Thread: Paging Misc Real Estate Moguls
07-16-2021, 01:12 AM
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#31
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Originally Posted By ashin1⏩
Interesting, Do you feel like owning the land HELPED secure the financing...?! How did you GO about getting the FINANCING had you approached it buy SAYING you want to develop land you own and BANK says OKAY how much and you agree upon a figure and you just contract everything out OR did they WANT you to have PLANS and everything first and DID you have to put down payment to SECURE loan...?!If you want a higher ROI stick with areas that are sparse for rental vacancies so even with a tiny home or smaller/older space you can still get market rental returns
For example, I bought a property with a old trailer sitting on the land for $45k, it was a dump when I got it but about 5k reinvestment and a month of a few hours the odd day after work and I had it rented out $750(I could have charged more but didn’t want to be too greedy) to a working professional in the same week I finished renos.
Just find a location where a rental is a hot commodity and get creative on how you want to capitalize on that
Cheers
Own the land (bought cash)
Financing the rest.
Waiting on final permit and then digging begins
Proof of said cope?
For example, I bought a property with a old trailer sitting on the land for $45k, it was a dump when I got it but about 5k reinvestment and a month of a few hours the odd day after work and I had it rented out $750(I could have charged more but didn’t want to be too greedy) to a working professional in the same week I finished renos.
Just find a location where a rental is a hot commodity and get creative on how you want to capitalize on that
Cheers
Own the land (bought cash)
Financing the rest.
Waiting on final permit and then digging begins
Proof of said cope?
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07-16-2021, 01:48 AM
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#32
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Originally Posted By trashin1⏩
They say a picture speaks a thousand words so here’s a novel about poverty in rural canadiaProof of said cope?
07-16-2021, 06:39 AM
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#33
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Originally Posted By Realclout⏩
1. Buy landInteresting, Do you feel like owning the land HELPED secure the financing...?! How did you GO about getting the FINANCING had you approached it buy SAYING you want to develop land you own and BANK says OKAY how much and you agree upon a figure and you just contract everything out OR did they WANT you to have PLANS and everything first and DID you have to put down payment to SECURE loan...?!
2. Make floor plans
3. Get quotes on labour/material/development
4. Secure permits
5. Contact financial institution
banks are more liberal with lending if you are willing to live in the same units you want to rent out as a primary residents.
And If you already own the land outright that is also part of the “down payment”
Originally Posted By r32gojirra⏩
So you can’t prove your last claim?They say a picture speaks a thousand words so here’s a novel about poverty in rural canadia
Shouldn’t expect any less from an old geriatric ******* such as yourself
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07-16-2021, 06:47 AM
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#34
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Originally Posted By ashin1⏩
Interesting, So. If I understand correctly1. Buy land
2. Make floor plans
3. Get quotes on labour/material/development
4. Secure permits
5. Contact financial institution
banks are more liberal with lending if you are willing to live in the same units you want to rent out as a primary residents.
And If you already own the land outright that is also part of the “down payment”
So you can’t prove your last claim?
Shouldn’t expect any less from an old geriatric ******* such as yourself
2. Make floor plans
3. Get quotes on labour/material/development
4. Secure permits
5. Contact financial institution
banks are more liberal with lending if you are willing to live in the same units you want to rent out as a primary residents.
And If you already own the land outright that is also part of the “down payment”
So you can’t prove your last claim?
Shouldn’t expect any less from an old geriatric ******* such as yourself
work with architect or what have you to design plans
convey theses plans to a builder and gain quotes in writing
gain permits
THAN
Bring all of these things to the bank.
Say, I secure a acreage of land zoned for residential real estate for 30k
would this be enough to secure the loan or do you reckon extra capital in the form of a down payment would be required...?!
I would certainly be willing to leverage my primary residence / equity to accomplish this as well in addition to securing a general contracting or at least one type of trade based business to provide labor and services that favor me in the best way possible and potentially build this up over time.
I wanna be on that trump time WITH big beautiful hotels.
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07-16-2021, 06:51 AM
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#35
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so you want to share your home with college students or something ?
07-16-2021, 07:00 AM
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#36
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Originally Posted By Realclout⏩
Appraisal will probably need to be done to determine how much the land will be of a down payment in relation overall market value of finished home.Interesting, So. If I understand correctly
work with architect or what have you to design plans
convey theses plans to a builder and gain quotes in writing
gain permits
THAN
Bring all of these things to the bank.
Say, I secure a acreage of land zoned for residential real estate for 30k
would this be enough to secure the loan or do you reckon extra capital in the form of a down payment would be required...?!
I would certainly be willing to leverage my primary residence / equity to accomplish this as well in addition to securing a general contracting or at least one type of trade based business to provide labor and services that favor me in the best way possible and potentially build this up over time.
I wanna be on that trump time WITH big beautiful hotels.
work with architect or what have you to design plans
convey theses plans to a builder and gain quotes in writing
gain permits
THAN
Bring all of these things to the bank.
Say, I secure a acreage of land zoned for residential real estate for 30k
would this be enough to secure the loan or do you reckon extra capital in the form of a down payment would be required...?!
