Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Update on my real estate investment decision
Old 05-02-2006, 06:51 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Update on my real estate investment decision

I went with house # 2! Lol...I'm sure you all remember (sarcasm) which was house 2.

all in all, I'll be done rehabbing it in 3 weeks. I will have 21k in the deal. It just appraised at 45k. It is rented already, and it'll cashflow 300/month.

NOW, I'm taking out a HELOC of about 35k against that property to obtain another.

hopefully the cycle continues....
__________________

__________________
thefed is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Update on my real estate investment decision
Old 05-02-2006, 09:20 PM   #2
Full time employment: Posting here.
Arif's Avatar
 
Join Date: Jun 2005
Posts: 761
Re: Update on my real estate investment decision

Quote:
I went with house # 2! Lol...I'm sure you all remember (sarcasm) which was house 2.

all in all, I'll be done rehabbing it in 3 weeks. I will have 21k in the deal. It just appraised at 45k. It is rented already, and it'll cashflow 300/month.

NOW, I'm taking out a HELOC of about 35k against that property to obtain another.

hopefully the cycle continues....
Be careful young grass hopper! You just might double your networth in a year and earn over 16%
__________________

__________________
You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
Arif is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-02-2006, 09:34 PM   #3
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: Update on my real estate investment decision

$3600 year on a $21K investment is outstanding. Buy as many of those as you can find.
__________________
wabmester is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-02-2006, 10:08 PM   #4
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Update on my real estate investment decision

Quote:
Originally Posted by wab
$3600 year on a $21K investment is outstanding. Buy as many of those as you can find.
21k investment? Did i mention that only 5k of that was cash, the rest was on a HELOC on my primary residence?

So NOW whats my return? about 70%? lol

My goal is to keep a house here and there that cashflows well (min 200/month). And keep upgrading homes til I can buy/hold some nice duplexes or 4plexes.

right now, only the urban 25k homes cashflow for me, due to financing going up up up.

To me, the cashflow is a bonus. Instant equity at closing is my bread and butter.
__________________
thefed is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-10-2006, 10:17 PM   #5
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Update on my real estate investment decision

For anyone who cares, this is whats going on:

From my originalRE post, i bought home # 2. Home # 1 is still on the market and dropped 20% on MLS. They want 12.5k, its tax value is 45k. I am going to try to offer 8k, in an effort to get a counter offer of 10k. I need to put about 8k into it to get it up to par, but will allow for abou 12k.

Purchase price 10k, 12k improvements, one year olding costs of 3k, would be 25k in it. not bad.

My only reserve is that it's a two bedroom. from what I hear, 2 beds are MUCH harder to sell, and even rent.

we'll see.....
__________________
thefed is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-10-2006, 10:38 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,913
Re: Update on my real estate investment decision

Quote:
Originally Posted by thefed
two bedroom. from what I hear, 2 beds are MUCH harder to sell, and even rent.

we'll see.....
About selling, I know nothing.* But as a rental I would expect high interest.* As a single two bedrooms were great for room-mate arrangements.* As a retiree a two bedroom gives space for guest or office/crafts (aka, the 'junk room').
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-11-2006, 08:42 AM   #7
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
Re: Update on my real estate investment decision

10K for a house? Where are you located? Up here in the New England you can't even touch an old single wide on its own land for less than $225K...
__________________
Bimmerbill is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-11-2006, 01:11 PM   #8
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Update on my real estate investment decision

akron ohio

and its NOT as bad a house as you might expect. i'll post the mls pics when i get a chance. its a small 800 sf ranch, slab, 1/3 acre yard in the city limits. its 1 mile from the hood



__________________
thefed is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-11-2006, 01:20 PM   #9
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Update on my real estate investment decision

Quote:
Originally Posted by Brat
About selling, I know nothing. But as a rental I would expect high interest. As a single two bedrooms were great for room-mate arrangements. As a retiree a two bedroom gives space for guest or office/crafts (aka, the 'junk room').
i rented a 2 bd the first time i got an apartment. but realtors around here tell me theyre hard to get rid of....
__________________
thefed is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-11-2006, 07:37 PM   #10
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: Update on my real estate investment decision

Just gotta chime in on this one to share my joy.* I bought my 2 bed, 2 bath bungalow 3.5 years ago here in Salt Lake City for $170K.* I put about $10K into it.* It's under contract now (closing is Monday) for $260K.* Pretty amazing appreciation for Utah.
__________________
SLC Tortfeasor is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-12-2006, 06:53 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Update on my real estate investment decision

Quote:
Originally Posted by SLC Tortfeasor
Just gotta chime in on this one to share my joy.* I bought my 2 bed, 2 bath bungalow 3.5 years ago here in Salt Lake City for $170K.* I put about $10K into it.* It's under contract now (closing is Monday) for $260K.* Pretty amazing appreciation for Utah.
SLC was this a rental unit, or your personal residence.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-12-2006, 09:58 AM   #12
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Update on my real estate investment decision

Quote:
Originally Posted by brewer12345
SLC was this a rental unit, or your personal residence.
i think i know what you're getting at brewer....
__________________
thefed is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-12-2006, 10:00 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Update on my real estate investment decision

Quote:
Originally Posted by thefed
i think i know what you're getting at brewer....
You do? I don't think I was driving at anything in particular.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-12-2006, 12:00 PM   #14
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Update on my real estate investment decision

I ASSumed you were getting at the tax implications of the sale.
__________________
thefed is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-12-2006, 12:09 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Update on my real estate investment decision

Quote:
Originally Posted by thefed
I ASSumed you were getting at the tax implications of the sale.*
Nah, just idle curiosity as to whether he was dabbling in RE on the side.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Update on my real estate investment decision
Old 05-12-2006, 03:08 PM   #16
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: Update on my real estate investment decision

Quote:
Originally Posted by brewer12345
SLC was this a rental unit, or your personal residence.
My personal home.
__________________
SLC Tortfeasor is offline   Reply With Quote
Old 09-30-2008, 04:07 PM   #17
gone traveling
 
Join Date: May 2006
Posts: 1,036
Quote:
Originally Posted by SLC Tortfeasor View Post
Just gotta chime in on this one to share my joy.* I bought my 2 bed, 2 bath bungalow 3.5 years ago here in Salt Lake City for $170K.* I put about $10K into it.* It's under contract now (closing is Monday) for $260K.* Pretty amazing appreciation for Utah.
Great for you!! Sounds like about 15% a year. Sure beats the stock market. I'm curious about the Ft. Douglas/U. of Utah area though. Is this a newer area? Neighborhoodscout.com shows all of SLC appreciating annually since 1990 at 16.02% and 14.2% annually over the last two years. but shows the Ft D/U of U NBHD appreciating a total of 590.13% over the last 18 years for an annual rate of 32.78%! Are you familiar with the area?
__________________

__________________
honobob is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Real estate as an investment wzd FIRE and Money 46 09-30-2008 12:04 PM
Time to bail on Real Estate Investment? bluehero FIRE and Money 17 04-30-2006 06:59 PM
Poll: Where'd you put the cash from your real estate sale? wabmester FIRE and Money 19 04-23-2006 07:52 PM
leveraged real estate investments vic FIRE and Money 9 10-07-2005 09:27 PM
Book report: The ABC's (sic) of Real Estate Investing Nords Other topics 6 05-24-2005 06:40 PM

 

 
All times are GMT -6. The time now is 02:50 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.