Author Topic: The Real Estate Investing Thread  (Read 6236 times)

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Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #25 on: December 30, 2020, 08:29:05 AM »
my dream is to be an MHK slumlord
You will definitely need a way to accept online payments and service requests.


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You aren’t going to like KITNfury very much when he tells everyone he is managing lots of properties with a free software
Not surprised but you get what you pay for.


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I got into some vodka last night, so re-reading and responding now that my head is clear.

Management software varies wildly in capability and cost. I don't know exactly when you'd want to transition to the bigger programs, but I use cozy.co for the properties I self manage. It's a website. It does many things like advertise vacancy, accept online payment, service requests, etc. I really only use it for online payment though. It's excellent.

My property manager uses Buildium. It's much more intricate, but tbh I'm not the biggest fan as the reports are sometimes hard to follow.
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #26 on: December 30, 2020, 08:30:20 AM »
A good rule of thumb to start with is monthly rent should be 1% of the all in property cost.  i.e. if you bought a place for $85k and renovation cost you $15k, a total of $100k, you would want to rent the place for $1k a month. 

Afford Anything is a good podcast for rental info, along with the aforementioned Bigger Pockets.  AA covers lifestyle stuff also so it is a little easier to stay plugged in long term.

1% is really hard to come by.
It can be.  The pundits tell you to find a way to add value; add a bedroom or fix a distressed property.  It is a lot easier if you don't have to pay a contractor and can do the work yourself.
Adding value to property is where the magic happens. It's not required to succeed, but if you can do that is like throwing gasoline on your investing fire.
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #27 on: December 30, 2020, 08:32:42 AM »
GIANT one.


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Hiring a good property manager negates almost all PITA issues. You sacrifice some profit for that buffer though, which is usually worth it imo.
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #28 on: December 30, 2020, 08:33:32 AM »
What's the rental market like around you Puni, if you know/don't mind answering?

here's a funny thing: when you sign for a rental, you need to front 4-5 months rent in cash UP FRONT
-1 month rent "agent fee" pays your housing agent that finds you the rental, they also serve as your primary point of contact throughout your lease.
-1 month rent "key fee", basically a thank you gift to the landlord for letting you live there.
-1st month's rent.
-1 or 2 month's rent as a security deposit.
That is insane
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline DQ12

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Re: The Real Estate Investing Thread
« Reply #29 on: December 30, 2020, 08:48:55 AM »
I think dlew should pause and think about what a dumbass he was in college and if he would've wanted to be able to rent anything out to himself at that lifestage.
I was a model tenant that always paid rent on time, didn't destroy anything, and didn't really raise much of a fuss.  Which is saying a lot considering my room would get down to about 50 degrees in the winter time (which led to horrific electric blanket burns) and was littered with hundreds of dead ants until i just put duct tape over a preexisting hole in the wall.



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Offline Kat Kid

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Re: The Real Estate Investing Thread
« Reply #30 on: December 30, 2020, 10:22:30 AM »
I think dlew should pause and think about what a dumbass he was in college and if he would've wanted to be able to rent anything out to himself at that lifestage.
I was a model tenant that always paid rent on time, didn't destroy anything, and didn't really raise much of a fuss.  Which is saying a lot considering my room would get down to about 50 degrees in the winter time (which led to horrific electric blanket burns) and was littered with hundreds of dead ants until i just put duct tape over a preexisting hole in the wall.
I was thinking of bubbles story but totally forgot this amazing piece of Dlew lore. Lmao.
@bentren

Offline DQ12

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Re: The Real Estate Investing Thread
« Reply #31 on: December 30, 2020, 11:19:51 AM »
I think dlew should pause and think about what a dumbass he was in college and if he would've wanted to be able to rent anything out to himself at that lifestage.
I was a model tenant that always paid rent on time, didn't destroy anything, and didn't really raise much of a fuss.  Which is saying a lot considering my room would get down to about 50 degrees in the winter time (which led to horrific electric blanket burns) and was littered with hundreds of dead ants until i just put duct tape over a preexisting hole in the wall.
I was thinking of bubbles story but totally forgot this amazing piece of Dlew lore. Lmao.
The Bubbles story where some windows got broken occurred in his house.  And we replaced the windows two days later. 


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Offline Institutional Control

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Re: The Real Estate Investing Thread
« Reply #32 on: December 30, 2020, 06:45:14 PM »
my dream is to be an MHK slumlord
You will definitely need a way to accept online payments and service requests.


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You aren’t going to like KITNfury very much when he tells everyone he is managing lots of properties with a free software
Not surprised but you get what you pay for.


Sent from my iPhone using Tapatalk
I got into some vodka last night, so re-reading and responding now that my head is clear.

Management software varies wildly in capability and cost. I don't know exactly when you'd want to transition to the bigger programs, but I use cozy.co for the properties I self manage. It's a website. It does many things like advertise vacancy, accept online payment, service requests, etc. I really only use it for online payment though. It's excellent.

