Real Estate Investment anyone? - GoFuckYourself.com

logic00 · 03-06-2003, 04:03 PM

Real Estate Investment anyone?

Hey anyone Invest into Real Estate here?
What areas are you looking at? Anyone in Northern Jersey?

Theo · 03-06-2003, 04:04 PM

im looking as well for property in Iraq

Kre8t0r · 03-06-2003, 04:06 PM

Soul_Rebel
Wait a few months I hear the price is coming WAY down!

logic00 · 03-06-2003, 04:09 PM

Quote:

Originally posted by Soul_Rebel
im looking as well for property in Iraq

I'll go in with you 50/50

KRL · 03-06-2003, 04:09 PM

You have to be super savvy right now in RE, especially in developing on spec and commercial props and houses in the $1 to $5 Mil range.

FreeNetPass Dave · 03-06-2003, 04:27 PM

Watch out for the bubble burst.

TheJimmy · 03-06-2003, 05:50 PM

Quote:

Originally posted by FreeNetPass Dave
Watch out for the bubble burst.

no doubt!

FlyingIguana · 03-06-2003, 05:54 PM

unless you really know what you're doing, i would suggest taking a look at REIT's.

FreeHugeMovies · 03-06-2003, 08:32 PM

I do porn on the side and real-estate as my new job. I am trying to save up a few thousand and buy into some storage units. You pay the mortgage off in 3-4 years and then just sit back and enjoy the checks.

el_greco · 03-06-2003, 08:47 PM

I'll be looking into 2-3 unit apts near CSULB in about 6 months...

Edit: California State Univ. Long Beach... What do you mean...not everyone lives in LA...

the Shemp · 03-06-2003, 09:10 PM

You should be talking with Carleton Sheets

dmv69 · 03-06-2003, 11:22 PM

real estate bubbles wont burst like stocks.. houses keep value. u have to wait until the interest rates go up b4 housing prices go cheaper.

why would there be a bubble on housing? infact, its because ppl dont play stocks they put their money into their homes

Pornwolf · 03-06-2003, 11:28 PM

Jersey? I have one word for you... Edgewater!

They are still building so you have a nice selection of townhomes and condos. Property value is already high and they're not even finished with the area!

freeadultcontent · 03-06-2003, 11:36 PM

Own three houses, getting 2 more in the next few months. I always buy fixer uper 2-3 bedroom houses. Rent the rooms out to college students, been working very well. Generally get alot more rent doing room rentals over renting the entire house to one family. Averaging 450.00 a month per room, mortgage, tax, and insurance comes in well under 600.00 a month on any property I own. Plus with room rentals I rarely (ok never) have had a house that was costing me money.

We do all the refurbishing ourselves to improve the houses, unless its a "contractor only" job. Due to our buying fixer uppers generally we get a hell of a nice return in equity value after the new appraisal.

FlyingIguana · 03-07-2003, 12:02 AM

Quote:

Originally posted by freeadultcontent
Own three houses, getting 2 more in the next few months. I always buy fixer uper 2-3 bedroom houses. Rent the rooms out to college students, been working very well. Generally get alot more rent doing room rentals over renting the entire house to one family. Averaging 450.00 a month per room, mortgage, tax, and insurance comes in well under 600.00 a month on any property I own. Plus with room rentals I rarely (ok never) have had a house that was costing me money.

We do all the refurbishing ourselves to improve the houses, unless its a "contractor only" job. Due to our buying fixer uppers generally we get a hell of a nice return in equity value after the new appraisal.

nice

RedShoe · 03-07-2003, 02:05 AM

The Mrs. and I are on our way up north this weekend actually to look at a few houses. I like the idea of renting to college students. We'd only rent to girls though. After living CollegeFuckFest for the past year I would ABSOLUTELY NEVER rent to guys. They are fucking slobs and basically shit where they sleep.

Girls keep their shit pretty. Messy with clothes and books, but generally clean. Messy, does not mean trashed.

