Real Estate Investing: Purchasing an Investment Property With Cash Out From A Refi |
- Purchasing an Investment Property With Cash Out From A Refi
- for those who had rentals in '08, did u have to lower rent due to lack of people with stable jobs? (and competition with other investors who bought at black friday prices)
- Buying property in Flagstaff.
- Finding Cashflow in Tough Markets?
- Has anyone tried 4-family VA mortgage financing?
- Super new here. Just wondering if out of state real estate is possible as a first time investor.
- How has COVID-19 affected you in real estate?
- Am I crazy for considering a balloon mortgage on my first investment property?
- Leasing Land - Marijuana
- How to invest in real estate as a group?
- Rates on Investment Property Refinance?
- First time refinancing questions
- Property Income Tax on Rentals
- New Furnace equity add?
- Estimating Rehabs for Out of State/Ling Distance Rentals Prospects
- Landlord Life: Finding the right people to fix the small problems
- Is this a smart idea? Going in on a house with a friend who has a VA Loan
- Looking for creative financing options with my specific situation
- What is the lag between treasury yields and mortgage rates?
- Tax write off?
- Canadian living and working in US - want to buy property in Canada
- How is the stock market going to affect the housing market?
- Need help starting LLC
- Buying in cash and then cash out refinance
| Purchasing an Investment Property With Cash Out From A Refi Posted: 09 Mar 2020 02:15 PM PDT Hello all. First time posting here. Quick question. Is this a good idea? I can refi my house (consolidate 1st and 2nd and pay off my solar finance and wife's student loan). the question is would it be smart money to take out an additional $50K to use as a down on an investment property? I'm looking at an interest rate of 2.99% and even with the additional $50K I'm still savings $1K/month on my bills. thanks in advance for your advice. [link] [comments] |
| Posted: 09 Mar 2020 04:42 PM PDT Since people with stable jobs were slim pickins back then, and investors were buyng houses 50% off (they had the margins for lower rent), did u have to lower rent to compete? [link] [comments] |
| Posted: 09 Mar 2020 09:22 PM PDT My SO just informed me he'd like us to buy land in Flagstaff- 10 acres for $140K to build a house on for us to use as a second hike, dig a pond and eventually, years from now, sell the land for a profit. Is this a good idea? [link] [comments] |
| Finding Cashflow in Tough Markets? Posted: 09 Mar 2020 02:04 PM PDT I live in Denver and don't plan on leaving anytime soon. I have partnered up with a friend of mine and we are looking to buy something in the greater Denver area before the year is over. We are both in our mid 20s. I make about $75k/yr and have no debt. He is married and his combined household income is around $100k/yr. We both work in the construction field so we would like to buy a place that needs some work/has an unfinished basement. One of us would live there for a year or two while we managed the renovations and rented out the extra rooms to friends. Then we would move out and rent the entire house and do it all over again. We have yet to find a property that will actually cashflow. Bigger pockets suggests the 1% rule (rent is 1% of the value of the home). We cannot find anything near 1%. A $400,000 house in Denver rents for low to mid $2000s/mo. I am currently renting a $750,000 house with friends and our rent is $4000/mo. Every property we have analyzed has turned a negative cashflow even if we add value through a renovation. How would you go about handling this situation if you were a newbie in my shoes? Do some markets simply not favor cashflowing rentals? Should I even be that worried about cashflow at my age? [link] [comments] |
| Has anyone tried 4-family VA mortgage financing? Posted: 09 Mar 2020 06:30 PM PDT Title says it all: I'm interested in buying a 4-family using VA financing. For NYC the limit is around $1.5m. Let me know if anyone has experience in this! [link] [comments] |
| Super new here. Just wondering if out of state real estate is possible as a first time investor. Posted: 09 Mar 2020 10:24 AM PDT I'm still a ways away but have been very interested. I'm currently have set aside 15k with about $500 extra a month and am working on my credit(starting from no credit). It would probably be a year till I'm ready to start. Until then I'm reading/listening to every real estate information I can get. However I live in an extremely high CoL USA area with little means of getting to lower cost areas. The only way I see myself starting real estate is buying in cheaper states, where I'll never step foot in the houses I'm getting. I haven't ever bought a house but I see the need for me to gain cash flowing assets. So it this an option? What other things should I know about in regards to buying out of state? I feel the bare minimum would be hiring a property manager from a company. But what else? [link] [comments] |
| How has COVID-19 affected you in real estate? Posted: 09 Mar 2020 08:09 AM PDT The stock market is going to shit but at the same time property values in my area are increasing because of lower interest rates, rental income is still strong. It sucks to hear all of my friends who are 80% in the stock market losing their minds. [link] [comments] |
