Real Estate Investing: Forgot led paint disclosure on rental property - what should I do? |
- Forgot led paint disclosure on rental property - what should I do?
- Property Tax Is Not Based on Purchase Price In CA
- Pursue every HELOC possible?
- Urbanization & Pandemics - the case for/against investing away from urban centers?
- Can someone briefly explain to me the upsides of investing during a recession?
- Is 300k enough to start a real estate company full time?
- How to Analyze an investment Property
- If you could yield 9% on a condo with 260 HOA fee would you buy right now?
- A condo builder is expecting our business to buy a unit to complete building - Looking for advice please
- Good time to refinance?
- How difficult or expensive is it to split and sell a lot?
- Want to re finance an investment property 30 days after purchasing
- Sell of a Larger Commercial Note
- Any non-qm rental property lenders lending again?
- Buying land/parcel for 7k need advice
| Forgot led paint disclosure on rental property - what should I do? Posted: 17 Apr 2020 07:32 PM PDT Hey everyone! I made a huge mistake and forgot to have my new tenant sign the lead based paint disclosure. They have been in the house for roughly a month and a half. What should I do? House was built in 1929, located in Texas. What other disclosures do you have your tenants sign that is standard? Edit #1 - all this has been excellent advice! My next steps are to google search a standard led based paint disclosure and pamphlet and send it over to tenant first thing in the morning. It was an honest mistake as this is one of our first rental properties we own that is older. Thank you all for the suggestions. Edit #2 - I found the form! Here is it if anyone is interested - https://edge.rentprep.com/home/2018/08/Lead-Paint-Disclosure.pdf in addition, here is the pamphlet too - https://edge.rentprep.com/home/2018/08/Lead-Paint-Pamphlet.pdf Edit #3 - sorry it should be "lead" not "led" my apologies for the spelling mistake [link] [comments] |
| Property Tax Is Not Based on Purchase Price In CA Posted: 17 Apr 2020 04:30 AM PDT I purchased a commercial property in CA for $1M earlier this year (before COVID 19). The previous owner purchased the property many years back from $2.4M. The property tax came back based on $2M. The city has taken the position that the value is greater than the purchase price. I've argued that the property has been vacant for over three years and when the previous owner purchased the property it had a national tenant with a long term contract. I've been following the property for three years and negotiating with the previous owner. I thought I got a new deal, but who knows. Especially now with COVID 19. I've argued with the city that the tax should be based on the purchase price because of Prop 13, but I don't seem to be getting anywhere. Any suggestions? The formal appeal process can take as much as two years and it's hard to rent the property with such high property tax that's not based on FMV. Thanks! [link] [comments] |
| Posted: 17 Apr 2020 07:02 PM PDT Hello, Here is a bit about my situation: In Los Angeles, California, here. Family owns 3 income properties in LA, all free of debt:
They also own their own home which is $1.7M and has $430,000 of debt (fixed 30 year mortgage, payments are $3K a month). All the income properties cash flow. My goal is to have money set aside for real estate investment properties. As far as what or how much, it would depend where the market goes in the coming year. Also, we don't have a huge amount of savings. At least not enough where I'm comfortable taking a chunk to buy real estate with. So here is my question: Would you guys recommend taking out variable rate HELOCs on everything to have money set aside so if opportunities do come up, I can act quickly? I would prefer HELOCs over just taking money out because I really don't know when a good real estate opportunity will arise, maybe a month from now, maybe 2 years. And I don't want to be making monthly payments, especially during a pandemic that could effect cash flow. At this point only spoken to one bank but the reason I'm leaning toward variable rates is because the locked in rate nearly doubles the interest rate to 6.5%. I know banks are already tightening things up and they are currently overwhelmed but still figure I should try. Thoughts? Thanks [link] [comments] |
| Urbanization & Pandemics - the case for/against investing away from urban centers? Posted: 17 Apr 2020 07:28 PM PDT For decades we've seen the transition away from rural areas/suburbia and into more urban areas. Thinking long-term, will this years' pandemic change your outlook on REI? Two immediate considerations: - High density living could lead to increased risk of infection for future pandemics, especially for compromised populations, and encourage certain people to move out of city centers
Would love to hear thoughts of others. [link] [comments] |
| Can someone briefly explain to me the upsides of investing during a recession? Posted: 18 Apr 2020 12:56 AM PDT My question is, many people invested in real estate during the 2009 recession. It seems to me that we are in a similar time. What is the general plan in investing in a house at a time like this in order to profit at a future time? [link] [comments] |
| Is 300k enough to start a real estate company full time? Posted: 17 Apr 2020 05:39 AM PDT I sold bought and sold a few units over the years. Right now sitting on some cash and enjoying not going into the Rat race office way more than I thought. What would be your angle in this market? I have a few ideas with duplexes [link] [comments] |
