Is it still a good market to buy real estate to rent?

If you have to ask, you're not ready. But, if you don't ask you'll never learn. Not sure this is the best place to ask for investment advice.

In this area with the military bases and government facilities, there will ALWAYS be someone looking to rent, so I say go for it.

Just double check your finances and be sure you can put up with the hassle of being a landlord, not being afraid to evict people, etc....

Since you asked Wrote:
------------------------------------------------------- Not sure this is the
> best place to ask for investment advice.


agree completely, getting advice from 9-5ers who armchair your real money isnt a wise idea. Speak to those who are in the trenches investing. Forget being lazy asking people online. Get out there meet people and make phone calls. You cant learn real estate investing hiding behind a screen.

Yes.


BUT!

NOVA is big, there are good and bad areas to invest in.


-Buy the house with cash if you can, or at least a 50%+ downpayment.

-Don't get a HELOC unless you know for sure you can pay it back asap.

-Are you handy? If you aren't shit will add up real fast. I'm a fairly handy guy now, due to having many properties. I'm a IT guy, but now am too a proficient plumber/electrician.


If you can find a good deal on a short sale, or foreclosure, go for it!

The comfort of knowing that if you lose your job tomorrow, you would still be able to live comfortably is a great feeling.

RE investor FFXUG Wrote:
-------------------------------------------------------
> Yes.
>
>
> BUT!
>
> NOVA is big, there are good and bad areas to
> invest in.
>
>
> -Buy the house with cash if you can, or at least a
> 50%+ downpayment.
>
> -Don't get a HELOC unless you know for sure you
> can pay it back asap.
>
> -Are you handy? If you aren't shit will add up
> real fast. I'm a fairly handy guy now, due to
> having many properties. I'm a IT guy, but now am
> too a proficient plumber/electrician.
>
>
> If you can find a good deal on a short sale, or
> foreclosure, go for it!
>
> The comfort of knowing that if you lose your job
> tomorrow, you would still be able to live
> comfortably is a great feeling.



What is the biggest issue with a HELOC? The adjusting rate or something else?

> What is the biggest issue with a HELOC? The
> adjusting rate or something else?


Yeah the rates. They aren't bad, but if you're a first time investor try to get a fixed investment property loan and put a lot of money down. Or best, buy it with cash. I use HELOCS, but I have a few properties that are clear of any debts, so I have a cushion if things go south.


I know people who have used HELOCS as a down payment for a loan. 2 loans to buy one house. They have lost properties back to the bank. Too risky IMO.


Are you looking at SFHs, condos?

RE investor FFXUG Wrote:
-------------------------------------------------------
> > What is the biggest issue with a HELOC? The
> > adjusting rate or something else?
>
>
> Yeah the rates. They aren't bad, but if you're a
> first time investor try to get a fixed investment
> property loan and put a lot of money down. Or
> best, buy it with cash. I use HELOCS, but I have a
> few properties that are clear of any debts, so I
> have a cushion if things go south.
>
>
> I know people who have used HELOCS as a down
> payment for a loan. 2 loans to buy one house. They
> have lost properties back to the bank. Too risky
> IMO.
>
>
> Are you looking at SFHs, condos?

I'm looking at condos. Was thinking bout using a heloc on my home which is I own clear.

Was planning to pay it off in 5 years. Not sure if its smarter to get an investment. Mortgage

Long term: Yes

Short term: No

> > Are you looking at SFHs, condos?
>
> I'm looking at condos. Was thinking bout using a
> heloc on my home which is I own clear.
>
> Was planning to pay it off in 5 years. Not sure if
> its smarter to get an investment. Mortgage


You own it clear which is good. I think you would be a good candidate to use a HELOC. Just put some of your own cash too, try not to finance 100% of the purchase if possible.

If you are looking for the cheapest (1br) condo, in a fairly "okay" area, you are looking at min $125k for a foreclosure/shore sale and about $140k for a regular sale.

Your monthly profit after condo fees, a small maintenance fund($20/month on a 1br), and taxes should be no less than $900 per month.