I would certainly be willing to leverage my primary residence / equity to accomplish this as well in addition to securing a general contracting or at least one type of trade based business to provide labor and services that favor me in the best way possible and potentially build this up over time.
I wanna be on that trump time WITH big beautiful hotels.
There’s other factors that weren’t mentioned that also help play a hand with securing financing such as credit and income consistency/amount. But that should be assumed without even saying.
I wouldn’t go into this if you don’t have any cash on the side either. Much rather have it and not need it than the other way around especially during a new build.
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07-16-2021, 07:01 AM
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#37
Originally Posted By katya422⏩
Mizzou was on a downward spiral for a while. Its still not great. They don't even have the undergrad enrollment they had when I was attending in the early 2000sThought about Columbia, MO; kind of isolated though and not sure about winters there.
There isn't much to do there outside the college stuff and not the best schools for your daughter
Summers are super hot and humid. Winters are bleak, wet and cold
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07-16-2021, 07:03 AM
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#38
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Can you even do female only? That’s discrimination is it not?
My friend in Worcester MA rents out to students. He said they’ve been a pain in the ass. Nothing crazy but what do you expect. There are 4 colleges there.
I’ve considered buying a multi in MA too. But renting to low income ppl with assisted living. Screen them well, but you’re almost always gonna get paid cause it comes from the govt, and the tenants don’t want to lose their benefits so they tend to be good.
My friend in Worcester MA rents out to students. He said they’ve been a pain in the ass. Nothing crazy but what do you expect. There are 4 colleges there.
I’ve considered buying a multi in MA too. But renting to low income ppl with assisted living. Screen them well, but you’re almost always gonna get paid cause it comes from the govt, and the tenants don’t want to lose their benefits so they tend to be good.
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07-16-2021, 07:07 AM
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#39
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Originally Posted By Anachron⏩
I’d be careful listening to anachronJust LOL at trailerbrah giving RE advice ITT.
@ OP :
Refreshing thread to see on the misc, we need more of these.
-Do NOT do section 8 - especially in your specific situation. Profit margins are higher than normal, but you don't want to get into that whole hassle ( especially if you want to live there ).
-Student housing is higher profit margin and depending on your vetting of the tenants, is actually less hassle than single professionals. You do need to be in the right location though, and these locations will have higher property prices associated with this.
-One thing to look into before embarking in the direction of student housing is to see if there are any local regulations governing the number of "units" that can be rented out in a single home - as bedrooms, depending on the local rules, can be considered individual units if rented out individually.
-Skimmed the thread but didn't see a hard number on the finances available?
You're asking the wrong person.
And just call your local financial institution and ask about a "construction mortgage".
@ OP :
Refreshing thread to see on the misc, we need more of these.
-Do NOT do section 8 - especially in your specific situation. Profit margins are higher than normal, but you don't want to get into that whole hassle ( especially if you want to live there ).
-Student housing is higher profit margin and depending on your vetting of the tenants, is actually less hassle than single professionals. You do need to be in the right location though, and these locations will have higher property prices associated with this.
-One thing to look into before embarking in the direction of student housing is to see if there are any local regulations governing the number of "units" that can be rented out in a single home - as bedrooms, depending on the local rules, can be considered individual units if rented out individually.
-Skimmed the thread but didn't see a hard number on the finances available?
You're asking the wrong person.
And just call your local financial institution and ask about a "construction mortgage".
Talks a big game but has yet to provide misc any kind of evidence of RE knowledge.
I mean he trips over himself time after time trying to cope with the fact i made a good investment choice living in a trailer I bought for cash.
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07-16-2021, 07:10 AM
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#40
Originally Posted By r32gojirra⏩
Maybe things are different in upside down land, but this is 100% untrue in the states. Like retardedly untrue lolRenting long-term is terrible.
Weak returns, a lot of hassle and entry/exit costs, and risks.
Weak returns, a lot of hassle and entry/exit costs, and risks.
"It won't get better, just different."
07-16-2021, 07:12 AM
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#41
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Originally Posted By ashin1⏩
Hasn't EVEN uploaded an AVI. lol at no AVI scum.I’d be careful listening to anachron
Talks a big game but has yet to provide misc any kind of evidence of RE knowledge.
I mean he trips over himself time after time trying to cope with the fact i made a good investment choice living in a trailer I bought for cash.
Talks a big game but has yet to provide misc any kind of evidence of RE knowledge.
I mean he trips over himself time after time trying to cope with the fact i made a good investment choice living in a trailer I bought for cash.
MODs need to start deporting them they are HERE illegally SRS.
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07-16-2021, 07:16 AM
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#42
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Originally Posted By ashin1⏩
Interesting, You're saying the appraisal could be different then the purchase price of the land SAY I purchase it for 30k as stated but it appraises at a different price is that possible...?! At bare minimum it would be 20% of a final home value of say 150k or am I misunderstanding.Appraisal will probably need to be done to determine how much the land will be of a down payment in relation overall market value of finished home.
There’s other factors that weren’t mentioned that also help play a hand with securing financing such as credit and income consistency/amount. But that should be assumed without even saying.
