- The amount of liquid hatred I’m seeing on reddit towards landlords these days is staggering. It appears that to be a landlord these days is about the worst thing you can be. Unless you just put a big banner FREE RENT on your properties. Then you’re lauded as a hero.
- Has anyone applied for Temporary Forbearance due to COVID-19
- Put in a bid for a $4900 property.
- Stay at home order and property maintenance
- Any resource to find % vacant for commercial real estate in my city?
- Refinance when interest rates at 0. NYC.
- How to switch tenant from property manager to myself?
- Is it really that bad?
- Any advice or loopholes on capital gain tax when selling a rental?
- Rate my first ever deal
- Getting Rent for an LLC
- Quicken Loans won't issue me a loan because it would be "too many points" - how is this possible?
- Tax Deed Sales
- Property Managers - What do you consider essential services during a shelter in place order?
- Any downside to setting up loan forbearance during these times?
- Purchasing home from parent using owner financing?
- Just had the "investor" the loan officer was working with pull out after locked in and approved all before final sign off. Is this normal? Allowed?
- For all the commercial residential guys out there .... "Fannie, Freddie to offer forbearance to multifamily owners who halt evictions" Up next ... forbearance across the entire economy.
- My wife and I are going to be new owners of property and I have a few questions
- REO realtors
- My property management company sent me an email today. They're waiving late fees. They didn't ask me.
- Can anyone their journey to retIrement (fire or otherwise) using real estate instead of the stock markets?
| Posted: 23 Mar 2020 03:09 PM PDT |
| Has anyone applied for Temporary Forbearance due to COVID-19 Posted: 23 Mar 2020 09:39 AM PDT I have a few tenants not paying and refusing to leave. I was wondering if anyone has applied for the Temporary Forbearance to their mortgage? I can barely make payments on my mortgage without the tenants paying and I can't evict them at the moment so they really screwed us investors on this. Was anyone able to manage pushing off their mortgage payments with the mortgage company? if so how did you do it? Edit: I finally got ahold of my mortgage companies. On my primary residence i was able to get a 6 month forbearance and on my rentals i was able to get a 3 month forbearance. I asked how will this amount i miss be paid back and they said it is expected at the end of the forbearance (as in a lump sum!). Really makes no sense. They said if your unable to pay it they go to loan modification which can either add that amount into your loan and re-do the loan (like a re-fi im guessing) or it can be added to the back end of the cycle (which is what most of us want). But what happens in the end is they'll do an analysis to determine which option. I think they don't really know what's going on because the govt is taking this one day at a time and issuing new regulations everyday. I decided to take the forbearance options just to be safe about it. ill collect what rents i can and put it to the side to plan back paying the lump sum if i can't get the backend modification option. hopefully the govt will say lenders have to freeze or backend payments but who knows right now [link] [comments] |
| Put in a bid for a $4900 property. Posted: 23 Mar 2020 11:14 AM PDT $4900 4b/2b 1776 sqft. It's in a great part of town, but obviously the town is low end market. But prices here are so low because people literally can't afford the asking price. Let alone the money required to bring it back up to code. The garage needs torn down on this one. Id estimate about 15-20k in rehab, and I have a great place for almost nothing. It will be my 4th rental. Edit: I'm not including labor in the estimate, mostly because I have friends or family that help me out a lot. [link] [comments] |
| Stay at home order and property maintenance Posted: 23 Mar 2020 03:30 AM PDT I have two multi family properties in town that I provide lawn care for. My area is under a 30 day stay at home order effective Tuesday. I know I'll have to at minimum start mowing in about two weeks, which is generally done by a high school kid. With me off work though I am considering doing it myself. Reading the rules it looks like this would be considered essential and because presumably my tenants will be inside and me outside there is little risk of virus transmission. I'm just trying to do the right thing here....am I looking at this in the right way? Should I be mowing or Just let it go in this time? [link] [comments] |
| Any resource to find % vacant for commercial real estate in my city? Posted: 23 Mar 2020 12:48 PM PDT I live in San Francisco. Is there a resource for me to find what % of commercial units / total square footage is vacant? It's been actually quite alarming seeing the number of unleased stores in SF before all of this corona virus stuff hit. [link] [comments] |
