Real Estate Investing: Landlord Dump |
- Landlord Dump
- Fannie, Freddie and HUD announce landlords and homeowners can qualify for up to 12 months forbearance. Late payments will not be reported on the credit report.
- Looking to put in an offer
- Help, my newly listed flip not showing up in MLS searches!
- Stocks or Housing?
- Any of you guys ever own a property like this?
- Find Out if Roof Has Been Replaced
- We are voluntarily suspending late fees and evictions. We encourage other investors to consider doing this as well.
- Is there anything I should make sure to include in homeowners insurance for investment property?
- House Hacking in Jersey City / northern NJ
- Those of you investing in NYC how do you do it?
- Possible to house hack properties consecutively?
- How do institutional lenders calculate or forecast anticipated rents for an income property?
- Has anyone helped their tenants find work?
- 4% with $8000 discount points on a non-conforming non owner occupied cash-out...
- Appraisals for homes with tenants
- Closing on a college area rental Friday, could use some input. Thanks!
- Any developers in here that have completed an OZ + LIHTC Project?
- thoughts on rich dad’s real estate course online
| Posted: 21 Mar 2020 06:25 PM PDT I currently have 4 rentals. One is a single mom who works at a bar. I reached out to her the day my state announced: "all bars to be closed for 30 days." I've avoided her messaging me awkwardly. She's been a good tenant, always paid on-time or earlier, and has updated the property by a few hundred bucks w/ improvements she can't take w/ her. I told her if she had the extra money she could pay, if not, then please keep her money and we could square up whenever she could. She told me she could pay half, I told her it was up to her, and I wouldn't press her until this stuff got sorted out, but I would be keeping accurate records. It's easy to be heartless in the REI game. But at the end of the day, treating people like you wanted to be treated usually ends well. Especially, when it's a good person and they aren't paying not cause they don't want to, but literally, because they can't. Anyway, there's my dump for the night. It's always the right thing to do the right thing. Maybe it bites me in the butt and I lose money. And maybe my reserves go crazy low, but I'll sleep well at night. [link] [comments] |
| Posted: 21 Mar 2020 07:17 AM PDT If / when you are unable to make your mortgage payments due to your personal or even your tennants loss of income, you can apply for up to 12 months forebearance. It will not affect your credit score. However, if you are looking to buy more property in the future, you should know that the lenders will want to get a verification of 12 months payment history. https://www.yahoo.com/money/coronavirus-homeowners-delay-mortgage-payments-202251121.html [link] [comments] |
| Posted: 22 Mar 2020 02:35 AM PDT I found a home in a neighborhood heavily occupied by healthcare workers as it's less than 5 minute walk to the hospital. Homes don't come up too much in this neighborhood. I found a turnkey house that is in the perfect location. Obviously, things are shaky right now. But is it foolish to let this opportunity slip? It's going for current fair market value. Now there are covid-19 clauses in place, I just need to make sure the housing market crashing is part of that contingency in the clause. [link] [comments] |
| Help, my newly listed flip not showing up in MLS searches! Posted: 22 Mar 2020 01:39 AM PDT I just listed my first flip in Freedom, CA. The problem is the house's zip code is a tiny area shown here, right in the middle of and surrounded on all sides by a huge zip code (95019 in the 95076). That means that if people are searching for houses in the surrounding cities on zillow like this, my house does not even show up, even if there are houses on all sides for sale. A zoomed in view. Realtor.com is even worse because it doesn't even show the area boundary, so you think you're seeing everything. Someone would have to specifically search for Freedom, a small unincorporated area, or do a whole county search for it to show up. Is there anything I can do? [link] [comments] |
| Posted: 22 Mar 2020 01:29 AM PDT With whats going on in the stock market I've been wondering what'll happen to house prices and in the long run which is better. I'm biased towards property but invested in both as I guess a lot of people on this sub are, so I crunched the numbers for the last 20 years to make an educated guess Here's what I found (and most of it should be common sense)
More details and charts here - https://propstats.uk/2020/03/22/which-is-better-housing-or-stocks/ [link] [comments] |
| Any of you guys ever own a property like this? Posted: 21 Mar 2020 11:39 PM PDT Just curious and never seen an apartment like that behind a house. Seems like it's a very small lot for 7 units... Thoughts on the deal? [link] [comments] |
| Find Out if Roof Has Been Replaced Posted: 21 Mar 2020 09:55 PM PDT How can I find out if/when a roof was last replaced? Looking to purchase 1981 property via wholesaler. The property has obvious water intrusion seen on the interior, mostly near A/C vents. Could be condensation or what I fear, a 38 year old roof that has never been replaced. [link] [comments] |
| Posted: 21 Mar 2020 09:35 AM PDT Our company has a very diverse group of tenants. So far none of our tenants have been affected by the quarantines. That said, we have temporarily and voluntarily suspended late fees and evictions. If our tenants have trouble paying rent, we are putting together plans and options for them. I sincerely hope other investors do something similar. Let's not wait for a federal or state mandate to do the right thing. Added by edit. Also, we are not telling tenants. So far no one has contacted us about having trouble paying. But if/when they do, we will work something out with them. [link] [comments] |
| Is there anything I should make sure to include in homeowners insurance for investment property? Posted: 21 Mar 2020 07:25 AM PDT It is a 2 family home and we will be living in one of the units. Is there anything I should keep in mind when searching for homeowner insurance? Located in MA [link] [comments] |
