Real Estate Investing: How Many of Your Tenants Paid April 2020 Rent on Time? |
- How Many of Your Tenants Paid April 2020 Rent on Time?
- New unemployment benefits are crazy good. People making $50k or less will actually see an increase in income if laid off. So is the concern over tenants not being able to pay rent way overblown?
- Ideas to make the best out of a loss of rent?
- Can landlords use the SBA loans (Coronavirus bill) FORGIVENESS feature to cover rent they aren't receiving from tenants?
- Landlord insurance, loss of rent, COVID
- How to structure a buy-and-hold partnership with each member going 50/50 on down payment + expenses?
- How long do you think it would take to get a tenant in this corona time if you buy a house now?
- Lenders for properties under 50k
- Can mortgage companies see land contracts?
- Will lending standards change?
- Walking Properties with COVID-19
- Getting a small business loan to start a real estate company. Is this possible?
- Does being a real estate agent make you more successful?
- What are cash heavy investors doing right now?
- Tenants aren’t paying
- Seller accepted offer, roof collapsed
- HELOC and unsecured lines of credit as reserves during COVID19
- DEAL ANALYSIS /FIRST TIME INVESTOR
- Filling empty units during lockdown
- Earnest Money Deposits
- Question RE Paycheck Protection Program
- subreddit question
- Covid-19 Economic Injury Disaster Loan
- COVID Housing
| How Many of Your Tenants Paid April 2020 Rent on Time? Posted: 02 Apr 2020 10:36 PM PDT This poll is based upon a great idea (and post) by /u/Crossback2017 which we unabashedly stole with his permission (and gilded for his contribution). We anticipate making this poll monthly for at least sixty days to see what, if any, trends may develop among sub members. Please Note: This poll is to determine what percentage of your tenants DID Pay. Example: You have ten tenants. All ten paid = 10/10 = 100% Paid. Example: You have ten tenants. Six out of ten paid = 6/10 = 60% Paid and you should select the 60% to 79% Option. There are a limited number of Options that may be created with the poll. As such please choose the cohort which is most applicable to your experience. Unfortunately the poll isn't advanced enough to provide information regarding what States sub members are located in and if their operations are based in large, metropolitan areas such as cities or less populated towns. It would be interesting to know exactly how many properties (anonymously) each submitter has as well. There is a tremendous difference between an investor with one property reporting 100% paid versus an investor with twenty properties (or units) reporting 100% paid. We work with what we have but please keep in mind that the poll data should be taken with a grain of salt due to the inherent limitations of the poll. Perhaps next month we can create a Google Spreadsheet with additional information to be anonymously submitted for the consideration of the sub members. Thank you for your participation. [link] [comments] |
| Posted: 02 Apr 2020 08:55 PM PDT Now I'm in a LCOL metro so this wont apply to everyone. My tenants pay $500-$750 per month for rent. With these new unemployment benefits I'm not seeing why layoffs should result in them being unable to pay rent. Many of them will see their income temporarily increase so I see no viable excuse for them not paying. Is anyone else not really concerned about collecting rent given the boost to unemployment payments? [link] [comments] |
| Ideas to make the best out of a loss of rent? Posted: 02 Apr 2020 08:27 AM PDT Hello All, I am reaching out to the community with simple ideas that the average person can do to improve on a rental property during this crisis we are going through. I have always been a super conservative investor with my slow-vest method of buying a distressed property, fix it up as a rental, rent it out and use as much income as I can to pay off the property before I place myself in debt. Typically I just refinance my personal home with a loan large enough for the purchase of the property, then fix the property, place it up for rent and use the income streams to pay down my own property since I was informed i would benefit the most on taxes this way in the context of having paid off rentals. Currently, I am up to 5 properties and 4 of the 5 properties notified me and didn't pay rent on April 1st and the 5th paid rent. I have talked to the 4 renters and have been thinking of creative ways to gain from this situation without forcing this into a negative event, so they all have agreed to start with pressure washing the properties, so I have dropped my pressure washer off and 3 of the 4 have been completely cleaned by the renters in agreement for part of the rent owed removed and the 4th property I dropped off the pressure washer this morning for the renters to get started. I am planning to purchase paint tomorrow to give to the renters to start painting the outside of the properties, but i am curious what other ideas i can come up with to improve on the properties that an average person can perform in a reasonable fashion. The insides of the properties were recently completely remodeled after purchase, so most of the inside is fresh and not needing attention. what are some creative ideas that yall can come up with that I may use? So far the renters have been completely down for ideas to offset the unpaid rent since they are super bored being stuck at home and it gives them something to do. so it has been hugely positive. [link] [comments] |
