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Real Estate Investing......... New update pg 7
Posted on 2/17/15 at 3:41 pm
Posted on 2/17/15 at 3:41 pm
I am looking into purchasing a few rental properties for a long term investment. Looking mainly into single family homes and possibly duplex type properties. Anyone have any advice or stories they wouldn't mind sharing? I am already on the Bigger Pockets website and it has been very helpful. I have found a realtor who is a younger guy as well and already has shown me a few properties that has helped narrow my search. TIA.
This post was edited on 11/5/15 at 9:17 am
6
Posted on 2/17/15 at 3:54 pm to stevengtiger
My parents have a couple of houses that they lease as halfway houses- the beauty of these houses is that they don't have to be in tip top shape (granite, tile, etc), and once they move in, they generally don't move out unless the house is sold/foreclosed. You would have to contact your local recovery center/halfway house to see if they're interested and/or have a need to expand, but the one here signs leases 2 years at a time, and they've never had a problem collecting rent. If you find the right deal, you could be walking in to a good investment with a nice profit from Day 1.
Posted on 2/17/15 at 4:06 pm to LSUGUMBO
quote:
My parents have a couple of houses that they lease as halfway houses
Interesting. I'll be looking into this.
OP- I've got rentals. You aren't going to find the good deals on the MLS. Keep reading biggerpockets.
Posted on 2/17/15 at 4:15 pm to I Love Bama
quote:
You aren't going to find the good deals on the MLS
Figuring that out slowly. I have enjoyed the biggerpockets website and reading the forums.
Posted on 2/17/15 at 4:19 pm to stevengtiger
Listen to the podcasts. There are some amazing ones.
Just keep learning and you'll get there. I've been doing this for 7 or 8 years now and still learn new stuff all the time.
Just keep learning and you'll get there. I've been doing this for 7 or 8 years now and still learn new stuff all the time.
Posted on 2/17/15 at 4:22 pm to I Love Bama
quote:
I Love Bama
Appreciate it. I have seen you comment about RE on here and figured you would show up. Do you use a property management company or do you manage them yourself? I think I will be able to manage 3-4 without taking away from my 9-5 job but will not know until we really get going.
Posted on 2/17/15 at 4:27 pm to stevengtiger
I'm hoping to have #7 under contract this week. Honestly the biggest pain in the arse is finding a deal, buying it, making repairs to get it ready and search for a tenant. It's mentally taxing.
After I have a property rented, I almost never hear from them. I feel like I could probably manage 20 houses or so without property management.
Just take your time. You'll get better after each one. I look back at my first deal and think WTF was I thinking.
It still cash flows but not like the others.
After I have a property rented, I almost never hear from them. I feel like I could probably manage 20 houses or so without property management.
Just take your time. You'll get better after each one. I look back at my first deal and think WTF was I thinking.
It still cash flows but not like the others.
Posted on 2/17/15 at 4:32 pm to I Love Bama
Thanks for the reply. My goal is to have at least 2 by this summer. I feel like I am learning things everyday. I just hear some horror stories from some "mentors" I have in the business and the 3-4 number for managing on my own may just be based off those stories. Sounds like you have some great tenants. Hopefully with my application process I have worked up, I'll be in the same boat.
Posted on 2/17/15 at 4:36 pm to stevengtiger
I'm also a big fan of the double deposit. My tenant criteria is probably a little too strict. When I find someone who is slightly below the criteria and wants the house bad, I'll give them the option of putting a two month deposit down instead of one.
I know they have an incentive to keep the place clean and follow all the rules.
I also do inspections. It's written in the lease that I can inspect the property once a month. I've been pretty lazy on this but usually go by every few months.
I know they have an incentive to keep the place clean and follow all the rules.
I also do inspections. It's written in the lease that I can inspect the property once a month. I've been pretty lazy on this but usually go by every few months.
Posted on 2/17/15 at 4:40 pm to I Love Bama
quote:
It's written in the lease that I can inspect the property once a month.
Thats a good idea. Again, appreciate the feedback. Will have to get off TD till tomorrow morning. Thank you again!
Posted on 2/17/15 at 6:26 pm to stevengtiger
I have a couple of rentals. Plan on managing them myself until I get to 5. I get tempted to have someone else do it when every so often they come open and I have to show them or everything breaks in all of them all at once. Push through and check out how much time you are spending over the course of a year. Usually not that bad. Time is spent on the front end... Usually.
Posted on 2/18/15 at 6:55 am to secondandshort
For those that manage themselves, how do you handle repairs/maintenance?
Do you keep a trusted handyman on retainer? Work with several specialized outfits (plumbing, a/c, electrician)?
Not planning to rent anytime soon, but within 3-5 years it may be a possibility.
Do you keep a trusted handyman on retainer? Work with several specialized outfits (plumbing, a/c, electrician)?
Not planning to rent anytime soon, but within 3-5 years it may be a possibility.
Posted on 2/18/15 at 7:03 am to Larry Gooseman
I have a couple rentals around the new Iberia and Crowley areas. I've found that a 40k house will give me my lowest expenses and best roi. I try to purchase houses with "good bones" and with a long term non section 8 tenant already. I get between 600 and 750/month for each.
Posted on 2/18/15 at 7:43 am to roguetiger15
I have 3 rentals and thinking about adding a fourth. Do any of you have your properties in an LLC? What are the benefits?
Posted on 2/18/15 at 9:00 am to stevengtiger
quote:
Do you use a property management company or do you manage them yourself
Fwiw my father owns 44 properties. Houses, duplex, 14 unit condo-plex, commercial property, and he manages them himself.. All of the properties, including his main residence are under an LLC.
I was just able to scoop up my first investment in April of '13. Checks arrive on time every 5th of the month.
I have Angel tenants. But being involved with the family properties, I have seen some of the worst of them.This post was edited on 2/18/15 at 9:03 am
Posted on 2/18/15 at 9:41 am to sdc74
quote:
Do any of you have your properties in an LLC? What are the benefits?
Again, I am just starting off but everyone I havee talked to, including bank and lawyer, have told me to purchase using an LLC. Just as a way to protect yourself and personal assets in case something happens.
Posted on 2/18/15 at 9:41 am to LSUengineer12
Real Estate can be wonderful. You just have to select good tenants and manage them. I do not do low end properties.
Over the years, I have assembled a reliable team to do repairs. I have a carpenter, plumber, HVAC, and flooring installer. They are all reasonable. Cheap usually results in frustration.
I do small repairs when I feel like it. At first, I did most repairs. Now cash flow gives me flexibility.
Tenant selection is key!
Over the years, I have assembled a reliable team to do repairs. I have a carpenter, plumber, HVAC, and flooring installer. They are all reasonable. Cheap usually results in frustration.
I do small repairs when I feel like it. At first, I did most repairs. Now cash flow gives me flexibility.
Tenant selection is key!
Posted on 2/18/15 at 9:42 am to LSUengineer12
quote:
Fwiw my father owns 44 properties. Houses, duplex, 14 unit condo-plex, commercial property, and he manages them himself..
Assuming that is his full time job? That is a lot of property to manage if not it seems.
Posted on 2/18/15 at 10:29 am to LSUengineer12
quote:
Fwiw my father owns 44 properties
In all seriousness, is he just balling out of control right now?
Posted on 2/18/15 at 11:00 am to I Love Bama
We (Dad mostly) have 14 single family and a 6 unit apartment. We have to use a manager for most of them due to location. The ones that are local we do ourselves. I'm the handiman most of the time. If its something we need a pro for, we have a few companies / individuals that have done good work for us in the past that we call.
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