All Forum Posts by: William Byers
William Byers has started 21 posts and replied 143 times.
Post: What would you do if you had $150+k in equity?
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
Originally posted by @Robert L.:
I am starting off the new year and really want to get build my wealth in a better way.
I've got several properties (including my own house) paid off free and clear for over a decade. I'm 45 years old. I chatted with a friend who said I should refinance, take the money and use it to buy more properties or even re-invest in other channels.
From rental properties alone, probably about $150k in equity. That's not even including a HELOC which I can get from my own residence which could be another few hundred thous.
I'm not a big buy and hold guy, although I do have about 3 properties, but I am not the guy who wants to have 10 properties and deal with the headaches. Yes, I can hire a property management company but I've had bad experiences with them and the cash flow really got eaten up by all of their fees and rehab overspending. I'm not a handyman type of person to do it myself either.
What would you do if you could leverage the current properties and use the money to make even more money? Ideas:
* re-invest in higher yielding avenues (like which index funds, etc),
* be a private lender to other investors and charge a high interest rate (obviously I'll need to perform my due diligence when borrowing this money),
* buy more properties with low maintenance and try a better prop mgmt company
* try getting into commercial properties (I'm new to this)
* I've heard about buying discounted notes???
* buy a house cheap, take title for 90 day seasoning, then retail for a higher price profit? (I haven't really done this before b/c I didn't like dealing with contractors and fix-ups too much)
Anyway, what would you suggest so that I can grow and build wealth even faster without a lot of headaches. I understand if you are not a financial advisor and I know it's just your opinion but I'd like to get your thoughts. I plan to also consult a financial planner as well but since I've been doing real estate investing for over 10 years, I have a particular inclination to using real estate to build wealth.
Thank you for your time!
God Bless
Rob
Rob,
I'm not sure what your friend knows or doesn't know about real estate or investing in real estate, but from your post I see that you're not handy, not a buy and hold guy, don't like being a landlord (or property managers), but are inclined to use real estate to "build wealth faster without a lot of headaches."
You do have many options (the ones listed along with many others), but I'm not sure these are compatible goals and expectations. I recommend you consult with someone who can evaluate these assets and help you develop a plan that realistically meets your goals on a risk adjusted basis.
Post: How Are You Planning on Making 2015 a More Successful Year than Last?
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
I will do the following:
- Create a more consistent pipeline of deals through a focused and consistent marketing campaign.
- Develop a robust online presence.
- Implement more effective tools and systems to leverage my resources.
- Develop a mentor relationship with a newbie investor.
- Develop a detailed business plan.
Post: Handling Tenant Caused AC Damage / Cleaning
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
Agree with @Elizabeth Colegrove and @Matthew Paul
Just because the filter is not specifically addressed in the contract does not relieve the tenant from damages directly resulting from their actions. The lease you have likely contains many provisions, and you must interpret it's overall intent based on the "four corners" of contract law. Taken in it's entirety (four corners), does the tenant have the right to 'fix' something without your permission, or does it cover damage related to their responsibility beyond normal wear and tear.
Post: Finding buyers in rural areas?
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
That is small town area. Unless you know an investor in that area, I would suggest pass on the deal unless you've built all the risk into the price. The profit is only on paper and unless you can turn it, that's the only place you'll see it.
Post: Finding buyers in rural areas?
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
It depends on several things. What's your exit strategy, who's your buyer? Is it a retail flip, lease option to a owner occupant, or selling to another investor.
Check recent sales activity in the area and average days on market. You can always build the risk into your offer.
Post: New Member from Jacksonville, Florida !!!
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
@Wayne Felton Welcome to the Jacksonville FL investing community. There is a Meetup scheduled for January. Good group to network with.
Post: My son is 10...Today he will get introduced to how rentals work.
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
My son is 7, and he goes to look at property with me, make minor repairs and he "bird dogs" by pointing out FSBO, etc. We also use contract language to come to agreement about behavior and expectations, (i.e. "terms and conditions"). You can never start too young. Oh, and he loves to play monopoly.
Post: Buying and selling raw land
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
Ross,
Here is the link to Broward County GIS to explore parcels.
Post: Real Estate Licensing
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
@Zach Sikes is right on the money. Get licensed thru the cheapest online course you can find and work for a brokerage that offers great training, tools and mentorship.
Post: SELF-STORAGE PLATEAU
- Engineer
- Jacksonville, FL
- Posts 182
- Votes 66
I've got pretty extensive Self Storage experience and CCIM tools that can analyze your market for competition gap or excess inventory. You may have marketing opportunities, but only if you don't have a saturated market area. Contact me with the address and I'll run a detailed market analysis for you.