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re: Information for my fellow Real Estate Investors
Posted on 6/24/18 at 2:47 pm to Fat Bastard
Posted on 6/24/18 at 2:47 pm to Fat Bastard
quote:
keep us posted how it goes......
Well, it took a hell of a lot longer than I thought and him as well. There were unforeseen issues (mainly permitting/C&C type annoyance) and finally the house was finished and now they have a contract and they're doing a 45 day close. Reminder, I did a HM lend at 11%.
Looks like I will have about 14+ months of interest coming to me so the length of time obviously made me more money but I bought another property late last year and it was tight for a bit there
I would probably do it again though and make sure I get a little higher % on the next one. I know this was an exception as his turnarounds are usually about 6 months.
This post was edited on 6/24/18 at 2:49 pm
1
Posted on 6/25/18 at 7:59 am to Sho Nuff
quote:
Reminder, I did a HM lend at 11%.
hey at least you made it work, that is good news. So you were the bank this time? lovely. So many different ways to make money in RE. whatever works for you. wash, rinse, repeat.
I am about to get into the apartment side as a passive investor with my non taxable funds. I have to go meet with sponsors in Dallas soon. Still do my BNH on taxable side. Passed on a duplex in a bad area for cash. not worth the risk.
Posted on 6/26/18 at 2:51 am to Fat Bastard
quote:
I am about to get into the apartment side as a passive investor with my non taxable funds. I have to go meet with sponsors in Dallas soon. Still do my BNH on taxable side. Passed on a duplex in a bad area for cash. not worth the risk.
I want to get apartments at some point. The recent property I bought has 3 units with the main house on top of two 1brs so we live there.
Posted on 6/26/18 at 7:25 am to Sho Nuff
I just recently tried to buy an apartment to rent out, but I couldn't find a good insurance policy to cover it and the ones I was quoted were ridiculously high. Crunching the numbers, even at the insanely cheap price it was, I would have had a negative cash flow. Couldn't believe how high the HOA was in a complex that had very little needs for upkeep. It did include exterior insurance, though which I imagine is commonplace.
This post was edited on 6/26/18 at 7:38 am
Posted on 6/26/18 at 8:50 am to Sho Nuff
quote:
I want to get apartments at some point.
I have MFH and SFH with taxable money but i want to use my solo 401k for apartments. good thing is if you do not have the money to be sole owner you can syndicate/sponsor. Or just be part of a team and do it passively. the goals are short term hold ( 3 to 5 years) then flip. Build up enough capital then get your own for just cash flow OR be part of another team that buys just for yield/cash flow.
Posted on 4/3/19 at 4:02 pm to Fat Bastard
quote:
Fat Bastard
Hey bro. Just wanted to check in with you. Any progress on the REI life? Hope all is well man
Posted on 4/3/19 at 9:41 pm to Fat Bastard
This thread will be followed by me and so many. I will say that I’ve gotten lucky so far in my early goings that two properties net me around 13-14 percent cap rate. I plan on sticking with single family homes for now since the comps are pretty unreal with what I’ve gotten. I’ve enjoyed it but I know shite will hit the fan eventually. Completely renovating a home currently and have found a great foreman to help handle all the jobs. Should finish 3 weeks ahead of schedule which is pretty crazy since it was already a tight time frame. Looking forward to all the information this thread presents.
Semi drunk and realized it’s an old thread. Also saw my post and still stoked that apartment deal fell through. Found better opportunity not long after
Semi drunk and realized it’s an old thread. Also saw my post and still stoked that apartment deal fell through. Found better opportunity not long after
This post was edited on 4/3/19 at 9:44 pm
Posted on 4/5/19 at 12:40 pm to stevengtiger
quote:
Hey bro. Just wanted to check in with you. Any progress on the REI life? Hope all is well man
oh man hanging in there. still working towards next acquisition. lots of other side issues going on right now but I am still grinding trying to stay on track even if the timeline is not what we would like.
How about yourself?
Posted on 4/5/19 at 3:23 pm to Fat Bastard
In the last year, I have sold one of my houses (via owner finance) 3 times.
Each time with a $5,000 down payment.
I paid $35,000 for the house and keep selling it for $70,000 at 10% interest.
If I wasn't so burnt out I would scale the shite out of this model.
Each time with a $5,000 down payment.
I paid $35,000 for the house and keep selling it for $70,000 at 10% interest.
If I wasn't so burnt out I would scale the shite out of this model.
Posted on 4/5/19 at 5:27 pm to I Love Bama
And these ppl leave peacefully without destroying?
Posted on 4/5/19 at 6:15 pm to birdieman
yup
Posted on 4/5/19 at 6:40 pm to I Love Bama
Classic. I want to get some lower priced properties to do this with, I have just taken a different strategy up to this point. Only two years into the RE game, but loving it so far. Constantly learning new things.
Posted on 4/5/19 at 9:42 pm to I Love Bama
quote:
In the last year, I have sold one of my houses (via owner finance) 3 times.
Each time with a $5,000 down payment.
yep. that is a classic PRO of seller financing.
put in contract you can FORECLOSE if they are 1 day late
wash, rinse, repeat
i know many who have done that.
Posted on 4/6/19 at 9:37 am to Fat Bastard
Seems like many would be pleased to leave 5k or more in damages if foreclosed upon for being a day late.
Posted on 4/7/19 at 11:56 am to Fat Bastard
quote:
put in contract you can FORECLOSE if they are 1 day late
That’s slimy AF.
Posted on 4/7/19 at 12:05 pm to touchdownjeebus
Not sure I could deal with that kind of hassle
Posted on 4/8/19 at 8:32 am to Fat Bastard
quote:
How about yourself?
Up to six houses that are currently 100% occupied. Had trouble getting one of them rented during the winter and sat vacant for a few months which sucks but isn't a huge issue.
Did 6 flips in 18 and already done two in 19. Same model with foreclosed mobile homes/rehab/flip and it is still pretty good for us.
We have put more time/capital into flips over the last year as the returns are really strong. We did just do a full assessment of the rental side of our business and we have created some great equity in our homes as we pay more principle every month. Goal was to pay them off in 10 years but right now we are looking closer to 11. If we can keep these things occupied, we should still hit our goal with payoff.
Glad to hear all is well man!
Posted on 4/8/19 at 12:54 pm to stevengtiger
quote:
Did 6 flips in 18 and already done two in 19.
da flip master!
That is fabulous to hear.
yeah my plan is almost like a balloon style aquisition. Probably happen next year around this time. By then I can purchase 3 properties in my solo401k and then grab 2 in my taxable side. So I am just building up cash now and i will let that boom drop next year sometime and try to get 5 at once to add to existing portfolio. Still holding off on syndication with apartments. Maybe later.
Posted on 4/8/19 at 2:56 pm to Fat Bastard
I have all of my money in stock market. Half tempted to dive in with houses. Sitting on 130k in stocks earning between 5-11% annual from divs.....probably averaging right around 8% combined.
Posted on 4/8/19 at 3:17 pm to plaric
$65k is plenty to get started on at least one property and likely more than one, if you have access to capital.
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