- This sub is really taking off! I'm sure this won't end like Occupy Wall Street with a bunch of infighting between a girl named Ketchup and a bunch of over the hill anarchists. /s
- Calculating rental loss for April. So far going to lose close to $6000 in rents. What can I do?
- How long should hot water last
- More anti-landlord sentiments. These people are so entitled.
- Is now a bad time to sell in a C neighborhood that’s very hot?
- First time investing
- Get a renter now or keep vacant
- Any of you invested in Africa before?
- Nightmare transaction.
- FIRST TIME INVESTOR/FIRST PURCHASE
- How many houses have you house hacked?
- Who is still buying despite the economy? What’s your business model and how has it adapted?
- Buy Mortgage Notes with Credit
- Advice for a new investor during this pandemic.
- How do you market a property to investors?
- Potentially destabilizing wave of margin calls.
- [IN] Rent out house or sell it?
- "Team Building" BS?
- Am I calculating the Cash on Cash return correctly for this deal?
- Would you have this redone?
- BRRR question - Help!
- Looking for resources to calculate the ROI/cost benefit analysis to upgrade rental property (does additional rent justify additional debt)?
- Alternatives to property managers?
- Remotely managing rental properties? Is it worth it?
| Posted: 30 Mar 2020 04:52 PM PDT |
| Calculating rental loss for April. So far going to lose close to $6000 in rents. What can I do? Posted: 31 Mar 2020 12:52 AM PDT I have several office buildings with multiple tenant types. These are multi suite office buildings. Several renters affected by covid 19 lockdown can not operate their business and have notified me that they won't be able to pay for April. Some are month to month tenants, however some have longer term leases. The month to month tenants are all in the salon/massage industry and as such cannot work. They have offered to move out but I am not going to get any new tenants at this time even if they move out. My thinking is just to let them keep the space and see how things are next month. So far I have confirmed I will not receive close to $6000 on April 1 that I would have otherwise. I am going to be talking to my bank to see if there is any way to get a forbearance. Does anyone else have any suggestions on what else I can do at this time? Is there anything in the stimulus that can help? [link] [comments] |
| How long should hot water last Posted: 31 Mar 2020 05:40 AM PDT Tenant is complaining that hot water for shower does not last long enough. I turned up the heat to max on the hot water tank and they are still complaining. I have lived in this unit myself and didnt have an issue, just thinking they are taking very long showers. Is there a specific amount of time that hot water should last? And what would be the temperature? [link] [comments] |
| More anti-landlord sentiments. These people are so entitled. Posted: 30 Mar 2020 05:26 PM PDT |
| Is now a bad time to sell in a C neighborhood that’s very hot? Posted: 30 Mar 2020 09:08 AM PDT Own a multi family property that's very old. This neighborhood has never been hot, and with some big repairs on the horizon and with the property being far from my house, it's becoming a burden and we want to sell it. Now that the neighborhood apparently is a hot bed for selling, we want to sell, as we are worried that the upcoming recession will hit this neighborhood hard and we will be selling for a loss. We just need something closer to us if we're going to continue being landlords. However, I'm very concerned about using a 1031 and getting another property with the huge uncertainty of tenants being able to pay. I also know that totally cashing out will get us hit with big taxes, but maybe it would be worth it? Thoughts? [link] [comments] |
| Posted: 31 Mar 2020 05:58 AM PDT Some background: I'm in the MENA region trying to invest in an apartment costing right around 600k (let's say dollars). I'm willing to put down 200k of my own money and take a personal loan of 400k to be paid back in 5 years, interest is about 3% annual give or take. The rent is expected to be right about 50k per year (about an 8.5% annual ROI). Assuming I continue working and paying back the loan (with help from the rent income). Is this a reasonable approach given the stated rate of return? What tips or changes do you recommend? [link] [comments] |
| Get a renter now or keep vacant Posted: 30 Mar 2020 09:07 PM PDT I have a property which, just by coincidence the long term tenants moved out 2/1/2020. We were selling but it was on the market for a few weeks with some nibbles but nothing we would accept ,when COVID happened. Now, I may convert this back to a rental. Mortgage is 2500/month, (rent was 4k previously) which I can absorb for a few months without any problems if there is no renter but wondering if anyone would try to even rent it now. I'm afraid of California passing some pro-tenant resolution holding rents for an indefinite period and most renters honestly have a precarious financial outlook in the next few months. Would it be better to wait for the shake up and potentially lose a few months but get more stable tenants? [link] [comments] |
| Any of you invested in Africa before? Posted: 31 Mar 2020 05:03 AM PDT I can make 12% due to the strength of the dollar making homes shit cheap right now. [link] [comments] |