| House Hacking in Jersey City / northern NJ Posted: 21 Mar 2020 05:29 PM PDT Hi All, I'm new to real-estate investing, but I'm looking to get my feet wet through purchasing a duplex/multi-family home and living in one of the units, while renting out the others. I'm not expecting a unit that cash flows just from the other units rent (that seems to be a unicorn in Northern NJ). I do think that I can find a good deal where tenants would cover the bulk of the mortgage and between tenant rent / equity build up / tax deductions, I would come out ahead instead of just renting. I'm 28 and work in NYC w/ income of approx. $300k/year (gross). Should get up to $400k/year in the next 1-2 years. I currently rent at $1800/mo. I'd ideally like to find a place that is $700k or less, since this is my first foray into real estate. NYC is pretty much out of the question as far as I can tell. Prices just seem to be too high. So I need to look in Northern NJ. I'd like to keep my commute reasonable (<45 min). I have family/friends in Jersey City and Hoboken, so I started looking there. I'm thinking that I could find a place slightly outside of the expensive zones today, where people will most likely expand out to in the next 5-10 years. This should give me a cheaper place to buy, lower property taxes, and a chance for appreciation in the long run. For instance, a place like this[1] looks like a pretty good deal. It has an estimated mortgage of $3200/mo. Similar apartments in the area[2] are renting for approximately $1800/mo. So if I rented both apartments, I'd be +$400/mo. If I rented the one and lived in the other, my rent would be $1400/mo and I'd be building equity in the property plus get tax deductions. Is this a good deal? Are there other neighborhoods/cities in Northern Jersey that might better support my plans? [1] https://www.zillow.com/homedetails/203-Terrace-Ave-Jersey-City-NJ-07307/38899574_zpid/ [2] https://newjersey.craigslist.org/apa/d/jersey-city-spacious-beautiful-2/7075439604.html [link] [comments] |
| Those of you investing in NYC how do you do it? Posted: 21 Mar 2020 06:31 AM PDT Wondering if anyone here is still investing in nyc? After the new rent guidelines passed by Cuomo last year. [link] [comments] |
| Possible to house hack properties consecutively? Posted: 21 Mar 2020 04:41 PM PDT Hope everyone is holding up well. Purchased my first property back in August (triplex) and used the money I saved in rent to renovate my unit and the other two. Raised rent after the renovations and now have nice cash flows which has allowed me save up quite a bit of money. Is it possible to purchase another multi family property as a primary residence and do it again over and over? My lender originally told me back when I bought my first property that I could if I could "prove it's a necessary upgrade" (for example, if we said we were starting a family and needed more room). Now his story has changed. So long story short, is it possible to house hack consecutive multi-family properties without selling the first one or transferring the it to an LLC and deal with all that comes with that? Appreciate all the tips and advice I can get. Happy investing everyone! [link] [comments] |
| How do institutional lenders calculate or forecast anticipated rents for an income property? Posted: 21 Mar 2020 01:17 PM PDT Are there private databases that sell this type of information? Are there public sources for this? Landlords presumably scan Craisglist et al but I'm sure banks don't rely on Craigslist. Thanks. [link] [comments] |
| Has anyone helped their tenants find work? Posted: 21 Mar 2020 01:05 PM PDT I know it's kind of overstepping the boundaries of the landlord-tenant relationship, but in the event of reduced work hours I don't think it's necessarily a bad idea to plan with tenants for the event of reduced work hours. I am thinking that should something bad happen I could review their resume and send them jobs to apply to, if not directly apply to the jobs for them. I'm sure to some it's a weird proposition but even from a self-interest point of view the better off the tenants are financially the better it is for the landlord. Have any of you done that? [link] [comments] |
| 4% with $8000 discount points on a non-conforming non owner occupied cash-out... Posted: 21 Mar 2020 12:52 PM PDT is this a good refi rate for investment property [link] [comments] |
| Appraisals for homes with tenants Posted: 21 Mar 2020 09:57 AM PDT How are appraisals being done for homes with tenants ? In areas with lock-downs and social distancing orders, Can the tenants legally refuse to let appraisers in to look ? [link] [comments] |
| Closing on a college area rental Friday, could use some input. Thanks! Posted: 21 Mar 2020 09:43 AM PDT I'm set to close on the 27th on a rental that is currently unoccupied but needs fresh paint, some new fixtures, etc. to bring up to date. Nothing insane. Would be a positive cash flow and already got it > 10K under asking, low $/sqft for the neighborhood.
The house is near a major university in TX that has increased enrollment every year since 2005 so I'm not particularly worried about the long term. Would have zero trouble finding tenants in normal conditions so not entirely worried but a lot to think about.
It's been listed for about 2 weeks (seller's let me do so after going through option period) and has had some 3 showings but no lease yet. My biggest fear is s govt shutdown after close but before a lease is signed. Any thoughts? Should I walk away, lose earnest money and try to get back into the market if/when things settle down? [link] [comments] |
| Any developers in here that have completed an OZ + LIHTC Project? Posted: 21 Mar 2020 08:57 AM PDT I'm working on a research project and I'd be extremely grateful for any input. [link] [comments] |
| thoughts on rich dad’s real estate course online Posted: 21 Mar 2020 06:40 AM PDT hi good people! recently i have watched many podcasts of robert kiyosaki and got into a decision to get into his one of the online coaching course 'real estate cashflow blueprint' for $99 the limited edition offer. if any one of you attained robert kiyosaki's rich dad real estate course online, was it worth it? will it make you financially free? [link] [comments] |
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