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OfflineMagicalMystery
turn off yourmind

Registered: 07/27/05
Posts: 1,740
Loc: Here, there and everywher...
Last seen: 11 years, 27 days
Real Estate Future
    #4487218 - 08/02/05 11:50 PM (11 years, 4 months ago)

Even though I am going to college with the hopes of attaining a lucrative professional career, i'm also playing with other ideas of making money on the side. I'm renting a house now that is in the process of being renovated. I'm helping the guy out a lot on the refurbishing. My plan is as follows;

Purchase a "fix-er-upper" with some land that is also in need of work. I'd be living in this place when I went to school and the payments would be lower than say purchasing a 'nice' house. I can use my labor and skills to put down new hard wood floor, paint the walls, replace the bathtub, just general work that really isn't too difficult but most home-owners do not do. I can easily take an old ratty bathroom and update it with new faucets, cabinets, walls, floor and a nice clean bathtub. Same for kitchens and other rooms. I was figuring I could live in such a place for two or three years, get a nice chunk of the mortgage taken care of, put as much work into it as I can and then sell it or start renting it.

Does this work as a profit-enhancement plan? It seems obvious that if you take something worth X and add value to it, it'l be worth more. How much does this depend on "the market"? If I do this, will I most likely come out making some money? Ideally i'd like to end up so that I have my full time career with 2-3 houses on the side that I'm constantly fixing up and re-selling. Anyone here into this type of work?


--------------------

"Men trained in arms from their infancy, and animated by the love of liberty, will afford neither a cheap or easy conquest."
From the Declaration of the Continental Congress

"We can have peace and security only as long as we band together to preserve that most priceless possession, our inheritance of European blood."
Charles A. Lindbergh,"Aviation, Geography, and Race", Reader's Digest, Nov. 1939

"We must secure the existance of our people and a future for White children."
David Lane


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InvisibleLe_Canard
Danger Man

Registered: 05/17/03
Posts: 93,270
Loc: Earthfarm 1 Flag
Re: Real Estate Future [Re: MagicalMystery]
    #4487232 - 08/02/05 11:53 PM (11 years, 4 months ago)

I've never done anthing like that, but I've heard of a few who have made some GREAT money that way! That's a good plan...


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InvisibleNoetical
Flip Horrorshow

Registered: 11/28/04
Posts: 9,230
Re: Real Estate Future [Re: MagicalMystery]
    #4487243 - 08/02/05 11:56 PM (11 years, 4 months ago)

Do some research into your local area trends. Lots of people do this and there was a thread about it like 2 weeks ago.

I know in Canada that there is no capital gains tax on your primary residence if it is sold after one yr.

I think with 2-3 houses you might be stretching yourself a bit too thin


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Invisibleafoaf
CEO DBK?
 User Gallery

Registered: 11/08/02
Posts: 32,665
Loc: Ripple's Heart
Re: Real Estate Future [Re: MagicalMystery]
    #4487378 - 08/03/05 12:18 AM (11 years, 4 months ago)

sweat equity is the best way to build value.

I'm in the process of doing that right now...

I laid my own slate floors, am going to put
some builtins in the living room and kitchen
and redo the cabinets and the bathrooms.

don't think we'll sell though, just spiff it up
to attract a more upscale renter.

I recently started a real estate investment
club with some of my friends so we can pool
our resources...some have friends/family
in loans, realty and other stuff and I can
do a lot of DIY work.

in the long run you can never go wrong with
real estate...it's a tried and true means of
increasing wealth.

2-3 is a lot of work, 1 at a time is best. doing
2 or 3 will make you more of a project manager
than anything, dealing with all the shit at each
property...though, strictly speaking, leveraging
your equity in the first place to get the loan for
the DP on the second is a great way to keep
building your portfolio, as long as you think
you can keep up on the payments and have
accounted for the appreciation (or lack thereof).

doing hard wood floors yourself! you're insane,
unless you're talking pergo...that's some back
breaking work if you do it proper.


--------------------
All I know is The Growery is a place where losers who get banned here go.


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Invisibleafoaf
CEO DBK?
 User Gallery

Registered: 11/08/02
Posts: 32,665
Loc: Ripple's Heart
Re: Real Estate Future [Re: MagicalMystery]
    #4487383 - 08/03/05 12:18 AM (11 years, 4 months ago)

oh yeah...START NOW.

start now, start young, get some cash from
the family if possible and get going.

in 10 years you could be living off of your
holdings.


--------------------
All I know is The Growery is a place where losers who get banned here go.


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OfflineMagicalMystery
turn off yourmind

Registered: 07/27/05
Posts: 1,740
Loc: Here, there and everywher...
Last seen: 11 years, 27 days
Re: Real Estate Future [Re: afoaf]
    #4488244 - 08/03/05 02:58 AM (11 years, 4 months ago)

Yea, I've done hardwood floor work before. Same with carpets.  I think that renting would be a great idea.  Once one place is set up and renting profitably I could buy another place, live there and fix it up.  End up with 3-4 rental properties in great condition.  1500$ a month each should be purty nice :smile:


--------------------

"Men trained in arms from their infancy, and animated by the love of liberty, will afford neither a cheap or easy conquest."
From the Declaration of the Continental Congress

"We can have peace and security only as long as we band together to preserve that most priceless possession, our inheritance of European blood."
Charles A. Lindbergh,"Aviation, Geography, and Race", Reader's Digest, Nov. 1939

"We must secure the existance of our people and a future for White children."
David Lane


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Offlinenugsarenice
Carpal Tunnel
Registered: 06/05/00
Posts: 3,442
Loc: nowhere
Last seen: 11 years, 3 months
Re: Real Estate Future [Re: MagicalMystery]
    #4488252 - 08/03/05 03:00 AM (11 years, 4 months ago)

work is work man, as long as you get paid.


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InvisibleLiz
Owl Lady
Female User Gallery

Folding@home Statistics
Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts
Re: Real Estate Future [Re: MagicalMystery]
    #4488684 - 08/03/05 07:34 AM (11 years, 4 months ago)

depending on where you live, the market can be good or slow.  I'm in the mortgage business, so I deal with shit like this every day....if you have any specific questions, feel free to PM me.  But one bit of information I will share is this, when you apply for financing, don't get roped into a loan with a prepayment penalty if you plan on getting rid of the house shortly afterwards anyways.  :smile:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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