Devin Harris - Slum Lord?

[mufansince72]

http://www.jsonline.com/watchdog/wat...376849101.html

[MUfan12]

But I'm sure he lords his slums the right way.

[MayorBeluga]

In all due fairness, the article makes it appear he bought the properties and let his friend run them (further) into the ground.

[DCwarrior]

In all due fairness, the article makes it appear he bought the properties and let his friend run them (further) into the ground.

That doesn't exactly make Harris look better.

[pbiflyer]

Obviously, his tenants tired of living in quality housing.

[MayorBeluga]

That doesn't exactly make Harris look better.

True, but if the article is accurate, then Harris' big problem was failing to supervise the friend who he hired to run the business, not actually being a slumlord.

[Alan Bykowski, "brewcity77"]

If you're buying 60+ properties in these neighborhoods, you know what you're getting into. No one is spending $9,000 or less for high quality rental properties. If Harris didn't know what he was getting into, he's a complete idiot.

[mufansince72]

I am guessing the ROI on those types of properties is pretty high and that you are probably making money by the end of year two. I'm sure the rents are not that high, but even at $500 bucks a month with taxes and insurance you would pay off a $9,000 house very quickly.

[Alan Bykowski, "brewcity77"]

I am guessing the ROI on those types of properties is pretty high and that you are probably making money by the end of year two. I'm sure the rents are not that high, but even at $500 bucks a month with taxes and insurance you would pay off a $9,000 house very quickly.

Yup. And you can get properties significantly cheaper than that on the north side. While driving around at work, I've checked prices on some of the for sale/foreclosure houses and seen them as low as $1,000 - $5,000. The purchase price would be paid off in under a year (of course, as you mention, taxes and insurance) and if you own them for a decade or more, you're looking at serious money. Even if you end up with a fire that totally destroys one, the investment is low enough that you just let the property go and call it a day.

[Markedman]

Harris with typical weak response

The news story today is not only false, but is 100% irresponsible journalism. A shame from my hometown paper. @journalsentinel 1/2

I'm considering all legal remedies at this time.To my friends and fans, you know who I am and how I do things. @journalsentinel 2/2