I wouldn’t go into this if you don’t have any cash on the side either. Much rather have it and not need it than the other way around especially during a new build.
There’s other factors that weren’t mentioned that also help play a hand with securing financing such as credit and income consistency/amount. But that should be assumed without even saying.
I wouldn’t go into this if you don’t have any cash on the side either. Much rather have it and not need it than the other way around especially during a new build.
Correct, That goes without say.
I'm in this for the long run not looking for a one time come up. HENCE investing into a business that I can use to do the work and generate income by doing other jobs as well to offset some of the labor costs and make it a bit more profitable then getting cucked by a contractor.
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07-16-2021, 07:20 AM
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#43
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Originally Posted By Realclout⏩
Definitely possibleInteresting, You're saying the appraisal could be different then the purchase price of the land SAY I purchase it for 30k as stated but it appraises at a different price is that possible...?! At bare minimum it would be 20% of a final home value of say 150k or am I misunderstanding.
Correct, That goes without say.
I'm in this for the long run not looking for a one time come up. HENCE investing into a business that I can use to do the work and generate income by doing other jobs as well to offset some of the labor costs and make it a bit more profitable then getting cucked by a contractor.
Correct, That goes without say.
I'm in this for the long run not looking for a one time come up. HENCE investing into a business that I can use to do the work and generate income by doing other jobs as well to offset some of the labor costs and make it a bit more profitable then getting cucked by a contractor.
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07-16-2021, 07:28 AM
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#44
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Originally Posted By ashin1⏩
Would the appraisal process happen as part of the buying process similar to a home buying process, For the sake of consistency the land is 1 acre for 30k I'm guessing 30k is about fair market value so if you were to buy it SIMPLY to hold onto it with the HOPE of the land GOING up in value and selling it at some point similar to a stock in a company it would probably appraise around 30k but IF you were to tell the appraiser or what HAVE you that you're planning to build a duplex they WILL appraise the land at a higher value but PERHAPS this would be better to do AFTER buying the land so you get it for CHEAP but than you have it APPRAISED higher so that it represents a larger portion of the final home value SAY after purchasing it for 30k you have it APPRAISED with developing a duplex in my and it appraises at 150k NOT saying that is realistic or WOULD happen but a situation LIKE this could be possible resulting in a LARGER downpayment ENABLING you to secure a bigger loan to cover the proper KNOWING it is going to be developedDefinitely possible
IF that makes sense.
SRS.
OR
IN all likelihood would they basically appraise it for essentially the same price and purchase price REGARDLESS of buy and hold or actually develop.
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07-16-2021, 07:31 AM
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#45
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Something to keep in mind, we just spent the last year with a moratorium on evicting tenants that refuse to pay rent. It would not surprise me to see this happen more often for reasons other than the pandemic.
Be prepared to pay the full mortgage on your building with no income from your tenant(s) for a prolonged period of time. Also be aware MANY tenants that know they will be evicted once all their legal options allowing them to not pay rent, run out, will trash your property. There are a whole lot of individual rental property owners that are selling and getting out of the game right now. It's all trending towards large investment banks that buy and rent properties by the hundreds. They can absorb the non-pays easier and can better afford pursuing legal means to recover their money. If you are going to do it, be very, very picky about who you rent to. Even then, there is risk involved.
Be prepared to pay the full mortgage on your building with no income from your tenant(s) for a prolonged period of time. Also be aware MANY tenants that know they will be evicted once all their legal options allowing them to not pay rent, run out, will trash your property. There are a whole lot of individual rental property owners that are selling and getting out of the game right now. It's all trending towards large investment banks that buy and rent properties by the hundreds. They can absorb the non-pays easier and can better afford pursuing legal means to recover their money. If you are going to do it, be very, very picky about who you rent to. Even then, there is risk involved.
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07-16-2021, 07:32 AM
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#46
Originally Posted By Realclout⏩
Are you seriously this fukking retarded? Land is land. It doesn’t matter you plan to do with it. Your hopes and dreams don’t increase the value. If you have a house and tell them you plan to park a lambo in the garage, will they increase the appraisal? Holy chitWould the appraisal process happen as part of the buying process similar to a home buying process, For the sake of consistency the land is 1 acre for 30k I'm guessing 30k is about fair market value so if you were to buy it SIMPLY to hold onto it with the HOPE of the land GOING up in value and selling it at some point similar to a stock in a company it would probably appraise around 30k but IF you were to tell the appraiser or what HAVE you that you're planning to build a duplex they WILL appraise the land at a higher value but PERHAPS this would be better to do AFTER buying the land so you get it for CHEAP but than you have it APPRAISED higher so that it represents a larger portion of the final home value SAY after purchasing it for 30k you have it APPRAISED with developing a duplex in my and it appraises at 150k NOT saying that is realistic or WOULD happen but a situation LIKE this could be possible resulting in a LARGER downpayment ENABLING you to secure a bigger loan to cover the proper KNOWING it is going to be developed
IF that makes sense.
SRS.
OR
IN all likelihood would they basically appraise it for essentially the same price and purchase price REGARDLESS of buy and hold or actually develop.
