Real Estate Investing: If a bank holds a foreclosure auction and offers no showing or no photo from the inside, how do you know it is not complete trash inside? |
- If a bank holds a foreclosure auction and offers no showing or no photo from the inside, how do you know it is not complete trash inside?
- 0-9 Units in our first calendar year while in surgical residency!
- My villa got rezoned for 4 story units
- Advice on How to Finance 30K Duplex Renovation in Chicagoland Area
- How to get a cosigner mortgage for an out of state rental property?
- Investing plan with friends
- Banker Question
- Tenants claims 2 window we're broken by wind?
- Mortgage rate lock down
- Refinance Mortgage Rates
- Wholesale deal
- First time buying. Wanting to get two 23k properties at full price in rural town. One for me and one to be rented out. Is this a good idea?
- Sqf Additions in Existing Property vs. Buying New Property?
- Buying neighbor’s property
- From an investment standpoint, would you recommend a long term or short term rental property?
- Foreclosure mortgage financing options
- Anyone able to provide an update regarding the state of commercial real estate?
- Equity Reits - a couple basic questions
- Has anyone met Kris Krohn or been to one of his events? Is he the real deal or a fake?
- Advice for negotiating a single unit purchase with a real estate development firm?
- Good sources for single family investment loans quotes?
| Posted: 20 Apr 2020 01:08 PM PDT |
| 0-9 Units in our first calendar year while in surgical residency! Posted: 20 Apr 2020 05:07 PM PDT Happy pandemic everyone... I wanted to take some time to share the wild and exciting ride that my wife and I have been on over the last 12 months. We have followed this subreddit and utilized your advice as we've gotten started. I am currently in orthopedic surgery residency and my wife is a full-time special ed teacher. We have two small children and are very busy. However, I wanted to tell our story here with hopes to give back to this community due to the positive impact this community has had on us. I'll start a year ago. My wife and I initially began discussing our retirement plan midway through my third year of residency. At this point, I had mountains of medical school debt and had not saved a dime to my retirement. Therefore, I investigated a way to utilize calculated risk to develop cash flow options that we could utilize in retirement in addition to our traditional investment portfolio. This led me to BiggerPockets. Fast forward several months, where we purchased our first duplex in Valdosta Georgia. We did this fairly non-traditionally. Due to my debt to income ratio and my lack of initial capital, we were unable to secure traditional financing with most institutions. Therefore, I began by contacting as many smaller community banks as possible. This brought us to the institution that we eventually used. This was an institution in South Georgia that was willing to listen. They allowed me to utilize my future orthopedic surgery contract as collateral to obtain no money down financing. We purchased the duplex, established stable renters and then moved on. As the months progressed, I continued my orthopedic training and we utilized our first direct mail campaign. Mailing approximately 130 letters, we closed on our second property, another duplex. After stabilizing this, we utilized our contact with a local broker to close on five additional three bedroom/2 bathroom single-family rental homes. Subsequently, We have placed renters in these homes and stabilized them, allowing me to pursue refinance options to potentially save two points on our debt. I say all of this to initiate discussion regarding how we got started, how we utilize non-traditional financing as well as the value associated with this subreddit and it's influence on our start. Additionally, I'd like to briefly talk about time management and how you can gain knowledge in your daily life utilizing resources like audible, BiggerPockets podcast and BiggerPockets forums. The way I did this is by utilizing headphones and listening to the BiggerPockets podcast throughout my daily commute to and from work as well as between responsibilities in the hospital. Push to learn all the time! Additionally, I've listen to multiple audiobooks which I can recommend if people would like this information. I know this is a very long post but I wanted to initiate some discussion and express my gratitude to this community of people. We are off to a great start and I as well as my wife have big dreams moving forward. Thanks again! [link] [comments] |
| My villa got rezoned for 4 story units Posted: 20 Apr 2020 04:58 AM PDT My wife and I bought a villa. I found out that the local council has submitted plans to rezone that street to allow 4 storey units. It's 450m from a train station and the council has submitted to change zoning to allow units and multi level commercial premises. Since we own a villa (in a group of 3 free-standing villa's), I wonder what this might mean for us if it goes through and we're rezoned. [link] [comments] |
