Home Buying & Real Estate Thread

[girlslovewaffles]

Is this a thread about making money from real estate? Or just crying about who is buying shoes instead of paying rent?

yo


tell me about your food truck, how is business?


we off the living at home at 30+ and being from a diff country talk

I'm looking at real estate an entrepreneurship

Still running! We got a store in Pasadena too.

But I'm in AZ right now for med school Trying to do a little bit of everything.

I'm basically laying the seeds right now so that my classmates are confident in me with their money. I want to form a group that can consolidate wealth to leverage that cash. All the groups in SoCal are mainly comprised of senior physicians, etc. Might actually have to leave the state for opportunities - SoCal seems so cramped.

Edit: I noticed you mentioned investing in Chicago. In my experience, if you are starting off with a smaller investment amount, it seems like Florida is THE SPOT. The rent/own ratio is ridiculous. You can cop a fixer-upper for 60-70k and rent it for $1200/mo. That's honestly ridiculous. For example, in SoCal, a $500-600k home only rents for $3500 and that's in an area close to college (eg UC Irvine) where the demand is always high.

 

[al audi]

Edit: I noticed you mentioned investing in Chicago. In my experience, if you are starting off with a smaller investment amount, it seems like Florida is THE SPOT. The rent/own ratio is ridiculous. You can cop a fixer-upper for 60-70k and rent it for $1200/mo. That's honestly ridiculous. For example, in SoCal, a $500-600k home only rents for $3500 and that's in an area close to college (eg UC Irvine) where the demand is always high.

yes I'm well aware on FL.......................like it blows me away compared to Tri State/New England. my girl wants to move down there also


also the other stuff you said.........youre doing it man, thats awesome!



@LuckyLuciano I've never been to Chicago yet, I've heard its a good city but all the stuff I hear in the news makes me assume obviously. Renting to college kids isn't something I care to do.............We rented out to college Grads before particularly the ones who go to Wesleyan University. Great Experiences........def have some nightmare stories though. Not with the grad students but section 8 tenants.
one of them was amazing................best ever. You can't judge people.......they all can look good on background check and interview. This is stuff I have helped my mother with, so not technically my own.....shared.....


ONE OF THE WORSE TENANTS EVER WAS A WOMAN WHO PRAISED JESUS ALL DAY. BIG LEARNING EXPERIENCE MOM DIDNT DO BACKGROUND CHECK, JUST WENT OFF REFERENCES. LADY WAS THE WORSE, THE WORSE. 2 FACED EVIL WOMAN. HAD TO FIX THINGS AFTER SHE TRIED TO SABOTAGE THE PLACE THEN VANISHED ALSO.

 

[luckyluchiano]

yes I'm well aware on FL.......................like it blows me away compared to Tri State/New England. my girl wants to move down there also


also the other stuff you said.........youre doing it man, thats awesome!



@LuckyLuciano I've never been to Chicago yet, I've heard its a good city but all the stuff I hear in the news makes me assume obviously. Renting to college kids isn't something I care to do.............We rented out to college Grads before particularly the ones who go to Wesleyan University. Great Experiences........def have some nightmare stories though. Not with the grad students but section 8 tenants.

Chicago is a great city, one I`d actually live in if it wasn't for the winters. The "Crime" issue is limited to a specific area and you pretty much have to be involved with the area/life to get caught up, its just Racist media enjoy using it to push agendas when Chicagos Crime rate is at all time lows. Its like People using the Crime in South Bronx as a Reason not to live in NYC if you want to put things in perspective. With Chicago being an old money city the spots you would make money with the least headache are pretty much tough to get unless you got that multi million dollar investor money. The crib I got now I want to eventually rent out to college kids, and I already know how the section 8 stuff goes lol. Me personally if I were investing in real estate I would look at Texas,GA, and NC.

