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12 August 2024 | 8 replies
But I have been looking into splitting the duplex into two condos (yes I know it is a lot of work) and I could probably get 325-350k for each, netting me 650-700k.Number:* Mortgage interest 2.5%* Mortgage principle 240k* PITI $2100/month* Rent 2200/month (current tenant on a two year lease)* Potential rent on my side $2400/month * 100k HELOC at 11% (fixed) (not currently being used)* est additional cost to split the dueplex 75-100k (conservative, probably less) *new siding 30k (just put on a new roof this year) *legal 10-15k *fire proofing 15k * 15-40k for stuff I am not aware of or underestimated on* some of the appreciation is external from the home *big grocery store put in 3min away * newly paved road in front of my house *a building that was falling down across the street has been torn down * Still a vacant lot with the foundation exposed and fencing around it (so more local improvements are on the way)Part of me wants to take the money and run but man I love that 2.5% interest rate and the $2000/month cash flow (including taxes and capx)I have thought about 1031 exchanging into more rentals, but I would like to pivot into storage units.
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12 August 2024 | 13 replies
It may work and if it does it will be cheaper than an eviction.
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12 August 2024 | 21 replies
I learned mine by driving around, looking up a bunch of properties online and looking at a bunch in person, listening to everything people said at the meetups and asking a ton of questions to local investors.If you have the money, her course is a bit of a shortcut to learn what you need to know, but it by no means is everything you need to flip in a local market.
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9 August 2024 | 4 replies
A prudent investor doesn't seek quick riches through shortcuts.
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20 August 2024 | 452 replies
So if you file a lien....at the county courthouse....where the title company can validate it...now they can "see the work" and feel better about it.
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11 August 2024 | 99 replies
I listen to BP on my way to work and will provide my rating on my iPad.
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10 August 2024 | 23 replies
Real Estate investing leads to more work and more stress short term, with long term wealth taking time and effort.
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10 August 2024 | 2 replies
Being at a similar spot in life, I work and manage a fund and most of my personal investments are now very passive.
10 August 2024 | 6 replies
It just comes down to putting in the work and not waiting around on others to get you to where you are trying to go.
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12 August 2024 | 10 replies
I would come home after a long day of work and have to deal with things all of the time.