Real Estate Investing: Is it, the end of the world as we know it ??? |
- Is it, the end of the world as we know it ???
- Kansas Gov. Laura Kelly halts home and business evictions during coronavirus threat
- Suspension of Evictions
- Closing my 2nd rental tomorrow
- Will extra costs to "legalize" a multiplex pay for itself?
- (Pre)Foreclosure Reading and Research
- Does refinancing cost money?
- Michigan Refi ?'s - Read a Lot Don't Know How/Have Connections
- Those of you that are familiar with BRRRR strategy why do you refinance?
- Thoughts on upgrading units to increase rental income potential
- What strategies are you using to buy distressed RE in this crisis?
- Commercial Master Lease Options - Need some creative financing ideas
- Suggestions???
- Best loans for investment property
- Been looking to get into the game for awhile. With a recession coming up, is this a good time to buy?
- Realtor Fee On Sub 50k Properties
| Is it, the end of the world as we know it ??? Posted: 18 Mar 2020 06:24 PM PDT Short answer: NO Do you younger guys/gals feel that gnawing uncertainty ? Do you feel totally shaken ? Have you ran through all the different scenarios of what can possibly come from this virus ? Well this is exactly what it feels like when you're staring into the unknown. This is my 4th major financial upheaval. Everyone of them different from each other but all them equally scary. It doesn't have to be but it's how we're hardwired as humans. It's in our DNA. The guys/gals who are able to override the initial rush of fear are the ones who will make money in all of this. Yes, I understand that this one is different from the others but they're all different from each other and make no mistake about it ...... I am very much at risk here. My prediction is, the country goes on a 60 day timeout ..... no mortgage payments, no cc payments, no interest, no taxes ... nothing. And then when the uncertainty is over, the markets roar back, higher than they were 3 weeks ago. Of course, I could be wrong. I'm generally an optimist and maybe i'm kidding myself but markets come back .. they ALWAYS do !!! In the meantime I refuse to idly sit by and feel helpless .... I assure you someone will let the fear take over and I'll be there to capitalize, so for now this shark is on the hunt for deals ! Buckle up motherfuckers .... this is going to get interesting. [link] [comments] |
| Kansas Gov. Laura Kelly halts home and business evictions during coronavirus threat Posted: 18 Mar 2020 06:48 AM PDT Your state is probably next. How is this going to work? https://www.kansas.com/news/politics-government/article241290866.html [link] [comments] |
| Posted: 18 Mar 2020 02:14 PM PDT Looks like this is happening for at least a month, you may not be wrong to assume it will be extended past the end of April. Understand the dire need but assume owners will still be responsible for taxes, insurance and maintenance and even if there is a suspension of foreclosures once this thing is all over the bank will want their money while the tenant will have lived for free, potentially prioritizing all other expenses over rent, and will be near impossible to collect from. Tell me I'm over reacting and this isn't as bad as it seems. I have reserves but I'd still rather not lose my shirt here as my primary employment is also in limbo. [link] [comments] |
| Closing my 2nd rental tomorrow Posted: 18 Mar 2020 08:58 PM PDT Life was normal till 3 weeks ago so I moved on a townhouse in Houston. Putting 30% down but, damn I am not sure how long before someone will rent it. [link] [comments] |
| Will extra costs to "legalize" a multiplex pay for itself? Posted: 19 Mar 2020 12:40 AM PDT Does going legit pay for itself? I have the option to continue to operate a multiplex contrary to zoning, or I can pay a significant premium to legalize it. It's perhaps worth mentioning that unauthorized suites are endemic in this area - the bank holding the mortgage is well aware of the current unauthorized use. I'm assuming revenue isn't going to change if I legalize. But what about on resale - how much of a premium would the legal use of the building command over illegal use (if any)? Is there any way to quantify this? Could an accountant or some type of real estate professional put some numbers on this? I'm wondering if an appraiser would be qualified to assign a premium. Or perhaps one of the electronic appraisal services would run the two scenarios to compare? There is much to be said for the peace of mind from operating legally and to eliminating risk, but right now I'm focused on the ROI of it in dollars and cents. Thanks. EDIT: I disclosed unauthorized use to insurer, coverage is not an issue. [link] [comments] |
| (Pre)Foreclosure Reading and Research Posted: 18 Mar 2020 07:46 PM PDT Can someone please link me to reading on pre-forclosure and foreclosure houses? Where/how to look for them, the different rules that apply to buying and financing, etc.? Thanks [link] [comments] |
| Posted: 18 Mar 2020 08:54 PM PDT My mother in law has a house in LA. She bought it for $300k in 2010 and is trying to refinance now. Does she have to pay any out of pocket costs for the refinancing process? Sorry total noob here [link] [comments] |
| Michigan Refi ?'s - Read a Lot Don't Know How/Have Connections Posted: 18 Mar 2020 08:23 PM PDT Background: Have accepted purchase agreement on my second Mixed Use/Multi Family 6 units (4 residential 2 commercial) in Michigan. Purchase price is about $250k. Paying cash. Looking to refinance ASAP. PA is contingent on a quick close or I'd just do conventional/commercial lending. It is currently cash flow positive but from a management perspective is really rough... 1st through 3rd months will be tenant cleanup. It's an absolute mess. Month to month leases, one lease cant even be found, potential squatters. Bad history likely going to need some evictions etc. From there will be some rehab, probably Section 8 etc. NOI of $40k after post rent/lease stabilization and factoring 25% vacancy/loss/maintenance. Questions: 1) How do I do a refinance and is this property applicable? This may sound super beginner but I don't know who to talk to. I want to pull the money back out. I've historically worked with personal cash and family lending. Pay family off within a 3-6 month period. I've always banked with Chase. 2) Based on those numbers what kind of amount am I looking at getting back? 3) This is my second property... can I loop both into a single refi? 4) What kind of timeline or how soon after rehab/rent stabilization do I need to refi? 5) Anyone work in Michigan and want to work/talk with me right now? Thanks for taking the time... [link] [comments] |
