Still buying or hold? (by MJ [OH]) Jun 19, 2022 9:02 PM|
Still buying or hold? (by Robert J [CA]) Jun 19, 2022 9:36 PM
Still buying or hold? (by Jason [MI]) Jun 20, 2022 3:00 AM
Still buying or hold? (by Vee [OH]) Jun 20, 2022 6:42 AM
Still buying or hold? (by Vee [OH]) Jun 20, 2022 6:47 AM
Still buying or hold? (by Oregon Woodsmoke [ID]) Jun 20, 2022 9:55 AM
Still buying or hold? (by Ray-N-Pa [PA]) Jun 20, 2022 10:01 AM
Still buying or hold? (by DJ [VA]) Jun 20, 2022 10:13 AM
Still buying or hold? (by Tony [NJ]) Jun 20, 2022 12:55 PM
Still buying or hold? (by Hoosier [IN]) Jun 20, 2022 1:51 PM
Still buying or hold? (by S i d [MO]) Jun 20, 2022 2:46 PM
Still buying or hold? (by MJ [OH]) Jun 20, 2022 4:23 PM
Still buying or hold? (by Deanna [TX]) Jun 20, 2022 10:53 PM
Still buying or hold? (by Ken [NY]) Jun 21, 2022 9:43 AM
Still buying or hold? (by 6x6 [TN]) Jun 22, 2022 8:49 PM
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Still buying or hold? (by MJ [OH]) Posted on: Jun 19, 2022 9:02 PM
Just closed on the latest flip at the end of May and did pretty well, found another property, off market that I am in contract for at a great price. It will be pretty much a full rehab but should resell well, 4/1.5 with garage. Original woodwork and pocket doors. Looking forward to bringing this one back to life.
Just wondered what folks are doing now that the market has shifted a bit, are you still buying for rent or flip? On hold?
My area has a lot of new companies moving to the area and we are low on housing so I'm still moving forward with buying but am being a little more cautious price wise.
Upping some cash reserves as well. --174.105.xxx.xxx
Still buying or hold? (by Robert J [CA]) Posted on: Jun 19, 2022 9:36 PM
Here in the Los Angeles area the average SFR is priced around $750K to $875K. So if you buy at a discount for a flip, then battle with the City for Permits, you loose months standing still. So as interest rates have climbed from 3% to around 6%, waiting is going to kill your bottom line. Plus, sales have slowed 15% and prices are down too.
I've seen this happen before, several times. Higher interest rates mean higher payments. To balance this out and have people buy their first home, prices can fall 40-50%.
But in States like yours you can find homes for under $100,000. At least you can rent a flip out if the price dives. Not so here.
I had one female friend investor that caught the tail end of an increasing market. She invested $300,000 in buying 11 NEW homes. In 4 years she was worth $1,500,000. Then when the market turned, She owed the banks over $500,000. So she had to go bankrupted. Timing is everything. --47.156.xx.xx
Still buying or hold? (by Jason [MI]) Posted on: Jun 20, 2022 3:00 AM
I am doing a little everything
Just did a fix an flip
Had a few tenants leave an sold them on land contracts
Just agreed to buy an sell a house on a land contract. I am buying 175k cash. Selling 225k they pay all transfer fees when pay off at 8% interest. 20k down
I got a 3 bed 2 bath 2 car garage in May an will be keeping it as a rental.. Figure can use as collateral if I need more on my loc. An 1600 rent a month is nice cash flow --107.116.xx.xx
Still buying or hold? (by Vee [OH]) Posted on: Jun 20, 2022 6:42 AM
Use some caution, in OH most courts take 16-24 months on a foreclosure if nothing needs verification. You will see this while following the foreclosure civil case where you buy from. --76.190.xxx.xxx
Still buying or hold? (by Vee [OH]) Posted on: Jun 20, 2022 6:47 AM
Forgot to ask what area in OH? I am in the CLE and our housing court judge is extremely pro-tenant, she has been petitioning Cleveland City Council to have -all evictions- stopped, this has produced a huge spike in property sales. My family could sense this when the lead paint program raised rent 75bux a month, easier to sell than repeat the story - my family let go of 80 places in last 3 years, some tenants qualified and never had to move or turn off utilities, less struggling. --76.190.xxx.xxx
Still buying or hold? (by Oregon Woodsmoke [ID]) Posted on: Jun 20, 2022 9:55 AM
If I saw something truly wonderful to buy, I'd pick it up. But I'm tired of tenants and flipping is just about impossible because there are no workmen of any kind available to do the work. Nice properties are still selling sky high.
I waiting to see what wins, galloping inflation to raise prices or high mortgage to lower prices.
The government in Idaho is sensible but we are affected by federal law and federal law can be unreasonable and it has a huge chance of getting more unreasonable concerning rentals. That is also something I am feeling cautious about. --76.178.xxx.xxx
Still buying or hold? (by Ray-N-Pa [PA]) Posted on: Jun 20, 2022 10:01 AM
If you are truly finding deals, it is always a great time to buy and hold.