We're looking for a home in the 100k range and up north in this small town that is a very common price for 2-3 bedroom.

The best RE story I ever heard was from a gut right here on GFY. He bought a mobile home for $50.00 and turned right around and sold it for $8,000.00

RottenPug · 03-07-2003, 03:13 AM

Quote:

Originally posted by logic00
Real Estate Investment anyone?

Hey anyone Invest into Real Estate here?
What areas are you looking at? Anyone in Northern Jersey?

I have three in Newark (3 unit, 5 unit, 18 unit)and one in Bloomfield (3unit). I have a few more but nothing north of
those.

You have any deals up there?

Quoth the Raven · 03-07-2003, 06:18 AM

The area matter less to us than the type of tenants leasing the premises and the cash flow being generated by the property. Class B office buildings is our core real estate business and what we prefer to invest in.

Wilbo · 03-07-2003, 06:24 AM

My partner and I have just gotten into real estate. We had a simultaneous closing where we made $15k without touching the property and not one cent out of our pocket

(we bought the property for $105k and sold it to a guy for 120k, both closings were at the same time and place )

G Sharp · 03-07-2003, 07:34 AM

Quote:

Originally posted by FreeNetPass Dave
Watch out for the bubble burst.

I agree, Dave. It's just a matter of time. Here are some facts for those who doubt if a bubble "exists"

1) record foreclosures

2) record bankruptcies

3) continued dollar erosion against the euro. One of the core reasons for increasing the Fed rate is to prevent dollar exchange erosion.

4) large corp layoffs remain steady

5) uncertainty of war and increased oil costs might undermine other sectors of the economy

6) uneven but gradual degradation of consumer confidence

The Sky is NOT falling

Just don't take out a 300K loan on a house that will be worth $200K for the next 5 years

Bottom line: If a person seeks to "flip" a home investment, now is NOT the time. If a person wants to buy a home that he/she will live in for the next TEN to 15 years, then GO FOR IT!

G Sharp · 03-07-2003, 07:36 AM

RS,

I'm in the LA area as well. Where are you looking? For that price, its definitely past the Lake Castaic area [average 200K]. Are you looking at Fort Tejon or past the Grapevine?

G Sharp

Quote:

Originally posted by RedShoe
The Mrs. and I are on our way up north this weekend actually to look at a few houses. I like the idea of renting to college students. We'd only rent to girls though. After living CollegeFuckFest for the past year I would ABSOLUTELY NEVER rent to guys. They are fucking slobs and basically shit where they sleep.

Girls keep their shit pretty. Messy with clothes and books, but generally clean. Messy, does not mean trashed.

We're looking for a home in the 100k range and up north in this small town that is a very common price for 2-3 bedroom.

The best RE story I ever heard was from a gut right here on GFY. He bought a mobile home for $50.00 and turned right around and sold it for $8,000.00

logic00 · 03-07-2003, 07:53 AM

Quote:

Originally posted by RottenPug

I have three in Newark (3 unit, 5 unit, 18 unit)and one in Bloomfield (3unit). I have a few more but nothing north of
those.

You have any deals up there?

looking at $280 asking price for 6 units (in jersey city) 4 rented with monthly gross of $3,200 I have a feeling its a dump but i will look at it anyway. Some good deals in Jersey city and having a friend as a relator does not suck

KRL · 03-07-2003, 08:02 AM

Quote:

Originally posted by dmv69
real estate bubbles wont burst like stocks.. houses keep value. u have to wait until the interest rates go up b4 housing prices go cheaper.

why would there be a bubble on housing? infact, its because ppl dont play stocks they put their money into their homes

Houses keep value?

The hell they do. Where did you come up with that belief?

My house in LA was worth over $2 Million until 1/17/94 when the Northridge quake hit. After that the value sunk to about $1.2 Mil, if even that. That's when we said fuck LA and decided to move back to the East coast. Couldn't even get a single decent offer and we finally gave up trying.

