Real Estate Investing: Advice from an Eviction Attorney |
- Advice from an Eviction Attorney
- Residential rental demand in the near future
- Buying a quadplex in a desirable rental area 4 up to 1.2 MM with a VA loan, living there for 1yr & then renting out all units.
- SBA Disaster Loan
- BNC national bank ?
- New PM company sends out previous month's rent for current month
- Seeking East Cleveland Property Manager Recommendations
- Are my buyer requests reasonable?
- Realtor commission on CD
- Is lowering the fee for online payments from 1.99 to .99 cents really considered ample support to enable people to pay their rent?
- Anyone else hoarding cash right now?
- What areas in the US are you invested in and what are Cap rates like (include home price + rental income/individual in home)
- Is a partial condo conversion doable?
- Mortgage vs buying cash
- What multiple of rent do you use a ceiling for your bid?
- Finding number of new/active listings by city by date?
- Are real estate agents retarded?
- How do you go about finding rental properties?
| Advice from an Eviction Attorney Posted: 20 Mar 2020 10:54 AM PDT An attorney that practices in MO/KS sent our landlord group some recommendations today that I thought were worth passing on and some forms that can be used. (If you want the forms, you'll be able to access the law firm's forms at the link below. Although she only practices in those two states and your state laws may be different, I think it's worth looking at her forms and adapting them to your state's laws. ) She pointed out that landlords should do the following things:
You can find tenant communication forms that will offer you some legal protection as well at her website www.mokslaw.com/forms under the "COVID-19" section. [link] [comments] |
| Residential rental demand in the near future Posted: 20 Mar 2020 10:18 PM PDT My past experience as a residential landlord (20+ years) has been that bad economic times increase residential rental demand. What is the community's opinion on the residential rental market over the next 18-24 months? [link] [comments] |
| Posted: 20 Mar 2020 09:10 PM PDT My wife and I are lost on what to do and we are asking you to help us out. I think we should buy a quadplex, live in it for a year then rent it out and live where we actually want to live, which is in a much more secluded area. The quadplexes are usually located in less desirable areas so my wife is concerned about safety. She wants to just buy a house, renovate it, then travel the US. With our low debt and mortgage the disability will cover all our living expenses. Any work is extra mooney to save. I believe investing in a quadplex in this high-demand rental area will result in an ability to use this to launch buying more properties. The biggest thing is that due to no money down VA I am banking on long term growth of the area with rental increases and equity in the house to make money and then selling it later. My wife is happy with our next to no debt. She thinks buying a handyman special to flip is the way to go. She really wants peace and quiet without worrying about the issues of ownership. Plus, she has an issue with the potential area of the quadplex being not so great. I am 100% disabled T&P so we do have that money coming in monthly. Our other expenses are very low as we only have about $450 in recurring debt monthly. We are lost... end of the day; I want to buy a quadplex for our future, live in it for a year then leave to our desirable place. The location of the property is not the greatest. She wants to move to to fixer-upper to flip, then travel. [link] [comments] |
| Posted: 20 Mar 2020 05:28 PM PDT I am a rule follower, so I would be filling out my application with 100% honesty. Would it be worth my time to file for a disaster loan? I am currently unaffected from a tenant standpoint, but I'd like to have access to the money when I need it, not after SHTF (potentially). From what I've read, the rate is fixed at 3.75 and the term is up to 30 years. Could I use it to pay off an existing mortgage? Sorry if this is an obvious "no" just wanted someone to save me the time of going through the app process if its not going to be fruitful. [link] [comments] |
| Posted: 21 Mar 2020 12:06 AM PDT They seem to have great rates but I have seen almost no mention of them in reddit. Are they legitimate any negative issues with them ? [link] [comments] |
| New PM company sends out previous month's rent for current month Posted: 20 Mar 2020 08:42 AM PDT Hi Guys, This is only my second investment property (4plex) and second property management company so I am not sure if this is common or not. But basically I was told by my property management company that rent is due on the 5th and that my payment would come on the 15th for the previous month. This differs from my first rental property which has me collecting my payment on the same month that rent is due from the tenant and is also the way that I would expect it. Is this common practice in real estate with property management companies? Thanks in advanced for your responses. [link] [comments] |
| Seeking East Cleveland Property Manager Recommendations Posted: 20 Mar 2020 09:07 PM PDT I'm closing on a property in East Cleveland in the next two weeks and am struggling to find a property manager that has a solid track record based on online reviews. Does anybody have a property manager who services this area that they recommend? [link] [comments] |
