Meeting with realtors
3katz4me
11 months ago
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mtnrdredux_gw
11 months agolast modified: 11 months agoAlly De
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Death of matriarch disrupts family
Comments (12)Oh, Kathy, BTDT! been there done that. Ugh! In 1989 my DH's Dad sold his 10 acre land and homeplace (MIL died in '83), and he moved into an assisted living place. Became "involved" with a certain 50 something year old nurses aide who gave him special back rubs. They eloped and got married without telling his 4 kids first. Didn't sit well. Two weeks after they had gotten married, she wrecked his car taking him to the doctor, didn't hurt her, but he had a serious head injury. He lived on life support for about 3 months after that. She ended up with a free (practically) brick home that he had hastily bought when they married 2 weeks prior to the accident. Luckily, his checking account was still in his and my SIL's name. That saved the money that was left after buying that brick house, because the 4 siblings took her to court, took a year, and a chunk of the money, but she got the free house but no money. She had to mortgage her house to pay her legal bills because we were dead set on not letting her have a dollar. Then, my SIL pissed everyone off in the family before it was over, over the way she got more than everyone else and didn't want to explain it. Took about 15 years before we even spoke much again. Now we're gardening buddies, but I wouldn't want to involve any money with her lol ... Anyways, Kathy, I understand. It's a pain. Just a complete pain. Hang in there, and try to take the high road. When you look back later, you will be glad you did. I know that y'all are, and the brother you described is not. He won't be easy to deal with throughout the whole affair of settling the estate either. You might need an Excedrin, or something stronger lol, before it's over. Hugs ~Tenderlee...See MoreHR 2454/2998 Important Energy Bill affecting owners/builders
Comments (5)Hi, I think most retired people would like to move into an efficient home given that they are going to be paying the heating bills, which just go up and up. Making homes more thermally efficient is a no-brainer -- it saves money on heating bills and reduces carbon emissions. If a mandatory program was put in place (which I would like to see), it could be set up so that the savings in fuel bills more than offset the cost of the extra money that would have to be borrowed for the improvements -- this is a win for everyone, and should improve homes sales, not reduce them -- I think you guys need to take a longer and wider view rather than fight everything that might cost you a little bit of short range adapting. Isn't a housing stock that people can afford to heat going to make for more qualified home owners and more sales? I'm a retired person, and its important to me that we get moving on doing something meaningful on carbon reduction for my grandkids. Gary...See MoreLooking at a 1912 house
Comments (2)Not to be mean or overly blunt--but you probably should move on to another lot; you don't seem interested in the house for its own merits, so leave it to someone who will restore it rather than make it into a modern remuddle. I doubt if the brick foundation is crumbling, although that might be possible, but it probably just needs tuck pointing of the joints. A cinderblock foundation for the porch is not period, and must be a later addition, although the porch may be original. Septic systems do not always need to be redone, it may just need to be cleaned out. Our rural house had one and it was cleaned about every decade or so...we also had extremely hard water from our own well, and that required a softening system. :) Newer siding makes me think vinyl or aluminum, in which case, gods only know what things it is hiding with the history of disinterest this house has received from owners. There will be no lead piping, except very possibly in a drain...water piping was often galvanized rather than copper at that time...whether it needs replacing depends on if it leaks. All in all, you seem uninterested in this house for itself, so move on to another property....See MoreWould you rent it, or sell it?
Comments (52)Stupidly long post with my free rental tips - don't read unless you are seriously considering real estate investment... I am going to give some insights on my process. I am not claiming to be a pro, here is what I will say. In my late 30's I was able to retire from working and go back to school, get a PhD and change careers. I now work from 9:00am to 12:00pm four days every week and I have that opportunity largely because of real estate investing. Many of my statements here will be normative, this is just my experience. Area selection - Probably the most important and most overlooked thing in real estate investing. Buy the school. Forget about the deal you get on the house and forget about your monthly rental incomes, what matters most in real estate investing are the elementary, middle and high schools. Good schools get good renters, good renters reduce maintenance and hassle. In general, I want neighborhoods built in the 60's, 70's and 80's that are tucked into odd enclaves near busy areas. Usually these were old neighborhoods built for lower middle class blue collar workers that are positioned too close to a thoroughfare for high property values but still in the same general area as properties that are valuable. Stay out of bad neighborhoods no matter how good the deal seems. I have really been sued twice, both into six figures, both time insurance abandoned me, and both times the properties were in depressed areas. Property selection - I avoid foreclosures like the plague, they are too big a gamble and too hard to properly capitalize. Buy houses that are dated but well kept, even at a slight premium - it is a devil you know type thing. The second reason I avoid foreclosures is my version of efficient market hypothesis applied to a different market. Remember every time you win a foreclosure auction as an investor it is because you paid what all the other investors thought was too much. As a small time landlord you are competing with guys who know about the property before you, who have run Net Present Value analysis and ROI's and decided to pass. The perfect house for making good steady income, while maintaining property values is a 3 bedroom ranch on a crawlspace, with no signs of neglect or water damage that has one or two broken big ticket item (roof or furnace) and is priced accordingly. I prefer properties that are $70,000 - $80,000 that need $10,000 to $20,000 of work. Rents - Probably the least important thing in real estate investing. Too many people focus on the rent they will get while completely missing the idea of comprehensive income. Your success in real estate is determined by a simple formula (rent received + fair value of home) - (expenditures paid + price paid for home). My biggest problem with Weedy's 2% above is that life doesn't live in percentages. One problem being that maintenance is a mixed cost and a large percentage of the cost doesn't depend on the amount of the rent. For example, a small furnace and AC is $5,000 installed while a larger furnace and AC is $5,800. Also the capitalization problem comes in - assuming $300 per month in maintenance on a $100,000 upscale rental unit and leveraging them to buy four units will bring in positive rental only cash flows of about $1,902 per month (assuming $1,250 monthly rent and $300 monthly maintenance). While buying three foreclosures at $14,000 and putting $19,000 in them will get you about $1,265 (assuming $700 rent and $225 per month in maintenance). Most of this is due to the trouble of meaningful mortgages on foreclosures. Loans and Rentals - A real estate investment is not the same thing as a home investment, anymore than a semi truck is the same thing as a station wagon. In a home the risk is that you will lose income and have nothing to make your payments. Properly maintained rental homes do not run that same risk. There is little risk that you can't rent the home, in fact, there is very little risk that you can't rent the home for a profit. There is some risk that you are not going to make enough money to make it worth your while. A $100,000 unit with 20% down will have a payment plus taxes and insurance of $540, and you can typically get away with $200 of maintenance if you do some work yourself. This means that you will be in positive cash flows if you can rent a $1,200 per month home at $750. But even if you can't you are not really in the losing money range until your monthly rent collections go below $500 per month. As a hint - It is pretty hard not to get at least $1,000 out of a $1,200 per month unit, crazy hard to not get at least $750 and nearly impossible not to get $500. Discipline - Real estate investing is about making no money for a time so that suddenly you can make a lot of money. I could talk about NPV analysis, and ROI and all kinds of other risk versus reward stuff but really it is not important. Real estate investing is about borrowing money and getting other people to pay it back for you, and not keeping a single dime of it until you have accumulated 5 properties....See Morenini804
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