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  1. #31
    Registered User lunchbox12's Avatar
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    looking right now as well. I dont think there will be a crash like 07/08 as inventory is at record lows. But its hard to stomach dumping a 25% down payment with prices at record highs.

    the returns right now are not that great and the yeild on some multi family reits is better then what I can get around town here. I'll keep looking but wont get too excited.
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  2. #32
    Registered User BigDeeps01's Avatar
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    Originally Posted by lunchbox12 View Post
    looking right now as well. I dont think there will be a crash like 07/08 as inventory is at record lows. But its hard to stomach dumping a 25% down payment with prices at record highs.

    the returns right now are not that great and the yeild on some multi family reits is better then what I can get around town here. I'll keep looking but wont get too excited.
    Where are you looking? If you are just looking at listed properties, you gotta remember that the listed price does not matter. Make your offer where the number makes sense for you
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  3. #33
    Registered User paulinkansas's Avatar
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    Originally Posted by BigDeeps01 View Post
    Where are you looking? If you are just looking at listed properties, you gotta remember that the listed price does not matter. Make your offer where the number makes sense for you
    ...and don't believe what the real estate agent is telling you. They are working for the seller. It's been my experience that after you submit your bid, the r.e. agent will call you a week later and say "There is another big, give me your best offer." And this is for a house that has been on the market for over 52 weeks, and it gets 2 bids in just one week? When the r.e. agent tells me that, I tell them "Let the other buyer have it. I withdraw my offer." They call me back a week or two later and ask me to resubmit my bid. I decline. I see the house up for sale again.
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  4. #34
    Registered User paulinkansas's Avatar
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    Originally Posted by knightofday View Post
    Ive read your story many times here, youre a smart guy who capitalized on an opportunity born out of a chit situation. Thats good chit man
    Thanks, what I'm trying to say to the OP is that money can be made even in a bad situation if you can figure out a way. Try to do something that nobody else is doing, and make money off it. If that doesn't work, do something that someone else is doing, but do it better than they do.

    When I did my very first house, the existing competition would rent out a house with some mattresses and a bathroom. I rented out a house with beds with linens, full kitchen and W/D. I added cable/wifi, outdoor grill, Smart TV, etc. My biggest house has a kegorator and a firepit.
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  5. #35
    Manlet with Credentials Jasonw1178's Avatar
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    Real estate tends to be a long term investment outside pump and dump flipping houses. The thing right now is that interest rates are so low it has a way of driving up prices. We probably won't see another 2008 crash again, as well we will probably never see as good of a time to buy like in 2011-2013. Be sure to buy in a growing area.
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  6. #36
    I run the Misc Briangumble's Avatar
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    Originally Posted by swoleyo View Post
    I try to aim for 4 unit's since that's the largest you can get before you need commercial loans. They are very sought after and I generally need to settle on 3 unit buildings. I wish I had the equity for buy a 9+ unit building. I've seen those make 70k a year.

    The problem with Chicago is all the buildings in the "good" areas won't return much of a profit because the price has been driven so high. North side is all 550k+ now and rental rates in most areas are around 1200/month.

    I'd have to buy in the more run down "ghetto" areas to get a good return and I'm afraid of these clowns not having jobs come the downturn.


    It's really hard to get any apartment complex here below market rates. They come under contract within 2/3 days. The market here is still ridiculously hot with limited supply.
    I'm still another year or so away from being able to buy my first property. I was looking at 4 unit properties in my area and they're really hard to find, and the good ones are already "pending". I don't know what's going to be available when I'm ready to buy, but I might have to look at seeing if I could use an FHA loan to build a 4 unit property, but I haven't researched if that's even a possibility yet.
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  7. #37
    Forever aBOARD guest89's Avatar
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    Originally Posted by Briangumble View Post
    I'm still another year or so away from being able to buy my first property. I was looking at 4 unit properties in my area and they're really hard to find, and the good ones are already "pending". I don't know what's going to be available when I'm ready to buy, but I might have to look at seeing if I could use an FHA loan to build a 4 unit property, but I haven't researched if that's even a possibility yet.
    I can find ****hole 4-plexes for 160K. And can rent each unit for $500-550 per month. And there is a deal right now on two of them side by side for 260K.



    Problem is dealing with the tenants in this area. I've been a patrol officer in that area for a long time and I've talked to multiple property owners and even a property management company that manages a few buildings in the area. 9/10 investors/owners say its not worth the hassle and all property management companies say they are no longer accepting properties in that neighborhood and are looking to ditch their current contracts.


    Just seems like a big freaking gamble to me. You go middle class and you need to drop 500K+ on a 4 plex that will rent for 800-900 per month. You go low class and you drop 160k for a 4 plex that rents each unit for 500 per month. But chances are your tenants quit paying and when they leave you gotta remodel the whole place.
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  8. #38
    Registered User friesbruh's Avatar
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    Market is slowing down in here in Northern Colorado and becoming more favorable to the buyers, but it still isn't anywhere near where it was in 2008 & as for here, two major cities (& one where I am at) is still rated as one the top-10 markets, nationwide, according to NAR.

    We'll see.
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  9. #39
    Manlet with Credentials Jasonw1178's Avatar
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    Originally Posted by friesbruh View Post
    Market is slowing down in here in Northern Colorado and becoming more favorable to the buyers, but it still isn't anywhere near where it was in 2008 & as for here, two major cities (& one where I am at) is still rated as one the top-10 markets, nationwide, according to NAR.

    We'll see.
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  10. #40
    Registered User lunchbox12's Avatar
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    our offer was accepted on a single family home last night. This will not be a rental until 5-10 years down the line as we plan to live in it and fix it up. The neighborhood is hot hot hot. No bidding war though but we paid full listing.
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