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9 July 2024 | 27 replies
Do you want the seller to pay closing costs?
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7 July 2024 | 3 replies
I've completed my primary home rehab, ADU build, and have a tenant in place.
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9 July 2024 | 6 replies
The Reality is stuff costs money.
9 July 2024 | 22 replies
Also, I would also not cross-collateralize the houses if a lender would even do a portfolio loan.On your second question about multifamily, I would not jump to multifamily until you have experienced the common management problems with single-family as the expenses scale with the size of the property as well as the cost of mistakes.I would consider getting Home Equity Lines of Credit (HELOC) on each property.
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9 July 2024 | 3 replies
If no mention was made of any type of special cleaner in the lease - that seems like an error on your part and would be a cost that you would have to bear.if you are charging the renter how old the units are makes a difference.
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9 July 2024 | 10 replies
Here's how to get started and advice on each area:Section 8 Rentals:Education: Learn about the Section 8 program, including eligibility requirements and benefits for landlords.Networking: Connect with local landlords who have experience with Section 8 rentals for practical advice and insights.Property Selection: Look for properties in Raleigh, NC, and surrounding areas that meet Section 8 housing standards and have potential for rental income.BRRR Method (Buy, Rehab, Rent, Refinance):Research: Study the BRRR method to understand how to find undervalued properties, finance renovations, and refinance to pull out equity.Partnerships: Consider partnering with contractors, lenders, and real estate agents experienced in BRRR to streamline the process.Market Analysis: Analyze local market conditions to identify neighborhoods with potential for property value appreciation and rental demand.Airbnb Properties:Regulations: Familiarize yourself with local regulations and zoning laws governing short-term rentals in Raleigh, NC.Property Preparation: Prepare properties to meet Airbnb standards, including furnishing, amenities, and guest experience.Marketing: Develop a marketing strategy to attract Airbnb guests, leveraging platforms like Airbnb and optimizing property listings.Overall Strategy:Continuous Learning: Stay updated with industry trends, attend local real estate meetups, and consider joining real estate investor groups.Financial Management: Manage your LLC, Opal Capital Holdings, effectively to track expenses, income, and tax obligations.Long-Term Goals: Keep your multifamily apartment goal in mind, and progressively scale your real estate portfolio based on experience and market opportunities.If you would like some help getting started, or just want to discuss please feel free to reach out to me directly.
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7 July 2024 | 35 replies
They could have easily cost me the entire deal and they seemed ambivalent.
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7 July 2024 | 4 replies
I forget the seller's story, but essentially a purchase offer would have been ~$70-75K with a $30-40K rehab IIRC.
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7 July 2024 | 42 replies
He’s been working on a rehab, he did a little bit of the work and then just stopped doing the work then started getting hard to reach.
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7 July 2024 | 1 reply
In other words, sufficient capital for the cash purchase of a property (plus rehab) and eventually refinancing the completed project to a long term loan.