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17 July 2024 | 1 reply
*Risks:* There are risks such as unexpected renovation costs, longer holding periods, and market downturns affecting the sale price.
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18 July 2024 | 0 replies
The cost of trash removal is really a big burden on tenants, who in turn make that the landlord’s problem by keeping stuff in the halls, porches, and basements.
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18 July 2024 | 0 replies
Oh, let me count the reasons, stark and clear,Why in the Rockies, dreams might disappear.Firstly, time's dance, a tango unforeseen,Delays and setbacks, patience in between.Secondly, budgets shift in mountain air,A treacherous venture, costs rise with care.Like winds that howl, a financial plight,Draining pockets in the mountain's height.Thirdly, expertise, a crucial call,A craft refined to prevent the fall.In rocky realms, build cautiously,For seasoned skill shall guide to victory.Oh, let me count the ways, with wisdom's might,To pause the dream, build in clearer light.Where were you CountTheWaysGPT when I needed you?
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18 July 2024 | 2 replies
Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time.
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17 July 2024 | 4 replies
Each option has its pros and cons, and I'm hoping to get some insights from this community to make a more informed decision.Option 1: Building an ADUPros:Increased Property Value: An ADU can significantly increase the value of my primary residence.Control and Proximity: I can closely manage and maintain the property since it's on my land.Potential for Higher Rent: ADUs in bay area can fetch a good rental price.Flexible Use: ADUs can serve multiple purposes – home office, guest house, or rental unit.No Additional Land Purchase: Utilizing existing property means no extra cost for land acquisition.Foundation improvements: I will get an upgrade for my foundation which increase house stability.
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19 July 2024 | 19 replies
Abating the odor (tobacco and Marijuana) is costly and time consuming.
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18 July 2024 | 4 replies
Unless the seller is willing to finance more of the property, you will likely have to put in 20% plus the rehab costs.
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18 July 2024 | 4 replies
Just so you have a frame of reference the cost of a 1031 Exchange is typically around $1,200.
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17 July 2024 | 6 replies
This likely would come close to the cost of a ground up 3/2 ADU addition which is rare.
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17 July 2024 | 5 replies
I'm trying to keep costs low while providing value and so I'm doing some shopping around.