If you are using your HELOC, you can get a properties with cash, which lowers the prices since other can't finance the property, usually due to the rental ratio or property condition.

but obama gets mcmansions for free why would he pay your sad ass rent ?

but obama gets free luxury condos. why would he even talk to you ?

meaning on the gov dime free luxury condos for illegals not even supposed to be here

RE investor FFXUG Wrote:
-------------------------------------------------------

> You own it clear which is good. I think you would
> be a good candidate to use a HELOC. Just put some
> of your own cash too, try not to finance 100% of
> the purchase if possible.
>
> If you are looking for the cheapest (1br) condo,
> in a fairly "okay" area, you are looking at min
> $125k for a foreclosure/shore sale and about $140k
> for a regular sale.
>
> Your monthly profit after condo fees, a small
> maintenance fund($20/month on a 1br), and taxes
> should be no less than $900 per month.
>
>
> If you are using your HELOC, you can get a
> properties with cash, which lowers the prices
> since other can't finance the property, usually
> due to the rental ratio or property condition.

Wow, thanks for the advice. I hadn't thought about how the heloc
could be an advantage over non-cash investors in over-invested
condo communities.

I'm in the tech business too, so this is my first venture into RE. A
little nervous about it, but ready to go for it.

Do you buy mainly foreclosures/short sales? Do you think it's still
worth investing if you buy at market price? My goal is more long
term rental, so I figure market price is tolerable for me.

The answer is yes. You might be able to get some good deals of foreclosed real estate, but you'll need to ask specifically for those.

NO, keep your money in the bank. Home sales were down 14.5 last month.

"My goal is more long term rental, so I figure market price is tolerable for me."

Don't buy 1br. Need at least 2 even if the girls share one of the bedrooms.

fAter a fallow period in the mid Seventies, the band experienced a revival during the late 1970s and early 1980s with albums Sleepwalker, Misfits, Low Budget, Give the People What They Want and State of Confusion. In addition, groups such as Van Halen, the Jam, the Knack, the Pretenders and the Fall covered their songs, helping to boost the Kinks' record sales. In the 1990s, Britpop acts such as Blur and Oasis cited the band as a major influence.[1] The Kinks broke up in 1996, a result of the commercial failures of their last few albums and creative tension between the Davies brothers.[6] Sully Rd South onto lee Jackson Memorial Hwy into Chantilly, check status of machines at Fair Oaks Mall. Return any defective parts that are present. If you have not heard from Bill Splevins or Mara Toles at this time, continue to Fairfax County Court house. Don't park on Judicial Drive.They were the second group of the British Invasion on The Ed Sullivan Show, appearing in March for two weeks after the Beatles appeared three straight weeks in February 1964. For some time the Dave Clark Five were more popular in the US than in their native UK, but had a renaissance in the UK between 1967 and 1970. The group disbanded in late 1970. On 10 March 2008, the band was inducted into the Rock and Roll Hall of Fame.[2]



Edited 1 time(s). Last edit at 12/13/2015 09:33PM by WingNut.

>
> Wow, thanks for the advice. I hadn't thought about
> how the heloc
> could be an advantage over non-cash investors in
> over-invested
> condo communities.
>
> I'm in the tech business too, so this is my first
> venture into RE. A
> little nervous about it, but ready to go for it.
>
> Do you buy mainly foreclosures/short sales? Do
> you think it's still
> worth investing if you buy at market price? My
> goal is more long
> term rental, so I figure market price is tolerable
> for me.


Yeah, I pretty much only buy foreclosures/short sales. Sometimes I will buy a regular sale if they accept my low ball offer. Which they will sometimes, if the property is in bad condition and has been on the market for a while.

Personally I would wait for a short sale/foreclosure or something well under market if you're buying with cash. Take your time and you will find one, like Wingnut said, its buying season so you don't have to jump on something asap.
Even if it is a long term investment, it is still nice to save $20k+.


I also think we have a little dip coming our way in 2 - 4 years, though not as bad as the 05 housing bubble.

Nowadays, it's still a relevant topic. Is it worth investing in real estate for short-term rent? I hesitate about that, for some reason

It's still quite popular, and I can tell you it won't take long for everything to pay off, that's for sure, you just need to find a good offer. Nowadays, being a vacation rental channel manager is not that hard, and there are many solutions on the internet that can make your life a lot easier, so I recommend you learn more about this field and get into it.

Remember the Realtors’ Creed: Now is really the best time to buy real estate.

I absolutely agree that investing in real estate in Canada is really quite profitable. My friend, a businessman, does just that, and he transfers all the processes related to property management to the management company RentCore for a small fee, so if anyone is interested in how to get rid of all the problems with tenants, then you can Read more here.