Real Estate Investing: Tenant will not leave property even after sheriff came to evict him |
- Tenant will not leave property even after sheriff came to evict him
- $18K cash purchase Final Update!
- HELOC vs Home Equity Loans
- What is the reason many owners here self manage?
- ADVICE REQUEST: My brother and I are considering forming an LLC and purchasing an investment property. Anyone have experience? What should we consider, avoid or research before doing so?
- Trying to pull most cash out of a condo
- conversion and deconversion for rental property to condos and vice versa
- Offering appraisal value for 8 unit
- Building an Adu on personal property
- Curious about loan options - residential vs commercial
- How to properly price rental property?
- Has anyone successfully done real estate investing in different states?
- Title Insurance Question
- How do I best refinance my rentals unit to get more cashflow out?
- Issues with getting a mortgage loan for 80k Condo
- Im 19 and want to start investing in Real Estate
- What 9-5 careers work best with real estate investing?
- Buying new house, not sure whether to rent out or sell old one
- Need advice on my first eviction. Any recommendations on how to do it and what I can and cannot do legally? Maryland
- Is it possible to sell/buy an outbuilding as separate unit?
- Paying a contractor by the hour
- Refinance investment property to buy a new investment property
- Mold In Basement - Homeowners Insurance?
- Impact of Fed Interest rate cut on Real estate Market
| Tenant will not leave property even after sheriff came to evict him Posted: 05 Mar 2020 06:19 PM PST So I've been going through a disaster with this tenant. He lives in one of my mobile home parks and completely trashed our mobile home after finding out we are evicting him. He broke all the windows, broke the walls inside, ripped the carpet, and made the mobile home pretty much unfixable at this point. I had a sheriff go serve him an eviction and after that day if he was to ever come back on property he will be arrested for trespassing, he's still on the property but whenever a sheriff pulls up to get him he some how runs and hides somewhere and sheriffs can't find him. I've put locks on the doors but he breaks in. I feel stuck and have no clue what to do. Cops take 1-2 hours to come whenever I do see him on property and by then he is gone after seeing me or the cops. He is also very aggressive and will probably shank me with a knife if I confront. What can I do?? [link] [comments] |
| $18K cash purchase Final Update! Posted: 05 Mar 2020 11:49 AM PST This is the final update for the project we outlined in the deal breakdown here. https://www.reddit.com/r/RentalInvesting/comments/f3yprk/18k_cash_purchase_deal_breakdown_with_pictures/ This project is finally finished under our budget of $7500 and is already rented for $650 per month. The total breakdown was $3,146.57 for materials and $3,200 for labor, for a grand total of $6,346.57. This makes the total investment including cash purchase just under $25K. No big surprises other than the pipes and hot water heater being frozen solid when we started the work. So we replaced everything with pex and rebuilt the hot water heater guts (although the entire HWH repair didn't have a lot to do with being frozen) By far the biggest expense on materials was the vinyl plank flooring, which was just under $1100. Everything else was mostly nickel and dime. The new kitchen lower cabinets for the sink was $160, we spent about $200 in lumber for the sub floor, $225 in paint, and about $200 for new led lighting fixtures. The rest was a lot of lower dollar items that were between a few pennies to about $50. The total work that was done includes replumbing with pex and new fixtures, repairing the hot water tank, minor electrical work, replacing the sub floor in many places, replacing the lower cabinets around the sink, repairing the other cabinets, replaced plexi in a couple of windows, add weather stripping around doors, new toilet, new bathroom cabinet/mirror, replace caulking around tub, new counter tops on both counters in kitchen, new paint throughout, new flooring throughout, new outlets throughout, and a bunch of minor stuff I'm forgetting. I took pictures just as we were finishing flooring and doing some touchup, so there was still a few odds and ends to be done and of course a good final cleaning, but this gives you a good idea of the transformation. https://imgur.com/a/sNzfDsN . As always, feel free to ask questions! [link] [comments] |
| Posted: 05 Mar 2020 12:36 PM PST Would love to hear some experience about people using equity from one home to finance or purchase a different property. I'm currently refinancing and will be have roughly 30% equity in this property. Haven't found the right deal yet, but would love to use this equity as a down payment for the next property to BRRRR. After doing research, they HELOC seems like it's easier to use, but seems like it would have higher interest rate. Pros/Cons to both? [link] [comments] |
| What is the reason many owners here self manage? Posted: 05 Mar 2020 06:06 AM PST Since i bought my first property, it's always been managed by a professional company. For me, I wouldn't consider a property if the numbers didn't work with management. For retail properties I self manage because there's no work involved with triple net. A lot of the issues people deal with on here come from the self management of residential real estate. Unless you have property management experience, what is the reason to self manage instead of hiring a third party PM? [link] [comments] |
