Real Estate Investing: Giving tenants $100 off rent for the upcoming month a good idea? |
- Giving tenants $100 off rent for the upcoming month a good idea?
- I'm feeling discouraged and I would like to ask you for some advice
- How hard is it to get a mortgage during a recession?
- Forming LLC with another partner and additional investment members
- Defered rent payments because of virus
- Buying a new home in a few months - is cash out refinancing rental property bad idea?
- Closing on a 2-flat in Chicago today with an FHA loan. Both units are occupied, but I need to move in within 60 days. I don't want to kick a single mom out right now with COVID-19. Looking for advice.
- Should I take this opportunity?
- House Hacking Australia
- Advice: Tenant wants to buy my rental now
- Two primary residence mortgages for spouse and I?
- Anyone have experience calculating ROI for an owner-occupier multiplex rental property (owner as tenant)?
- Should I back out of my Purchase agreement?
- 2 Unit Multifamily Property Madison WI
- Real Estate or index fund investing
- What are the advantages of house hacking?
- I still have a few years, but will I be able to get a loan?
- Mortgage rates cut coming?
- Radon testing
- Anyone else frustrated that they missed out on the golden age of real estate investing?
- Any of y'all think you'd be able to get a good discount on Las Vegas property?
- How do I learn each skill to a basic level?
- Investor Agents
| Giving tenants $100 off rent for the upcoming month a good idea? Posted: 16 Mar 2020 07:27 PM PDT I was thinking of giving the tenants $100 off this upcoming month. Most of my tenants are not in a good financial position and are blue collar workers. I know that $100 isn't much, but it would probably do something to help at this time. I'm sure some might be struggling and if they can't work due to the coronavirus, that would make their lives tough. Is there much good side or bad side of something like this? I want to be a good landlord, but also need to still be smart about the whole thing. [link] [comments] |
| I'm feeling discouraged and I would like to ask you for some advice Posted: 16 Mar 2020 05:30 PM PDT Hi everyone. I appreciate how helpful you have been to me in the past but I'm in a bit of a rut as far as investing goes. A little about me - I'm 20, I own one triplex and work 7-5 at my skilled trade job. I'm very dedicated to real estate and at this point I've decided that it's what I'm going to do with my life. I don't want to be grant cardone but I want to retire by 30 and now I'm afraid I might not be able to meet my goals. I bought my triplex for $136k with an FHA 3.5% down mortgage with the intention of refinancing after 1 year and house hacking again. Obviously I need 80% LTV for that to happen and with the state of the markets it's looking like real estate might decrease in value and I might not be able to swing that. I've added some value to my house and I bought it below market value but I'm worried. My strategy was going to do house hacking and BRRRR simultaneously to get as much cash-flowing property as I could but if the markets are down are either of those things practicable? If I try to save up for conventional loans it'll take me forever and I feel like I won't be able to reach my goals. I also feel like since it's been 7 months since I bought my first house and I haven't bought another one I'm not making enough progress toward my goals. How do you feel about any of those things? Keeping in mind that I want to be at $5k cashflow in 2030 Thank you so much for your help. [link] [comments] |
| How hard is it to get a mortgage during a recession? Posted: 16 Mar 2020 07:44 AM PDT Sorry that this is a little insensitive. Should the real estate market crash and you have a lot of cash on hand, can you still get mortgages with 20% down payment? How about commercial mortgages on residential rental properties? Do they require unreasonably higher rates or higher down payments? [link] [comments] |
| Forming LLC with another partner and additional investment members Posted: 16 Mar 2020 05:08 PM PDT Most advice I see around here are for single member LLCs or one for an additional partner. I'm trying to form one with a primary partner (51/49 ownership), with additional investment members (friends who will not have ownership for decisions but will be compensated through various special allocation contracts). Is this... common? Would it be best to sit down with a RE attorney to simply form the operating agreement? Or would a more affordable CPA (or even legalzoom) be able to do the same since RE LLCs are relatively common/simple? Thank you! [link] [comments] |
