All Forum Posts by: Account Closed

Originally posted by @Michael Ealy:

Originally posted by @John Hunt:

This fall I will be starting my final year of college and plan on graduating with an engineering degree. Over the last year and a half I have become very interested in real estate investing, particularly rental properties and house hacking. At this point in time I do not have time or money to begin investing but upon graduating I plan on beginning investing in real estate.

I have learned from internships and jobs in college that a 9-5 W2 life will not be satisfying for me and am looking to find financial freedom as quickly as possible. I plan on finding a W2 job in near a large city to pay the bills and begin saving for investment. I figured house hacking would be a good entrance into the real estate investing world and an easy way to build equity while also paying off student debt(Not a huge amount because of scholarships).

With all this said now to the question. I'm worried about my lack of age and experience hindering my ability to find deals and leading me to get taken advantage of. What are some advantages I have as someone new to investing and relatively young? Is house hacking a smart route to go to gain experience? 

Thank you for your answers!

John,

Age does not matter in real estate investing. As long as you're legal age to sign paperwork (in most states that's 18 yrs old), then you're good to go.

To answer your questions:

1. House hacking - Start where you can.  Since house hacking does not involve a lot of money, if you can buy a duplex or a 4-unit in your area, then do so. Live in one of the units rent free and learn property management on a small scale.

2. Advantages of a 20-yr old - you understand the Millenials because you are one. Millenials due to the HUGE student loan debt will be renters for quite some time. So you can understand your market better than old guys like me. You are more up to date with regard to technology. You can utilize that to your advantage. Your youth gives you more energy and enthusiastic. Assuming you're single and have no kids yet - you can outwork guys like me with a wife and kids. If I were you, I will work 60-hour weeks buying, renting and selling real estate for the first 5 years after college and put $1 MILLION in the bank and have $20,000 a month passive income.

I couldn't have explained it better. I, too, thought that I wouldn't be taken seriously. But, I have been very successful so far (I'm not that far into it, yet). Get yourself some knowledge about what you're doing and take a minimal-risk strategy because you have the liberty of time.

I would agree with everyone above me. House-hacking is the way to go. You live rent-free and work your arse off while you can.

I agree with the people above that the C class and C+ class deals would be the best bet, but it takes a lot of sifting to get the "screaming" deals.

Section 8 is the way to do it because the rent comes in like clock-work.

Another suggestion I saw was also excellent; "house-hacking." Get a Quad-plex, get FHA with 3.5% down and live in it for a year. This might be one of the easiest ways to do it. I would still suggest hiring a manager rather than doing it yourself. Better yet, don't let your tenants know that you own the property but this is a discussion for a separate thread.

I don't know about other markets, but Napa and north have started to become relatively slower as they were a few months ago. Rent is decreasing in the vicinity, but the houses do get 4-5 offers(currently, less than the list price). I left the house I was renting, and they already had a tenant signed up, 20-days before I went (This is near the bay area). I agree with @Jay Hinrichs that it is still limited to certain markets, but I must add that it is coming.

Hi everyone,

I need suggestions for a property management company in Toledo, Ohio.

Any type of help is appreciated.

Somebody suggested Andrew Fidler and LaPlante Real Estate. Does anybody know anything about these guys?

Thanks in advance.

@Joseph Nardiello everyone above me has explained it way better than I have. I just wanted to add one more thing; lienholder. If you have some mishap in the rental and somebody ends up suing you, the lawyer might not go through with it because there us already a lien on the property and they will not be getting much out of it. Just my 2 cents as I've been sued a year ago and learned with experience. I am a big fan of other people's money. I've bought houses with all cash and I think that I should've bought them with financing as I could've bought multiple times more. Plus, don't forget to get as much insurance coverage as you feasibly can. "It's better to have it and not need it, rather than to need it and not have it.

Originally posted by @Christopher Smith:

What does the contract for sale say.

 This is what it says, for the most part...

" Witnesseth, that the party of the first part, in consideration of Five-hundred Dollars ($500.00) lawful money of the United States, paid by the party of the second part, does hereby grant and release unto the party of the second part, their heirs and distributes and assigns forever,
ALL THAT TRACT OR PARCEL OF LAND, situate in the City of (XYZ), County of (ABC) and State of New York, being part of Lot No. (00), Township (00), Range (0) of the (ABC) Company's Survey and further distinguished as Subdivision Lot No. (0) as shown on map filed in County Clerk's Office under Cover No.( 0).
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises.
To have and to hold the premises herein granted unto the parties of the second part, his heirs and distributes and assigns forever.
And the party of the first part covenants as follows:
First, that the party of the first part is seized of said premises in fee simple, and has good right to convey the same;
Second, that the parties of the second part shall quietly enjoy said premises;
Third, that the party of the first part will forever WARRANT the title to said premises;
Fourth, that this conveyance is made subject to the trust fund provisions of section thirteen of the lien law.
That this Conveyance is not all or substantially all of the property of the party of the first part and is made in the regular course of business actually conducted by the party of the first part.
In Witness Whereof, the party of the first part has hereunto set his hand and seal the day and year first above written "

"  Witnesseth, that the party of the first part, in consideration of Five-hundred Dollars ($500.00) lawful money of the United States, paid by the party of the second part, does hereby grant and release unto the party of the second part, their heirs and distributes and assigns forever,
ALL THAT TRACT OR PARCEL OF LAND, situate in the City of (XYZ), County of (ABC) and State of New York, being part of Lot No. (00), Township (00), Range (0) of the (ABC) Company's Survey and further distinguished as Subdivision Lot No. (0) as shown on map filed in County Clerk's Office under Cover No.( 0).
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises.
To have and to hold the premises herein granted unto the parties of the second part, his heirs and distributes and assigns forever.
And the party of the first part covenants as follows:
First, that the party of the first part is seized of said premises in fee simple, and has good right to convey the same;
Second, that the parties of the second part shall quietly enjoy said premises;
Third, that the party of the first part will forever WARRANT the title to said premises;
Fourth, that this conveyance is made subject to the trust fund provisions of section thirteen of the lien law.
That this Conveyance is not all or substantially all of the property of the party of the first part and is made in the regular course of business actually conducted by the party of the first part.
In Witness Whereof, the party of the first part has hereunto set his hand and seal the day and year first above written   "

I recently sold a piece of land which had outstanding tax and garbage bills. I sold it as is. The buyer says that I am liable for the user fee and I should pay it. My question is, who should pay the outstanding user fee bill?

I use NREIG for my rentals. They're pretty feasible for me. I don't know what might work for you, but I'd say that get a quote; Never hurts to shop around.

Biggest regret: Inheriting tenants. Pearl of wisdom: Trust no-one.