Real Estate Investing: Looks like it's time to get out of the real estate investing business. at least in california |
- Looks like it's time to get out of the real estate investing business. at least in california
- For those of you that don't think over levered AirBnB owners are going to be a force to contend with.
- Seller wants $500k, I want to pay $400k, how do I structure a seller finance deal to bridge the gap?
- Phew, brand new tenant kept promise
- [FL] Buyers backing out of a home purchase the night before closing
- Which real estate REO/foreclosure/short sale website do you frequently use?
- What websites/apps do you use to manage your properties
- 10k invest.
- Rental Cash Flow Calculator
- What is everyone's opinion on the rental market? Do you all think the market price for rent will decrease?
- SBA EIDL Loan update
- Should I take forbearance when i can actually pay?
- replace grass with something no maintenance?
- Organization Question: How to keep track of all the todos with multiple property management companies and dozens of properties?
- Fractal Investing
- What's the most you've ever offered below listing?
- Title company or Attorney Lawyer - PA
- If you are a cash buyer looking to make a move before this virus, how would you strategize to get a good deal?
- Maintenance Cost
- Newbie here with a few real estate license/investing questions (be gentle)
- Can you guys recommend some resources to start learning about real estate investing?
- Need Help with Refinance Calculations
| Looks like it's time to get out of the real estate investing business. at least in california Posted: 15 Apr 2020 11:43 PM PDT https://caanet.org/caa-urges-legislature-to-stop-bill-to-reduce-rents-by-25/ California is looking to pass AB 828 which will automatically decrease rent for all tenants by 25% regardless of COVID-19 impact or no, and includes language to make evictions harder than the current memorandum on evictions. https://caanet.org/l-a-county-extends-eviction-moratorium-payback-period/ LA County extends missed rent due to COVID-19 from 6 months to 1 year. So any landlord in CA is gonna have a bad next couple of years. [link] [comments] |
| Posted: 15 Apr 2020 08:37 AM PDT I'm in Atlanta. It's not what I would call a huge tourist destination to begin with. My assumption is that we have fewer units than say a beach town This is the second ad I've seen like this in the last two weeks. We are absolutely about to see a lot of units put on the market at the very least if not forclosed on. Not sure how long the link will stay up :https://atlanta.craigslist.org/atl/zip/d/atlanta-free-airbnb-furniture/7108577887.html [link] [comments] |
| Seller wants $500k, I want to pay $400k, how do I structure a seller finance deal to bridge the gap? Posted: 15 Apr 2020 06:06 PM PDT Are there any tips/techniques for presenting an offer to a seller that would make a lower offer more appealing? IE seller finances the deal for a couple years at a higher than current interest rate and profits off the interest earned as well as the balance of the mortgage. [link] [comments] |
| Phew, brand new tenant kept promise Posted: 15 Apr 2020 12:26 PM PDT Prior to COVID, I had to evict my prior tenant and it was a nightmare. They caused about 5k in property damage in addition to about 1.5 years with no rent. It was a family member. That's another story. So when I finally got the condo back in good rental condition in February, after such a long saga, I was definitely not wanting a repeat. I vet/source my prospective tenants via my friend growing up who is a broker. He charges half the first months rent and so far his tenants have always been stellar. My family member was all me (well really my parents) lol. So this prospective tenant was moving from GA to FL. Guy/girl I'd say 30ish with a 3 year old. F makes $2500 in guaranteed SSI and M currently didn't have a job as they were moving but he'd get employment (at a restaurant) when he got to FL. Even though he was unemployed their credit and background checks were good, and with rent being $1175 I thought worse case the SSI $2500 should be enough for rent and essentials while he found a new job. Restaurant jobs are easy to get where my condo is, in normal times. They couldn't move in March 1 due to move so I let them move in March 18 and I held the unit. They sent the security deposit. A day before move in he calls me and says he just lost his job and he wanted to know if he could only send first month (which is only 3/18-3/31 so barely a full month) and not last months due to virus. Essentially the answer was no. I had the broker tell him, with the reasoning being it's a contract so we need first/last security before he can move in. I did tell him though that I was told he didn't even currently have a job and they were moving so he would have had to lose his job regardless. So this was a huge red flag. I was afraid that since I didn't relent one the last month that he'd retaliate since now he can legally move in. On move in day on 3/18 I sent a text and asked how the move in was going and how everything in general was. I worded it in a way to give him an "in" to tell me he wouldn't be able to pay rent on the first of April. He said he and his SO loved the place (they didn't see it before move-in, which was another concern) and everything was going great. I then