| Defered rent payments because of virus Posted: 17 Mar 2020 01:28 AM PDT It seems with the whole virus outbreak thing a lot of tenets in bigger cities and maybe counties are getting breaks from the government in allowing people to defer rent payments... are there any landlords that are dealing with this? How are you coping? [link] [comments] |
| Buying a new home in a few months - is cash out refinancing rental property bad idea? Posted: 16 Mar 2020 12:40 PM PDT I currently own a rented property and I'm looking to buy a new home to live in (possibly duplex or Air BnB potential). I'm concerned that the increased debt from a cashout-refi may reduce my home loan approval amount. Let me know if this makes sense:
New home estimate price: $350k. Would probably use some of the cash-out for 20% down. That means $220k (refi loan) and new home loan ($280k) -- total $500k debt. I just don't know if I'm going to reduce my approval amount if I go through with the cashout-refi. Any thoughts? Thank you [link] [comments] |
| Posted: 17 Mar 2020 01:40 AM PDT This is my first property, so I'm not really savvy on all the nuances. From what I know, because I'm doing an FHA loan, I need to move in within 60 days of closing. Neither tenant is on a lease, so I was planning on giving 30-day notice to one of the tenants after closing. I have until the end of March to serve a 30-day notice (even if I serve them tomorrow, they have until April 30th due to Illinois law. Not sure if that's common, or specific to Illinois) and move in within 60 days. Both tenants are single moms, but the listing agent has told me one wants to stay because she just had a newborn. He didn't say anything about the other tenant. I was planning on serving notice to the other tenant, who is also behind on rent, but now Chicago is quickly going into lockdown mode, and it seems like a particularly brutal time to evict someone. Financially, I can cover the mortgage and my apartment for the time being, and if it weren't for the FHA requirements, I'd hold off until the world settles down for a bit. Unfortunately, I don't have enough cash on hand to put 15% down for a conventional loan, and I was planning on living in the unit anyway. Is there a way to request a waiver or extension of the FHA residency requirement? Should I move into the attic and stay there 4 nights out of 7 until the tenant can reasonably find a place to live? How exactly is "taking possession" defined? What are the consequences if I don't move in within 60 days? Are there other options that I'm not aware about? And yes, I'll bring all of this up with my lawyer too, but I thought I'd ask for advice here as well. [link] [comments] |
| Should I take this opportunity? Posted: 16 Mar 2020 08:38 PM PDT Would working in a real estate lending company help me learn more about investing? I wanted to just get my foot in the door (since I am new to real estate) and I have an opportunity through a contact to work with a RE Lending company. Would you take it? [link] [comments] |
| Posted: 17 Mar 2020 12:13 AM PDT Hey guys and girls, 29 year old Australian here. Wanted to share my journey so far and answer any questions for anyone wanting to do the same. Simultaneously id love to connect with someone who is a few steps ahead of me that can offer any advice or suggestions to consider. I bought my first property at 25, i paid 517k with a 479k loan. In 4 years ive paid this down to 432k and the value is now 590k. This gives me about 158k equity. I also rented 2-3 rooms out during this time which paid between 80-120% of the mortgage. Its on the market and im looking at phase 2. After all associated fees and taxes ill be left with 200k cash which includes this equity and savings. The bank has given me pre approval to purchase up to 795k.. which is a lot more than i want to spend. There is a sweet spot in the rental market here of about 200-300 a week rent for a share room with en-suite up to a single studio apartment. I have engaged a builder to build on land at a total cost of 650k a 3 bedroom, 3 bathroom, 3 kitchen and double garage 2 story modern house. There will be 2 independent studios with their own bathroom and kitchen that will rent for 300 a week each. That rental income will service the entire loan. I could then crane in another dwelling at the cost of 100k on a construction loan (extra 100 a week in mortgage repayments) that will be another 2 independent living studios doubling the income. What i will be left with is the management of 4 studios generating 1200 a week on a 650 mortgage per week. The plan is to then replicate this process again and crane the double studio out and with me to the second property. I would then have property managers handle the 3 tenancies of the original structure which would generate over 1000 a week and then park it. This seems to be a viable way to enter residential property development in my local area with local Australian laws. The barriers/risks ive identified are: Just need to bounce my thoughts around with like minded people. Would love any comments or sage advice. Thank you. Satyr [link] [comments] |
