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    Monday, March 30, 2020

    Real Estate Investing: You guys are cool

    Real Estate Investing: You guys are cool


    You guys are cool

    Posted: 29 Mar 2020 03:06 PM PDT

    I'm not a property owner and I'm pretty liberal. But I'm honestly perplexed by the amount of anti-landlord memes/posts I've been seeing on social media. I'm against the accumulation of obscene amounts of wealth (I am a supporter of Bernie/Warren's wealth tax plan). However I don't think it is any more or less moral to be holding wealth in the form of physical property compared to mutual funds, and yet people almost never complain about the holding stocks or mutual funds. Real Estate is a business just like any other. Very baffled by the amount of hate that gets directed towards you.

    submitted by /u/dsm1324
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    AirBnB host trying to exit lease

    Posted: 29 Mar 2020 06:15 AM PDT

    Customer of mine (I'm a Realtor)went into AirBnB arbitrage (despite my reservations...) and is three months into a lease with all reservations cancelled. He wants to get out of the lease with a 30 day notice. That's in VA.

    Comments and advice appreciated.

    Just to clarify: he is the long term tenant and subleases short term/AirBnB, with the landlord's ascent. He wants to break the lease for "Covid 19 force majeure"

    submitted by /u/humpydude
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    Conversion to housing coops

    Posted: 30 Mar 2020 01:21 AM PDT

    Hi everyone. Not in real estate but a huge fan of housing coops. Curious how many real estate people would be down to convert their properties into housing coops. An apartment building, condo, single household. Any models for this? Curious your general thoughts on this.

    submitted by /u/Another_Slice
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    How to acquire more than 10 SFH?

    Posted: 29 Mar 2020 05:19 PM PDT

    I have been acquiring single family homes over the past 2 years. I have 4 right now. I basically just save money from my job and the cash flow until I have enough to purchase another with a cushion and rinse and repeat.

    Question: After I get to 10 properties/loans, and I can no longer qualify for the standard Fannie Mae / Freddie Mac -- how can I finance additional single family homes? Is it possible to roll all of my individual mortgages into a single mortgage?

    I have a high paying job and very good credit score. Not sure if this helps at all, since it seems financiers don't really care about your 9 to 5, they care about the investment property itself.

    submitted by /u/jdub129
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    Own my own home now, but looking to move this year. Turn old home into a rental? Anyone start their portfolio here or done this?

    Posted: 29 Mar 2020 02:14 PM PDT

    Wife and I have owned our home for a few years and are planning to upgrade to a bigger home later this summer. We'll have enough for our downpayment & emergency fund without having to sell our current home. I know the home real well and would be easy for me to manage on my own.

    Thinking about renting my old home out. Mortgage would be $850 and other rentals in my neighborhood are going for $1,100 - $1,300 and I think I have one of nicer places. 3.3% interest rate.

    Just looking to hear about anyone's experience in starting their portfolio here or had similar experiences that would share. PM is fine too.

    submitted by /u/elcapitanAE
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    Wholesaling and Net Worth

    Posted: 29 Mar 2020 10:25 PM PDT

    I'm 16 and New to RE and finances guys so please bare with me. Got 2 questions

    1.) If I rent out a house for $700 and the full buy price is $100,000, will my net worth instantly be 100k or what?

    2.) If I want to get my net worth to a million what is the quickest way to do it by wholesaling?

    ELI5 pls and thank you guys so much. I love the game you guys constantly give out💙

    submitted by /u/billyayo
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    Buying property priced x times higher than surrounding properties

    Posted: 29 Mar 2020 09:32 AM PDT

    There's a turnkey I'm considering buying. The owner bought the vacant lot in the middle of one of the poorest neighborhoods in town. The homes there are just as, if not less expensive than the luxury cars a lot of everyday Americans drive. It's not a crime-ridden neighborhood, I don't think...just extremely old and modest.

    The owner then built a modern ("luxury"?) home of similar, modest size to those in the area. But the home looks like it's straight out of an HGTV catalog—exterior included.

    I purposely avoid rehabs and have considered putting an offer down for this home. I think I might be able to rent it out to a family who not only wants a nice place to stay but can also tolerate the bleak neighborhood.

    What exactly would be a good offer to put down, considered that the house is several times as expensive as the surrounding properties?

    submitted by /u/NewNameYoWhoDis
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    What would a couple of people and a couple of cats want with a huge house?

    Posted: 29 Mar 2020 07:01 PM PDT

    We are about to have a nearly 3000 sqft victorian style fully renovated house ready to be rented out. Already have several inquiries. It's got 5 bedrooms, a sun room, a balcony, 2 living rooms, a huge dining room, and a pretty good size kitchen. Again, fully renovated. Heck, when we bought it it came with 2 victorian era cast iron clawfoot tubs. We had them refinished. No ghosts, though. We've been having a guy sleep there while he did some work on it and he never saw anything weird.

    Normally, in our experience people who seek out such a big house either has a big family or they intend on having more than one family in it. Like a multi-generational living arrangement... grandma/grandpa, couples, kids, etc.

    Among the people inquiring is a lesbian couple with a couple of cats. Actually, they seemed pretty interested.

    What would a couple with a couple of cats want with a 5 bedroom big house? Any idea?

    submitted by /u/nowisnow85
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    What is considered over leveraged?

