NikeTalk › NikeTalk Forums › The Lounge › General › Home Buying & Real Estate Thread
New Posts  All Forums:Forum Nav:

Home Buying & Real Estate Thread - Page 64

post #1891 of 2903
Quote:
Originally Posted by aepps20 View Post

I would really appreciate everyone's thoughts. Many of you know about the disaster that was my new house construction experience. My fiancée and I are getting married in May and we've decided to sign a new apartment lease and keep saving money. The entire new construction process was mentally draining and a part of me is still bitter on how everything went down and I need time to go through the home buying process again. I know that interest rates are going up but after narrowly dodging a bullet on the last home I just want to take my time. Do you guys think this is a prudent approach?

4 years ago I was in a similar spot as you.

I didn't buy and kept renting.

That decision cost me at least 40-70K after appreciation and equity I didn't build because I kept renting.

If you are in a hot market I'd buy as fast as possible.
Team Mopar
"Mother warned me that there would be men like you driving cars like that."
Reply
Team Mopar
"Mother warned me that there would be men like you driving cars like that."
Reply
post #1892 of 2903
I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
post #1893 of 2903
Quote:
Originally Posted by Dam itz Lou View Post

I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.

i think its cool to help others

im all for it
post #1894 of 2903
I agree, it restored my faith in humanity a bit.
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
post #1895 of 2903
Quote:
Originally Posted by Dam itz Lou View Post

I agree, it restored my faith in humanity a bit.

yea man, after what I've seen last summer I'm all bout helping others.

ill be doing volunteer work soon also
post #1896 of 2903
Quote:
Originally Posted by Dam itz Lou View Post

I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.

It's all about helping others there's enough knowledge and money to go around for everyone.
post #1897 of 2903
Quote:
Originally Posted by bluntobject50 View Post


Congrats. Where are you located?

I'm in Vegas

Quote:
Originally Posted by Dam itz Lou View Post

Looks like Arizona or Vegas.

I wouldn't give my kid the house for free. I worked my *** off for it. I'd sell it to him at a discount and have him pay me so he doesn't have to pay interest or sell it and give him a good chunk to buy his first home.

Doesn't he inherit the house anyway? why have the money change hands like that and pay all that additional interest to a bank?

post #1898 of 2903
I was speaking hypothetically. I'm 28 with no kids. laugh.gif
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
post #1899 of 2903
Quote:
Originally Posted by Dam itz Lou View Post

I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.

It's a great community of people. Everybody trying to help everybody because at the end of the day, it's all about networking and knowing people to reach that goal of making money/profit. I've met some cool people on there
post #1900 of 2903
Today was the start of my newest project. Here's a pic of the exterior and some of the demo work.





post #1901 of 2903
Dope


Looking forward to finished product
post #1902 of 2903
Quote:
Originally Posted by Al Audi View Post

Quote:
Originally Posted by LuckyLuchiano View Post

Anyone ever purchase rural land for the purpose of commercial farming?

thats hella expensive isn't it?


im all for black farmers Lucky, go for it

A full on farm? That's one thing.

Now avocado farms, on the other hand... nerd.gif
Smooth seas don't make good sailors.
Reply
Smooth seas don't make good sailors.
Reply
post #1903 of 2903
Quote:
Originally Posted by girlslovewaffles View Post

A full on farm? That's one thing.

Now avocado farms, on the other hand... nerd.gif

The Land is cheap in GA at least being that much of the land is farmable, the Infrastructure is another thing. This isn't something I`m looking to do now, but def thinking about it in the future, if not domestically than abroad.
post #1904 of 2903
random as hell, these books have god reviews...........laugh.gif

politics aside............. nerd.gif


post #1905 of 2903
I've been listening to those BP podcasts for the past few days. I'm starting to think more about buying rentals out of state. One, it gives me a reason to travel and make the trips tax deductible. Two, it removes a lot of the personal connection. I'd love to rent places in Hampton, VA where I went to school, Las Vegas because Las Vegas and ATL because ATL. I could rent to college students in all three cities. I could definitely see myself visiting each of these places two to three times per year. I just gotta get the first one.

Does anyone in here have out of state rental property? I also think it will help me reach my goals a little faster. I want to create two portfolios, one for each daughter, that generate $5k monthly, net. I want another generating $20k for my company.
post #1906 of 2903
I like Hampton, that's where my mothers side is from, but I wasn't able to really find anything good to rent to students.

Al, if you are looking for RE books to read go on the show notes of the BP podcast and all of the recommended books from the guest in the fire round will be listed up there.

