Real Estate Investing: Can we start banning the trolls?? |
- Can we start banning the trolls??
- Rent Forgiveness and Mortgage Deferral ARE NOT equal relief
- Informal poll - what % of your tenants didn't pay full rent today?
- Whats the argument from people that don't want to pay their rent?
- Wait 2-3 more months or buy an investment property now ?
- How's My Future First Deal? (+Refi question)
- Ontario landlord and rent-strike (from international students).
- As a Co-Signer for a property will it hit my credit accounts?
- Cash Out Refinancing our only rental to pay off our primary residence
- Question regarding marijuana use
- Great Depression History Lesson -- City of Long Beach, NY -- The Days We Are Living
- Getting 3% FHA - rockmortgage
- People in tenant friendly states, what made you invest there?
- Wholesaling Real Estate is dead. Wheel in the gurney.
- What is the difference between buying rental properties as an individual and as an LLC?
- Any specialize in condos?
- Ask GC for his/her standard costs for rehab??
- How do investors with 50+ units hire in-house management?
- What happened to r/landlord?
- Advice on making $ during Covid?
- In these uncertain times, how do you all feel about new tenants?
- What are your obligation in keeping the real estate agent if you first saw the property via them?
- Welp, is it time for a RELP? I guess we'LL C
| Can we start banning the trolls?? Posted: 01 Apr 2020 04:40 PM PDT This sub is for real estate investing, advice, help, discussion, etc. This sub is not meant to be a battlegrounds for the discussion of the merits and ethics of land ownership, renting property, capitalism, etc. As the serious issues continue arising from the pandemic disaster that's been unfolding, many landlords and real Estate investors have come here to ask their peers for help and advice on how best to weather the storm. Often, this discussion is asking about how best to help their tenants, how to suspend rent and mortgage payments, encouraging others to do the same, and overall a really positive and caring environment in the midst of a terrible situation. unfortunately this sub (and others like r/landlord that deal with rental property) have been inundated by foolish do-nothing slobs who think "rent strike" is a noble cause (ignoring the consequences that are obviously going to occur when evictions are allowed to happen again, forget about all the foreclosures on rentals and drastic reduction of available supply of places for rent as a result, which would probably, in turn, raise rent prices - they obviously haven't really thought it through). They come here to aire their grievances with land ownership and the morals of rental properties. They show a monumental misunderstanding of most landlord's situations (hard-working middle class people who have one or two properties while working a W-2 job - these idiots picture Scrooge McDuck in a castle swimming through cash) and the dynamics of their relationships with their tenants (many of us have great relationships with our tenants, and many of our tenants are happy to be renting and thankful for the service we provide). While people are here looking for help, in an attempt to help others, and save their Investments and the homes of their tenants, these trolls completely derail the conversation and obfuscate the transfer of information with snarky comments. I'm sure I'm not alone when I say I'm tired of discussing that most landlords aren't billionaires, almost all investment properties have mortgages that need to be paid. On top of that there are other expenses like maintenance, taxes and insurance that also need to continue to be paid. I'm tired of explaining that rent isn't this enormous cash flow. I'm tired of dealing with children that have come to argue in bad faith when most of us are here attempting to find solutions to a difficult problem. I've been pretty active in the sub for a few years, and this isn't the first time we've had users of this nature come to this sub for those types of discussions. usually it's manageable. There has been a drastic increase in these types of comments, and there couldn't be a worse time for the influx. Right now we're in the midst of a serious disaster that's going to greatly affect many people's lives. This isn't the time for those types of conversations can we start banning these people? What's the best option to select when reporting the comments? I really feel this needs to get cleaned up so that the adults can get back to focusing on the dire situation at hand. End rant. Edit: what do you know, this thread is crawling with the trolls I was talking about 😂 [link] [comments] |
| Rent Forgiveness and Mortgage Deferral ARE NOT equal relief Posted: 01 Apr 2020 09:44 AM PDT I keep reading post after post about how tenants and landlords are getting equal relief in this situation.
