95% of all Wealth
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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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.
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I know yore being Sarktastic, but I'm not seeing any great hurdles or lessons learned.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.
Sad! -
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.
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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 incrediblepawz 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. -
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.Sources said:
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 incrediblepawz 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. -
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.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 -
Exactly ... I have no desire to be a residential landlord.greenblood said:
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.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
If I do buy additional locations it will all be in locations where it's more of an AirBnB type of set up. -
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?
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These are great questions, and ones I've been perplexed by since the beginning of COVID (and lets not forget the financial crises that hit weeks before that). I sell RE in W Bellevue and we also had a MONSTER August. Usually August is one of the slowest months of the year as families get in the last vacation tim of the summer before school starts.RoadDawg55 said: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?
From a seasonal perspective, the normal spring home buying season was delayed 2 mos due to CV. But that alone doesn't really address your question.
From a national perspective the RE market should be getting hammered. And in my opinion still will. With 25M people permanently out of work and the end of stimulus/unemployment insurance at the end of July, people flat aren't making their rent and/or subsequently their mortgage payments. I've heard from multiple sources foreclosures are stacking up at the banks, however they can't do anything with them yet as there is still a moratorium on foreclosures. Eventually these properties will flood the market.
I'm not sure these antidotes answer your questions either, but they should be pointed out nonetheless.
-The downtown Seattle condo market is crashing. Apartments in Seattle are lucky to have 85% occupancy rates and good luck with that amount of revenue coming in. People are door.ass.out to closed-quarter living.
The Eastside is a Tale of Two Cities. If properties are are priced well, they are FLYING off the page still. There is a huge push for people to buy New Construction OR Waterfront (lulz that there is any waterfront available). It's a couple times per week that I'm amazed by a sale in our market.
For example these two New Construction homes went Pending this past week at record prices for their location and without any view:
https://www.redfin.com/WA/Bellevue/10605-SE-22nd-St-98004/home/510599
https://www.redfin.com/WA/Bellevue/9841-NE-15th-St-98004/home/506002
The only conclusion I can draw is we? are the beneficiaries of the upper-leg of a "K-shaped" recovery. The push on the Eastside is based on FANG stocks being UP in a post-covid environment. Amazon is up 60-80%? It seems every other week Amazon purchases or leases another 1M sqft of office space. Facebook just bought the REI corporate building in the Spring District. Microsoft is going through the largest expansion of it's campus in decades. Google bought Kirkland Urban for $435M, then promptly bought the dirt next door for another $40M. In short they are ALL still hiring in BIG ways.
Add to that the these FANG execs and employees are fleeing CA and Seattle-proper in droves to get away from the politics and failures of it's governance. I'm not trying to make a political statement here (in spite of my Tug poasting history), it's just something I see and hear from clients/buyers on a daily basis.
Another factor in the post COVID environment is people who can work from home, are chosing to GTFO of the greater Seattle area all together - to the San Juans, Idaho/Sun Valley, Colorado/Vail/Aspen, Montana etc etc etc.
One thing that completely boggles my mind in light of the 25M who are never getting their jobs back, is how many people CAN - and ARE - writing checks for 8-figure residential homes. Every single day it amazes the sheer volume of people who seemingly come out of the woodwork to do it.
Lastly, and from a Macro investment perspective, (I will need to find the graph that supports this) but in the last half-dozen recessions this country has gone through Real Estate stays up or even when the stock market/economy are getting slaughtered. (The notable exception being '08 when it was a real estate bubble that popped.) Thus, you can make the case people with swelling stock portfolios are trying to move their holdings to RE in anticipation of a large impending/inevitable crash.
*I'm sure I'll have more thoughts to add as I ruminate on this poast.
