Real Estate Investing: The Cheesecake Factory Tells Landlords Across the Country It Won’t Be Able to Pay Rent on April 1 |
- The Cheesecake Factory Tells Landlords Across the Country It Won’t Be Able to Pay Rent on April 1
- Got to appreciate HCVP Section 8 rent rolls right now.
- Quick Question — Seller Financing Deal
- Keep our condo as a rental?
- Commercial loan for 10 unit residential building
- 1031 question: I've heard there can be a downside if there is a change in "basis." Can someone explain please?
- Who should claim tax depreciation for 2019 A/C?
- First time purchaser: Take credits or have seller fix issues that came up during inspection for property under contract
- Are Lenders Still Doing Cash-out Refi’s?
- Signing a lease on a drive-thru
- Is now a good time to draw on HELOC?
- Closed on my first rental! Unfortunately it is a college rental the week after the University was shut down.
- REITs no more?
- Input on this deal?
- Foreign investors who bought real estate in the US: your advice, please!
- Questions for other investors on selling furnished properties
- First time investor- Scared shitless (Cleveland, OH)
- How did you build a relationship with the bank you're currently using to invest?
- What is your net worth?
- Free online resources question
- No Cash-Out Refi
| The Cheesecake Factory Tells Landlords Across the Country It Won’t Be Able to Pay Rent on April 1 Posted: 25 Mar 2020 03:43 PM PDT |
| Got to appreciate HCVP Section 8 rent rolls right now. Posted: 25 Mar 2020 10:19 PM PDT My partner has always given me grief on the higher vacancy rate, but those government checks... [link] [comments] |
| Quick Question — Seller Financing Deal Posted: 25 Mar 2020 09:12 PM PDT Hello everyone I wanted to get some thoughts before I proceed. Found a property for sale around $390K, worth $450K, 2 Comps by the neighborhood for $440K - $475K Property is in rental grade condition. Seller is offering Owner Financing. My goal is to get a good enough term where the property can cash flow. Price $390K - Worth $450K Taxes: $6500 Insurance: $1200 Average rent $2000 I emailed her, she hasn't responded yet. But she didn't give out the address to the property but only the neighborhood. I used google street view around the neighborhood and found her address, do you think I should speak to her personally? Or is it best to talk through email before meeting up? She's 5 minutes away from me. [link] [comments] |
| Posted: 25 Mar 2020 08:14 PM PDT My husband will be relocated to NC this summer. We currently have a condo in NJ with ~$149k outstanding on the mortgage. Similar units rent for $1550/month, but at this rent rate we would net zero. I would have a PM firm manage the property, since we will be out of state. Factoring in PM fees, we would be operating at a -$200 loss per month, but growing the equity. If we sold the unit, after fees and whatnot we would only expect to walk away with $5k in pocket. So, basically nothing back to sell it except that we don't have to deal with it. What would you do? [link] [comments] |
| Commercial loan for 10 unit residential building Posted: 25 Mar 2020 08:01 PM PDT Can anyone recommend a loan provider for upstate NY. My provider has gone silent with CV going on but my closing is still happening on end of April. [link] [comments] |
| Posted: 25 Mar 2020 07:08 PM PDT I'm selling a SFH rental for $350k. Bought for $200k. $150k is left on mortgage. I've selected $350k worth of properties I can buy in a 1031. I'm concerned about downsides. I know I'll likely be in a higher tax bracket in 15 years when I sell the new ones, but that will still be worth it. The downside I've heard about but don't understand is something about changing basis points. Thanks! [link] [comments] |
| Who should claim tax depreciation for 2019 A/C? Posted: 25 Mar 2020 06:43 PM PDT Well hello you beautiful bastards. Last year my dad and I bought a duplex. The down payment: me with some cash, him with about 40k out of a very positive stock fund. I run the property and collect rent (which I'll claim as income on my 2019 taxes), and have other expenditures as expected. He has some repair expenditures as well, but won't claim any income. We then purchased a brand new A/C condenser, "cash" effectively, for 4k. So my multi-part question: since he'll pay capital gains on the 40k, would it be more lucrative for him to claim all the A/C on 2019 taxes, or somehow depreciate the A/C long-term on mine? Which one of us can benefit the most? Thanks in advance! [link] [comments] |
