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re: Information for my fellow Real Estate Investors
Posted on 2/23/16 at 8:51 am to Teddy Ruxpin
Posted on 2/23/16 at 8:51 am to Teddy Ruxpin
quote:
Got it.
Ya, I have some things going on the next few months but I'll have this email and this thread and will stay in touch.
Appreciate it.
email me back and let me know how it goes once you tackle it.
1
Posted on 2/23/16 at 8:27 pm to Fat Bastard
Just went under contract on a house 2 blocks from campus in Lafayette. It listed at 3pm Friday and I made an offer at 4pm. Got it for $85k and needs about $15k in work and it's a 3/2 1,330 sqft. Comps show the value around $145k once finished. Should rent for around $1,300/m.
Posted on 2/27/16 at 8:47 am to theoldwiseone33
Does anyone want to listen to my thoughts/ideas on REI and tell me where I'm wrong? 
Or email is fine
Or email is finePosted on 2/27/16 at 8:48 am to jimbeam
Bring it
Posted on 2/27/16 at 12:19 pm to poochie
Looking to slowly get into REI. New job while likely be in BR. Would like to buy instead of starting a new apartment lease, so I've started looking a little on listing sites.
I know the BR market is high. I can't seem to find any properties that would bring in over 1% of total cost. I am open to any type of property. Doesn't seem that there are many duplexes or fourplexes in the BR area that aren't C/D type properties. I am wanting to live in this property for at least a few years, so I'm not living in Gardere or north of Florida. And I don't want to deal with these types of renters (I would think).
So that leaves SFR. Seems you can find quite a few that will rent for 1% and would at least cash flow a little and hopefully appreciate. But SFR and vacancies kind of scare me.
I know this is not very focused. I'm reading BPs and other sites as much as I can. But I guess, am I at least on the right track as far as the BR market goes? I'm assuming the best deals never make it to Zillow or Realtor. If not how do I find these? I don't mind a fixer upper but I don't want to live in the slum either.
Thanks for any advice. I'll shut up
I know the BR market is high. I can't seem to find any properties that would bring in over 1% of total cost. I am open to any type of property. Doesn't seem that there are many duplexes or fourplexes in the BR area that aren't C/D type properties. I am wanting to live in this property for at least a few years, so I'm not living in Gardere or north of Florida. And I don't want to deal with these types of renters (I would think).
So that leaves SFR. Seems you can find quite a few that will rent for 1% and would at least cash flow a little and hopefully appreciate. But SFR and vacancies kind of scare me.
I know this is not very focused. I'm reading BPs and other sites as much as I can. But I guess, am I at least on the right track as far as the BR market goes? I'm assuming the best deals never make it to Zillow or Realtor. If not how do I find these? I don't mind a fixer upper but I don't want to live in the slum either.
Thanks for any advice. I'll shut up
This post was edited on 2/28/16 at 10:58 pm
Posted on 2/27/16 at 12:48 pm to jimbeam
It still wouldn't hurt to contact a realtor. Sometimes a good or OK deal is better than no deal. Let people know you are looking as well as drive around and look in areas you are interested.
I was in a situation similar to you. Moved away and lived in a college town for about 6 years. Wish I would have bought instead of renting. Would have been fairly easy to keep rented out after I moved.
I was in a situation similar to you. Moved away and lived in a college town for about 6 years. Wish I would have bought instead of renting. Would have been fairly easy to keep rented out after I moved.
Posted on 2/29/16 at 8:06 am to secondandshort
Weekday crew?
Posted on 3/8/16 at 12:41 pm to jimbeam
top reasons to walk away from a rental purchase
quote:
When you are looking at a deal, you should always ask yourself, “Does this property fit my goals?” If the answer is “No,” then I say you should walk away from it.
Do not become emotionally attached. If the deal doesn’t make sense, do not move forward. Do not buy a property just because you like the area or you like the yard or you like the bedroom. Or because it reminds you of when you were a kid.
Always make your decision based on numbers—not emotions. Always be prepared to walk away and find reasons why you should not walk away.
Posted on 3/9/16 at 12:27 pm to Fat Bastard
Great thread, finally got some funds saved upon. I just have problems finding a comfortable deal, if there is such a thing. My preference is to buy and hold the property but I just need to find the right property. What resources have y'all found for finding deals? I am in BR fwiw.
Posted on 3/9/16 at 1:31 pm to Creamer
quote:
What resources have y'all found for finding deals
I have posted this before but I met a younger broker through a Biggerpockets.com group. After having discussed our interest and what we were looking for, he started sending us leads. We looked at 10-20 properties before settling on our first.
