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The New Real estate thread

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fatninja

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Happy new year to everyone and thanks to all the brotha's on the board who helped me with ideas. These holidays were very good to me.

Now to the thread name. In the next few days and weeks i will be posting some real estate ideas and ventures as well as blow by blow (ie paperwork and pictures of houses and such) for those who want a case by case example of how real estate is done.

For those that dont know im a Licensed real estate agent and Residential Home builder in the South carolina area.

So if you have ANY questions on real estate post em in this thread and ill get back to you. :D

My first project this year are a group of single family homes, purchase price is 25000 for all three. only two bedrooms 1 bath each.

My goal is to sell them on a lease to own to working class family for $35k each after i fix em up. ill post the pictures tommorrow.





the first one my cousins already cleaned up while i was sick. cut the grass cleaned the lawn and generally just spruced the place up. the second and last one are the other two i have. the white one is the next in line for me to buy.
 
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I'll be watching very closly since I'm tryin to get started in my area , please keep us posted i know Im not the only one interested
 
Very interested in this topic.

Did you buy all three properties together in a package deal? Or did you buy them separately? Like 8k a piece?

How much was the fix up on each?
 
All 3 properties were owned by and elderly gentleman who hadnt rented them in years. plus there next to a projects.

but the projects are slated to be torn doen and condo's place on the land in there stead in about two months.

total rehab costs will be low, around 12k for all three. the buildings are all brick and other than the floors and windows which will be completely replaced, and the walls that need to be redone, everything is up to code.

we have an appraser/inspector in my office so he looks out for me on some deals and i give him leads on others.

havin problems with my damn digital camera, so ill post the pics after i take them again.
 
Sounds like you got the game sewed up!

How do you go about getting tenants or renters?

Do you place ads? Do you use Section 8 lists?

How long will the rehab take?

You gonna put hard wood floors or carpet?


Man I wish I could get down with this but I live in NYC ... too expensive for me.



fatninja said:
All 3 properties were owned by and elderly gentleman who hadnt rented them in years. plus there next to a projects.

but the projects are slated to be torn doen and condo's place on the land in there stead in about two months.

total rehab costs will be low, around 12k for all three. the buildings are all brick and other than the floors and windows which will be completely replaced, and the walls that need to be redone, everything is up to code.

we have an appraser/inspector in my office so he looks out for me on some deals and i give him leads on others.

havin problems with my damn digital camera, so ill post the pics after i take them again.
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TENT said:
Man I wish I could get down with this but I live in NYC ... too expensive for me.
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I feel you, the prices out on Long Island are ridiculous. But one of my goals for 2006 is to purchase a home and run an emergency housing shelter out of it. One of my friends' sister owns 6 of them and nets about $250K from them a year. The best thimg about them is that you don't have to worry about tenants paying you, because the county (Department os Social Services) pays you every Monday. The money is guaranteed.
 
Emergency Housing Shelter???

I have never heard of that? What is that about...? Do you have any literature or websites on it? How much work or man hours do you have to put into something like that? Sounds like a big operation.


BRUHA said:
I feel you, the prices out on Long Island are ridiculous. But one of my goals for 2006 is to purchase a home and run an emergency housing shelter out of it. One of my friends' sister owns 6 of them and nets about $250K from them a year. The best thimg about them is that you don't have to worry about tenants paying you, because the county (Department os Social Services) pays you every Monday. The money is guaranteed.
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TENT said:
Emergency Housing Shelter???

I have never heard of that? What is that about...? Do you have any literature or websites on it? How much work or man hours do you have to put into something like that? Sounds like a big operation.
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I never heard about it either until my friends sister explained it to me. And believe me, it is not that big of an operation...it basically runs itself (for the most part, there is work that you need to do to make sure things run smoothly)...

Here are some basic bullet points...

1. You have to have a home readily available for use

2. You notify Department of Social Services that you have a home that you would like to use as a shelter. There are certain rules and regulations that you must follow (you can only put so many beds in one room, there must be an emergency exit window in the house, etc...)

3. You can either use the house that you live in or a seperate home that you own. If you use the house that you live in, you can choose the people that are sent to live there. If you choose to use a seperate home, DSS will send you anyone that needs housing.

4. Before DSS starts sending you people, you have to make the decision of whether you are going to feed these people or not. The county will pay you more money if you feed them, but sometimes it can be more of a headache, especially if some in the house are stealing the food. This is where a so-called "housekeeper" comes in. You can hire someone as a live-in to monitor the house and to make sure that people are not destroying your property. This persons job is to make sure that everyone is out bya certain time in the morning and in by a certain time at night. Remember, your only responsibility is to provide shelter for these people during the night...this is not their home. Most of the people sent to your shelter only stay there for 2 or 3 weeks.