| Am I crazy for considering a balloon mortgage on my first investment property? Posted: 09 Mar 2020 06:12 PM PDT Looking to purchase a SFH for $80K and considering a conventional loan or 7/15 balloon loan. Pros of a balloon loan:
Risks:
How I plan to mitigate those risks:
I am still learning a lot about the financing piece of RE investing, so please correct any mistakes I've made in my line of thinking! Thank you. [link] [comments] |
| Posted: 10 Mar 2020 01:05 AM PDT I have an offer to acquire land in California through a trade. The land is located in a rural area. According to the seller, a tenant, a year ago, inquired about a land lease to grow marijuana. I am told neighboring areas currently have tenants (that grow). I am unfamiliar with the permitting and requirements as a landlord. I am not interested in operating the land. It seems that this might not generate any income since its at the whim of the City to issue a permit to an interested tenant. I am not sure where to look for a tenant that fits this criteria. I would be grateful for any experiences or comments. [link] [comments] |
| How to invest in real estate as a group? Posted: 09 Mar 2020 03:13 PM PDT We've got a few dozen people that are interested in buying investment property. I have been put in charge of initiating this process and need some help on where to start. What are the core ideas to pitch to this group? A few dozen are interested, but we will likely get around 10 committed people. How should I pitch this idea to them? I'm trying to focus on a) what they will get out of it and b) what the process looks like and c) a time frame for it all happening. What entity should own the property? From my research, I'm leaning toward an LLC (REITs and TICs also came up but those doesn't seem to fit our structure). Who can help with this process? Real Estate Attorney? Real Estate Agent? If we go the LLC route, it seems our Operating Agreement will be one of the most important documents. I assume a real estate attorney would be helpful in forming the LLC and the Operating Agreement? Maybe there are some good templates we can base ours OA off of? Then of course when we get to the point of actually buying property we will need an agent if we don't have one in our group. Are there other people that are essential in this sort of process? Is there anything I'm missing? I've been doing tons of research but am lacking knowledge in exactly what the next action steps to take are. Any help is much appreciated! [link] [comments] |
| Rates on Investment Property Refinance? Posted: 09 Mar 2020 02:10 PM PDT Since rates have cratered I'm looking to refinance an investment property (currently at ~4% for 30-year fixed conforming). However, I've been shopping around at BoA, Citi and Wells and their rates are still 4-5%. Where are folks getting better rates on investment properties these days? [link] [comments] |
| First time refinancing questions Posted: 09 Mar 2020 06:58 PM PDT As the rates are low and likely going down, i am looking to refinance my primary SFH. My current rate is 4.6% and the mortgage is with one of the big banks with 20yrs remaining. Is there any disadvantage in refinancing with a smaller bank or a credit union or should i stick with bigger banks? All suggestions are welcome. [link] [comments] |
| Property Income Tax on Rentals Posted: 09 Mar 2020 04:43 PM PDT For those running numbers on rental properties, do you try to figure out and set aside money for your estimated income taxes from said rental property. BP calculator does not include this, however Mashvisor does. What is the best way to handle? [link] [comments] |
| Posted: 09 Mar 2020 01:35 PM PDT I'm about to put $5000CDN new furnace into our rental property. In ya'lls experience, how much equity do you think that would add to the price of the house? Does 2-5% sound about right? [link] [comments] |
| Estimating Rehabs for Out of State/Ling Distance Rentals Prospects Posted: 09 Mar 2020 08:17 PM PDT Those who are purchasing rentals from afar, what methods are you using to determine rehab costs? Im ready to make my first purchase using BRRRR but have no idea how to estimate the amount of rehab costs, especially if there are no pictures. Do you hire a contractor to walk the property or do you rely on the real estate agent to estimate? [link] [comments] |
| Landlord Life: Finding the right people to fix the small problems Posted: 09 Mar 2020 08:15 PM PDT Hello all! Some of you may have watched Meet Kevin on youtube. He has been very helpful in explaining a lot of the ins and outs of becoming a real estate investor. He argues that a trustworthy competent handy man/woman is the ideal person to hire when a problem occurs with a rental that you own. He argues that hiring a contractor or specialist for every little issue would be too expensive and therefore not desirable. Keep in mind, I am more so referring to little repairs here and there. Not major repairs like shingling a roof or rewiring the electrical. With that being said, for those of you that own property and are landlords, what is your ideal course of action when an issue arises in one of your homes and it needs to be fixed? What do you find is the best bang for your buck? For those of you who also use a trustworthy competent handy man/woman, how did you find this person? Any suggestions on how to find these people and vet them? Thank you for the perspective! [link] [comments] |
