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Welcome to the Hardcore Husky Forums. Folks who are well-known in Cyberland and not that dumb.

95% of all Wealth

... is made or held in Real Estate. What is your best RE investment to-date?

Details please. What was the greatest hurdle you overcame or lesson learned? Or does dumb-luck get all the credit?


*Your primary residence counts. Extra points for flips, building, or some type of land or commercial development.


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Comments

  • pawzpawz Posts: 9,160
    Swaye's Wigwam 10,000 Awesomes 5,000 Up Votes 5000 Comments
    Doogles said:

    Mom's Basement. It's hard to put a dollar amount on the ROI, but zero overhead, free wifi, xbox, and all you can eat bagel bites with mountain dew has made it a pretty lucrative venture for me.

    I know yore being Sarktastic, but I'm not seeing any great hurdles or lessons learned.

    Sad!
    DooglesDoog_de_Jour
  • greenbloodgreenblood Posts: 10,623
    10,000 Up Votes 5,000 Awesomes 10000 Comments Seventh Anniversary
    New laws are going to make it more difficult to build wealth at least on the residential real estate side of things. Rent increase caps, eviction hurdles, etc.
  • SourcesSources Posts: 1,260
    Swaye's Wigwam 2,500 Awesomes 1,500 Up Votes 250 Answers
    pawz said:

    ... is made or held in Real Estate. What is your best RE investment to-date?

    Details please. What was the greatest hurdle you overcame or lesson learned? Or does dumb-luck get all the credit?


    *Your primary residence counts. Extra points for flips, building, or some type of land or commercial development.


    Most recently bought a house on the peninsula - turned an attic into a fourth bedroom, rent is 2.2x the mortgage and interest rate is 2.25% after buying points down. Today's rates are incredible
    pawz
  • Sources said:

    pawz said:

    ... is made or held in Real Estate. What is your best RE investment to-date?

    Details please. What was the greatest hurdle you overcame or lesson learned? Or does dumb-luck get all the credit?


    *Your primary residence counts. Extra points for flips, building, or some type of land or commercial development.


    Most recently bought a house on the peninsula - turned an attic into a fourth bedroom, rent is 2.2x the mortgage and interest rate is 2.25% after buying points down. Today's rates are incredible
    Enjoy it while it lasts. Dems/socialists are coming for your housing. Rent control, just cause eviction, bans on using criminal records to screen, forced payouts to renters who choose to move rather than pay a rent increase, oh, and COVID rules are insane.
  • TequillaTequilla Posts: 16,277
    10,000 Up Votes 5,000 Awesomes 10000 Comments Seventh Anniversary
    Per Zillow, my residence is 2.25x what I paid for it 8 years ago ... so that's good.

    Lessons learned ... real estate IS an investment and needs to be treated as such, particularly with respect to home residence.

    There will be lots of opportunities emerging from COVID and what will almost assuredly be a recession if Biden wins
    greenbloodpawz
  • greenbloodgreenblood Posts: 10,623
    10,000 Up Votes 5,000 Awesomes 10000 Comments Seventh Anniversary
    edited October 12
    Tequilla said:

    Per Zillow, my residence is 2.25x what I paid for it 8 years ago ... so that's good.

    Lessons learned ... real estate IS an investment and needs to be treated as such, particularly with respect to home residence.

    There will be lots of opportunities emerging from COVID and what will almost assuredly be a recession if Biden wins

    I think we are in a housing bubble, and it will burst. So definitely opportunity will be there, but the new laws will make it extremely stressful to be a residential landlord. Unless you own these properties free and clear, you are exposing your portfolio to disaster. Imagine these landlords that have mortgages on these houses and not being able to collect rent for the last 7 months.
    pawzDoog_de_JourGrundleStiltzkin
  • TequillaTequilla Posts: 16,277
    10,000 Up Votes 5,000 Awesomes 10000 Comments Seventh Anniversary

    Tequilla said:

    Per Zillow, my residence is 2.25x what I paid for it 8 years ago ... so that's good.

