Best tenants: church, liquor store, dollar stores and DMV. Find a property with all four and you are golden.
What? Do you honestly think a non-profit church that relies solely on the ties and offerings of its members is a great tenant? OkâŚ
Might be bad karma to evict the church for non-payment of rent.
I DO think that catholic churches have a very good income stream.
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I suppose that is a fair statement about the karma part, but we all know some landlords could care less about who they are evicting. I am just thinking a church (non catholic) wouldnât necessarily be my first choice of an ideal tenant profile.
Long long ago I read some guruâs book. I recall the phrase âKnow your businessâ
What business is McDonaldâs in?
Hint: They are not in the burger business. They are in the Real Estate business. They own prime commercial property all over the world.
I suppose the same could be said about the Catholic Church.They are not renting either. Especially in older countries like Germany where they own lots of land for centuries.
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When I said âchurchâ I meant places of worship in general. Could be any religion at all. They all pull in big bucks and donât need to pay a dime in taxes.
Like liquor stores I have never seen churches gone out of business. The best tenant in the world.
First of all, the Catholic church probably wouldnât need to rent a spot. They already own huge plots of land where they have built massive churches and sure they are deep pocketed. I am speaking to the other lesser deep pocketed denominations that would be in theory renting a spot in a hypothetical commercial property.
Hereâs a 4-plex in Tampa, near University of South Florida.
https://www.redfin.com/FL/Tampa/4608-E-Citrus-Cir-33617/unit-ABCD/home/144907740
Net 36K a year, asking for 375K. So almost 10 cap.
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Be careful of housing in a college areaâŚhigh turnover and high maintenance
but no worry about rent control overall? not good enough reason (for places with rent control)?
per MLS:
Annual Gross Income: $41,100
Annual Net Income: $35,875 (87%!!)
â only $5225 for maintenance, utilities, tax and insurance?
Taxes alone are $2426 per MLS⌠and might be more after you buy it for $375k
I thought in Florida everyone needs expensive hurricane insurance?
How about property management?
Every property I have, it seems that the net income is ~70% of the gross. And thatâs self-managing.
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Typical long distance deal⌠Looks good from farâŚBut far from goodâŚMy Tahoe and Sac deals are betterâŚ
Ha! I have yet to meet a priest who would agree with you⌠As one put it âCatholics are tight wads.â And another said â1/3 of parishioners give nothing, 1/3 drop a dollar in the collection, and the other 1/3 are supporting the rest of you.â
Diocese might be in better shape because donations of property after death tend to be to diocese.
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Does sunnyvale have rent control yet?
No , not yet
I donât have numbers for this claim, but my feeling is that Sunnyvale has fewer of the run-down apartment complexes. Iâm more aware of the mid to high-end complexes. Also, there are lots of townhomes that get rented out. MV has a ton of cheap and run-down apt complexes. Some of the articles said that the apts under rent control have rent for 1BR of $1700 and 2BR is $2400. At those prices, the apartments are not going to be well-maintained.
Nooooo, not in my fav Santa Monica!!!
Santa Monica might turn into Oakland and Richmond some day, even with its wealthy neighbor cities and many good employers around.
It has extremely low homeownership rate 28%. Very high poverty rate 11%. Mostly moderate income older white renters.
Many old white artists renting there. Maybe failed âartistsâ from Hollywood just rent in Santa Monica?. Artists are the most liberal groups of people in the world. If most people are artists, human race might just extinguish due to starvation.
Itâs such a bad city planning to have 72% of the housing as rental housing in Santa Monica. It leaves the city to the dangerous ruins of mob mentality.
Venice beach is a slum. Rents are high, people live in garages. The driveway becomes their outdoor living room