The real estate market will look much different a year from now (even six months from now) than it does today. I would be tapping the brakes on my flips and making sure that mu cash flow was in order in the event that flip is now a buy and hold.
Focus on Quality --24.101.xxx.xxx
Still buying or hold? (by DJ [VA]) Posted on: Jun 20, 2022 10:13 AM
I want to buy more buy and hold, but am now being very picky as to where I buy them.
I have some money in the bank to use for the right one.
In the meantime, if I find another good deal somewhere I don't want to hole, I will rehab and retail it to gat more $ for the next buy and hod.
I purposely do NOT use the word "flip" because, at least here, it has a negative connotation. It means corners have been cut and problems have been ignored or hidden. I do full, proper rehabs. I don't make as much$$, but I make $ the "right" way - hopefully building a good reputation. --68.229.xxx.xxx
Still buying or hold? (by Tony [NJ]) Posted on: Jun 20, 2022 12:55 PM
I'm selling and you should strongly consider it.
Around here and possibly/probably nationwide, prices peaked in 1988, then dropped 30% 6 years later in 1994.
Prices stopped declining and finally appreciated to 1988 levels - in 2002 - 14 years later. Then they appreciated rapidly from 2003 - 2006 - like the past 3 years.
Again, around here, prices dropped 40% between 2006 and 2012 - not to mention all the foreclosures.
In 2020, people who bought around here in 2006 saw their prices decline for 6 years, then finally saw prices come back up to 2006 levels - 14 years later in 2020. That's like putting money in a desk draw where it won't grow, PLUS you have the headaches of managing - with no gain.
Some places like CA, FL or Washington DC are uniquely different. To be sure, you should talk to someone locally who has been active in this business since the '80's or check sales archives in your area.
BESIDES ME, DOES ANYBODY HERE SEE THE 6 AND 14 YEAR HISTORICAL CYCLES??? (We are probably about to start another 6 year decline).
If I could turn back the hands of time, I would have sold out in 1988, bought in 2000-2003 and sold in 2006. Then bought in 2016 and sell out today. Then my big problem would be to hire someone to help me count all the profits.
Unlike 1988 and 2006, I'm paying the tax bite, cashing in the chips now rather than watch my equity erode like before.
Gonna buy and flip for the foreseeable future. Good luck to all of you. --73.215.xxx.xx
Still buying or hold? (by Hoosier [IN]) Posted on: Jun 20, 2022 1:51 PM
We have sold 2 this year, and got HUGE profits (in % terms). One of them I fixed up so it was about perfect inside...made $110k+ over our original purchase price on that one (had two competing offers and it sold in 2 weeks). The other one we did the analysis and it was smarter to sell in "as is" condition, so we sold it at a relatively low price, but that price was still TWICE what we paid for it in 2014...and the offer was cash, no inspections, and the only contingency being that we had to close within 1 week...so we did.
We are watching the market carefully on the rest of ours, but I agree with Tony NJ that the market is so hot right now (at least up until a month ago) that we could not pass up the great prices we got. We are also doing some analysis to minimize taxes by spreading sales out over multiple years...and there are some complex other rules related to the ACA and our health care premiums we are working around...very complicated landscape for us as we navigate all the rules/tax brackets/subsidies, etc. --99.92.xxx.xxx
Still buying or hold? (by S i d [MO]) Posted on: Jun 20, 2022 2:46 PM
Holding on and steady as she goes in the residential sector.
Got my eye on a few parcels of commercial property that could be subdivided into more units to increase cash flow.
Got an out of the blue unsolicited offer to buy our storage facility. Normally I wouldn't be interested, but the offer was too good to refuse after we countered back and forth a few times. This will give us a good chunk to go toward the next project! --184.4.xx.xx
Still buying or hold? (by MJ [OH]) Posted on: Jun 20, 2022 4:23 PM
So for the record, I am in central Ohio and I have been in the business since the early 90's. Lost it all in 05-06, and bounced back, a little smarter and alot more liquid. Currently have a great little mobile home park that is awesome and a couple doubles and a few SF. Started flipping to pay everything off faster and create more reserve. Just wondered what everyone else was doing, if they have scaled back from buying or made no adjustments.
I was out looking at a VA repo that I love but it's already a bidding war and I won't do that. I will wait until the young guns go "all in" and then as things drop even more I will be in a position to make bank. --174.105.xxx.xxx
Still buying or hold? (by Deanna [TX]) Posted on: Jun 20, 2022 10:53 PM
Open to buying, but I'm seeing a lot more difficulty getting on my tradesguys' calendars. Electricians, plumbing, HVAC--- they're all swamped. Roofers are the only ones who seem to be pretty normal. --137.118.xx.xxx
Still buying or hold? (by Ken [NY]) Posted on: Jun 21, 2022 9:43 AM
Deanna,have you considered hiring an employee? then he is available when you want him --74.77.xx.xx
Still buying or hold? (by 6x6 [TN]) Posted on: Jun 22, 2022 8:49 PM
I need to get back to this. --73.120.xx.xxx
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