    Lessons learned ... real estate IS an investment and needs to be treated as such, particularly with respect to home residence.

    There will be lots of opportunities emerging from COVID and what will almost assuredly be a recession if Biden wins

    I think we are in a housing bubble, and it will burst. So definitely opportunity will be there, but the new laws will make it extremely stressful to be a residential landlord. Unless you own these properties free and clear, you are exposing your portfolio to disaster. Imagine these landlords that have mortgages on these houses and not being able to collect rent for the last 7 months.
    Exactly ... I have no desire to be a residential landlord.

    If I do buy additional locations it will all be in locations where it's more of an AirBnB type of set up.
    greenblood
  • RoadDawg55RoadDawg55 Posts: 26,037
    10,000 Up Votes 10,000 Awesomes 25000 Comments Seventh Anniversary
    I haven’t gotten to the point of investing in real estate. I do watch a couple reality shows on real estate and saw that one of the guys on a show recently said August was the best month he ever had. If true (have no reason to believe it wouldn’t be) what are the reasons? What is causing people to buy right now?
  • pawzpawz Posts: 9,160
    Swaye's Wigwam 10,000 Awesomes 5,000 Up Votes 5000 Comments
    *And real estate is a fantastic hedge against inflation.
  • Doog_de_JourDoog_de_Jour Posts: 4,864
    Swaye's Wigwam 10,000 Awesomes 5,000 Up Votes 2500 Comments
    edited October 13
    Oh, when I sold my chateau in Normandy.



    Made a couple mil’ on that deal.

    The key is making the necessary renovations when you’re getting ready to sell: caretaker’s house, outdoor pool, the moat...they all really added to the “curb appeal”.


    pawzPurpleThrobberFireCohen
  • doogiedoogie Posts: 9,781
    5,000 Up Votes 5,000 Awesomes 5000 Comments 250 Answers
    Did you have trained gators in the moat?
  • Doog_de_JourDoog_de_Jour Posts: 4,864
    Swaye's Wigwam 10,000 Awesomes 5,000 Up Votes 2500 Comments
    doogie said:

    Did you have trained gators in the moat?

    Naturally.
    doogie
  • PurpleThrobberPurpleThrobber Posts: 23,615
    Swaye's Wigwam 10,000 Awesomes 10,000 Up Votes 10000 Comments
    T

    doogie said:

    Did you have trained gators in the moat?

    Naturally.


    Did you throw in your piss boy or did the new owners need to BYOPB?


  • whlinderwhlinder Posts: 2,464
    Swaye's Wigwam 5,000 Awesomes 2,500 Up Votes Seventh Anniversary
    7 years into our current house, which we purchased as a short sale, ~75K ;) below its appraised value at the time and way below what any single family has sold for in my hood since. Got it because a neighbor told us it was going back on the market, mentioned it to our realtor quickly, he got in touch with the seller agent, who said it was a short sale and he didn't really feel like putting it through the MLS and listing it, so if we would write a contract that night it would be ours. Done.

    Needed that to counterbalance the previous house purchase at close to the height of the bubble
    pawz
  • Buy high/sell low, that's my motto, hence buying my current palatial estate in May of 2008, two months after Bear Sterns went TU. We bought anyway, though, after a year-plus housing hunt that had left us frustrated and pissed off. The house we bought was the first to fit our needs and was only slightly out of our price range, so even though I could already see the economy crashing, I pulled the trigger anyway. I am ratard.