IF that makes sense.
SRS.
OR
IN all likelihood would they basically appraise it for essentially the same price and purchase price REGARDLESS of buy and hold or actually develop.
"It won't get better, just different."
07-16-2021, 07:33 AM
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#47
Originally Posted By JPF82⏩
Thank you.You should check out Charleston, no joke. Easy cost of living, lots of real estate potential.
This is just 145k max houses. We have duplex and quadplex and such.......
Any questions about the Charleston area, just PM me
https://www.zillow.com/homes/for_sal...Zoom%22%3A9%7D
This is just 145k max houses. We have duplex and quadplex and such.......
Any questions about the Charleston area, just PM me
https://www.zillow.com/homes/for_sal...Zoom%22%3A9%7D
I haven't been to Charleston, but it looks nice. I was afraid that the prices might be too high there, but maybe not. Really the most appealing just from reading. I've been considering going for a road trip to check more places out in person.
Originally Posted By Realclout⏩
Thanks. I am hoping to leverage what I've got into a secure situation mostly. It is a leap and I've been getting mentally knocked about trying to decide what is the best thing to do.If you can come up with a 100k from selling house which it sounds like you can you should be AT the bare minimum be able to swing a DUPLEX, triplex and 4-plex may be pushing it I'm guess you'd be able to secure financing around the 500k mark maybe a little above or below depending or property taxes and income...etc SINCE it would generate some level of income they WILL probably be more lenient with debt COMPARED to being a COMPLETE liability which WOULD be more risky factoring debt potentially BUT since TENNET will probably COVER mortgage and property taxes WHICH makes the LOAN less risky DESPITE debt you SHOULD be okay MIGHT be an OLDER building NEEDING some work or NOT in the best area and MAY not make A lot of PROFIT but it COULD save you 500$ a month minimum DEPENDING on what you pay currently for MORTGAGE so that EXTRA bit plus BUILDING equity could help not to mention ANOTHER maybe 5-15k yearly on PROPERTY tax
ALL in ALL I would say that you could COME out 20k give OR take ahead and IF you're frugal after 5 or so years YOU could pretty much have an extra 100k WOULD cover all if NOT most of college unless GRANTS or scholarships. LESSEN your liabilities and HELP retain more of your income and INCREASE your wealth because IF you can stick it out you can EVENTUALLY rent out both sides and AS you pay it OFF more income and you can move into a condo or SOMETHING.
IDEALLY it would be best to INVEST the profit / SAVED salary into VALUE creation ( renovation and upgrades ) however IF not possible don't WORRY.
Hope that HELPS srs, I have HAD to live IN bad situations before and NOBODY should struggle ( not saying you are )
Money is printed everyday and NOTHING is stopping you from INCREASING your social standing.
Banks WANT to loan money because THEY make money.
LEVERAGE your credit to HELP yourself and LOWER your expenses and YOU should be okay SRS.
ALL in ALL I would say that you could COME out 20k give OR take ahead and IF you're frugal after 5 or so years YOU could pretty much have an extra 100k WOULD cover all if NOT most of college unless GRANTS or scholarships. LESSEN your liabilities and HELP retain more of your income and INCREASE your wealth because IF you can stick it out you can EVENTUALLY rent out both sides and AS you pay it OFF more income and you can move into a condo or SOMETHING.
IDEALLY it would be best to INVEST the profit / SAVED salary into VALUE creation ( renovation and upgrades ) however IF not possible don't WORRY.
Hope that HELPS srs, I have HAD to live IN bad situations before and NOBODY should struggle ( not saying you are )
Money is printed everyday and NOTHING is stopping you from INCREASING your social standing.
Banks WANT to loan money because THEY make money.
LEVERAGE your credit to HELP yourself and LOWER your expenses and YOU should be okay SRS.
I think this idea I found about doing a "glamping" air bnb sort of thing looks fun and like you could make more money from it, but it could be tougher to finance and more high risk. Haven't ruled anything out, just don't know about depending on something that people can easily stop [vacation/travel] vs. a basic need like housing.
I love the idea of being able to experiment with different kinds of structures and living in an area so nice people choose to go there on vacation.
Originally Posted By ashin1⏩
Got it; area with high demand is more stable/higher value. Hell of a lot of competition though, and those taxes though.If you want a higher ROI stick with areas that are sparse for rental vacancies so even with a tiny home or smaller/older space you can still get market rental returns
For example, I bought a property with a old trailer sitting on the land for $45k, it was a dump when I got it but about 5k reinvestment and a month of a few hours the odd day after work and I had it rented out $750(I could have charged more but didn’t want to be too greedy) to a working professional in the same week I finished renos.
Just find a location where a rental is a hot commodity and get creative on how you want to capitalize on that
Cheers
Own the land (bought cash)
Financing the rest.
Waiting on final permit and then digging begins
Proof of said cope?
For example, I bought a property with a old trailer sitting on the land for $45k, it was a dump when I got it but about 5k reinvestment and a month of a few hours the odd day after work and I had it rented out $750(I could have charged more but didn’t want to be too greedy) to a working professional in the same week I finished renos.
