TheRichSolutionsBlog

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i’m looking to get into the real estate business. Not as a flipper but looking for properties that can be turned into duplexes (acording to local zoning) then rented and held for long periods of time. i want to start in my community, but i live in a very very poor city, maybe the poorest city in the us. (median income is $24,000) their is a university thats a long standing institution, but its hard to find real estate around it and the students generally live at home (its a local university, very small) my question is:
1. should i buy a property in a poor city or go looking elsewhere?
2.are poor areas good investments (the majority of the city is poor, good areas have anti-renting zoning)?
3. will i have trouble finding renters?
4.and will they pay?
any advice is greatly appreciated, i’m really new to real estate. thanks

I think you already know the answer to your question. Houses in poor neighborhoods are less money but the people who live there have less income. It all comes down to how much you are willing to gamble with your investment money. If it was a simple decision or a guaranteed money maker then every one would be buying in those neighborhoods.

As a general answer, it’s supply and demand, like anything else.

When a coin is rare, supply is small by definition. This includes situations where a coin may be common in bad condition, but rare in excellent condition. The supply of the nicer coins is small, so they are much more valuable.

On the demand side, popularity has a lot to do with it. For example, US coins in general sell for more than coins of some other countries because there are more people collecting them. A rare coin from some obscure nation might sell for much less than a relatively common US coin, just because few people are interested in it.

Contrary to popular opinion, age has nothing to do with it. There are a lot of 2000-year-old coins that can be had for a few dollars each.

There are a few US coins (e.g. the 1804 silver dollar) that have sold for over a million dollars. The most expensive coin ever sold was the 1933 $20 gold piece for $7.5 million, of which there is only one legally held in private hands.

I am looking for some free coin collecting supplies like cases and gloves or magnifiers and whatnot. Anyone know where i can find some?? Thanks!!!

Look on ebay.com or on amazon.com.
They have nearly everything.

Greetings The Freak

Does anyone know of movies that have something about coin collecting in them? Just curious.
Thank you!

Dennis the Menace (with Walter Matthau)
Throw Momma from the Train
American Buffalo
MacGuffin
Drag Me to Hell

I decided to collect 2007 coins because that was the year my role model came into my life. And I only have 1 dime with a 2007 on it. but I can work my way up. I get change all the time. But i didn’t even
think of going through the change to find a 2007 coin.

Might I suggest you get a copy of "A Guide Book of United States Coins", also known as the Red Book. This is a standard reference for anybody who wants to collect US coins. If you can not afford to buy one right now you could borrow a copy from your local library. It has a lot of good information in it about many different aspects of the hobby. Consider joining a local coin club or the ANA (money.org). Visit a local coin shop and or go to a coin show. There is a lot of good information available for beginning collectors at all these places.

Collecting from your pocket change is a good way to start building your collection. In fact this is how most long term collectors (including myself) get started in the hobby. As for the year 2007. You should not have too much trouble collecting all the coins from that year from your daily change. A little bit of patience and perseverance will get you there. You should have a penney, nickel, dime, all 5 state quarters and all 4 of the presidential dollars (these you may have to get at a bank as they do not circulate very much). If you want to get ambitious you can get both the Philadelphia and Denver versions of each coin also (read the Red Book so you can tell the difference).

The key is to have fun and maybe it will become a lifetime hobby for you.

How much of an increase will my home owners insurance be to insure an investment property verses a primary residence? Thanks.

Your insurance may actually be less as an investment rental property than a primary residence. The big difference is that as a rental you typically need little if any personal property coverage — the tenant should be covering their property under a renter’s policy.

Regardless of the terms of the lease, don’t let the insurance agent tell you that you don’t need liability coverage. If there’s a slip and fall or other incidence at the property, typically the injured person will look to the owner of the house.

My family and another family share joint ownership of two apartment fourplexes. Both properties have recently been paid off. Now we want to split ownership so that one family owns one fourplex and one family owns the other fourplex. However, the fourplexes were bought at different times and have unequal property tax rates. How can this division be done fairly for both parties involved?
Edit (correction): The properties don’t have unequal property tax rates. Rather, the properties have unequal property tax assessed values.

I presume you are talking about property in the State of California, which is subject to the Prop. 13 rules. The value of the properties has nothing to do with its assessed value for real property taxes. If both properties are in the same city and the same county, you can approach the county assessor, asking if he would be willing to equalize the assessments, since there is really no change of ownership, just a change of vesting. But there is nothing in the law that says he has to do so. In fact he can take the position that you are actually selling one half of one fourplex and buying a half in the other fourplex and the other family is on the opposite end of the transaction on both properties. In that case the assessment on both properties will increase.

Update Edit: If the 2 properties have different tax rates then it is a dead issue and you cannot change the assessments. But as you said they are both the same (say the fourplexes are close to each other, in the same city, school district, etc., etc.) then I would contact the county assessor and he can tell you definitively what is and what is not possible under state law. The difference in assessed values are caused by the differences in property values as of the date of aquisition (say you bought the first one for $60,000, but a few years later paid $120,000 for the identical model), which forms the basis for the Base Value Assessment under Prop. 13, which then can be increased a maximum of 2% per year for inflation (if applicable). Good luck.

P.s. I am going to approach our county assessor with this query and see what he would do.

What really want to know is now that I have used some keywords….How many ass spammers will answer this question with their crappy adverts?

Hahaha. After that, would you pick mine as the best answer? =))

Who is more likely to solve the horrible oil spill? Some Washington DC bureaucrats, or some inventive Americans who could strike it rich with innovative solutions to the horrible oil spill?

I’ve not heard it suggested yet that we use government bureaucrats to plug the hole, but that’s not a bad idea.