Home Buying & Real Estate Thread

[yogetoffmykickz]

frame looks good. I'm curious was urs painted or did u pay for powder coat?

The reason I chose to do it myself is because i hit up some people and they don't even respond in a timely manner and it sounded kind of like a headache dealing with a contractor and I didn't feel like dealing with bad customer service

figured its finally my excuse to learn to weld and make it how i want

Neither... It's stainless steel..
Just a polish with the grinder.

 

[had pants]

 

[edshoecator]

Tacos would have sold me

 

[HarlemShakeStory]

Recently tried to buy my first rental property. Offered $11k over asking with conventional mortgage and was beat out by all cash offer.

I have enough equity in my current home to do a cash out re-fi (and enough income to cover increase in mortgage). Could use cash out to purchase a rental property outright. Thought this would give me more of a shot in this competitive market. Started thinking some more, in theory - couldn’t I get a mortgage on the house I bought outright then use this new cash to complete the process multiple times? Pay cash, mortgage house, then use new cash to purchase new property before repeating process? Need someone who knows more than me to tell me I am missing something.

 

[jewseejay]

Recently tried to buy my first rental property. Offered $11k over asking with conventional mortgage and was beat out by all cash offer.

I have enough equity in my current home to do a cash out re-fi (and enough income to cover increase in mortgage). Could use cash out to purchase a rental property outright. Thought this would give me more of a shot in this competitive market. Started thinking some more, in theory - couldn’t I get a mortgage on the house I bought outright then use this new cash to complete the process multiple times? Pay cash, mortgage house, then use new cash to purchase new property before repeating process? Need someone who knows more than me to tell me I am missing something.

Currently executing this strategy. Got about 200k in equity. First Lien HEL. Cashing out 70ish for downpayment on another place

Edit: my neighbor jus put her spot up if any of yall dont mind goin on ahead and runnin that up to 450k id appreciate ya hahah under 10 miles from several beaches... ijs

Check out this property I found using Trulia's real estate app:

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Download the Trulia Mobile App Now!

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[deusavertat]

Currently executing this strategy. Got about 200k in equity. First Lien HEL. Cashing out 70ish for downpayment on another place

Edit: my neighbor jus put her spot up if any of yall dont mind goin on ahead and runnin that up to 450k id appreciate ya hahah under 10 miles from several beaches... ijs

Check out this property I found using Trulia's real estate app:

Access to this page has been denied.

Download the Trulia Mobile App Now!

Access to this page has been denied.

Looks nice but what's with the creepy dolls?

 

[jewseejay]

Its a single ladies with 3 younger girls.

 

[mplsdunk]

Wonder what that house actually sells for.

 

[206to813]

Put turf in the backyard , also the pavers are new, going to finish up the pool deck with matching pavers. And resurface the pool….

 

[Vincent Van Goat]

Living the life. Very nice

 

[mplsdunk]

Fancy

 

[edshoecator]

Fire

 

[ballinsam23]

Ooooffff

Turf the way to go

 

[mplsdunk]

I don't even have grass in my yard because my dog stays burning out and doing donuts in it after he poops it looks awful.

 

[jkballer5]

Put turf in the backyard , also the pavers are new, going to finish up the pool deck with matching pavers. And resurface the pool….

That looks great! How much did the turf install run you? Like per square foot?

 

[sneakaprince]

Recently tried to buy my first rental property. Offered $11k over asking with conventional mortgage and was beat out by all cash offer.

I have enough equity in my current home to do a cash out re-fi (and enough income to cover increase in mortgage). Could use cash out to purchase a rental property outright. Thought this would give me more of a shot in this competitive market. Started thinking some more, in theory - couldn’t I get a mortgage on the house I bought outright then use this new cash to complete the process multiple times? Pay cash, mortgage house, then use new cash to purchase new property before repeating process? Need someone who knows more than me to tell me I am missing something.

Look into BRRRR method and search bigger pockets.

I bought a place for 60K cash last summer, put 30k into it. Refi'd 60k back out after appraisal. Took 45 bought an apartment building that was for sale off market at 250. Technically my original 60K got me 6 units.

Remember my market is cheap so this wouldn't work everywhere.

I'm looking to make roughly 6 figures on my next sale. Planning to use that money to buy another 4 units and a new primary residence for my family (selling current primary residence and renting for next 9 months). Should have my house sold roughly a couple days before my wedding in June.

