All Forum Posts by: David Gjeldum

Jon, Thanks for your insight. As a newbie to this it's great to get the heads up on stuff like that :|

Thanks to you both for your replies!

With each of your first properties, did you legally buy as an investment or as the intended occupant?

Are there any potential penalties for buying the property "intending" to occupy right away (first time home buyer, etc) and then rent it immediately? I'm sure it varies by state...

Hey everyone,

Thinking of buying a condo here in Chicago (I know none of you are fond of that, but I have my reasons)

Say I buy a unit/finance it in my own name. If I transfer ownership to a LLC, does that free up my name from any financing/debt associated with the property? ie: can I acquire financing for another property?

Thanks for any and all replies!

Realtyman,
Thanks for your reply, but I'm not sure if you read my post correctly... the only way I can use this money is if I put it into a personal residence. I'm trying buy smart so that I can generate income down the line. Regardless of what rich dad has to say, I don't think I'm alone believing buying a property is better than not using the money at all.

Marcus,
Thanks for the insight... I'll see what I can find as far as a duplex/tri/quad goes...

Bryan,
Thank you for the detailed answer. Above and beyond, really. I need to read up on subject-to's. I'll keep studying these forums and asking questions as situations arise.

Thanks again everyone

Hey Dan,
Thanks for your reply. Seems like I should stick to areas where I really know the market, or know someone who does.

I've never heard someone recommend tracking a property to see what it sells for... Really great advice IMO... I'll do that and repost! Although it might be awhile :roll:

Thanks Dan

Hey all,
Today I came across a few empty lots for sale.

I checked out the properties online. They are about 1.5 hrs away from where I live, in towns with a population around 15,000. They are in neighborhoods with houses around them (most likely developed land). There are three total.

Lot #1 is listed alone for $3995. 75'x140'. It is in a new neighborhood, in a gated sub division with a private lake, golf courts and parks. Lots in the same neighborhoods are listed (but have not sold) for 5- 12k. Homes listed for sale in the same neighborhood range from $128k - $300k.

Lots #2 and #3 are 50'x150', in a different town, and are 1.4 miles apart from one another. They are listed for $5k together, or $3k individually. They don't seem to have much value, because HOUSES in the area range from 20k-147k.

I have no intention of living in these towns. I do not have the experience to build houses or manage a project of that scope.

I have the cash to buy some (or all) of these properties... But I think the best option would be to pass these up...

My question is... Is there any benefit to buying and holding land?
Are there any ways I can get some profit out of these lots? Possibly wholesale them?

Thanks for all replies!

Jackie-
I've been looking for and comparing properties for several months on sites like realtor.com, Zillow, and craigslist... But there have to be better ways to find real estate...

Do you (or anyone else) have any suggestions for finding discounted properties?

Sam-
That's some crazy stuff... Hopefully I wont have the same problem here in Chicago.

Hey everyone...

I've been reading all I can get my hands on REI since I was a teenager... Taken a state Real Estate Licensing course and a couple broker courses... but nothing has "fed my appetite" like BP!

I am looking at getting into the market soon. I have some money (low five-figure) to invest in a personal residence, and I also have a smaller amount to invest in whatever I choose.

The key here is that I have some money for a personal residence. I cannot do anything else with it (request from a family member). I am trying to make the best of it by buying a property that can generate cash flow down the line...

I'm wondering what to do here... buy a condo? A SFH? Maybe a duplex and rent out the other side? What is the best form of RE to rent out?

Thanks for any and all replies!