All Forum Posts by: Jordan B.

     Good morning everyone, I was curious if anyone here is investing in new construction rental properties. I have recently bought a couple lots in some very nice up and coming neighborhoods with this intent. We are looking at building duplexes that are 2 bed 2 bathroom apoximately 1000 sq ft per side. Similar units are renting for 1200 per side in that neighborhood. I am a general contractor by trade and have these bid out at 190k all in to build, and that is with 15% overage included. The numbers look good but is there anything I may be overlooking on building new?  

Thank you for any thoughts

@Dustan Marshall

I still believe that completely debt free must be a very personal journey because mathematically leverage will always have the upper hand. Once you find the space you are comfortable operating in you will see your confidence and efficiency follow. Good luck with your endeavors!

Welcome to BP @Karen Avery.  I'm sure you will find lots of great info as you begin to participate on the forum. 

As for your dilemma, based upon your description of the property I would not buy it as a rental. Being so far away from town and really nothing special enough about it such as lakefront or unique lot I think you would have vacancy issues. What are the odds of buying it cheap enough to fix up and resell it, how long do homes in your community stay on the market. Even if you didn't make a ton on the flip you are gaining appreciation on your personal home, just a though and best of luck to you!

I know guys, I have never had any trouble with my other title company. I guess I have taken for granted something that always goes smoothly. This will end up costing me at least 3-4 weeks of extra holding costs I'm sure...

A month ago we put a cash offer on a property to flip. Offer was accepted but my normal title company was swamped so I went with another office. Closing is supposed to be today at 4:30 and come to find out the title company just called the homeowner yesterday to get the pay off. Here is my problem. It is a FHA loan and they are saying it will be a week to get payoff number, how can this be? I have contractors ready for Monday and a week delay will put off my other jobs in progress. Anybody have any ideas on how to expedite this process or am I just subject to lousy government service. Thanks everyone

I am posting a link to a great motivational speech. Some of you may have heard it before but take a little time this holiday and give it a listen, it's good stuff to get you thinking about  where you are headed!  God bless you all and have a great thanksgiving!

https://m.youtube.com/watch?v=MqkoctuPsWA

Thanks for sharing Kwame, we learn so much from people posting real life situations they have  walked through!  And I agree with above post, find a good attorney and CPA for they will pay for themselves over and over agian. Best of luck!

Her Steve, as far as learning about real estate there are many ways to here on bigger pockets. Read some of the guides in the education tab, use the search feature and plug in what you want to know about. These are just the tip of the iceberg. And as far as mentors, there are some amazing people on bigger pockets, just get involved in the conversations and you can't help but be mentored most of the time. Good luck!

My wife and I had our lawyer and CPA in place ahead of our purchase ( as well as our LLC but that's another topic) It seemed like it was one less thing on our mind when analyzing our deals. Good luck!

Hello Robert and welcome to the site!