After buying our first 3 properties, he started sending us flip deals. He basically told me that if he takes the best deals he can find and when he doesn't have the capital to make one work, he calls me first. We have flipped one and working on our second now.
IMO, if you are new to the business, you need help/advice. Find a REI group on BP if you are interested.
Posted on 3/9/16 at 5:07 pm to stevengtiger
Thanks, this sounds like what I have been looking for.
Posted on 3/14/16 at 9:32 am to Creamer
selecting your dream team to support your RE endeavors
quote:
You have a variety of different resources and individuals all around you to help make your real estate investing business a success. These may be contractors, Realtors, property managers, lenders, appraisers, surveyors and insurance providers. Whether you recognize it or not, these individuals are your team. They don’t have to be your direct employees, but nonetheless, you choose them as the dream team to support your business, in the same way an owner assembles a dream team to be his or her NFL football team.
Posted on 4/16/16 at 4:37 pm to Fat Bastard
Yo, I think you mentioned you make hard money loans. Do you set these up on your own or through a hard money company? I want to explore that route as well but its hard to google search to parse out being a customer for such a loan as opposed to being a lender. I've heard of one in California(Norris Group) which made me want to look for one around me. Only one I found was "Stallion" and of course I know nothing about them so I wanted to find a way to locate the good companies.
Thanks
ETA: Looks like another is "Pride of Austin" aka Alist Partners. I seem to find names off BP but people's thoughts on these companies is slim.
Thanks
ETA: Looks like another is "Pride of Austin" aka Alist Partners. I seem to find names off BP but people's thoughts on these companies is slim.
This post was edited on 4/16/16 at 5:42 pm
Posted on 4/19/16 at 11:21 am to Teddy Ruxpin
nah, no actual hard money lending from me. Just some private lending secured by RE using an intermediary in the past.
Check out these. some should offer opportunities for investors through intermediaries.
LINK
Check out these. some should offer opportunities for investors through intermediaries.
LINK
Posted on 4/19/16 at 11:23 am to Fat Bastard
quote:
nah, no actual hard money lending from me. Just some private lending secured by RE using an intermediary in the past.
Ah gotcha, I guess I missed the difference, which means I should read more
Thanks
Posted on 4/19/16 at 11:41 am to Teddy Ruxpin
yeah when people cannot get anymore conventional loans they switch to private loans which are still used long term at a higher rate. Hard money is short term usually at an even higher rate than private loans but for a year or less mainly for fix and flips.
Posted on 4/19/16 at 12:00 pm to Fat Bastard
quote:
yeah when people cannot get anymore conventional loans they switch to private loans which are still used long term at a higher rate. Hard money is short term usually at an even higher rate than private loans but for a year or less mainly for fix and flips.
Ah, got it. That makes sense now.
Posted on 4/26/16 at 9:59 am to Teddy Ruxpin
gents,
I have added 5 new blogs to the list on page 1 that should continue to provide help and support for your RE endeavors.
I have added 5 new blogs to the list on page 1 that should continue to provide help and support for your RE endeavors.
Posted on 4/26/16 at 10:05 am to Fat Bastard
I just got a full asking price offer on our latest flip.
Details:
3 bed/2 full bath
Bought foreclosed for $61,000 including closing
Rehab was around $23,000 for all in price of around $84,000
Asking price was $122,900 and got it minus $4,000 towards their closing.
Our rehab here was extensive. Gutted two bathrooms, painted, new flooring throughout, all new appliances, repaired some structural damage due to termites, etc.. Rehab time was about 5 weeks. Second flip and four rentals since my original thread here in Feb. 2015.
Details:
3 bed/2 full bath
Bought foreclosed for $61,000 including closing
Rehab was around $23,000 for all in price of around $84,000
Asking price was $122,900 and got it minus $4,000 towards their closing.
Our rehab here was extensive. Gutted two bathrooms, painted, new flooring throughout, all new appliances, repaired some structural damage due to termites, etc.. Rehab time was about 5 weeks. Second flip and four rentals since my original thread here in Feb. 2015.
Posted on 4/26/16 at 10:19 am to stevengtiger
That's fabulous. so roughly 35k profit after all rehab costs/labor and closing you helped on?
Also, was this a REO from a bank who let you perform an inspection? Or did you buy it at a auction for cash up front without inspection being allowed? No way i could do business like that without knowing what i had to work with ahead of time for my budget.
Also, was this a REO from a bank who let you perform an inspection? Or did you buy it at a auction for cash up front without inspection being allowed? No way i could do business like that without knowing what i had to work with ahead of time for my budget.
This post was edited on 4/26/16 at 10:22 am
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