Just find a location where a rental is a hot commodity and get creative on how you want to capitalize on that
Cheers
Own the land (bought cash)
Financing the rest.
Waiting on final permit and then digging begins
Proof of said cope?
I should do the math before committing [expenses of locale/market rates/cost to buy or build].
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07-16-2021, 07:43 AM
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#48
[QUOTE=Coach McGuirk post_id=1642954103]]b]They only take the % off the rent.[/b] Negotiate so it’s not out of pocket (it normally isn’t anyway).
If you can’t afford 10% of the profit going to a management company then I’d say you aren’t in a position to embark on this experiment of yours. Srs.
If you went to rent one room yourself and vet the person then go for it. But no way you can afford to manage a whole complex if you can’t sacrifice 10%.
I didn’t read the whole thread so sorry if I’m missing something.[/QUOTE]Good to know.
[QUOTE=ashin1 post_id=1642963593]1. Buy land
2. Make floor plans
3. Get quotes on labour/material/development
4. Secure permits
5. Contact financial institution
banks are more liberal with lending if you are willing to live in the same units you want to rent out as a primary residents.
And If you already own the land outright that is also part of the “down payment”
So you can’t prove your last claim?
Shouldn’t expect any less from an old geriatric ******* such as yourself[/QUOTE]Re: land purchase one thing I came across was a guy saying it is easier to get financing for land with a house on it than bare land. Recommended that as a possible way to go if someone wants to try doing small airbnb camping type spots.
This vid is a young guy who managed to bootstrap a pretty nice looking space on his own land. In the trades and had tradie friends to help. Didn't pay close attention/was distracted. I do know that he said that he drew up his plans himself for the financing and that he worked with a local lender that allowed him to work with something like a line of credit while building.
[youtube]https://www.youtube.com/embed/woGq_dFQYvU[/youtube]
[QUOTE=OffwhiteBrah post_id=1642964363]so you want to share your home with college students or something ?[/QUOTE]Like my kitchen and bath? No.
Thinking more other units in the same building.
ETA: I'll be back, have to go to an appointment and misc doesn't work on my phone anymore.
If you can’t afford 10% of the profit going to a management company then I’d say you aren’t in a position to embark on this experiment of yours. Srs.
If you went to rent one room yourself and vet the person then go for it. But no way you can afford to manage a whole complex if you can’t sacrifice 10%.
I didn’t read the whole thread so sorry if I’m missing something.[/QUOTE]Good to know.
[QUOTE=ashin1 post_id=1642963593]1. Buy land
2. Make floor plans
3. Get quotes on labour/material/development
4. Secure permits
5. Contact financial institution
banks are more liberal with lending if you are willing to live in the same units you want to rent out as a primary residents.
And If you already own the land outright that is also part of the “down payment”
So you can’t prove your last claim?
Shouldn’t expect any less from an old geriatric ******* such as yourself[/QUOTE]Re: land purchase one thing I came across was a guy saying it is easier to get financing for land with a house on it than bare land. Recommended that as a possible way to go if someone wants to try doing small airbnb camping type spots.
This vid is a young guy who managed to bootstrap a pretty nice looking space on his own land. In the trades and had tradie friends to help. Didn't pay close attention/was distracted. I do know that he said that he drew up his plans himself for the financing and that he worked with a local lender that allowed him to work with something like a line of credit while building.
[youtube]https://www.youtube.com/embed/woGq_dFQYvU[/youtube]
[QUOTE=OffwhiteBrah post_id=1642964363]so you want to share your home with college students or something ?[/QUOTE]Like my kitchen and bath? No.
Thinking more other units in the same building.
ETA: I'll be back, have to go to an appointment and misc doesn't work on my phone anymore.
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07-16-2021, 07:55 AM
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#49
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Originally Posted By chino3⏩
Stay mad, Let the adults talk.Are you seriously this fukking retarded? Land is land. It doesn’t matter you plan to do with it. Your hopes and dreams don’t increase the value. If you have a house and tell them you plan to park a lambo in the garage, will they increase the appraisal? Holy chit
Keep you low IQ dribble to yourself you DUMB waste of a life SRS.
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07-16-2021, 07:57 AM
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#50
Originally Posted By Realclout⏩
Looks like you had to sell your prized house coat because your paper tendies weren’t printing SRSStay mad, Let the adults talk.
Keep you low IQ dribble to yourself you DUMB waste of a life SRS.
Keep you low IQ dribble to yourself you DUMB waste of a life SRS.
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07-16-2021, 08:03 AM
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#51
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Originally Posted By katya422⏩
Yeah, I know what you're saying it's a HUGE shift in mindset to go from using debt / credit for a car or what have your or THINKING about what you wanna BUY with your MONEY to taking on the RISK and LIABILITY of a CASH flowing asset that COMES with management and a DIFFERENT life style especially considering most people WOULD rather jump off a bridge then do something like this but CONSIDERING most people aren't really that successful I wouldn't WORRY to much I wouldn't LISTEN to anybody that DOESN'T have what you WANT and never TAKE advice from anybody with less money then you because THERE is a reason they HAVE less then you SRS.Thank you.