sent another text probably around a week after move-in asking how they settled in and again giving an "in" but he said all was great. Well 4/1 comes around and I wait all day. Finally late afternoon I get a text saying he can't pay rent due to him losing his job and this and that BUT he could pay on the 15th. I was nervous but I had faith he'd come through. Knowing I had no alternatives and technically he could say FU to me and live rent free I just said something like "No problem, I completely understand. It's rough times right now for everyone. The 15th will be ok. Don't worry about the late fee either due to situation. You and your family stay safe. Let me know if you need anything." I needed to keep a positive rapport. No text from 4/1 until today but he sent rent for April and May! I'm so relieved because that condo with the family member has bled me dry for 1.5 years so it's nice to have it producing income again. TDLR; New tenant who I was hesitant about finally paid rent and I'm confident they will monthly with no issues going forward! [link] [comments] |
| [FL] Buyers backing out of a home purchase the night before closing Posted: 15 Apr 2020 04:24 AM PDT I live in Florida and I am selling my first home. I have already moved out and into a new place while my new home is being built. My new home is scheduled to be completed in August. The buyers just informed our real-estate agent that they have a "bad feeling" and are backing out of the deal. The inspection, appraisal, and financing have all cleared for us to close tomorrow at 10AM. My agent said my two options are to either take the $2,100 deposit, or take them to court. My agent said she can't give me any advice and does not know what the possible results would be if we took them to court for breach of contract. Also courts are closed right now due to COVID-19. Homes in our neighborhood have fallen in price it seems like since the country shut down. I am certain if we relisted the house we would have to take a lower selling price, plus I will have to continue to pay for the mortgage, along with rent where I just moved into. I am contacting an attorney today but wanted to get advice on here with what to expect. Should I take them to court? What are the potential outcomes? Anyone have any experience with this? [link] [comments] |
| Which real estate REO/foreclosure/short sale website do you frequently use? Posted: 15 Apr 2020 10:54 AM PDT |
| What websites/apps do you use to manage your properties Posted: 15 Apr 2020 10:28 PM PDT I was wondering if any of you use any websites/apps to manage your properties. I haven't seen much out there but I feel like there has to be some app that was made just for this. Lmk if you use any, I'd love to check them out. Thanks! [link] [comments] |
| Posted: 15 Apr 2020 09:02 PM PDT Can someone point me in the right direction on how i can invest 10k ? I'd love to do flips just don't know how or where to start, please and thank you ! [link] [comments] |
| Posted: 15 Apr 2020 10:03 AM PDT I am new to real estate investing. For the last six months, I have been looking into several real estate rental properties in the US and calculating if a property is cash flow positive or not. It's been taking a lot of my time. So I created a small application that gets a list of open property in a given zip code from Redfin and calculates if a property is cash flow positive or not. It's has been pretty helpful in saving time. Now, I am planning to share the application, but there is a lot that needs to be completed before it's usable for other folks. For now, the input values are: Besides the inputs, the application gets and calculates: And at the end, the app shows me the list of properties that are cash-flow positive with link to Redfin property. The questions I have are:
And, lastly, if you are interested in testing the app please PM me your inputs. I can send an email with the list. It will probably take 2-3 weeks as I work on the application on weekends. Edited: formatting [link] [comments] |
| Posted: 15 Apr 2020 08:23 PM PDT I'm not that familiar with the history of rental prices, nor do I ever know if there has ever been a decrease in the market price for rent. I'm assuming with the risk of vacancy and all the Air BnB's converting to rental units, that will drive the cost down of rent. Thoughts? [link] [comments] |
| Posted: 15 Apr 2020 08:35 AM PDT This is not for the PPP program, but for EIDL without PPP. I don't have payroll, and work with contractors, and only make commissions and rental incomes. So I applied about 3 weeks ago, like many of you. I ended up applying 5 times, 3x online, and 2x at 2 different banks. At first, the loan was structured for $10k relief payment with 0% loan, then it got bumped down to a a $1K relief payment with a 1% loan, with 1 year of forebearance. After all is said and done, the loan is 3.5%, over 30 years max, 1 year of forebearance, and up to $2M**.** I am not going to lie, I was tempted to apply because of the low interest only. I can get a damn loan, but the 3.5% is nowhere near my commercial rate, it is 1.5% lower... My relief payment was $2k, which really is nothing, and can pay my utilities for the month. This money just appeared in my business checking with no fanfare or email, or anything. I only know this bec I balance my accounts each night. Crazy how they do shit... As for residential real estate: do not try to get a downpayment out of this loan! Few reasons, 1, it is illegal. 