    Ever seen the movie The Money Pit? It's a documentary about the happenings since 2008 with my primary investment vehicle. Since our house lost something like 30% of its value in the first year, we were stuck at a somewhat high interest rate and with no ability to sell or refinance. On top of this, almost immediately, this 1925-built house started showing signs that it had had some lipstick slapped on it before being foisted upon the suckers that were myself and Mrs. 1to345466. In the first half dozen years of homeownership, we dumped about $125K cash into the property. The kitchen remodel was optional (in my opinion...), the rest was all just repairs and maintenance: Mandatory city sewer hookup; two re-roofs; replacement of the living room wall because the chimney had no footing under it and was sinking and pulling away from the house, allowing water in; basement bonus room flooded, requiring a complete rebuild after digging and installing a functioning footing drain; foot-through-porch rot situation requiring new porch; and plenty more.

    Then, just as we caught up, were in a good place financially, had refinanced to a far lower interest rate, the market had turned, and our investment was looking like an investment again, the garage burned down. Five years later, I have a new garagemahal/man cave, but we're back in debt. So what happens? A simple master bedroom carpet replacement turns into a forensic "how not to build a house" mystery, ending in our bedroom floor being ripped out right down to the crawlspace, the roof being temporarily supported, and the wall of our bedroom laying in a pile in the yard. Luckily, I framed it back in and got it covered a day before this rain hit, but now my back is fucked up and I can't finish the job.

    Knowing what I now know about what's in our walls (hint: not any window or door headers, I can tell you that!...) and under the siding, it's easily a six-figure project to get our house where it needs to be, so we're in the process now of yet again borrowing against equity (of which there is plenty for now) to get further into debt. While all of my coworkers (at least the ones who haven't lost half their shit to divorce) are buying second or third properties for investments, I'm about to be broke again from being over $600K into a house I bought for $330K at the peak of a bubble.

    On the bright side, it's looking increasingly like our house will be totally badass and desirable in a few years, just in time for the bottom to fall out of the market. I'm available for financial advice at any time, guysm. The line forms on the left.
    pawzUW_Doog_BotDoogles
  • RaceBannonRaceBannon Posts: 61,464
    Swaye's Wigwam 50000 Comments 10,000 Awesomes 10,000 Up Votes

    Buy high/sell low, that's my motto, hence buying my current palatial estate in May of 2008, two months after Bear Sterns went TU. We bought anyway, though, after a year-plus housing hunt that had left us frustrated and pissed off. The house we bought was the first to fit our needs and was only slightly out of our price range, so even though I could already see the economy crashing, I pulled the trigger anyway. I am ratard.

    Ever seen the movie The Money Pit? It's a documentary about the happenings since 2008 with my primary investment vehicle. Since our house lost something like 30% of its value in the first year, we were stuck at a somewhat high interest rate and with no ability to sell or refinance. On top of this, almost immediately, this 1925-built house started showing signs that it had had some lipstick slapped on it before being foisted upon the suckers that were myself and Mrs. 1to345466. In the first half dozen years of homeownership, we dumped about $125K cash into the property. The kitchen remodel was optional (in my opinion...), the rest was all just repairs and maintenance: Mandatory city sewer hookup; two re-roofs; replacement of the living room wall because the chimney had no footing under it and was sinking and pulling away from the house, allowing water in; basement bonus room flooded, requiring a complete rebuild after digging and installing a functioning footing drain; foot-through-porch rot situation requiring new porch; and plenty more.

    Then, just as we caught up, were in a good place financially, had refinanced to a far lower interest rate, the market had turned, and our investment was looking like an investment again, the garage burned down. Five years later, I have a new garagemahal/man cave, but we're back in debt. So what happens? A simple master bedroom carpet replacement turns into a forensic "how not to build a house" mystery, ending in our bedroom floor being ripped out right down to the crawlspace, the roof being temporarily supported, and the wall of our bedroom laying in a pile in the yard. Luckily, I framed it back in and got it covered a day before this rain hit, but now my back is fucked up and I can't finish the job.

    Knowing what I now know about what's in our walls (hint: not any window or door headers, I can tell you that!...) and under the siding, it's easily a six-figure project to get our house where it needs to be, so we're in the process now of yet again borrowing against equity (of which there is plenty for now) to get further into debt. While all of my coworkers (at least the ones who haven't lost half their shit to divorce) are buying second or third properties for investments, I'm about to be broke again from being over $600K into a house I bought for $330K at the peak of a bubble.