| Posted: 02 Apr 2020 05:30 PM PDT |
| Landlord insurance, loss of rent, COVID Posted: 02 Apr 2020 06:26 PM PDT Most landlord insurance policies have coverage for loss of rent. Has anyone had success applying this to tenants who refuse to pay due to financial hardship due to COVID? My first guess is that it wouldn't work since the property is still perfectly habitable, but I wanted to get more opinions about this potential avenue for financial relief. [link] [comments] |
| How to structure a buy-and-hold partnership with each member going 50/50 on down payment + expenses? Posted: 02 Apr 2020 03:12 PM PDT I'm considering purchasing a property with a partner to mitigate risk and limit exhausting my capital. I've found someone to go 50/50 with me on a property. How have you structured such partnerships before, and what are all the things that must be considered? [link] [comments] |
| How long do you think it would take to get a tenant in this corona time if you buy a house now? Posted: 03 Apr 2020 02:19 AM PDT |
| Lenders for properties under 50k Posted: 02 Apr 2020 10:20 PM PDT I'm new to real estate investing and I have decided that I want to start in the southern US with single family homes that are already occupied. The homes usually range between 40-70k depending on the condition. I have saved enough money for a down payment and a good reserve. My only issue is finding a bank that will lend sub 50k. Do they exist? Is my only option hard money and high interest rates? My main goal is to buy and hold to generate some passive income. I eventually would like to own 5 apartment complexes between 50-100 units but that is down the line. I have to start somewhere! Thanks for any advice. [link] [comments] |
| Can mortgage companies see land contracts? Posted: 02 Apr 2020 07:11 PM PDT Here's a quick summary of my situation: I'm a college student looking to purchase a property to live in and rent out while I go to school. I have decent savings but low income. My parents are willing to co-sign for enough that would make this doable. A seller has reached out to me wondering if I'd be interested in pursuing a land contract through them. My question is, could mortgage companies see this land contract if I went through with it? Theoretically, the faster and earlier you can accumulate properties, the bigger and sooner the payoff comes. If I were to take out a loan to get a mortgage on a property with the help of my parents co-signing, it would obviously be difficult for me to be able to get another loan for another property anytime in the near future. My question with more detail: If I were to go through with the land contract on the first property, could I still get a loan for another property with my parents co-signing or would a mortgage company see this as outstanding debt? Is a land contract essentially hidden debt? [link] [comments] |
| Will lending standards change? Posted: 02 Apr 2020 05:31 PM PDT Title says it all, does anyone forsee lending standards changing due to the current situation? If so will it be easier to get loans due to ultra low interest rates? [link] [comments] |
| Walking Properties with COVID-19 Posted: 02 Apr 2020 04:06 PM PDT Among the concerns on COVID-19, how do you feel about continuing to walking properties to assess a potential deal? [link] [comments] |
| Getting a small business loan to start a real estate company. Is this possible? Posted: 02 Apr 2020 05:05 PM PDT Hello everyone, I like many others come to this sub for advice and guidance on how to get started in the real estate game. I've been trying for over a year to get started but because of some personal financial issues involved in healthcare and other factors, I haven't been successful in finding the funding to secure my first property, outside of my primary residence. So I come to you with the question of has anyone gone to a bank to look for a small business loan to get started? I know it's a risk to banks to just hand out cash without history, credit or things like that. Currently my credit is in the low to mid 700's, I have about $8.000 in savings to put towards materials and such, and I have the experience of flipping my current property (once I decide to sell it of course), as well as 3 others with my dad that I've helped him on. I've tried talking with my parents about the financial part and doing a private loan with them, but unfortunately we haven't come to an agreement for it. I've also tried to see how much equity I have in my house and I don't have enough quite yet. So what I'm looking to do is buy a home in a specific price range, I already have 2 sets of renters that have verbally agreed to rent it if I can get it done, but no way of purchasing it. So if I go to a bank with a business model that shows a proof of income from rent, and experience and a decent credit score would they lend to this type of business? Thank you! [link] [comments] |
