All Forum Posts by: Alex Silang

I was just checking out a great vacay spot I like (Cape Cod) and its a milli for a house. Wow. A 2BR Condo is available for less than $350k though. Would that be good for a STR?

Any places in the US that are good for STR but have a lower price point entry? Thanks

 I currently own 1 "C" neighborhood and have had great success over the past 7 years. Keep rent a little bit below market and keep the property maintained and you can get great responsible tenants. 

I'm weighing on buying a "A" property though. 

1) I heard that section 8 in a way offers downside protection for land lords.  In a recession, you can just fill your property with section 8. Thoughts?

Any other thoughts?

This might be the wrong forum so I request that it be moved by a mod if it's not the right one. 

I know many people here feel umbrella insurance is the way to go. I've been doing that for awhile. 

It's partially my ego doing this but I want to do LLCs from now on. I'll admit in a way it makes me feel I've made it.

How did you name your LLCs? I am thinking of astrology constellations. 

Thanks

Titles says it all. I'm ready to buy but according to Financial Times, markets are predicting 1 full percentage drop in rates this year. I was reading a report and an "expert" was predicting 1.5 next year. That's 2.5 percentage points. 

Why buy now, when we're virtually guaranteed a lower rate in a short time period? 

So newbie question - you basically have to get your GC (if you use one) to come to every potential site and ask for an estimate?

I mean they have so much control. Get a bunch of people to tour the property together. ARV is very generous. Then understate costs.

Seems like a tough situation. 

(I know you're not a lawyer and will eventually seek professional advice.)

I just talked to my RE broker and he said with LLCs you typically do commercial loans. I don't like the terms and would try to avoid.

We could still do a conventional loan and if I'm not mistaken it'd be this whole "gift money" thing so the shared ownership wouldn't be recognized legally. Everything would be based on trust (which I'm fine with.)

So has anyone done this before? How do you do a JV with someone you really trust? We'd probably go 50/50 on property.

So I basically don't know how to swing a hammer, and I don't think I really have much talent (or natural interest) in learning construction? I plan on hiring a general contractor ( like many do) and then hiring my property manager to manage him. 

I handle the rest. Start with cosmetic jobs first and then move on. 

Is there anything wrong with this? What do you think?

I think the economic returns are there. However, my basement floor is dirt so the total cost is going to be a lot higher. It’s just that I refinanced and RE in my area is crazy priced. The stock market seems to be volatile and richly priced. 

How should I proceed? I have a manager in place. Would you go to Angie’s list? Hire a GC? Just go through the manager? Any tips would be appreciated. Thanks.

A recent BP podcast guest talked about working two jobs so he could acquire more real estate. Any thoughts on this? What sort of job would you choose?

I think with an issue with this is that a house is a big item. If your goal was to pay off $4000 in credit card bills, you could be done in 6-9 months. But a house would take you years... could you stay motivated for 3+ years, working 60 hours a week?