| Posted: 25 Mar 2020 06:13 PM PDT Hi, I an long time lurker — learning as much as I can and close to purchasing my first property. I have a condo under contract in central NJ that is in a 'good demand' area 45 minutes by train to Manhattan. After the inspection, I found out that the bathroom and kitchen subfloors need replacing due to a leak that ruined them The seller asked to me to get him a quote and then he'll decide if he wants to give me credits or get his repairmen to fix it. The inspector found a bunch of other issues( HVAC pipe needed insulation, toilet needed fixing, door handle needed to be fixed) but the seller said he'll only consider fixing 'big ticket items'. I was already planning to update the cosmetics in the condo and rent it out at a slightly higher rent. I have not budgeted for the structural issues. Given the current pandemic situation, should I try to get credits or push for the seller to make the repairs? He is asking for a written estimate. Any advice would be really appreciated. [link] [comments] |
| Are Lenders Still Doing Cash-out Refi’s? Posted: 25 Mar 2020 08:29 AM PDT I have a property that I will be finished with rehab soon. I want to cash-out refi asap. I want to be as liquid as I can in case of a downturn. There's no shortage of people needing rentals where I am. Are lenders still doing cash-out refi's in this market? [link] [comments] |
| Signing a lease on a drive-thru Posted: 25 Mar 2020 02:14 PM PDT Hi Everyone. I've been working on a drive-thru startup concept and we are just about to sign a lease on a property. It was an existing drive-thru that shut down. It is part of a building with two other renters and three vacant properties. Given the current landscape, what would you try to negotiate? We are looking at a 3 year lease, 20% decrease in rent cost, good signage. 3 months before rent payment. [link] [comments] |
| Is now a good time to draw on HELOC? Posted: 25 Mar 2020 08:09 AM PDT I've received some mixed opinions on the topic and am seeking some advice. My wife and I have a HELOC set up -- is now a good time to draw on the HELOC to have some additional cash on hand if we want to make any purchases in the next 3-6 months? Downside would be paying interest on that money but upside would be having cash on hand, assuming cash starts to draw up and HELOCs get turned off. I believe the general consensus here would be to err on the side of caution and NOT draw at all. However, I've had 2 pretty seasoned investors who I respect, unequivocally tell me that drawing is the right move (that's what a HELOC is for) and that I will regret it later if I don't have access to the capital and there are available deals. Thoughts? Edit: Our HELOC is at Prime + 1%, so around 4.25% right now. Our HELOC also requires a minimum of 1% payment ($1k minimum) each month. Therefore, drawing our full $150k HELOC would result in approx. $500/month in interest. Seems like a very low cost to pay to have additional capital on hand. [link] [comments] |
| Posted: 25 Mar 2020 06:13 PM PDT Pulled the trigger on a college duplex with 100% rental history over the last seven years. So of course a pandemic shuts everything down, right before I take things over. There is no immediate threat as one unit is rented out for next year and the other unit's lease is up May 31st. But there has been zero interest in the soon to be available unit. I listed it everywhere (zillow, Facebook, Craigslist, college pads, etc.) and nothing. The rent is already on par or lower than other units in the area. Does interest in college rentals typically pick up closer to the start of the new school year? I'm torn between lowering the rent and just waiting the lock down out and hoping things pick up. Any advice would be appreciated. Thanks! [link] [comments] |
| Posted: 25 Mar 2020 03:05 PM PDT I've been researching ways to invest in property that don't involve actually buying a house and REITs always looked like a safe bet but with what I've been reading recently, they're looking rather volatile. Are REITs still a sound investment and how long until the mortgage market recovers? [link] [comments] |
| Posted: 25 Mar 2020 03:33 PM PDT I found a really cheap duplex in the city next to me in an area that's being gentrified, however it's currently in a area so rough the only people you can rent to are folks on S8. After reviewing demographics, population growth, and rate of gentrification I estimate the area the duplex is in will be gentrified in 5-10 years. Would it be wise to acquire the duplex, and rent it out to S8 while waiting for gentrification? Or should I wait a few years for gentrification to be in full swing before trying to buy. And yes I'm well aware the area may not be gentrified. Thanks. [link] [comments] |