Here in South Florida there are beachfront mansions for sale like you can't believe, cause so many people got zonked by the stock market and everyone wanted to get liquid by selling RE. So now the high market is sucking wind.

Residential rental units are usually pretty safe plays. But commercial buildings and luxury properties are where you can really get nailed if the market goes sour.

logic00 · 03-07-2003, 08:06 AM

Quote:

Originally posted by KRL

Houses keep value?

The hell they do. Where did you come up with that belief?

My house in LA was worth over $2 Million until 1/17/94 when the Northridge quake hit. After that the value sunk to about $1.2 Mil, if even that. That's when we said fuck LA and decided to move back to the East coast. Couldn't even get a single decent offer and we finally gave up trying.

Here in South Florida there are beachfront mansions for sale like you can't believe, cause so many people got zonked by the stock market and everyone wanted to get liquid by selling RE. So now the high market is sucking wind.

Residential rental units are usually pretty safe plays. But commercial buildings and luxury properties are where you can really get nailed if the market goes sour.

"Where did you come up with that belief?" take a look at NJ just pick a town and look during the span of 2-4 years
http://www.nj.com/realestate/homesales/

x-vision · 03-07-2003, 08:41 AM

I own a few places down south. If you're looking to rent or live in it, now is the best time you'll ever find in our lifetime because of interest rates. If you are looking to flip it within the next 5 years, now is the worst time possible.

logic00 · 03-07-2003, 08:44 AM

Quote:

Originally posted by x-vision
I own a few places down south. If you're looking to rent or live in it, now is the best time you'll ever find in our lifetime because of interest rates. If you are looking to flip it within the next 5 years, now is the worst time possible.

Agree
Buy $50 K
Mortgage $40K
Mortgage payment $300
Taxes $100
Maint $100

Rent $900

$400 a month not too bad hah

slapass · 03-07-2003, 08:46 AM

2-4 years is not signifcant. I started buying in 84 and watched my shit go down for about 6 years. Look longer term and the market will not get you as excited. 20 some year cycles are the norm for residential real estate and we are much closer to a top then a bottom. I am never selling all my buildings as I am not a dope but watch your leverage level if we down turn.

logic00 · 03-07-2003, 09:40 AM

What do you consider is a good ROI?

FreeNetPass Dave · 03-07-2003, 01:23 PM

I call it the sheep factor...

Stocks go way up in value in the late 90's, with many of them being way over priced such as amazon.com. People see their friends make 24% in 3 months and think "HOLY SHIT! TIME TO BUY SOME STOCK!".

Everyone and their sister buys whatever their friends just made 24% on in three months. Those that made their profits see another little boost and dump. Then others start to dump. Then 2 planes hit the trade centers. Then the stock market goes to shit.

Once it hits rock bottom, those that bought in late decide to sell and buy some real estate.

Maybe they should consider BUYING MORE STOCK NOW? I see everyone and their brother now saying "real estate" is the way to go. Watch out folks, because we have a lot of morons that know nothing about property valuation and management putting all their cash into real estate. NOT ONLY putting all their cash in, but overpaying for property assuming that 15% appreciation will continue forever. Not going to happen. If it did, it would be because of drastic inflation. But if inflation holds fairly steady, we won't see 100K homes selling for 500K in 10 years.

MrPopup · 03-07-2003, 01:24 PM

Worlds best real estate market taking into account long term return is Canada.

We are resource rich, have a low dollar, and your fucking country might try to invade us one day.