    Posted: 29 Mar 2020 03:18 AM PDT

    I'm in the process of buying my first multi family which is gonna have a $300k mortgage after my down payment. The tenants have been there for years and are still employed. The cash flow is going to be around $2k/month.

    My question is even though I have debt on one property and am going to have debt on this property but they are both cash flowing, when should I be worried about being over-leveraged?

    I could be completely wrong, but it seems to me even if you have a 50 door portfolio with mortgage debt on all 50 doors, does it matter if they're cash flowing?

    submitted by /u/Limited_myLes
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    Is it possible to walk away from a deal where you have already signed a P&S?

    Posted: 29 Mar 2020 05:24 PM PDT

    Hi everyone.

    My group is in a predicament. We are on our way to buying a multi-unit that currently breaks even. The rents are far below market rate so I am not concerned about people not paying; they may get a break for a few months but after they get the boot they'll have to pay ~600$ more per month at their new spot. That being said, in this climate, we'd really rather not buy an expensive property that breaks even. Instead, we want to keep as much cash as possible to buy up other properties. We have a decent pile, but it could be a lot bigger.

    Is there legal precedent/loopholes that will enable us to walk from this deal? Can we claim COVID has affected our private lender (who was going to lend us the amount of the down payment so we could buy the house)? Can we claim, if tenants don't pay rent April 1st, that circumstances have changed? Or, if once you sign a P&S, you're locked in to your apartment?

    submitted by /u/Musitall
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    New landlord sub

    Posted: 29 Mar 2020 08:12 AM PDT

    It has become apparent that after complaints about the state of its moderation, r/landlord is no longer an active sub. That is unfortunate, as it was a great resource and sounding board for many of us. In response, I've created r/land_lord to act as a substitute. It will be closely monitored in light of the current situation, which has, much like the rain brings up worms, brought to the surface all sorts of similarly slimy (if less useful) creatures from certain far-left subs. I'm working on putting together a list of rules for the sub now, and any input from the community would be well received - hope to see you there!

    submitted by /u/BigLawFIRE
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    Young Investor

    Posted: 29 Mar 2020 03:02 PM PDT

    Hey guys I'm 19 and i live in Westchester, NY and i want to really get started investing in real estate , I'm very excited because i have been researching for months and learning and reading as much as i can but i wanted to ask for advice because i feel like i need to find a mentor that i can help or work for so i can learn hands on , what do you guys suggest me to do based on experience? i would appreciate any feedback because im really confused on what to do first or pull the trigger on

    submitted by /u/MannyOchoaVC
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    Would a $278 hoa on a $135 Sandy springs condo be too high for you to consider?

    Posted: 29 Mar 2020 04:21 PM PDT

    All else looks pretty good as an investment. Won't find a tenant soon, but may pay a little less since it has been on the market for 60 days

    submitted by /u/bee4534
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    Two separate real estate questions

    Posted: 29 Mar 2020 11:49 AM PDT

    1) Does anyone have experience in purchasing foreclosed/bankrupt multifamily properties from the bank? As a novice real estate investor, I am curious if people scope out and prioritize these types of properties because they are cheaper. Are there major downsides that make this practice not commonplace?

    2) How far do you live from your investment properties? Is it unwise to search to invest in a property far away from your home but in a region of the country you enjoy visiting for vacation? Does anyone have investment properties on the opposite coast?

    Thank you for your time.

    submitted by /u/thr0weaway_
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    Equity Stripping Advice

    Posted: 29 Mar 2020 10:23 AM PDT

    I have a number of properties that have no debt, held by LLCs, that I would like to better set up with additional asset protection. Does anyone have any advice on the best ways to set up some type of asset protection, to include Equity Stripping?

    submitted by /u/REThrowsdf23
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    Part of an LLC that owns a commercial rental property. Both of our tenants are considered essential.

    Posted: 29 Mar 2020 09:38 AM PDT

    This is my first post here so I'm sorry if this is not the right sub. Before this whole virus thing me and my partners were in the process of buying out one of our other partners. We came to terms and have the funds ready to go now for an April 30 closing. We haven't sent the document to or other partner yet so right now it is just a verbal agreement.

    I would like some opinions or advice. Do you all think this is a bad time to buy someone out? Would pushing back the buyout date a couple months make a difference?

    We're leaning towards proceeding with the buyout as scheduled, but I just wanted some opinions from people that were not invested in this. Thank you

    submitted by /u/bob_dobbs507
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    REI Education Questions

    Posted: 29 Mar 2020 09:01 AM PDT

    I don't want to provoke anyone with this post as I'm sure this has been asked before in various forms, but as with many others here I am looking to get started - but need to learn the basics and the math from more than youtube videos. I did check the subreddit info.

    I was interested at one point in a particular podcaster's real estate course, but the more I watch and read I am becoming more and more wary of the "community's" cross-(and possibly crony) promotion, to the point where I don't know what's real and what isn't. So I am concerned about actual quality of something a I pay a few hundred dollars for if it's not going to be concrete actionable information.

    So two questions:

    1. Are there any sites where people review paid "programs/courses"? It's pretty clear this subreddit is not an appropriate place for that.
    2. Can anyone recommend some current books (or other resources) that I could study to educate myself properly with the basics and how to appropriate evaluate opportunities? I recognize things can get more specific by niches and that may be beyond the scope of a basic book.

    Thanks in advance all!

    submitted by /u/brimley5000
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