| How to Analyze an investment Property Posted: 17 Apr 2020 09:32 PM PDT Started a channel where I give real estate investing advice. I would really appreciate some feedback and ideas! https://youtu.be/ZhYAQIkiZOU [link] [comments] |
| If you could yield 9% on a condo with 260 HOA fee would you buy right now? Posted: 17 Apr 2020 04:58 PM PDT |
| Posted: 17 Apr 2020 08:33 PM PDT Hello Everyone! I am looking for advice taking the current Covid situation into account as well as possible recessions on the horizon. I own a construction company and we install residential entry doors for a reputable condo builder. Our company used to have 7 people but we laid two people off already and will probably lay two more people off due to having 700k of various work put on hold. We have had a a lot of jobs out on hold since quarantine started. The condo builder has been great to us in the past and we have completed 6 buildings for them over the last couple of years. They just put another 4 full buildings on hold. They have reached out asking for their subcontractors to purchase condo units to help them sell units so these buildings get the green light to get built. Now i dabble in the stock market and have been watching the various industries and I believe there is an economic destabilization that will occur in 3 months and will probably continue up to another 15 months due to covid and the fall out. No one is going to spend money if they don't have to. We live in western Canada and real estate prices are through the roof and there is a price adjustment needed. Aka the bubble is about to burst and has been getting ridiculous for a while. Now I am reaching for advice please! Is it a good idea to round up all the cash we have for a down payment to purchase a Condo at a small discount when there could be a a ridiculous real estate crash. Or am i just over reacting here? [link] [comments] |
| Posted: 17 Apr 2020 11:27 AM PDT Hi all, I'm hoping to refinance a couple SFH properties and wanted to see what you guys think about doing so during this time. My credit score and cash flow is solid and my tenants have luckily still been able to pay their rent/are working at essential businesses. If any of you have done so recently, how was the process and what kind of rate have you been able to get? Thanks and stay safe! [link] [comments] |
| How difficult or expensive is it to split and sell a lot? Posted: 17 Apr 2020 09:36 AM PDT My wife and I have our eyes on a house that's situated in a prime area, with a half acre lot. The $275k house will need a complete remodel, which will bring it just slightly above market value. However, a major draw is the possible return for the lot space. 9,000 sq ft lots are selling for $60-80k in this area. For those of you who have split lots, what are the headaches and costs? Is it worth it? Anything else I should be thinking about? [link] [comments] |
| Want to re finance an investment property 30 days after purchasing Posted: 17 Apr 2020 01:49 PM PDT I am currently under contract with a single family residence that is rented out and cash flowing. I am paying cash for the home. My original goal was to fix the place up, pull an appraisal and then re finance it to take cash out (while signing a long term lease with the current tenants). However after talking to some mortgage brokers they told me I have to wait 6 months before refinancing because it is an investment property. Are there any loans I can use to refinance this property in less than 6 months? Ive looked at NINA (no income, no asset) loans but I am sure they are hard to come by, especially with the current market climate. [link] [comments] |
| Sell of a Larger Commercial Note Posted: 17 Apr 2020 06:37 AM PDT Hi all! I'm working with a seller of a small apartment building. I offered a seller financed package to which he's on the fence about. We've gone back and forth a few times and I came up with idea that I have seen in the residential world. Could we write up a note for, say, $300k, and sell that note immediately at the closing table to a note investor? Typically the note investors buy at a discount, so how could I make it enticing enough to get a buyer? This way, the Seller gets his cash, I get the deal and a favorable private loan. Thoughts? Is the loan too large for standard note traders? [link] [comments] |
| Any non-qm rental property lenders lending again? Posted: 17 Apr 2020 09:34 AM PDT Had a refinance halted due to corona about a month ago. I have solid numbers and a paying tenant on the property, but cannot qualify for a regular QM loan due to business losses claimed on tax returns. Everyone was on a "hard pause" a month ago. Anyone know of anyone that's gotten off the sidelines yet and jumped back in? [link] [comments] |
| Buying land/parcel for 7k need advice Posted: 17 Apr 2020 03:58 AM PDT So I'm interested in living off the grid and and for that I need a affordable piece of land with no restrictions expect the obvious ones like installing a septic tank. I'm looking at this one property that is on Zillow. It's in Florence, SC for 7000 and is about 7000 square feet of space(.16acre). I know 7000 isn't a lot but it's gonna take me a couple months to accumulate the amount for the property. Probably 4 months at most. I want to buy this property now before someone else try's to. Should I get a personal loan? Can some investor help me out even tho there is not much gain for him. What can I do? Please help. [link] [comments] |
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