The huge difference is that landlords will still owe the bank all of the money + extra interest. The key difference is:
Even if rent is deferred, the likelihood of payments coming in on the original terms is very low. Landlords are getting the very short end of the stick on this. Moreover, landlords are responsible for repairs. What happens when the AC unit quits this month? No rent paid, who covers the cost to repair/replace that? What about taxes/insurance? Those are on the landlord as well, except in commercial NNN leases. [link] [comments] |
| Informal poll - what % of your tenants didn't pay full rent today? Posted: 01 Apr 2020 08:38 PM PDT |
| Whats the argument from people that don't want to pay their rent? Posted: 01 Apr 2020 06:04 AM PDT I've been a long-time lurker on this board, but recently I've seen an uptick from landlords getting blasted by people who suddenly do not want to pay their rent. For the landlords that are hearing these arguments, what are your tenants saying? For the tenants that are making these arguments, what's your excuse? It seems to me like there's a lot of ignorance surrounding rental agreements. From the perspective of the tenant, I'd like to know the following:
I guess I'm just really perplexed by the whole anti-rent movement that's happening currently (both on Reddit and on Twitter), and I would like to understand it more. It seems like it's driven entirely on emotion and not based on contract law. If you are a tenant and you're collecting unemployment, doesn't it make more sense to try and work something out with your landlord vs. skipping rent entirely? Thanks in advance EDIT: Thank you all for the amazing amount of responses and comments. Truly, I expected this to generate some dialogue and it's been eye-opening for me with some of the comments that have been made by both tenants, landlords, and folks who are just speculating! I also appreciate the personal stories that have been made here and the on-going request for help from both parties. [link] [comments] |
| Wait 2-3 more months or buy an investment property now ? Posted: 01 Apr 2020 08:28 PM PDT I am new to real estate investing and would like the experts' opinion about this. I have got $200k cash that I can use to start my investment journey. I want to buy 4-5 SFH first and then think about a multi-family unit. I live in Seattle and I don't see many options for buying a good SFH around $200k. My idea was to buy a SFH with all-cash and do a delayed financing to recover 75% of my money out to buy another. I am not keen on doing the rehabs and flips. I decided I have to do it out of state then. I feel jittery thinking about it as I won't have good information about the locality, growth etc. Of course, I can get as much information as possible from the county websites and the demographics and stats of any area. But, it still feels like I am trying to shoot in the dark. I am also not too sure if this is the right time to step in. On one hand, I keep thinking that any time is good if the numbers are good. On the other hand, I don't see many houses with meaningful return numbers adhering to 1% or 1.5% rule. What do the experts here suggest? [link] [comments] |
| How's My Future First Deal? (+Refi question) Posted: 01 Apr 2020 10:11 PM PDT Hey All, Please let me know if I'm missing anything here. Purchase price: $400k, Conventional loan 25% down at 3.25% interest or $100k down monthly. $1,305.65 monthly payment. Four 2bed 1 bath units currently rented at ~$750/month, researching rents supports charging $1,000 month rents. Total Annual expenses: $3,920 Tax (actual), $1,000 (insurance), $1200 water (actual), $800 trash (actual), Capex/reserves $2,400 or $9,360 annual expenses. $9,360+ $15,667 = $25,027. Gross Rent- Gross annual expenses ($36,000-$25,027= $10,972) CoC= $10,972/$100,000= 10.97% on current rents or 22.97% at market My goal is to get the rents to market. How would I go about refinancing the deal after that happens so that I can continue purchasing property around this area? i.e. would it get appraised with increased rents at a higher value say $475k and then I can pull out $75K? I'm really confused about refinancing to lever up and buy more properties, any advice or information would be really appreciated. [link] [comments] |
| Ontario landlord and rent-strike (from international students). Posted: 01 Apr 2020 09:20 PM PDT Hey guys, I know that there are a lot of similar posts here, but I'd like to ask for your input. I had a major life tragedy recently and lost my dad about a month ago (not due to COVID-19)--it was something that my family never expected and came as a shock. Soon after, we obviously all find ourselves in this Coronavirus mess. My parents own two homes. One has a mortgage and another has a line of credit (HELOC) which they took out to pay for my brother's college (he went to earn an MBA and is now finishing JD at UWO). We live in Toronto. Both homes are detached bungalows with finished basements. We've rented out the upstairs of the second property to a family, and though they pay late, they always pay and never give us any trouble. They paid last month's rent two days ago, but we didn't say anything. We live in the upstairs of the primary house. The basements are rented out to international students (3 per house). Aside from the usual maintenance issues (stove, fridge not working, clogged toilets which we later found out was due to them using it as garbage disposal...you get the picture), the students have now told us that they've lost their jobs and cannot pay. We told them that we can