| Advice on How to Finance 30K Duplex Renovation in Chicagoland Area Posted: 21 Apr 2020 02:06 AM PDT Hello, I recently purchased a duplex in the Chicagoland area for around 10K. The property has been in the family for 30 years, and has only been sold because of an unexpected death. I can easily handle the monthly payments I have left on the 10K, my bills, and still contribute to my savings goals. Without including my emergency fund and savings goals accounts, I also have about 3K cash. What are my options to finance the 30K in renovations? What would you say is my best option keeping cash flow in mind? [link] [comments] |
| How to get a cosigner mortgage for an out of state rental property? Posted: 20 Apr 2020 02:19 PM PDT Hello Reddit friends! After saving for a year post-college, I finally have a down payment for my first investment property. The houses I am looking at are 30-60k, and are in different states (Indiana and Mississippi). I have enough for a 20% down payment, but unfortunately I am still working on my credit score. My parents have excellent finances, and are willing to cosign for me. However, we all live in California and I will therefore have to fly out to look at houses when I am ready. Bluntly put, I know very little about mortgages. Because I am residing in California, can I get pre approved for a loan out here with my parents, and fly out on my own to check out properties? Or, would they have to come out of state with me for the actual purchase? I wanted to buy now (within the next month or two) because the housing market is fair price and my income has not been affected by the epidemic going on. [link] [comments] |
| Posted: 20 Apr 2020 04:55 PM PDT Hello all, I am one of a group of five recent college grads that are all highly interested in RE investing. We've explored this page and all feel that there is a ton of value in discussing with others (with more experience) our current ideas. But we'd like your help, advice, intuition, anything you could provide. We plan to pool our resources to split ownership of an LLC that will begin investing (BRRRR) in either single family, duplexes, or triplexes in one of a few potential markets. Our total initial commitments would cover start-up costs, approx. 20-25% down payment, and cosmetic rehab work ($5-10k). All-in about $75k. Based on our research, this should be enough to "get in" to the market. Property #1 (potentially more) would be self-managed at first to save money. If the first property is a multi-family, one of us may live in one of the units (dependent on which area we buy in). We'd also hire a real estate attorney to assist in setting up the LLC structure. More numbers... Combined income of roughly $300k, combined debt of roughly $100k (student loans). Average FICO score of 750. None of our jobs have been impacted by COVID-19. We seek to enter the market in approx. one years' time (to save, and because some of us are relocating during that time), so we are seeking advice on what to do in the mean time. Is the LLC structure adequate/required? What is the loan process like for 5 people in an LLC? What else jumps out at you? If we self-manage, does the LLC still protect us? Please poke holes wherever in these ideas that you can, we're looking for as much input as possible. [link] [comments] |
| Posted: 20 Apr 2020 05:46 PM PDT I'm buying a commercial property for 350k cash. It appraised for 450k from a local appraisal company. What % of the value would a bank lend on a property typically? [link] [comments] |
| Tenants claims 2 window we're broken by wind? Posted: 20 Apr 2020 06:05 AM PDT The first time it was an inner bathroom window, he says maybe a tree branch hit it or the wind? There are no trees near this window and its an inside window? The outside one is unbroken The 2 just happened the other day we found most of the glass outside if the wind broke it wouldn't it push the glass inside? Anyways do I open a claims court or just replace and move on? These tenants are moving out in July. For now, i just put some plexiglass but, the for long term I should replace properly. Edit: security deposits we're illegal here, so tenant will hopefully pay last month and will simply move out not paying for damage. [link] [comments] |
| Posted: 20 Apr 2020 05:28 PM PDT I locked down a decent rate with a mortgage lender over phone. The rate dropped significantly but he isnt willing to change it saying its locked. I signed the docs and disclosures sometime back but another lenders are ready to give me much cheaper rates. What actually Locking means here? I havent read all the docs but i definately did not sign anything thats says i am stuck with them. I am going to re-read them all. Is locking with one lender and still shopping around for better until closing is a BAD pratice?? [link] [comments] |
| Posted: 20 Apr 2020 08:39 PM PDT I am thinking to Refinance my Primary residence for 30 years fixed rate with an excellent credit score. What would you prefer ideal rates in current time? [link] [comments] |