| Posted: 05 Mar 2020 05:06 PM PST |
| Trying to pull most cash out of a condo Posted: 05 Mar 2020 10:57 PM PST I'm actually totally new to this, no prior experience in real estate. Eventually my goal is not to make a passive income, but sell it to buy a property in another country. My strategy is to furnish it with a Scandinavian euro-style and rent it out. Would you suggest I learn some basics of furnishing? [link] [comments] |
| conversion and deconversion for rental property to condos and vice versa Posted: 05 Mar 2020 01:49 PM PST Just want to learn from everyone's experience handling both sides of this. Was it worth it reconverting condos into rentals? Has anyone converted just a portion of their rental property to condos that have been sold? I know a lot of zoning and legal issues come into play so would love to hear how everyone has handled it? [link] [comments] |
| Offering appraisal value for 8 unit Posted: 05 Mar 2020 01:32 PM PST Can I make an offer to pay appraisal value for a property contingent on the report? Currently off market 8 unit for sale privately. Does this make sense? [link] [comments] |
| Building an Adu on personal property Posted: 05 Mar 2020 08:54 PM PST I'm think about building a 1 bed/ 1 bath Adu behind my personal home. Had anyone built one of these? How was the project as a whole? [link] [comments] |
| Curious about loan options - residential vs commercial Posted: 05 Mar 2020 08:22 PM PST Hey everyone, my in-laws and I are purchasing a 4-plex together. We're shopping around for mortgage options and apparently the property is zoned commercial. The bank we went to said they could only do a 20-year mortgage at a higher percentage rate. Does anyone know if it's possible to get a residential 30-year mortgage on a house that is zoned commercial? Also anywhere I should look for a mortgage? [link] [comments] |
| How to properly price rental property? Posted: 05 Mar 2020 01:36 PM PST How do you all price your rental? I have had management companies come in and tell me what they should rent for and I've done the research myself and looked into what else is renting in the area as well. Is there a way to historically see the rental prices for a small suburb and track which way they are trending to more closely align your prices to the recent/historical rent? I have a friend who has offered to help write some code/program that will skim rental websites and postings and gather info on size, price, age, etc so that when I do want to purchase or rent out a property I can see what they have recently gone for. I haven't found a website or app that can do that and don't want to do the work if it already exists. [link] [comments] |
| Has anyone successfully done real estate investing in different states? Posted: 05 Mar 2020 06:21 PM PST Whether it be buy and hold, fix and flip, or wholesaling? I have sellers interested, but the issues that I run into a lot is just not being there and knowing the areas' REIA, contractors, buyers. How have y'all combated that obstacle? [link] [comments] |
| Posted: 05 Mar 2020 05:47 PM PST Basic question: in the case that someone (specifically the child of a spouse that died while separated from the owner of a house) files a claim that they own part of the house you purchased, how specifically does title insurance protect you? Does it pay them for half the house? Pay you to leave the house? Bigger picture: my friend is in the process of buying a house. As title company does their checks, they find that the second signature on the title belongs to the spouse of the seller...who is dead. Apparently before dying they were in the process of divorcing/splitting up. (Still trying to get details. Y'know, just in case he murdered her). Dead wife has a child out there. Depending on status of divorce, child may have claim to mothers share of house. So besides my immediate advice to just walk away, (but this is her dream house and blah blah blah), what are the consequences post sale? If she does want to go through with purchase, what else should she be aware of. And obviously she's working on finding a lawyer to talk to, this is me trying to get her pointed in the right direction when she meets with lawyer. Thanks! [link] [comments] |
| How do I best refinance my rentals unit to get more cashflow out? Posted: 05 Mar 2020 05:23 PM PST I own a rental in FL. The principal left is $170k. I have owned it for 2 years. It is rented for $1900, and the mortgage plus taxes, insurance and HOA is $1575. I want to refinance it + add another $10k into that principle. Final finance amount would be $160k at 30 years. How do I do this best? Is there particular rules for rental properties? [link] [comments] |
| Issues with getting a mortgage loan for 80k Condo Posted: 05 Mar 2020 06:31 AM PST I have been calling around all morning and I am running into a roadblock when attempting to get quotes on a 80k condo. Is this common? Do a lot of lenders not provide mortgages for condos and/or a purchase price of 80k? If anyone has any bank that they have worked with before that did approve a similar mortgage, please let me know. [link] [comments] |
