Real Estate Investing: Having second thoughts about purchasing a 32 unit apartment complex helpful advice needed |
- Having second thoughts about purchasing a 32 unit apartment complex helpful advice needed
- Can I finance foreclosure or Auction houses?
- Can someone who knows french real estate help me get rough estimates for renting out a house in the south of France?
- Joining a team??
- Zillow Rent Estimates
- My wife wants to get her real estate license but it overwhelmed with the options and programs available. Any advice? Thanks!
- Anyone have a Managed Laundry Room for their multi housing property?
- Investing in vacant land - Have money available - Opinions needed
- I’m in a dilemma with myself on saving for real estate investing or putting more into the stock market.
- Search/Filter by Rental Comps?
- Submitted offer on a home and found mold during the inspection
- Any investors out there sell a tenant-occupied property? Looking for advice.
- Reasons not to buy multi-dwelling unit with VA loan?
- CapEx on cheaper homes
- Anyone Use a Trust for Real Estate?
- Zero Down, Zero Percent
- No interest rate with pre approval letter.
- In Tri-Cities, WA willing to offer some help in exchange guidance and advice
- Should people find their 'bread and butter' type of style and get good at it?
- How do you deal with shortening the time between when you want to make an offer and when the offer is presented to the seller?
- Would home appraisals take coronavirus into account?
- Investor friendly agent
- Making money with rental properties
| Having second thoughts about purchasing a 32 unit apartment complex helpful advice needed Posted: 10 Mar 2020 08:39 AM PDT I'm about 3 weeks away from closing on a 32 unit apartment complex in small town Texas (50k) population Deal is being owner financed at 5% 20 year amortization five-year balloon 20% down on a purchase price of 600k The property built in the 1950s seems to have deferred maintenance but there were upgrades to electrical and roof. 20 units Are two bed one bath and 12 units are one bed one bath Numbers income- median rent is 425 per unit so when all are rented which currently all but 2 are total rent should be $13600 per month Expenses - total $8800 per month Property taxes 1100, property management 1200, insurance 950, water 1800, cable 700, lawn maintenance 200, gas 400 and 3100 mortgage. (Capex additional 15% & 8%vacancy not included) Should net around 4K per month as things stand With capex and vacancy % would be $1700 monthly. My concerns that I've never gone over 4 units so this is a big jump for me and I don't have loads of cash perhaps 30k available for unexpected expenses. Pros- there is definite upside in rent could get closer to 16k-19k monthly income after a moderate increase . Also it really does seem like a deal at 20k per door. I'm putting 1031 exchange funds from a sale so I really don't want to mess this up so please give your best advice thank you all [link] [comments] |
| Can I finance foreclosure or Auction houses? Posted: 10 Mar 2020 08:23 PM PDT Newbie here, want to invest in real estate. Is there anyway I can get mortgage on these houses? ( I know bank owned can be done), any other? If yes, where and how do I find it? [link] [comments] |
| Posted: 10 Mar 2020 08:53 PM PDT So I have an opportunity to go 50/50 in buying and renting out a property in the south of France near the ocean. 10 people, assuming 500 a night on a good day -rental company fees. Assuming I need a 2-300k loan for my half of an 800k house (or even if I buy the whole half outright), what would the taxes look like? How much could I take home every month and how fast could I pay off the mortgage if I re-invest everything? Does this seem like it could be potentially profitable? I'm not trying to bag hold a mortgage for over 10 years, preferably 5. [link] [comments] |
| Posted: 10 Mar 2020 04:08 PM PDT I watch Kris Krohn on YouTube quite often. I see he advertises joining his "team" to buy properties and saw a video of him revealing a property to a couple that turns out was there's along with another property. So what does joining a investment "team" really mean? Does anyone know? [link] [comments] |
| Posted: 10 Mar 2020 08:47 PM PDT I find Zillow rent estimates to be fairy accurate. When I run a rent search in a certain area and get back all those purple dots on the map, am I to assume those properties are currently available for rent or is it showing me all the properties that are rentals, whether or not they are occupied or vacant? [link] [comments] |
| Posted: 10 Mar 2020 04:02 PM PDT We live in Houston, Tx, what would be the best route or program to get her license? [link] [comments] |
| Anyone have a Managed Laundry Room for their multi housing property? Posted: 10 Mar 2020 08:07 PM PDT My coworker and I, soon to be partners hopefully are interested in proposing to take over our bosses only Managed Laundry Room. There are several unusual benefits that are unique to our situation starting with the fact that we would be visiting this some what neglected property once a week which would help us keep the on site manager doing what he should be. Aside from that we want to make a proposal that matches what she and her partner are currently getting. Im hoping to get some help getting an idea what is typically offered by these management companies. I assume they simply take a cut of the net income from the coin boxes, at least what they report. I know the last check that came in was just about 300 bucks. Do you think we should offer a flat percentage of the Net income or should we give a percentage after we take our expenses out. Also looking at your opinion on cost per load. Currently the machines are in bad condition constantly breaking (two calls on the same day this weekend) and rightly priced at 250 for a wash and dry. Our new machines should be in top order for a few years and as such we are considering a rather big jump to perhaps 2.00 for wash and 1.75 for a dry which is what I pay currently at my apartment I went to a local laundromat and the cheapest is about 4.25 for about the same size washer machine. Perhaps we should start a little lower for the first year and then bump it up. Do you offer a cheeper pricing than the laundromat down the street or do you match them and offer the convenience of having a more private and in house laundry unit? Sorry for the long winded post but I greatly appreciate your input! Edit: FWIW I already do all the maintenance on the same stacked units at our large apartment building and my partner already manages the money collecting, rolling, and depositing. [link] [comments] |
| Investing in vacant land - Have money available - Opinions needed Posted: 10 Mar 2020 04:06 PM PDT I don't know how often this topic comes up but I'm in my 30s, have money available (close to 6 figures), debt free, and single. I've never been big on the topic of investments and only recently opened a Roth IRA. I only started the IRA with a small percentage of my savings and still have a large chunk of it just sitting in a checking account doing nothing at the moment. Rather than putting the majority of my money into the market, I wanted to explore other options such as real estate.