 

[al audi]

Chicago is a great city, one I`d actually live in if it wasn't for the winters. The "Crime" issue is limited to a specific area and you pretty much have to be involved with the area/life to get caught up, its just Racist media enjoy using it to push agendas when Chicagos Crime rate is at all time lows. Its like People using the Crime in South Bronx as a Reason not to live in NYC if you want to put things in perspective. With Chicago being an old money city the spots you would make money with the least headache are pretty much tough to get unless you got that multi million dollar investor money. The crib I got now I want to eventually rent out to college kids, and I already know how the section 8 stuff goes lol. Me personally if I were investing in real estate I would look at Texas,GA, and NC.

yea winters are worse in chicago than CT


i agree on those 3 states also. prob top 3 honestly no particular order

 

[antbanks81]

This one is in located in Woodlawn. It's nestled in between the two sites they've chosen for the presidential library. It's close to the beach and quick ride downtown. It sold for $190k after 12 days on market. My client submitted 187,500 in a H & B, of course that one stung.

One of the investors was there when I did the showing. I believe she said the rehab was $75k. So after that, $9,500 in commissions and $5,700 in closing costs, she netted somewhere in the area of $58k. It may have been $56k after paying the tax for a year. We don't have the same high costs to get in the game like Cali for instance. This is just one example. She took a two unit building and duplexed the first floor and basement. The new owner can get 1200-1372 upstairs and $1350 plus downstairs

We have the high dollar deals too. My office has a deal in Glenview. They bought the home for $600k, I believe (had the discussion last year). At first they were gonna wholesale it and make $100k+. They changed their minds and decided to do the reno themselves and list. I believe the cost is $150k, and it will list at $1.3M.

Don't let the media sway you, Chicago is still a highly desirable city. You just have to pick your market and go after it like you would anywhere else.

 

[aepps20]

I would really appreciate everyone's thoughts. Many of you know about the disaster that was my new house construction experience. My fiancée and I are getting married in May and we've decided to sign a new apartment lease and keep saving money. The entire new construction process was mentally draining and a part of me is still bitter on how everything went down and I need time to go through the home buying process again. I know that interest rates are going up but after narrowly dodging a bullet on the last home I just want to take my time. Do you guys think this is a prudent approach?

 

[pdino]

^Take your time, it's the biggest purchase in most peoples lives. Interest rates have remained at historical lows for a bit now, I'm sure they'll go up eventually, but there will be other opportunities to refinance at a lower rate if that is your main concern.

 

[al audi]

This one is in located in Woodlawn. It's nestled in between the two sites they've chosen for the presidential library. It's close to the beach and quick ride downtown. It sold for $190k after 12 days on market. My client submitted 187,500 in a H & B, of course that one stung.

One of the investors was there when I did the showing. I believe she said the rehab was $75k. So after that, $9,500 in commissions and $5,700 in closing costs, she netted somewhere in the area of $58k. It may have been $56k after paying the tax for a year. We don't have the same high costs to get in the game like Cali for instance. This is just one example. She took a two unit building and duplexed the first floor and basement. The new owner can get 1200-1372 upstairs and $1350 plus downstairs

We have the high dollar deals too. My office has a deal in Glenview. They bought the home for $600k, I believe (had the discussion last year). At first they were gonna wholesale it and make $100k+. They changed their minds and decided to do the reno themselves and list. I believe the cost is $150k, and it will list at $1.3M.

Don't let the media sway you, Chicago is still a highly desirable city. You just have to pick your market and go after it like you would anywhere else.

Cool bro, an again.........I was clearly just going off my perception based on what I see in the media.

I def have a serious interest in real estate. I'm gonna learn some some more on my own first but ill keep you in mind for sure.

I hope all is going well with you also, i remember some threads way back.......

 

[HankHill]

I would really appreciate everyone's thoughts. Many of you know about the disaster that was my new house construction experience. My fiancée and I are getting married in May and we've decided to sign a new apartment lease and keep saving money. The entire new construction process was mentally draining and a part of me is still bitter on how everything went down and I need time to go through the home buying process again. I know that interest rates are going up but after narrowly dodging a bullet on the last home I just want to take my time. Do you guys think this is a prudent approach?

