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Author Topic: Real Estate Investing Mentor  (Read 2003 times)

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ricepig

Re: Real Estate Investing Mentor
« Reply #50 on: July 14, 2018, 03:11:03 pm »

I know this wasn't directed toward me.

Too many rent house headaches just leads to hiring a management firm.
And sometimes that's the easiest and best course anyway.
If you're a softy (like me) and start feeling sorry for the kids or whatever / don't manage your property yourself.

Business all the time, never personal and DO NOT rent to friends or family.

I don't invest in residential property, only commercial, and I use a management firm because I don't want the headaches. I look for NNN leases with 15 years or longer left, and a certain CAP rate. I may leave some money on the table, but it fits my comfort zone.
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The Chief

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Re: Real Estate Investing Mentor
« Reply #51 on: July 14, 2018, 03:31:58 pm »

I know this wasn't directed toward me.

Too many rent house headaches just leads to hiring a management firm.
And sometimes that's the easiest and best course anyway.
If you're a softy (like me) and start feeling sorry for the kids or whatever / don't manage your property yourself.

Business all the time, never personal and DO NOT rent to friends or family.

Agreed. I've hired property managers because they are the pros and don't care who the tenant is when it comes to doing things by the letter of the law.
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AirWarren

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Re: Real Estate Investing Mentor
« Reply #52 on: July 15, 2018, 10:25:41 pm »

I know this wasn't directed toward me.

Too many rent house headaches just leads to hiring a management firm.
And sometimes that's the easiest and best course anyway.
If you're a softy (like me) and start feeling sorry for the kids or whatever / don't manage your property yourself.

Business all the time, never personal and DO NOT rent to friends or family.

I like it thank you very much.

I’ll have to harness the softy stuff as well.
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jst01

Re: Real Estate Investing Mentor
« Reply #53 on: July 16, 2018, 10:00:40 am »

I don't invest in residential property, only commercial, and I use a management firm because I don't want the headaches. I look for NNN leases with 15 years or longer left, and a certain CAP rate. I may leave some money on the table, but it fits my comfort zone.

Some of the best projects I have seen lately are large warehouse properties leased to a single credit tenant. Developers are building warehouses to suite, getting a long-term lease in place from a great tenant and selling the property in a few years - making LOTS of cash.
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AirWarren

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Re: Real Estate Investing Mentor
« Reply #54 on: July 16, 2018, 11:11:44 am »

Some of the best projects I have seen lately are large warehouse properties leased to a single credit tenant. Developers are building warehouses to suite, getting a long-term lease in place from a great tenant and selling the property in a few years - making LOTS of cash.

Give me an example of large warehouse properties?

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AirWarren

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Re: Real Estate Investing Mentor
« Reply #55 on: July 16, 2018, 11:12:37 am »

I don't invest in residential property, only commercial, and I use a management firm because I don't want the headaches. I look for NNN leases with 15 years or longer left, and a certain CAP rate. I may leave some money on the table, but it fits my comfort zone.

I got to start small. Then possibly start working toward commercial. MAYBE.
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jst01

Re: Real Estate Investing Mentor
« Reply #56 on: July 16, 2018, 11:21:21 am »

Give me an example of large warehouse properties?


like 250,000+ square foot warehouses leased to companies such as FedEx, Kroger, Walmart.
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AirWarren

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Re: Real Estate Investing Mentor
« Reply #57 on: July 16, 2018, 11:40:53 am »

That’s what I thought. Just wanted to verify.
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aristotle

Re: Real Estate Investing Mentor
« Reply #58 on: July 21, 2018, 09:15:16 am »

I don't invest in residential property, only commercial, and I use a management firm because I don't want the headaches. I look for NNN leases with 15 years or longer left, and a certain CAP rate. I may leave some money on the table, but it fits my comfort zone.

This is how I'd do it also if feasible. Very low risk with those triple nets. It's been a while since I've looked a CAP rates via property class. I need to refresh
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Porkys Revenge

Re: Real Estate Investing Mentor
« Reply #59 on: July 25, 2018, 08:18:42 am »

My advice is to find your mentor locally.
You need someone familiar with properties and values where you live.
Find a mentor who currently invests in real estate or a realtor that specializes in investment properties (an REO agent is a good place to start).
Regular residential sales and REO sales are worlds apart.