| Refinance when interest rates at 0. NYC. Posted: 23 Mar 2020 07:22 AM PDT My family has owned a property in NYC since the 2008 crisis. We have an original principal balance of $273,000.00, unpaid principal balance of $195,430.81, maturity date to 01/2041, and the interest rate is 4.375%. Given the zero interest rate environment, could my family refinance for a lower rate, (have to ultimately pay more over the long term) but reduce their monthly payment to save for their retirement. I will ultimately take over the mortgage after they pass on. Monthly payment is $2,000 and I am hoping to get that down to $1,500. What would an appropriate interest rate look like in current market conditions if we went to a mortgage provider to refinance? Does it make sense to refinance? Any thoughts would be greatly appreciated. [link] [comments] |
| How to switch tenant from property manager to myself? Posted: 23 Mar 2020 09:35 PM PDT I have a rental property that is currently managed by a property manager. I'm not happy with them, and I'd like to take over the management myself. The current lease is month-to-month, and the property manager holds the security deposit that was originally paid by the tenant. I'm just a little bit unsure of the procedure or best steps to migrate this over to my own company. Does the current property manager give them their security deposit back, and then I collect a new security deposit from the tenant based on the new agreement they sign with me directly? I worry that the current property manager will be slow to return it, and it will be difficult for the tenant to pay me a security deposit until he gets that back. Best way to time this..?? I think that's really my only concern. I have a lease agreement drafted already, and I was planning to use Cozy to collect the rent payments via ACH. Any feedback/info on this would be greatly appreciated. Thanks! [link] [comments] |
| Posted: 23 Mar 2020 08:33 PM PDT So BP forums predicting the end of the world basically. They are usually a dumpster fire anyways, but how do we feel here? Hypothetically- if the switch turns back on sometime in April. Can we recover from this and get back to solid footing by end of year? I am supposed to be closing on a construction loan in the Pigeon Forge area. Beautiful high end 4/6 with an indoor pool etc. Used as a STR. Originally before virus was looking at a 30-35% ROI easy. Won't be built until November, my gut says go for it...what do you all think? I looked at the data during the 2008-2009 recession, rents in the area and tourism was down about 10-20% off peak. [link] [comments] |
| Any advice or loopholes on capital gain tax when selling a rental? Posted: 23 Mar 2020 07:05 PM PDT |
| Posted: 23 Mar 2020 03:19 PM PDT I'm relatively new to all of this still so bear with me and correct me if possible. Deal is in North East Ohio, a B class property got for 125,000 at 3.625 and 3,000 credits from selling to go toward closing costs.(new home owner loan from big bank and my agent negotiated the deal) Like I said I got it for 125,000 it appraised at 135,000 before closing (closing on Friday, 27th) Built in 1981, 1600 sq ft, 4 bd 2 ba, Going to fix it up my self while living in it. Repairs are about 20k. ARV should be about 170-180k. Bank loan to fund the deal. Saved cash for repairs plus extra savings I have. PITI Is 1063 a month. I've estimated that it's going to take me about a year to complete the repairs considering it needs flooring paint bathrooms redone kitchen redone. And I've never done any of this myself but I have lots of help since my main job is construction-ish so I have a pretty good on grasp on what it takes to get the job done. Kind of rough timing considering the corona virus covid-19 situation but I put the offer in on feb 13th so I mean who woulda guessed. But what My hopes is that corona situation blows over by next year in time for buying season and everyone who didn't buy this year will go out and buy next year and hopefully housing prices shoot up even more (around 180-190k+). But if I'm unable to sell writhing a year and a half, then maybe I can rent it out until I have that eligibility. Should rent out for 1600(conservative estimate) If someone can give me some advice on this that would be great. But I'm confident in my ability to make this a pleasurable experience. I am out of work right now. I'm thinking I will get paid to be out of work. I'm not now but soon I think I will due to the fact that since I am a contractor for the government. But worse case scenario: I don't get paid, my vacation and PTO plus my savings on the side I will have enough money to pay mortgage and utilities until December. But if I still have no money coming by then, which if it even gets close I'll get another job. But absolute worst case I can't pay mortgage on the house pay off what I owe by selling the house. I lose all my money, keep my job and just stay at home and save up for another year. Although it's not good to think like that I'm just saying it's a possibility. TLDR: Bought at 125k, Repairs are 20k. ARV is 170k-180k. Piti is 1062 rent is 1600 will year about a year to be rent ready. Doing the work myself. [link] [comments] |