I haven't been to Charleston, but it looks nice. I was afraid that the prices might be too high there, but maybe not. Really the most appealing just from reading. I've been considering going for a road trip to check more places out in person.
Thanks. I am hoping to leverage what I've got into a secure situation mostly. It is a leap and I've been getting mentally knocked about trying to decide what is the best thing to do.
I think this idea I found about doing a "glamping" air bnb sort of thing looks fun and like you could make more money from it, but it could be tougher to finance and more high risk. Haven't ruled anything out, just don't know about depending on something that people can easily stop [vacation/travel] vs. a basic need like housing.
I love the idea of being able to experiment with different kinds of structures and living in an area so nice people choose to go there on vacation.
Got it; area with high demand is more stable/higher value. Hell of a lot of competition though, and those taxes though.
I should do the math before committing [expenses of locale/market rates/cost to buy or build].
I haven't been to Charleston, but it looks nice. I was afraid that the prices might be too high there, but maybe not. Really the most appealing just from reading. I've been considering going for a road trip to check more places out in person.
Thanks. I am hoping to leverage what I've got into a secure situation mostly. It is a leap and I've been getting mentally knocked about trying to decide what is the best thing to do.
I think this idea I found about doing a "glamping" air bnb sort of thing looks fun and like you could make more money from it, but it could be tougher to finance and more high risk. Haven't ruled anything out, just don't know about depending on something that people can easily stop [vacation/travel] vs. a basic need like housing.
I love the idea of being able to experiment with different kinds of structures and living in an area so nice people choose to go there on vacation.
Got it; area with high demand is more stable/higher value. Hell of a lot of competition though, and those taxes though.
I should do the math before committing [expenses of locale/market rates/cost to buy or build].
For me I experience the same thing and YEARS after experience the shift in MINDset I am still learning and second guessing the best way to accomplish a similar goal to yours and THE more I learn the more I realize I don't know a lot but it ALSO gives me insight into HOW many different ways things can be DONE and it can BE overwhelming but IF you approach it with the MINDset of FINDING whichever way work works best for you it NO longer becomes about what MAKES the most money or WHAT is the most desirable because if IT doesn't work for you it WON'T work and WHAT works for that PERSON may not work for you and vice versa.
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07-16-2021, 08:12 AM
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#52
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Originally Posted By chino3⏩
I still got it, Just in storage. It's like 80 degrees by noon currently. NOT the weather for a wool overcoat SRS. Was looking at getting a FULL length mink fur coat DED fooking SRS I know that WOULD really make them mad, Hehe.Looks like you had to sell your prized house coat because your paper tendies weren’t printing SRS
SUPER salty, actually I took a call option on AWK strike price was 160 and break even was 163.60 roughly a month till expiration dropped off 3-4 dollars maybe a little more or less and kinda stayed a reasonable amount below my strike and break even price WOULD'VE lost money if I sold to close ended up popping up 20 cents above my break even and SOLD to close at 163.80 because I had less then a week until expiration and figured I could close at break even PLUS a small 20$ profit and it went up like 4$ currently at like 167 COULD'VE made like 350$ if I would've held longer but WASN'T paying attention to technicals just going off intuition I figured why be GREEDY and hold for a few extra days when IT could dip down but IF I had a MACD on the chart I probably would've held for longer.
SPY calls are like 500$ in profit currently
APPL been a rocket ship.
GOT CSMA and ORCL both at roughly break even price but not profit yet I got more time on ORCL will probably close CSMA by tueday I think expiration is thursday so breakEVEN but I realized CSMA was kinda a retard call because their revenue doesn't really increase so most likely not enough volatility to PRINT tendies.
Still hustling, in profit on a sell on aud/jpy and a buy on usd/cad so keeping and eye on that too using MACD for that as well.
such an UNDERATED but GOAT indicator.
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07-16-2021, 08:58 AM
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#53
Just something extra to think about, but maybe make sure the first floor units are handicap accessible. My niece is handicapped and in a wheelchair and she is in college now renting an apartment.
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07-16-2021, 09:03 AM
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#54
07-16-2021, 09:24 AM
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#55
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Originally Posted By katya422⏩
If that is what you want to do then find a place near a hospital and rent out short term to nurses/doctors with 3-6 month contracts OR try and get the residents who are moving there then you've got a solid renter for 3-5 years. Best tenants you'll probably ever find.Find a location/niche where I can establish an owner occupied rental property with maximum steady income and minimal hassle.
If you can stand another sentence- single mom w/teenage daughter, limited budget, want to avoid rough areas, but can't afford very nice areas.
If you can stand another sentence- single mom w/teenage daughter, limited budget, want to avoid rough areas, but can't afford very nice areas.
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07-16-2021, 09:32 AM
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#56
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Originally Posted By ashin1⏩
Ahhhnnnnnddddd it's Billy BigtimeIf you want a higher ROI stick with areas that are sparse for rental vacancies so even with a tiny home or smaller/older space you can still get market rental returns
For example, I bought a property with a old trailer sitting on the land for $45k, it was a dump when I got it but about 5k reinvestment and a month of a few hours the odd day after work and I had it rented out $750(I could have charged more but didn’t want to be too greedy) to a working professional in the same week I finished renos.
