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Message
re: Real Estate Investing......... New update pg 7
Posted on 4/9/15 at 10:27 am to bayoubengals88
Posted on 4/9/15 at 10:27 am to bayoubengals88
I've recently read about the 2% rule on BiggerPockets...I just don't see any way that would work down here (unless I'm misunderstanding).
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More like the 1% rule in Lafayette for a decent (non-Section8 house).
Lately I've noticed the rents bringing about $1/SF. Rents have really jumped in the last couple of years.
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More like the 1% rule in Lafayette for a decent (non-Section8 house).
Lately I've noticed the rents bringing about $1/SF. Rents have really jumped in the last couple of years.
1
Posted on 4/9/15 at 12:32 pm to ItzMe1972
Yeah 2% is unrealistic with nicer areas in LA from what I've seen. You can get it if you go lower pricing.
Posted on 4/9/15 at 12:41 pm to eng08
I've got some in the 2% range and even one that hits 3%. You aren't going to find these in nice areas of town. That said, none of mine are in bad neighborhoods.
In nicer areas i would be happy with 1%. You're banking more on appreciation in these types of places.
My 3%er will not go up in value at all.
In nicer areas i would be happy with 1%. You're banking more on appreciation in these types of places.
My 3%er will not go up in value at all.
This post was edited on 4/9/15 at 12:41 pm
Posted on 4/9/15 at 2:41 pm to I Love Bama
quote:
You're banking more on appreciation in these types of places.
This. And banking hopefully better tenants and less vacancy/headache.
Posted on 4/9/15 at 8:01 pm to I Love Bama
Yeah I was specific and said lower pricing not war zone.
Posted on 5/1/15 at 10:34 am to eng08
Bumped for updates.
Just signed lease on the first property! $1,200/month for 12 months. Remodel took longer as we had some electrical issues come up but got it done. Had sign in the yard, craiglist, and AHRN for about 12 days before we had someone signed up and ready to move in. Move in date is 5/4/15 and I am pumped!
First one down and under contract to purchase #2 which happens to be across the street and already has tenants which may actually stay. Bank appraisal scheduled for next week and look to close in about 10 days or so. Feel free to ask more questions or give advice.
If yall want me to stop bumping, let me know.
Just signed lease on the first property! $1,200/month for 12 months. Remodel took longer as we had some electrical issues come up but got it done. Had sign in the yard, craiglist, and AHRN for about 12 days before we had someone signed up and ready to move in. Move in date is 5/4/15 and I am pumped!
First one down and under contract to purchase #2 which happens to be across the street and already has tenants which may actually stay. Bank appraisal scheduled for next week and look to close in about 10 days or so. Feel free to ask more questions or give advice.
If yall want me to stop bumping, let me know.
Posted on 5/1/15 at 11:04 am to stevengtiger
How are you stacking the financing?
Posted on 5/1/15 at 11:07 am to stevengtiger
quote:Never. This is one of my favorite threads on the board.
If yall want me to stop bumping, let me know.
Would you mind telling us why you chose this particular tenant? How selective were you? How many applicants?
Posted on 5/1/15 at 11:12 am to KosmoCramer
We are using Bancorp South and using 15 year commercial loans. They have been great to work with and once we established our line of credit, our banker told us we could close in as little as 7 days on anything we wanted to buy in our price range (around $100K).
Posted on 5/1/15 at 11:16 am to bayoubengals88
quote:
Would you mind telling us why you chose this particular tenant? How selective were you? How many applicants?
I showed the house about 8 times within those 10 days or so. We have chosen to be very selective in our tenant search. We run background, credit and eviction notices on all applicants. Our first tenant was just happened to be the first one that gave us a deposit check and wanted to move in immediately. Once the checks came back clean, we drew up the paper work. Our main target was military, which this tenant was not, but we did not want to limit our search especially if we had someone that we felt comfortable with.
Posted on 10/2/15 at 6:27 am to stevengtiger
quote:
by stevengtiger
Five months later and how is everything going?
Posted on 10/2/15 at 3:48 pm to CHiPs25
Everything is going very well. First two houses are still rented and aside from a small AC unit fix, no problems (knocks on wood). We acutally bought a foreclosed double wide south of Bossier that we rehabed and have on the market as "for rent/for sale". Paid $40K for the trailer/land and $12,500 for the rehab and hoping to get about $90K to sell or about $1,000 per month to rent. We have already had some interest and hopefully it will be off our hands soon.
I have been swamped at work and haven't had the time to commit to another house but with the news that Barksdale is about to get 7,000 more airmen in the next few months, we have decided to rush and buy at least two more over the next month or two. I'll keep posted with updates if anyone is interested.
ETA: I may not be able to post much over the weekend but will be back around on Monday. Again, feel free to give any advice that yall may have.
I have been swamped at work and haven't had the time to commit to another house but with the news that Barksdale is about to get 7,000 more airmen in the next few months, we have decided to rush and buy at least two more over the next month or two. I'll keep posted with updates if anyone is interested.
ETA: I may not be able to post much over the weekend but will be back around on Monday. Again, feel free to give any advice that yall may have.
This post was edited on 10/2/15 at 3:52 pm
Posted on 10/6/15 at 8:19 am to stevengtiger
This thread is incredible guys 
So i'm looking to finally take the plunge. Outside of contributing to my retirement, I have some money to put down on my first investment property. I'm pretty excited about it, and ready to work!
I've taken the advise of the board, and have started reading Bigger Pockets. Quite frankly, this thread has also helped out greatly, and inspired me to finally pull the trigger.
A couple questions:
1) From your experience, what's the fastest and most effective way to reach out and acquire quality renters? Sign in the yard/craigslist/using a realtor?
