com/episode488

Transcript

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0:00.0

inspiring interviews with today's top landlords this is the rental income podcast and now dan lane

0:09.6

Evan there's a lot of little things you got to get right when you're buying a rental property

0:13.4

what do you think is one of the biggest mistakes people make a common one that I see is if

0:19.5

you're underwriting a low-end property, a lower-income area,

0:25.9

to the same assumptions as a higher-end area, you're destined to lose money or at least not make as much as you thought you would.

0:35.1

Evan started out buying rental properties that were really cheap and on paper we're

0:39.8

supposed to make them a lot of money.

0:41.7

But Evan ended up selling off those properties.

0:44.8

So on the show today, we're going to see if we can figure out what happened.

0:48.2

We'll talk about his experience with Section 8.

0:51.2

We'll see what some of his biggest expenses were.

0:53.6

We'll take a look at one of his

0:55.0

deals. And we'll see what he's buying today. Joining us on the show from Cincinnati is Evan Polanski.

1:02.0

We'll take a really quick break to thank our sponsors. We'll come right back and we'll talk to

1:07.1

Evan. It's a lot of work to find a really good rental property, and when you actually

1:11.0

find that property, you want to make sure you're working with a lender that can get that

1:15.0

loan closed. The lender that I recommend is Chaley Ridge from Ridge Lending Group. She's a nationwide

1:21.8

lender, and her specialty is helping investors finance rental properties. She has a ton of loan programs and she can find

1:29.2

something customized to you for your situation. If you want to find out more or you're ready to get

1:34.8

started today, just go to ridgelendinggroup.com. That's R-I-D-G-E lending group.com. NMLS 42056.

1:44.2

When it comes to hiring, the best way to search for a candidate isn't to search at all.

1:48.6

Don't search match with Indeed. Indeed is your matching in hiring platform with over 350 million global monthly visitors according to Indeed data and matching technology that helps you find quality candidates fast.

...

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