| Are my buyer requests reasonable? Posted: 20 Mar 2020 07:39 PM PDT As a first time home buyer I'm looking for some opinions on my potential repair requests on a home I just had an inspection done on. To me, they are things I shouldn't be expected to pay up front to fix, I think they should have already been taken care of by the seller before the listing. Let me know if you agree or think I'm wrong! 1) I had an arborist come and look at the trees in the backyard, as I was already concerned about a leaning one during the walkthrough. The backyard is on a very steep incline too with notable soil erosion. She recommended three trees in total be removed. The leaning one at a minimum, one that had almost no roots growing on one side of it, and another that is half dead. I would request they be removed based off of her recommendations. (Note: her company would not remove them, so she has no financial interest in saying they should be removed) 2) there was retaining/sitting water in one window sill to the basement, and the sump pump was running continuously during the 4 hour inspection. I'd like to ask that whatever action needed to waterproof the basement be taken. Thank you for any replies! [link] [comments] |
| Posted: 20 Mar 2020 08:09 AM PDT I got a Contract for Deed ( lands contract) offer for $15,000 down and $700 per month on a $70,000 home. This offer was given from the realtor. She wants her full commission up front. Is this normal? I have a problem with this because they're taking one third of the initial down payment from the buyer and I have to wait another ~10 years to get the full money. I don't understand why the realtor should get their full payment immediately. What can I say to the realtor? Is it possible that they just get the percentage of the down payment based over the years that it's paid off and I send them a payment monthly? House is in Minnesota [link] [comments] |
| Posted: 20 Mar 2020 11:49 AM PDT Due to the fact that the office is closed, the landlord has graciously lowered the fees from 1.99 to .99 cents and is proud to say that late fees will not be issued until the 3rd instead of the 1st. I feel like he his doing the absolute minimum to assist tenants. [link] [comments] |
| Anyone else hoarding cash right now? Posted: 20 Mar 2020 06:29 PM PDT 24, currently own a 7plex in Ontario, Canada, and have plans on buying another multi-family this year. Right now, the employment rates in my city jumped over 2% in a month, landlords throughout the city are starting to have issues with tenants not paying, and a lot of them are relying on these rents because of over-leveraging. Consumer debt is at an all-time high. On top of that, immigration to our city has ground to a halt and businesses are all closed due to this virus. And this all happened after a multitude of housing development came to the city (who are currently working on multiple big projects throughout this whole ordeal). So there's going to be more supply on top of all of this. And realtors in my city are still saying that this market is going to continue staying hot. Real estate investors are still hopeful and think this is a temporary "blip." I can't help but think that everyone is delusional. I know the old verbage states, "Time in the market beats timing the market." But I really think this whole thing is about to crash and burn. Landlords and home owners are going to have to sell because of all of this financial pressure. What's wrong waiting a few months to a year when it comes to getting a great long-term hold? I'm personally hoarding as much cash as possible. I'd rather pass on a fair opportunity right now in order to be able to get a great one a few months to a year from now. [link] [comments] |
| Posted: 20 Mar 2020 11:47 AM PDT I completely understand if everyone in this subreddit tells me to go fuck myself but I am genuinely curious about what areas in the US are profitable/still investable right now. I am a Canadian investor but frankly I want to move to the states and start a real estate enterprise. People down south are spoiled and I would be happy with deals that others would absolutely hate. Doesn't even have to be neighbourhoods, could be generalized as state, or one example of a property you have. [link] [comments] |
| Is a partial condo conversion doable? Posted: 20 Mar 2020 03:49 PM PDT Anyone familiar with condo conversions? Wondering if I can convert one unit to a condo in a 6 family property. [link] [comments] |
| Posted: 20 Mar 2020 02:11 PM PDT So pretend i have an undisclosed amount of money under $1M dollars, would i be better off getting a 30 year mortgage on my first rental property or should i purchase it outright? If your answer is mortgage it, should i always but up 20% or would it behove me to put down a higher downpayment? Kind of a stupid question but I have never done this before and i need advice. [link] [comments] |
| What multiple of rent do you use a ceiling for your bid? Posted: 20 Mar 2020 01:49 PM PDT I am familiar with the 2% rule, but is that really used by investors when considering how much they would pay for a property? It has been very difficult for me to find a $100k property that rents for $2,000/month. Is there a better rule that one should use? [link] [comments] |
| Finding number of new/active listings by city by date? Posted: 20 Mar 2020 01:11 PM PDT Is there a resource to see the number of active listings or when they were posted by date? Mainly want to see activity in the past few days. [link] [comments] |
| Are real estate agents retarded? Posted: 20 Mar 2020 06:55 PM PDT I've seen a bunch of houses listed in the last week for complete top of the market prices. What's going on? Do they really expect everything to be fine and dandy heading into a recession? The stock market is down 30%, people are losing their jobs and barely able to survive. Everyone I know going into a purchase (sellers and buyers) has backed out in these uncertain times. Yet houses in my area are being listed for all time highs as of today... [link] [comments] |
| How do you go about finding rental properties? Posted: 20 Mar 2020 09:34 AM PDT I am beginner looking to make my first real estate investment this year (depending on how things shake out with this market). I was wondering how people have gone about finding good deals on investment properties. Where should I start if I don't really have any connections in the industry? Looking for maybe a foreclosure that needs a little work or something similar. I am looking to rent out the property. Thanks for the help! [link] [comments] |
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