All Forum Posts by: Cory Mickler

Not all vacant houses are for sale. Many Vacant homes have been foreclosed and the process usually takes over a year to finalized so the bank can't sell the house until after a year.

You can try and contact the loan holder and see if they will give you a first look on the house once its back on the market and they will probably also let you know when the house is expected to be back on the market as well.

You have a comfortable cash flow so I would say pay off the debt first and play it safe. Only buy properties that are extremely attractive.

3 unit homes

Pros

-Tax/insurance is generally cheaper.

-You only need 1 insurance policy since its only 1 building.

-You can live in one of the units and monitor the other 2 for repairs, and lawn service.

-You can have a single AC/heating unit to provide for all 3 of the houses.

3 single family houses

Pros

-You can charge more for rent (depending on location, size of house and yard, etc) but houses typically get more rent money then a multiplex unit and paying utilities in a house is more typically the tenants responsibility as opposed to a multiplex.

Look it up on Google and then look on Google maps to see the average value of the surrounding properties. make sure the property you are looking to buy is below the average property value enough to ensure a nice profit.

Hello Arturo! Welcome to BiggerPockets! I am new to the community as well and I am hoping to establish some connections in the real estate market.

I am assuming you probably know as much as I do about flipping houses as I do or perhaps even more but in case you don't I will give you the basics.

Buy houses at low prices, in high value neighborhoods. The cheaper the house and the higher the average value in that neighborhood then the greater your profit will be. generally you want to buy and hold houses to rent if they are near commodities such as bars, groceries stores, etc. Even in bad neighborhoods, a house can fetch a nice monthly rate if it is near commodities such as workplace or school as well as bars and entertainment.

Good luck in your endeavors Arturo and I hope to see you around in the BiggerPockets community.

Hello Paul! I am new to biggerPockets and to real estate but I can offer you some advice. to the extent of my knowledge, you can increase your debt ratio refinancing your properties. If you are unfamiliar with re-financing properties, it essentially means that you renovate your existing property (fresh paint, add rooms, new carpet, etc) to enhance its value and then you have the value re-appraised. If the new value of the property or properties is higher than its value at the time you took out a mortgage then you can refinance the property at a bank to take out a larger loan on the existing property to pay off your old loan and take out a new larger loan which you can use to invest in other properties.

Good luck!

Welcome to BiggerPockets, Byron! I am also quite new to this site and am looking for colleagues to connect with and share advice and support.

I see you would like to own an apartment which is also a dream of mine. I have researched many venues of real estate and I have concluded that apartment complexes tend to carry the highest profit margins in the right circumstances.

It was a pleasure to meet you and I hope to see you around BiggerPockets!

Well first off my name is Cory, and I am an ambitious young man who recently graduated from college and is going back for his masters. I am pursuing a career in social work but I have always had a passion for real estate as a I love maintaining property and doing everything from waterline repairs to framing and dry walling. I also love landscaping and my dream is to one day own at least one 12 unit apartment building that rents for roughly $500 per unit monthly plus utilities. I know that these are extreme ideals but under the right circumstances I think it is possible.

Any advice is welcomed and I hope to become a helpful member of the BiggerPockets community.

Very few people want to live next to a train track that is in active use as the trains are loud and disruptive and can also cause vibrations which in extreme cases cause dishes to rattle.

Only buy it at a price that is reasonably below the resale price.

That is by far the worst house I have ever seen!

I would love to remodel a house like that for $100,00k though!