al audi
Banned
- 29,810
- 4,562
- Joined
- Jun 18, 2009
Dope
Looking forward to finished product
Looking forward to finished product
- 3,516
- 1,191
- Joined
- Dec 19, 2011
- 14,953
- 4,208
- Joined
- May 26, 2003
A full on farm? That's one thing.
Now avocado farms, on the other hand...
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.
al audi
Banned
- 29,810
- 4,562
- Joined
- Jun 18, 2009
random as hell, these books have god reviews...........
politics aside.............
politics aside.............
- 8,131
- 618
- Joined
- Sep 1, 2007
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.
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.
Last edited:
- 4,758
- 1,409
- Joined
- Nov 6, 2012
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 "
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 "
Last edited:
- 4,566
- 5,310
- Joined
- Jul 29, 2012
I'm looking to get a out-of-state turnkey rental property in a couple months. Leaning towards Memphis
- 147
- 87
- Joined
- Oct 1, 2015
What type of rental property... unless you are getting it for free... will generate $5k net monthly?
Last edited:
- 22,235
- 10,972
- Joined
- Feb 10, 2003
Multiunit fixer upper
- 147
- 87
- Joined
- Oct 1, 2015
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.
- 1,563
- 1,828
- Joined
- Jul 27, 2012
I'm pretty sure he wants to own more than 1 rental in order to generate $5k a month.
- 3,223
- 2,309
- Joined
- Mar 27, 2005
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.
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.
- 3,223
- 2,309
- Joined
- Mar 27, 2005
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.
- 147
- 87
- Joined
- Oct 1, 2015
My thoughts exactly. But he was expecting it from one property which would be hard to do.
Last edited:
- 4,900
- 1,145
- Joined
- Apr 12, 2011
He said the portfolio would generate 5k not the property
- 147
- 87
- Joined
- Oct 1, 2015
Definitely read that one wrong.
- 2,631
- 218
- Joined
- Mar 31, 2006
Just wondering, why would someone want to give up a place where they're making 200% profit ?
- 4,900
- 1,145
- Joined
- Apr 12, 2011
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.
Last edited:
- 2,631
- 218
- Joined
- Mar 31, 2006
Good stuff, these companies usually want all cash?
- 4,900
- 1,145
- Joined
- Apr 12, 2011
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"
Last edited:
- 2,631
- 218
- Joined
- Mar 31, 2006
Looks like a win win for everyone. Good luck with that chico.
- 4,758
- 1,409
- Joined
- Nov 6, 2012
Chico spot on again. Being realistic you want to aim for $200/mo in profit per unit. So, yes he can net 5K/mo in rental income some BP members net 20K-50K/mo , you just have to work your way up. My goal is 50 units by time I am 30, I have about 7 years to accomplish this.
Chico how do you like the BP pro membership? I pretty much put all of my RE stuff on hold for now , so I still haven't signed up for it.
Side note: loving this thread now, lets keep the RE talk/knowledge flowing
Last edited:
- 3,223
- 2,309
- Joined
- Mar 27, 2005
dam itz lou
Slicknick is exactly right. Turnkey companies acquire, renovate, and produce cash flowing properties for investors who want somewhere to park their cash. Typically they want investors with cash therefore no lending needed. They'll take care of repairs and find tenants for your units and they'll send you a check every month.Me personally, I'd pay a little extra and have all the work done for me instead of buying a fixer upper and doing all the work myself. Like I said, it's best to have cash flow from the get go. That is until you have better connects and GC's to fix them up.
Last edited:
- 9,832
- 3,228
- Joined
- Jan 22, 2015
- 2,631
- 218
- Joined
- Mar 31, 2006
When you have a regular job and do real estate on the side are you able to deduct the amount you invested from your income ?
For example, Let's say you make a $100K a year from your regular job. You buy a duplex for $50K. You made $12K profit in rent. You're down $38K in year one. Now what ?
For example, Let's say you make a $100K a year from your regular job. You buy a duplex for $50K. You made $12K profit in rent. You're down $38K in year one. Now what ?