| Posted: 30 Mar 2020 02:40 PM PDT In a time before there was ever a such global pandemic as is going on now, my wife and I put a single family under contract. It was a great price and we will end up having the interior completely remodeled. All in we should worst case scenario have 35-36k into it repair labor purchase and all and rent for 700-750+. The long story short however is that it was put under contract January 28th... it's now almost April and we still don't have a closing date. There have been some heated emails and calls to the lender and now after the appraisal was done two weeks ago, there is a lot tied up on the title that the seller is clearing off from his deceased dad. The problem is however is that everything is closed! Long story short this has been a train wreck from the get go due to utilizing a bad lender ( great terms but I didn't screen them beforehand ). What are some of your horror stories you would share? We are still pushing on waiting for this deal to close as it should perform well. [link] [comments] |
| FIRST TIME INVESTOR/FIRST PURCHASE Posted: 30 Mar 2020 08:22 PM PDT Well.... the time has come. Today, I closed on my first deal. I am a 24 year old entrepreneur and have just purchased my first duplex. I have been looking for almost a year now, and have passed and also missed out on several properties. Some details on the property. 5 bedroom up 2 bedroom down My plan is to rent out the top, and live in the bottom for the time being. The whole house needs nothing, was recently renovated and is turn key. I had to pay a hefty premium for this... The problem is when it came time to sign the papers, secure financing and make it happen. I had an incredible amount of doubt, fear and questioning whether or not I made the right move. I started to think of all these "what if" scenarios that could potentially tear me apart. For any seasoned investors out there, how did you feel when you made your first purchase? Is this common? Do you have any advice for me? [link] [comments] |
| How many houses have you house hacked? Posted: 30 Mar 2020 09:49 PM PDT Hopping from house to house to use Owner occupant loan. How many times did you do this before getting sick of it [link] [comments] |
| Who is still buying despite the economy? What’s your business model and how has it adapted? Posted: 30 Mar 2020 09:16 PM PDT |
| Buy Mortgage Notes with Credit Posted: 30 Mar 2020 10:57 PM PDT Hey, I'm a college student and I'm looking to get into Real Estate Investment and I am very new to all the terminology and processes so please be patient with me. I would like to get started in Investing in Mortgage Notes and I've been wondering if I need to buy the entire note in cash or if I could pay a deposit and pay the rest with a loan? [link] [comments] |
| Advice for a new investor during this pandemic. Posted: 30 Mar 2020 06:44 PM PDT So I'm currently a 28 year old paralegal who quit his job in NYC this past December to study real estate investing for 2-3 months. I did just that and learned pretty much the basics. I was fortunate enough to find another position at another firm which I started last week. I currently have $100k saved so I could start investing. I was actually planning to start looking this month. My intention was to invest in the Hudson Valley area of NY. Everything was going according to plan prior to this pandemic. But obviously now the world has taken quite a shift in normalcy. From what I've learned, there's always an opportunity when the economy is in a crisis. To all of my veteran investors out there: what do you recommend I do now? My initial plan was to flip a house and take it slow. But my gut tells me that if this goes on any longer, no ones going to be buying homes. I do see, however, an increase in people renting if the economy really goes to shit. I mean people are always going to need a roof over there head right? [link] [comments] |
| How do you market a property to investors? Posted: 30 Mar 2020 08:23 AM PDT My friend's parents have retired and are selling their 2/1 sfh with detached 1/1 cottage in FL. Originally they were targeting a residential buyer, but the interest waned with the virus. (It's a quick drive to the beach so thinking a good rental or even split long/short rental.) We just don't have any experience in reaching investors. Appreciate any advice! [link] [comments] |
| Potentially destabilizing wave of margin calls. Posted: 30 Mar 2020 04:39 AM PDT |
| [IN] Rent out house or sell it? Posted: 30 Mar 2020 08:25 AM PDT We live in a bungalow in a trendy part of town. 2 bed 1 bath. ~950 sqft living space, full unfinished basement. We owe $140k on it. Mortgage is $743/mo P&I, and just under $1000 when you include taxes, HOI, & escrow. Comps are selling for ~$200k. This is a hot place for rentals. Similar homes rent for $1200-1400 in our area. I'm moderately handy, but the house is 80 years old and while it's definitely livable, I'm sure there are some expensive repairs/improvements coming down the line. I'm torn. It'd be nice to sell, get my equity, and roll it into a bigger house for my growing family. On the other hand, while we're probably moving into a great time to buy a house, selling might be difficult, and renting it out might be a good way to weather the uncertainty over the next year or two. Questions:
Thanks in advance! [link] [comments] |
