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Message
re: Information for my fellow Real Estate Investors
Posted on 9/14/16 at 6:57 pm to stevengtiger
Posted on 9/14/16 at 6:57 pm to stevengtiger
Nope. It's out of state.
1
Posted on 9/15/16 at 8:08 am to Fat Bastard
Interesting. I have looked at a few properties around 25-30 miles from me but both fell through. How did you get involved with the out of state deal? Now assuming TX?
Posted on 9/15/16 at 8:29 am to stevengtiger
The cashflow here locally where i live is not good . I basically invest only where it is worth my time anywhere in the USA where you have good price entry points and high rents plus the other things listed in this original post. I can give you more info if you want it. Just give me your email.
This post was edited on 9/15/16 at 8:36 am
Posted on 9/15/16 at 10:12 am to Fat Bastard
Would like to know more about that. I would not be opposed to looking elsewhere if I knew that I had a good property and someone to take care of it. If I don't respond quickly to the email, I am leaving this afternoon to go to Playa del Carmen for 5 days. I'll reach out when I get back.
-Edit to remove email. I've got to head out but I'll be back next week and post it again.
-Edit to remove email. I've got to head out but I'll be back next week and post it again.
This post was edited on 9/15/16 at 11:34 am
Posted on 9/23/16 at 9:59 am to stevengtiger
ok man, i will catch you when you get back and we will discuss things offline.
Posted on 9/23/16 at 10:24 am to Fat Bastard
This post was edited on 9/23/16 at 12:53 pm
Posted on 9/23/16 at 10:26 am to stevengtiger
roger that
YGM
YGM
This post was edited on 9/23/16 at 10:38 am
Posted on 9/23/16 at 10:54 am to stevengtiger
also please let me know when you have received it.
or whenever you see it just so I know it went through. These emails can be funny at times.
or whenever you see it just so I know it went through. These emails can be funny at times.
Posted on 9/23/16 at 12:57 pm to Fat Bastard
Got it. I'll be in touch.
Looked at two flip possibilities today. Still waiting on our newest purchase to close. Dealing with the banks on foreclosures is one of the biggest pain in the arse processes ever.
Looked at two flip possibilities today. Still waiting on our newest purchase to close. Dealing with the banks on foreclosures is one of the biggest pain in the arse processes ever.
Posted on 9/23/16 at 1:23 pm to stevengtiger
quote:
Dealing with the banks on foreclosures is one of the biggest pain in the arse processes ever.
i can imagine.
i'm still waiting for rehab to be done so i can line up my inspector. underwriter has not asked for anymore documents yet....we should be closing way before scheduled date though. It is going smooth.
Posted on 9/23/16 at 2:31 pm to Fat Bastard
How do you inspect the properties and what not FB? I would have no issues owning a property and doing the long term renting through a management company, but do you travel to see every property before the purchase or you have someone local that you trust?
I'm having a hard time finding good properties locally too, but within 1.5 hours or so I have seen quite a few. I just don't have the time to travel and see them often times before they are snatched up.
I'm having a hard time finding good properties locally too, but within 1.5 hours or so I have seen quite a few. I just don't have the time to travel and see them often times before they are snatched up.
Posted on 9/23/16 at 8:21 pm to baldona
Can't speak for FB or on rentals outside of my area but I've owned a rental that I've never stepped foot in. The property management company handled everything.
I will say that there are a lot of fees associated with property management that you don't realize up front. I can't even think of all of them now but there are things like signing fees (like a commission when they find a rentor). There are cleaning fees they charge before and after a tenant moves out as well.
My rental unit now is generating $900 a month. My mortgage on the place is only $500 a month. My first check from the property management company was only like $80 bucks after they took all their fess.
And of course you have the maintenance fees. There was a debit of -$150 on my last invoice from them because they had to send a plumber over to unclog a toilet. It must have a hell of a clog
I will say that there are a lot of fees associated with property management that you don't realize up front. I can't even think of all of them now but there are things like signing fees (like a commission when they find a rentor). There are cleaning fees they charge before and after a tenant moves out as well.
My rental unit now is generating $900 a month. My mortgage on the place is only $500 a month. My first check from the property management company was only like $80 bucks after they took all their fess.
