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Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
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okay my bad. That makes a ton more sensea55a5in11 Which is why you don't buy SFH's for $300k to rent. You need multifamily properties.
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You can do single family rentals, just for cheaper 50k-150k is better range in Midwest for them
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Yeah much harder with SFHs.
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Here's a few updates pics on 3 of my projects. Came down with the flu when I got back into town last week so I've been out of commission. Wasn't expecting to start 2017 like this but super excited for these projects to be completed soon.
This is my Point Loma project. We opened up the kitchen. I'm excited for this one because I love the area and the backyard has a pool and view.
This is my Imperial Beach project. 4th bedroom addition and 2nd bathroom.
This one's my Del Cerro project. Pool and views. This is also a fave of mine because we've sold 3 projects in this neighborhood in the past year and know what to expect.
This is my Point Loma project. We opened up the kitchen. I'm excited for this one because I love the area and the backyard has a pool and view.
This is my Imperial Beach project. 4th bedroom addition and 2nd bathroom.
This one's my Del Cerro project. Pool and views. This is also a fave of mine because we've sold 3 projects in this neighborhood in the past year and know what to expect.
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I didn't even know this thread existed. I just recently purchased an investment property out-of-state in Kansas City. $89,500. Renting for $950.
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Nice, tell us about your process, especially doing it out of town?
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I wish I could tell you I had a process, but I'm kind of flying by the seat of my pants with this. I've never had any type of investment real estate before.
I live in Phoenix, but all the properties here that I saw in B, C areas were well over 100k, many approaching 200k. I probably should have waited and kept searching but I wanted to get started.
Looking at a popular real estate forum, I noticed a lot of chatter about Midwest cities, KC in particular. I interviewed a couple of KC turn-key providers on the phone, but then a lot of them had horrible response time when I would follow-up with emails or voicemails with questions. Maybe its because they just have garbage response time, or maybe its because they thought I was just a tire-kicker. Either way, it soured me on quite a number of providers.
I finally settled on one who seemed knowledgeable and earnest, purchased a house, sight unseen, with renters and property management in place. Closed on October 3rd. So far, no problems, (rent has been paid out every month), but its still early. I'm assuming my property is still there and hasn't been burned to the ground yet.
Returns aren't fantastic. About 8% after mortgage, property management, and holdbacks for capex/maintenance repairs/vacancy.
I probably could make myself feel better by ignoring capex and possible future vacancy, and say I'm clearing 300+ a month, but the bottom line is that even though I'm not actually paying for those things now, one day it'll be a real expense, so its better to have it saved.
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NowForeverAlways
formerly shoeu12
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Im thinking of getting into flipping houses. I dont know anything about it though. Any advice yous can give me or any good websites to go to to learn about the process?
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Biggerpockets.com will be your best starting point
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Just closed today on duplex property in Ohio, rents out for 1550$, bought for 102k. Here's some pics and numbers:
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Nice to see a lot of people in here investing. I hope everyone is successful !
glennvagmire
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Are y'all flying out to these homes y'all are purchasing?
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Congrats. Those are some good numbers. I hope it goes well for you.
I probably won't be in the market for another rental for at least another 18-24 months as I'll be closing on new construction in a couple of months for a primary residence, but I hope that my next investment property is multi-family.
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My first property in Kansas city I flew over and checked out, it's in a working-class area with some crime, but I felt like the area was up-and-coming and had mostly younger people.
Sight unseen for this one. I skyped with my realtor to check it out, and he took like 40 pics. Then I had a 3rd party home inspector inspect the building. The area is Parma, largest suburb in Ohio, ranked 32nd safest city in the country couple years back. Did some research with: neighborhoodscout.com, areavibes.com, and saw what people thought about the area on city-data, I also asked a NTer about the area.
I hope we all flourish fam! I got my first rental in Kansas city and am thinking about going back there for my next. I'm hoping for a big tax return to propel me to my next one.
glennvagmire
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KC in which state?
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Los Angeles
formerly bright nikes
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how do you guys go about finding a property manager in out of state rentals?
Los Angeles
formerly bright nikes
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btw are there any different rules on purchasing out of state and renting?
different taxes etc
different taxes etc
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taxes are definitely different for each state. So much so that it might make one state far more appealing to invest in. The cost of home insurance also varies from state to state as well.
It doesn't sound like a lot, but a couple of hundred dollars per month additional expense due to taxes/insurance can ended up shaving percentage points off of your return.
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Congrats! I'm in the Cleveland area looking to get my first investment deal. What realtor/company were you working with? Any advice to a newbie looking for my first house to rent out? How was your experience leading up until signing the dotted line? Any advice is appreciated!
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I worked with Holton-Wise, I've heard Lakewood is popular with investors and a lot of younger people are flocking there. My advice is to get a home inspector (never know if there are foundation issues or its on an incline or something like that). My experience has been good so far, they're investor-oriented, but focus on a specific area of Cleveland. The real estate agent went and saw several properties for me, and wrote several low-ball offers before we found the deal. I'm moving on to the property management side of things now, so can't give much feedback on that end yet.
glennvagmire
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Repped. Gonna look into the area as well. MASS is way too expensive I have to buy outta state.
How's Phoenix/Scottsdale? Anyone familiar with it? Seems like a good area to invest.
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I live in Phoenix. I'm sure there are pros that can make it work, but when I was looking prices were too high and rents were too low.
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Lakewood is fantastic for rental property. 50k plus people with a population density similar to Washington DC. I've been renting in Lakewood for 4 years anywhere from 500-700 a month. Just bought a house in Lakewood too for 130,000, move in ready.
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Word, don't live in AZ anymore, but you need to have your money right in places like Scottsdale.