Just find a location where a rental is a hot commodity and get creative on how you want to capitalize on that
Cheers
Own the land (bought cash)
Financing the rest.
Waiting on final permit and then digging begins
Proof of said cope?
For example, I bought a property with a old trailer sitting on the land for $45k, it was a dump when I got it but about 5k reinvestment and a month of a few hours the odd day after work and I had it rented out $750(I could have charged more but didn’t want to be too greedy) to a working professional in the same week I finished renos.
Just find a location where a rental is a hot commodity and get creative on how you want to capitalize on that
Cheers
Own the land (bought cash)
Financing the rest.
Waiting on final permit and then digging begins
Proof of said cope?
It's almost impossible to screw up property investment.
One piece of advice
Avoid Nicaragua
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07-16-2021, 09:40 AM
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#57
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Originally Posted By RobParks2M⏩
Not a bad suggestion. ^^If that is what you want to do then find a place near a hospital and rent out short term to nurses/doctors with 3-6 month contracts OR try and get the residents who are moving there then you've got a solid renter for 3-5 years. Best tenants you'll probably ever find.
I have a friend that owns a couple of rental houses near a naval base. Only rents to military families. Always gets paid.
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07-16-2021, 10:10 AM
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#58
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Originally Posted By Realclout⏩
Value of land doesn’t change until after the work is done.Would the appraisal process happen as part of the buying process similar to a home buying process, For the sake of consistency the land is 1 acre for 30k I'm guessing 30k is about fair market value so if you were to buy it SIMPLY to hold onto it with the HOPE of the land GOING up in value and selling it at some point similar to a stock in a company it would probably appraise around 30k but IF you were to tell the appraiser or what HAVE you that you're planning to build a duplex they WILL appraise the land at a higher value but PERHAPS this would be better to do AFTER buying the land so you get it for CHEAP but than you have it APPRAISED higher so that it represents a larger portion of the final home value SAY after purchasing it for 30k you have it APPRAISED with developing a duplex in my and it appraises at 150k NOT saying that is realistic or WOULD happen but a situation LIKE this could be possible resulting in a LARGER downpayment ENABLING you to secure a bigger loan to cover the proper KNOWING it is going to be developed
IF that makes sense.
SRS.
OR
IN all likelihood would they basically appraise it for essentially the same price and purchase price REGARDLESS of buy and hold or actually develop.
IF that makes sense.
SRS.
OR
IN all likelihood would they basically appraise it for essentially the same price and purchase price REGARDLESS of buy and hold or actually develop.
Even installing a cistern or having power and gas lines moved on the property will raise its value but not until the job is done.
For the appraisal stage, if you can convince the lender you have everything in line for a construction the moment they release the funds, they will be able to use the data you provided (cost estimates) to better create an more accurate appraisal for the overall value of the home once construction is completed.
Not sure if that makes sense or not.
Cheers
Originally Posted By katya422⏩
Some areas with high demand for rentals have the population but lack the amount of development to sustain a proper balance between tenants to landlord ratios.Thank you.
I haven't been to Charleston, but it looks nice. I was afraid that the prices might be too high there, but maybe not. Really the most appealing just from reading. I've been considering going for a road trip to check more places out in person.
Thanks. I am hoping to leverage what I've got into a secure situation mostly. It is a leap and I've been getting mentally knocked about trying to decide what is the best thing to do.
I think this idea I found about doing a "glamping" air bnb sort of thing looks fun and like you could make more money from it, but it could be tougher to finance and more high risk. Haven't ruled anything out, just don't know about depending on something that people can easily stop [vacation/travel] vs. a basic need like housing.
I love the idea of being able to experiment with different kinds of structures and living in an area so nice people choose to go there on vacation.
Got it; area with high demand is more stable/higher value. Hell of a lot of competition though, and those taxes though.
I should do the math before committing [expenses of locale/market rates/cost to buy or build].
I haven't been to Charleston, but it looks nice. I was afraid that the prices might be too high there, but maybe not. Really the most appealing just from reading. I've been considering going for a road trip to check more places out in person.
Thanks. I am hoping to leverage what I've got into a secure situation mostly. It is a leap and I've been getting mentally knocked about trying to decide what is the best thing to do.
I think this idea I found about doing a "glamping" air bnb sort of thing looks fun and like you could make more money from it, but it could be tougher to finance and more high risk. Haven't ruled anything out, just don't know about depending on something that people can easily stop [vacation/travel] vs. a basic need like housing.
I love the idea of being able to experiment with different kinds of structures and living in an area so nice people choose to go there on vacation.
Got it; area with high demand is more stable/higher value. Hell of a lot of competition though, and those taxes though.
I should do the math before committing [expenses of locale/market rates/cost to buy or build].
If you can do research on what municipalities/towns/cities will let you express your creative ideas and if it fits in the right market of say high demand for rentals you could have the best of both worlds.
