Real Estate General

Yo Zig Forums

Had this thread up last night and was pretty chill - good break from all these coin threads plaguing the catalog

I own over 40 pieces of property - ask me anything.

Attached: Screen Shot 2020-08-10 at 3.56.02 AM.png (663x401, 414.76K)

Any advice for a new realtor?

dont let commission get in the way of making a deal - dont be afraid to lower it here and there.

also focus on social media and networking online - being a sellers agent is always better than being a buyers agent especially since their is a residential real estate shortage

gtfo grandpa

Just read the old thread (>21210961 btw).

I own some rental apartments in a European captial city. I expect our experiences to be very different.

What is your amortization? How many years until you have your initial investment back?
How do you find tenants and how long is your average vacancy?
What help are you paying for and what do you do yourself? Property management? Rental agencies for finding tenants? Contractors or do you fix shit yourself? Lawyers or draft your own contracts? etc.

I'm struggling with most of these aspects. Profits are decent, but are mostly on paper due to appreciation. Actual rental profits are low as fuck, leading to amortization well over 40 years, which kinda sucks. And any help you hire cuts into your profits that much more, making rental RE at times anything but passive income to me. Tenant retention is also a problem - too many people have figured out the system. If you change adresses every 2 years I never make a profit and you get to enjoy nice apartments you can run down without a care.

Also: Any good horror stories? I got grifted *badly* very early on, I'm sure you have some good anecdotes as well.

My good boy score is terrible (sub 640) and I don't make any money on paper because all my money gets paid to my LLC and used on "business expenses" like my "company car" and "corporate apartment" and stuff. I do make pretty good money though and have a steady job.
I don't want to increase my tax exposure by paying myself anything.
Right now it seems like my only option is to save up to buy a property with cash, and then take equity out of it with a HELOC or something. Any other ideas? Can I get some small business loans to buy property or something? I just want a house near a lake I can rent out while I travel.

Hi user thanks for your time two part question:

A.) What was your first RE investment? Wondering where to start
B.) Are your investments primarily in your country of residence?
C.) How gay are you?

Looking to invest in a nice 3 bedroom home in bakersfield california for 250-300k going to be my first and ill use some link for the down payment. The area has good prospects especially within the next decade.

Any suggested reading on real estate to sort of guide me before I take the plunge next year? Or tips when it comes to have a rental management company as I'm in the military and will be renting my property in the mean time.

I cash out all of my properties - if I dont have the money I dont buy it. The only exception to this rule is when i purchase properties on a land contract and make big monthly payments which are usually done within 6 months.

I typically have my return back in less than 3 years. I find tenants on my industrial and commercial properties by putting up huge banners which I buy cheaply online - I find residential tenants by asking my current tenants if they know someone looking for an apartment or asking neighbors of said property.

My only expenses are property taxes, insurance, and some repair costs. I have a good but fucked up team which does renovations pretty affordably

I draft all my own contracts and have many templates already made.

Man i have some crazyyyyy storied hahaha - I will type some in a moment

>being able to afford real estate

Attached: 1589811536831s.jpg (250x223, 6.54K)

yo, you're best bet is a land contract. get in contact with the property owner directly offer them substantial cash down and make them monthly payments over a fixed period of time. If those payments are big and the term is short you might be able to avoid interest all togethor.

Here's an example:

House 300k

>offer 100k down
>pay 25k a year monthly
>5% interest

craigslist is one of the best tools to find properties for sale by owner believe it or not and you can definitely set up a nice deal.

>have over 40 properties
>always cash out the whole amount

Either you are larping or very bad with finance. You should always leverage as much as you can with real estate. it also helps with reducing taxes.

Huh I actually hadn't thought of that. Thank you Based Realtor.
Two more questions for you:

>I don't know dick about buying houses and don't want to get something that it turns out needs crazy repairs. Are there any associations or something that I can hire to give the house a once over and make sure everything is up to snuff?
>Any checklists you should always look for in a house that wouldn't occur to a first time home buyer?

>I typically have my return back in less than 3 years.
Fucking burger markets, I'm very jealous.

>I find residential tenants by asking my current tenants if they know someone looking for an apartment or asking neighbors of said property.
Recently started doing the same. Works well and spares me what I consider one of the worst aspects of owning rental properties.

