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re: Information for my fellow Real Estate Investors
Posted on 7/28/17 at 10:18 pm to Fat Bastard
Posted on 7/28/17 at 10:18 pm to Fat Bastard
@stevengtiger - Hey, send me your email or I can send you mine. I have a couple of questions for you if you are willing to answer. Thanks
1
Posted on 9/12/17 at 5:09 pm to DeBerryJacket
How do you gentlemen feel about offering a lease greater than 1 year to new tenants ? Wouldn't a good strategy be to wait and see what type of tenant they are before offering that perk ?
Posted on 9/12/17 at 5:19 pm to Zilla
also, are leases longer than 1 year legal in LA ?
Posted on 9/28/17 at 6:45 am to Zilla
This is an open question to anyone that wants to respond: It's been mentioned to me that I have the opportunity to get involved with an investor. It’s been a lifelong goal of mine to start flipping houses, but I feel a little overwhelmed to be honest. I don’t want to just jump in with someone else’s money considering I’ve never done this before. I see this thread is geared more towards rental properties, but I was looking to see if there was a good thread about flipping houses. I briefly searched and didn’t find any recent threads
TIA
TIA
Posted on 9/28/17 at 5:33 pm to Mr. Hangover
steventiger MAY be able to help you. he is the master flipper here. Have you built your team yet? Would you both be sharing all responsibilties? are you doing some of this yourself? How is business structured?
Posted on 9/28/17 at 6:22 pm to Fat Bastard
Don’t laugh, but I haven’t been that far into it yet. The guy that’s helping me with my mortgage mentioned that he could get me in touch with an investor and it just stuck in my head.. I don’t know much about the whole process of flipping houses, so I would like to arm myself with as much information as possible before I decide for sure if I want to pursue this or not
Sorry if this doesn’t make sense
Sorry if this doesn’t make sense
Posted on 9/28/17 at 6:44 pm to Mr. Hangover
one step at a time. read some of the links on flipping in my OP. yeah you will need a good contractor you can rely on and give you accurate estimates for repairs plus a good realtor to give you accurate comps when you sell so you can see what profit margin you seek and if it is doable. I don't want to speak for steven but i think he may be able to answer your question on a partnership also. He should see the bat signal soon.
Posted on 9/28/17 at 8:11 pm to Fat Bastard
Alright you fat bastard.. thanks for your help
By partnership, you mean the investor, correct?
By partnership, you mean the investor, correct?
Posted on 10/2/17 at 11:32 am to Mr. Hangover
Whats up REI brethren?
My bad I haven't seen thread recently. Been out of town and busy working. FB, hope all is well bro!!
My bad I haven't seen thread recently. Been out of town and busy working. FB, hope all is well bro!!
Posted on 10/2/17 at 11:24 pm to stevengtiger
quote:
FB, hope all is well bro!!
oh man been hanging in there. Prolly be a long time until i buy again sadly. things have been rough here in more ways than one. How you been? I think a poster here could use your expertise. Maybe you can give him some tips.
Posted on 10/3/17 at 10:07 am to Fat Bastard
Been doing pretty good. Real job has me pretty busy but we have been steadily increasing our property count.
Up to 6 occupied rental houses and currently working on 6 flips. Have 3 completed and on the market with one under contract and working on 3 more projects to flip. If we can get the houses under contract, I am hoping to have a really nice Christmas bonus!!
Up to 6 occupied rental houses and currently working on 6 flips. Have 3 completed and on the market with one under contract and working on 3 more projects to flip. If we can get the houses under contract, I am hoping to have a really nice Christmas bonus!!
Posted on 10/3/17 at 10:24 am to stevengtiger
quote:
currently working on 6 flips.
holy shite.....wish i had time to do flips along with my rentals. maybe one day. I am happy for you though. Love to see this type of success. You will be retired at 40 at this rate. jesus.
Posted on 10/3/17 at 10:44 am to stevengtiger
quote:
currently working on 6 flip
You do a majority of the work yourself?
Posted on 10/3/17 at 10:48 am to GenesChin
Finally was able to get something. It's an owner occupant but I love it. Two one bedroom apartments renting for $1250 and $1350 in the basement/first floor and my three bedroom unit upstairs. Close to a Tulane so renting has been easy.
Anyone have any recommendations for sound proofing the floor/ceiling?
Thank you all for the information in this thread.
Anyone have any recommendations for sound proofing the floor/ceiling?