| Im 19 and want to start investing in Real Estate Posted: 05 Mar 2020 06:10 PM PST How would you'd start investing in real estate if you were 19 with no money or credit? Is there any other way other than wholesaling? [link] [comments] |
| What 9-5 careers work best with real estate investing? Posted: 05 Mar 2020 02:08 PM PST Hi, I am a high school senior and a real estate wholesaler. I am currently about to start college and conflicted about what to major in. My goal in the future is to leverage my 9-5 in order to pay for my real estate portfolio and eventually go full time into real estate and other businesses/ventures. My true passion is in business (finance or information systems), however, I do not know if I should major in engineering to make the most income in order to invest. Also, engineering may be more secure. I am going to a top 20 university on a full academic scholarship, so I do not have to worry about student loans in any major I choose. [link] [comments] |
| Buying new house, not sure whether to rent out or sell old one Posted: 05 Mar 2020 07:53 AM PST My wife and I just got pre approved and started looking at houses. We have been living at a place in Northeast Philadelphia for about 4 years now, and while it is a fairly nice area, it is not somewhere we would want to raise kids- we are looking into a nicer area with a better school district. We have more than enough money for a down payment. We already have three rental properties in Philadelphia, and were thinking about renting out our current place rather than selling it. We owe about 155000 on the mortgage, and have a HELOC out with about $50000 on it. We could sell for around 260, and pocket maybe like 30-40k after closing costs, which would be nice, but we don't need the money. The other option would be to rent it out. Our PITI is 1450 a month, and comps are renting for about 2100. Even in a worst case scenario we could get like 1800 for it- pay the mortgagfe and cashflow a little bit. The area has been aprpeciating nicely over the 4 years weve been here and I feel like it might be a way better long term investment to use it as a rental property. The wife wants to sell. What would you guys do? [link] [comments] |
| Posted: 05 Mar 2020 01:10 PM PST Tenant has been late on rent since the first month. Has lived in the apartment for 3 months. He signed a one year lease. [link] [comments] |
| Is it possible to sell/buy an outbuilding as separate unit? Posted: 05 Mar 2020 12:59 PM PST Forgive me, I'm not a real-estate investor but I have a question I think you all might know about. I currently rent a small (about 12'x20' with 15' ceilings and a 12'x9' loft space) apartment that is located in it's own building. It's pretty much a "tiny house." It has water, heat, a basement, kitchen, bathroom. It's located on land that is part of a plot that has a full sized house. Landlord lives in the house. I really love this place and I'm wondering if it's possible to make him an offer to sell it to me. Clearly it would not be a traditional home sale. For one, I'd need access rights to the driveway and to the walkway to get to my little house. Also, at least currently, electric and water, and sewer, are all connected. I suppose it would not be hard to put in separate electric and water meters. I'm guessing a lot depends on my state (Massachusetts, USA) and local laws. But is what I'm asking about even possible, or it is totally out of the question? PS: I realize there is potential for conflicts between people living so close and having agreements to shared resources. I'll take that into account myself and the other owner will have to do the same. I'm just asking if it's possible and what do I need to consider from a legal standpoint. [link] [comments] |
| Paying a contractor by the hour Posted: 05 Mar 2020 10:11 AM PST Has anyone ever had success with paying their guys by the hour? A contractor that I previously worked with offered me this option as a way of payment. Only concern is that I won't be able to track his hours, nor do I want to, and I won't know if he is giving me more hours than he actually worked. Besides this, i like the idea because it seems like he would actually save me money that way. Even if I add a few hours to every job to be safe. [link] [comments] |
| Refinance investment property to buy a new investment property Posted: 05 Mar 2020 09:46 AM PST Im refinancing my rental property, take a cash out to buy a new investment property. What are the benefit doing it this way than put your own money down? Beside the bank financing your rental business? [link] [comments] |
| Mold In Basement - Homeowners Insurance? Posted: 05 Mar 2020 09:29 AM PST Hello all! Quick question for you.. We are turning my Mom's home into a rental. We were downstairs in the basement and started getting headaches. I was looking around and there was mold growing on the baseboards. A couple years ago, maybe up to 5 years ago, my mom had a furnace leak and it went under the carpet but the guys said it was all cleaned up and dry. Can we file a claim with homeowners insurance and get it removed or is it to late? Thanks! [link] [comments] |
| Impact of Fed Interest rate cut on Real estate Market Posted: 05 Mar 2020 08:58 AM PST I am fairly new to Real Estate. Fed cut the interest rate by 0.5%. Can anyone shed some light on how it can potentially impact housing market and mortgage rates? [link] [comments] |
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