Real Estate Investing: Airbnb hosts say they’re getting nothing or comically small payments from $250 million relief fund, call it a ‘publicity stunt’ |
- Airbnb hosts say they’re getting nothing or comically small payments from $250 million relief fund, call it a ‘publicity stunt’
- Turning my primary residence into first investment property. Help me decide that to do with the equity
- How long did it take you to accumulate all your properties?
- If you owned a fully paid owner-occupied duplex, how would you leverage it in 2020?
- Refinancing mortgage after mortgage forbearance??
- What one or two books would you most highly recommend for someone with no experience who wants to start in this business?
- Tenants causing flooding - any ideas?
- Anyone still play monopoly lol?
- LLC/ Partnerships taxes in Real Estate
- First time home buyer with cash and down payment size during recession
- How fucked is Las Vegas RE?
- Thoughts on RE prices in DFW
- Has anyone rented out shops/outbuildings on their personal property? What was your overall experience with it?
- Absolutely noobie looking for investment advice
- Long-term tenant with a new roomate
- Looking to start investing in real estate sometime in the next 5 years.
- Investment for higher income earners that aren’t boring?
- What sources do you rely on to keep current with real estate developments? Do you pay for subscriptions to anything?
- Lender’s unprofessional behavour
- HELOC vs Investment Mortgage vs Home Equity Loan vs ETC
- Should I let the agent know I’m buying to put the unit for rent?
- 1% Rule in High Cost of Living Areas?
- First Time Buyer, should I buy it under my name and a friend or create LLC?
- If a 3 bedroom foreclosure house were completely trashed inside, what do you estimate it would cost to fix?
- [Question] Rooms in Single Family Home
| Posted: 22 Apr 2020 12:57 PM PDT |
| Posted: 22 Apr 2020 01:40 PM PDT My wife and I are in the process of doing a cash-out refi on our primary residence in Utah. We owe about $129k and the house is valued around $290k. At 70% LTV I can borrow $73,500 at 3.125%, 30-year fixed interest rate. We can potentially borrow up to 85% LTV, around $117,500 although it may increase the rate by 0.5%. Our plan is to borrow $73,500, put 20% down on another single family residence that would cost around $250-275k (in Charlotte, NC), put the additional funds into savings, and rent our current residence for $1,500/month. Our current escrowed mortgage would increase from $895 to $1,056 per month. The monthly amount that would go toward paying the escrowed mortgage on our current residence is $740. We would charge $1,400-1,500 for monthly rent on our current residence. No repairs or updates are needed at the moment, as we initially intended to sell the home, and put about $60k and hundreds of hours of sweat equity in the home over the past 5 years. After reading this sub, and reading the Cash Flow Quadrant, I've started to think that perhaps I should pull out as much cash from this home as possible ($117,500), purchase an investment property (duplex?) using cash, find tenants to occupy the property, wait a few months and seek delayed mortgage financing. After obtaining financing, I would purchase another primary residence, then rent out this home. This method would allow me to purchase an extra property using the equity I already have in my home. I've also heard about going the lease-purchase route, or doing something similar where I could only put 10% down and purchase several additional investment properties. What advice would you give me, based on the information I provided? I'm happy to explain my situation in more detail. [link] [comments] |
| How long did it take you to accumulate all your properties? Posted: 22 Apr 2020 04:40 AM PDT How long did it take you to go from 1 property to 2 properties ect? Include how many units. Beginner investor here (1 property) Im sure it varies, but curious how long it takes between properties! EDIT: Thank you for all the responses! Super motivating stuff [link] [comments] |
| If you owned a fully paid owner-occupied duplex, how would you leverage it in 2020? Posted: 22 Apr 2020 09:04 PM PDT You:
Do you:
[link] [comments] |
| Refinancing mortgage after mortgage forbearance?? Posted: 22 Apr 2020 08:28 PM PDT So WellsFargo Mortgage has a 3 months forbearance options for people affected by the pandemic. There is very little info on possible penalties. I'm watching interest rates and interested in refinancing my mortgage. Would electing for the 3 months forbearance make me ineligible for a future refi? [link] [comments] |
| Posted: 22 Apr 2020 02:53 PM PDT First, you all inspire and motivate me! Thank you. I plan to read many books, but what are some of the best that I should dive into first and really study and absorb? Thanks in advance. [link] [comments] |
| Tenants causing flooding - any ideas? Posted: 22 Apr 2020 09:11 AM PDT Situation: However. One (or more) of the units has been flushing underwear, wipes, and condoms down the toilet. I wish I knew why, can't tell which unit is doing it. Caused sewer to backup into the basement ... twice. 5 figures in damage so far, and no end in sight. Plumber is recommending rodding the line every week to prevent more floods. PM hasn't been able to contact tenants, eviction lawyer is telling me to file a police report and maybe get the cops to knock on doors and scare people (if we can get them to come out to the building). I can handle paying the mortgage with no rent for a while ... but $3-4K in add'l plumbing expenses ea month for the foreseeable future are not an option. What do you guys think? I've seen some crap before but this really takes the cake. All ideas welcome. [link] [comments] |
| Anyone still play monopoly lol? Posted: 23 Apr 2020 01:28 AM PDT |