Solid advice. I know a guy that did a housing development in Costa Rica. He left for the states and when he got back, his houses had been turned into sawdust by some type of local termite with a 15 year lifespan.

Needless to say, he went bankrupt.
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hoglady

Re: Real Estate Investing Mentor
« Reply #60 on: July 25, 2018, 10:18:48 am »

Solid advice. I know a guy that did a housing development in Costa Rica. He left for the states and when he got back, his houses had been turned into sawdust by some type of local termite with a 15 year lifespan.

Needless to say, he went bankrupt.

That's pretty crazy.
Hate to see people go bankrupt - I saw too much of that related to the 2008 crash.
The emotional effects are devastating for some.
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AirWarren

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Re: Real Estate Investing Mentor
« Reply #61 on: July 26, 2018, 06:31:16 am »

That's pretty crazy.
Hate to see people go bankrupt - I saw too much of that related to the 2008 crash.
The emotional effects are devastating for some.

Local mentors are great. I have been fortunate to find a mentor that is also in real estate that I met in my RN work. I've worked with him and relied on him in sticky situations at bedside....he is a good resource and one I can trust. Which is great.
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hoglady

Re: Real Estate Investing Mentor
« Reply #62 on: July 26, 2018, 06:57:55 am »

Local mentors are great. I have been fortunate to find a mentor that is also in real estate that I met in my RN work. I've worked with him and relied on him in sticky situations at bedside....he is a good resource and one I can trust. Which is great.

Sounds like you found a good one.
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hoglady

Re: Real Estate Investing Mentor
« Reply #63 on: July 29, 2018, 09:21:56 pm »

Figured I would post this for you residential real estate investors.

Agents are no longer allowed to list any HUD foreclosed properties in the MLS system and the decision will also affect some Non-HUD REO properties. The directive came down from the NAR - so it will be nationwide.

It'll certainly change the landscape of how information is deciminated on the net. Most sites like Zillow, Trulia, Realtor.com and real estate company websites get their information from direct feeds from MLS systems.
Going to now require a lot more searching in various sites to find all the foreclosures.

I can see it leading to skewing market figures - # of properties sold, average sales prices, etc.
It's going to screw up what was a wealth of pretty accurate market information.



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The Chief

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Re: Real Estate Investing Mentor
« Reply #64 on: July 30, 2018, 08:29:20 am »

Figured I would post this for you residential real estate investors.

Agents are no longer allowed to list any HUD foreclosed properties in the MLS system and the decision will also affect some Non-HUD REO properties. The directive came down from the NAR - so it will be nationwide.

It'll certainly change the landscape of how information is deciminated on the net. Most sites like Zillow, Trulia, Realtor.com and real estate company websites get their information from direct feeds from MLS systems.
Going to now require a lot more searching in various sites to find all the foreclosures.

I can see it leading to skewing market figures - # of properties sold, average sales prices, etc.
It's going to screw up what was a wealth of pretty accurate market information.





Is the HUD home sales website still going to function?  It's not the best, but still a source of info.

Is an investor now going to have to call banks/lenders directly to receive REO/foreclosure info?
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Re: Real Estate Investing Mentor
« Reply #65 on: July 30, 2018, 10:33:14 am »

For those of you using property managers...

How do they charge? Percentage or what?
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The Chief

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Re: Real Estate Investing Mentor
« Reply #66 on: July 30, 2018, 11:18:16 am »

For those of you using property managers...

How do they charge? Percentage or what?

From my research, 8-12% of monthly rent.  Anything less or more should be looked at suspiciously.

You get what you pay for.
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hoglady

Re: Real Estate Investing Mentor
« Reply #67 on: July 30, 2018, 04:54:39 pm »

Is the HUD home sales website still going to function?  It's not the best, but still a source of info.

Is an investor now going to have to call banks/lenders directly to receive REO/foreclosure info?

HUD will still list their properties on HUD Home Stores and also list with local agents.
Banks will still list with local agents.
The Realtor controlled MLS systems just won't allow agents to input most of those listings into the MLS system.

