Bought a duplex

[xScott]

I know i dont post up much personal stuff here, but my roommate and I are now officially business partners too. We bought a duplex, and close on may 22. Kick ass part is its im only paying $13.00 a month more than I am right now. But wait, it gets better, there is already somebody living in the other half, so ill actually be paying less than I am now!

Anyways, ill probably be spedning less monies on my car than I am right now. We have a plan to put enough into the house over the next two years to get a down payment for another duplex (our financer wants 10% down on non-owner occupied properties.) This includes finishing the basement, putting an addition on the back of the house (adding a bedroom,) and throwing up a 3 stall garage in the back.

Just though id share that. Its a great feeling going to work know that the money that they pay you is just a little less important than it was before.

[The G-Man]

Cool, I hear real-estate is pretty profitable, especially when you have many properties, like you are looking to do.

[williamsvt]

mmm, real estate in certain parts of the United States is skyrocketing now. My major actually and plan for employment is real estate investment. Not really purchasing houses persay, but rather tearing old stuff down and creating new condos and such...i think i might be expanding off my uncle's business in Denver, Colorado.

At anyrate, its a good way to make some cash, but its also a difficult business with lots of barriers. Just make sure you don't put more in then you can get out. Do lots of research on the area and see what people desire, don't just strap on stuff that might not be a selling/marketing point. Useless additions will mean less profit in the long run.

Some of the best add-on's are simply landscaping the property a little bit, sprucing up the outside and then maybe a few things on the outside, and simply doing that could be an uprise of about 1/4 of your investment.

If you want any information or numbers, i have a few that i can give you to show a little bit of what you'll put in and get out scott.

good luck with the real estate and hope all goes well

[Raceboy]

Congrats on your bussiness ventures bro

How is the cost of living (housing wise) over there in South Dakota Scott?
Because it's outrageous here in Cali.

[xScott]

Thanks guys! Much appreceated!

Congrats on your bussiness ventures bro

How is the cost of living (housing wise) over there in South Dakota Scott?
Because it's outrageous here in Cali.

Its super cheap, ill say that much.

[Raceboy]

Thanks guys! Much appreceated!


Its super cheap, ill say that much.

Hmmmm... i see....yeah but how's the weather?
i heard Florida's cheap to live in too, i'm thinkin' about moving out of Cali for a year or so. (just to take a break from it)

[aero]

Hmmmm... i see....yeah but how's the weather?
i heard Florida's cheap to live in too, i'm thinkin' about moving out of Cali for a year or so. (just to take a break from it)

Well.. maybe north FL or somewhere in the uninhabited areas is it cheap to live in FL.

Around my area, single lots go for up to 1 million dollars. (Thats an 80foot by 125 foot piece of grass and dirt on a canal). The price for a el cheapo new 3bdrm 2bath typical home ends up costing about 400k generally.

Of course, this all happened within the last 4 years, before that it was reasonable, but NOT cheap. If you are in a nice part of town within any reasonable distance of civilization or a major city, you will pay for it in FL.

Back on topic...

That is great on the purchase. I am saving up for a house right now... why pay rent when you can be paying a little more and owning the place? Of course, I am hoping for prices to go down since I dont have 400k to spend.

but if you are in investing in houses, its kinda a gamble. most of the time you have good returns (like a strong but steady stock). But, some little thing that happens, either a natural event, a jail being built 3 blocks away or whatever can spoil any money you put into it. you really have to pay attention to what is going on in the area so that you dont get screwed over.

But good luck on the house, if I were you, the garage would go up first.

[Raceboy]

[QUOTE=aero]Well.. maybe north FL or somewhere in the uninhabited areas is it cheap to live in FL.

Around my area, single lots go for up to 1 million dollars. (Thats an 80foot by 125 foot piece of grass and dirt on a canal). The price for a el cheapo new 3bdrm 2bath typical home ends up costing about 400k generally.

Of course, this all happened within the last 4 years, before that it was reasonable, but NOT cheap. If you are in a nice part of town within any reasonable distance of civilization or a major city, you will pay for it in FL.

QUOTE]
I've been lied to

[rickyduckworth]

Well.. maybe north FL or somewhere in the uninhabited areas is it cheap to live in FL.

Around my area, single lots go for up to 1 million dollars. (Thats an 80foot by 125 foot piece of grass and dirt on a canal). The price for a el cheapo new 3bdrm 2bath typical home ends up costing about 400k generally.

Of course, this all happened within the last 4 years, before that it was reasonable, but NOT cheap. If you are in a nice part of town within any reasonable distance of civilization or a major city, you will pay for it in FL.

Back on topic...

That is great on the purchase. I am saving up for a house right now... why pay rent when you can be paying a little more and owning the place? Of course, I am hoping for prices to go down since I dont have 400k to spend.

but if you are in investing in houses, its kinda a gamble. most of the time you have good returns (like a strong but steady stock). But, some little thing that happens, either a natural event, a jail being built 3 blocks away or whatever can spoil any money you put into it. you really have to pay attention to what is going on in the area so that you dont get screwed over.

