Real Estate General

Gee thanks mister!

Management companies, yay or nay?

I have a score about 650. I just bought a course to get certified. Scared about screwing up my first deal. So I appreciate the response.

Fuck you, slickback takes care of his hoes

see

Look on craiglist and keep throwing the land contract offers - someone will accept

Every deal is different but its been over 7 years since I bought my first property.

Unless its like prime prime real estate stunner location, I want to make my money back in 3 years. I typically make it back in 18 months to 24 months.

With better locations and stuff that I dont want to pass up Im willing to pay more and offset my return.

The money i set aside for repairs is a case by case basis but a majority of my properties I bought were either abandoned or distressed - rarely have they been tenant ready.

Single family is a majority of my residential holdings.

I own mostly Commercial real estate and some residential and industrial

How did you get started? With how much? How long until it was your primary income? What would you do differently, knowing what you know now?

Thx for posting

drop a contact email and Id be more than happy to walk you through your first transaction you so you dont get screwed. Do not overpay or negotiate yourself into burden you cannot afford. That being said if you are renting now you almost have nothing to lose if your mortgage or land contract payment is comparable to your current rent

whats the point most of my properties run themselves.

Commercial and industrial tenants are easy - make them sign an as is lease. If something breaks its on them but for more major repairs we work together.

For residential my local utility company (DTE energy) has somehting call the HOME PROTECTION Plan which is basically $50 a month and covers all appliances in theh house (furnace, water heater, ac, fridge, toilet, stove, etc) if something break I tell my tenant call DTE and DTE comes and fixes it - shits fucking awesome and if they cant fix it they give me $400..

This is going to sound unbelievable but i bought my first property when I was like 17. It was a foreclosure in the city of Detroit - when Detroit was struggling before all the hipsters. On the weekends I would work in the city while in highschool and i was amazed at all the abandoned real estate on HIGH HIGH HIGH traffic roads. I bought my first building for $3000 and second for $500. Both commercial units.

Knowing what I know now I wouldve doubled down and bought more houses. I was buying almost ready to move in houses in Warren Michigan (suburb to north of Detroit but was still hurt during the financial crisis FOR DIRT cheap)

>has somehting call the HOME PROTECTION Plan which is basically $50 a month and covers all appliances in theh house (furnace, water heater, ac, fridge, toilet, stove, etc) if something break I tell my tenant call DTE and DTE comes and fixes it - shits fucking awesome and if they cant fix it they give me $400..

Dang. Is this a common thing?

looking to buy a duplex via and fha loan and rent it out, any advice?

> I own mostly Commercial real estate and some residential and industrial

Interesting. Are you worried about commercial being hit hard due to recession and online shopping or do you view it as good opportunity to buy more land due to foreclosures?

Do you operate any businesses in your commercial RE or just lease it? I’ve thought about opening laundromats and other relatively low maintenance businesses and laundromat would do well in low income areas where there might be commercial RE for cheap

Thanks for the info brother, I’m going to sleep but if you make more threads in the future I’ll participate again

thoughts on land contracts? got a house to rent to college students with a friend 6 years ago and feel he is being too vague with nothing to show thats tangible. $800 mortgage. rent it out for 1050 monthly.

I have it in all the houses I own - even the house I live in

You can go up to a quadplex for the the FHA loan (4 units max) but you technically have to live in one. I personally still have yet to use my FHA loan but plan on soon.

My advice is to find a property that is undervalued and with improvements you will increase that value even more. Look for a location that has a population that is growing and near a busy road.
You want to pick a good property that if you live in the unit next door, your tenant is basically going to be paying for all of your mortgage and whatever you save because you havent been paying rent is your profit.

I bought a condo in a very good up and coming area in Canada for full cash 275,000$. Money I've kept from 2017 btc. I don't have a job but looking, 25 with a 780+ credit score. Living with my parents and they're happy about it.

What's the best next move for me if I have another 50k lying around? I'm going to give this one out to rent. First time doing all of this. Thanks frens

What Is Real Estate?

23. Jesus, weird saying that. I currently reside in NJ, but the taxes here are insane, including property tax. I’m a business smarty pants and would like to invest my earnings in real estate. Is NJ a worthwhile market for residential like duplexes+? Rents are very expensive here. Is it worth my while staying here and investing?

nice, any youtube accounts podcasts, books you can link to for more reading? I would email you for advice, but I won't be making a serious move till roughly a year from now

Interested myself

I'm going to try to make one thread a day I'm recovering from covid 19 so i find these entertaining.

My commercial assets include a lot of restaurants (business is booming) and hair salons so their businesses arent going anywhere. And this year for the first time ever the county is not having foreclosure auctions.

When i purchase a property and have a hard time finding a tenant, for instance a restaurant I bought, I literally get it up and running and then lease it out easier and for more money. I currently do no operate any businesses as of now that my real estate is in.

Operating is a headache so if you must, pick something you actually enjoy.

I personally never, ever had a mortgage always have used land contracts and love them. You should definitely be on the paperwork and see the paperwork otherwise your friend might be shorting you

He always says shit like, it's a slow burn not a get rich thing etc etc. has me worried. would the money be in the sale or just pocketing month to month money? thinking of trying to get $25 a month for the last 6 years. I am way too trusting but known the guy forever.

since this is your first condo make sure you rent to some responsible person and add a good security deposit too. Don't be afraid to add a LITTLE more than market value so recoup your cost, 275,000 is a lot of money.

I would recommend getting a job and with your credit score and condo you will have no problem finding another house or condo to rent out again.

Boom you're up 2 units. Save that 50k and use SOME of it for downpayment. Save like 20 grand for rainy day or emergency.

user, I'm looking at the Kalispell surrounding towns/suburbs area for a nice extremely early retirement home (not like ones for old people).
I'm planning to do this within 3-5 years.
What can you say about this idea?

I also intend, maybe within 5-10 years, depending on a few things, to purchase property on or near a beach.
I'm thinking Northern California, but I'm generally not sure on this one and I'm looking for what you'd suggest.

I'm also curious about when how long you think we have before the housing market crashes again.

Millions losing their jobs, economies shrinking by 10% plus, landlords dropping their prices and Tennant's defaulting. Why would you even think about property.

What are your thoughts on townhomes? It would be my first place. Hoping for a nicer corner one.
What sort of loan/financing. Options do you think would be available for me. My credit is good enough (725 or so), I just have a part time job making nothing special every month. However, I have a ton in crypto but not planning to cash out much currently. Most townhomes here are 350-700k.

I dont know the NJ real estate market but I do know since its by NY it is very inflated and hard to entry. Property tax can make or break you - too high of property taxes and its like your renting from the government and you dont even own your own property.

It has to be worth it for you, I wish I knew more about your situation and the current market in NJ to make an educated response but real estate is almost always worth it if bought cheap enough.

In terms of Duplexes and NJ - residential real estate is a very easy real estate market to enter. Almost everyone is looking to rent and that number is always going up

I honestly don't listen to those real estate fags who write books and make podcasts. Most of them are over leveraged know it alls who couldnt weather another recession like 2008.

>$25 a month for 6 years - dude what.

your renting to students - at my campus we were paying $1000 a head for a shitty ass house nearby campus. That was 2016/2017.

Sit down, look on zillow for comps in the area and see how much you can sell the house for minus what you owe and split it in two for you and your friend. If you are not happy wait a few years and revisit that route but dude $25 a month is no bueno.

Im interested in hearing about this more actually