Real Estate Investing: Investors with 20+ units |
- Investors with 20+ units
- What problems do y’all see with existing property management systems that annoy you?
- Should I buy investment property? Corona virus fear
- Home inspection found knob and tube wiring. What are my options/next steps?
- Investing in SW Washington? or Minnesota?
- Investors who manage out of state properties
- Self evaluation help
- How can I speed up my acquisition of properties?
- Newbie - analyze my deal?
- I am under contract for a house in the gatlinburg region to purchase as a short term rental. I am not scared that i might be buying at the top of the market and feel jittery, Anyone can you provide an input on what i can do in this situation ? First real estate deal here. Do i cancel and wait it out
- Building Duplex
- Evict tenants now or keep raising rent?
- How many units was your “sweet spot”?
- Is it in my best interest to maximize my leverage if I plan on purchasing a home through an LLC?
- Gurus, Investing and the Hustler
- Using multiple cards linked to the same master account to track spending?
- Self-insuring for NNN lease?
- Current market conditions impact on real estate
- Looking at my first passive investment property with a group. What questions should I have answers to before investing?
- Meet Kevin's interactive house photos
- Standing water issue at property
- How to come up with a plan after trial and error?
- Lawyers and CPA's
- How has the Florida rental market fared in past downturns?
| Posted: 11 Mar 2020 08:58 AM PDT What's your story? I'm curious how much work you need to put into a large number of units when property managers are in place. I'm always dreaming of having a ton of units that are a variety of property types, but I'm not sure how many units is too many units. Thanks in advance for any advice/insight! [link] [comments] |
| What problems do y’all see with existing property management systems that annoy you? Posted: 11 Mar 2020 10:03 PM PDT I am learning more and more about real estate and was wondering what problems y'all see with existing property management systems as an owner AND property manager. Any input or recommendations on this would be great! [link] [comments] |
| Should I buy investment property? Corona virus fear Posted: 11 Mar 2020 09:54 PM PDT Hi all! We are in contract [but about to pull out] on an investment property that seems great for a airbnb. We [fiancee and i] have rental property experience. We have one air bnb pool house in our backyard, a rental property [single family home] and we live in a prosperous area of Texas [Austin]. The house we are in contract with has been used for Airbnb for years and has a track record of good profit margin. Its is also less than a mile from our residence, making it easy to manage. We are pretty set on not going through it is because of the fears of the economic set back due to Corona virus. We just had to postpone our honeymoon and wedding which was set for late April, and our office jobs are showing trends of extreme caution and potential work from home scenario. Our main annual event, SXSW, that brings millions to local economy was cancelled this week. Fiancee still says it's good to take risk while people are overly cautious and super scared. If family from abroad and from other US states are not coming to Austin, TX, who will anytime soon? We are super devastated and scared. Any thoughts? Ideas? Similar situations? [link] [comments] |
| Home inspection found knob and tube wiring. What are my options/next steps? Posted: 11 Mar 2020 05:40 PM PDT I'm in the process of purchasing a 2 story, 2,800 square foot house in Cleveland and the home inspector found knob and tube wiring in the house. Based off r/electricians, it seems to be unsafe to keep in the property and I should remove it. Do I have any other options here? What should I expect the cost the be should I hire a contractor? [link] [comments] |
| Investing in SW Washington? or Minnesota? Posted: 11 Mar 2020 10:20 PM PDT I spoke with a local PM today about the local market (SW Washington, particularly Cowlitz County). He said local investors have been selling, cashing in on market-driven increases. Buyers from Portland & Seattle are moving in and are OK paying a premium, particularly those in Portland to get away from landlord unfriendly changes to renter laws. This makes sense to me and explains what I've seen in the past few months -- over-priced duplexes with under market rents being snatched up in hours. There's not a lot of room for an REI noob like me to get a foot in the door. Curious if anyone else in this area has similar experiences and/or advice on how to approach? I've also been building and working a network in the area, but that hasn't paid dividends yet. Also, looking for feedback on these duplexes like these in St Cloud, MN: https://www.redfin.com/MN/St-Cloud/2105-8th-St-N-56303/home/50876551 The numbers look great to me coming from the environment I'm in locally. Cash flow is good, rents seem to be at market levels, appreciation may be poor, but I'm OK with that. What makes these a bad deal and keeps them on the market, particularly if they are staying rented? I don't know the area so I'm sure there could be many other reasons, crime, employment, etc. Here are the numbers I came up with:
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| Investors who manage out of state properties Posted: 11 Mar 2020 09:22 PM PDT What's your process for managing non-local properties? How did you source your local contractors/handymen? What systems do you have for when you can't be there in person? I'm so turned off by the fees and generally poor service of property managers. Having read from many in this subreddit about managing portfolios with minimal time, I'm wondering how to do that when the properties are out of state? [link] [comments] |
| Posted: 11 Mar 2020 06:35 PM PDT Hi everyone, I'm looking for some help doing a self evaluation on my duplex flip project that will be done shortly to see if my asking price makes sense or it's too low/high. My realtor is saying I'm pushing a little too high for the neighborhood but I feel like it's following the 1% rule so it can stay at my asking price or even slightly higher. Rehab details: -brand new HVAC and cool -new sewer lateral through whole property and start box -new electric 200amp with each panel in their own unit -new plumbing, water heater, pex whole house, in unit washer/driers -new cabinets and granite -new 2 bedroom layouts with double access bathroom -oldish roof but still in good condition(maybe 5-8years old) -3 car pad in back Essentially this whole duplex is brand new besides the roof. Details: Asking price: $230k -Gross rent: $2,300($1,150 a door leases signed and waiting for me to get occupancy permits) -Taxes currently: $1320 -I've allowed 10% vac -7% maintenance because everything is brand new(is that right thing to do?) -water, trash, sewer are ~$824 -left 10% management fee -$50 insurance(I'm not sure how accurate that is) Is this a good deal for a buyer? Am I asking too low/high? There is a 4 family that sold down the street for $240k, it grossed $2,600/mo but it was decently outdated. If I'm missing something please let me know! Thanks I'm advance! To keep my anonymity here are screenshots to the calc I used [link] [comments] |
| How can I speed up my acquisition of properties? Posted: 11 Mar 2020 10:56 PM PDT I'm a new investor and, right now, I don't have any money (<10k). But I'm planning to purchase my first quadplex by the end of this year. After I purchase this first property through my VA loan, I'd like to initiate a sort of rapid acquisition phase where I'm purchasing a quadplex 6 months after the first purchase. I need some financing ideas/tips: how can I fund this rapid acquisition plan? To those who purchase more than one property per year, how do you do it? PMs are open if that's preferred! Thank you! [link] [comments] |
| Posted: 11 Mar 2020 09:00 PM PDT Hi! I'll be a first-time buyer when I pull the trigger. I found what looks like a great deal and just want to make sure I'm doing this right. Home details: single-family home, 3BD, 1.5B Location: KC, MO, very near a hospital and a university. Seems to be an area with historically stable but now accelerating growth. Home condition: completely remodeled in 2019 with new roof and rebuilt foundation Rental status: rented through 8/20 Financials: Rent: $1,100 Price: $77,000 Down payment/monthly payment: $20K down and $480/Mo or $12K down and $560/Mo, seller financed. Think this quote is for a 30-year mortgage but waiting to hear confirmation on that. Would go for the $12K down unless there's good reason not to - would love to get that confirmed. Expenses: Monthly payment: $480 or $520 Property taxes: $89 Home insurance: $50 Utilities: tenant pays Property manager: estimating 10% of rent, $110 Vacancy: estimating 5%, $55 CapEx: estimating 4%, $44 Repairs/maintenance: estimating 5% as house was just remodeled, $55 Total expenses: $883 or $923 Income: $217 if $20K DP, 13% return; $177 if $12K DP, 17.7% return Other: seller pays 3% buyer agent commission (would be a family member who may give me a kickback of this) I'm an OOS investor, so I would need a property manager ASAP. Going to get recs from family on this. How long should I allow for identifying and picking a PM from out of state? Everything about this looks like a yes to me. Is there anything I'm missing or anything concerning in what I've shared? Thanks in advance for any help! [link] [comments] |
| Posted: 11 Mar 2020 11:46 AM PDT ? or go ahead with this ? 500k purchase, property makes 60k an year in normal years. Edit : Now* scared [link] [comments] |