In Warren Buffet's words BUY BUY BUY

Quoth the Raven · 03-07-2003, 01:31 PM

Why do you guys invest in such low density residential dwellings? These type of properties are so small that the owner cannot retain the services of a real estate manager to take care of the day-to-day management of such properties.

logic00 · 03-07-2003, 03:41 PM

Quote:

Originally posted by Quoth the Raven
Why do you guys invest in such low density residential dwellings? These type of properties are so small that the owner cannot retain the services of a real estate manager to take care of the day-to-day management of such properties.

the cheaper the property the easier it is to flip it if does not go well and buying a "white Elephant property" for 1 mil and renting it for 100,000G a month you carry a great chance of loosing money. If you have a mortgage payment of 7K and you do not have a tenant for one month you just lost 3K on the other hand if you have a mortgage payment of $300 month and your tenant pays $800 it is a lot easier to take a $500 loss then $3k. Also it is so much easier to find someone to rent your apartment for $800 then 100, 000 even if it is 100 times better.

xdcdave · 03-07-2003, 05:30 PM

Quote:

Originally posted by x-vision
I own a few places down south. If you're looking to rent or live in it, now is the best time you'll ever find in our lifetime because of interest rates. If you are looking to flip it within the next 5 years, now is the worst time possible.

This statement depends on area.. in South Florida they are expecting the population to double over the next 5 years.. now is the time to buy for the short term gains.. I just closed on one and I'll be looking at more over the next few months..

Quoth the Raven · 03-07-2003, 06:19 PM

Quote:

Originally posted by logic00

the cheaper the property the easier it is to flip it if does not go well and buying a "white Elephant property" for 1 mil and renting it for 100,000G a month you carry a great chance of loosing money. If you have a mortgage payment of 7K and you do not have a tenant for one month you just lost 3K on the other hand if you have a mortgage payment of $300 month and your tenant pays $800 it is a lot easier to take a $500 loss then $3k. Also it is so much easier to find someone to rent your apartment for $800 then 100, 000 even if it is 100 times better.

There's more to real estate that buying single occupant houses and low rise apartments. These type of investiments are time consumming for the owner and not that worth it.

<IMX> · 03-07-2003, 06:31 PM

real estate == location location location

You can't really speak in general market terms.

It all depends on your location.

freeadultcontent · 03-07-2003, 08:33 PM

Quote:

Originally posted by Quoth the Raven

There's more to real estate that buying single occupant houses and low rise apartments. These type of investiments are time consumming for the owner and not that worth it.

Huh? Well I am sure there is more to it, but really I spend so little time on my rentals it is not even funny. Only real time spent is the initial refurbishing we do to the fixer uppers.

Oh and to who said about college girls above, that is all we rent to as well. No college men.

Location, location, location... Not always true. Nothing I own is in a prime location.

03-06-2003, 04:03 PM	#1
logic00 Confirmed User Join Date: Feb 2003 Location: NYC Posts: 175	Real Estate Investment anyone? Real Estate Investment anyone? Hey anyone Invest into Real Estate here? What areas are you looking at? Anyone in Northern Jersey?

03-06-2003, 04:09 PM	#5
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	You have to be super savvy right now in RE, especially in developing on spec and commercial props and houses in the $1 to $5 Mil range. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

03-06-2003, 04:27 PM	#6
FreeNetPass Dave Confirmed User Join Date: Jun 2001 Posts: 270	Watch out for the bubble burst. __________________ ICQ: 102858186 FreeNetPass AVS : $15/FREE membership even if the surfer cancels! $17 recurring Premiums! Adult Insider : Webmaster resources, daily news, FREE stuff for posting. PornStarBucks : Jenna Jameson, Briana Banks, Jill Kelly, and now Tera Patrick!

03-06-2003, 08:47 PM	#10
el_greco Confirmed User Join Date: Nov 2002 Location: LA Posts: 352	I'll be looking into 2-3 unit apts near CSULB in about 6 months... Edit: California State Univ. Long Beach... What do you mean...not everyone lives in LA... __________________ If you aren't afraid of failing, you're not pushing hard enough. el_greco - 177643483

03-06-2003, 09:10 PM	#11
the Shemp congrats to the winners Industry Role: Join Date: Nov 2001 Location: Echo Beach Posts: 10,891	You should be talking with Carleton Sheets __________________ i use Vacares...so should you Submit your picture galleries to my site...Outlaw TGP

03-06-2003, 04:04 PM	#2
Theo HAL 9000 Industry Role: Join Date: May 2001 Posts: 34,515	im looking as well for property in Iraq

03-06-2003, 04:06 PM	#3
Kre8t0r Confirmed User Join Date: Jan 2003 Location: From Hurricane Hell to Frozen Hell Posts: 1,304	Soul_Rebel Wait a few months I hear the price is coming WAY down!

