Real Estate YEARLY THREAD

Are there certain types of property that normal people with money just can't buy? Like if someone who has no formal education gets very rich from crypto, will he have a hard time buying a nice property in the future due to discrimination?

To elaborate, like land with enough resources to be self sustaining. Or land with important resources on/under them.

Or historical/prominent local properties.

Do you foresee NYC becoming profitable to become a landlord in? Housing is expensive and I know the laws aren't friendly towards landlords. But still

Can I write off my interest for my Principal Residence? It has a basement suite. Canada

If you have money, you can buy everything, except government protected lands. Not sure if that's what you're talking about.

In your opinion is a condo or a house a better option for a first time buyer.

Currently living in VA if that helps

No, you answered my question, thanks.

I currently live in LA and housing is pretty expensive (expected). I was thinking I should buy a piece of property as soon as possible which basically would be a 300k studio apartment in Koreatown (a shitty area but nicely located in central LA). Is this the right idea to buy a property and keep it and then sell it when I make or have enough money to upgrade? should I just save more or make more money and buy something nicer for like 600-700K? I don't see my income stagnating within the next 5 years but I'm not making enough currently to afford a condo or anything.

Hi, I live in California. I've been thinking about financing a mortgage on a house to use to rent out to people or for airbnb.

Is there anything stopping me from doing this? Also I live in bumpkin socal, about 150 miles away from any important city. How do I know if I'll be able to find renters in my area and how do I go about finding them?

The mexicans will find you.

So Should I just put an ad out on craigslist or is there a better way to go about advertising?

What about the Southeast US

Yes of course, there's a good future in NYC, just make sure you understand the market before you invest, trust yourself and your own intellect, do not follow gurus and shit like this.

Could you be more precises? Write off for what reason and how?

None of those, you need to start with something with tenants. You need a cash cow to start in life. Except if you don't give a fuck about being rich in the futur than yes go for a house.

Fuck Quebec

For a big city like LA you're limited if you're not rich enough. Condos and houses will eventually go up and probably follow the inflation but. Your own property will never be an asset except if you plan to use your equity to invest in something later in like 10 years.

Yes airbnb is good for house nothing is stopping you aside 2 things: you need to be good at advertising and you also need backup money I'd say probably 50k in case you need to repair something really quick.

You're on the verge of a small collapse in the next 10 years, especially for Florida. That's because of people from my province (Quebec), a lot of them are buying at high prices.

>Could you be more precises? Write off for what reason and how?
Interest on my mortgage. The reason is to lower my taxable income. How? that's what i am asking, sounds like you don't know.
Also, how do you get a real estate game with little to know downpayment and a wage cuck job(approx $40k leaf bucks)

>residential real estate
>not gonna make it.png

I've started with a 100k downpayment a 25k/year salary. You have to buy something with a 6% cape rate in Canada. if you don't know anything about CAPE RATE just look it up on google, when you think you're good enough to make a cape rate just go around and find something that is close to your CAPE RATE of 6%... Go and see 10 different banks, make sure you know what the fuck you're talking about before going and there for a loan. If you credit score is good you'll be fine. Do you have money or nothing?

Went from 100k to 3.4 millions in 10 years. Yes I'm not a Rockefeller but I'm far from being poor.

Did you need loans to start out with that 100k?

No. Started saving at 10 years old, worked hard and didn't spend money. Took me 8 years.

Oh and yes sorry I took loans to buy a 500k building.

Long Island NY

Where do you think real estate is headed in QC? I have no experience in real estate, but it has peaked my interest as im waiting on the sidelines to get in it.

I am basically waiting for Toronto to follow Vancouver's footsteps in crashing and i'm thinking Quebec will have a surge to the upside for a bit before also crashing down.

Am I correct in that assumption?

No crash at all in the next 10 years. Worst case is a minor slowdown like 1.5 percent per year which is below inflation.

Ye, for the most part air bnb sux u want leases

You're goddamn right but Real Estate is a cycle, we're at the end of a cycle. I'll make myself clear for everyone in Canada... It's probably too late to make money in Real Estate. It has been too late in Toronto and Vancouver for the last 10 years.

Oh damn, alright.

Just out of curiosity, because I know no one can predict the future bla bla bla

But how long and how low will the bear market in rela estate in Canada bring us? Literally asking for your opinion based on your experience and knowledge.

I know the questions is pretty vague like asking when moon for btc but im still interested in hearing it desu.

Should invest in commercial properties then if you have that sort of capital.

It won't go down. It will go up at 0.5% to 1% a year or more depending in which city. The real problem is inflation... if inflation is 2% than you Real Estate investments are actually taking less value because your money is worth less. Your milk will cost more, your gas will cost more and your investments won't follow up.

I've been thinking about it. What exactly would you invest in?

I'm young but I eventually want to buy or invest in some rental property, house or apartments. What should I look out for?

You'll be back to 20k in a year.

I'm planning on going into a career that involves lots of moving. Can I still do rental property, and put my property under some management company, and make money?

Go for apartments. start with a 2-units to 4- units if you can, if you have more money 6-units is better.

T. angry tenant

You could but rental won't give you a big return if you don't take care of it. If you're ok with a 6% return than go ahead. Otherwise invest in stocks or both.

When cheaper housing in California?

>None of those, you need to start with something with tenants. You need a cash cow to start in life. Except if you don't give a fuck about being rich in the futur than yes go for a house.
I want to buy a house for myself but you make an alternative sound so much better.
How do I into being rich? I have a decent salary that will also be going up and a good credit score so I'll likely be fine getting a loan for something but don't know what for.

You could buy Bakersfield property and hold, rent and wait until prices here rise from the Amazon warehouse being built.

I make 59.5k a year, in a couple of weeks 62.k a year. After that I will make 68k in a year, and 81k after one more year. Earnings plateau at about that point.

I live in what has become a "bedroom community" of seattle.

I want to quit working as FAST as possible while staying safe with the goal of a good middle class income, and I see real estate as a good way to do this.

I've been planning on buying and holding duplexes with primary residence loans one after the other and trying to quit my job within a 5-10 year time frame. Is this reasonable? Are there ways I could get this done faster? I already have extremely small expenses and large savings to try to get 30% down payments.

Thanks.

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do you think silicon valley market will go down anytime soon? my family has been living there for the last 8 years or so, were not smart enough to buy a house when we first moved here since prices were already 1m+
:(

OP,
I had a Purchase agreement to buy a property and the seller signed all documents and even notarized everything Except for the Final Last Master Statement. All documents were submitted to closing agent, except for signed final master. The seller is now just getting cold feet about signing the last document because he may have got a higher offer from some one else. I went ahead and recorded the document to cloud the title so no one else can purchase the property.
Have you been in this situation before where a seller backs out of a deal last minute? If so, any advice on how to deal with it?