5. Out in Suffolk County on Long Island, DSS pays you $309/bed (if you don't provide food) and $446/bed (if you do provide food).

6. If any of the "tenants" cause problems, you can always call Emergency Housing (which operates 20 hours a day). They will come and remove the person. If they can't, you can always call the police.

There are other seeds of advice that she gave me like...
7. Incorporate each house
8. Get a service contract for the utilities
9. Try not to have women in the house, they cause the most problems

There really isn't much info on this on the internet. Even if you go to the Department of Social Services' website, you really won't find much info. It's somewhat of a well-kept secret. But it produces guaranteed income.

Please let me know if you have any questions or comments.
 
TENT said:
You gonna put hard wood floors or carpet?


Man I wish I could get down with this but I live in NYC ... too expensive for me.
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why limit yourself to your back yard? you can buy ANYWHERE...the only problem may be in the management of the property that you purchase....but if you buy right...finding a management company will not cost you too much.
 
TENT said:
Sounds like you got the game sewed up!

How do you go about getting tenants or renters?

Do you place ads? Do you use Section 8 lists?

How long will the rehab take?

You gonna put hard wood floors or carpet?


Man I wish I could get down with this but I live in NYC ... too expensive for me.
Click to expand...

well rehab should take about 3 weeks. im a licensed contractor so me doin the work isnt a problem and sice i get contractors prices from the materials company. it works out great. I always put hardwood floors in, it seems to be what everyone wants even if its colder than a motha in the winter. As far as tenants are concerned im gonna run an ad something like.

Home for sale owner will finance with a small down payment for residents. minorities encouraged to apply this could be your chance to own your own home. cal 8035551212

also word of mouth in the neibhorhood for the people who already stay there who want to own a home. ill have 6-10 people meet me there on a saturday. show up ten minutes late, then take each one on a tour of the property and ask if this is something they would like to own. then ask for a down payment and a credit check form. people will know your serious when they show up and other people are waiting in line to buy the same property.


i might even ask them to place what they want to pay on the form and go from there. :lol:
 
que90nek said:
why limit yourself to your back yard? you can buy ANYWHERE...the only problem may be in the management of the property that you purchase....but if you buy right...finding a management company will not cost you too much.
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if you got the credit hell ill buy houses and flip em for you. for my 7% commission of course :D
 
sorry peeps,

had the flu for the last week so ive been homebound. ima get out tuesday and take some pics and post some new contracts. :yes:
 
fatninja said:
Happy new year to everyone and thanks to all the brotha's on the board who helped me with ideas. These holidays were very good to me.

Now to the thread name. In the next few days and weeks i will be posting some real estate ideas and ventures as well as blow by blow (ie paperwork and pictures of houses and such) for those who want a case by case example of how real estate is done.

For those that dont know im a Licensed real estate agent and Residential Home builder in the South carolina area.

So if you have ANY questions on real estate post em in this thread and ill get back to you. :D

My first project this year are a group of single family homes, purchase price is 25000 for all three. only two bedrooms 1 bath each.

My goal is to sell them on a lease to own to working class family for $35k each after i fix em up. ill post the pictures tommorrow.
Click to expand...

What area of SC are you in?? I grew up in the Columbia area and am thinking about buying some property down their to make profit.. Im in Va now but most of my family is down that way..
 
You got those house for $25K each??? Damn, on Long Island, those houses would sell for $200-250K, easy. I need to get the hell out of New York.
 
BRUHA said:
You got those house for $25K each??? Damn, on Long Island, those houses would sell for $200-250K, easy. I need to get the hell out of New York.
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CoSign I been looking to get out, ATL or maybe even FLA but aint no place like NY... :smh:
 
I am about to begin a career as a mortgage loan officer in the Atlanta GA area. I am leaving a somewhat comfortable position in a large corporation to persue this opportunity. It's straight commission. I need advice. Can anyone give me any. I'm scared, but I needed a change real bad because my earning potential is so limited in corp america.
 
