All Forum Posts by: Thomas Smircic

Hi there, I'm just another noob looking for help/guidance. I live in the St Petersburg area and wanted to know if there anyone knows of anybody that would be willing to be a casual mentor for questions/advice/guidance on acquisition,financing and possiblynew construction. My wife and I currently have our primary residence and also a small LTR down the street.I've been wanting to buy more LTR properties but feel a little intimidated by the option and process. Doesn't hurt to ask, so I'm asking. Thanks!

Hi all. I'm new to real estate investing but we have an extra small 400 sf house on 1/5 acre of land in a residential area of St Petersburg Florida which we are currently renting way to cheap at 500/mo to a family member on a fixed income. We bought it for 45k and have seen its current value at between130-160k. Our credit isn't to good right now (below 600) due to some now resolved health issues and missed payments on debts. We both have good jobs and collectively bring in around 130k/year. I also have some construction experience and have a friend who is a GC. I had planned on creating more equity by trying to build the house myself by getting some architectural plans and then subbing out the work when the cost of materials and labor comes down a bit more. The other options would be to try and take the equity and leverage it to buy another property(s) or just sell it outright and then reinvest the money in more real estate.  Interest rates are going up and the housing market may decline. Given all the scenarios, what would be the best move now? Any advice would be appreciated, thanks!

@Greg R.

Despite knowing better, I got caught up in the 2008 crash in St Petersburg Florida by all the self serving real estate "experts" and agents intoxicated with irrational hopium. Homes were appreciating at 20%+ and the average income in the area was 50k. The trend was blatantly unsustainable and unaffordable. It should have been obvious to all but the delusional but yet no one wanted to see it. Things are are but different this time and the outcome ain't be as bad but there will no doubt be a crash.

Hi. New to the forum but wanted some guidance on our current investment property. Have small home on larger property that city approved adding/building a larger primary home on. However, should I build or take the equity in this property and use it to buy another property to flip or hold and rent? Thank you.