The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

  • SPONSORED: GiganticWebsites.com: We Build Sites with THOUSANDS of Unique and Genuinely Useful Articles

    30% to 50% Fastlane-exclusive discounts on WordPress-powered websites with everything included: WordPress setup, design, keyword research, article creation and article publishing. Click HERE to claim.

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Join FREE
Download Books
No Ads? Join Insiders
Free registration at the forum removes this block.

Search results

  1. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    I'm still confused as to the legality at question here. It's called seller carry back. Owner financing? I'm not in the game of doing anything illegal and have no desire to cheat the system.
  2. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    I don't follow. Sorry if I wasn't clear but the bank was always well aware that the seller was lending the down payment.
  3. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Not quite. So just using imaginary numbers, sell price was $300k but it appraised at $230k. The bank was going to pay $184k and the seller would lend $46k. Still leaving me on the hook for the $70k difference with a $230k investment that I paid $300k for. Not a good deal any more.
  4. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Right. I don't plan on ever overpaying. In this case it wouldn't have worked either way with bank lending 80% of the appraised value. Making up the difference would have been unwise and near impossible. It'll be all the more sweet when I pick up the next property that is a super deal.
  5. TurtleSprint

    C0VlD-19 Effects on Rental Properties

    REAL ESTATE 
    Yeah I had the same headaches with no evictions being allowed. Most of my tenants were good although I had some extreme cases that bailed and cost me a fair amount. Starting to see the effects of jobs being lost though. Tenants that can usually afford things pretty easily are having to cut back...
  6. TurtleSprint

    C0VlD-19 Effects on Rental Properties

    REAL ESTATE 
    Greetings all, Interested to hear how the recent happenings have affected all of you fellow owners and managers. Have you taken a hit from tenants being unemployed? Difficulties filling vacancies? Thriving? I've taken a share of bumps and bruises but feel fortunate to have created this...
  7. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Interesting learnings as of late... I dove into what seemed like a great deal. Two 4-plex buildings in a somewhat lower income area with little immediate work to put in. Not quite my typical tenant pool but for the income I was all in. A little over $5k/mo gross. Bonus- seller would be lending...
  8. TurtleSprint

    New Investor Getting Into It (A Small Tale & 2 Questions)

    REAL ESTATE 
    @Devampre Personally, I think multifamily is a great route. Like the other routes, it has pros and cons but income from one unit or another at any given time is a great benefit. Single family doesn't allow that luxury. However, you have more than one family's problems to solve and they tend to...
  9. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    @WJK I plan to rent it long term. At least for the foreseeable future. The cash flow is just too good. We'll see what the next couple years brings. I like the idea of notebooks and binders. I've been trying to take pictures to update social media but it hasn't quite caught on for me.
  10. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    I got LUCKY! We always talk about "learn by doing" and this was certainly a learning experience. I closed on that duplex at the beginning of October with a list of renovations in hand. In the weeks before closing I met with a siding contractor referred by a fellow investor and it turned out...
  11. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    It's been a busy month! In the midst of closing on the side-by-side I've hit a few road bumps that have made it all the more enjoyable. Event #1: The sewage drain at another duplex started backing up on the tenants so I was advised by my preferred (no longer) plumbing company to have it...
  12. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Well said. Like I mentioned I plan to pass but figured I'd see what some other views were out there. Thanks!
  13. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Hey all! Time for updates and some advising needed... Recently put down an offer on a nice side by side duplex that seemed like a no-brainer. The seller is older and looking to cash in after holding for 50 years. Strangely enough, I was told the price was dropping 10k before we even stepped...
  14. TurtleSprint

    How to build a $12billion Private Real Estate Investment firm from scratch?

    REAL ESTATE 
    Hey @FastLaner007. Just my input from relatively little experience so far. These guys/gals are right, it's possible to start with little or no money but will be difficult. I was fortunate to get assistance from an outside investor AFTER working two investment projects on my own. Now that I...
  15. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Funny you mention it, I actually do live in one of my rentals. I've never paid a single month of mortgage which has been amazing! Going to try and stretch it out as long as possible. I'm not opposed to another duplex or similar. Just looking to upgrade to higher dollar investments. The goal...
  16. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Good point. I'll get with my bank and see what my options are. Might be time to shop around too and see if another bank wants to play ball. Thanks for the feedback. I'm chomping at the bit to make another move.
  17. TurtleSprint

    Risky RE Growth Opportunity

    REAL ESTATE 
    Looking for some advising here and need your thoughts... I've got some good equity built into one of my properties that would sell for enough to put a down payment for a larger complex. Considering it but am hesitant because it's my most "hands-off" property and brings in good revenue with...
  18. TurtleSprint

    I bought my first rental property. Here’s how I did it and what I learned.

    NOTABLE! REAL ESTATE 
    This is a big step. Something most people won't do or don't do enough. In my experience, the best deals are from those who either didn't plan on selling yet or the ones that you catch before they hit the market. Props to you and a lesson to be learned for those in other ventures.
  19. TurtleSprint

    Side Hustles for the Side Hustle

    I like it. Going to run with it for while. I'll consider realtors but am going to explore similar niches too. Thanks!
  20. TurtleSprint

    Side Hustles for the Side Hustle

    All good ideas. Any specific suggestions for learning about real estate? Just curious what other gems are out there. I've thought about getting a RE license before. Definitely one of my top prospects. I have a little programming background so I was considering web design. It's mobile and...
Top