My property manager uses Buildium. It's much more intricate, but tbh I'm not the biggest fan as the reports are sometimes hard to follow.
My company bought Buildium about a year ago. It’s a nice inexpensive software for managing under 1000 units.  Reporting is limited and the accounting features are on level of QuickBooks. I sell only to Commercial clients and generally over 2M square feet but our company is the largest provider in the multifamily market.


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Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #33 on: December 30, 2020, 07:14:17 PM »
my dream is to be an MHK slumlord
You will definitely need a way to accept online payments and service requests.


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You aren’t going to like KITNfury very much when he tells everyone he is managing lots of properties with a free software
Not surprised but you get what you pay for.


Sent from my iPhone using Tapatalk
I got into some vodka last night, so re-reading and responding now that my head is clear.

Management software varies wildly in capability and cost. I don't know exactly when you'd want to transition to the bigger programs, but I use cozy.co for the properties I self manage. It's a website. It does many things like advertise vacancy, accept online payment, service requests, etc. I really only use it for online payment though. It's excellent.

My property manager uses Buildium. It's much more intricate, but tbh I'm not the biggest fan as the reports are sometimes hard to follow.
My company bought Buildium about a year ago. It’s a nice inexpensive software for managing under 1000 units.  Reporting is limited and the accounting features are on level of QuickBooks. I sell only to Commercial clients and generally over 2M square feet but our company is the largest provider in the multifamily market.


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Cool deal, had to Google who bought them. I'm not real familiar with most of the software for large quantity of doors.

What do you do at real page? Also do you invest in property?
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline Institutional Control

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Re: The Real Estate Investing Thread
« Reply #34 on: December 30, 2020, 07:50:09 PM »
my dream is to be an MHK slumlord
You will definitely need a way to accept online payments and service requests.


Sent from my iPhone using Tapatalk

You aren’t going to like KITNfury very much when he tells everyone he is managing lots of properties with a free software
Not surprised but you get what you pay for.


Sent from my iPhone using Tapatalk
I got into some vodka last night, so re-reading and responding now that my head is clear.

Management software varies wildly in capability and cost. I don't know exactly when you'd want to transition to the bigger programs, but I use cozy.co for the properties I self manage. It's a website. It does many things like advertise vacancy, accept online payment, service requests, etc. I really only use it for online payment though. It's excellent.

My property manager uses Buildium. It's much more intricate, but tbh I'm not the biggest fan as the reports are sometimes hard to follow.
My company bought Buildium about a year ago. It’s a nice inexpensive software for managing under 1000 units.  Reporting is limited and the accounting features are on level of QuickBooks. I sell only to Commercial clients and generally over 2M square feet but our company is the largest provider in the multifamily market.


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Cool deal, had to Google who bought them. I'm not real familiar with most of the software for large quantity of doors.

What do you do at real page? Also do you invest in property?
I’m in Commercial sales.  Sell to property management companies, REITs and owner/operators. I don’t own any property but have been in this industry for several years.


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Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #35 on: December 30, 2020, 07:58:48 PM »
my dream is to be an MHK slumlord
You will definitely need a way to accept online payments and service requests.


Sent from my iPhone using Tapatalk

You aren’t going to like KITNfury very much when he tells everyone he is managing lots of properties with a free software
Not surprised but you get what you pay for.


Sent from my iPhone using Tapatalk
I got into some vodka last night, so re-reading and responding now that my head is clear.

Management software varies wildly in capability and cost. I don't know exactly when you'd want to transition to the bigger programs, but I use cozy.co for the properties I self manage. It's a website. It does many things like advertise vacancy, accept online payment, service requests, etc. I really only use it for online payment though. It's excellent.

My property manager uses Buildium. It's much more intricate, but tbh I'm not the biggest fan as the reports are sometimes hard to follow.
My company bought Buildium about a year ago. It’s a nice inexpensive software for managing under 1000 units.  Reporting is limited and the accounting features are on level of QuickBooks. I sell only to Commercial clients and generally over 2M square feet but our company is the largest provider in the multifamily market.


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Cool deal, had to Google who bought them. I'm not real familiar with most of the software for large quantity of doors.

What do you do at real page? Also do you invest in property?
I’m in Commercial sales.  Sell to property management companies, REITs and owner/operators. I don’t own any property but have been in this industry for several years.


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:thumbs:

Kinda surprised you haven't got into a syndication considering the elbows you rub.
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline KST8FAN

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Re: The Real Estate Investing Thread
« Reply #36 on: January 07, 2021, 09:34:45 PM »

Offline steve dave

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Re: The Real Estate Investing Thread
« Reply #37 on: January 07, 2021, 09:45:03 PM »
Forever Tom


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Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #38 on: January 08, 2021, 07:08:11 AM »
Can you make money on farmland by leasing it? I know you can lease it but my limited research in the past shows really low rent per acre to consider putting a mortgage on farmland (unless you farm it yourself).

