In this video I will share my real estate investing strategies for beginners.
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As many of you know, I live in Northern Virginia; however, in a few years, I wish to retire early and move further up north. Yes, I know, many retire and move south, but I love the cold weather, and so do my Siberian Huskies, Bonnie & Clyde.
It was a small, fully-rented 7-unit apartment building, with gross rents of $5,500 a month. The owner had recently renovated the building and was looking to free up some capital.
The property was priced at $407,000 and had a two-year-old appraisal for $425,000. The current owner had replaced the roof and did some cosmetic touchups to all the units. Additionally, the area had appreciated about 3.5% since the appraisal. Giving me now an estimated value of about $445,000.
I paid $900 for a commercial property inspection, yes, I know $900 is not $0, just wait, I promise I will get to that, and everything will add up at the end of this video.
You may not realize, but almost everyone has someone nearby that has the extra cash laying around and wants to invest, but they either do not have the time or the experience to find deals themselves. Your job is to find these people.
As a volunteer paramedic, I meet a lot of doctors, these doctors all make a comfortable living and usually can afford to invest. The problem for them is their schedule at work makes it difficult for them to find deals. If you guys want me to make a video dedicated just to how to find money to finance your deals, comment down below. Tell me ideas you have tried that failed or worked for you, and I will make a video addressing this.
Now to address the $900 I paid for the inspection. I placed this on a Chase Business Ink credit card and paid off the credit card with a Chase Business checking account. I was able to stack multiple rewards points by opening new Chase accounts to pay off the $900 and to walk away with $300 in cash. Watch my video how to make money online where I made $1,200 in one-hour.
Sharing some, but not all, of your profit with a partner or investor, is a perfect way to get started when you do not have the cash yourself. Even if you do have the money, sometimes it is still wise to use someone else’s money. You also have the option to charge a buy-in fee from the investor, where he pays you X dollars to you for bringing the deal to his attention.
Keeping your LTV (Loan to Value) ratio to less than 80% is vitally important. What I mean by this is for every $100 in appraised value, you only borrow $80, leaving $20 as an equity margin to help buffer if the value drops a few percentage points temporarily.
Additionally, as I have said in my other personal investment videos. You need to make sure you have an emergency fund of 3-6 of your monthly expenses sitting in a savings account. This not only needs to cover your personal home mortgage, car payment, and other personal expenses. You need to have additional funds to cover the mortgage for your investment properties.
Think of it this way. What happens if a tenant or heaven forbid, multiple tenants, stop paying rent as proposed in the HEROES Act by the House? Where you will be unable to evict a person for non-payment for at least a year. Can you afford to maintain the property?
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In closing a quick statement: I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only” and you should seek counsel from competent and certified individuals if you have questions.
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