| Posted: 11 Mar 2020 06:29 PM PDT Hi guys, I was wondering is it a good idea to buy some cheap house that has good size lot and build duplex on top with new floorplans and rent one of the duplex to get income and I live on the other duplex? I am thinking of buying a single family house but I think buying a house with big lot and build from scratch makes it more appealing. BTW I live in Edmonton Alberta [link] [comments] |
| Evict tenants now or keep raising rent? Posted: 11 Mar 2020 10:44 AM PDT Hey all, Recently got a great deal on a duplex. It is currently occupied with each tenant on a month to month rent basis. There is no lease. They are each paying $300 under market rate for rent. Should I keep raising rent by $100 until it is the market rate? If they leave I definitely need to do some renovations, one smokes. I don't think either of them can pay more in rent so I think raises will result in them missing payments and a lot of headache. What's the best way to proceed? [link] [comments] |
| How many units was your “sweet spot”? Posted: 11 Mar 2020 11:20 AM PDT For the investors that have a lot of doors, what was the number of units you had when you felt like you had the best handle on it? The sweet spot right between not having enough to do and having to scale your system upwards? [link] [comments] |
| Is it in my best interest to maximize my leverage if I plan on purchasing a home through an LLC? Posted: 11 Mar 2020 01:18 PM PDT I'm considering starting an LLC for investment properties. From what I understand the interest portion of a mortgage is deductible, is it then reasonable to maximize my leverage by putting the lowest amount of down? Some other important points, I am eligible for a physician mortgage loan, this will allow me to possibly purchase a home with no money down and without PMI. [link] [comments] |
| Gurus, Investing and the Hustler Posted: 11 Mar 2020 12:26 PM PDT Note: this is just an anecdote of my subjective experience nothing against the Guru and real estate hustlers or whatever, it is somewhat of a rant I've been in real estate investing for about 10 years, mostly as a side business for tax purposes and retirement and have compiled a nice small portfolio of B class multi unit housing. During my time i've met a lot of real estate "hustlers" these are the people that are always doing deals, have things cooking, bird dogging, quick flips, whole selling etc (basically we do anything Real estate related to make a buck but don't really specialize in anything). While these folks aren't really my friends they are acquaintances and on my social media. I constantly see posts of them trying to offload random junk houses for $1000 markup or "we buy houses" posts, inspirational quotes and referencing fortune builders, Millionaire mindset or some other Guru brainwashing scheme or slogan. Now these guys seem to put in a lot of hours, many have been doing it full time which is great if it works for them but i recently had a conversation with a few down at the local watering hole about investments. They kept going on and on about all their great deals and investments and things they made money on while showing photos of their rented sports cars when meeting with "clients" because clients like to deal with the perception of "success". I started asking them about property manager references, they both said they could manage properties. Here they manage 2 or 4 houses between the both of them for an elderly relative but were deep set on trying to sell me on managing mine. I inquired about how they self manage their won properties and any issues they had, they both kind of looked at each other and said "oh well we don't actually own anything" which is kind of shocking when you say you're a real estate "investor." These guys have been at it for 10 years, and to be honest they're still just getting by, not broke but always hustling for that quick buck. I've ran into one of their business associates before and said they're always out to make a buck here and there but they were never were able to look at the big picture settle down and invest. After 10 years as a full time real estate investor you'd think you'd have a sizable portfolio to show for it. They are also starting their own real estate investing coaching, mentoring, training courses and plan to start taking on Apprentices and students. And it made me wonder, how are these guys going to coach people on investing when their portfolio has had an alternating number between 0-2 house priced around $50,000 for 10 years. What kind of people actually pay for these Guru classes from salesmen like these guys? And anyone that has, has it really been worth it? Can you even call yourself an investor if you've never held a property for more than a few months and after 10 years don't have any type of portfolio built? Ok Rant over, sorry if i offended. [link] [comments] |