But good luck on the house, if I were you, the garage would go up first.

there is virtually no land left in south florida for development and the trend is moving up the coast.......within a few years, inexpensive land in south alabama/south mississippi will be on par with that overpriced shit in south florida.......florida's cost of living is definitely not cheap though, is it lol

my stepdad is dumb as shit but making good money buying land, developing it and building houses on some of it, selling the lots the rest of the time.....a couple million dollars a year.......you have to be a fakeass, ass-kissing people pleasing prick to be very successful though......that's why i'll never do it....when someone says something stupid, i either tell them or explode.....so many dumbass, dopesmoking losers in this business......i'd like to build a couple of houses a year and live comfortably, but there is more headache the more you do.......the more you're not LIVING LIFE, the faster you're dying.....

[aero]

there is virtually no land left in south florida for development and the trend is moving up the coast.......within a few years, inexpensive land in south alabama/south mississippi will be on par with that overpriced shit in south florida.......florida's cost of living is definitely not cheap though, is it lol

my stepdad is dumb as shit but making good money buying land, developing it and building houses on some of it, selling the lots the rest of the time.....a couple million dollars a year.......you have to be a fakeass, ass-kissing people pleasing prick to be very successful though......that's why i'll never do it....when someone says something stupid, i either tell them or explode.....so many dumbass, dopesmoking losers in this business......i'd like to build a couple of houses a year and live comfortably, but there is more headache the more you do.......the more you're not LIVING LIFE, the faster you're dying.....

Very true. The problem with FL IMO is the hurricanes. We havent had a good one in a long while, and its only due to hit. Not only that, but typically if there is a hurricane that brings regular storm surge with it, all the land from the coast to 10-20 miles inland will be underwater. Not a very calming thought. If there is a storm that brings a good surge to Tampa Bay... all downtown will look like New Orleans, there was a smaller storm that made the river one with the main streets, so you could ride your waverunner right through town. (not sure if that was Charley or another one).

But the prices have already stabilized here, and so many people trying to sell (people that thought they could flip the properties) that the prices are dropping quite a bit, and now there are more rentals than you could ever imagine.

But thankfully Arizona is becoming the next state that will get the motto "where the US comes to die", since it is too expensive for old people here anymore, and they cant stand hurricanes.

Of course, the places where you cant go wrong are in NC and the TN area. everyone wants to move there, and I dont blame them at all.

[Raceboy]

I was lookin' to move to Arizona (Parker AZ).

[rickyduckworth]

Very true. The problem with FL IMO is the hurricanes. We havent had a good one in a long while, and its only due to hit. Not only that, but typically if there is a hurricane that brings regular storm surge with it, all the land from the coast to 10-20 miles inland will be underwater. Not a very calming thought. If there is a storm that brings a good surge to Tampa Bay... all downtown will look like New Orleans, there was a smaller storm that made the river one with the main streets, so you could ride your waverunner right through town. (not sure if that was Charley or another one).

But the prices have already stabilized here, and so many people trying to sell (people that thought they could flip the properties) that the prices are dropping quite a bit, and now there are more rentals than you could ever imagine.

But thankfully Arizona is becoming the next state that will get the motto "where the US comes to die", since it is too expensive for old people here anymore, and they cant stand hurricanes.

Of course, the places where you cant go wrong are in NC and the TN area. everyone wants to move there, and I dont blame them at all.

the area i'm in is growing as fast as most places in the USA (madison county, AL)......there are around 20 LARGE homebuilding companies building a couple hundred house PER YEAR here.....my step dad is small time and he is almost done building a 35 lot subdivision that is all but gone post-completion......a LOT of people making good money and looking to buy NEW homes in this area.....voted the "best place for african americans to live" a few years ago by some magazine, redstone arsenal just guaranteed a LOT more people who move here jobs, the space program is going strong, and there is still a lot of land to develop here.......the prices here are already up.....people who bought land around the year 2000 for $5,000/acre are selling for 10x that and idiots are buying.......it's crazy and wooded areas are on the decline.....i personally hate that and all the humans that cause it, but oh well, i have a family to feed and have to be part of it....it's lucrative and inevitable......i promise you though, within this century, the environment will be in HORRIBLE shape, diseases will be on the rise (snakes are disappearing, they keep 1/3 of the roden population in check, rodents give humans a TON of diseases) and people's health will be even worse..........

i was thinking the other day....what if you CHOOSE to not have this way of life, but to live like maybe the native americans did, 100% off the land......build your own home with what you have, hunt your food, etc......where the hell would you do it now? much less in 50 years lol.......i hate concrete

[aero]

...i promise you though, within this century, the environment will be in HORRIBLE shape, diseases will be on the rise (snakes are disappearing, they keep 1/3 of the roden population in check, rodents give humans a TON of diseases) and people's health will be even worse..........

i was thinking the other day....what if you CHOOSE to not have this way of life, but to live like maybe the native americans did, 100% off the land......build your own home with what you have, hunt your food, etc......where the hell would you do it now? much less in 50 years lol.......i hate concrete

I agree with ya... the country, and the whole planet is getting worse and worse at an exponential rate, of course, the US is leading this downward spiral. In the past year, I have only seen one snake down here.. usually they are all over the place. Same with birds and whatnot, its not gonna be good, and most people will not give a crap either. Add onto that, the discussion in the other thread (domestic manufacturing jobs), soo many people will be getting laid off, ass more people produce, and technology will only get better, and continue to eliminate jobs. Damn... not a good picture on the horizon.

The rich wont give a crap, and the poor will just get poorer.

[phatdoughnut]

Good job scott! w00t

we just got done moving into our new house, built in 1971 and cost us 179k, we had to move 20miles away from where we lived before because all these damn californians, are making property value skyrocket!

[excalibur02]

so what happened with the purchase of the nsx?