The advantage to the MLS systems is the feed to other websites and information to selling agents.
That's not going to be as reliable now - as agents will be forced into manual input for each site they want to market their property.

Example - the local MLS system feeds to 200+ websites. When you can't input that foreclosure property in the local MLS you lose that automatic exposure and it makes the property harder for an investor to find it.

 


« Last Edit: July 30, 2018, 05:39:50 pm by hoglady »
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HawgWild

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Re: Real Estate Investing Mentor
« Reply #68 on: July 30, 2018, 05:16:59 pm »

I can see it leading to skewing market figures - # of properties sold, average sales prices, etc.
It's going to screw up what was a wealth of pretty accurate market information.


But wouldn't including foreclosure sales skew the market as well by taking down the average sales price?
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hoglady

Re: Real Estate Investing Mentor
« Reply #69 on: July 30, 2018, 06:02:26 pm »


But wouldn't including foreclosure sales skew the market as well by taking down the average sales price?

A market heavy in foreclosures is certainly going to have those sales affect resale values for homeowner properties.






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The Chief

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Re: Real Estate Investing Mentor
« Reply #70 on: July 30, 2018, 09:30:35 pm »

A market heavy in foreclosures is certainly going to have those sales affect resale values for homeowner properties.








In which market do you primarily do business? I may like to take you to lunch and learn a bit from you when I get the chance.
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hoglady

Re: Real Estate Investing Mentor
« Reply #71 on: July 30, 2018, 09:45:45 pm »

In which market do you primarily do business? I may like to take you to lunch and learn a bit from you when I get the chance.

I live in Little Rock / work Central Arkansas.
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woodhog14

Re: Real Estate Investing Mentor
« Reply #72 on: August 08, 2018, 10:25:23 am »

I am really looking into getting into owning rentals myself. This has been a great thread and one I hope keeps going. I'll probably PM some of y'all so I can understand it more.
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majestic

Re: Real Estate Investing Mentor
« Reply #73 on: August 08, 2018, 04:27:35 pm »

I'll wait for the next bubble to burst before I invest in real estate. Property values around here (Fayetteville) are wildly inflated right now.
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aristotle

Re: Real Estate Investing Mentor
« Reply #74 on: August 11, 2018, 09:28:50 am »

I'll wait for the next bubble to burst before I invest in real estate. Property values around here (Fayetteville) are wildly inflated right now.

It makes me very hesitant as well. Feels like 2006. I'm scoping for foreclosures, gov agency owned type bargains. It's a sellers' market again. But for how long, is the question.
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aristotle

Re: Real Estate Investing Mentor
« Reply #75 on: August 11, 2018, 09:31:20 am »

Agreed. I've hired property managers because they are the pros and don't care who the tenant is when it comes to doing things by the letter of the law.

Just FYI, many property managers have a 'tenant-search only' option where you can hire them to vet your tenants and handle the application process, then hand it back to you for rent collection. I think it usually costs the equivalent of one month's rent.
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HAWG MAFIA

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Re: Real Estate Investing Mentor
« Reply #76 on: August 16, 2018, 01:34:00 pm »

I am really looking into getting into owning rentals myself. This has been a great thread and one I hope keeps going. I'll probably PM some of y'all so I can understand it more.
AGREED!!!! GREAT THREAD!!!! I'm a Financial Coach, I'll be debt free in a few months. Then I'll be looking to get into the rental business. I might be PMing some of you as well.
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HAWG MAFIA

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Re: Real Estate Investing Mentor
« Reply #77 on: August 16, 2018, 01:42:39 pm »

All of this leads me to ask a question. Why don't they teach real life money classes in junior high and high school?
Actual 36% of high schools teach a Foundations course that teaching personal finances, including investing. Wish I would've had something like that when I was in high school.
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AnonymousHog

Re: Real Estate Investing Mentor
« Reply #78 on: August 16, 2018, 01:58:11 pm »

A website that has done great for me with rent houses is called Vertical Rent.  It provides you with the tenant's credit score, any previous evictions and a background check.  It has helped me find great tenants.
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The Chief

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Re: Real Estate Investing Mentor
« Reply #79 on: August 25, 2018, 09:23:00 pm »

Do any of you real estate professionals see a housing price correction coming in the next one to three years?  If so, what do you think will be the extent of the correction?
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hoglady

Re: Real Estate Investing Mentor
« Reply #80 on: August 25, 2018, 11:33:24 pm »

Do any of you real estate professionals see a housing price correction coming in the next one to three years?  If so, what do you think will be the extent of the correction?