Were you the one who mentioned the real estate agent not trying to give back your deposit? How did that turn out? Also, nothing wrong with taking a sabbatical to recoup from the stress.

 

[aepps20]

Were you the one who mentioned the real estate agent not trying to give back your deposit? How did that turn out? Also, nothing wrong with taking a sabbatical to recoup from the stress.

The Builder refused to give us back our earnest money deposit and my lawyer said there is nothing we can do.

 

[luckyluchiano]

Anyone ever purchase rural land for the purpose of commercial farming?

 

[girlslovewaffles]

I would really appreciate everyone's thoughts. Many of you know about the disaster that was my new house construction experience. My fiancée and I are getting married in May and we've decided to sign a new apartment lease and keep saving money. The entire new construction process was mentally draining and a part of me is still bitter on how everything went down and I need time to go through the home buying process again. I know that interest rates are going up but after narrowly dodging a bullet on the last home I just want to take my time. Do you guys think this is a prudent approach?

Damn, that's like my worst nightmare.

 

[HankHill]

Were you the one who mentioned the real estate agent not trying to give back your deposit? How did that turn out? Also, nothing wrong with taking a sabbatical to recoup from the stress.

The Builder refused to give us back our earnest money deposit and my lawyer said there is nothing we can do.

Damn. Sorry to hear that.

 

[aepps20]

Damn. Sorry to hear that.

If the housing market weren't so hot in Colorado, I probably would've received my money back but those builder contracts are so one-sided that there is little you can do. Thank you for the support my dude.

 

[al audi]

Anyone ever purchase rural land for the purpose of commercial farming?

thats hella expensive isn't it?


im all for black farmers Lucky, go for it

 

[SneakerProSr.]

I would really appreciate everyone's thoughts. Many of you know about the disaster that was my new house construction experience. My fiancée and I are getting married in May and we've decided to sign a new apartment lease and keep saving money. The entire new construction process was mentally draining and a part of me is still bitter on how everything went down and I need time to go through the home buying process again. I know that interest rates are going up but after narrowly dodging a bullet on the last home I just want to take my time. Do you guys think this is a prudent approach?

4 years ago I was in a similar spot as you.

I didn't buy and kept renting.

That decision cost me at least 40-70K after appreciation and equity I didn't build because I kept renting.

If you are in a hot market I'd buy as fast as possible.

 

[dam itz lou]

I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.

 

[al audi]

I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.

i think its cool to help others

im all for it

 

[dam itz lou]

I agree, it restored my faith in humanity a bit.

 

[al audi]

I agree, it restored my faith in humanity a bit.

yea man, after what I've seen last summer I'm all bout helping others.

ill be doing volunteer work soon also

 

[capital sb]

I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.

It's all about helping others there's enough knowledge and money to go around for everyone.

 

[Chiron]

Congrats. Where are you located?

I'm in Vegas

Looks like Arizona or Vegas.

I wouldn't give my kid the house for free. I worked my *** off for it. I'd sell it to him at a discount and have him pay me so he doesn't have to pay interest or sell it and give him a good chunk to buy his first home.

Doesn't he inherit the house anyway? why have the money change hands like that and pay all that additional interest to a bank?

 

[dam itz lou]

I was speaking hypothetically. I'm 28 with no kids.

 

[ekrev98]

I skimmed through BP and a lot of people seem like they want to help each other out. You'd think people would try to keep that kind of info to themselves. I know all of them aren't like that but a decent amount of people looked to help others out.

It's a great community of people. Everybody trying to help everybody because at the end of the day, it's all about networking and knowing people to reach that goal of making money/profit. I've met some cool people on there

 

[ekrev98]

Today was the start of my newest project. Here's a pic of the exterior and some of the demo work.