| Those of you that are familiar with BRRRR strategy why do you refinance? Posted: 18 Mar 2020 02:12 PM PDT For those of you familiar with the strategy, why do you cash out refinance instead of taking out a home equity loan? [link] [comments] |
| Thoughts on upgrading units to increase rental income potential Posted: 18 Mar 2020 12:05 PM PDT I have a few properties at this point and one of them is a four unit in Los Angeles. The rents are below market and a commercial agent I work with has suggested that I buy out the tenants and upgrade the units to increase rents. (If you are not familiar with LA, you can't just raise rents and you can't just not renew, you have to buy out if they'll agree at all) So assuming life returns to normal in 6-8 months I am planning on trying to buy a few of the tenants out. I think that I could get an additional $600-$800 a month with some improvements. I am well versed in full renovations etc as I sold a few homes now and essentially done minor flip-like upgrades. But renting units is different, you have to live with the changes you make and they have to survive the tenancy. What are somethings you guys do to improve rents in your units? I'm talking nuts and bolts. Do you buy new appliances, if so which ones and why? Do you redo the entire kitchen? New flooring? How do you assess the ROI for upgrades? Thanks! [link] [comments] |
| What strategies are you using to buy distressed RE in this crisis? Posted: 18 Mar 2020 03:42 PM PDT Presumably some people need to sell immediately and would accept a lower price on account of all this uncertainty. [link] [comments] |
| Commercial Master Lease Options - Need some creative financing ideas Posted: 18 Mar 2020 01:49 PM PDT I'm looking for some ideas on how to get creative with this deal. We are trying hard to make something work with this and just trying to see if there are any creative ideas out there that we aren't thinking of. We have a commercial property in a historical area of our small town suberb that we are looking at. The owner is elderly and his children have POA over him. They are not looking to sell until he dies, due to tax implications (I don't know if this is true or not, but it may be to our advantage so I'm going to roll with it). Whenever their father passes away they would be interested in selling it and may be open to seller financing but that is a discussion for another time. At this point they want someone to lease it using a master lease. They want to get rent and not be responsible for anything. They are fine if the tenant upfits it and profits off of rent, as long as they get their check every month. My small company would be interested in leasing it out to use as our office space however it financially wouldn't make much sense unless we could do some work and lease out the other spaces. Unfortunately this would require some money upfront that we don't really have. I estimate that it would cost between 75k-100k to get this building in a condition where it could be leased out. That is not a full renovation of the building, but really the bare minimum. Our goal would be to get the building up leasable condition and then lease out the other spaces in it to help with cash flow. We don't care about making money from a cash flow perspective but we'd like to cover some costs and maybe break even. The end game is executing a purchase agreement at an agreed upon price that would be well under market value. What are some ways we could come up with this 75-100k to do the initial upfit? I don't think we can use traditional financing because we don't hold title to the building. We've looked into options such as small business loans but I am not sure how that works exactly. The other obvious option is a private money partner. We've thought about pitching this to potential partners but aren't sure the best way to structure it. Do we give up potential equity in the property? Do we try to form a partnership with a money guy? Do we try to just find a loan for the costs of the upfit? We're pretty seasoned investors and builders but this is our first time really looking in to commercial space. Any insight or creative ideas would be appreciated! [link] [comments] |
| Posted: 18 Mar 2020 09:45 AM PDT I'm looking to flip homes but do most of hands on work myself and maybe a helper from time to time; what field should I take where I would learn everything plumbing, electricity, carpentry, etc??? [link] [comments] |
| Best loans for investment property Posted: 18 Mar 2020 08:59 AM PDT I'm looking for advice for good loans for a fixer upper and loans for purchasing a home that's already done without work. Just looking I to getting more investment property when the opportunity comes and trying to get prepared. Any good advice helps, thanks in advanced [link] [comments] |
| Posted: 18 Mar 2020 07:55 AM PDT I've been saving and learning for years. I'm also in the trades and can remodel anything with my own hands of all trades. Ideally I'd like to BRRRR but I'd also like to move out of my parents home. So I was thinking of buying a slightly distressed property and fixing it up, after 2 years sell it for no capital gains tax while we get out of the recession I'd also give a nice amount of natural appreciation. I didn't necessarily want to BRRRR right now since my money would be tied up in one property. What's an ideal strategy to go with right now? Overall, is this upcoming recession a good time to buy? [link] [comments] |
| Realtor Fee On Sub 50k Properties Posted: 18 Mar 2020 04:15 AM PDT Hello all, In the process of buying my second rental under the brrrr strategy. The first one was bought at 45k, rehabbed, and then appraised for 82k. My second is currently under contract for 43k. I am two weeks away from closing and my realtor states that if the price is below 50k, he "asks the buyers to pay his broker's $430 fee." This was not disclosed on the first property I bought for 45k with him nor was it disclosed until two weeks before closing. I understand the low price point is crappy commissions. On the same token, he took the sale. I may just throw $100 to him, and move on to another realtor after closing. Any advice or best way to handle? Thank you! [link] [comments] |
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