Housing prices are so area specific you can't really generalize. Even within the same city - the answer isn't the same for each area.
In Little Rock you still have pockets of the city that haven't recovered from the 2008 crash.
I don't see a market correction for Central Arkansas unless interest rates take a sharp turn up - then you'll see some values drop.
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The Chief

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Re: Real Estate Investing Mentor
« Reply #81 on: August 25, 2018, 11:57:56 pm »

Housing prices are so area specific you can't really generalize. Even within the same city - the answer isn't the same for each area.
In Little Rock you still have pockets of the city that haven't recovered from the 2008 crash.
I don't see a market correction for Central Arkansas unless interest rates take a sharp turn up - then you'll see some values drop.

With inventory generally low and prices high, are the majority of would-be buyers not priced out?

Rumblings I'm hearing are that the upper portions of the market (price wise) are starting to feel the pressure and the rest may follow.

Hopefully, a good buyer's market presents itself soon.
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hoglady

Re: Real Estate Investing Mentor
« Reply #82 on: August 26, 2018, 12:25:33 am »

With inventory generally low and prices high, are the majority of would-be buyers not priced out?

Rumblings I'm hearing are that the upper portions of the market (price wise) are starting to feel the pressure and the rest may follow.

Hopefully, a good buyer's market presents itself soon.

Again area specific - Pulaski county has seen stable prices with little market change when comparing time periods for 2017 and 2018.

Pulaski county 01/01/2017 - 08/26/2017 - avg price $200,434 with 3626 units sold.
Pulaski county 01/01/2018 - 08/26/2018 - avg price $201,392 with 3637 units sold.
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ricepig

Re: Real Estate Investing Mentor
« Reply #83 on: August 26, 2018, 07:14:59 am »

Do any of you real estate professionals see a housing price correction coming in the next one to three years?  If so, what do you think will be the extent of the correction?

Not a professional, but truthfully, I don't concern myself with this. I'm not going to hit the top or the bottom, I just make sure any deal I do works for my numbers.
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HawgWild

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Re: Real Estate Investing Mentor
« Reply #84 on: August 26, 2018, 11:07:05 am »

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The Chief

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Re: Real Estate Investing Mentor
« Reply #85 on: August 26, 2018, 12:37:17 pm »

Not a professional, but truthfully, I don't concern myself with this. I'm not going to hit the top or the bottom, I just make sure any deal I do works for my numbers.

Very good point. Deals can be found in all markets, but the numbers are the numbers.
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The Chief

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Re: Real Estate Investing Mentor
« Reply #86 on: August 26, 2018, 12:38:06 pm »

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hoglady

Re: Real Estate Investing Mentor
« Reply #87 on: August 26, 2018, 01:27:29 pm »

I guess you’ve read this —> https://wolfstreet.com/2018/08/23/second-wave-buy-to-rent-single-family-homes-scheme/


That's a good article - lots of interesting information.
Thanks for posting.

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HawgWild

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Re: Real Estate Investing Mentor
« Reply #88 on: August 26, 2018, 07:35:37 pm »

Read about this purchase in today’s paper http://www.nwaonline.com/news/2018/aug/26/oklahoma-firm-buys-cantrell-heights-apa/

Firm pays almost $2 million above 2017 appraised value. A similar sale appeared in the previous Sunday paper. Why the rush to over pay for apartments?
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hoglady

Re: Real Estate Investing Mentor
« Reply #89 on: August 27, 2018, 09:17:03 am »

Read about this purchase in today’s paper http://www.nwaonline.com/news/2018/aug/26/oklahoma-firm-buys-cantrell-heights-apa/

Firm pays almost $2 million above 2017 appraised value. A similar sale appeared in the previous Sunday paper. Why the rush to over pay for apartments?

Most likely reason - Tax credits they can use or sell if they rent a portion of the property through Section 8 housing.

It's happening all over Little Rock area.
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