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24 February 2024 | 2 replies
Get rid of debt, build a budget, and save.
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24 February 2024 | 20 replies
For a more specific answer.
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23 February 2024 | 3 replies
I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.
25 February 2024 | 29 replies
Are those around the whole country or do you guys have a specific location?
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25 February 2024 | 14 replies
If I were you, I would contact a few, interview them, and select the one that is the most knowledgeable regarding your specific situation and investing goals.
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25 February 2024 | 0 replies
Here is a specific example of the calculation as I did it in the beginning.
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24 February 2024 | 5 replies
Is there specific counties you think I should be focusing my search?
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24 February 2024 | 4 replies
Oceanfront homes can be found in the $750k range and those that are vacation rental eligible are usually well within the $1M-$1.5M budget.
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24 February 2024 | 4 replies
It provides a lot of valuable data that I use for projecting income on a specific property.
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25 February 2024 | 13 replies
Basically, my Investor would fund a specific loan not be part of a pool of funds.One thought is I would maintain my same process and loan docs that I've used with my Borrowers where my LLC would be the Primary Lender, manage the loan and receive payments from the Borrower.