| Posted: 20 Apr 2020 07:33 PM PDT Anyone have experience buying from wholesalers? I've got a Charlotte SFH 3/2 B-class property oppty. listed at $135k, and with $20k or repairs gets an ARV of $190k. Will likely rent at $1,300/mo. Owners got divorced, so wholesale was able to pick it up cheaply. Does this sound like a good deal? [link] [comments] |
| Posted: 20 Apr 2020 12:56 PM PDT Long story short I gotten in an inheritance of 58k at 21 years old. Never had that kind of money before, and live in a rural town where housing is very cheap. There's a good condition 3 bed with a garage and a big backyard here that's worth 23.5k. I was going to buy it for myself, pay off my debts, and use 23k to invest in another property. After paying $9-10k (yikes I know) in debts, I'm hoping to use a budget of 23k to invest in real estate, and rent it out to a tenant in my town of about 60,000 people. Is there anything I need to know prior to this? I make 48k a year through my job, and I'm somewhat worried maintaining two properties will be costly, even though property taxes are very low, and my the house for myself needs no repairs anyways. I'm mainly just hoping I can get any tips or things I should look out for or what to expect, because although I'm doing as much research I can on real estate and landlording, I'm only a beginner and just figured becoming a landlord could be a good investment to potentially get further into real estate investing. Any advice is appreciated! [link] [comments] |
| Sqf Additions in Existing Property vs. Buying New Property? Posted: 20 Apr 2020 06:42 PM PDT Assume additional investment in an already-held property has the same economics as using that money on a separate, new purchase property. What have your experiences been of pumping more capital into what you already have vs. new property acquisition? My thought is that it makes the most sense to maximize possible returns before moving onto another property. Obvious risks are greater concentration of capital, etc. Benefits include easier property management, reduced capex per sqf due to already held land, etc. Seems good on paper, but looking for real world discussion of what you've experienced going either way in this scenario. For levered properties, have you had issues with refinancing multiple times before and after construction/addition is complete? Thanks!! [link] [comments] |
| Posted: 20 Apr 2020 11:50 AM PDT Will try to keep this short. I bought my first multifamily property about a year ago. Renovated a bathroom and septic system and now have tenants living in 1 unit paying about 75% of the mortgage while my GF and I live in the other. There is a 3rd unit that's sort of an art studio/office space. It has all utilities but can't legally be converted to a cottage at the moment because zoning requires 6 acres to have more than 2 legal living spaces and I only have 1.5. I'm about to refi and hoping to extract about $40k thanks to low rates and a good market. Coincidentally just found out my neighbors are about to list their 6.5 acre property and may try to scoop it up before it hits the market, thus completing my first BRRR cycle. How would I structure a deal like this? Am I able to use my refi cash for downpayment on a second loan as long as I qualify with my income? Or try to roll that deal into a single mortgage? How much of a red tape nightmare am I going to have trying to legally combine and rezone the properties so that I'm able to renovate the 3rd building? [link] [comments] |
| From an investment standpoint, would you recommend a long term or short term rental property? Posted: 20 Apr 2020 05:07 PM PDT |
| Foreclosure mortgage financing options Posted: 20 Apr 2020 04:24 PM PDT Long story short, I was working with a broker who led me to believe that he could get a loan for the foreclosure house I purchased from an auction based off an as-is appraisal. 13 days before closing, we now find out that this isn't true and the loan requires a conditional appraisal due to the home needing relatively easy but eye-sore type repairs (holes in drywall, misaligned plumbing, missing outlet covers, broken shower tile) What are my remaining options for financing? I'd like to get a homestyle renovation mortgage but even though Fannie Mae regs say that DIY is an option, the lender I spoke too today said it isn't. The repairs are literally less than $500 if I DIY but if I use a contractor, the loan requires a $5k renovation minimum. Any experience out there on what I can do? [link] [comments] |
| Anyone able to provide an update regarding the state of commercial real estate? Posted: 20 Apr 2020 08:51 AM PDT Anyone here able to provide either quantitative or qualitative information on how commercial real estate is performing thus far in the US? I'm curious to hear details on:
Would be great if we could get a discussion going on what we're seeing across the country in different markets [link] [comments] |
| Equity Reits - a couple basic questions Posted: 20 Apr 2020 07:05 AM PDT Hi - I am new to real estate and was wondering if someone could help me out high levels, as I've been looking at equity Reits at risk of their tenants not paying rent for extended period of time.
