Real Estate Investing: Future REI, looking for reading material |
- Future REI, looking for reading material
- Found a deal that has me salivating and I’m freaking out. Is this too good to be true? I must be missing something.
- Commercial loan deferment strategies
- How do I take an application and check credit
- Renting land to farmers
- [US - Illinois] Closed on Chicago Two-Flat in early March. How do I select good tenants during the Covid 19 Pandemic?
- HOW DID YOU FEEL? FIRST PURCHASE.
- SBA economic injury loan...yes or no
- Commercial Property Interest Rates?
- Detailed Textbook / Guide Explaining Purchase / Sale of Real Estate
- Does anyone here do RE investing outside your home country?
- Acreage Investment?
- Different types of landlords
- Own two apartments - next steps?
- Do you know any lenders doing cash-out refi’s on investment properties right now?
- Mortgage Deferment
- Taking security deposits for missing rent
- Do you perform background/credit checks for all applications
| Future REI, looking for reading material Posted: 31 Mar 2020 04:38 PM PDT Hey guys, I will be separating from the military [dont thank me, just reference to my situation] and im looking to get into realestate as an investment. Looking for some good reading material, and ill probably be in the market for a property late this year or early next. [link] [comments] |
| Posted: 31 Mar 2020 07:19 PM PDT It's a house. But it has two parts. There's a structure in the backyard that has a bedroom, bathroom, and everything else someone could need...but in a really small space. And then the main house is just like a regular house. Priced at 180k but seller says appraised in Fall 2019 for 230k. The official valuation as per the GIS data (or whatever) says the tax appraisal valuation in Spring 2019 was for 80k. Listing says the seller priced it low to get it off their hands ASAP. The house has a new roof, hardwood floors, new appliances, very nice hardwood window flanges on big windows, and etc. Quite frankly it looks way better than houses I've seen priced for 100k more in other areas. Only thing is the neighborhood isn't exactly super prestigious. It's full of students—not necessarily families. And it's on a main road. The "driveway" leads right to one of the busiest roads in the area. It's renting out for 1800/month, which is considerably more than anything else I've found ever for a home of this size. If I do an FHA, that's cash flowing $300/month for the first year, and then if I move out, $1000/month. And that's assuming I don't raise the rents, which is a possibility considering it is in an area with a healthy demand for rented space. And the population growth is outpacing the housing, from what I gather. The backyard borders a randomly placed row of trailer homes, which I dislike. I'm gonna check out the property ASAP to find out if there are any structural issues or anything. Otherwise I'm ready to go in on this. Edit: Surrounding properties have sold recently for 110-130k. I'm thinking the seller probably priced it where it is, with the expectation that the buyer will offer 70-75%, which would pull the price right around that comp range. [link] [comments] |
| Commercial loan deferment strategies Posted: 31 Mar 2020 04:55 PM PDT Probably a new way of wording something lots of people are talking about, but here goes. I am a reasonably small player. Handful of commercial loans with small to midsize local banks. I was heavily deployed in short term rental so my income is zilch. I am not destitute yet and can, in theory, hold on a few months. Strategically, when is the best time to try and negotiate terms with the banks? [link] [comments] |
| How do I take an application and check credit Posted: 31 Mar 2020 01:58 PM PDT It's time for plan B. I had been renting my two properties as vacation rentals and those have obviously stopped cold. So I decided to rent my properties as one-month or longer stays. Does anyone know of a good site or system that would allow me to take an application and check the future tenants' credit history? I'm really nervous about being stuck with a deadbeat and evicting a tenant is very different than evicting a guest. On edit: My properties are in North Carolina in case you have state-specific comments or know of a good lease I could use. [link] [comments] |
| Posted: 31 Mar 2020 09:17 PM PDT I'm doing some exploratory research and thought I'd tap the reddit hive mind in that process. I'm interested in acquiring land to rent out for farming. My assumptions going in are that the land would need to have some set of desirable cultivation traits (soil quality and access to water for example) and potentially meet local zoning requirements for agriculture. Aside from those points, I'm not sure how to find or market to farmers looking to rent land for cultivation. Are there popular markets that service that population? Where would one look to find farm-renters? [link] [comments] |
