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Topic Title: Real Estate Investors/Surfers Topic Summary: I had a dream Created On: 10/11/2019 10:15 AM |
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10/11/2019 10:15 AM
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Current RE Investor here... Total Kook in the water, I've had a dream of being able to buy SFH's along the east coast (most likely a lot of units along florida coast) and the west coast in prime surfing spots.
Achieve full Financial Freedom ($10k net post tax monthly), pay off any leveraged units and travel from there while surfing everywhere and moving to these units if/when good swells come in. Long term dream
Has anyone achieved something like this? Does anyone share a dream similar to this?
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10/12/2019 09:06 AM
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------------------------- sneedeker |
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10/12/2019 02:50 PM
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desalmado.
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10/14/2019 07:27 AM
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too big of a question, many can tell the ups and huge DOWNS for your plan...I'll just say ..Buy to rent in areas without natural disasters...Hurricanes, Floods, Fires, quakes..you buy in thee locations, your gonna pay big insurance bills and head aches if/when something happens (remove FL from your plan) Better to buy where demand for rental is high , taxes low, insurance low...think some areas like TN, PA maybe a college town, something with a demand. You had better have deep pockets as well, best to find a mentor and learn..it is not an easy thing to pull off...interest rates are low so that is a bonus..Property Managers range from great to horrible...Better plan is play the lottery each week.
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10/15/2019 06:31 AM
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Remove Florida from my plan? Have you had a personal situation where you ended up paying big bills due to a natural disaster? If insurance is stacked and fully covered and no breach of contract is made how big are these big insurance bills you speak of? Perhaps I am missing something.
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10/15/2019 07:35 AM
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place like KS, TN or MI taxes are less than 1K, insurance is a few hundred dollars, no additional insurance if you stay out of flood zones...Florida taxes are in the thousands, Windstorm Ins in the thousands plus general liability which is on par or slightly higher than the rest of the nation.
Edited: 10/16/2019 at 06:35 AM by SurferMic |
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10/15/2019 08:39 AM
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Edited: 10/16/2019 at 06:35 AM by SurferMic |
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10/15/2019 09:52 AM
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Maybe shift from SFH to beachside condos or maybe the newer construction townhomes
I think the ones who are making money on these SFHs bought them a long time ago and no longer have a mortgage Edited: 10/15/2019 at 09:52 AM by seaspray |
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10/15/2019 10:43 AM
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^^^ Very true, if you own free and clear you can make REAL money
Edited: 10/16/2019 at 06:35 AM by SurferMic |
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10/16/2019 10:30 AM
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SurferMic and seaspray, what are your backgrounds in REI?
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10/16/2019 01:15 PM
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^^^ been in REI for over 15 years, I "think" Karma actually did what you want to do...I am into commercial real estate, my story is one of jumping in the deep end without knowing what I was doing and figuring it out. Just like my first surf session...alone, no clue, no instructions, no tips and NO MENTOR and I flailed...That is not the way to approach REI. Find a Mentor learn from their experiences. I have a few friends who own one or more SFH as rentals, ALL of them have full time jobs outside of rental income, it is real hard (but not impossible) to make a living off of rental income only...Good on you for having a vision and wanting to take risks for rewards.
Edited: 10/16/2019 at 01:28 PM by SurferMic |
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10/17/2019 05:41 AM
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No real RE experience here, I made that comment based on observation.
I know the owner of a couple of rentals in my neighborhood, and she bought the houses back in the mid-90s, at less than 1/2 the price they are selling for now. But in between tenants, there is always something to fix/upgrade (roof, windows, hvac, plumbing, etc.), so she's constantly spending $ but I figure after doing it for a long time, owners like her find a way to manage the rental income and set aside some funds for fixing stuff.
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10/18/2019 05:25 AM
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10/18/2019 05:26 AM
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10/18/2019 05:27 AM
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10/18/2019 05:28 AM
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10/18/2019 08:12 AM
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quick list (sorry line spacing does not work for me) first you will need 3.5% of total cost as down payment cash or roll it into the loan. 2) Mortgage 3) Liability Insurance/General home insurance 3)Windstorm Insurance 4) 1 Million Umbrella Policy insurance to CYA 5) HOA fees (if any) 6) Landscaping fee 7) Property Management fees 8) Short Term Maint. (appliances, etc.) 9) Long Term Main (AC, roof, lost rent on turnovers) 10) LLC fees to the state 11)PO Box Fees 12) Pest Control fees 13) Eviction reserves (if needed Evictions cost $300.00) If you can buy a home and pay all of the above from the rent collected AND still have $ left over WIN...Good Luck! Next up how to leverage one property to purchase another...
Edited: 10/18/2019 at 09:07 AM by SurferMic |
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10/18/2019 10:22 AM
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Edited: 10/18/2019 at 10:44 AM by SurferMic |
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10/18/2019 10:46 AM
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Edited: 10/18/2019 at 10:52 AM by SurferMic |
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10/18/2019 10:48 AM
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Edited: 10/18/2019 at 12:09 PM by SurferMic |
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