| Using multiple cards linked to the same master account to track spending? Posted: 11 Mar 2020 03:39 PM PDT A buddy of mine who also invests in RE just let me know he has multiple credit cards all linked to the same master account. Each card is tied to a specific property so he's able to track his spending per each property very easily. I thought this was genius and didn't realize it was even an option. I called my CC company (Chase) and they told me they won't issue another card number in my name linked to the same account without another authorized user. Is there a way around this that I'm missing? Does anyone else do the method I described above, and if so, what CC company is it through? This would be a game changer for me. [link] [comments] |
| Posted: 11 Mar 2020 08:28 AM PDT Due diligence on a new corporate 15 yr NNN lease. The lease states the tenant (franchise) will carry insurance with policy limits if $1m. It also states landlord will be listed as insured. Do people carry extra insurance for this under the holding LLC typically? If so, is it just an umbrella policy I ask for from my agent? [link] [comments] |
| Current market conditions impact on real estate Posted: 11 Mar 2020 02:24 PM PDT Hi All— looking to buy my first home soon and had a question. Thought this sub would be a good place to start. I know this current market downturn is much different from the last recession which was based around home lending and mortgages (loosely put). My question is, how will this stock market impact current housing market prices and mortgage rates in the short term? Not sure if this is the best time to get into a home or not. Any info, input or articles you may be able to point me to would be much appreciated. [link] [comments] |
| Posted: 11 Mar 2020 02:11 PM PDT Hi Guys, I am waiting for the documentation to come through on this so I can review, I am also meeting with one of the active investors to go over any questions about the property. I wanted to see what questions you guys recommend to ask before doing any sort of investment. This is a company that acquires, develops, rehabilitates and manages apartment communities. If I am understanding correctly, I would become a part owner of an LLC created for this property. What are some things I should be reading or understanding about this sort of investment method? Also, is Cash on Cash a calculation based on expectations, or is it a value that the company DECIDES to pay its investors? [link] [comments] |
| Meet Kevin's interactive house photos Posted: 11 Mar 2020 10:11 AM PDT Just discovered Meet Kevin on YouTube, and love how he can digitally walk around his properties and remodels on his computer. How can I do the same thing with my properties? Is it an iphone app? [link] [comments] |
| Standing water issue at property Posted: 11 Mar 2020 12:57 PM PDT The backyard of our rental property has a bunch of standing water in the back yard. When it gets bad, the tenant can't use the sidewalk at all cause of how much standing water is back there. Our tenant wants to rip up the backyard grass and add sod on top of what they rip up. She said she'd pay for it. I don't think that's the solution. I think the sidewalk is too low and it probably needs a drain tile??? I'm not sure. I was also thinking about swapping the gutters so the drain to the front of the house instead. That will help some, but still doesn't fix the issue when snow melts and we have heavy rain. Any suggestions? Thanks [link] [comments] |
| How to come up with a plan after trial and error? Posted: 11 Mar 2020 12:56 PM PDT I am looking at doing real estate but I keep planning for things, when I should think of it like doing things one step at a time, then the plan unfolds by itself. How can I learn the skill of doing things effectively one at a time and take the dive to mentally go with the flow. The idea is trial and error until I can come up with a pattern that will create a plan, then keep going along that line? [link] [comments] |
| Posted: 11 Mar 2020 08:59 AM PDT What's the best way to find a lawyer and CPA to work with through deals as a REI company grows? Do you just pay a retainer, a percentage of profits per deal or, just as needed? [link] [comments] |
| How has the Florida rental market fared in past downturns? Posted: 11 Mar 2020 08:21 AM PDT With the Coronavirus causing Florida's theme parks to contemplate closing, there is a risk of Florida heading for a downturn. Even if the impact of the Coronavirus ends up being short-lived (as most are predicting) a downturn is always a risk. How has the Florida rental market fared in past downturns? Did the rental market collapse with renters taking advantage of falling interest rates to become property owners? Or did the market remain steady? I especially would love to hear from anyone who was renting out in the Poinciana areas in the last downturn, especially in the Duplex market. [link] [comments] |
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