since i bought a prop and i have over 120 post and am now considered a Guru can i become a Moderator and get to go into that forum???[ Edited by ryand on Date 02/22/2005 ]
unfortunatly this forum is about anything EXCEPT real estate, so me, now being a guru i am going to have to kick you off this site for no following the rules..
I'm not sure if you are complaining or not. It seems to me like REI has treated you pretty well. I'd like to congratulate you on your choices even if some of them were made in a drunken stupor. Then I'd like to remind you that there are several methods of investing that don't make you a landlord. You can Wholesale, invest in foreclosures, and make money when you sell (some people make money selling properties too!), purchase Sub2, and sell via CFD.
You don't have to be a landlord to be an investor. Only if you want to be.
I agree with Jeff that you don't need to be a landlord to be involved in real estate investing. Sounds to me like your only problem is that you don't want to be a landlord. Take Jef's advise and explore other avenues of real estate investing. Good Luck.
thanks for the advice. sorry to sound as if I am whining above however Ive been racking my brain on different ideas. I guess Im more or less in that struggle point where I need to bring on help to move forward until I can earn enough income to do it full time.
I appreciate your efforts. Do you guys recommend any books and/or angle i should be looking into?
Maybe my problem is like everyone else and I just dont have enough TIME..
I've found that I have always been able to make time available for what I've decided to make a priority in my life. Maybe not as much time as I wanted, but time just the same. Make the most out of the time you are able to dedicate to this. List all of the things that you'd like to do in REI, and prioritize your list. Start knocking things off one at a time. Eventually you'll get where you want to be.
Well, I'm in a similar position. I also had trouble at first with tenants because I was 26 but looked younger. It wasn't until I had a bad one that really challenged me that I stepped forward and became a little less nice, and learned to treat landlording like it is: a BUSINESS.
We have 2 SFR's now, and we are about to move to GA. It looks like once our investments sell here, we can buy several in GA with that cash (if we decide against the 1031). SO very soon, we may be in your shoes.
Our plan is this: right now, I am self-employed. We don't live on any of the tenant-made money either, it gets turned around for the next investment/rehab project. My husband is a teacher, whereby now you know how little we have to live on! hehe. Anyways, me being self employed permits Dave to concentrate on making the wage, and me to concentrate on the investments. Finding the next one, handling problems, learning new tricks (which is why I've posted nearly 100 times since joining two months ago!)
As we continue to get more rentals, and soon, fixer-uppers to resell, we hope that we CAN live off the rental income and Dave can quit his job in a couple of years and we BOTH can focus on real estate investing.
Get some help! Hire a PM and keep going. A good one will free up most of your time and allow to do more investing, play with the kid or just relax once in a while.
I think our brackets must have been under the same bus. The Michigan State game tonight was INCREDIBLE!!! I would like to see them go to the final show.
yes ofcourse it will increase the value of the house in the long run. It will have more square footage. will it be a bedroom? This will also increase your taxes..
Good question.................just ask it in the proper forum area next time. This question belongs in the builder or rehab forum.
Thanks
NC_Yank
PS. Depending on your location, the neighborhood...etc....not all additions are worth the money you spend in trying to achieve the maximum return within a specified time limit.
Example........you own a home worth $75,000.00.........the neighborhood is made up of homes from 40k - 75k.
You can spend 10k- 20k and may not get that return for 5 - 10 years. There are variables to consider.
thanxs guys. sorry, Im new at this kind of stuff. Anyway, all the homes in my area are about the same in the 130k-140k and seem to go up around 5k or more a http://www.year.My house seems to be allittle smaller than the others by around 100 sq. ft. Thats one of the reasons why I wont to add on to the house. Do you know how much my taxes can increase?[ Edited by devman on Date 02/28/2005 ]
lol jeff. you are a character
since i bought a prop and i have over 120 post and am now considered a Guru can i become a Moderator and get to go into that forum???[ Edited by ryand on Date 02/22/2005 ]
so to be considered a true guru do i need the blue houses and not the green? Also should i rehab more duplexes?
id say you certaintly need to rehab more duplexes. especially during the winter, when its snowing and you have to redo a roof and driveway.
Nancy, im sure the size of the lot does matter for better resale value. it was the lot size you were talking about and not something else correct?
unfortunatly this forum is about anything EXCEPT real estate, so me, now being a guru i am going to have to kick you off this site for no following the rules..