>I draft all my own contracts and have many templates already made.
Same. Then again I have a law degree, so this is arguably one of the few aspects that overlap with my education. Was quite fun pursuing an eviction without any help from a lawyer though. Spoke with the judge afterwards and she was completely baffled. Said she had never seen anything like it. Goes to show how much of a myth the whole "the law is supposed to be accessible to ordinary citizens" really is, if for basic court proceedings you have to hire lawyers. I can't imagine how bad it must feel - you're already heavily down due to a shithead tenant and then you have to pay a lawyer so they'll drag their feet and cost you even more money? Fuck that.

>Man i have some crazyyyyy storied hahaha
Not surprised in the least. Dealing with tenants offered me a whole new perspective on humanity. You can't imagine the lives some people lead. Met my first honest to god sociopath as well.

I bought my first property for $500 and second for $3000 - granted this was 2012 Detroit (big 3 bailout, city bankrupt, horrible economy, etc) but my niche is abandoned and distressed properties that you have to have vision

Is there any hope for me as a poorfag?

If you had the choice to cash out all your real estate in put them into reits tax free, would you?

I buy most of my properties via auction - you cannot get mortgages on them when you buy them. It is only after you buy them you get mortgages. I'm very cautious about mortgages because the 2008 financial crisis almost ruined my family. I want my structure to be like a pyramid (stable base) instead of being over-leveraged and lose everything.

No, never. My properties preform well and basically manage themselves. Those REITs

haha im not a realtor - drop a contact email below and I can guide you through your first transaction so you dont overpay or get fucked

Of course - its all about timing, location and vision for me. I was a normal dude before I started. Living in the suburbs of Detroit but working in the inner city every weekend. My Dad owned some properties (nothing crazy) and while going into the city I would notice all these abandoned but easily repairable properties off HIGH traffic roads. Thats when I bought up a lot for pennies on the dollar.

Save up some cash, and wait for a good moment to buy a property you can pay off within 3 years. The worse the area, the quicker you can make the return. Just follow traffic count

Sure that makes sense and i'd agree if you only had a few properties, but once you have 40 of them you could easily use the old ones as guarantee and if things crashes like in 2008 your debt ratio is still very low so it doesnt put you at risk.

I've done taxes and general accounting for many clients in a similar position and the best strategy is leveraging, never taking profit from rents (always reinvesting in repairs, which both give value to the property and raise the rents). That way they also delay taxes because they dont have to declare any revenues until they sell.

Thank you very much.

>ask me anything
Why are the democrats propping up Joe Biden against Trump? They aren't even campaigning for him, literally zero door knocking and they are doing everything in their power to not have him debate his opponent.

Bonus question: Why are the democrats pushing so hard for mail in voting after all the proven issues with it? They are even trying to make it so that you don't have to verify the signatures. Seems like there's no way vote counting will be over in a day or even a week, why would they want that?

Attached: 09.png (608x544, 12.04K)

I'm constantly renovating and developing new properties - I have my accountant handle all that for me and I'm very literate in taxes. I went to a top 5 university and majored in economics.

Honestly Joe is an old dude - we havent had a good president since JFK (Truman was my least favorite).

I think they know Joe cannot stand in a debate against Donald. It would be a slaughter. To be honest Joe's best chance would be to pick a very radical opponent such as AOC (i know this sounds crazy), I think he's going to pick Kamala Harris or Gretchen Whitmere (my governor) - if he picks Big Gretch he will lose michigan.

Bonus answer: the dems keep pushing for mail in voting because they want to get young people out during the pandemic but I think that this would make the elections very susceptible to voter fraud on a level never before seen.

Appraiser here. What state and what’s driving rent in your area? Seems like you have a mix of commercial and residential, so I’m curious. I’m in Colorado and builders can’t work fast enough.

Attached: CA39DDF2-4651-4275-A958-CCC0556A59A7.png (640x640, 390.05K)

Alright, if you know already keep at it! Im curious whats your ROI? I'm guessing your area must be pretty good.

Honestly this is going to sound nuts but I typically make all my money back on a development in 18 months but I say 3 years just to be on the safe side. My formula is simple: Abandoned or Distressed Property + HEAVY traffic + minimal repairs = profit

Michigan more specficially the Metro-Detroit area. I mostly own commercial but have a few industrial (my favorite) and residential. Driving rent in my area is the economy finally being stabilized and redvelopment happening rapidly. Detroit reached baseline in 2012 and couldve only gone up

is 20% good to put down for commercial buildings too? what's your usual down payment?

how much inspection do you do beforehand? what should I know about handling them?

is there anyway to deal with pre-existing leases on apartments? I've read about how difficult kicking people out is

how do you feel about the northeast and New England and NH in general? would you suggest moving out west or stay east?