| Posted: 31 Mar 2020 02:08 PM PDT Hey all, In early March I closed on my first property, a two-flat masonry building in Chicago's Avondale neighborhood. I have some great luck, huh? All else aside it's a great property that I got for a great deal that has 3 bedroom units, and is only a 5 minute walk from Chicago's Belmont Blue Line "L" train. I installed new kitchens as well as nice steel/wood fencing for privacy. I plan on it being my primary residence (living in one unit while renting the other unit, as well as the basement in-law). Anyway, it's been around a month so far and my light rehab work is about finished. Now that I have to start advertising the 1st floor unit, my question for you all is how would you go about selecting tenants in this fragile economic situation that we see ourselves in? The unit in question is a 3 bedroom that I am going to advertise for $1,825 with heat included. My ideal tenants would be a young professional couple with corporate jobs that are able to be performed from home and are unaffected by the pandemic, but how do I go about being selective with tenants like that without breaking any laws? My biggest fear at the moment is having shady tenants sign the lease, give me 1 months security deposit, and then they decide to not pay the rent due to the pandemic for the foreseeable future due to Illinois and the U.S. suspending evictions and courts. Also, if I am unable to find tenants for a couple of months, do any of you have any experience with Chase Bank forbearance and deferment programs? I can manage the monthly payment without tenants in place, but not having to pay the mortgage while I search for tenants would be a very helpful but unlikely scenario. If anyone has a blank copy of a Chicago lease that they are willing to email me, please PM me. Thank you for all of your help and guidance. [link] [comments] |
| HOW DID YOU FEEL? FIRST PURCHASE. Posted: 31 Mar 2020 08:54 PM PDT Hey guys, Just closed my first deal. Duplex and currently 24. My question.. Do you remember the feeling you had when you closed your first deal? These past few days have been some of the most stressful times I've had. Self doubt was there, the fear of uncertainty was there, and something was convincing me to pull out. I know this is part of entrepreneurship but hell, this was different. The numbers work, and I chose to move forward with it. [link] [comments] |
| SBA economic injury loan...yes or no Posted: 31 Mar 2020 10:37 AM PDT The SBA contacted me with state forms since one of my businesses qualifies for the CARES economic disaster loan. Would you guys take advantage of this and what would you do with it. Loan Up to 2 million, 3.75%, select my own terms up to 30 yrs, no collateral or personal guaranty required, 1 year deferment before first payment due. [link] [comments] |
| Commercial Property Interest Rates? Posted: 31 Mar 2020 04:31 PM PDT What interest rates are you guys seeing on commercial property right now? Also how do you find non recourse loans and what's the criteria? [link] [comments] |
| Detailed Textbook / Guide Explaining Purchase / Sale of Real Estate Posted: 31 Mar 2020 11:22 PM PDT Hi Everyone, Looking for resources to explain in great detail, ALL of the steps to purchase or sell a property (residential)... Material with enough detail and substance to learn / know more about real estate than the average realtor. As an engineer, I am absolutely stunned that such a resource is not "readily available" - in my field, it is quite common to read literature in a complex, foreign subject and eventually become an expert in that subject area. I imagine real estate should be quite trivial (forgive me if this comes across as arrogance - I just mean that compared to quantum computing, this should be relatively straightforward...) Really appreciate your help in this endeavor! [link] [comments] |
| Does anyone here do RE investing outside your home country? Posted: 31 Mar 2020 12:56 PM PDT So what's your experience be like? What kind of pitfalls do encounter in this kind of endeavor? [link] [comments] |
| Posted: 31 Mar 2020 06:12 PM PDT I have been playing with the idea to purchase land. Specifically in the western part of the US. I would like it as a possible vacation area and it have a possibility to be sold for some profit later aka retirement. I am talking about acreage. Not built up. Though electric and water would be a plus. Is this something worth pursuing? I see 5 to 10 acre plots for only a few thousand 15 to 25. Any input is appreciated. Ideally such as location suggestions (open to anywhere) or overall investment strategies. [link] [comments] |
