All Forum Posts by: Brett S.

I'm about to inherit two parcels and need to decide if I want them or if I should put them up for sale.  Or do something else.  I'd enjoy keep some of it for recreation but I don't want it all just for occasional walks in the woods?

One is ~500 acres on top of a hill surrounded by a "city" of about 50,000 people.  Many flat parts but the landscape here is such that the home builders are used to putting houses on 30 degree slopes....  One major (like fortune 500 major) business in the area but otherwise all other industry feeds off that business.  Not worried about it going away - it's been there 150 years already.

Parcel has three established roads that it can connect to if extended.

I don't have the capital to do much so need to be creative.  I'm thinking I could have wood cutters come through and then maybe let farmers use it 5 years free of charge if they cleared the land.  Then maybe develop or lease the farmland.  Just not sure it would be a better return than just selling it today...

Anyway, looking for your thoughts!

Hello,

I need to purchase a new personal residence in a new area and while none of the houses are to my exact liking, there are a number of houses which check a few of the boxes.

Therefore, I plan to purchase one of them and then hire some contractors to check the boxes that it doesn't have on day 1.

Accordingly, I'm trying to get a sense of what is most vs least costly to change on a home (I've been an investor for years but just buy and holds with maintenance work, not flipping).

I'm thinking it goes like this (from most expensive to least), but please advise if I'm wrong somewhere.  Note I'm not contemplating repairs / maintenance type stuff, such as sewer mains or 

1) Moving a home to a new location (as in so expensive you're nuts to contemplate it)

2) Replacing / significantly changing external look / structural elements / adding a story

3) Replacing vinyl siding with full brick or stone all the way around

4) Replacing old heating (baseboard radiant) with new, such as a heat pump and forced air

5) Updating Kitchens

6) Updating bathrooms

7) Replacing floors (like carpet to hardwood or stone)

8) Updating fixtures

9) Painting

 They do this every time I apply. What do you think the credit check is for?

forget those people who say you need to tighten your bootstraps and work your way through it for honor. Bankruptcy is a simple financial data based decision, not emotional one. 

Both my brother and my dad would have 1) had better lives and 2) more forced saving discipline if the filed for bankruptcy in their lifetimes. It's like the army for misbehaving kids that way. 

In my view, file yesterday. Particularly if you are going to school. 

If you want to get really smart read up on what your state won't take (personal residence, etc) buy those things, and then file to end up net positive. 

Don't feel bad for the bank, they won't feel bad for you. 

Thanks!  Does the Syracuse meeting have attendees familiar with the Corning / Elmira area?  It's 2 hours away so I'm not sure that would be the case.  

I am considering investing in Corning NY and the surrounding areas.  I have minimal background on the area but have personal reasons to start investing there.

Initial reviews would suggest that a downtown rental (which appears to be a low cost but not poor area) can  provide good returns. 

Anyone here from the area?  Any rei meetings for that area?  Rochester is the closest "big" town but that's too far away to have much local value I think. 

Thanks!

do re on the side like most of the rest of us. Don't use it as an excuse to flake on college. 

Imo - you should double down and do finance/accounting undergrad with a grad degree in law. You'll be incredibly marketable and able to understand all of the ugly parts of real estate. 

I never, ever, ever recommend you paint brick.  It's like someone painting hardwood floors Whatever you do will be seen as a tacky later (10 years, 50 years, who knows). 

Just say no. 

Paint anything else. 

You need to do a whole lot more research before you make a decision as you are not well enough informed currently. 

1) it's not true at all that you can't contribute to a Roth. I bypassed the income limit about 10 years ago and I still contribute every year. Google "back door Roth IRA" and you can too. You should always maximize retirement contributions before anything else since tax avoidance is the highest return investment out there.

2) I'm a real estate investor too, but the advice given here is heavily biased. You should post the same question on bogleheads.org and get their advice too in order to have some balance. They are also extremely financially savvy and are more or less 100% opposite to biggerpockets investment advice And you can have a balanced view

3) never hold your investments in cash, particularly retirement accounts. You are guaranteeing a loss of ~3% annually if you do that.  buy a us stock market index fund or bonds while you think about it. 

4) do not go all in on real estate. It's one of many investments that carries a certain risk/return profile. There is no free lunch like many want you to believe. Higher returns = higher risk.  If it was low risk and high return (low price) then all investors would put their money into it until it is priced appropriately (low return). Real estate is a high risk / high effort investment, compared to the stock market. That's a fact and the market confirms it.  Take off your rose colored glasses. 

Don't get me wrong, I love real estate and it's a sizable part of my portfolio. Just make sure you educate yourself and take a balanced view before doing something you may regret later. 

if you high interest consumer debt pay that off. Then save up more and drive for dollars and/or get in touch with wholesalers in your area.