make a payment plan where they don't have to pay the entire thing this month and can pay in small installments in the coming months, but we haven't heard back. We spoke to a family friend who's also renting out his primary and secondary home and he said that his renters are also under the impression that their rent will be 'forgiven' since the Ontario government has told landlords to pause evictions. He told them that he can make a payment plan but if they're thinking of living rent-free, then he would write to their school. He explained that since internationals are supposed to show proof of funds prior to enrolling in schools, their excuse of 'losing jobs' doesn't hold water--the government allows international students to work a measly 20 hours/week for misc. supplemental on the side, but that they're responsible for school and rent based on the funds they've shown from back home. I understand that their school fees are exorbitant, but they were not robbed at gunpoint--they fully understood and agreed to take on that debt so that they could study and potentially live in this country! I asked a lawyer (our home insurance has complimentary lawyers we can speak to over the phone) and she said that since this is a new rule that has caught landlords by surprise, she's not sure what the correct course of action is, and that a lot of people are in the same boat, and have been flooding her office with the same question. I have money saved up so I don't have to worry about my mom losing the houses (which will eventually be deeded to me and my brother) but just the idea of people and their entitlement to live on someone else's dime and take advantage like this really bothers me. FYI: I came here as an elementary school kid, my mom and dad worked min wage jobs (more than one) and never lived off of handouts. When my mom became a custodian for the building we lived in, we had to help her mow the large compound lawn, clean units, mop and vacuum the floors. I can't stand my millennial generation and the Berniebros who expect free shit! Stop eating out and spending $7/venti at Starbucks and expecting other people to bail your ass out! Please help me deal with these tenants without losing my mind! [link] [comments] |
| As a Co-Signer for a property will it hit my credit accounts? Posted: 01 Apr 2020 08:45 PM PDT I am co-signing for a couple buying a home. I know them well and have actually done a good amount of business with them, so have a good deal of trust with them. I'm planning on buying a few more rental properties this year, but wondering if this property will hit my credit account in my credit report (and thus potentially shift my debt-to-income ration in a negative way)? Thanks in advance for the help! [link] [comments] |
| Cash Out Refinancing our only rental to pay off our primary residence Posted: 01 Apr 2020 04:50 PM PDT I am curious what r/realestateinvesting thinks of this plan. The idea is that in these uncertain times, it would be nice to have our primary home paid off. My wife and I kept her SFH as a rental when we bought a new house across town about 5 and a half years ago. We can refi the rental to a lower rate, completely pay off the primary and still have around $15k of cash left over to put in savings for the time being. All of this, and our monthly payment will actually go down by around $100. However the rental would no longer cash flow--it currently brings in $400/month and would end up being even. This seems like a good plan, but it makes me nervous as I am sure there are aspects that I am overlooking. It is difficult to wrap my mind around what the cons are, here. [link] [comments] |
| Question regarding marijuana use Posted: 01 Apr 2020 07:51 PM PDT Background: I own two floors built out as offices of a mixed use condo building in Tennessee, and I just got a new tenant who moved in March 15th for a 3 year lease. Some in the building rent, some own. My tenant is a commercial government contractor with about 10+ employees. I am the largest single owner in the building (own 2 out of 7 floors). Tenant emailed me that he smelled marijuana smoke coming from the floor below into his unit (I do not own the unit below him) so much so that he had to open his windows to air out his office. I told him to notify maintenance as the first step. Maintenance confirmed and said they were not surprised by the smell. I emailed the management company for the building and they said they do not have authority to tell people what they can and can't do in a unit they own. Tenant is frustrated obviously and wants to speak about options. I told the management company they should notify tenant of the smell and let him know that we are prepared to notify the police if there is known drug use in the building. What should I do here? Thanks! Edit: There is a "Smoke Free Building" sign on the ground floor unit of the building, but management says that is not enforceable and not in the by laws. Drug use however, is still illegal regardless of whether or not it is outlined in the bylaws. [link] [comments] |