And of course you have the maintenance fees. There was a debit of -$150 on my last invoice from them because they had to send a plumber over to unclog a toilet. It must have a hell of a clog
Posted on 9/24/16 at 8:47 am to AUtigR24
quote:
I will say that there are a lot of fees associated with property management that you don't realize up front.
nothing more than the normal under someones else's management. The trick is you should be making killer cashflow even with the management expense as long as you buy right. You will always have vacancies and maintenance even if you managed yourself.
quote:
like a commission when they find a rentor).
well sure. they get a % of first months rent finder fee depending on length of lease signed. If nobody is in there the property manager not only gets no finder fee they get no monthly management fee. So it is in their best interest to make you and them money by keeping units leased for as long as possible.
quote:
There are cleaning fees they charge before and after a tenant moves out as well.
in between tenants that is called getting it rent ready. All reputable managers do that and should do that. The key is having tenants that stay a long time and require little rent ready cost after they leave.
quote:
And of course you have the maintenance fees.
you will always have this it depends on your tenants and locations. Having a great manager and tenants make all the difference.
Posted on 9/24/16 at 9:07 am to baldona
quote:
How do you inspect the properties and what not FB?
I have all my own guys on the ground where I invest.
quote:
but do you travel to see every property before the purchase or you have someone local that you trust?
No, but sometimes i do drive and look myself before my inspector. I make random trips after also to look at new possible buys and meet with manager. I have guys on the ground locally i deal with which make it very easy and smooth sailing. remember. TIME IS MONEY!
quote:
I'm having a hard time finding good properties locally too, but within 1.5 hours or so I have seen quite a few. I just don't have the time to travel and see them often times before they are snatched up.
you have to find what works best for you. My father and myself used to manage my great uncles properties when i was very young. Go where the money is and where you are not wasting time. I used to spend so much time looking for properties online and in papaers, then if something looked ok i would make calls, get numbers(many times inaccurate), then after dozens and dozens of calls i would finally deem if a property was worth looking at. then make an offer and to buy right most would be rejected especially if seller was not motivated. I do not have time for that plus the cash flows were not worth all that trouble if you finally would get an offer accepted. Streamline your system. Make it as stress free and hands off as possible if it will be away from home. I want to flip here eventually once i get the time to add to my buy and hold portfolio.
This post was edited on 9/24/16 at 12:24 pm
Posted on 9/26/16 at 9:00 am to Fat Bastard
quote:
I want to flip here eventually once i get the time to add to my buy and hold portfolio.
Be forewarned, it is addicting. Once you realize that you can pull $20K only signing some paperwork, I have almost forgotten that we started this to primarily purchase rental homes.
Posted on 9/28/16 at 10:17 am to stevengtiger
quote:
Here’s my advice: Start out small. Get your feet wet by investing in single-family homes. Master as much as you possibly can before you consider investing in multifamily. I’m the living proof of this. I’ve done more than 400 deals, and most of them have been single-family homes. Only a handful have been multifamily or commercial properties. And I’m still sticking to single-family homes because I haven’t mastered that fully yet, and I really want to own this. I want to have total mastery of single-family home investing, so that I can comfortably start doing multifamily. And then it’s going to take a good bit of time and experience before I completely master multifamily so that I can potentially go into commercial. I see commercial as the last stop in real estate investing. But before you can even think about that, you have to master the first step—which is single-family.
Start small with SFH
Posted on 9/28/16 at 10:44 am to Fat Bastard
This is a fascinating thread. Keep the updates coming!
Posted on 9/28/16 at 11:20 am to Fat Bastard
Has anyone here gotten into real estate by renting instead of selling when moving to a new house?
Posted on 9/28/16 at 11:24 am to jimbeam
I have three properties like that. It's the best. As an investor, the interest rates and mortgage rules are much different than for owner occupancy.
However, the limit is 3 I think. I don't think they will give me another owner occupant loan.
However, the limit is 3 I think. I don't think they will give me another owner occupant loan.
Posted on 9/28/16 at 11:26 am to I Love Bama
To my understanding, the biggest jump is the first rental in that case. Because you can't count rental income against the 1st house note until you have landlord experience. Is that correct?
Ie you have to be able to cover both house notes without rental income.
Ie you have to be able to cover both house notes without rental income.
This post was edited on 9/28/16 at 11:27 am
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