ODUB said:
CoSign I been looking to get out, ATL or maybe even FLA but aint no place like NY... :smh:
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I know...I love NY...but the price tag for living in this state is out of control
 
quefusion said:
I am about to begin a career as a mortgage loan officer in the Atlanta GA area. I am leaving a somewhat comfortable position in a large corporation to persue this opportunity. It's straight commission. I need advice. Can anyone give me any. I'm scared, but I needed a change real bad because my earning potential is so limited in corp america.
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Man your past solid advice (do some research at your local library on the mortgage industry) (take out some books) (get your math skills on point) (learn about the lenders in the area)... If you haven't left your position yet "I am leaving a somewhat comfortable position" then do your research. Don't leave for money dawg, there's plenty of money to be made in a lot of other shit besides Mortgages, you have to enjoy what you're doing.. and not knowing shit about the industry doesn't help...
 
BRUHA said:
You got those house for $25K each??? Damn, on Long Island, those houses would sell for $200-250K, easy. I need to get the hell out of New York.
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I got those three for 25k total. :lol: yeh new york and jersey are way overpriced in the south you can come up on some good prices if you got the cash or credit.

now after financing my payments on those houses will be about $350 a month plus insurance. and since im going to hold the notes on em my monethly income for the next 30 years will be about $1500 a month plus the down payments i receive off of them.

the white house im trying to pay 14k for. dont know if the guys gonna go for it since he see's im rehabbin the area.
 
I would do mortgage on the side. The real estate market is slowing in Atlanta and you being a Newbie in the business means you will have to be fighting hard for clients. Lots of sales are going to be going to repeat business brokers. At least I know that is who I would take my business to. Someone who has a track record of finding me a good mortgage and not some new person.

ODUB said:
Man your past solid advice (do some research at your local library on the mortgage industry) (take out some books) (get your math skills on point) (learn about the lenders in the area)... If you haven't left your position yet "I am leaving a somewhat comfortable position" then do your research. Don't leave for money dawg, there's plenty of money to be made in a lot of other shit besides Mortgages, you have to enjoy what you're doing.. and not knowing shit about the industry doesn't help...
Click to expand...
 
fatninja said:
I got those three for 25k total. :lol: yeh new york and jersey are way overpriced in the south you can come up on some good prices if you got the cash or credit.

now after financing my payments on those houses will be about $350 a month plus insurance. and since im going to hold the notes on em my monethly income for the next 30 years will be about $1500 a month plus the down payments i receive off of them.

the white house im trying to pay 14k for. dont know if the guys gonna go for it since he see's im rehabbin the area.
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$25K FOR ALL 3 HOUSES??? Are you serious??? That's fucking insane. The cost of living down there must be ridiculously cheap.
 
BRUHA said:
$25K FOR ALL 3 HOUSES??? Are you serious??? That's fucking insane. The cost of living down there must be ridiculously cheap.
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Not really. i'm getting ready to buy a few rowhouses in baltimore for 8k each.

right near the park. the biggest cost in any rehab that ive seen is the cost of labor and materials. But if you get licensed as a residential contractor, and use salvage shops, your prices damn near drop thru the floor. if you do a rehab and dont have a license its hard to get your house insured. it can even be delayed for 2years.

so far these houses are going very well, the rehab is going well and we should start on the floors and walls here soon. i always do the outside first, that way even if the house isnt finished people will begin to notice how good it looks.

First impressions always = Good prices. :lol:
 
456.North.side said:
I'll be watching very closly since I'm tryin to get started in my area , please keep us posted i know Im not the only one interested
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I am the same as this Dawg! I'm in the game but a newbe... On my end of the Earth is very high. The price you paid will not be a down payment here! "LICK"
 
Yo fam I live in NY and was able to purchase a brownstone in 2001. I made less than 35k and had GREAT credit. You can do that shit too. Stack your cheese and while you stackin them 1s ... order your credit report at LEAST once a year and work on it. Dispute everything and at least get the false shit removed.

As far as the rest of yall ... I'm looking in Texas for a crib now cause for what I paid for my brownstone in 2001 ... I can get some shit that looks like MTV Cribs. I was floored.

One.
 
Wassup fam

sorry bout the long delay on the post but i had some hard knock life issues with wifey. Bitch took of with 54k in cash and my new jag.

thought i was fuckin my assistant whos sixteen and my cousin. :hmm:
sounds like some old duke shit

anywho ce la vi', ill make it back in a few months.

so heres the update. the projects are getting torn down this week, i sold all three properties for 42 thousand each after some major repairs on one. Termites had eaten the floor beams out in a single unit. had the new floors put in and some wall gas fireplaces in every unit. (read Chaching :D ) costs me 300 each at lowes and added 5 grand in value ( go figure). :dance:

anywho the pics will be up as soon as i can find my digital camera.

Peace.

Thanks to tha Don as always for puttin me onto this. :D
 
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