Real Estate General

Fourth Day in a row making this thread, really like the questions being asked.


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

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I have time to make these threads because I am currently recovering from Covid 19 - caught that shit last Tuesday :/

What types of properties do you own and how’d you start investing into real estate?

If I’m too much of a pussy to start whole selling should I try bird dogging first?

I live with my parents and have 70k in cash. Should I buy something or rent. I was thinking of renting for a year.

If you don’t know where you want to live, rent for a year and get a feel for different areas

Mostly commercial with a few industrial and residential. About 25% of my holdings are vacant lots which I plan on developing in the future

How to get a mortgage when you have enough for a down payment and enough from crypto gains to pay the mortgage but no job?

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.


(Pasted from last thread)

Honesty I don't want to lock up a 20% down payment when the money could be working for me in the stock market.

bump

definitely find someone who has knowledge or experience and follow them around

if you plan on moving out and have a good job showing decent income you can get an fha loan (3.5% down with decent interest) I would recommend that over renting all day.

Renting is literally throwing your money in the garbage

Are you currently buying, selling or holding firm on your properties? Im assuming mostly single family or small residential apartments? I have a few duplexes and wish my credit wasnt fucked from a business venture from a couple years ago, or i would be hunting for deals.

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I'm not buying anything at the moment - I have too many projects on the table (two really big industrial ones (40,000 sq ft and 10,000 sq ft)

The market right now is really weird for residential which wouldnt make it the best time to buy. You have a residential real estate supply shortage this with the USD taking a beating and purchasing power decreasing you see properties selling at all time highs.

Commercial however is taking a beating

What do you use to search good duplexes to buy? How do you identify a good one? Trying to do the same as you but I don’t know where to begin

craigslist and foreclosures and for sale by owner signs

zillows alright too buy kinda wack

>pieces of property
Yikes

This is OP I switched from hotspot to Wifi

;)

>foreclosures
realtytrac

Anyone have any thoughts on real estate indices?

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Do you ever work as a developer and develop any of your own properties or just buy existing buildings?

dont look at those

yes that is basically my job, most of my holdings are existing buildings but I love construction and sub contract everything out. You make a lot of money buy adding improvements to distressed properties.

Development is overrated. The best developer in the USA (NVR) literally buys existing developed lots, and build homes on them. They are so successful and have the biggest margins because they sidestep the riskiest parts of the development process.

What Is Real Estate?

Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.

This user clearly has real estate experience. If any other anons would like me to prequalify them send me an email at [email protected]
I am a licensed mortgage loan officer out of Florida

Interesting. Is it just their size and volume of homes built that allows them to mitigate the higher costs of developed land?
I'm currently an architect with a construction background, and have been wanting to buy some land to design+build some housing units on, but everything I research seems to be a shit ton of risk for me to take on for a return that is barely worth the headache.

sent ;)

haha coming back to the next thread - thinking about doing these daily. I have so much time on my hands with this covid shit

I love this meme does anyone else have any like this>?

What're the benefits of owning land/properties other than residential? Are the tenants shitty to deal with too?

What do you think of buying a duplex or quad as first property? Or is Airbnb type stuff better? Ty user

I own land primarily because I bought it cheap and can flip is for multiple times what I bought it for or hopefully one day develop it and sell the building or rent it out - some of my land would be suitable for residential which I hope to develop as well however I would just flip those houses.

None of my tenants ares shitty to deal with except whenever they fall behind on rent. For example I have a long term tenant who has paid me since May. She owes me $3000. It's not about the money always you have to understand that these are people and they have their ups and downs - at the 6 month mark I usually sit down with them and either kick them out or try to get something.

Did you ever do your own maintenance?

What is unreal estate?

duplex or quad would be amazing if you can get an fha loan or loan. This would require you to move into one of the units but i dont think the govt would find out if you just rented them all out. have four units under one roof makes management a lot easier

Airbnb is cool but its also a huge headache - you should find a cleaning lady that can flip it from one reservation to another. I have one property I airbnb and its a lot of work but I make significantly more than if I were just to rent it out.

Asked this in the first thread

How old are you fellow boomer?
What countries/cities do you recommend to move into and/or invest in real estate after recent financial crisis?

A lot of my properties are in lower income areas so finding cheap workers is easy. I used to mow lawns, shovel and desalt driveways, etc.. But then I got smarter and made it my tenants responsibilities.

In my area there is something called the DTE home protection plan (DTE is the electric / utility company in Detroit) where you can insure all your appliances in the house (fridge, furnace, water heater, ac, toilets, stove, washer, dryer, etc..) for like $50 a month. If any of them break they send someone out right away to service the appliance and if they cant fix it they give you $400. I have that on all my houses even the one i live in. anything happens I tell the tenant call DTE, saves me such a headache

As a complete shitter with no experience, what's a good number to realistically start real estate purchasing in?
As much as I hate to admit, I only have about 5k to my name right now.