All Forum Posts by: Account Closed

Hi! I had something similar happen with me. I got the house insured, the very next day, tenants burnt it down. The whole insurance claim thing took like 2 months. I had replacement cost, but not rent coverage. My insurance was way excess of what the house was worth. I bought the house turnkey in Buffalo, N.Y.. The insurance paid 100k. I got the rest of the frame demolished. I got the asbestos and everything done. It all put me back about 24k. I tried selling the plot but it isn't worth crap. I stopped paying taxes on it after it. I have a couple more months till the tax sale happens. Here I am, fingers crossed, waiting for the sale and hoping no one magically "falls" on my driveway or footpath and sues.

Couldn't agree more with @Russell Brazil . Everyone out here has super high expectations. Even conservative expectations are quite high. If you're coming in the field, keep your expectations super low --if you make more than your expectations, good for you! For example, you're looking at buy and hold. It's obvious that you'll need a new roof and several other big-ticket items in 15 years or so. There are a bunch of turnovers. Some maintenance fees and whatnot. There will be vacancies and tax implications. You might have to go to court for throwing someone out. Anyhow, I'm not here to scare you. All I'm saying is to keep your expectations low, and think of every single expense and calculate with that. Happy investing!

Thanks a bunch @Jeff Kehl . I already have some money stowed in those companies. Once again, thanks for the recommendations!

@Percy N. and @Ian Ippolito I'm looking for non-accredited individuals, even though I'm accredited but I want some friends and family to climb along in the investment life. I am looking forward to an equity opportunity. I know, I should've specified at the time of posting the question, but I wasn't sure if anyone would tag along with me. Hope you have some recommendations for me... Cheers!

Hi everyone! Basically, I am looking for some "crowd-funding" RE company such as Holdfolio. I'm looking forward to put some of the extra cash in those deals, as it's less investment and less workload. Any suggestions? I know that some of the replies would be to put that money as a down-payment and what not, but I'm not looking forward to go through the hassle, I'd rather just be a silent investor. Thanks in advance!

THIS IS A LONG REPLY @Michael Kantar kid, you're right on track. Anyhow, first things first. First off, startearning stuff! See, you can go on Udemy and websites like that, to learn some decent skills and what not. Second, open a minor account with your parent/s as guardian/s. Mow lawns, or apply those skills from udeny and stuff for earning money. Put that money in your account. You can open savings accounts and get interest on your earnings. Get a joint credit card with your parents and use it once in a month, at max. See kid, you're ambitious, I see that. But, sometimes, you just have to wait. You can get a trust created by a lawyer. You get all the deals done, look for properties and what not, in the end, get your parents to sign the contract. That's one way to do it, I wouldn't go for it. See, it's still too early for you. You should focus on learning stuff. Get some cool skills under your sleeves. I mean coding, internet security, even photography for that matter. You can take photos and upload them on shutterstock and get royalties from them. There are unlimited possibilities. You just need to educate yourself more. The ambition I sense is good, and bad at the same time. You're actually in a hurry to pull the trigger. This haste makes me think that you're not ready. I mean, deep inside --I, too, think that what would a 14 year old know. Anyhow, to cut the story short, look for deals on Zillow and stuff, do the pretend deals and see how things go in the next 4 years. While your pretend investments are booming, get education under your sleeves and earn money from them. Save all of your money and use it to invest when you're 18. While you're growing up, you'll be building some strong credit with the joint CC. Your income would be increasing, and you'll be getting interest in your bank accounts. If you're good at swimming, start taking part in competitions. Have a formal Instagram account. Maybe you'll get some ads to put on your gram account. Learn as much as you can, doesn't matter what you learn, it does count!

@Jody Newman I was gonna say the same thing. It's always better to keep all taxes in check. I always check for vacancies in the area with other reputable PMs. Always keep the lease fee, CapEx, Maint. in mind, before you buy. I, personally, think that if it's a below $1000/month rental, why not buy in a cheaper neighborhood? Either go with >$1000 or go with doing the rehab yourself. Just my two cents...

*living

I think that you can buy a house in your school area and live in it. You can have roommates and what not. The rent should suffice the bills. Perhaps, even put some money in your pocket... You wouldn't need any PM. You can download the lease template from BP. You'll have 24/7 access to the house (you'll be lining in it) and you can see how others are treating your property.

First off, no bank would "refinance" for that low. Everyone is in it for the big bucks! They probably have to do the same amount of paperwork, as they have to do with a half mil project. Why would anyone go through such a lengthy process, just to get return on a meager thousand? I might come off as rude, but if I was a lender or something, I would never go through this much work just for a thousand. Anyhow, banks have to keep tabs on a thousand, just like they have to keep on a mil. @Chris Mason would better guide you in this regard because I'm no lender, nor do I have any personal experience with refinancing. I just stated what I thought was the obvious. Sorry if this came out harsh, it was never the intent...