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Ignoring the logical fallacies the author makes, one thing jumped out at me. He's not buying the average home in South Bend. If he's only paying $180/year in pr
by greedo 9y ago
Ignoring the logical fallacies the author makes, one thing jumped out at me. He's not buying the average home in South Bend. If he's only paying $180/year in property tax, the assessed value of his average home is around $9K. A quick look at Google shows the median price (from Zillow, so a grain of salt is recommended) of $65K. If he and his brother are buying up $9K homes, his average mortgage is under $50/month. I'm sure that he's doing the socially responsible job of only charging his tenants just a little over his full costs...
- lazerpants 9y agoKeep in mind, this piece is based on an older one. Looks like it dates to 2010. He probably bought up mediocre places during the end of the housing bubble for very little money.
- notadoc 9y agoYou can easily manage to find great cap rates in much of the midwest and south, and parts of the NE.