All Forum Posts by: Account Closed

Hi there!

Just moved to Denver from Chicago and looking to hop on board with a good REI club. Any fellow Denver folk know of anything? I'm living in the Wash Park area.

Thanks!

So, again, hypothetically, if it was appraised at $400,000 and they loaned up to 75%, they would max give me $300,000? So if I just wanted to get my initial investment of $50,000 back, would my loan now be for $200,000 if I initially borrowed $150,000? I guess my biggest question is, when you refinance to get your money out so that you can reinvest, the loan obviously goes up right? So, would you then have to make sure that you can still positive cash flow with the higher loan payment (assuming it's a rental).

Quick question.

I'm trying to wrap my head around cash out refinancing. Can someone quickly walk through how this works? I hear a lot about refinancing a rental property to pull your initial investment out (in order to use it to purchase another rental property). So, hypothetically, I put $50,000 down on a 5 unit building, and got a loan for $150,000. Then say I wanted to refinance to get my initial $50,000 out, what exactly happens? The bank would be giving me the $50,000 (assuming it appraised enough to get that amount). Would my loan now be $200,000 instead of $150,000? And if that's the case, my monthly mortgage payment would be higher right? (If interest rate stayed the same).

Thanks!

HI yall!

So for the longest time my family has had a 2BR cottage in Wisconsin as well as a plot of land. Both are lake front properties on a very nice, desirable lake.

We don't want to have either property any more and are looking to sell both to buy a cottage a little bit closer to our area (our present lake is 3 hours away from our home). We haven't listed it with a realtor as we aren't in any huge hurry to sell. A few months ago, in an attempt to get some feelers, we put up a for sale by owner sign out front. We've gotten a handful of inquiries but my Mom, who is handling the calls, doesn't know how and when to notify the potential buyers about a structural issue with the house.

The problem with the cottage is that the floor in the family room is borderline caving in. It's been happening now for some time. Our land is below our neighbors and there was a massive rainstorm that caused the lake to flood, subsequently causing some structural damage (that's the theory at least). We've gotten it looked at and it was estimated to cost about $6k to repair the floors.

So my Q is, how do we handle the maintenance issue without scaring away potential buyers? Those that have called seem to be turned off when we mention the issue upfront. We also don't want to not mention it and have them see it for themselves when they walk in the place if they're interested in looking at in person.

Thanks in advance for any and all input.

GREAT ideas here guys. Thanks to all who responded!!! Sorry for the delay on my end. My internet has been down and out for the past week or so, I only get access to the web here and there.

Ned Carey The buy/hold strategy for apartment buildings definitely intrigues me up to this point. Becoming a commercial realtor sounds like a good way to understand the business of locating and securing properties.

Paul Falbo Property management is certainly an option. Learning the day-to-day tasks is a valuable skill I'm sure. My only concern is that ultimately I would like to work up to the point where I can buy a large enough apartment building so that I can justify having a property management company run it for me. So, maybe I would be better off going the realtor route so that I can focus on understanding more of the inner workings of deals. Then again, maybe I would get that knowledge working for a property management company? Being in property management yourself, what are your thoughts? As a property manager, do you learn more than just the maintenance/management? Do you get involved with the investing aspect as well? Sorry for my ignorance on this subject! I'm such a real estate investing newbie at the point.

Adam Gerig I would love to intern with a local investor here in Chicago, and am willing to do anything (manual labor, number crunching, etc.) to just learn and be around people who have had success. Any ideas where I might be able to find someone looking to exchange advice for work?

Hey there Karen! Thanks much for the response.

I found a link you gave to find the local REIA. I'm in Chicago and it looks like there are a handful here in there area. Do you know of a website that lists local landlords association? I've not had much luck browsing google for it.

Also, what type of investing are you involved in?

Jerry K. Thanks for the reply and the great insight! You are right on with having somewhat of a "leg up". Hockey has certainly brought me into contact with people I normally wouldn't have had the opportunity to meet.

I unfortunately wasn't able to meet Bruce or the subsequent owner. They really didn't make their presence felt when I was there. Pretty low-key. I have gotten to know some people of power, so to speak, that I will definitely be reaching out to though. Curious, did you live in Peoria?

And more specifically to my question about heading into the real estate field...I'm currently working for my Dad's company doing some financial consulting, but it is something that will be coming to an end relatively shortly. I know with investing I need to gain experience and also have a steady income to supplement the obvious costs of investing. I mean, is there any specific job within real estate that you think might serve me well in my quest to invest personally? I was thinking of maybe going and seeing if there are any paid or volunteer opportunities at one of the I assume many real estate investment firms here in Chicago. Like I said, I am in a position where I have saved up a decent amount and am able to sort of pursue a job that would best suit me.

Hello fellow BP members!

I’m looking for some advice and input here. Thanks to all in advance for taking the time to shed some light.

I’m a 26 year old aspiring real estate investor. I recently retired from professional hockey and I'm now looking to transition into my next phase in life. For many years now I’ve been totally obsessed and intrigued with the idea of financial freedom and the quest for passive/residual income. I’ve read many of the Kiyosaki books and buy in to the overall philosophy that he preaches (trading time for money, leverage, tax benefits, etc.). Real estate can obviously provide the residual revenue stream I’m looking for (with education and effort). I'm at a point in my life now where I don't have any commitments (not married, no kids, decent nest egg) so I can sort of head into any field/job I want. I've decided that real estate investing is what I want to pursue, however I want to gain some insight and experience in the industry before I start investing on my own. So my question for you is, on top of staying connected to this forum and learning from all of you, if you were me, and wanted to start getting into the real estate investment game, what type of job would you take to get some education and experience in the industry?

Any advice and input is greatly appreciated! Thanks for your time!