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Started By
Message
re: Buying investment properties...
Posted on 6/8/14 at 7:52 pm to stout
Posted on 6/8/14 at 7:52 pm to stout
Hey guys, the knowledge ya'll possess is way over my beginning level head. I just started researching but I eventually want to purchase one, yes one, investment property most likely in BR. Ideally, I would like to purchase a duplex where I can renovate one side then rent out then reno the other side and either rent or live in. The idea is to have income help with my first mortgage. Can you point me in the right direction with my research and search for a property.
I'm a single with a base salary in the mid 40's but have extra income potential I take advantage out. Plan on getting my Master's at LSU so a place to stay there would be helpful.
I'm a single with a base salary in the mid 40's but have extra income potential I take advantage out. Plan on getting my Master's at LSU so a place to stay there would be helpful.
2
Posted on 6/8/14 at 9:06 pm to RadTiger
Hey guys, the knowledge ya'll possess is way over my beginning level head. I just started researching but I eventually want to purchase one, yes one, investment property most likely in BR. Ideally, I would like to purchase a duplex where I can renovate one side then rent out then reno the other side and either rent or live in. The idea is to have income help with my first mortgage. Can you point me in the right direction with my research and search for a property.
I'm a single with a base salary in the mid 40's but have extra income potential I take advantage out. Plan on getting my Master's at LSU so a place to stay there would be helpful.
This is exactly the way I did my first one. I made even less than you are making, and it was a triplex, not a duplex, but I lived in it, and managed it. No bank financing. All on contract for deed.
I'm a single with a base salary in the mid 40's but have extra income potential I take advantage out. Plan on getting my Master's at LSU so a place to stay there would be helpful.
This is exactly the way I did my first one. I made even less than you are making, and it was a triplex, not a duplex, but I lived in it, and managed it. No bank financing. All on contract for deed.
Posted on 6/8/14 at 9:25 pm to I Love Bama
quote:
There are guys here in Birmingham buying houses in bad parts of town for $15,000 and then rent them for $800 month via section 8.
That is what he has been doing. He does it in a little better than the worst parts of town but he wouldn't go there at night. Does some nicer homes now too
When it comes to renting out though, his advice was to learn to do everything yourself. Becoming HVAC certified and being handy with appliances saves him thousands some months
Posted on 6/8/14 at 9:33 pm to GenesChin
I don't do section 8 solely on principle
Posted on 6/8/14 at 9:34 pm to GenesChin
Yep, I don't do HVAC or major plumbing and those are normally the two biggest maintenance issues (at least for me).
If you can do those yourself it will pay dividends in the long run.
If you can do those yourself it will pay dividends in the long run.
Posted on 6/8/14 at 9:48 pm to Iowa Golfer
quote:
contract for deed
Bond for dead?
Posted on 6/8/14 at 10:29 pm to I Love Bama
quote:make your local banks special asset managers your new best friend.
How do you find them?
Eta: I actually don't know if they have individual houses , but they have all kinds of other goodies.
This post was edited on 6/8/14 at 10:31 pm
Posted on 6/9/14 at 2:38 am to stout
Speaking of... These two mfing lock changes were occupied... One had a party bardge in back yard... Waiting on eviction papers 
Me n stout do the same type of work... I'm in Nola and houma right now. Most of my properties are in the freaking ghetto
Me n stout do the same type of work... I'm in Nola and houma right now. Most of my properties are in the freaking ghetto
Posted on 6/9/14 at 8:45 am to AintBigButItsPretty
That's the same thing I would like to get into.
Seeing as I'll probably be buying my first property/home in the near future, I've been looking into this a lot lately
Seeing as I'll probably be buying my first property/home in the near future, I've been looking into this a lot lately
Posted on 6/9/14 at 9:27 am to trillhog
quote:
make your local banks special asset managers your new best friend.
Eta: I actually don't know if they have individual houses , but they have all kinds of other goodies
Maybe asset managers for smaller mortgage companies could give you a list but as far as bigger name ones go (BOA, wells, citym, chase, etc), they contract the properties out to national asset management companies who then sub the work to regional companies or preservation companies (me and stout).