03-06-2003, 05:54 PM	#8
FlyingIguana aspiring banker Join Date: Mar 2002 Location: toronto Posts: 10,870	unless you really know what you're doing, i would suggest taking a look at REIT's.

03-06-2003, 08:32 PM	#9
FreeHugeMovies Too lazy to set a custom title Join Date: Dec 2001 Location: Charlotte, NC Posts: 14,137	I do porn on the side and real-estate as my new job. I am trying to save up a few thousand and buy into some storage units. You pay the mortgage off in 3-4 years and then just sit back and enjoy the checks.

03-06-2003, 11:22 PM	#12
dmv69 Confirmed User Join Date: Nov 2002 Location: canada Posts: 452	real estate bubbles wont burst like stocks.. houses keep value. u have to wait until the interest rates go up b4 housing prices go cheaper. why would there be a bubble on housing? infact, its because ppl dont play stocks they put their money into their homes __________________ <img border="0" src="http://www.angelfire.com/home/kilgore20/images/marge.gif" width="110" height="76">

03-06-2003, 11:28 PM	#13
Pornwolf Drunk and Unruly Join Date: Jan 2002 Location: Hollywood Posts: 22,712	Jersey? I have one word for you... Edgewater! They are still building so you have a nice selection of townhomes and condos. Property value is already high and they're not even finished with the area! __________________ I've trusted my sites to them for over a decade... Webair, bitches.

03-06-2003, 11:36 PM	#14
freeadultcontent Confirmed User Join Date: Oct 2002 Location: "evitcepsrep ruoy egnahc" Posts: 9,976	Own three houses, getting 2 more in the next few months. I always buy fixer uper 2-3 bedroom houses. Rent the rooms out to college students, been working very well. Generally get alot more rent doing room rentals over renting the entire house to one family. Averaging 450.00 a month per room, mortgage, tax, and insurance comes in well under 600.00 a month on any property I own. Plus with room rentals I rarely (ok never) have had a house that was costing me money. We do all the refurbishing ourselves to improve the houses, unless its a "contractor only" job. Due to our buying fixer uppers generally we get a hell of a nice return in equity value after the new appraisal. __________________ Exclusive Ethnic & Microniche Sites

03-07-2003, 02:05 AM	#16
RedShoe 赤い靴 call me 202-456-1111 Industry Role: Join Date: Feb 2001 Location: The Valley Posts: 14,831	The Mrs. and I are on our way up north this weekend actually to look at a few houses. I like the idea of renting to college students. We'd only rent to girls though. After living CollegeFuckFest for the past year I would ABSOLUTELY NEVER rent to guys. They are fucking slobs and basically shit where they sleep. Girls keep their shit pretty. Messy with clothes and books, but generally clean. Messy, does not mean trashed. We're looking for a home in the 100k range and up north in this small town that is a very common price for 2-3 bedroom. The best RE story I ever heard was from a gut right here on GFY. He bought a mobile home for $50.00 and turned right around and sold it for $8,000.00 __________________ SPECIALTY COSTUMES • PROPS • FX Superheroes • Monsters • Robots PM for details For any manufacturing needs. Adult or otherwise. aka BonsHigh on Insta Bonsai weed plants

03-07-2003, 06:18 AM	#18
Quoth the Raven Confirmed User Join Date: Mar 2001 Location: The State of Mind Posts: 617	The area matter less to us than the type of tenants leasing the premises and the cash flow being generated by the property. Class B office buildings is our core real estate business and what we prefer to invest in. __________________ Quoth the Raven, nevermore.