| Posted: 23 Mar 2020 06:50 PM PDT How do you guys do it? How do you easily get your rent paid online WITHOUT incurring a fee. Most of my properties are owned personally with an umbrella to protect me, and it's so easy to use Zelle or Venmo to get paid quickly, BUT the fee when your paid rent as an LLC seems difficult to avoid. I was accepting online bill pay from one renter this past year aka paper checks! Archaic, but I don't urgently need the money so worth it to avoid a 3-4% fee. What am I missing? I feel like someone has to have figured out an ideal, best way. [link] [comments] |
| Quicken Loans won't issue me a loan because it would be "too many points" - how is this possible? Posted: 23 Mar 2020 06:50 PM PDT I just got off the phone with Quicken Loans (through Rocket Mortgage) and they stated that they could not issue me a loan at all for 30yr fixed because the loan would cost "too many points" - how is this possible? The loan is for a 2nd investment property (4plex, state of AZ, purchase price ~$220k). I plan to pay 20-25% down, so the loan amount would be right around $200k. About me: 795 credit score, $190k/yr gross income, $0 debt How is possible Quicken cannot lend to me? What do I need to do in order to even qualify? Quicken said that if the property were to cost more money (AKA be a larger loan), it's possible the number of points would go down - but this doesn't make sense to me, wouldn't that make the number of points go up because it's a "riskier" loan? They straight up ended the conversation and said they couldn't lend to me at all because of the number of points - I am so confused! Any insight would be much appreciated. [link] [comments] |
| Posted: 23 Mar 2020 12:49 PM PDT Can anyone explain what a tax deed sale is in the U.S and how that works? [link] [comments] |
| Property Managers - What do you consider essential services during a shelter in place order? Posted: 23 Mar 2020 09:51 AM PDT Local guidelines are unclear currently. They may elaborate on them, may not. What do my fellow PMs consider essential services? IMO, definite essential services are: Maintenance: Anything that is considered an emergency during normal non-pandemic life. Leaks. No working toilet in unit. Habitability issues in occupied units. PropMgmt: Keeping staff online (remotely) to remain available to our investors and our tenants. I'm not sure about what, if any, of following we should be doing during a shelter in place order:
Thoughts and comments are appreciated. [link] [comments] |
| Any downside to setting up loan forbearance during these times? Posted: 23 Mar 2020 06:24 PM PDT There's been a lot of chatter in the news recently about lenders setting up loan forbearance programs if requested. For example, I've heard WF will do 3 months of loan forbearance if you call. For those of that own rental properties, is there any downside to setting this up? I had read that folks who set up forbearance in 2008 were negatively impacted on future loans. Apparently there is a question on loan applications that specifically ask about loan forbearance. Any other angles that I might not be thinking about? [link] [comments] |
| Purchasing home from parent using owner financing? Posted: 23 Mar 2020 06:23 PM PDT Does that sound like a good idea? I'm purchasing a 750k home for around 600k from my parents I'm getting a 300k bank loan and putting down around 75k and am hoping to do owner financing from my parents for the remainder about 225k, I believe there is a tax advantage by financing from them? Good plan, other ideas? [link] [comments] |
| Posted: 23 Mar 2020 01:35 PM PDT |
| Posted: 23 Mar 2020 01:28 PM PDT There's the first part to the equation !!! Up next ... forbearance across the entire economy. [link] [comments] |
| My wife and I are going to be new owners of property and I have a few questions Posted: 23 Mar 2020 12:53 PM PDT We don't want to practice medicine forever and want to have passive income via property ownership so we can travel more often than we already do. I don't want to rent to sketchy people. What are things I can do to avoid squatters, bounced checks etc? A few things I plan on doing: calling two previous landlords. Background checks. 3 months pay stub or deposit proof or contract from a job if they just moved for a job. Personal interview. Anything else I can do to weed out the crazies? [link] [comments] |
| Posted: 23 Mar 2020 04:16 PM PDT Does each bank have a one or multiple REO realtors per city? Any advice on how to get local contacts in San Diego, CA. I want to get into foreclosed properties, especially now, or at least be ready when the market turns after the corona virus. [link] [comments] |
| Posted: 23 Mar 2020 04:03 PM PDT Like the title says. The late fees are written into the lease. It's written such that the late fees are considered additional rent. So, that makes it mostly my money they are giving away. I'm actually fine with the decision, but I'm concerned that they would just ignore the lease without asking me, or other owners, first. Anyone else have a property management company spring this on them? [link] [comments] |
| Posted: 23 Mar 2020 04:00 PM PDT The recent turn at the market has taught me that I do not have a stomach for so much risk. [link] [comments] |
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