In regards to taxes, markets like ive mentioned above aren’t always in cities, some of them can be rural based with the benefit of significantly lower property taxes.
When I had my trailers on my property I was paying a combined total of $1k year in property taxes for both of them.
Now without the trailers I am paying only $500 for both properties a year
Originally Posted By katya422⏩
Yep lots of potential will land alone.Good to know.
Re: land purchase one thing I came across was a guy saying it is easier to get financing for land with a house on it than bare land. Recommended that as a possible way to go if someone wants to try doing small airbnb camping type spots.
This vid is a young guy who managed to bootstrap a pretty nice looking space on his own land. In the trades and had tradie friends to help. Didn't pay close attention/was distracted. I do know that he said that he drew up his plans himself for the financing and that he worked with a local lender that allowed him to work with something like a line of credit while building.
Like my kitchen and bath? No.
Thinking more other units in the same building.
ETA: I'll be back, have to go to an appointment and misc doesn't work on my phone anymore.
Re: land purchase one thing I came across was a guy saying it is easier to get financing for land with a house on it than bare land. Recommended that as a possible way to go if someone wants to try doing small airbnb camping type spots.
This vid is a young guy who managed to bootstrap a pretty nice looking space on his own land. In the trades and had tradie friends to help. Didn't pay close attention/was distracted. I do know that he said that he drew up his plans himself for the financing and that he worked with a local lender that allowed him to work with something like a line of credit while building.
Like my kitchen and bath? No.
Thinking more other units in the same building.
ETA: I'll be back, have to go to an appointment and misc doesn't work on my phone anymore.
One could also do some leasing of advertisement space on sea cans if they owned land on a busy enough road.
Land is one of the GOAT investments
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07-16-2021, 10:24 AM
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#59
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Originally Posted By ashin1⏩
Do you reckon buying land and developing utilities like plumbing and electrical and flipping it to builders would be a lower cost cheaper way POTENTIALLY more profitable way OR at least an easy way to get your MONEY up before going into FULL on developing just curious.Value of land doesn’t change until after the work is done.
Even installing a cistern or having power and gas lines moved on the property will raise its value but not until the job is done.
For the appraisal stage, if you can convince the lender you have everything in line for a construction the moment they release the funds, they will be able to use the data you provided (cost estimates) to better create an more accurate appraisal for the overall value of the home once construction is completed.
Not sure if that makes sense or not.
Cheers
Some areas with high demand for rentals have the population but lack the amount of development to sustain a proper balance between tenants to landlord ratios.
If you can do research on what municipalities/towns/cities will let you express your creative ideas and if it fits in the right market of say high demand for rentals you could have the best of both worlds.
In regards to taxes, markets like ive mentioned above aren’t always in cities, some of them can be rural based with the benefit of significantly lower property taxes.
When I had my trailers on my property I was paying a combined total of $1k year in property taxes for both of them.
Now without the trailers I am paying only $500 for both properties a year
Yep lots of potential will land alone.
One could also do some leasing of advertisement space on sea cans if they owned land on a busy enough road.
Land is one of the GOAT investments
Even installing a cistern or having power and gas lines moved on the property will raise its value but not until the job is done.
For the appraisal stage, if you can convince the lender you have everything in line for a construction the moment they release the funds, they will be able to use the data you provided (cost estimates) to better create an more accurate appraisal for the overall value of the home once construction is completed.
Not sure if that makes sense or not.
Cheers
Some areas with high demand for rentals have the population but lack the amount of development to sustain a proper balance between tenants to landlord ratios.
If you can do research on what municipalities/towns/cities will let you express your creative ideas and if it fits in the right market of say high demand for rentals you could have the best of both worlds.
In regards to taxes, markets like ive mentioned above aren’t always in cities, some of them can be rural based with the benefit of significantly lower property taxes.
When I had my trailers on my property I was paying a combined total of $1k year in property taxes for both of them.
Now without the trailers I am paying only $500 for both properties a year
Yep lots of potential will land alone.
One could also do some leasing of advertisement space on sea cans if they owned land on a busy enough road.
Land is one of the GOAT investments
- Keep the misc great again
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07-16-2021, 11:45 AM
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#60
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Originally Posted By Hammersia⏩
Mind you this is the same ******* who got irate that one of the world’s largest railway system is actually a good investment.Ahhhnnnnnddddd it's Billy Bigtime
It's almost impossible to screw up property investment.
One piece of advice
Avoid Nicaragua
It's almost impossible to screw up property investment.
One piece of advice
Avoid Nicaragua
Not sure what this fool was thinking CNR.TO was a bad investment at ~$90 a share
JFL
Spoiler!
Ngl my place in nica looks pretty hnnng
Originally Posted By Realclout⏩
It really depends on location and also on what your own goals are.Do you reckon buying land and developing utilities like plumbing and electrical and flipping it to builders would be a lower cost cheaper way POTENTIALLY more profitable way OR at least an easy way to get your MONEY up before going into FULL on developing just curious.
I’m choosing to develop and build because it would be better in my favour I go that route than instead of prepping the land and reselling it
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