| Advice: Tenant wants to buy my rental now Posted: 16 Mar 2020 02:23 PM PDT Background: I use a property management company. They're also a real estate firm. Few weeks ago they told me the tenant is interested in buying my place. I asked how it would work regarding fees and they said it'd be 3% for the commission fees instead of the 6% that seller normally pays. My question is, can I simply go straight to the tenant to bypass the commission fees? I checked the rental agreement contract I have with property managers, and don't see anything that prohibits this. It'd save tenant and me a lot of money. Looking to hear opinions. Thanks all. [link] [comments] |
| Two primary residence mortgages for spouse and I? Posted: 16 Mar 2020 12:39 PM PDT Does it make sense for my spouse and I to get two houses/duplex, one to live in and one to rent so as to avoid the 20% down payment for a conventional loan? Thanks [link] [comments] |
| Posted: 16 Mar 2020 04:12 PM PDT Any owner-occupiers out there? I'm wondering if there are some general principles to separate personal expenses versus business expenses, a bit of a fuzzy line with the owner as tenant. Thanks. [link] [comments] |
| Should I back out of my Purchase agreement? Posted: 16 Mar 2020 02:28 PM PDT I am currently purchasing a house and the close date is set for April 15th. We completed and signed the purchase agreement about a month ago. We are considering backing out of this purchase agreement due to recent events (coronavirus and stock market). At this point we will lose $4,000 on a house that is currently priced at 400k. Would you follow through with the purchase or back out due to the risk associated? [link] [comments] |
| 2 Unit Multifamily Property Madison WI Posted: 16 Mar 2020 04:26 PM PDT I'd like to get your thoughts on a property I've received an accepted offer on. It's a multi unit two flat property located in the heart of downtown Madison Wi. Madison is a booming college town and real estate has become very expensive in the prime parts of the city. I heard of a property off market with the owner being interested in selling. After touring the property, it was obvious that it was a fixer upper but had potential. The owner said he was looking for $350,000. Rents are currently at 1320 per unit and I believe they could get to 1500 relatively easy. Right now the landlord pays all utilities (2-300/month). The downside is that at a minimum, the two bathrooms need to be redone. After running the numbers, I went back at him with $305,000. I offered this as it equates to a cap rate around 5%, NOI of ~$15,000, and a cash on cash return close to 10%. As it stands today, it will generate a free cash flow of roughly $6,000. The owner accepted my offer at 305,000, but was adamant about not having an inspection or financing contingency. I wasn't comfortable with either. We just got through the inspection and found a bad water heater, missing gfci, and various other issues. Given the return in investment, do I nitpick with him over the issues in the inspection? Other general thoughts on the deal? I believe other comps are going for at least $350,000 and this unit has a 3rd floor attic that has potential to be developed in the future. [link] [comments] |
| Real Estate or index fund investing Posted: 16 Mar 2020 12:36 PM PDT 150k in the bank, love my apartment on the beach in San Diego paying relatively low rent, have small beach rental property across the country in NJ, no kids, no wife. I'm thinking.... Should I buy a multifamily property in San Diego next year via auction or conventional to live/rent out (because i'm guessing the real estate market will drop) or invest in index funds in a few months after the corona virus settles out the market this year? Or maybe both? [link] [comments] |
| What are the advantages of house hacking? Posted: 16 Mar 2020 09:57 PM PDT How is living in one side of a duplex and renting out the other side better than just renting out both units and living in a rented apartment? [link] [comments] |