    On the bright side, it's looking increasingly like our house will be totally badass and desirable in a few years, just in time for the bottom to fall out of the market. I'm available for financial advice at any time, guysm. The line forms on the left.

    It may be too late but your house sounds like a tear down. Sometimes it is cheaper to start over if the whole thing was built by retards.
    pawz
  • Buy high/sell low, that's my motto, hence buying my current palatial estate in May of 2008, two months after Bear Sterns went TU. We bought anyway, though, after a year-plus housing hunt that had left us frustrated and pissed off. The house we bought was the first to fit our needs and was only slightly out of our price range, so even though I could already see the economy crashing, I pulled the trigger anyway. I am ratard.

    Ever seen the movie The Money Pit? It's a documentary about the happenings since 2008 with my primary investment vehicle. Since our house lost something like 30% of its value in the first year, we were stuck at a somewhat high interest rate and with no ability to sell or refinance. On top of this, almost immediately, this 1925-built house started showing signs that it had had some lipstick slapped on it before being foisted upon the suckers that were myself and Mrs. 1to345466. In the first half dozen years of homeownership, we dumped about $125K cash into the property. The kitchen remodel was optional (in my opinion...), the rest was all just repairs and maintenance: Mandatory city sewer hookup; two re-roofs; replacement of the living room wall because the chimney had no footing under it and was sinking and pulling away from the house, allowing water in; basement bonus room flooded, requiring a complete rebuild after digging and installing a functioning footing drain; foot-through-porch rot situation requiring new porch; and plenty more.

    Then, just as we caught up, were in a good place financially, had refinanced to a far lower interest rate, the market had turned, and our investment was looking like an investment again, the garage burned down. Five years later, I have a new garagemahal/man cave, but we're back in debt. So what happens? A simple master bedroom carpet replacement turns into a forensic "how not to build a house" mystery, ending in our bedroom floor being ripped out right down to the crawlspace, the roof being temporarily supported, and the wall of our bedroom laying in a pile in the yard. Luckily, I framed it back in and got it covered a day before this rain hit, but now my back is fucked up and I can't finish the job.

    Knowing what I now know about what's in our walls (hint: not any window or door headers, I can tell you that!...) and under the siding, it's easily a six-figure project to get our house where it needs to be, so we're in the process now of yet again borrowing against equity (of which there is plenty for now) to get further into debt. While all of my coworkers (at least the ones who haven't lost half their shit to divorce) are buying second or third properties for investments, I'm about to be broke again from being over $600K into a house I bought for $330K at the peak of a bubble.

    On the bright side, it's looking increasingly like our house will be totally badass and desirable in a few years, just in time for the bottom to fall out of the market. I'm available for financial advice at any time, guysm. The line forms on the left.

    It may be too late but your house sounds like a tear down. Sometimes it is cheaper to start over if the whole thing was built by retards.
    This is actually my dream, and if a pile of money fell into my lap, I would do just that. The property/location/shop are too amazing to leave, but the house has been a disaster. Complete tear-down would be too expensive, but re-side and repair what's behind in the process is doable, especially at going interest rates.

    And when we're done, we'll still be paying less than we would to move somewhere else equivalent. Which is sad. I don't know how it's even possible to be a first time buyer these days unless you're born into a trust fund. Half a million gets you a two-bedroom with an outdoor bathroom in my neighborhood...
    pawzRaceBannonRoadDawg55
  • Doog_de_JourDoog_de_Jour Posts: 4,864
    Swaye's Wigwam 10,000 Awesomes 5,000 Up Votes 2500 Comments

    T

    doogie said:

    Did you have trained gators in the moat?

    Naturally.


    Did you throw in your piss boy or did the new owners need to BYOPB?


    BYOPB, of course. Mine received special training at the Sorbonne and good help is so hard to find these days.
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