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What health insurance bkd has? Any 401k match?
Bowl Leader
Come thru with that .0000009% conversion rate
Tempted to buy 1 BTC ..
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Can someone help on how to get a burner?
Hi Fishes,
I am serving notice period and my LWD is 9 January 2023. I am looking for job change and it will be really very kind of you all if anyone can you refer me.
Skills:Automation/Manual Testing(Selenium Web Driver,Robot Framework,Cucumber),RPA Development framework,Core Java, SQL,Cucumber,API Postman,Agile.Deloitte USI Deutsche Bank ZS Associates Bitwise Inc Xoriant private solutions ltd.
Chicago fish! DM me
Rising Star
Is love blind? Have we figured it out yet?
If you're wondering what your actual impact on sustainable development is as a sustainability consultant, have a look.
Main argument is that the entire ESG industry is not grounded in scientific boundaries and therefore doing more harm than good.
https://www.r3-0.org/wp-content/uploads/2021/04/Opinion-Paper-1-Ralph-Thurm-The-Big-Sustainability-Illusion-March-2021.pdf
Additional Posts in The Real Estate Bowl
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The question you need to ask yourselves - what is the goal and strategy to get there? If for long term buy and hold, then buying at break even today hoping market would appreciate or interest rates would go down could make sense. If you are buying to sell in a few years, it might not work. How much time you want to invest in managing the property. The bigger building you buy, the cost per unit goes down and the competition reduces so no bidding wars. I don’t know how it works in the US but definitely worth looking into financing the bigger building and the laws around it. There are always ways to make money in any market, you just need to know your goal, run the numbers and be patient. You will find the golden nugget in the madness :)
My first question is why you want to get into real estate investing. And my second is whether you actually want to move. I personally would not move just for the sake of getting a rental property sooner than you could otherwise afford to. And I certainly wouldn’t do so into a house I don’t want to live in with the aim of temporarily renting out my “real” house and planning to come back to it.
For one, moving sucks and is expensive and a hassle. Second, having tenants in what you consider to be your home is likely to be emotionally taxing. They will change things and scratch walls and not keep up the yard etc, and it will feel like a violation. Also tax wise this is a headache. Two properties going from homestead to rental back to homestead or Vice versa.
And all of this expense and hassle will hardly guarantee that you end up with a cash flowing or appreciating rental. Honestly I’d just put money I to the stock market and enjoy a simpler life.
And I say that as a landlord with multiple properties and 15+ years experience. There have been several occasions where in hindsight I’d have made as much money or possibly more just by putting the down payment in the stock market. Not to mention the time and stress it would have saved me. I’ve made money overall in RE and I diversify because you never know what will happen with any given asset class, but I also got lucky with good appreciation in the Dallas area. It was 5 years of buying and managing my own rentals before I even had any positive cash flow though, and another 5 before it was meaningful. It’s often a LONG game. And had I not been so young and naive I would have reasonably just given up after a few years. And I’d probably be in more or less the same place financially.
Thanks for your feedback. Just to clarify, we would only come back if we were to get a townhouse. As of now, we are leaning more on moving to a new construction house and just keep our main property as rental. New construction would be 10-15 min away. The long term goal is just to build equity to diversify our portfolio not necessarily to resell in the future. Please Let me know if there is anything else we should consider. Also, what would you say is a good reserve for rental property (3,6,9 months of mortgage)?
This idea is a new construction will allow us to remove the 10% requirement of investment property and high interest associated with them as well. Additionally, we might lower interest/incentive on new construction as well. Challenge is that the house we would buy is twice the amount we were thinking for the investment property. Current House mortgage, taxes, interest is about $2800 and would rent between $3700 (winter)-$4000(summer) based on houses that were rented in the past 3-6 months. Husband and I are debating whether we should downgrade to a new construction townhouse (which will subsequently be the investment property after living there for a year) and then come back to our house or if we should go ahead and get a new construction house and keep our current residence as investment property. If we were to go with the townhouse we could cover 6 months of mortgage if we end up getting a bad tenant vs 2 months or so if we were to get the house. We do not expect significant capex on our current house as the roof, siding, windows, AC, HVAC have been replaced within the last 3 years. I will appreciate thought/feedback and things to consider that we have not. Thank you
My husband and I recently got into this as well. We bought a property in the mountains in March at 7p interest ugh. It likely won’t truly cash flow until year 2 (we are STR) and the bookings have not been as high as we predicted with data from Airdna. That being said, I still don’t regret doing it for many reasons and we are looking to acquire more.
We have 50k left to invest and we are looking out of state like Texas or Georgia. Properties are less expensive and there is strong, increasing demand. Have you considered out of state investing?
We also considered similar to what you are thinking by renting our primary home and and buying new construction for our next home. Either way, we won’t be selling our primary since it’s a beautiful town home that we financed at 2.625%
Not sure if that helped but we started our journey this year and are still looking to grow!
That might be a longer conversation. Not tracking “reserves” on either property. We just opened our second property for STR so everything has been funded by us so far. We have separate bank account for that house to keep revenues separate and eventually pay bills from exclusively
Mentor
Why now ? Uncertain economy. High interest rates. Still high prices in many parts of country. Labor rates haven’t really dropped too far yet if any rehab is needed. I have 10 properties. I have a few new construction contracted long back with decent pricing.
No way would I make an offer today. Save your cash. Invest in the market conservatively and wait for a better time.
Mentor
Because that’s a big IF. For someone brand new to this even finding a property that “makes sense” is incredibly difficult right now.
Visual Storyteller
We rented out our home when I was transferred for work. Had a property manager since we were out of town. First tenants were great and stayed multiple years, took good care of the house, always paid on time, etc. second tenants were the opposite - several months paid late, took poor care of the place and the management company was lazy and did the absolute bare minimum. It was difficult to watch the home we renovated go downhill the last year of renting it. (We kept the last tenants entire deposit and it wasn’t enough to cover the work needed to out the house on the market to sell.)
We do still have investment properties - two four-unit apartment buildings - that cash flow positive and aren’t terrible to upkeep. But I probably would not rent out my own former home again.
Visual Storyteller
We lived out of state, hence the (lazy) property manager.
I’m currently not buying except for houses with large down payments
Invest in other avenues such as businesses at the moment