| Posted: 30 Mar 2020 11:50 AM PDT Anyone else taste a little bit of vomit in their mouth every time they read about some one suggesting to "build a team." I kind of get that for big operators who have actual employees and/or a few contractors who they keep really busy, but for the majority of us do you really have a "team?" To me its more like building list of contacts and contractors you like and trust. I think of "teams" as groups (usually under the same employer) who work together all the time and don't typically work on other "teams." When I hear some one talk about building a team, I automatically imagine someone who has gone to some guru bs seminar and doesn't really have a personal understanding of the business outside of their "training." FWIW I am a small time side hustle landlord. I have 1 duplex and 1 triplex that have done me very well. I self manage and do most to the maintenance myself. Maybe my approach dictates my personal definition or "team" and that definition is wrong. Just wanted to get this off my chest. Curious what others think. [link] [comments] |
| Am I calculating the Cash on Cash return correctly for this deal? Posted: 30 Mar 2020 08:12 PM PDT Hello, I want to check and make sure that I'm calculating cash on cash return correctly. This is my first house. I currently have a duplex under contract. The asking price is 355k and I'm using an FHA loan and will be putting 3.5% down. My total estimated cash to close will be $18,174. The estimated annual expenses will be $27,710. That gives me an annual free cash flow of $13,089. The duplex currently has a long term tenant living in one half who is paying $1,700/month. Assuming that I have both sides rented at the same rate( I know I have to live in one unit for at least a year as a condition of getting the FHA loan), that would be an annual income of $40,800. The building is in really good shape and there were no major issues that came back on the 4 point inspection or the sewer scope inspection (I need to replace one hot water heater, I'll want to get hurricane windows or aluminum shutters installed). But let's just say that I spend 10k on renovations in the first year. Those numbers give me (13,089/28,174)\100 = (approx) 46.5%* Did I calculate this correctly? This just seems really high to me. I realize that my down payment is lower than usual because I'm using an FHA and will be living in one half of the duplex. Is this a good way to calculate the return on investment for a multifamily where I would also be living in one unit? Is there a better way to do this? I've also been trying to find out, how would I include things like equity gained from home appreciation into this calculation? [link] [comments] |
| Posted: 30 Mar 2020 04:01 PM PDT This is my flip property. I do not like the way the doors and baseboards look. They are supposed to match the cabinets. I was assured by my painter that they were painted the same color. I already paid him for work rendered. Should I have him come back and fix this for no charge? Help and thank you! [link] [comments] |
| Posted: 30 Mar 2020 07:40 PM PDT Hi All, I purchased a rental property about two years ago, and have put sweat equity into improving the units (conservatively 60-70k materials, subs and my labor). It is rented making about 700/month after expenses, soon to be more w a rent increase coming up and gf moving in, (I also live there). I'm looking to refi or get a HELOC or other instrument that would allow me to pull cash out. My number one goal of the refinance would be to get capital to put towards another rental property, but I really don't understand what the best instrument would be to do this. Ive been reading variously about different ways you can go about this, but I don't see the clear road ahead (at least against my initial numbers below) especially in comparison to some of the narratives I hear on podcasts like joe fairless's best ever pod or in other real estate resources, where they brrr and cash out refi and put that towards another easy peasy. As of now, I've been conditionally approved for a 66k line of credit (owe about 265k, valued the house at about 418k before official appraisal, don't really understand how they landed at 66k here but ok), but this doesn't seem like it would be enough for another property. I don't know how I would even put that toward another property short of buying it outright, but that's not enough $ in my market to get something more turn-key that is a good investment. Or should go in a different direction to achieve my goal here? [link] [comments] |
| Posted: 30 Mar 2020 11:43 AM PDT I haven't been able to find a calculator that addresses this particular situation. There are calculators to compare the ROI of two rental properties when deciding which to buy but they aren't very helpful because it's not possible to take into account the existing financing and the new financing at the same time. And there are others that calculate ROI for standard renovations but they don't take into account rental revenue. I need to calculate my current scenario of financing and rent with a hypothetical where I spend X additional dollars to earn Y additional rent. A further factor would include whether the increased appraisal matches or exceeds the additional costs. If anyone has any suggestions or links to appropriate calculators that would be great. Thanks. [link] [comments] |
| Alternatives to property managers? Posted: 30 Mar 2020 04:26 PM PDT If I own between 1-50 properties, how do I manage my portfolio? Is there an alternative to property managers? Are there existing cheap property management softwares that already do this in an efficient manner? [link] [comments] |
| Remotely managing rental properties? Is it worth it? Posted: 30 Mar 2020 10:13 AM PDT Is it recommended to own a rental property farther from you physically, i.e. remotely managing it? How do you do it? Perks and Cons of doing this? [link] [comments] |
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