All Forum Posts by: Misti DelMar

Hi Misti 

Downside is when in an association/condo community there are usually a limit to the number of leases allowed per year to avoid too much turnover in the community. You say nurses would be your ideal tenant they usually take 13 week assignments. So you would have to make sure the HOA allows for lots than 1 or 2 leases a year.

@Misti DelMar connect with me in a direct message and we can set up time to talk. I am not selling anything, just paying it forward. I have investments in 3 states and have done house-hacking, rentals, vacation rentals, flip, private loans, etc. I saw your post and can at least let you pick my brain and maybe we can determine your next steps.

Quote from @Joe Splitrock:

@Misti DelMar I wouldn't be in a hurry at this point. People are spending through stimulus money and interest rates are on the rise through 2022. I believe this will cool off the real estate market. Also keep in mind there are many new landlords out there who will not last long term. There is a ton of turn over in the landholding business. I see many properties back up for sale two years after they were purchased. This business will "chew you up and spit you out" if you don't run your business carefully. Some of the people seeing success today are just getting lucky, so one bad tenant and the tide shifts. Not trying to be negative, but rather point out that you didn't miss the opportunity to buy real estate. Be patient and wait for the right deal.

I couldn't agree more with Joe.
Never a motivated buyer or seller be.  That goes double for FOMO.
People only tend to share their wins, but if you look under the hood of the 'FB perfect' lifestyle, there are crawl spaces and sewer back-ups and tenants/guests that will never give a sh*t. 
RE is a wealth-builder over time as long as you buy right but it's not all freedom and glamour. Not by a long shot. 

 @Misti DelMar  congrats on saving up and putting in the time to study RE investing. 

You asked if you even have a chance to buy anything right now - this are always opportunities - I had a friend whose an investor that just bought his first duplex here in the insane  Downtown Charleston market - and its cash-flowing for him  - it took him a while to find it. 

I'd be really clear on what you want and what your financial goal is for the property and run deals through your analysis tool - don't buy unless it fits . 

As far as an agent working with you -  I think ( personally ) any agent that wants meet more people and potential clients is going to be happy to talk to any investor as long as they have right long term big picture perspective - just be upfront about where you are in your own process ( which you have been here  - so that's good) . 

Good luck ! 

Beautiful profile picture. Is that really your picture and your real name?

@Misti DelMar I wouldn't be in a hurry at this point. People are spending through stimulus money and interest rates are on the rise through 2022. I believe this will cool off the real estate market. Also keep in mind there are many new landlords out there who will not last long term. There is a ton of turn over in the landholding business. I see many properties back up for sale two years after they were purchased. This business will "chew you up and spit you out" if you don't run your business carefully. Some of the people seeing success today are just getting lucky, so one bad tenant and the tide shifts. Not trying to be negative, but rather point out that you didn't miss the opportunity to buy real estate. Be patient and wait for the right deal.

@Misti DelMar

About feeling discouraged:

That feeling before you take that first jump in the pool or jump off the peer into water so deep. That feeling you have before you allow that girl to see you looking at her eyes to eyes before you get that strength to tell her she looks pretty. That feeling you get when you cross a street where you know people at times loose all they have because they misjudged traffic or their ability to negotiate out of a vad situation.

Being discouraged is not something to get over, but something to learn from.

Unless there is an emergency, that requires you to jump from a fire into the water, you have the power to learn and plan.

Watching and listening to hundreds of testimonials on BP and other venues, I have been able to put my self in many like situations.

So, before you get into a boat on a trip to the islands, you do certain things, right?

You might not take all that you have, grab the wife and kids, and sell what you have just before you go on that trip with a boat you bought from some very nice people that keep telling you that they have you a deal of a lifetime. You might want to do so many things first.

Real estate is no different. This is a business of risk that has made people fortunes, and made people jump off bridges to their death, or suicide in other ways.

If you are here, you are in a good place!

While there are many ways to do real estate, pick one and investigate what is required fir success. There are plenty of check lists made by so many here, and they can help greatly to get you on your way to a firm standing.

Read "Rich Dad - Poor Dad".

This might ease your path to get into temporary debit so that you never feel you must first have the money of the king to own a castle.

Other tools and advice here also let you plan for the things that could take you off your path for a time, and how to get back on it.

Go forward young man!

While speed is best for some, and going too slow may loose that deal you really had your eye on, every property has a number that makes it a positive deal for you and your finances!

I wish you well!

Quote from @Misti DelMar:

Also, good to know that the down payment remains the same as the appraisal. I didn't know that! Thanks again :)

Just to clarify: the downpayment is not the same as the appraisal, but it is not affected by the purchase price, unless the appraisal comes in below the purchase price. My main point is that the downpayment is not impacted by offering over the asking price (although I still suggest finding a property that you don't need to offer over asking)

I'd suggest consider a Short Term Rental property, condo or townhouse, in the right market. Lower asking prices and should still cashflow for you.