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re: Information for my fellow Real Estate Investors
Posted on 12/23/20 at 2:38 pm to tigersfan1989
Posted on 12/23/20 at 2:38 pm to tigersfan1989
Bigger pockets dot com
Posted on 5/22/22 at 10:03 am to jimbeam
Just read the whole thread and starting to dabble in REI.
I live where the cost of living is cheap and houses are cheap.
When I bought my house, it came with another property and I ended up buying this property for $1. Its a 2 br/1bath about 900 sq ft. I'm hoping the rehab is around 15k-30k.
I have a property management team in place that deals with everything. While I normally wouldn't have a property management team for 1 house I don't want to deal with headache/time with the tenants/repairs...ect ect...
wish me luck
I live where the cost of living is cheap and houses are cheap.
When I bought my house, it came with another property and I ended up buying this property for $1. Its a 2 br/1bath about 900 sq ft. I'm hoping the rehab is around 15k-30k.
I have a property management team in place that deals with everything. While I normally wouldn't have a property management team for 1 house I don't want to deal with headache/time with the tenants/repairs...ect ect...
wish me luck
Posted on 5/29/22 at 10:50 pm to Fat Bastard
I'm curious if any of you are Lifestyles Unlimited members? I joined their real estate mentoring program a year and a half ago. I'm in 2 passive multi-family deals and just bought my first SFR to rehab and hold. A lot of the advice on this thread sounds similar to what they teach in Lifestyles, especially with using a hard money lender for purchase/rehab. I found Lifestyles through a post on Bigger pockets. Moved to TX last year to be closer to the action.
This post was edited on 5/29/22 at 10:51 pm
Posted on 5/29/22 at 11:04 pm to tigerfive
quote:I’m in LU. Working on IRO deals currently, maybe some passive deals in future with excess cash flow. training has been valuable.
I'm curious if any of you are Lifestyles Unlimited members? I joined their real estate mentoring program a year and a half ago. I'm in 2 passive multi-family deals and just bought my first SFR to rehab and hold. A lot of the advice on this thread sounds similar to what they teach in Lifestyles, especially with using a hard money lender for purchase/rehab. I found Lifestyles through a post on Bigger pockets. Moved to TX last year to be closer to the action.
Posted on 5/30/22 at 10:15 pm to tigerfive
quote:
I'm curious if any of you are Lifestyles Unlimited members?
no, but del walmsley has lots of great content that can help anyone. If you want to buy apartments go see Brad Sumrok in Dallas. He used to be a LU member and branched out.
LINK
quote:
A lot of the advice on this thread sounds similar to what they teach
absolutely.
LINK
This post was edited on 5/30/22 at 10:19 pm
Posted on 5/30/22 at 10:29 pm to tigersfan1989
quote:
What’s a good resource in determining how much rent you can get from a property you are looking to purchase? I don’t currently see any property in the surrounding area listed for rent but I’m confident there are properties that are being rented.
talk with tenants, PM's, RE agents, etc.
quote:
Also can you tell me what kind of rent I should expect from a property based on its purchase price?
You need to understand RTV (rent to value ratios). minimum 1% gross rent of purchase price. anything higher is better.
it also depends what COC return you want and what positive cash flow you want after running what your expenses would be to see if the deal is doable or not.
bigger DP means more cash flow albeit lower COC return. positive cash flow should be main metric. for traditional loans 20% DP up to 4 properties. starting with #5 expect 25%.
private lenders are another animal. You can have up to 50% DP for private loans.
Posted on 5/31/22 at 11:43 pm to Fat Bastard
Thanks! I will check out Brad's course. I've done the 2 day course for Lifestyles 4 times and really enjoy learning as much as I can about real estate.
Posted on 6/3/22 at 9:58 pm to tigerfive
quote:
Thanks! I will check out Brad's course. I've done the 2 day course for Lifestyles 4 times and really enjoy learning as much as I can about real estate.
Posted on 6/5/22 at 10:10 pm to Fat Bastard
Good info on this thread
One of my old neighbors was a real estate agent and was heavily involved in house flipping and rental property. I think he did very well. He would get all sorts of inside info in homes and he’d jump on it before anyone knew it was going for sale.
Not sure if accurate but his old insurance agent was a friend and told me that he was making over a Mil a year between the rents, sale and commissions in the the properties he bought and sold.
One of my old neighbors was a real estate agent and was heavily involved in house flipping and rental property. I think he did very well. He would get all sorts of inside info in homes and he’d jump on it before anyone knew it was going for sale.
Not sure if accurate but his old insurance agent was a friend and told me that he was making over a Mil a year between the rents, sale and commissions in the the properties he bought and sold.
Posted on 6/23/22 at 7:27 am to Fat Bastard
Have you ever done hard money for a property that you needed to buy quickly and then refi'd with a traditional lender after?
Posted on 6/25/22 at 9:23 pm to TheOcean
That is done all the time by investors. People use them creatively all the time. My guys make me pay all cash for properties at auction. Then I seek their help once we get ARV numbers etc. then they’ll finance me at 85% putting me only at 15% skin in game and pull rest of my money out to make other acquisitions. have up to a year to get the flip done per their terms.
Posted on 3/25/23 at 11:01 am to Fat Bastard
You buy most of your properties at auction?
Posted on 4/11/23 at 5:23 pm to poochie
[quote]Try this. it's a folder for TD Money Board folks interested in sharing REI Spreadsheets and whatever else. I've set it to "anyone can edit" so i assume anyone can drop things in. If that's not the case, i can adjust the settings. LINK ]
Anybody have access to this folder? It’s private and you have to “request access” from an admin. Looks like poochie is the owner. Just starting out and wanting to check it out and get ideas about putting some numbers together. I know it’s 7 years old and may not exist anymore but worth a shot.
Anybody have access to this folder? It’s private and you have to “request access” from an admin. Looks like poochie is the owner. Just starting out and wanting to check it out and get ideas about putting some numbers together. I know it’s 7 years old and may not exist anymore but worth a shot.
Posted on 4/12/23 at 12:54 pm to TheOcean
quote:
You buy most of your properties at auction?
if they are flips, yes
if they are rentals, no.......... of course a flip could turn into a rental for awhile if need be
This post was edited on 4/12/23 at 1:08 pm
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