Real Estate

Hey if your in real estate let's connect .

Which markets are you in ?

Cash buyers ?

Wholesalers ?

Fix and flippers ?

Buy and holders ?

Mortgage Lenders ?

Title company ?

Hard Money Lenders ?

Commercial real estate ?

Personally interested in Texas Oregon Washington Arizona Markets

I just been rip off with ex wife. I have turn a realtor into hud the board realities and there did not do any thing. Avoid divorce sales.

Divorce sucks!

Starting in 1985, we bought a Tri-plex [three houses on one lot] we lived in one house while we had tenants in the other two houses, paying our mortgage.

Then at my next duty station we bought a Five-plex [single building with five apartments]. Our rent flow covered all expenses+.

At my next duty station we had another Tri-plex.

Then a Four-plex.

The second Tri-plex was really profitable, so we kept it for a long time. After I retired from the US Navy, we returned to that property and lived in it for a while. We did a cash-out Refinance and used the cash to buy our retirement homestead.

A few years later [in 2008] with the recession the employers in that city went through major lay-offs, our tenants all lost their jobs. And we lost that property.

In 2016, we bought another rental property. This one with fourteen tenants [two storefronts, one large retail office space, and eleven residential apartments].

That's amazing. I'm looking to acquire my first income producing property. Gonna use a fha loan on 1-4 unit if I can find one that has a decent roi

Are you familiar with grant cardone?

I own a few 2 families. As a tax accountant, one of the things I've learned is never buy less than 2 unit. Try to get 3 unit or more if possible. Owning investment property is a great way to make money, but don't be fooled. It's work! Make sure you have a good accountant to help with your tax strategies too. PM me if you have questions, Kathy915.

Ice water I sent you a pm

...
Are you familiar with grant cardone? Originally Posted by Kathy915

No. I just did a quick google of the name. Appears to be a 'get rich' motivational speaker. I do not usually trust those guys.

I currently have a mixed-use commercial/residential building with fourteen tenants, two store fronts, one retail office space, and eleven residential tenants.

ROI is around 15%.

Retired submariner . For sale ?

I usually don't trust em either

Retired submariner . For sale ? Originally Posted by Kathy915

No, our current rental real estate is not up for sale.

We bought it in 2016, the rehab took far longer than anticipated, and it went way over budget.

In the middle of the project, we went to every Small Business incubator group we could find, hoping to get help with funding.

Our professionally written business plan, in a very conservative estimate projects that we should be making 15% ROI.

But right now, we are still dealing with lacking sufficient funds to cover the BIG annual bills [insurance, property tax, sewer]. We are confident that given time we will have enough funds to cover these, but for right now, as these big bills come due, it is stressful.

The last big hurdle for us to clear inspections was the fire-sprinkler system. That was crazy expensive and the company deserves an award for dragging their feet. We were forced to get a mortgage on our farm, to get enough funding to push through the last bit of construction work. It was very stressful for us.

Now we are making extra principal-only payments on our farm mortgage.

We will not be looking to sell, until after our farm mortgage has been paid off.

... I usually don't trust em either

That is smart.

No, our current rental real estate is not up for sale.

We bought it in 2016, the rehab took far longer than anticipated, and it went way over budget.

In the middle of the project, we went to every Small Business incubator group we could find, hoping to get help with funding.

Our professionally written business plan, in a very conservative estimate projects that we should be making 15% ROI.

But right now, we are still dealing with lacking sufficient funds to cover the BIG annual bills [insurance, property tax, sewer]. We are confident that given time we will have enough funds to cover these, but for right now, as these big bills come due, it is stressful.

The last big hurdle for us to clear inspections was the fire-sprinkler system. That was crazy expensive and the company deserves an award for dragging their feet. We were forced to get a mortgage on our farm, to get enough funding to push through the last bit of construction work. It was very stressful for us.

Now we are making extra principal-only payments on our farm mortgage.

We will not be looking to sell, until after our farm mortgage has been paid off.





That is smart. Originally Posted by RetiredSubmariner

Thank you for sharing.
I always have to giggle a lot bit. Politicians and renters seem to think landlords deposit their checks and we run too the bank to cash and we are rich.

What politicians and renters don't understand is the costs associated with the maintenance of the place.

I always said, I made money on the appreciation of the property, but lost money on the rents. Anytime I spent cordinating contractors, dealing with tenants, and other at the property was un paid time.

Yea thanks for sharing
I'm starting have a different perspective about investing in real estate.

I agree with Fizley. I was a banker for 20 years and then a tax accountant for 10. I have a lot of experience on the financial side of real estate investing and tax returns. Most, and I say most, properties are not big money makers while there is a mortgage against them. You make your money off of the appreciation of the property.
Tenants think you take their rents and have gobs of cash. Not the case. And the crazy demands some tenants make? Unbelievable!
However, it is an investment, and most investments are long haul, not get rich quick. Real estate can be a great investment of you have the patience and time. It requires a lot of work, but I've found it's worth it in the end.

Can you use rent profits from 4plex as added income to qualify for higher purchase price with lender ?

Can you use rent profits from 4plex as added income to qualify for higher purchase price with lender ? Originally Posted by Kathy915

Yes, absolutely. On your business plan you include your own income along with the projected rental income. If your projected rental income [minus 20%] is more than the mortgage, insurance and taxes, then it should be a 'go'!

That is exactly what we did with our first four properties.

If you live at the same address, your mortgage is truly the mortgage on your home. Nobody will bat an eye at using home mortgage-interest as a tax write-off.