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/biz/ - Business & Finance

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10968937 No.10968937 [Reply] [Original]

>learn about real estate
>buy house
>pay downpayment
>rent it out
>renters paying off your mortgage
>notbadright.jpg
>look up houses/apartaments in my city
>all start at $500,000
>$100,000 down payment
How the fuck am is anyone supposed to get into this real estate game? Do I buy cheaper units outside the city? I have no idea what the market is like outside of where I am and I would have to travel far as hell to make sure things are going smoothly. Anybody in the real estate game? How did you get your start.

>> No.10968946
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10968946

buy high sell low
classic biz

>> No.10969034

>>10968937

I moved somewhere near by where i could buy a $100,000 duplex and went from there.
If 500,000 is the starting price you are going to house hack (rent out rooms, airbnb, etc while you live in the broom clothset.

>> No.10969055

>>10968937
Be patient
search yourself real estate faggots keep the good shit for themselves

>> No.10969153

>>10968937
(((accredited))) investors only.

>> No.10969369

>>10968937
Get a masters degree, good grades, and have a company pay for your student debt and groom you to teach you the secrets of the trade.

>> No.10969386

I saved a load of money and bought in 2013 after crash bottomed out and recovery started

>> No.10969399

>>10968937
Buy shit houses at auction and fix them up.

>> No.10969433

>>10969034
Did you live in the duplex and rent out the other half?
>>10969399
This scares me. What if you buy a shit house and it's worth exactly that. Do houses go on auction in decent neighborhoods people actually want to live in?

>> No.10969456
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10969456

Silk Road gonna get a new shiny highway in the next 5 years- lots of desert land up for development in a certain region of the world. Pic related.

>> No.10969479

>>10968937
>How the fuck am is anyone supposed to get into this real estate game?

Your place in the real estate game is along the other goyim paying rent.

Non-brainlet answer: make and save money

>> No.10969833

>>10968937

You aren’t. House prices are 50% higher across the board compared to 5 years ago. I know someone making only 50k a year who lives in a 500k house (they bought when it was 200) and I wouldn’t be able to buy it off them even though I make 100k a year. The prices need to come down.

I currently rent a 1600 dollar a month place and live alone but am on the verge of renting a room in some randos house to save an extra 1k a month so I can boost my savings rate to 70% of net.

>> No.10969900

>>10969833
What if prices don't drop? I don't have the money saved anyway, but let's say you do, you could just be sitting there watching prices go up and up.

>> No.10969989
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10969989

>>10969900

Because 10% year over year increase isn’t sustainable. Bubbles gonna pop eventually. Pic related

>> No.10970009
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10970009

>>10969900
>>10969989

Here’s another interesting graph. Right before the 2008 crash everyone was going crazy flipping houses because they thought prices would keep going up and up. Now look where we are in 2018.

>> No.10970049
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10970049

>>10969989
>>10970009
When do you think this bubbles gonna pop? Wasn't 2008 a bit different because banks were giving out mortgages like candy to people who really couldn't afford it? This looks more like natural growth. I'm not saying you're wrong, just asking questions

>> No.10970068

>>10969900
Buy a REIT but prices always drop eventually.

>> No.10970092

>>10969433
if its a shit house make it better.
>new kitchen
>new bathroom
>plaster the walls, paint them white
>New floors
>Make sure it looks clean on te outside

Do as many of those jobs as you can yourself, it isn't that hard. Builders are some of the dumbest fuckers you will ever meet, anyone can do that job.

Sell house as if its brand new for profit.

>> No.10970391

>>10968937
By a "two-to-four" unit property. You can buy FHA with like 3-5%. Tougher to cash flow but it's the only way in if you're not rich. Call agents who specialize in multifamily and tell them to send you off-market deals.
T. Commercial real estate agent

>> No.10970428

>>10970391
Thank you I will look into it. I'm considering getting my license here in NYC. Would you say it's worth it for someone young who doesn't have too many expenses?

>> No.10970676

>>10968937

you cant even charge enough rent to break even at 500k+ only worth it if you have significant income to claim rental property losses against (provided your tax laws allow that)

>> No.10970688

>>10970049
There is more subprime now than in 2008

>> No.10970746

>>10969055
>>10969399
>>10969433
>>10969833
>>10969900
2500 EOY