Getting back into RE

[Peter Hansen]

Good evening and I hope everyone is doing great!

I took some years off from real estate and am trying to get back into it. Right now I have some money left over from my VA loan and was looking to buy another home in the VB/Chesapeake area. Only thing is its been so long and I need some help getting started. Yeah not the typical request but could someone point me to some basic numbers and values I should be looking at when pricing a house out for buy and hold? I will be living in the home for a year but want to get something quick and something I can spruce up with my own remodeling abilities. 

Thank you for your time and if anyone knows any investor meetups I'd love to get back into the community. 

Peter

[Peter Hansen]

Originally posted by @Jaron Walling:

@Peter Hansen The demand and pricing for real estate has changed a lot in the last few years. I don't know your experience level but if you're "getting back into it" I highly encourage you to run the numbers on every property. Build a spreadsheet and factor for expenses. For investors seeking CASH-FLOW it's all that matters. This is the necessary research before making offers. You'll probably find 9/10 properties don't pencil out. The prices in 2021 simply out weigh rental income. Turn over rocks, knock on doors, send out some letters, get an agent in your corner to glance at the MLS, that's all we got at this point. Good news is you'll have better lending terms as a primary residence.

I see most value add deals turning into a flip. It's happening everyday in my market because experienced investors know $150 per month cash-flow is not worth it when you can sell and make a $15k profit.

Either find a property and let it guide your decision or stick to your strategy and find/create a deal that matches it. Cheers. 

Jaron,

That's a very interesting first name. I see what you're saying, the higher prices these days have gotten a bit uncomfortable because I don't personally think that they are sustainable. But nonetheless, I'm still hunting for the next one. I think the best option is going to have to be to search for pre-foreclosures or things like that in order to get a competitive price. 

Peter