It's definitely not my niche, but I've been looking at buying some land to build a house on. It would be great if I could lease out part of it to help pay for the entire purchase but the rent rates seem basically negligible.
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline steve dave

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Re: The Real Estate Investing Thread
« Reply #39 on: January 08, 2021, 08:02:22 AM »
Can you make money on farmland by leasing it? I know you can lease it but my limited research in the past shows really low rent per acre to consider putting a mortgage on farmland (unless you farm it yourself).

It's definitely not my niche, but I've been looking at buying some land to build a house on. It would be great if I could lease out part of it to help pay for the entire purchase but the rent rates seem basically negligible.
Not really. You can build equity very cheaply but you can’t finance land purchases, lease it, and cover both the note and your living costs. I mean, you could under very special circumstances and agreements where you are just rough ridin' someone with no options but in general you can’t. But, you can get close to covering the note and build equity with land price gains and clearing the debt.


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Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #40 on: January 08, 2021, 09:02:03 AM »
Can you make money on farmland by leasing it? I know you can lease it but my limited research in the past shows really low rent per acre to consider putting a mortgage on farmland (unless you farm it yourself).

It's definitely not my niche, but I've been looking at buying some land to build a house on. It would be great if I could lease out part of it to help pay for the entire purchase but the rent rates seem basically negligible.
Not really. You can build equity very cheaply but you can’t finance land purchases, lease it, and cover both the note and your living costs. I mean, you could under very special circumstances and agreements where you are just rough ridin' someone with no options but in general you can’t. But, you can get close to covering the note and build equity with land price gains and clearing the debt.


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Yea I wouldn't expect it to cover living expenses and a new build house, but if it could come close to paying for the land, I'd be good with that.

Might be where I'm looking though. The more rural the place, the price per acre drops with similar lease rates (assuming land quality is equal). I might just be shipping too near KC for it to really make sense.
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Offline yoga-like_abana

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Re: The Real Estate Investing Thread
« Reply #41 on: January 08, 2021, 09:15:14 AM »
Can you make money on farmland by leasing it? I know you can lease it but my limited research in the past shows really low rent per acre to consider putting a mortgage on farmland (unless you farm it yourself).

It's definitely not my niche, but I've been looking at buying some land to build a house on. It would be great if I could lease out part of it to help pay for the entire purchase but the rent rates seem basically negligible.
Ag is also taxed immensely cheaper. Know someone with little bit of land and house and no interest in farming. They lease part of the land and boom property taxes are way cheaper.

Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #42 on: January 08, 2021, 09:29:53 AM »
Can you make money on farmland by leasing it? I know you can lease it but my limited research in the past shows really low rent per acre to consider putting a mortgage on farmland (unless you farm it yourself).

It's definitely not my niche, but I've been looking at buying some land to build a house on. It would be great if I could lease out part of it to help pay for the entire purchase but the rent rates seem basically negligible.
Ag is also taxed immensely cheaper. Know someone with little bit of land and house and no interest in farming. They lease part of the land and boom property taxes are way cheaper.
I hadn't thought about that. I'm thinking the ideal scenario for me would be a farmhouse, 10+ acres, and paved access to house and also opposite side of property. Rent the house, lease some of the land, build a house. If the deal was good enough, I could basically cover the land/farmhouse cost with the rent leaving me with "free land" to build my house. Not sure how feasible in the area I'm looking.

Also debated buying a larger chunk and dividing it and selling.
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline KST8FAN

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Offline puniraptor

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Re: The Real Estate Investing Thread
« Reply #44 on: January 15, 2021, 07:21:51 AM »
Guys I'm like super horned up for this cash out refinance thing kitn taught me about

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Re: The Real Estate Investing Thread
« Reply #45 on: January 15, 2021, 07:22:12 AM »
Like that could all be bitcoin/orbs

Offline yoga-like_abana

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Re: The Real Estate Investing Thread
« Reply #46 on: January 15, 2021, 09:22:51 AM »
I would expect home prices/new home builds to increase quite a bit over the next year to 2 years. Since November lumber has almost doubled

Offline KITNfury

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I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline KITNfury

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Re: The Real Estate Investing Thread
« Reply #48 on: June 23, 2021, 10:25:27 AM »
Guys I'm like super horned up for this cash out refinance thing kitn taught me about
I'm pretty horned up now, too. I bought some multifamily in early 2018. After having a bunch of repairs made, I refinanced it and got all of my personal money back. So basically they became "free".

Due to the magic of a hot market with falling interest rates (at least lower than when I did the last refinance), I'm refinancing again. I'll be able to pull out about 20% more than my last loan amount and keep my payment (and cashflow) the same.

So I should maintain the same profitability with more cash to reinvest. The downside to doing this is commercial loans have balloon payments. This one has one in 5 years. If property values drop too much, I would risk being unable to refinance again unless I bring more cash to the table.
I once blew clove smoke in a guy's face that cut in front of me in the line to KJ's.

Offline steve dave

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Re: The Real Estate Investing Thread
« Reply #49 on: June 23, 2021, 11:09:28 AM »
Congrats to everyone who owns property because this crap is wild


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