We do everything from dropping off the doorcards for the mortgager to contact the bank when they first get behind on the loan, verify occupany- to changing locks, evictions, trashsout/debris removal, keeping the grass up, and basically getting them ready to sell or put up for auction.
Posted on 6/9/14 at 9:33 am to SpicyStacy
quote:
Maybe asset managers for smaller mortgage companies could give you a list but as far as bigger name ones go (BOA, wells, citym, chase, etc), they contract the properties out to national asset management companies who then sub the work to regional companies or preservation companies
Yea but the way I do it is find out if it's pre or post sale. If it's pre sale you can locate the owner to try and work out a short sale. I'm not supposed to do this technically I know but IDC. It helps the person about to lose the house and me. Win win IMO!
If it's post sale well I just make my money managing it and wait to see what they list it for.
Posted on 6/9/14 at 9:36 am to SpicyStacy
quote:
We do everything from dropping off the doorcards for the mortgager to contact the bank when they first get behind on the loan, verify occupany- to changing locks, evictions, trashsout/debris removal, keeping the grass up, and basically getting them ready to sell or put up for auction.
Reimbursements on a lot of those are dogshit, and the AMC/PP company makes all the money.
What are you getting for an occupancy inspection, $6-7?
Posted on 6/9/14 at 9:46 am to stout
quote:
If it's post sale well I just make my money managing it and wait to see what they list it for.
How labor intensive is this? Is this something I could do on the side from a 9-5?
Posted on 6/9/14 at 9:50 am to I Love Bama
It can be labor intensive but I wouldn't do it on the side as much as I would just hire subs out like me and Stacy do. You can manage it that way for the most part. You might have to get your hands dirty here and there though.
I know that one national I do work for needs people in Bama bad.
I know that one national I do work for needs people in Bama bad.
Posted on 6/9/14 at 9:50 am to SpicyStacy
quote:
Maybe asset managers for smaller mortgage companies could give you a list but as far as bigger name ones go (BOA, wells, citym, chase, etc), they contract the properties out to national asset management companies who then sub the work to regional companies or preservation companies (me and stout).
I may have not said that right, the asset managers I work with are with local or regional banks that are taking properties back from somebody going bust they have lent money to for projects and they'll have anything from unfinished subdivisions to all kinds of properties to the guys Rolex and his wife's Fur coat.
Posted on 6/9/14 at 9:54 am to Athanatos
quote:
Reimbursements on a lot of those are dogshit, and the AMC/PP company makes all the money.
It depends. If you are a sub of a sub then yea you won't get shite.
If you get directly on with a national or regional then there is some very good money in it.
I am guilty of running people under me so they are subs of subs and I know their pay can be shite but they agreed to it so oh well. I don't feel guilty but I also don't take 30% or something crazy from them. I try to be fair.
I also have hourly guys I utilize.
quote:
What are you getting for an occupancy inspection, $6-7?
Around $15 actually because again I'm not using a middle man to get my work from. I am the middle man. One company actually pays $25 but their volume is low in my area.
Posted on 6/9/14 at 9:56 am to trillhog
quote:
they'll have anything from unfinished subdivisions to all kinds of properties to the guys Rolex and his wife's Fur coat.
A friend of mine is president of a small local bank. He calls me about cars, tractors, etc fairly often.
Bought a forklift from him this way a few years back.
Posted on 6/9/14 at 10:32 am to Athanatos
Stout and I both run our own companies and sub the work out. Pay is not a problem if you run your business like a business and do the work on time. Big companies with large volume pay around 15 like he said.. One company pays 25-50 for full scope inspections... Gotta have the right connections and know the right ppl ;)
This post was edited on 6/9/14 at 10:34 am
Posted on 6/9/14 at 10:36 am to stout
Ya bro we need to head to those areas n take over... Go for a few weeks get it started n manage that shite from here
Told u I'm down
Told u I'm down
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