| Does being a real estate agent make you more successful? Posted: 02 Apr 2020 10:19 PM PDT I have toyed with getting my real estate license as that will save me money and potentially give me greater insights into certain local markets, but I'm wondering if that's needful? A little more context, I have owned one rental property and held it for five years and recently sold it. It did well and I want to invest now more heavily (money and time) into real estate and want to set myself up to be as successful as possible. [link] [comments] |
| What are cash heavy investors doing right now? Posted: 02 Apr 2020 11:13 AM PDT I see so many posts about investors who are stressing over missed rent and mortgages due because of the crisis. For those of you who are sitting on cash and looking for opportunities that will arise because of this, what are you thinking? What are your plans? [link] [comments] |
| Posted: 02 Apr 2020 12:49 PM PDT Hello r/realestateinvesting, this pay period I noticed that only a few of my tenants payed their rent. I own a complex with about 8 units, and only 2 families payed their rent. I've messaged my tenants asking if they're going to be late on payment, and haven't heard back from most of them. One lady told me she lost her job and wouldn't be able to pay rent for this month. What do i do in this situation? I don't want to have to evict my tenants during a pandemic but it's my property they're living on! This is my only source of income and if I don't get my tenants to pay soon I'm going to default on some of my loans. What would you guys do in this situation? Again I'd like to not evict anyone but I can't even get my tenants to respond to me. (Crossposted from landlordadvice) [link] [comments] |
| Seller accepted offer, roof collapsed Posted: 02 Apr 2020 10:38 AM PDT Now seller wants to close before the repairs are finished because of personal reasons and threatened to back out of sale What are your guys thoughts? Current cap of the property is like 6% and it's in a hcol area [link] [comments] |
| HELOC and unsecured lines of credit as reserves during COVID19 Posted: 02 Apr 2020 07:11 PM PDT I want to buy another property. I have huge low interest lines of credit available to be used as last resort for reserves $80K total... on top of some cash. Should I be worried the lines of credit could be frozen? [link] [comments] |
| DEAL ANALYSIS /FIRST TIME INVESTOR Posted: 02 Apr 2020 06:00 PM PDT Duplex (I would be living in one unit) *edit as there was some confusion rent is 2100-2400 for upper unit alone. The bottom unit can be rented out for 1500. Id be living there so I didn't include it in. Rent: 2100-2400/month Mortgage:1605/month Other main expenses (estimates) Prop tax: 6000/year Water: 1200/year Insurance: 1400/year Building is turnkey, whole thing has been renovated past two years (no one was living in it). Great downtown neighbourhood. This is my first deal, please be brutally honest with me. [link] [comments] |
| Filling empty units during lockdown Posted: 02 Apr 2020 09:13 AM PDT Anyone out there trying to fill empty units while there state is on lockdown? I live in south Florida and my state is going on lockdown tonight for all non essential work/outings.. I had a tenant ghost on me a week ago and I had to scramble to get the unit rent ready and start showing it. I've already been doing showings via FaceTime but now we are going on full lockdown... anyone in a state that's locked down already run across this? [link] [comments] |
| Posted: 02 Apr 2020 07:34 AM PDT Our seller wants us to put 3% in escrow as an earnest money deposit. That's like $60k. For folks that syndicate deals, where do you go for the earnest money deposit? A target investor? Your personal account? The bank? Any good places to use for escrow service? Thanks for your help! [link] [comments] |
| Question RE Paycheck Protection Program Posted: 02 Apr 2020 03:59 PM PDT I have a single member LLC with no employees that owns a multi family rental property. I pay utilities for my tenants and I pay a property manager (who is essentially an independent contractor). Would I be eligible for a loan under the PPP? I would mainly use it to cover my utilities and, if possible, my management fees. [link] [comments] |
| Posted: 02 Apr 2020 02:29 PM PDT Where would be an appropriate area to post about a property for sale that I currently have? Just saw its a rule to not post for sale properties on the subreddit so was wondering if anyone has a suggestion where I would be able to. Specifically targeting investors as the property is distressed. Property is in California if that matters. [link] [comments] |
| Covid-19 Economic Injury Disaster Loan Posted: 02 Apr 2020 08:10 AM PDT Does anyone have any information about if each LLC that holds property can apply for the Covid-19 Economic Injury Disaster Loan separately? I can't find anything online about it. [link] [comments] |
| Posted: 02 Apr 2020 12:39 PM PDT Will there be demand for Covid-19 housing so people (nurses, MD's etc) can live separate from uninfected family, elderly, vulnerable, etc? AirBnB STR style maybe? [link] [comments] |
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