 

[itshlittt]

Look into BRRRR method and search bigger pockets.

I bought a place for 60K cash last summer, put 30k into it. Refi'd 60k back out after appraisal. Took 45 bought an apartment building that was for sale off market at 250. Technically my original 60K got me 6 units.

Remember my market is cheap so this wouldn't work everywhere.

I'm looking to make roughly 6 figures on my next sale. Planning to use that money to buy another 4 units and a new primary residence for my family (selling current primary residence and renting for next 9 months). Should have my house sold roughly a couple days before my wedding in June.

where is this? I need some investment properties famo. teach me your ways.

 

[sneakaprince]

where is this? I need some investment properties famo. teach me your ways.

Milwaukee. I been doing this for a while fam.

I have my good and bad seasons with this part of my life.

 

[Vincent Van Goat]

Look into BRRRR method and search bigger pockets.

I bought a place for 60K cash last summer, put 30k into it. Refi'd 60k back out after appraisal. Took 45 bought an apartment building that was for sale off market at 250. Technically my original 60K got me 6 units.

Remember my market is cheap so this wouldn't work everywhere.

I'm looking to make roughly 6 figures on my next sale. Planning to use that money to buy another 4 units and a new primary residence for my family (selling current primary residence and renting for next 9 months). Should have my house sold roughly a couple days before my wedding in June.

Bro.... whattttttt. Jesus Christ how many properties you gonna have by your wedding

 

[sneakaprince]

Bro.... whattttttt. Jesus Christ how many properties you gonna have by your wedding

I currently have 12 units in 5 buildings (including my primary residence). I'm selling primary residence which is single fam so 11 units in 4 buildings by my wedding.

Probably will hit 15-16 units by end of year if I can swing it. Thinking about taking it easy for a couple months to focus on a new job so I'm not 100% sure I can acquire anything else without a property manager.

 

[Vincent Van Goat]

I currently have 12 units in 5 buildings (including my primary residence). I'm selling primary residence which is single fam so 11 units in 4 buildings by my wedding.

Probably will hit 15-16 units by end of year if I can swing it. Thinking about taking it easy for a couple months to focus on a new job so I'm not 100% sure I can acquire anything else without a property manager.

Holy.... so you don't even have a property manager yet? Or did I read that wrong... dawwggggg

 

[sneakaprince]

Holy.... so you don't even have a property manager yet? Or did I read that wrong... dawwggggg

Nah not really I got lucky on a couple units and rented to businesses. I make them agree to triple net leases. That keeps some of the headaches away.

I also have real good relationships with my painters, handyman, cleaners, plumber and electrician. I can usually manage any issue with a couple text messages to them. At worst I need a serious contractor once a year.

More units would probably be a little too much to handle. COVID also probably helped me get by without paying a PM for a lot longer.

 

[Vincent Van Goat]

Nah not really I got lucky on a couple units and rented to businesses. I make them agree to triple net leases. That keeps some of the headaches away.

I also have real good relationships with my painters, handyman, cleaners, plumber and electrician. I can usually manage any issue with a couple text messages to them. At worst I need a serious contractor once a year.

More units would probably be a little too much to handle. COVID also probably helped me get by without paying a PM for a lot longer.

Man, that sounds honestly amazing. Goals!

 

[sneakaprince]

Man, that sounds honestly amazing. Goals!

Thanks fam. Trying to make it shake while I have the energy.

 

[mr jordan04]

Why can’t we pass some common sense federal real estate laws that foreign investors, LLCs, and corporations can’t buy single family residences etc. It’s completely ludicrous that i make well over 6 figures been working for a decade and can’t even come close to buying a house.

I believe Mexico makes you have Mexican citizenship for you to be able to buy a place. I don’t know how hard/easy it is, but I think that’s there thought process behind it. Don’t allow a bunch of “foreigners” to come buy all OUR land.

My tax guy just told me last week that there’s been talks of the US actually doing something similar. With the US being a melting pot of so many cultures/races/immigrants, I don’t see that being approved.

But it is pretty sad so just have these companies just come and buy cash, plus throw in 50k on top of asking price. With these rates going up, it’s gonna price out the “regular” person even more, and more places will get scooped up by these investors.