All Forum Posts by: Tim Hoskins

Hello Everyone,

I am currently looking to build my own home in Charleston, SC. I do currently own my own Single Family Home. Looking to sell it and build our own.

Just wanted anyone's suggestion on a reputable builder in the area. I have already spoken to Artistic Design & Construction, which is one of two master builders in the area. Prices seem a little high but I am just looking for opinions. I know for a fact there are other trusted builders in the area, and I was hoping some of you could give me suggestions.

Thanks

I am looking for a new home to live in. But I would like someone to be able to estimate costs if I have questions about those things. Some things I know how to estimate myself because I have been through them, but not everything, and I don't want some over arching comment about a specific question. I want my agent to be knowledgeable and care. Not just looking to make a sale. I want to know I could refer them to people.

The investors meetings cost a lot of money that I am not willing to spend right now. I just want a good agent with investor knowledge. I don't think it's a lot to ask, but I know it will take some time.

Specifics. Like estimate a cost of a renovation that we may need to do. When we bought our last house we asked our real estate agent questions about problems with the home and she pretty much just said, "yea that's how it is."

I want someone who is going to be knowledgeable about estimating costs for repairs and actual values. I have done a lot of research on here and hope to become an investor, but I need someone that won't just brush of our comments.

That is why I want someone that has worked for a real estate investor or is one themselves. I would really prefer the latter. Since they would definitley have knowledge about the homes ARV and what it may cost me.

I am looking for recommendations for a Real Estate agent that has experience either working for Real Estate investors or is one themselves. I would prefer they specialize in the West Ashley, James island area. Our last agent was definitely not what we were looking for.

Thanks

Jon,

Thanks for the reply. I understood what was being said mostly, I just didn't like being put down for it.

Thanks for the insight, and I also didn't know that most times the seller has worse market value if they finance it. So I will keep that in mind.

After all that has been said I think I am going to focus on either selling my current home a little further down the line for a profit. Which considering how much we have already remodeled should be doable. If that avenue doesn't seem like a good option then I am going to explore the rental aspect.

The only reason I any have some issues with renting is that I want to live in a home I own, and getting approved for two loans may be difficult. I would also need to save for a down payment while owning another one. Which I know is the ultimate goal so I guess I need to get started now. It would just be easier for me to use money made from the house to put down as a down payment.

I guess it comes down to lump sum for selling or cash flow to rent. Renting seems better long term really, but may be difficult to manage the two loans.

Kyle,

Kind of rude to say it like that.

You had a lot of typos and your answers were very concise. Which for someone that doesn't know a lot is hard to gather.

The point of this site is to learn, not to criticize. If I wanted to be told how little I know I wouldn't be asking questions now would I.

If I have to be made to feel like an idiot every time I ask a question then this isn't what I thought this site was for.

The FAQ says to ask questions to gain knowledge, not to be put down.

Also you said:

I would further your real estate education I think before proceeding.

What does it look like I am trying to do. I asked for a better explanation.

If you would have said, "hey, sometimes there are homes where owners own the house outright and they are willing to sell you the house and act as the bank. This way you don't have to go through the loan process. Basically you pay the owner of the home like you would a bank for a mortgage."

That's constructive. Not, "obviously you didn't read what I said."

It's not that it wasn't the answer I was looking for, I just had a hard time seeing those as answers I guess. I am pretty new to this whole investing thing like 14 days new. But I know that I probably won't sell since it seems like I wouldn't get that much out of the house after the sale.

And to be very clear about people saying move to an apartment and save. I will never deal with that again. Too many bad experiences with renting for the last 8 years. Owning a home is wonderful, the privacy alone is worth the money we spend. So we won't be going back to that.

A multi-family would be an option if, again it weren't for the privacy thing. I am not being hard to deal with either I just can't stand the thought of living in an apartment again.

So I guess what I need now is to figure out how to either make the most profit off selling the house, or renting it with the most amount of cash flow with good tenants.

Thanks all for the advice. I will research more and stop asking questions that I should already know the answers to.

Kyle,

I bought a bank owned home for my first home. Mortgage is held by a bank.

I don't know how what you're saying is any different.

Lynn,

I am currently fixing up my first home right now. I am still trying to weigh the options of selling versus renting it.

I will say that simply, I am responsible with money, and I have enough to live comfortably. I would save if I could, but right now that just not in the cards, I have too much going on. I plan on starting a savings plan after I get married in August. I am sure you realize how much a wedding can cost, monetarily, and time wise. I have plans to start after that.

What I want to have help with is my plan which I have been pretty clear about throughout this post. Although no one seems to be reading or responding to it. So I want to fix up my current home and either rent it or sell it. The numbers are listed above. Basically everyone is saying I wouldn't make enough profit to sell, So I should rent it.

Just curious what others think and trying to get insight into my plan before I actually do execute it down the road.

Kyle,

I didn't really understand what you're talking about. What's an owner carry? Need more detail about what you meant.

Ok I guess I should be more specific. I don't have a down payment for a home.

I have steady employment, it's a pretty good job, and plenty of spending money. I just don't have like 10000 saved.

Seems you need that to start. Am I wrong? Seems like wholesaling is the way to start but it seems like most are never successful.

So I feel like this is the old saying, "I have to have money to make money."

I can afford the house fine. I want to turn it into a cash flow property.

So is everyone saying renting my current property for cash flow and buying another primary residence is a bad idea? If I sell I don't feel like I would make any money.

I am a little confused by Scotts response. Maybe because he thought I was saying I'm broke, which is not the case.

Still no one answers my question. How did you start? Did you already have a ton of money saved? Born into money? Lucky investment?

Just curious. Would like insight as to where to start. I thought renting my current home after we fix it up was a good idea considering the cash flow I described earlier. Then I could use the extra income generated from the rental to purchase more properties. This is a bad plan?

Also to be very specific when I say I have no money I mean no down payment for a home. Not that I am extremely broke.