| LLC/ Partnerships taxes in Real Estate Posted: 22 Apr 2020 05:35 PM PDT This is a hypothetical situation to explain my question fully so you get a complete understanding: (If you're answers are based in Europe or America let me know) A LLC/ Partnership owns 100 properties that rents them to tenants monthly at a set rate of 1,000/month. This would equal to over 1.2Million a year in gross rent What taxes would the LLC/ Partnership pay on the property and rent income? Are there any taxes that can be legally avoided through expenses? [link] [comments] |
| First time home buyer with cash and down payment size during recession Posted: 22 Apr 2020 06:36 PM PDT Hello - I am looking to purchase my first house/condo this year. I am looking to hear your opinions regarding down payment size with the current virus and looming recession. Prior to the recession, I was always intending to make a decent sized down payment (50%+) to avoid unnecessary interest and keep monthly costs low. I am in a fortunate situation and have substantial cash reserves, so placing a large down payment would not be tapping into any emergency funds. I would likely live in the property for the first 3-5 years before looking to rent it out as an investment property. The property I am currently looking at is in a desirable area, but is already highly valued and I personally do not see much of an increase in price within the same 3-5 year timeframe. Due to the long term nature of a mortgage, is there any benefit into paying a lower down payment? The economy looks like it will be stagnant for at least a year or more, but there seem to be some good long term opportunities for growth keeping cash outside of real estate (and this crash is not particularly housing related). While I am relatively conservative with my money, I have not owned property, so there is a lot of unsureness regarding if I am spending my money wisely in the long run. What is your say - pay it off and forget about it or am I crazy for throwing away all that cash? [link] [comments] |
| Posted: 22 Apr 2020 02:10 PM PDT Most places I'm seeking supply pulling back, there it is expanding. [link] [comments] |
| Posted: 22 Apr 2020 08:54 PM PDT I am looking for an investment property in the DFW area. Should I wait a few more months or buy now? Considering the effects of covid, will prices go down or up in the next few months? [link] [comments] |
| Posted: 22 Apr 2020 11:04 AM PDT Last year my husband and I looked into purchasing a house on 4 acres with two giant shops, one that had its own driveway and was a pretty good distance from the main house, so privacy wasn't an issue. We didn't win the bid on this particular house unfortunately, it was a foreclosure and we didn't have much time to consider all of our options. Our agent mentioned that we could have rented out the largest shop with its own driveway for around $1K a month. We live in a coastal community with a huge housing/storage shortage, and lots of fishermen looking for places to store boats/cra pots/etc. This might open up possibilities on different properties in the future if this is a viable option. After thinking about it, I considered that it might come with less headaches than our current single family rental. If you have rented out a shop/outbuilding, how did you know what to charge? How has your experience been with it versus standard rental houses? What are some potential problems I may be overlooking? [link] [comments] |
| Absolutely noobie looking for investment advice Posted: 22 Apr 2020 07:43 PM PDT Hi All, I'm 24 years old and am looking to invest in my first property within the next few months to a year. I know absolutely nothing about real estate investing so I'm starting from scratch. Some background: I currently live in North Carolina (Raleigh) for work. I am from northern New Jersey. I don't plan on being in Raleigh for long and plan on moving back to north jersey/ greater NY area within a year or so. I have a good chunk of change saved up for this investment. Before I even begin looking at properties I have to start with this: do I invest in a property in North Carolina or New Jersey? I'll list the pros and cons for both: North Carolina: Pros
North Carolina: Cons
New Jersey: Pros
New Jersey: Cons
Again, I have no experience investing and am just inquiring. Does anyone have experience in either of these locations? Where would you put your money? Thanks! [link] [comments] |
| Long-term tenant with a new roomate Posted: 22 Apr 2020 06:52 PM PDT I have a long-term tenant in a house and she is renewing for another year but with a new roommate. I've run a background and credit check on the new roommate. Would you also confirm employment/salary and check references? I'd appreciate any feedback. Thanks. [link] [comments] |
| Looking to start investing in real estate sometime in the next 5 years. Posted: 22 Apr 2020 06:32 PM PDT Is anyone interested in mentoring me? I'm wanting to learn as much as I can about real estate investing so I'm ready when the right opportunity comes along. [link] [comments] |