| Great Depression History Lesson -- City of Long Beach, NY -- The Days We Are Living Posted: 01 Apr 2020 10:45 AM PDT Good afternoon, I figured I would give a brief history lesson. I haven't seen it quantified or codified in any history books anywhere, I just want to reiterate stories from the old-timey real estate investors I knew. That being said, you can take this as fact... or story... in any case, we start in a small city, the City of Long Beach. The City was booming through the roaring 20s. The land speculation and real estate market bloomed into a situation where people would have breakfast, buy a buildable lot sight unseen, maybe take a walk downtown for lunch. After lunch, they would go back to the auction tent and sell the lot for 20% above what they paid. These were the roaring 20s. As the City strove to bring more and more people and amenities the City's payroll expanded and grew. For five years councilmen hired brothers and sisters through nepotistic cronyism and many people leeched on to the (then Tammany, and now Democrat) political machine. Then the stock market popped. The builders were the first to close up shop. The tradesmen from Brooklyn and Downtown Manhattan were laid off. The commercial buildings were the first real estate to close up. Losing the foot traffic from workers building and the Manhattanites traveling to the beach and the land auctions crushed the Long Island Railroad. Train service shrunk to two trains a day in and two trains a day out. The morning trains were empty, the evening training took people out. The City couldn't lower their payroll because the City employees were brothers, friends, neighbors. They also had vested party seats due to the spoil system (much stronger back then). Long Beach had lost much of their commercial tax income from the stores closing their doors. The buildings weren't paying their taxes. The City condemned a vast majority of the commercial buildings. The ones to hold on were, most notably, a liquor store, a gun store (later closed in the 70s due to a local ordinance), and a few dirty shanty-shops run by a few old Jews near the front entrance of the train station [not racist, just telling the tale as honestly as possible. Would you prefer I lie?]. The other commercial buildings that stayed open were a few old hotels that became rooming homes, and a dirt biker bar called Dirty Dicks (it grew into Dirty Dicks in the 50s/60s, but during the 30s it was just a rundown restaurant). Long Beach raised their property taxes on residential buildings, to make up for the lost income from the commercial building tax revenue. After a substantial hurricane (I believe it was the storms of 1893 and 1903) repairs, and people refinancing their homes during the real estate bubble, people just couldn't afford to pay their taxes. At first, it was only two or three around town, but soon every block had houses being boarded up by the City. Just the same, one at a time, the City condemned the houses and Long Beach was cast into nearly 40 years of Darkness. The City still survived, as all seaside towns do. The taxes were high. The houses rotted. Weird old people walked the streets and the slowly collapsing boardwalk. Drunks were common. Drugs weren't, but that was due to the period of time mostly. If a block has 20 houses on it, 10 of them were owned by the City. Kids broke into houses and during the winter, bums found their shelter. Every year one or two of the houses burnt down due to the homeless seeking warmth. Slowly, houses that had sold for $40,000 ten years prior, were sold off by the City for $4,000. A little at a time the City relinquished control of the properties they owned. Mostly this was done by selling the buildings to retired government workers or local party counselors. The person telling me the story added, "But the Germans did the same thing to the Jews, so what's the difference?" The commercial property was mostly passed off to the children of local politicians, brothers-in-law became large landowners overnight, auctions were done in secret or they were held on Christmas Day. In the 1960s a plan for the Reconstruction of Long Beach was drawn up by a few contracted engineers (one I knew personally). The plan outlined what steps to be taken to bring Long Beach back into the vibrant and fun town it once was. Some general steps: Slowly people began to move to Long Beach and in the 70s and 80s there was another housing boom. The boom lasted all the way to 07/08, but we all know about that. Here's the fear... the stores are all going out of business. Yes, all of them. The internet killed retail and the plague killed restaurants. Those buildings are going to be condemned and taken by the City for not paying taxes (because few businesses can afford an $80,000 tax roll each year). When those buildings close their doors for the last time, the burden of the tax is going to fall on the shoulders of the homeowners. There are numerous places they can move to -- they are not a captive audience. One by one those houses will be taken by the City as well. Admittedly the City is softer than it once was and will most likely just lien the properties the $10,000 - $20,000 per year tax burden, but even still -- those buildings are going to fall to ruin. What does the City of Long Beach spend those tax dollars on? There are maybe 30,000 retired City employees that draw large pensions and costly medical benefits. There are a little over 100 police and firefighters making on average $120,000 plus benefits, making them the second highest paid police in New York. Even now they are proposing an 8% - 14% raise on property taxes. My friends, we are all walking closer to becoming like the little City by the Sea, Long Beach, NY. [link] [comments] |
| Posted: 01 Apr 2020 08:38 PM PDT The quote looks very complex and i am a first time buyer. What are the negotiation points? He asked me to put 5% down and pay Upfront PMI of approx 5k and then $180 monthly. I can pay 20% down as well to save PMI but not sure why he want me to pay only 5% down. My credit score is ~700. Suggestions please ! Edit : its Rock Mortgage from bank of little rock. [link] [comments] |
