Somewhat related; A couple years ago, I decomissioned chemical mfg plant in a farming community. There was a local store where we went to get food, drinks and snacks. Across the street were very old, small clapboard houses full of farm workers. The store owner said that the houses were rented to illegals working in the fields on a weekly basis. Usually about 10 men per small house, each paying $200/month. The owner of the houses was netting about $2,000 per month.
I could probably squeeze 30 renters like that into my house and maybe make $6,000 per month.
Which is exactly what was being done. An illegal or some greedy opportunist anglo would gobble up a $600,000 house, get a subprime loan with no money down and teaser rates, divvy up the rooms and basement, cover the mortgage, and make a couple of thousand bucks profit off the books.
With the slowdown in construction, pressure starting to be applied by localities to this overcrowding, the renters are leaving. The cash flow is gone, and the mortgage balloons are coming due and viola! - the subprime mortgage crises.
You missed your opportunity to make big bucks.
Maybe a couple years ago they were cramped like that. I just seen with my own eyes three nice homes go up built by illegal labor for illegal brick layers. Right behind Texas speedway. Very nice homes among trailers that legal Americans live in.
You could never stand the smell.
And your neighbors would rightfully string you up. :^)
you should report him.
” Usually about 10 men per small house, each paying $200/month. The owner of the houses was netting about $2,000 per month.”
That would be gross,
not net.