The show notes are located on the podcast page on BP. The most recommended books are "4 Hour Work Week", "The E-Myth", "Rich Dad Poor Dad", and "Landlording on Autopilot "
post #1907 of 2903

I'm looking to get a out-of-state turnkey rental property in a couple months. Leaning towards Memphis

post #1908 of 2903
Quote:
Originally Posted by AntBanks81 View Post

I've been listening to those BP podcasts for the past few days. I'm starting to think more about buying rentals out of state. One, it gives me a reason to travel and make the trips tax deductible. Two, it removes a lot of the personal connection. I'd love to rent places in Hampton, VA where I went to school, Las Vegas because Las Vegas and ATL because ATL. I could rent to college students in all three cities. I could definitely see myself visiting each of these places two to three times per year. I just gotta get the first one.

Does anyone in here have out of state rental property? I also think it will help me reach my goals a little faster. I want to create two portfolios, one for each daughter, that generate $5k monthly, net. I want another generating $20k for my company.

 What type of rental property... unless you are getting it for free... will generate $5k net monthly?  

post #1909 of 2903
Quote:
Originally Posted by Phillie View Post

Quote:
Originally Posted by AntBanks81 View Post

I've been listening to those BP podcasts for the past few days. I'm starting to think more about buying rentals out of state. One, it gives me a reason to travel and make the trips tax deductible. Two, it removes a lot of the personal connection. I'd love to rent places in Hampton, VA where I went to school, Las Vegas because Las Vegas and ATL because ATL. I could rent to college students in all three cities. I could definitely see myself visiting each of these places two to three times per year. I just gotta get the first one.


Does anyone in here have out of state rental property? I also think it will help me reach my goals a little faster. I want to create two portfolios, one for each daughter, that generate $5k monthly, net. I want another generating $20k for my company.
 What type of rental property... unless you are getting it for free... will generate $5k net monthly?  

Multiunit fixer upper
Team Mopar
"Mother warned me that there would be men like you driving cars like that."
Reply
Team Mopar
"Mother warned me that there would be men like you driving cars like that."
Reply
post #1910 of 2903
Quote:
Originally Posted by SneakerPro View Post


Multiunit fixer upper

 

A multi Unit fixer upper will still not likely generate $5k a month in Net income.  Not after paying for the property and fixing up each unit.  You will not see positive cash flow from this property for a few years.

post #1911 of 2903
Quote:
Originally Posted by Phillie View Post

 What type of rental property... unless you are getting it for free... will generate $5k net monthly?  

I'm pretty sure he wants to own more than 1 rental in order to generate $5k a month.
post #1912 of 2903
Any rental property you acquire must cash flow positive from the get go. If it isn't, get out quick.


A multiunit can and cannot net $5k, depends on if you're leveraged or not. If you have a mortgage, the rule of thumb is to net $200 per unit a month after mortgage and expenses. In that case, you'll need to acquire 25 units.
ISO: Any colorway of Yeezy Boost 350 size 10 in DS condition
Reply
ISO: Any colorway of Yeezy Boost 350 size 10 in DS condition
Reply
post #1913 of 2903
Here is anorher one I'm in the works of acquiring. It is a fully remodeled turnkey and has tenants in place generating cash flow.

ISO: Any colorway of Yeezy Boost 350 size 10 in DS condition
Reply
ISO: Any colorway of Yeezy Boost 350 size 10 in DS condition
Reply
post #1914 of 2903
Quote:
Originally Posted by LiLcHiCo4LiFe View Post

Any rental property you acquire must cash flow positive from the get go. If it isn't, get out quick.


A multiunit can and cannot net $5k, depends on if you're leveraged or not. If you have a mortgage, the rule of thumb is to net $200 per unit a month after mortgage and expenses. In that case, you'll need to acquire 25 units.

 

My thoughts exactly.  But he was expecting it from one property which would be hard to do.

post #1915 of 2903
He said the portfolio would generate 5k not the property
post #1916 of 2903
Quote:
Originally Posted by Slicknick951 View Post

He said the portfolio would generate 5k not the property

 

Definitely read that one wrong.

post #1917 of 2903
Just wondering, why would someone want to give up a place where they're making 200% profit ?
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
post #1918 of 2903
Quote:
Originally Posted by Dam itz Lou View Post

Just wondering, why would someone want to give up a place where they're making 200% profit ?

He is buying from a turnkey company so they likely bought it for 40-50k and put 20k of renovations into it. After they rent it for market rate then sell it to him for 105k and they walk away with the profit. Plus most offer property management so the buyer never has to worry about managing the property and they make 8-12% of the rent .

Everyone makes money and thats why people are willing to share and help each other out. Generally the more people you help the more money you are opening yourself up to make.
post #1919 of 2903
Good stuff, these companies usually want all cash?
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
post #1920 of 2903
Quote:
Originally Posted by Dam itz Lou View Post

Good stuff, these companies usually want all cash?

Im sure you can get a loan. Its all the same to them


Edit- Now that I think about it does anyone know if turnkey companies offer seller financing? Seems like if they have the money to keep buying without getting the large lump sum it would be a great way to generate another avenue of income that would be "market crash proof"
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: General
NikeTalk › NikeTalk Forums › The Lounge › General › Home Buying & Real Estate Thread