| Posted: 31 Mar 2020 10:02 PM PDT Which one are you? Middle-class landlord: The idea of owning a few rental properties as side income appeals to this person. They find out about rentals through HGTV shows and finance blogs. They usually rent out for a few years and sell when they make little to no cashflow. The BRRR landlord: This landlord is very common on online forums and YouTube. They primarily are located in middle of nowhere places where cheap rentals can be found and renovated. They build large portfolios of cheap rentals rather quickly but have too much leverage to cashflow. This means they have no cashflow for property management and end up hiring cheap labor or doing it themselves. Experienced landlord: Most of the time, this landlord is over the age of 50. They started investing pre 2008. They only have a few rental properties, high quality and low hassle. This landlord will only buy more when the perfect deal comes across. Retirement landlord: This one uses a few small properties for retirement purposes. Usually lives in FL while properties are out of state handled by a property manager. Everything is paid off for cashflow to supplement other retirement income. Wealthy landlord: Made most of their capital through other ventures and decides to enter real estate. They buy tons of multi family and retail buildings over several years. They own multi million dollar portfolios in HCOL areas. They usually do deals without partners and keep all of their properties in a holdings company. Corporate landlord: These are the ones dealing with $20mm+ properties of any type of real estate. Think of Jared Kushner, Blackstone, REITs . [link] [comments] |
| Own two apartments - next steps? Posted: 31 Mar 2020 07:28 AM PDT Hi, I live in Norway and I recently bought my second apartment. I live in this apartment and will start renting out one room for about 600USD/m. Rent from a room in your own home in Norway is tax free. I also own a flat with three bedrooms and one garage, that I am renting out for about 23000USD/m. My income is about 50k USD pr year. With COVID-19 I predict housing prices to fall pretty drastically. This combined with lower interest rates is an ideal time to buy more. I have taken up max loans based on the value of my properties. I have paid back about half of the three-bedroom apartment. What are my next steps to buy more? I have about 30000 USD in saved capital. I am considering starting a property company and take up a loan of about 500.000 USD to buy two properties for 530.000 USD, in 4-5 months (when prices are probably at their lowest) that I can rent out for about 12000 USD/m each. This will be enough to cover the instalments and interest rate. With prices rising, the value of these apartments will increase, and I could potentially sell one of them if need be, sometime down the line. Thoughts on this? Will the bank give me this loan based on my business case? Do I need to have additional security? I cannot use my previously owned apartments as security as I have already maxed out the loans on them. With the 3000 USD of my own capital my gearing rate will be about 82%. Will this be too high gearing? The systems in Norway and other countries are obviously different. But I am still looking for ideas from you guys. Thanks :) [link] [comments] |
| Do you know any lenders doing cash-out refi’s on investment properties right now? Posted: 31 Mar 2020 06:33 AM PDT I had a lender lined up to do a cash-out refi on a single family house I closed on earlier this month. The lender was my local credit union, I've had an account with them for over 20 years. This lender was going to offer 80% LTV @ <5% … then this C-19 situation hit us like a train, so now the lender is saying that they are halting all lending on investment properties. My question today is, are you familiar with any lenders that are actually offering cash-out refi's today? My optimal criteria is as follows:
Thanks for your feedback, stay safe out there. [link] [comments] |
| Posted: 31 Mar 2020 07:56 AM PDT NY and NJ governors announced what I believe to be a "Deferment" of mortgage payments by 90 days. You can read what the NJ governor said here: https://www.nj.com/coronavirus/2020/03/nj-to-give-homeowners-mortgage-relief-during-coronavirus-outbreak-murphy-says.html It says 90-day grace period cannot and will not be used to downgrade anyone's credit rating and lenders will also waive any late fees or other costs that would otherwise arise because of this 90-day grace period. Also, expectation is that banks will add three months onto the end of mortgages instead of making people pay one lump sum after 90 days Am I missing something? Seems like a no-brainer to apply for this. [link] [comments] |
| Taking security deposits for missing rent Posted: 31 Mar 2020 12:24 PM PDT |
| Do you perform background/credit checks for all applications Posted: 31 Mar 2020 06:24 AM PDT I'm sure everyone has a criteria to screen food residents that complies with fair housing. Mine include the classics and a few others like: income, credit score and planned stay in rental... However it seems too expensive and time consuming especially in NY state to do background credit check for every single applicant (we have a $20 limit per application so we cannot use smart moves or other cool tools like that). Do you reject people (before going background check) based on your criteria or do you actually perform checks for everyone? [link] [comments] |
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