| Foreign investors who bought real estate in the US: your advice, please! Posted: 25 Mar 2020 04:01 PM PDT Hi, I have used the search option but haven't found anything regarding my question (which I find strange), so please let me know if this is a repost. I'd be grateful if you could point me to where I find threads that deal with this topic. I live in Central Europe, and while real estate is still comparatively affordable where I live, investing in real estate with the aim of renting it out here is basically pointless. The 1% rule is not applicable here (for context, I would break even on a flat I bought and currently rent out after about 30 years, but I intend to live in it myself) and the law and courts are so dramatically pro-tenant that plenty of people have decided to let their real estate remain vacant. I have looked into investing in other European countries, but I feel it's too late to get into some and in some others I just don't want to risk it. Therefore, I would like to look into investing in the USA to clarify, I have no intention of doing so before the pandemic is basically over and before having talked to a lawyer. I am not dreaming of finding the perfect 1% rule deal, but I would like to buy a long-term rental house with multiple units for around 120.000-170.000 $, find reliable renters and maybe charge one of them less rent in exchange for taking care of the property. Now, my question is: has anyone here who is not US-American invested in US real estate? How did that work? How did it work out? Do you have any advice or warnings? Where did you find the real estate you bought? Had you seen it before closing? Thank you in advance. [link] [comments] |
| Questions for other investors on selling furnished properties Posted: 25 Mar 2020 06:17 AM PDT I owned a condo that I furnished and rented on AirBnB for a couple of years. The HOA didn't like that and shut me down. I rented it again, furnished, long term which was approved by the HOA. Then a developer came along and bought out the small community. The money they offered was over market value so I took it. The tenant I had stayed in place and I left the furniture there for him. It was not included in his lease nor was it included in the purchase contract. Apparently, the new owner never renewed his lease but allowed him to go month to month but increased his rent to a point where he couldn't afford it anymore so he gave them notice. He called me to ask me about the furniture and I called Salvation Army who is scheduled to pick it up Friday. My worry is that they might not accept everything. To me, in my mind, it goes with the unit. There's no valid agreement between me OR the new owner regarding the furniture and I've already told the former tenant that I'm not responsible for his deposit as it transferred to the new owner at closing. He shrugged at that and said he knows. I think I'm doing more than enough but any ideas you guys might have on this will be appreciated. Thanks [link] [comments] |
| First time investor- Scared shitless (Cleveland, OH) Posted: 25 Mar 2020 03:39 AM PDT Hey gang, I am in the middle of closing on a triplex for 87K (Cash via 4% interest rate heloc ammortized over 10 years) in a c-class neighborhood in Cleveland OH. The rents are 1900 but I am completely unsure if my tenants will be able to work enough in order to pay the bills. Tenant paying 800 works at dollar general (essential grocery store in a food desert), One tenant paying 550 works in landscaping and is still working. Other tenant paying 550 is relying on child support to pay the rent. Market rent on this child support unit should be at least $50 higher as it is a 3 bed 2 bath apt. Should I let this short term turbulence stop me from closing on this deal? I will be trying to refinance to a conventional mortgage relatively quickly. My lender has no seasoning requirements for cash-out refi. Plus I just read that everyone making under 75K is getting 1200 from the govt which should make it easier for tenants to pay rent over the next few months. Thoughts? [link] [comments] |
| How did you build a relationship with the bank you're currently using to invest? Posted: 25 Mar 2020 10:06 AM PDT Relationships with entities are said to be a reason why some people thrive and others fail. Tell me how you did it. [link] [comments] |
| Posted: 25 Mar 2020 10:00 AM PDT I'm just beginning and I plan on buying my first MFH this fall, but I'm curious to see how much everyone is worth and how long it took to get there. [link] [comments] |
| Free online resources question Posted: 25 Mar 2020 09:08 AM PDT
Thank you! [link] [comments] |
| Posted: 25 Mar 2020 05:56 AM PDT |
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