Anyone here into real estate investing?

#76
#76
I’ve got one house that I’m thinking about converting into an Airbnb for travel nurses. I could furnish the place for around 5k and instead of renting for $1,350, I could rent it for $750 per week. I’ve had so many travel nurses call me about this. One of my houses is located close to a hospital.
 
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#77
#77
Vol since 77 said:
@McDad, nice. Storage units are great cash flow but here in middle tennessee it takes a lot of upfront money to build and they're very hard to get approved through planning commissions. Of course you could purchase one already built but not many come up for sale here
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I’ve looked into this but it’s hard to get a loan for them.
 
#78
#78
Big Orange#1 said:
https://www.realtor.com/news/trends/housing-inventory-report-2022-august/

"From July to August, national prices dropped from $449,000 to $435,000, their most significant month-to-month plunge in data history dating back to 2016, according to a new report by Realtor.com®. "
-3% home price decline in a month. Good deals may be coming up soon, if the downtrend continues throughout the year. Average monthly decline during the 08 crash was 1.1%
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I just sold a flip in Knoxville that I was offered 25k over list in cash.
 
#80
#80
Vol since 77 said:
I'm currently on part 3 the rehab process of BRRRR. Great info so far and since the wife just got her real estate license a couple months ago and the market seems to be slowing some, we're hoping and praying that we find a good deal or two to get started. I also have a background in construction so I can save quite a bit by doing some of the reno work myself. Thanks for the heads up about the book BRRRR!
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I meant to add that you will have a leg up with your wife having a license. You can get first dibs. But you should also find a good wholesaler for off market properties. Key word: good. 95% of these so called wholesalers are a joke. If you’re in the Knoxville market let me know and I can send leads to you.
 
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#81
#81
Vol since 77 said:
Very nice!
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Thanks! I hate selling them, but I have to replenish the reserves sometimes lol. My strategy is to always list about 10-15 under the second best house in the area. Since mine are just freshly remodeled, they are usually the best available in a given neighborhood. But listing under market value has resulted in getting a contract signed in less than 48 hours almost every time. And half go over list anyways.
 
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#82
#82
BAJAvol said:
I meant to add that you will have a leg up with your wife having a license. You can get first dibs. But you should also find a good wholesaler for off market properties. Key word: good. 95% of these so called wholesalers are a joke. If you’re in the Knoxville market let me know and I can send leads to you.
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We're in the middle tennessee area. Wife also works for a nation wide property management company full time from home, so we won't be paying anyone to manage any properties. We have a really great opportunity over the next few years I believe that we can get 2 or 3 rentals. If we do reach out into the Knoxville area, I'll definitely let you know. Appreciate it!
 
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#83
#83
BAJAvol said:
Picked up another little house I’m going to BRRRR. Here is the number breakdowns.
purchase: $60,000
Rehab: $60,000
ARV: 185,000
Will do a cash out refi at 75% ARV
Rent:$1,400

This will be property #5. I’m retiring when I hit 20
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If you don’t mind sharing, where does one find a $60K house these days and if it’s ARV is $185K then wouldn’t $1,400 monthly rent be a bit steep?
 
#84
#84
I don’t
walkenvol said:
If you don’t mind sharing, where does one find a $60K house these days and if it’s ARV is $185K then wouldn’t $1,400 monthly rent be a bit steep?
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I don’t mind sharing at all! I have a website that ranks #1 on motivated seller keywords. Everything I buy is off market. This one for example was an inherited house that needs a lot of work. The ARV is going to be higher because it’s only a 2 bedroom 1 bath right now. But it’s 1400 sqft so we are going to make it a 3/2. Rent comps in that area average 12-15 for a 3/2. And this thing will be remodeled from the top down. I’m a big believer that my rent may be a bit on the high end, but I provide a quality product. I’m also really strict on getting stuff fixed. I think if you provide a high quality rental and take care of your tenants, it definitely pays off!
 
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#85
#85
walkenvol said:
If you don’t mind sharing, where does one find a $60K house these days and if it’s ARV is $185K then wouldn’t $1,400 monthly rent be a bit steep?
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1,400/185,000 is a little less than .8% of home value. Even if ARV is a little aggressive, the rents seem reasonable...
 
#86
#86
Today, here in Murfreesboro under contract was 943 sq. ft. siding 2 bed 1 bath for $243k. No carport or garage and small corner lot. Corner lot across the street was 1645 sq. ft. all brick 3 bed 2 bath with separate garage but needed quite a bit of work for $359k. No contract on that one yet, lol. Both built in the 70's. Never thought I'd see such craziness.
 
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#87
#87
BAJAvol said:
I don’t

I don’t mind sharing at all! I have a website that ranks #1 on motivated seller keywords. Everything I buy is off market. This one for example was an inherited house that needs a lot of work. The ARV is going to be higher because it’s only a 2 bedroom 1 bath right now. But it’s 1400 sqft so we are going to make it a 3/2. Rent comps in that area average 12-15 for a 3/2. And this thing will be remodeled from the top down. I’m a big believer that my rent may be a bit on the high end, but I provide a quality product. I’m also really strict on getting stuff fixed. I think if you provide a high quality rental and take care of your tenants, it definitely pays off!
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How do you go about buying only off market homes?
 
#89
#89
BAJAvol said:
Marketing direct to motivated homeowners.
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Is it people like you using those super irritating phone calls and text messages asking me if I want to sell a property?
My wife and I get about 10 of those every week.
 
#91
#91
McDad said:
Is it people like you using those super irritating phone calls and text messages asking me if I want to sell a property?
My wife and I get about 10 of those every week.
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No, it's purely SEO. They call me or fill out a form on my website. For example, when someone googles "how to sell an inherited house" or "companies that buy houses near me", my website is usually the first google result. I'm sure my competitors use cold calls and the annoying texts.
 
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#92
#92
BigOrangeMojo said:
Fyp
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Way to make assumptions. I've literally never spent a dime on mail or made one cold call. People call me. I don't have to go around begging people to sell their house to me, and it's one reason I get the deals I do.
 
#93
#93
BAJAvol said:
Way to make assumptions. I've literally never spent a dime on mail or made one cold call. People call me. I don't have to go around begging people to sell their house to me, and it's one reason I get the deals I do.
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I do text, cold calling and PPC and still got those deals. It’s just consistency in whatever method you choose.
 
#94
#94
BAJAvol said:
No, it's purely SEO. They call me or fill out a form on my website. For example, when someone googles "how to sell an inherited house" or "companies that buy houses near me", my website is usually the first google result. I'm sure my competitors use cold calls and the annoying texts.
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Good. We can be friends, lol.
I've assumed the telemarketing solicitation came from bigger, or corporate, investors.
 
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