| Investment for higher income earners that aren’t boring? Posted: 22 Apr 2020 06:21 PM PDT My wife and I are 24 and 25 respectively. We both work full-time. I work as a loan officer and earn ~$180,000-220,000. My wife is salaried in managerial role at $75,000. We typically bring home around $13-15k monthly after setting aside 20% to 401k and the rest to taxes. We currently have monthly debts of ~$2100 for our mortgage, cars, and my $11k in student loans. Our monthly expenses end up somewhere around $4000-5000 after other lifestyle expenses, so we have $9-10k post-tax monthly disposable income. We spent some money to pay off wife's student loans and built a $70k stockpile in the savings account, but I feel that's too much and want to get it (plus more incoming salary) invested. Currently, we live in Charlotte, North Carolina but will most likely be relocating for wife's work and I will go full-time remote work. As a result, we think we shall put our home in Charlotte on the market to become a rental. After refinancing the mortgage soon, the payment will be roughly $1200-1250 and the home should rent for $1600. That will leave enough room for property management and a small amount of repairs (home was recently renovated) so we should come at least close to breaking even if we don't break even. Principal paydown will be $390+/month and if appreciation remains average 2.5% over time thats another $550/month (my area is closer to 5% projections but I rather be conservative) so should be clearing nearly $900 in net worth add, though not much to the bank until rents raise a little more. This is where I run into issues - because my income is high-ish, I need to make $800-1000/month to really make it worth my time. Since I work in sales, I could easily go spend an two or three hours selling another loan to gross another $1500-2000 so it's hard to convince myself to spend time in investments that aren't yielding $100/hr invested. These investments seem to be few and far between. Burnout is real and honestly can't see myself doing mortgages for an entire career even though my outlook is $250-300k+ within a year or two. I know it's important to build income outside of work, though, for when the time comes to hang it up. Essentially, looking for ideas from people who had higher incomes before and didn't see the reward of cash flowing $200/month on a $75,000k property with minimal appreciation. How did you find investments that met your standards, or did your standards need to lower? What sort of investments did you buy - were they solo deals or partnerships? Notes, physical property, something else? If you were just starting and had $50k to invest and $7500 per month disposable that you could also invest, how would you do it? Not looking for get rich quick by any means, but also can't see myself putting my heart into doing it the $200/month way either. [link] [comments] |
| Posted: 22 Apr 2020 07:37 AM PDT Title pretty much says it all, I'm interested in people's info diets. [link] [comments] |
| Lender’s unprofessional behavour Posted: 22 Apr 2020 01:44 PM PDT I started with one lender and sent him all the docs but later when he sent me all the doc to sign, i only signed the disclosure. Later i realized was selling me FHA whereas i want conventional. I switched the lender but he is asking me to pay for appraisal which he said he ordered already. Looks like a trap and why he will order appraisal without me aggreing on the Loan type? Am i obligated to pay him? He says appraisal is non transferable. [link] [comments] |
| HELOC vs Investment Mortgage vs Home Equity Loan vs ETC Posted: 22 Apr 2020 05:01 PM PDT I own two properties (I live in one of them and rent the other) with a decent amount of equity, especially in the rental property. I want to purchase more rental properties as investment. I'm having trouble deciding how to fund this. In the past I have simply used traditional mortgages. Should I use a HELOC for the full price of a property? A HELOC for just the down payment? Or maybe not a HELOC but a regular home equity loan? Or, since I have some cash, why not just stick with regular mortgages and forget home equity all together? Etc. Can you point me to any good discussions on this topic? Articles, books, etc. Thanks. In the meantime, I'll be Googling. [link] [comments] |
| Should I let the agent know I’m buying to put the unit for rent? Posted: 22 Apr 2020 01:11 PM PDT I was looking at a condo home and somewhere in the long description it said "No investors please". Am I just understanding this wrong? Is it normal practice to let the real estate agent know you're buying to put it out for rent? Should you just act like you're buying the home for yourself? [link] [comments] |
| 1% Rule in High Cost of Living Areas? Posted: 22 Apr 2020 04:46 PM PDT I have recently looked into real estate investing in more detail, and I ran across the 1% rule (monthly rental income over home price). I have been looking into investing in an SFH in San Diego since I live there and can manage it myself, but this 1% rule seems impossible given the high home prices. Is this acceptable given the higher expected appreciation? Are home prices inflated and rent has yet to catch up in the area? Ultimately, does this factor mean San Diego is not a great area to invest in real estate at the moment? This seems too simplistic, but I figured it would be worth getting some advice. Thanks in advance! [link] [comments] |
| First Time Buyer, should I buy it under my name and a friend or create LLC? Posted: 22 Apr 2020 04:22 PM PDT I'm a recent grad and I'm very interested in real estate investing. I'm planning to purchase a residential house with another friend and rent it out. Together we have like $60K in cash and I dont know if I should buy a house under our names and take out mortgage or should I create an LLC as separate to avoid risk? Also, if I open LLC, will it give me more opportunities to have hard cash down to purchase a house? [link] [comments] |
| Posted: 22 Apr 2020 03:58 PM PDT Just ballpark. Assume southeast US. Also, does Bank have to disclose stuff like fire damage so that if you bid without seeing inside, you're not left with a fire damaged home. [link] [comments] |
| [Question] Rooms in Single Family Home Posted: 22 Apr 2020 03:32 PM PDT I'm a bit confused because of some internet posts/blogs. Can rooms be rented out individually in a Single Family Home? (This is in San Jose CA if it matters) [link] [comments] |
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