I've been exploring the idea of investing in land locally (central FL) or even out of state. Things are booming here and I'm sure prices are already pretty high. I'm sure the market here is already flooded with investors as well, so local investing might not be so great (or maybe it is?). I honestly know nothing about it, whether it's worth trying, how to figure pricing, the type of land worth looking into, the types of procedures involved, and so on. I'd more interested in buying land to hang on to long term or maybe flipping it. Not so much for building on.
I wanted to reach out and get some opinions about the subject to get a feel for whether it's worth getting into. I don't know if Zillow would be the place to go to for this, but just looking at that site alone, FL lights up with listings with prices/acres ranging all over the place. Any input would be appreciated. [link] [comments] |
| Posted: 10 Mar 2020 07:38 PM PDT Here's my situation. Right now I'm saving 15% of my income into the stock market via 401k and Roth IRA. About 40% of my income I'm saving in order to put towards a down payment on a house hack within the next year. With the recent craziness of the stock market, does it make sense to increase my stock investing for the time being to try to capitalize on the vast amount of stock deals there are right now? Or should I keep it steady and stay where I'm at? I know there are other factors that come into play, but any suggestion? [link] [comments] |
| Search/Filter by Rental Comps? Posted: 10 Mar 2020 03:13 PM PDT When analyzing listings, one of the first things I do is compare the purchase price to a rough rental comp estimate using rentometer (is estimated Rent / Purchase price >= X). This technique usually allows me to cross off 80-90% of the listings I'm looking at. Question is: is there an easy way to search listings by X (in the context of my formula mentioned above)? If not, are there sources anyone knows of that provide listing data along with estimated rent comps via API access so I can create the filter myself? I'm not a realtor so I have no direct MLS access. [link] [comments] |
| Submitted offer on a home and found mold during the inspection Posted: 10 Mar 2020 06:46 PM PDT I recently submitted an offer on a lovely 3/3 condo a little bit outside of DC. The place is in my price range. However, I had the home inspection last week and we found a number of issues. A few of them being that the furnace would need to be replaced and there was mold in the furnace and exterior utility closet. The listing agent informed my realtor that the seller will lower the price of the property in order for the deal to close. I'll have a little bit of cash saved up after the down payment but didn't necessarily want to drain it on fixes for the home to be move-in ready. I plan to get quotes to see how much this will cost. I've done facility maintenance work in the past for my first job and believe I'd be able to manage contractors but this wasn't a desired choice. I'm not sure if there are things I should consider if I decide to move forward with the purchase and getting this work fixed myself by hiring. My real question is: when does it make sense to walk away? (I'm a first-time homeowner by the way.) [link] [comments] |
| Any investors out there sell a tenant-occupied property? Looking for advice. Posted: 10 Mar 2020 05:56 PM PDT I have a tenant-occupied property that I am looking to sell. I've never tried to sell a property with tenants still inside. I'm wondering how to go about it or if it's too much of a headache to even try. There are just so many variables. For example, is it better to show when the property when the tenants are there so they can't claim anything was stolen? Or is it better to show it with them not there so it won't be so awkward? How can I ensure the place will be clean/showable? Should I only show the place on Sundays or given them some kind of weekly window? Any advice/war stories welcomed. [link] [comments] |
| Reasons not to buy multi-dwelling unit with VA loan? Posted: 10 Mar 2020 05:46 PM PDT My wife and I will be PCSing shorty and are looking to use the VA loan as an investment. I see lots of upside to using the entire amount of the loan to purchase a nice multi-dwelling property, and rent out the additional units. What are some reasons this may be a bad idea? It seems like a no-brainer to me, which makes me think I'm overlooking some major risk. [link] [comments] |
| Posted: 10 Mar 2020 03:54 PM PDT Currently own one rental, but looking at picking up another one or two this year. When I thought about CapEx in my current property, using 8-10% of monthly rents made sense for my property - it matched up pretty closely to 1% of home value annually, and it matched up pretty closely with what I think the amortized costs would be for a new roof, new water heater, etc. over the life of those items. I'm looking at a couple of cheaper (sub 100k) homes that would rent for ~$1k/month. I'm having some hesitation, though, because of CapEx concerns, because the 8-10% of rent or 1% of home value amounts aren't matching up with the amortized cost of a roof, hot water heater, etc. - to me, a hot water heater costs the same for a $100k house as it does for a $250k house, the roofing costs are roughly similar, because the house itself isn't necessarily bigger, just in a cheaper area. So it seems to me like more valuable/higher rent homes would have an advantage in returns because the CapEx costs would be lower. I.e., a house that costs $200k and rents for $2k is better on a percentage basis than the same house but in a cheaper location that costs $100k and rents for $1k, because that first house is going to have lower CapEx costs as a % of rent and home value in the long run. Can someone who is in the sub $100k house market help me get my mind wrapped around this? Do y'all set aside a set dollar amount instead? Have y'all experienced outsized CapEx costs relative to your higher value/higher rent homes? [link] [comments] |