| People in tenant friendly states, what made you invest there? Posted: 01 Apr 2020 08:27 PM PDT Is the cashflow higher that it offsets the headaches? Or have u been there a long time before it turned into a hyper tenant state? Just curious. [link] [comments] |
| Wholesaling Real Estate is dead. Wheel in the gurney. Posted: 01 Apr 2020 08:06 PM PDT Does anyone else think that there will be some level of legislation/regulation surrounding the re-assigning loopholes for contacts and/or acquisitions for DDD stricken properties in the wake of COVID-19? [link] [comments] |
| What is the difference between buying rental properties as an individual and as an LLC? Posted: 01 Apr 2020 01:43 PM PDT |
| Posted: 01 Apr 2020 06:41 PM PDT I live in a major Midwestern (& world) city. Currently I own my first condo I purchased as a home and now cash flows $500/monthly. Has appreciated quite a bit and I have a lot of equity. A lot of what I could afford to expand to next would be in the condo range. Some already have renters. I'm bored during Corona and working for advice [link] [comments] |
| Ask GC for his/her standard costs for rehab?? Posted: 01 Apr 2020 12:51 PM PDT New investor who is ready to start making offers. Looking to invest out of state. I have never dealt with a general contractor before and like others I do not want to get taken advantage of with my lack of experience with rehab costs. I just got done reading J Scott's The Book on Estimating Rehab Costs. So I have a general idea of price ranges. I am focusing on a specific market and have identified at least on GC, via referral, that I would like to work with. Question, is it appropriate/normal to ask the GC for a rundown his costs, i.e. costs per square foot or linear foot on flooring, drywall, cabinets, countertops, paints, etc. I would like to know these amounts so I can get a general idea of approximate rehab budget when viewing the pictures of properties online. I don't believe it is realistic to send the GC to all the properties that I am looking at. Thanks! [link] [comments] |
| How do investors with 50+ units hire in-house management? Posted: 01 Apr 2020 05:16 AM PDT At this level, it always seems more cost effective and less time consuming to outsource management rather than hiring your own staff. When you include things like a full time property manager, that's on call at night, and compensate their transportation expenses, that already would cost more than outsourcing for me. Then you would need to rent an office and hire a bookkeeper, maintenance, a leasing/marketing agent. And you still have to manage your employees. How do people hire their own staff at this level? Even at 100 units it's more expensive than outsourcing since companies are comfortable taking low percentages for that many units. I'd love to hear how it's done cost effectively. [link] [comments] |
| Posted: 01 Apr 2020 02:04 PM PDT Hey anyone know what happened over at r/landlord? I was subscribed over there and now I can't seem to find it. Am I imagining things? Did it get brigade-ed to oblivion? Thanks! [link] [comments] |
| Advice on making $ during Covid? Posted: 01 Apr 2020 05:41 PM PDT Hi, I've got a year and a half experience of Wholesaling properties in my area, but like many have been affected due to the Covid situation we have going on. Buyers are not doing anything at the moment in my area, and I've got to make ends meet sooner rather than later. Wanted to get some of your guys' input on this unique situation before us. Input is appreciated! Thank you [link] [comments] |
| In these uncertain times, how do you all feel about new tenants? Posted: 01 Apr 2020 01:31 PM PDT First I want to thank all the posters/commenters that have really allowed me to gain greater insight as I was preparing myself to dive into the water on REI in 2020. I have to be honest I'm a little hesitant going forward but it's still something I want to do. But, I digress. As mentioned I've been following this community for a while. I've seen the uptick in posts recently about landlords being refused rent, mortgage holds, etc. But I wanted to know what were the feelings of anybody out there with prospective tenants or have people set to move-in in the near future? Hopefully get some responses to this. I hope you all are safe, home and healthy wherever you may be. Bless. [link] [comments] |
| What are your obligation in keeping the real estate agent if you first saw the property via them? Posted: 01 Apr 2020 01:23 PM PDT So say you didn't see the property in person but it was part of their list of relevant properties that they have in your account on their site. Say now they are slow replying to your messages and you don't want the house to slip away. Can you cut them out and contact seller directly? [link] [comments] |
| Welp, is it time for a RELP? I guess we'LL C Posted: 01 Apr 2020 11:29 AM PDT Hey gang! I'm fairly new to the sub and love what you've done with the place. I have 3 buddies of mine in Florida who want to start pooling our money into housing investments. So far we've decided the first one will probably be a 3/2 and two of us will live in it while we make renovations before flipping or renting out for passive income. Obviously, we have a metric SH*T TON of research to do but I wanted to start by seeing if the community has advice on what type of partnership is most appropriate for us before getting a lawyer to draft up responsibilities and exit strategies. [link] [comments] |
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