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/biz/ - Business & Finance

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56985693 No.56985693 [Reply] [Original]

How do I turn 500k into 1M+ with property?

>> No.56985733

Simple buying and holding/renting out isn't going to work out anymore unless you want to wait 1-2 decades. The only way to turn 500k into 1m is to develop real estate or flip, both using creative ways

>> No.56985801

Turn your home into a burdel/strip club
or suck 500k dicks at home for $1

>> No.56985811

>>56985733
i have a similar plan to OP, but I was thinking of buying constantly buying $300,000 or less homes throughout the U.S. and renting them out. Using the income from those homes to help me purchase the next $300,000 home.

>> No.56985827

>>56985811
Wait for a crash it’s going to happen very soon.

>> No.56985842

>>56985693
scam someone for 1500k using the 500k as bait

>> No.56985847

>>56985811
the thing is, if you use a mortgage the rent you get from the home won't even be enough to cover the mortgage taxes and repairs

if you buy the house outright, i got no clue but maybe like 25-40% of the rent you receive is going to the property tax alone and repairs

how are you going to buy more homes? its impossible

>> No.56985918

>>56985811
Too late, interest on debt too high now, should have done this on the 0% interest era.

Just goo all in on BTC and hope for a 3x then live off dividends, why the fuck risk it with real state that get assaulted, robbed, requires mainteinance etc. Also making money off real state is just a mafia of people that get great deals, lol at thinkin some rando will get good deals, it's all unlisted fucking properties on a secondary market, they buy cheap shit and flip it.

>> No.56985948

>>56985847
> if you use a mortgage
No mortgage, I'm buying the homes outright with cash.

>property tax alone and repairs
Property tax isn't all that bad honestly. I'm targeting rents of $1600-$1800 a month.

>how are you going to buy more homes? its impossible
I've lined up a few investors that will help me bankroll things. the total sum of which breaks down to roughly $8000 a month for the next 10 years or so. To that i want to add the rental income from each purchased home. After a few years when the property value appreciates, i'm hoping to sell few of the properties into higher value properties that I can then rent out for even more.

>> No.56985967

>>56985918
>Too late, interest on debt too high now, should have done this on the 0% interest era.
I have no interest in taking out a loan. I want to show up, make an all cash offer and buy it outright. Worse case scenario I sell the property after a few years for more than what I paid for it.

>> No.56986006

>>56985948
check out assumable mortgages with a service called withroam. in some cases, you can assume a mortgage 2-5% range... but requires a large downpayment which is sounds like you're already capable of.
food for thought anon

>> No.56986118

>>56986006
Sounds interesting anon. As long as you can get it at a very low interest rate like you've mentioned. I assume they're few and far between though right? Who defaults on a 2% interest rate home?

>> No.56986134

>>56986118
no default, as far as i know. just people selling with eligible transferable/assumable mortgages. not every mortgage qualifies, but the site below aggregates the eligible ones in certain cities. got me thinking though, it's worth asking every seller and their agent if the mortgage is assumable (even if not listed online)

site is withroam[.]com

>> No.56986173

>>56985967
You are just leveraging and hoping that the rent pays a mortgage for the next home, otherwise i dont follow. Wtf are you going to do with no savings since they are all put into some iliquid asset.

>> No.56986300

>>56986173
>rent pays a mortgage
No mortgage anon. I'd be getting $8000 from my backers monthly (they get a percentage of the overall value of the real estate portfolio I build). To this $8000 a month i receive, I will add the rental income from my newly purchased/rented out properties in an effort to accelerate the number of homes I purchase. My goal is a new home every 6 months. The cost of repairs/maintenance of the homes will be assumed by all individuals involved in the enterprise.

>>56986134
Thanks for the tips anon-kun.

>> No.56987597

>>56985842
go on

>> No.56987775

>>56985693
Research BRRRR https://en.m.wikipedia.org/wiki/Real_estate_investing#Buy,_rehab,_rent_&_refinance

>> No.56988215

>>56985693
buy low, sell high. more work and red tape edition