Floyd Simms : How to Become a Millionaire Buying and Renting Properties in tha Hood
Comments
Why does this sound scripted?
how do u start with no money
I applaud, the young man for his energetic solid work effort and the audacity to dream... respectfully I disagree with a number of his recommendations.... I would not encourage a 1st time investments in the hood nor owning more than a 20% of your portfolio in underdeveloped areas
1. Don't own homes in 1 corporate names; own them in land trust.... it's about asset protection 2. Although I owned many of my places without mortgages... it's not always possible nor is it practical. more importantly most ( professionals look at Trump) real investors use " other people's money" (too much detail to write about here ) 3.. with respect to Floyd ; here me well! Part of the African American problem is ( as they say " balling) the misuse of financial resources... that car he is driving speaks volumes! redefine your needs and wants and resist the temptation to show off.. 4. Problems with the hood and investments: A. Your end users ( buyers and tenant) are usually very limited... resources,( banks redline still) ,and crime is higher( the crime thing is unpredictable) B.section 8 isn't what it use to be.... do your research on the Trends in the government with that program C. Any time you use a car, a boat, or a home excessively it wears sooner... section 8 tenants tend not to work ,send more time in the home (and wear & tear to home is ultimately an expense to the owner... D. The homes aren't appreciating at the same rate as other neighborhoods ... your greatest gain is in its appreciation!
My recommendations
Focus on the correct purchase... analysis carefully the neighborhood ( speak with brokers, neighbors, city planning, and crimes reports) and don't over improve during the rehabilitation process....
Manage your projects.... !!!!!! Determine your exit strategy, and stick to it Educate yourself to the value of money and time Note : the way you spell contractors... the first 3 letters is "con" Develop a team and keep it moving when they show signs of slipping.... Protect your investment, insurance, security, and with the so called real estate professionals Keep track of the market and be ready to sell when the timing is best....
Don't over spend!!!!
do u have a e-mail address where I can contact you
The cover of dat book doe
Great vid. When you say $8-9k purchase price, are you refering to Detroit or? Thank you.
how can I buy the book?
Brother, I am all for your success, but this video comes off as an admonishment to take advantage of low-income Americans and Blacks in the same manner that criminals who live in low-income areas are accustomed to doing. I get that you are trying to promote your book along with the efficacy of the section 8 housing program, but do we really need to glorify the gangsters and the immigrants, that all own business in our communities, while doing it? To put up housing for low income residents is really more of an act of economic humanity and charity than some fantastic business opportunity . Should'nt this be done more out of human decency than merely for profit mongering?
Haha the music is awesome :))) Love it!
Just because you see a black man doing excellent and so many whites sliding food stamp cards don't be calling us out our name . We are who made you read the good book hair of wool.
This is real, I have been doing this for over 7years, I owned 18 single family homes and a 8 unit apartment unit all in the Hood, all was bought with CASH. there is an upside and a down side, and I did this in FLINT MI. look it up flint is rough, scrap was up, copper was up and iron was up, so when some one moved out, you better get in there before the scrap man. but I made a lot of cash holding properties, I am now buying, flipping and still renting in Flint, as a licensed Real-Estate agent. I just step up my Game.
The Best Video on Getting Rich through PROPERTIES on youtube.
Great advice.
You talking about 8-9 thousand wheres the money on marketing and rehab? Lol thats 50,000 cash
Just bought book yahoo
Destimated??? What the fuck?
+SW20FL Columbus Ohio
9k per property... Where is this?
Also, how much more is the hassle dealing with tenants in the hood VS tenants in regular to nice areas? I've been seeing properties with great Cap rates, but they're all in the projects.