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You're in Tampa? Which area did you buy the new construction as a rental? I own a few in Tampa and St. Pete.
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
You're in Tampa? Which area did you buy the new construction as a rental? I own a few in Tampa and St. Pete.
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How / when did you get into RE investing?
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Yes sir, I bought in Riverview
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Congrats!
Around the time of the whole financial mess. I used to daytrade when stock market began to rebound. Long story short, I used some profits to buy a distressed property after a relative got me into it. I never knew you could buy homes to rent out. I grew up living in an apartment my whole life and till that point used think all houses were owned by the people residing in them. I've been purchasing RE ever since. Learned a lot along the way. Landlording, evictions, tax benefits, etc.
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Nice. One of my bigger regrets in life is not buying some places during the 2008 recession. I was looking at a 2b/2ba condo in a decent metro-Detroit town, that was going for $24k cash. I was going to buy it cash and just live in it, and eventually rent it out - but got cold feet. I also was interested in buying a loft in downtown Detroit for like $28k, that is now worth ~$300k and another condo right across from Comerica Park and now the new Little Caesars Arena for $60k - that is probably worth $300-400k. A bunch of "what ifs" though...
I did buy a house in Denver 4 years ago, that seems to have been a wise decision so far. That was for my personal residence, though. Paper value has gone up by 6-figures, and the mortgage is less than we could rent for an apartment. If / when we do move, not sure it'd be a wise investment property though, as it wouldn't be anywhere near the 1% rule or cash flow enough.
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I keep seeing this thing about wholesale buying/investing - it’s very vague...
Anybody can drop circumstantial information on how this work?
Also for those that don’t have capital, how are people able to tap into this market without it using the wholesale method?
Anybody can drop circumstantial information on how this work?
Also for those that don’t have capital, how are people able to tap into this market without it using the wholesale method?
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This is a good interview and he talks about wholesaling with no capital.... I don’t remember at what time in the interview he gets into wholesaling but the whole thing is a good listen imo
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nothing more then a glorified middle man.
I'd be wary of this especially with the transition of the market moving from being a sellers market to a buyers marker. I say wary because, for all the good brought up in that interview 0 pitfalls brought up.
22 min infomercial
Do your homework and and make sure you fully understand the risks associated with wholesaling
I'd be wary of this especially with the transition of the market moving from being a sellers market to a buyers marker. I say wary because, for all the good brought up in that interview 0 pitfalls brought up.
22 min infomercial
Do your homework and and make sure you fully understand the risks associated with wholesaling
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I got started with FHA loan, 3.5% down payment. Have to pay PMI (Private mortgage insurance) until you refinance, but let's you get started with little capital.
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Yeah the video isn’t designed to be a masters degree in RE investing but teaches what wholesaling is, there’s plenty of resources to dig deeper
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Need some help with this guys....just bought my first crib back in March...now that I’m hitting 6 months my lender notified me that I qualify for something called FHA streamline. This will drop my rate from 4% to 3.5% which is great. I would have to pay 1000 for the new closing costs. Ultimately I would be saving around 65-70 bucks on my monthly payment. The break even would be around the 4th year on the new closing. I pay more than my mortgage to gain equity in the house quicker...would it be wise to take the streamline route? I feel as by paying extra the break even point might come faster than the 4th year mark so it would be worth it...thoughts?
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Can you just refinance out of an FHA loan? Then you could get a lower rate and drop PMI
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Thought about that but I don’t have the equity built up just yet to qualify for conventional I’ve just been in the house for 6 months might just hold out until then
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I won't give you advice, but I'll give you some thoughts. Fed/interest rates are trending down, Trump demanded an additional full basis (1 percent) point down after our last .25% last month. Most think interest rates will continue to go down to historic or near-record lows within this next year. If you have an FHA loan, the goal imo is to get to conventional and get rid of private mortgage insurance (usually .5-1% of loan that you are paying extra because you had little down with FHA). If you've built up equity quickly (made repairs, improvements, area increased in value etc.) I would try to get conventional loan. If you don't have $ for closing costs, you can always add it into your mortgage (just an option to keep in mind.)
Rates are low, and are likely continuing to go down. Lower % is better and will give you a lower payment. If you can manage to get to 20% equity in home within a few years, you'll have a significantly cheaper monthly payment with no PMI.
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Unless you're in Los Angeles, battling LLCs and contractors, investing is as easy as buying the house.
Buy a duplex. Put some money into it, rent one unit, live in the other. Try and save/payoff mortgage so you build equity.
Cash out equity, buy another property. Rent both units. Rinse and repeat.
Just build equity.
These wholesalers and real estate "investors" are selling information that's all free.
Buy a duplex. Put some money into it, rent one unit, live in the other. Try and save/payoff mortgage so you build equity.
Cash out equity, buy another property. Rent both units. Rinse and repeat.
Just build equity.
These wholesalers and real estate "investors" are selling information that's all free.
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didnt meant to take a shot or appear negative about expanding and the paper chase
just have met people who have done this without even considering the potential pitfalls and they lost as a result.
So what I should have said is do your due diligence and understand why and how things can go left
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Shopping for HELOC rates at the moment to use on a BRRRR, anyone know what company at the moment has the best rates?
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Bigger pockets podcast 327 (April 25 2019) they get into explaining the BRRR strategy, great information on how to use your properties to scale and build your portfolio, as fast as you want
Oh yeah I agree. To me wholesaling seems like too much of a hustle and like you said there are pitfalls, but some people are built for it and can make deals without any money in it. I thought the video was a good intro to what it even is, and to get people’s brains turning with an investing mindset. Not for me though.
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Any prospective first-time home buyers in Southern California? How's it going for you?
MakeNTGreatAgain
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I have not purchased anything yet but am building myself to do so in the near future. If u can do it again what would u do differently?
Why not Los Angeles?
Hi I'm also in socal looking to get into something soon
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FHA has a mandatory inspection they have to pass to protect buyers, property kept failing for somewhat minor things, and I was in escrow for several months which messed up moving out/in plans.
Have extra $ on hand for any unexpected repairs/renovations. I got a new water heater, had some plumbing fixed (cold was hot and hot was cold at faucet), installed Window ACs, appliances, shower ceiling was starting to mold so I had it bleached and painted with mold-proof paint. Just have extra $ on deck after you purchase to get setup. I got in the game with FHA for <30k all in (including closing costs), let me know if you got any questions
MakeNTGreatAgain
Supporter
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Put in an offer for a 5 bed 2.5 baths
Newly built home
Wish me luck bruhs
Newly built home
Wish me luck bruhs
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I was gonna buy one in SoCal
They was maaaaaaaad cheap
Was gonna have it built
But we just didn’t wanna commute
And try to transfer