| I still have a few years, but will I be able to get a loan? Posted: 16 Mar 2020 06:05 PM PDT This is a little bit of a peculiar situation, but I'm 15 years old and think real estate investing is very interesting and something I'd like to do in the future. I'm actually getting a decent job at the company my mom works at as an accountant.(it's a commercial PM company, her boss is a family friend, I'm good with numbers and computer,and have a very flexible schedule.) Anyways, I should have a good bit of money saved up and I'm hoping that I can get some loans on a couple rental properties. I am building up my credit because I got my mom to make me an authorized user on her credit card. I'm wondering if by the time I'm 18 I'll be able to get a 30 year fixed rate mortgage as long as I have 20% down, 2 years of tax returns, and good credit? Or if my mom co-signs? I talked to her about it and she said she would be willing to co-sign. [link] [comments] |
| Posted: 16 Mar 2020 07:33 PM PDT I have been reading some articles and watching the rates lately. With this whole stock market plummet, and the FED sounds like they are posed to cut rates as of tomorrow possibly, does anyone have any articles or resources that they can cite on upcoming rate cuts? I'm looking to refinance my current home, hoping to get it to a low enough mortgage I can turn it into a rental property next year. Current lowest rates I found was 3.35% on a 30 fixed. I'll be going from a 3.99 to a 3.35 if I take that, but I obviously would like to hold off if we are going to see another drop? Thanks in advanced to any info! [link] [comments] |
| Posted: 16 Mar 2020 03:10 PM PDT Hi guys, not sure where to post so please remove if necessary I just bought a home and have to test for radon, if I hire someone can I get results any quicker then if I was to do it myself? I understand that I would have to mail it to the epa after a few days. Would the person I hire also have to do the same? Thanks. [link] [comments] |
| Anyone else frustrated that they missed out on the golden age of real estate investing? Posted: 16 Mar 2020 03:17 PM PDT As a newer real estate investor with only 5 properties, I actually find it hard to scale at this point. Especially being in a expensive market. I see so many real estate investors that got in pretty much at the perfect time circa 2009-2011 time frame (at this point I was in high school I couldn't do a thing) and those are the people who killed it. Not saying without any work, but they had the backing of the Federal reserve pumping money into the economy time after time after time. They were at the right age, either just turning 18 or were already in their professional careers before making this jump. I didnt even really get my career started till 2017, and I hate to say it but at times it feels like I missed the boat. By that point I've already missed 200-300% run up had I just sat on the equity of any property. I could throw a dart at the city and do great looking in retrospect. Now with the properties I have, they're not terrible by any means. I'm cash flowing on 4/5 house hacking the 5th but it's so frustrating to see investors on bigger Pockets talk about their EXTRAORDINARY gains when alot of that is attributed to how deep into the great recession we were. And even this potential corona-driven recession will not make a big enough impact to drive real estate down so that I could experience returns like they did. Doing the math I would have achieved financial independence by now with those returns by shifting around some debts and refinancing. TLDR: Jealous of real estate investors who were of age and able to capitalize on the greatest real estate run of our generation 2009-2020 while I was stuck in high school unable to participate (2010-2014) [link] [comments] |
| Any of y'all think you'd be able to get a good discount on Las Vegas property? Posted: 16 Mar 2020 05:27 PM PDT |
| How do I learn each skill to a basic level? Posted: 16 Mar 2020 11:19 AM PDT I figure at least I should know everything to a basic level. I should have an understanding how to evaluate what is a good house for the house to buy. Understand the loans and fianance. And the people I need to work with. How to inspect the entire house so I won't find too many flaws that require a lot more cash then expected. How to rehab it cheaply. How to spot bad contractors, what to include in the rehab. And when to flip or hold. This is a lot of skills to learn. Should I try to outline what an inspector does and just ask 100 questions like a kid does to learn things so fast? should I pull out a contractor's handbook, or their textbook? How do I learn things quickly and understand the basics, and understand what it takes to be a top professional in that field? [link] [comments] |
| Posted: 16 Mar 2020 10:56 AM PDT I am becoming a real estate agent specifically in real estate investing. I am doing this to gain more experience in investing for myself as well. Are there any tips you have / what you would look for in an agent to add to your team? I'm based in the Cincinnati/Northern Kentucky area. [link] [comments] |
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