03-07-2003, 06:24 AM	#19
Wilbo Confirmed User Join Date: Mar 2001 Location: Baltimore Posts: 2,082	My partner and I have just gotten into real estate. We had a simultaneous closing where we made $15k without touching the property and not one cent out of our pocket (we bought the property for $105k and sold it to a guy for 120k, both closings were at the same time and place )

03-07-2003, 08:41 AM	#25
x-vision Confirmed User Join Date: Nov 2002 Location: virtual reality Posts: 1,013	I own a few places down south. If you're looking to rent or live in it, now is the best time you'll ever find in our lifetime because of interest rates. If you are looking to flip it within the next 5 years, now is the worst time possible. __________________ Get the VirtualFX 2D to 3D TV Converter or 3D Glasses for your PC. Great affiliate and resale programs available. http://www.realistixxx.com/

03-07-2003, 08:46 AM	#27
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	2-4 years is not signifcant. I started buying in 84 and watched my shit go down for about 6 years. Look longer term and the market will not get you as excited. 20 some year cycles are the norm for residential real estate and we are much closer to a top then a bottom. I am never selling all my buildings as I am not a dope but watch your leverage level if we down turn.

03-07-2003, 09:40 AM	#28
logic00 Confirmed User Join Date: Feb 2003 Location: NYC Posts: 175	What do you consider is a good ROI?

03-07-2003, 01:23 PM	#29
FreeNetPass Dave Confirmed User Join Date: Jun 2001 Posts: 270	I call it the sheep factor... Stocks go way up in value in the late 90's, with many of them being way over priced such as amazon.com. People see their friends make 24% in 3 months and think "HOLY SHIT! TIME TO BUY SOME STOCK!". Everyone and their sister buys whatever their friends just made 24% on in three months. Those that made their profits see another little boost and dump. Then others start to dump. Then 2 planes hit the trade centers. Then the stock market goes to shit. Once it hits rock bottom, those that bought in late decide to sell and buy some real estate. Maybe they should consider BUYING MORE STOCK NOW? I see everyone and their brother now saying "real estate" is the way to go. Watch out folks, because we have a lot of morons that know nothing about property valuation and management putting all their cash into real estate. NOT ONLY putting all their cash in, but overpaying for property assuming that 15% appreciation will continue forever. Not going to happen. If it did, it would be because of drastic inflation. But if inflation holds fairly steady, we won't see 100K homes selling for 500K in 10 years. __________________ ICQ: 102858186 FreeNetPass AVS : $15/FREE membership even if the surfer cancels! $17 recurring Premiums! Adult Insider : Webmaster resources, daily news, FREE stuff for posting. PornStarBucks : Jenna Jameson, Briana Banks, Jill Kelly, and now Tera Patrick!

03-07-2003, 01:24 PM	#30
MrPopup Confirmed User Join Date: Aug 2002 Location: on the internet Posts: 3,783	Worlds best real estate market taking into account long term return is Canada. We are resource rich, have a low dollar, and your fucking country might try to invade us one day. In Warren Buffet's words BUY BUY BUY __________________ <table cellspacing="0" cellpadding="3" border="1" bgcolor="#008000"><tr><td><font size=3>Gone</font></td></tr></table>

03-07-2003, 01:31 PM	#31
Quoth the Raven Confirmed User Join Date: Mar 2001 Location: The State of Mind Posts: 617	Why do you guys invest in such low density residential dwellings? These type of properties are so small that the owner cannot retain the services of a real estate manager to take care of the day-to-day management of such properties. __________________ Quoth the Raven, nevermore.

03-07-2003, 06:31 PM	#35
<IMX> Confirmed User Join Date: Jun 2002 Posts: 2,728	real estate == location location location You can't really speak in general market terms. It all depends on your location. __________________ $$$ Check out NICHE PAY the leader of Micro Niche Sites! They offer $1 Trials! $$$ $$$ Check out 10 FREE TRIAL SALES equals 1 FREE LAP TOP ! $$$