Real Estate Investing/Development

[NeilCartwright]

I've been doing some research on real estate investing to bring in cash flow on a monthly basis. Saw some threads on Jay Morrison and found out a breh i work with has 3 rental properties and an AirBnB in Atlanta. I gotta get in the game.

The guy i work with gave me a quick rundown on analyzing properties, the sites he uses to make his leases and manage his business etc. I figured some brehs on here are also doing the same thing.

But im new to hiring contractors, the business side of it, accounting, setting up the LLC etc.

Can anyone drop some knowledge on what they do to bring in money with this real estate. It seems like all you need is a few smart deals to set yourself and your family up nicely.

 

[Sugarbush]

Bump

I’m interested too. Hopefully this thread can get stickied someday.

 

[Cynic]

This topic has been beaten to death on here.

Ask and share what your colleague said.

 

[Jsully]

Biggerpockets.com
It's a forum full of real estate professionals and investors. There's so many different angles to this game.

Me personally, I buy multifamily houses and rent them. I also go to sheriff sales and try to look for forclosures as well. It largely depends on how much access to capital you have whether that's your savings, a loan/mortgage or investors.
If you're looking for immediate cashflow,real estate isn't the business for you.
Real estate is about building a portfolio of properties that appreciate in value while providing an income after investing a sizable amount of $$
I occasionally do flips but you have to be able to "carry the nut" until you find a buyer.

My advice would be to buy a duplex and rent 1 of the units while living in the other. You get the experience and headaches of being a landlord while living cheaply cause your rental income will largely take care of the mortgage.
That's how I got started. I bought a triplex,lived in 1, rented the other 2. The 2 units took care of the mortgage and most of the property tax. I started paying double payments after I got a raise at work and paid the mortgage off early. I refinanced and pulled out $100k and bought a foreclosure and rented that out as well and I've been building that as a side business ever since.
It takes a lot of $$ to get started but it's easy once you get rolling

 

[Cynic]

Biggerpockets.com
It's a forum full of real estate professionals and investors. There's so many different angles to this game.

Me personally, I buy multifamily houses and rent them. I also go to sheriff sales and try to look for forclosures as well. It largely depends on how much access to capital you have whether that's your savings, a loan/mortgage or investors.
If you're looking for immediate cashflow,real estate isn't the business for you.
Real estate is about building a portfolio of properties that appreciate in value while providing an income after investing a sizable amount of $$
I occasionally do flips but you have to be able to "carry the nut" until you find a buyer.

My advice would be to buy a duplex and rent 1 of the units while living in the other. You get the experience and headaches of being a landlord while living cheaply cause your rental income will largely take care of the mortgage.
That's how I got started. I bought a triplex,lived in 1, rented the other 2. The 2 units took care of the mortgage and most of the property tax. I started paying double payments after I got a raise at work and paid the mortgage off early. I refinanced and pulled out $100k and bought a foreclosure and rented that out as well and I've been building that as a side business ever since.
It takes a lot of $$ to get started but it's easy once you get rolling

This isn't necessarily true... it;s just based on your anecdotal experience.

Real estate like any business is about transactions, so many investors focus
on the real estate NOT on the actual business.

There are those who want to park their money and sit back and those
who proactively want to get involved and get seriously wealthy. So I guess
it's the difference between part time landlords and those in the business fulltime

 

[Jsully]

This isn't necessarily true... it;s just based on your anecdotal experience.

Real estate like any business is about transactions, so many investors focus
on the real estate NOT on the actual business.