Ryan,
THANK YO!!!!!! ONE BIG BOOT FOR MAN, ONE GIANT STEP FOR WOMANKIND!!!!!!!!!
i dont get it....
so your saying a lot cant be subdivided then extra land adds no extra value. interesting perspective. thanks for that tidbit on info.
thanks Nancy, that is very helpful.
i love how even though we are in the non real estate forum we still cant keep from talking REI.
thanks again.
ooooooh yeah i like that too
sorry ryand that this is irrelevant to this forum.
It was a joke
well not the land part, that is actually relevant to a deal im doing, which is why i asked nancy. the rest is a joke.
I'm not sure if you are complaining or not. It seems to me like REI has treated you pretty well. I'd like to congratulate you on your choices even if some of them were made in a drunken stupor. Then I'd like to remind you that there are several methods of investing that don't make you a landlord. You can Wholesale, invest in foreclosures, and make money when you sell (some people make money selling properties too!), purchase Sub2, and sell via CFD.
You don't have to be a landlord to be an investor. Only if you want to be.
Best wishes,
Jeff
I agree with Jeff that you don't need to be a landlord to be involved in real estate investing. Sounds to me like your only problem is that you don't want to be a landlord. Take Jef's advise and explore other avenues of real estate investing. Good Luck.
Dave
[addsig]
Hey Guys,
thanks for the advice. sorry to sound as if I am whining above however Ive been racking my brain on different ideas. I guess Im more or less in that struggle point where I need to bring on help to move forward until I can earn enough income to do it full time.
I appreciate your efforts. Do you guys recommend any books and/or angle i should be looking into?
Maybe my problem is like everyone else and I just dont have enough TIME..
I've found that I have always been able to make time available for what I've decided to make a priority in my life. Maybe not as much time as I wanted, but time just the same. Make the most out of the time you are able to dedicate to this. List all of the things that you'd like to do in REI, and prioritize your list. Start knocking things off one at a time. Eventually you'll get where you want to be.
Sell them all and start drinking heavily, it seems you make your best decisions while drunk.
Well, I'm in a similar position. I also had trouble at first with tenants because I was 26 but looked younger. It wasn't until I had a bad one that really challenged me that I stepped forward and became a little less nice, and learned to treat landlording like it is: a BUSINESS.
We have 2 SFR's now, and we are about to move to GA. It looks like once our investments sell here, we can buy several in GA with that cash (if we decide against the 1031). SO very soon, we may be in your shoes.
Our plan is this: right now, I am self-employed. We don't live on any of the tenant-made money either, it gets turned around for the next investment/rehab project. My husband is a teacher, whereby now you know how little we have to live on! hehe. Anyways, me being self employed permits Dave to concentrate on making the wage, and me to concentrate on the investments. Finding the next one, handling problems, learning new tricks (which is why I've posted nearly 100 times since joining two months ago!)
As we continue to get more rentals, and soon, fixer-uppers to resell, we hope that we CAN live off the rental income and Dave can quit his job in a couple of years and we BOTH can focus on real estate investing.
That;s our plan, anyways. Hope it helps.
Get some help! Hire a PM and keep going. A good one will free up most of your time and allow to do more investing, play with the kid or just relax once in a while.
I think our brackets must have been under the same bus. The Michigan State game tonight was INCREDIBLE!!! I would like to see them go to the final show.
yes ofcourse it will increase the value of the house in the long run. It will have more square footage. will it be a bedroom? This will also increase your taxes..
Good question.................just ask it in the proper forum area next time. This question belongs in the builder or rehab forum.
Thanks
NC_Yank
PS. Depending on your location, the neighborhood...etc....not all additions are worth the money you spend in trying to achieve the maximum return within a specified time limit.
Example........you own a home worth $75,000.00.........the neighborhood is made up of homes from 40k - 75k.
You can spend 10k- 20k and may not get that return for 5 - 10 years. There are variables to consider.
thanxs guys. sorry, Im new at this kind of stuff. Anyway, all the homes in my area are about the same in the 130k-140k and seem to go up around 5k or more a http://www.year.My house seems to be allittle smaller than the others by around 100 sq. ft. Thats one of the reasons why I wont to add on to the house. Do you know how much my taxes can increase?[ Edited by devman on Date 02/28/2005 ]
I would rather add another bedroom instead of family room. How many bedroom do you have now? 4x 2 is more marketable than 3x2, in my opinion.
You need to get a permit to do this for sure. Did you get it yet?[ Edited by SmileyFace on Date 04/07/2005 ]