2) I have a full time job, and this will be my side job. Is it necessary to form an LLC if you only have <3 properties.
3) How much of a down payment did you put down on your first property? I'm just trying to figure out what a safe amount of $ would be to set aside to put into the home after the initial purchase of the property.
So i'm looking to finally take the plunge. Outside of contributing to my retirement, I have some money to put down on my first investment property. I'm pretty excited about it, and ready to work!
I've taken the advise of the board, and have started reading Bigger Pockets. Quite frankly, this thread has also helped out greatly, and inspired me to finally pull the trigger.
A couple questions:
1) From your experience, what's the fastest and most effective way to reach out and acquire quality renters? Sign in the yard/craigslist/using a realtor?
2) I have a full time job, and this will be my side job. Is it necessary to form an LLC if you only have <3 properties.
3) How much of a down payment did you put down on your first property? I'm just trying to figure out what a safe amount of $ would be to set aside to put into the home after the initial purchase of the property.
Posted on 10/6/15 at 1:42 pm to stevengtiger
please keep updating, i'm looking to do something like this as well in the near future and threads like this are great for information.
Posted on 10/8/15 at 8:26 am to AUGDawg
quote:
1) From your experience, what's the fastest and most effective way to reach out and acquire quality renters? Sign in the yard/craigslist/using a realtor?
For me, I used Craiglist, sign and AHRN (website for military). Our rentals are located close to an Airforce base and AHRN is a great resource. I was getting calls from Airmen in Alaska, Texas, etc., that were about to move to the area. The sign in the yard actually got our first renter. We use a seperate website to run credit/background checks to determine quality of renter.
quote:
2) I have a full time job, and this will be my side job. Is it necessary to form an LLC if you only have <3 properties.
I am not an expert in this area. I set up one because my partner (dad) wanted to have some simple paperwork showing who owned what (we split everything 50/50 after he is paid back for intial investment) and to give him a little protection.
quote:
3) How much of a down payment did you put down on your first property? I'm just trying to figure out what a safe amount of $ would be to set aside to put into the home after the initial purchase of the property.
I have this in an earlier post but we are putting down 20% on a 15 year fixed rate commercial loans. We have a contractor that has been doing business for my family for many years and he will come with us on our last walk through before we make an offer and give us estimates for the work needed. We are not "paying" ourselves anything right now and just letting our bank account grow to take care of any issues that may arise. We are also taking the $ from our flip property and investing it and keeping him dad from being out of pocket anything on our next place, which is great for me as I will own 50% and not having to pay him anything on the back end.
Again, I am no expert on any of this and learning as I go but so far it has worked out pretty well. We are really just getting started in terms of our 5 and 10 year goals.
Posted on 10/8/15 at 9:01 am to stevengtiger
Would this be a good place to ask if anyone is interested in buying our condo near LSU? If not, please excuse. If yes, I can give more details.
We have moved out of BR and are wanting to sell our condo. We don't like being long distance landlords.
thanks!
We have moved out of BR and are wanting to sell our condo. We don't like being long distance landlords.
thanks!
Posted on 10/8/15 at 1:11 pm to I Love Bama
quote:
My 3%er will not go up in value at all.
and for obvious reasons to us RE guys.
Posted on 10/8/15 at 7:26 pm to ProudLSUMom
quote:
interested in buying our condo near LSU
Can you say which area/complex? Thanks.
Posted on 10/13/15 at 4:39 pm to K E V 8 4
UPDATE:
Got the contract finalized to flip our mobile home we bought!
FYI, FHA loan requirements are crazy with a flip property, especialy mobile homes. Between 1-90 days from original purchase, you have to show the buyers lender your HUD statements as well as any invoices from the rehab. Your basically telling them how much you are going to profit from your investment. Seems like BS to me. Between 90-160 days, you still have to show the HUD statement from the intial purchase but no invoices. They also need to seperate apprasials, one paid buy them and the other paid by the seller. We are only paying for this because we are about 120 days from our purchase date and it is cheaper to pay for the apprasial than pay two more months of PITI and wait for the 160 day mark.
Long story shot, new laws on FHA loans have made flipping our investment a pain in the arse but we are still going to do very well on this one.
Got the contract finalized to flip our mobile home we bought!
FYI, FHA loan requirements are crazy with a flip property, especialy mobile homes. Between 1-90 days from original purchase, you have to show the buyers lender your HUD statements as well as any invoices from the rehab. Your basically telling them how much you are going to profit from your investment. Seems like BS to me. Between 90-160 days, you still have to show the HUD statement from the intial purchase but no invoices. They also need to seperate apprasials, one paid buy them and the other paid by the seller. We are only paying for this because we are about 120 days from our purchase date and it is cheaper to pay for the apprasial than pay two more months of PITI and wait for the 160 day mark.
Long story shot, new laws on FHA loans have made flipping our investment a pain in the arse but we are still going to do very well on this one.
This post was edited on 10/13/15 at 4:42 pm
Posted on 10/13/15 at 4:47 pm to stevengtiger
FYI, Trulia has seemed to be a pretty good place to list a rental for quality applicants. Much better response than craigslist.
Also, I'm not really planning to sell my rental anytime soon, but if anyone had any insight on how to go about selling a property with a tenant in it, I'd love more information (if you've ever done it before). I'm sure at some point I will need to look into that.
Also, I'm not really planning to sell my rental anytime soon, but if anyone had any insight on how to go about selling a property with a tenant in it, I'd love more information (if you've ever done it before). I'm sure at some point I will need to look into that.
This post was edited on 10/13/15 at 4:49 pm
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