Thank you very much!! [link] [comments] |
| Has anyone met Kris Krohn or been to one of his events? Is he the real deal or a fake? Posted: 20 Apr 2020 01:32 PM PDT I don't post this to bash him in anyway just out of curiosity because research on him is limited. I see his videos and ads everywhere but when you research him first thing to come up on google is "Kris Krohn fake." I've never heard him on a podcast or anything that wasn't produced by him yet he claims to be a real estate guru. [link] [comments] |
| Advice for negotiating a single unit purchase with a real estate development firm? Posted: 20 Apr 2020 06:36 AM PDT Background: looking to close a single family townhouse in 4-month's time or slightly less to live in a few years and then rent out. (Timing is because that's when my current rental lease is up.) I have identified a couple of units in a 50+ unit townhome complex built in 2005/06. The developer still owns and rents a portion of this complex and have put several units with different layouts up for sale. No idea how many units are still owned by the developer in the complex. (There are also a couple of units up for sale concurrently by private owners.) The unit I'm specifically interested in is for sale by developer and has been on the market since fall 2019 with no price drops. The unit's current asking price is about 15% above what a similar unit by a private seller sold for in Jan 2020. (I am reasonably sure that the developer will justify the price hike by the touch-ups they did on the unit after having it rented for the last 15 or so years.) Given the uncertain economic outlook ahead, I want to negotiate as aggressively as possible but would still want to meet my timeline for move-in. Any advice on how to approach negotiations? I've already got a mortgage pre-approval (I also have enough liquidity to buy the unit in cash if I want and get financing later if I identify other investment opportunities.) More background on developer: smaller firm with projects in one state (Northeast). Bread and butter is residential (15+ developments, 3-4 they still own/rent a portion of); also have a 5+ hospitality portfolio, majority of which are owned and managed by the developer. [link] [comments] |
| Good sources for single family investment loans quotes? Posted: 20 Apr 2020 10:11 AM PDT Brother and I have all cash in our last project (its a higher-end single family rental product) and we've had a renter for several months (signed 1 yr lease back in Feb at above market rents). Last week, we thought it would make sense to shop around for cash-out financing given rates have dropped. We were shocked at some of these quotes: 4.25% rate for a 30 year fixed, with 1 point (out of our proceeds), 75% LTV. 20 year was at 3.85% with 1 point, 75% LTV. We'd like to free up cash for upcoming opportunities yet these aren't very attractive options especially if you have to pay points in an already low rate environment. 1 quote was from the bank we hold our deposits at and another was from a mortgage broker - but they both were pretty in line with each other. Both of us have solid borrower profiles with 775+ credit scores, low/no personal debt and w-2 histories, ect - so the rates seem really punitive. TL;DR Is there a lack of appetite in the mortgage world for investor owned single family rentals? Or are we focused on the wrong places and need to find lenders/brokers who specialize in this product type? Or maybe we are just delusional trying to do a cash-out during this pandemic. ... [link] [comments] |
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