| Anyone Use a Trust for Real Estate? Posted: 10 Mar 2020 11:50 AM PDT Was it expensive to set up? Why did you do this? Are there disadvantages? Can you set this up after you buy property and then deed the property into the trust without triggering a due-on sale clause? [link] [comments] |
| Posted: 10 Mar 2020 03:15 PM PDT I recently attended a weekend gig focusing on this concept. Does anyone have experience targeting motivated sellers off-market and negotiating 0 down, 0% Interest owner-financed deals or similar? Obviously the above is a golden/ideal scenario but the general premise is negotiating heavily on terms to a niche subset of sellers. Likewise, minimizing down payments and avoiding as much interest and/or deferring as much as possible. Would love to hear from anyone who has done it. [link] [comments] |
| No interest rate with pre approval letter. Posted: 10 Mar 2020 01:37 PM PDT Hello all, So I'm looking to purchase my first investment property (SFH) and I found a mortgage broker online to help with my first step - the pre approval letter. He said that everything looks good on my end (good income, credit score etc) and that I can get approved for a 400k house. However when I asked what the interest rate were, he said he wouldn't know until I find a place and submit the offer. In an attempt to save face, I went along with it. I was under the impression that the mortgage broker was suppose to search and find me a good rate first. If I find a place and contact the broker again, I don't want to be stuck with a misery interest rate. Also he said that if he were to guess, the going rates today for me would 4.75%. Seems high but I'm a noob. Thoughts? Thanks for any input you can provide me. [link] [comments] |
| In Tri-Cities, WA willing to offer some help in exchange guidance and advice Posted: 10 Mar 2020 01:02 PM PDT As the title says I am located in the Tri-Cities area of Washington state. I am willing to offer as a extra set of hands on the weekends if needed for things like painting (exterior/interior experience) power washing decks or siding. If you had other ideas I'm open for discussion. I'm just looking for some guidance parts of the real estate buying and investing game. I'd love to be able to go over deals you've done or deals you're currently working on just to see what all goes in and how to properly analyze properties and their perspective ROI. My ultimate goals are to eventually go with an all out BRRRR strategy. However, I want to start simple with a cashflow positive property my wife and I can live in for approximately 1-2 years while we are in the area. Eventually renting out the place. We have access to a VA loan and options close to it requiring no to low money down (0-5%). We have ~$25000 in the bank that could be put towards a down payment or renovations on a property when we choose to buy. Anyone interested in my offer or just willing to help out feel free to reach out to me. I ultimately want this experience to be beneficial to both parties! [link] [comments] |
| Should people find their 'bread and butter' type of style and get good at it? Posted: 10 Mar 2020 05:11 AM PDT For example if I had the eye for buying empty land, or houses that need to be demolished, and build a house on it or put a modular home on it. Should I just figure out how to get really good at that one thing? Or if my thing is getting cheap houses, un-upgraded houses in good locations that all have upgraded houses and doing a very cheap but high end remodel job. I should just stick to those types of things? Do you recommend specializing so you can get good at it, or should people try to do just flip any house? [link] [comments] |
| Posted: 10 Mar 2020 12:25 PM PDT 3 times (2 different agents) it happened that I wanted to make an offer and in the hours of document exchange and signing between me and the agent, the house went. [link] [comments] |
| Would home appraisals take coronavirus into account? Posted: 10 Mar 2020 06:13 PM PDT Not exactly sure how home appraisals work but in my time as a real estate agent, appraisers don't look at macro factors when assessing a home. Like would the whole butterfly effect of virus crashes market, businesses temporarily close and as a result lose significant revenue and lay people off making the likelihood of default higher? Or am I completely overthinking this? [link] [comments] |
| Posted: 10 Mar 2020 07:11 AM PDT How do you find a real estate agent who deals well with investors? [link] [comments] |
| Making money with rental properties Posted: 10 Mar 2020 05:57 PM PDT How can you make passive income on a rental property if what you charge for rent is equal to your mortgage payment?? Is there a way to make this a passive income? [link] [comments] |
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