NOOB real estate investor looking for partner

I understand. We have 30 complexes over 4 different states.

 

I had 20+ sfh, dulpex and quads in Tampa. Did real good south Kennedy and in the Hyde Park area. Yuppies paid STUPID money for those addresses. I mean really crazy.

After getting tired of managing property for 5+ years I cashed out. Liquidity in real estate is sketchy at best in most markets.

I have seen way to many investors say "I have $125,000 in equity in these 3 properties" However, this assumes that they can get 100% of thier percieved value for the properties or that they can encumber (read: leverage) themselves by borrowing against 100% (ain't gonna happen on rental property) of the value.

A balanced portfolio is best. My equity/debt based portfolio has consistanly out performed all but the top few real estate markets and I know what my EXACT net value is every day at about 4:30 EST. I want to free up cash, with a single call, I can borrow against my net asset value or sell some, whichever I feel appropriate.

With that said, my own business is far and away the best return on my investment dollar, and most small businesses are. The government gives us all kinds of tax incentives to create and help grow small businesses.

Lastly, there is no single formula or easy way to get rich, unless you are a lucky sperm.

 

The control thing is cool and hs it's time and place. Just recently I tied up a pc of FSBO land with an assignable contract in Utah, I knw someone looking for land in the location and assigned the contract for a nice chunk of pocket change.

In Florida, I came accross a Columbian national who's work visa was being revoked. He had three sweet condos near Sebring. Same thing, made several thousand a unit and never owned a thing.. except the transferable right to buy them.

 

So, redciv1, how did things turn out? Well... I hope.

Monte, I understand how you can make money with tying up and quickly turning a property. I just don't think it is a good long term strategy as a sole focus. It is a nice thing to do when the opportunity presents. I also suspect that you had the means to actually buy the property you contracted to purchase. On most of these "get rich quick" scams you see on TV, they plan to screw the seller if they can't get a buyer for the contract. I don't want any part of that kind of business.


STEVE

 

In both cases I was 100% sure that I could walk out and sell/assign the contract within 48 hours. With the Sebring property it was literally less than 24hours. I didn't want to own any of the property but I was prepared to be a short-term owner of I had to be.

 

this is probably one of the most informative threads i have ever read on the BBS.....

Q: a coin op laundry would bring in what kind of annual revenue if its in a good location?

 

I think the consensus is that it would bring in $0 net for about the first 5 years. It would actually lose a little early on. But, from there things start to get really good. I haven't done it, but I have talked to lots of people who have.

As a side note, my wife and I are now looking at an 18 unit apartment building. I'm pretty excited about it. It would be a big jump from what we have been doing. We'll see if it works out!



STEVE

 

UpDATE:

Well Steve I am glad you asked. My wife checked and we now have one Tradeline showing for us, woo hoo . We have 2 other accounts that should hit anyday now. From what I understand from her 3 tradelines is when you can apply for a Home Depot Card, apparently that is there magic#, which intern we can use to better the tradeline situation.
We almost had a deal about 2 weeks ago. My sister-in-law's boss was facing foreclosure for the 2nd time in 2 years and was about a week away from losing the house. He was only $2400 behind, owed $91,000 on mortg. and had about $40k+ in equity. The only way the owner would go through with the deal was we give him ALL OF THE EQUITY. Of course that wasn't happening but apparently he was able to come up with the money a couple of days before the deadline.
Because we don't have the funds to readily buy property until the tradelines come up, we are looking for situations like that one where we can just have the title signed over. This weekend we are going to a couple of subdivisions and put flyers on mailboxes. Actually we will start with our own subdivision. Apparently in the last year there have already been about 3 foreclosures that we are aware of at the moment.
Whatever helpful info, advice or words of encouragement are really needed. Thank you.
BTW, I am looking forward to Cycle Jam this year. Last year was my first and though I expected to be out there with you all I know that GOD is true to his promises.:up:

 

Steve apt. building like the one you describe is what we really are looking into. LOL, it would be a blessing to be able to have a couple of small units instead of several individual units scattered. My prayers with you and your wife.

 

Anyone else get the free VIP tickets in the mail for Ivanka Trumps discussions on real estate? I got two...and was thinking about going. Supposedly it costs $149 per person. If nothing else I might actually learn something.

 

You're digging yourself into a hole that's not worth it. Basically the only way investment real estate is worth the "investment" is if you pay cash for the real estate in the first place. When you figure in risk, you don't make any money. A good mutual fund kills the rate of return.

 

People get forclosed on because they get in too deep into debt. Be weary, you're playing with fire.....

 

.cbr thank you. We do understand that if someone is getting forclosed on then they may have liens on the title, however we are also working with an investor and we use him to gauge whether a deal is good or not. For instance the investor we are working with was in the process of checking title to see if there were any liens or taxes owed on the property.

 

BTW .cbr this is a community that rides and races motorcycles, lol . Can't get much riskier, but I understand.

 

What exactly will she teach you? How to marry a dude who got rich in the real estate market, and then get alimony when you leave him??

 

This is his daughter!

 

Oh, oops! I must have missed the k in there!!

 

Damn illiterate...pay attention and read more closely will ya!

 

I blame it on reading in here waaaaay too much! You people can't spell for shit.

 

Damn, isn't that the truth! We are all guilty of it here and there.