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Started By
Message
Anybody break into real estate during Covid?
Posted on 12/12/21 at 10:15 pm
Posted on 12/12/21 at 10:15 pm
March 2020-March 2021
How are you holding up? What's your experience been?
How are you holding up? What's your experience been?
Posted on 12/13/21 at 10:10 am to Baws
Interest rates are too low and too much money being printed.
Every investment property has doubled or tripled in the last 18-24 months.
Every investment property has doubled or tripled in the last 18-24 months.
Posted on 12/13/21 at 10:24 am to Baws
I thought about it, but the only deals on properties here are absolute dog crap, that coupled with the likelihood of not getting paid, or get labor to get things repaired in a reasonable time period scared me off.
Posted on 12/13/21 at 11:27 am to tigerfoot
I closed on 11 April 2020 from a friends dad looking to get out of rentals all together. Took advantage of low rates to refi my house and drop 1% and take enough equity for the down payment and kept my saved cash (was only looking to buy 2 more originally) so I could take some profits right away. Bought them for 850k, put down 20%, did a commercial loan 4.5% I think it is 5yr amortized for 20. They appraised for 976k. I did have some concern over them not paying with the covid mess but up to this point there was only 1 guy who stopped paying and ran into issues BUT I worked with him and a entity here in town that got some fresh printed monies for rental assistance. Got my 9,500 owed.
Not sure if I went about it the absolute best way but it has worked out well and I paid a extra 20k on the loan after the first year after paying everything including the extra $ on my primary house with taking some of the equity out.
Not sure if I went about it the absolute best way but it has worked out well and I paid a extra 20k on the loan after the first year after paying everything including the extra $ on my primary house with taking some of the equity out.
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