2. I shopped residential rates, and they are at 3%, APR of 3.125% for a mortgage for me. I have perfect credit, business history, and tenure with my accounts, so I don't know what you'd get. You will not qualify for FHA at over 4 units anyway. Do NOT go FHA at this time. I'm not even clear if they are loaning anything. Their rates suck, and you've got PMI, then there is a chance they may tank after the shitstorm is over, and you may be left holding the bag with unscrupulous mortgage buyers to contend with (happened to me in 2008!). So after many follow ups ("You are caller 942"), I got ahold of people at the SBA, and no one had info for me, and they had indicated that my loan was indeed processing, but that's it. Likewise, my bank kept telling me to chill out, as they weren't even getting proper guidance from the Fed or the US gov't. Total fuck up by our gov't caused this mess. This is the feels I am getting from everyone I have talked to. TOTAL FUBAR. But there are good people working very hard out there, to keep this economy going, so stay patient, it is coming... [link] [comments] |
| Should I take forbearance when i can actually pay? Posted: 15 Apr 2020 07:13 PM PDT Should I take forbearance when i can actually pay? [link] [comments] |
| replace grass with something no maintenance? Posted: 15 Apr 2020 12:17 PM PDT pretty much i bought a property and didn't factor in 2k of maintenance for the damn grass. so im wondering what's the cheapest option to put something else? thinking paving over with concrete or gravel or some other rock that is cheap? i looked in the fake grass, but its aparently a pain as you need to clean it and maintain it as well. I don't care about grass this is a C area so tenants just live there and work, they won't take any responsibility like mowing or fertilizing etc. other houses seem to have lawns or put down paved stone (15k+) not worth it. what are my cheap options? [link] [comments] |
| Posted: 15 Apr 2020 05:00 PM PDT I can't keep track of all the emails, I get an email for a maintenance quote. Then I ask for a couple competitive quotes. Then we revise some items. Email back n forth is such a mess and I can't get the PPMs to change their systems for me. What is a better way to manage all the tasks, bids, cost estimates, of day to day interaction between owner and PPMs? [link] [comments] |
| Posted: 15 Apr 2020 03:20 PM PDT I was wondering if anyone here has any experience with fractal investing - basically crowed sourced investments which have much lower capital requirments such as Fundrise, stREITwise, AceTrader etc. how was the experience? any hidden costs? would you recommend it? [link] [comments] |
| What's the most you've ever offered below listing? Posted: 15 Apr 2020 03:19 PM PDT |
| Title company or Attorney Lawyer - PA Posted: 15 Apr 2020 02:32 PM PDT When closing a deal in PA do you need an attorney lawyer or can you go through a title company? [link] [comments] |
| Posted: 15 Apr 2020 02:59 AM PDT |
| Posted: 15 Apr 2020 12:42 PM PDT How much maintenance cost should one allocate for a condo? What is the typical HOA for a condo in Florida? [link] [comments] |
| Newbie here with a few real estate license/investing questions (be gentle) Posted: 15 Apr 2020 07:45 AM PDT I'm currently in the market searching for my first brrrr property. I have a few questions: 1. Are there websites where I can do a free title and lien search (please no city websites ;))? 2. I'm thinking about getting my real estate license to NOT become a real estate agent, but to use their tools. Is it possible to get my real estate license and not be part of a Real estate broker company? 3. Has anyone use the brrrr method before? What was your experience like? [link] [comments] |
| Can you guys recommend some resources to start learning about real estate investing? Posted: 15 Apr 2020 07:11 AM PDT A little background: I'm a May 2020 college graduate with a degree in Finance. I don't yet have the means to start buying properties of anything like that, but it is never too early to start learning about the craft. I would love to hear recommendations on books/podcasts/online materials. Anything helps! Thanks guys. [link] [comments] |
| Need Help with Refinance Calculations Posted: 15 Apr 2020 05:05 AM PDT Hi All, I'm not a math person by any means, so I need help figuring out which calculators/calculations to use for my scenario. I have a home that I'd like to refinance soon into a lower rate. Goal is to reduce overall interest but keep paying the same monthly payment as I do now (even though refinance will lower it). $255k home value, 3.75% fixed 30-year rate, $190k left on the mortgage, started in 2016. I have a made 1 extra payment every year from the start. How do I calculate the following scenarios to find my best deal (interest saved AND time reduced) going forward with the refinance? Assuming refinance into a 3% rate.
My confusion lies with the additional monthly payment, along with the once/year one-time payment, along with the existing equity I have already built up. I see calculators can do the simple refinance, but I'm not sure how to account for my scenarios. Thanks! [link] [comments] |
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