| Is this a smart idea? Going in on a house with a friend who has a VA Loan Posted: 09 Mar 2020 08:15 PM PDT Hey everyone! I live in Los Angeles and have a pretty unique situation where I only pay $420/month in rent where I currently live. I make around $115,00/year and will soon be paying off all my debt. I would say my monthly expenses are under $2500/month. I was planning on setting aside $3,000/month for the next 3 years to save for a house, but I have an opportunity that may or may not be a good idea. A close friend of mine is a retired veteran who currently gets $1600/month for life because of an illness she got while deployed. She makes a decent living walking dogs, especially since that $1600/month basically pays for her current apartment. However, she wants to move into a house because she can make more money boarding dogs and her apartment just keeps going up in price every year. She was thinking of renting a home for $3,000/month because with her current income she probably wouldn't qualify to buy a home in LA since our prices are so high. The house we'd buy would probably be around $600k, so the mortgage would cost her the same as renting. Would it be smart for me to purchase a home together with her? She would pay the mortgage (and perhaps get a roommate that would split the cost with her) and I would stay in my current place. Because of the 0% down, I could still set aside my $3k/month and put it toward updating the home we buy. So she'd pay to live there, and I would pay to fix it up. That way I have a home that's gaining equity for 3 years and I essentially don't have to pay for it. Then when I'm actually ready to move into a home, we'd sell this one and split the profit, and I would use that toward a new home I'd actually live in. If the market goes down or it's not a good time to sell, I could move into the other bedroom with my future spouse, it would be a good backup plan. Is this a dumb idea? Also - before you tell me to not buy a house and stay in this $420/month apt - I share a huge apartment with 5 roommates and I eventually want to get married and start having children in the next few years. That's just not feasible with my current situation which is why I'd like to buy a home. I also do not want to deal with HOAs so a condo is not appealing to me. [link] [comments] |
| Looking for creative financing options with my specific situation Posted: 09 Mar 2020 08:11 PM PDT I'm currently a student while my real estate partner is self employed and runs a business. I myself only make 12k annually, my debt to income ratio is quite high due to student loans, and i have a credit score of 755. My partner has a credit score lower than 580 due to his medical bills, yet has a income of 80k due to his business ventures. What are some ways in which we can creatively finance a duplex in which one of us house hacks the house? I've looking into fha loans but I talked to a few realtors telling me that Its not likely that we'll get a loan from a bank or lender with our stats as is. Any tips? [link] [comments] |
| What is the lag between treasury yields and mortgage rates? Posted: 09 Mar 2020 09:30 AM PDT I'm considering refinancing two investment properties. Does anyone have any idea what is the lag between ten year treasury rates and mortgage rates, in an environment like the current one where treasury rates are plummeting at unprecedented speed? I.e. - Do mortgage rates immediately adjust to reflect current treasury rates? Or do mortgage rates more reflect a moving average of treasury rates over the last week or two? Or do they correlate in some other way? Thanks! [link] [comments] |
| Posted: 09 Mar 2020 06:28 PM PDT If I pay a guy on craigslist to clean the roof of my rental. Can I deduct his bill from my taxes if I'm just paying him cash under the table? [link] [comments] |
| Canadian living and working in US - want to buy property in Canada Posted: 09 Mar 2020 02:20 PM PDT Is there a way to do this where I'm not taxed twice on rental income? I'm a Canadian citizen, legal permanent resident in the US. [link] [comments] |
| How is the stock market going to affect the housing market? Posted: 09 Mar 2020 01:50 PM PDT Let's say we enter a bear market for a few years will housing prices come down or go up slower? How do you think this recent downturn in the stock market will affect the housing market? I'm thinking of buying my first home (house hacking) and investing via BRRRR in a year or two. [link] [comments] |
| Posted: 09 Mar 2020 04:23 PM PDT My friend and I want to flip houses. We work in construction and believe we know enough people and can do a handful a year for some extra cash. I've done enough research to learn we need an LLC. I also see many people recommend getting taxed as an s or c corp. Also see some recommend having the main llc in wyoming and using separate llc's for the flip projects. So this is all cool but where do I go to get it set up? Do I need to go to a lawyer? Cpa? Both? And how much should I expect to spend to get it done? [link] [comments] |
| Buying in cash and then cash out refinance Posted: 09 Mar 2020 04:10 AM PDT Hi. Sorry if this is an amateur question but would it make sense to buy the property in cash and then get a cash out refinance? I'm just saying this because I thought it might be possible to get a better negotiated deal buying in cash and then negotiate with the bank afterwards. [link] [comments] |
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