There are those who want to park their money and sit back and those
who proactively want to get involved and get seriously wealthy. So I guess
it's the difference between part time landlords and those in the business fulltime

I assumed, maybe incorrectly, that he was looking to delve into purchasing properties, especially since he referenced his coworker doing as much.
But yes there are a multitude of ways to make $$ in the industry,buying REITs, becoming a LP, buying tax liens just to name a few
But who am I
Just a breh that offered personal experience
A part timer that makes more from his side business than his main job and they both pay 6 figures
Maybe you should offer some advice rather than lame criticism to those that do

 

[Arithmetic]

What were the sites. I'm trying to learn as well @NeilCartwright

 

[Cynic]

I assumed, maybe incorrectly, that he was looking to delve into purchasing properties, especially since he referenced his coworker doing as much.
But yes there are a multitude of ways to make $$ in the industry,buying REITs, becoming a LP, buying tax liens just to name a few
But who am I
Just a breh that offered personal experience
A part timer that makes more from his side business than his main job and they both pay 6 figures
Maybe you should offer some advice rather than lame criticism to those that do

Relax and stop being defensive...I merely pointed out an oversight on your part.
I was talking more specifically about raising capital, sourcing deals and moving deals
and tax incentives for heavy hitters.

My old interns would've gotten a good laugh out your little braggin post
but I've met plenty of corporate types that "know everything" so I'll let you cook.

 

[MMA]

This isn't necessarily true... it;s just based on your anecdotal experience.

Real estate like any business is about transactions, so many investors focus
on the real estate NOT on the actual business.

There are those who want to park their money and sit back and those
who proactively want to get involved and get seriously wealthy. So I guess
it's the difference between part time landlords and those in the business fulltime

This. Too many people get into real estate believing it's just something you put your money in and worry about it's value 10 years from now.

I have property for rentals, also to build larger credit. Then my sister whose a part time real estate agent - finds properties, I'll get approved for my income etc for loans. We have 2 consistent contractors to fix up housing and sell for a nice return if it's worth selling in the long haul or renting it out.

People who want to get into real estate need to humble themselves and realize you have to start small unless you have parents or a bank willing to trust you with another loan (aside from your main house)

 

[Cynic]

This. Too many people get into real estate believing it's just something you put your money in and worry about it's value 10 years from now.

I have property for rentals, also to build larger credit. Then my sister whose a part time real estate agent - finds properties, I'll get approved for my income etc for loans. We have 2 consistent contractors to fix up housing and sell for a nice return if it's worth selling in the long haul or renting it out.

People who want to get into real estate need to humble themselves and realize you have to start small unless you have parents or a bank willing to trust you with another loan (aside from your main house)

I started differently, granted I already had experience in other business. If you can build an investor list and develop contacts in the industry and provide value to them. The amount of money to be made without risking your own credit and capital is not even funny.


I believe Trump repealed Dodd-Frank as well so people will be feasting like never before.

 

[Jsully]

Relax and stop being defensive...I merely pointed out an oversight on your part.
I was talking more specifically about raising capital, sourcing deals and moving deals
and tax incentives for heavy hitters.

My old interns would've gotten a good laugh out your little braggin post
but I've met plenty of corporate types that "know everything" so I'll let you cook.

Defensive??
Shut your ass up breh
Anytime I hear people reference "interns" I already know what time it really is.
Stop it

 

[Cynic]

Defensive??
Shut your ass up breh
Anytime I hear people reference "interns" I already know what time it really is.
Stop it

Like I said, I’ll let you cook.

 

[mr.africa]

i am here to learn!!

 

[Jsully]

This. Too many people get into real estate believing it's just something you put your money in and worry about it's value 10 years from now.

I have property for rentals, also to build larger credit. Then my sister whose a part time real estate agent - finds properties, I'll get approved for my income etc for loans. We have 2 consistent contractors to fix up housing and sell for a nice return if it's worth selling in the long haul or renting it out.

People who want to get into real estate need to humble themselves and realize you have to start small unless you have parents or a bank willing to trust you with another loan (aside from your main house)

How does what you posted differ from my original post?? I have rentals and do flips as well.

 

[Jsully]

Like I said, I’ll let you cook.

Imma cook regardless
Since you're such an expert, why don't you offer some anecdotal evidence or some type of actionable advice. That's what OP was looking for before the thread was derailed