Thank you all for the information in this thread.
Posted on 10/3/17 at 11:40 am to GenesChin
quote:
You do a majority of the work yourself?
Negative. I have a contractor that does just about everything and my realtor handles the rest. I have mentioned it before but I have a great team that I depend on for just about everything but signing the paperwork. Not doing the work ourselves cuts into our profit but this is a VERY passive money maker for us. Some of these flips may make us only 7-10% on our investment over the course of 3-6 months but we also have a few that could make as much as 25-30% over the same time period.
I have been slowly turning rental management to our realtor as well. Within the next 6-12 months, I won't be doing much of that either.
Posted on 10/3/17 at 11:43 am to Fat Bastard
quote:
I am happy for you though. Love to see this type of success
Thank you sir!
quote:
You will be retired at 40 at this rate.
My real goal is to retire around 52-55 years old and be able to do what I want.
Posted on 10/22/17 at 8:12 pm to Mr. Hangover
I will post another private lender here soon.
This post was edited on 10/23/17 at 9:49 pm
Posted on 10/23/17 at 12:01 pm to Fat Bastard
My dad is cashing out on his main business and is interested and investing in me with part of his sale. He has plenty in retirement accounts to live out his years(he is 79 now) and doesnt believe in hoarding the money while he is still alive. He approached me about purchasing the company I currently work for(contents insurance consulting), I told him no.
REI intrigues me for the continued cash flow of rentals and potential with flips.
Let's assume I have 500-750k cash to start, with plenty more in the coffers if absolutely needed, what would be the best way to play this forward if I would like to make a job out of this?
I have pretty much any tool you can imagine, am very handy(build decks, fences, remodeled bathrooms, tile, flooring, etc..) and have a commercial mower and landscape equipment. The only thing I cant do is complex electrical and plumbing work, along with HVAC. I have a great general contractor in the family, local, as well.
I am in north Atlanta. Then rental market seems to be very good in my area. Homes rarely are vacant for a week, with most being rented prior to old tenant leaving, in my immediate area. However housing is fairly higher priced in comparison to what I am seeing in this thread. Townhomes are typically $150k-250k(for rental types ) and similar homes are going to be $180k-300k. I'd say most rentals are about 1% a month.
Whats a great path to lead me to $100k a year?
REI intrigues me for the continued cash flow of rentals and potential with flips.
Let's assume I have 500-750k cash to start, with plenty more in the coffers if absolutely needed, what would be the best way to play this forward if I would like to make a job out of this?
I have pretty much any tool you can imagine, am very handy(build decks, fences, remodeled bathrooms, tile, flooring, etc..) and have a commercial mower and landscape equipment. The only thing I cant do is complex electrical and plumbing work, along with HVAC. I have a great general contractor in the family, local, as well.
I am in north Atlanta. Then rental market seems to be very good in my area. Homes rarely are vacant for a week, with most being rented prior to old tenant leaving, in my immediate area. However housing is fairly higher priced in comparison to what I am seeing in this thread. Townhomes are typically $150k-250k(for rental types ) and similar homes are going to be $180k-300k. I'd say most rentals are about 1% a month.
Whats a great path to lead me to $100k a year?
Posted on 10/23/17 at 9:33 pm to NYCAuburn
quote:
what would be the best way to play this forward if I would like to make a job out of this?
you can flip for a living if you want. steventiger here makes a killing doing it part time. he has rentals also like myself.
If you have that much money to start it is your call but i'd interview some property managers that way you have more time to meet with your team and do deals. If you buy right even with management incorporated into expenses you should and can still get great cash flow. Way less stress also. This is what I do with my out of state properties.
quote:
Then rental market seems to be very good in my area.
yep, i do know it was good there awhile back.
quote:
Whats a great path to lead me to $100k a year?
start building your portfolio. it is not rocket science. It takes time. we call it building wealth slowly although steven tiger here may debunk that! LOL. you will have to set the standard for the COC returns you seek and mainly the positive cash flow per whatever price points you use. Get going and jump in.
Posted on 10/24/17 at 12:37 pm to Fat Bastard
With the capital I have to start, do you think it is ideal to start with all cash purchases on a few homes, then get loans using purchased homes as collateral?
Obviously, you cant just start with 5, 10, 15 homes right off the bat and would be a build up process to get to goal yearly earnings.
Obviously, you cant just start with 5, 10, 15 homes right off the bat and would be a build up process to get to goal yearly earnings.
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