All Forum Posts by: Kirk R.

About April 2nd I put in for EIDL loan.  

Yesterday I got approved for $1,400.

Apri 2nd I thought some of my renters wouldn't make rent.  all of them did. 

So obviously I want the $1,400 which I think is forgivable.

Anyway to take money legitimately?

job = whichever will pay you the most

real estate = go owner occupied & rent out parts of the property

call banker to apply for loan.  Probably get denied but then you'll know what you need to do. 

investing typically = having cash to invest.  so be frugal.  an hour on a car lot can = 84 months of payments these days.

Working shower & bathroom = move into flip!

Then use your stuff to stage your flip. So might need to rent a storage unit/space in garage.

I would concentrate on being a Realtor first.  In 2008, I was a Realtor trying to be a flipper/investor.  It didn't work that well for me.  Business cycle/lack of skill on my part dunno.

Lots of black space as you're getting started.  I would concentrate on getting really really frugal & seeing if you can get some sales as a Realtor & getting really really really good as a Realtor.  You need something to put food on the table.  After you find a job that puts food on the table, Then I'd go owner occupied & rent out rooms.  Later I'd look at flipping/investing.  Just my opinion.

gl

Kind of amazing that anyone from anywhere can buy property in the United States.  I guess many countries are like that. I don't notice too many us people investing in overseas or people from other countries investing in the US.  In US have to pay the Real Estate taxes & probably have to use cash vs. bank financing.

I'm in Peoria.  My take.  It's very hard to do deals in Central IL.  Depending on what kind of deals you want to do.

Example:

CA - $450k house needs $50k in fix up.  Sell for $600k.  Some profits.

IL - $50k house needs $50k in fixu up.  Sell for $100k.  Actual loss after realtor fees etc.

Costs about the same to fix up something in Central IL as it does in CA.

Some of the properties where I am can be had for $20k.  After a some rehab, I might be able to get a section 8 tenant in there.  My tax preparer actually bulldozed a house because he couldn't fix the house as quickly as stuff was getting stolen.

If you're good at fixing things, then you might be able to make some money buying & fixing yourself.  Finding affordable trades guys in central IL has not been easy for me.  Although your hourly rate might be less than McDonald's depending on how handy you are.

Some people do well buying & holding & getting a good renter. But, this pretty much takes 20% down or going owner occupied for awhile through an FHA or conventional financing.

Just my experience.

"I’m house hacking my first rental property."

So you're house hacking your first rental property?  How's that going?  After you get that under control then I'd reevaluate when you have more information.

As a Realtor, Have you sold any Real Estate yet?

As you take action (other than spending a bunch of time working on business plans that involve you being a heart surgeon, dentist, & dog breeder) you'll figure out what's working & what isn't.  Do more of what's working & less of what's not.

 go hungry/go bankrupt!

call banker 

HS look at ACT scores. pretty much sums it up.  biggest indicator of whether a property will appreciate is school system.