Real Estate Investing: NYT: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’ |
- NYT: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
- Ready for real estate prices to fall?
- I want to learn about HELOC
- To buy a $100k condo, or invest in the stock market?
- Financing for a 4plex
- Starting a wholesaling business
- Best Financing Options
- Can someone explain hard money lending to me?
- Do you have overseas rental properties ?
- When in the next few months are you going to try to time the market?
- Are there any resources out there that can explain to me what $10k of rehab will get me, $30k, $100k, etc?
- Question: Is it better to offer a condo rental furnished or unfurnished?
- Buying a duplex, sellers are building next door (and want my parking spots). What am I missing?
- Orlando Florida Heloc Lender Recommendation
- Pay it off? Refinance? Do nothing?
- Investing in beach house
- Potentially Losing 25k+ On A Pre Construction! Need Advice
- How bad of an idea is it to just leaving a home sit vacant? In hopes of price increasing in the long term (20 years, etc,)? Avoiding headache of dealing with renters.
- Does it matter when you get your property value checked?
- How concerned are y’all about the rent freeze going forward in summer?
- 1099-MISC question
- How many of you are real estate brokers/agents?
| NYT: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’ Posted: 12 Apr 2020 07:06 PM PDT |
| Ready for real estate prices to fall? Posted: 12 Apr 2020 05:29 AM PDT JP Morgan Chase, who write about a quarter of residential loans in the US, just announced that they are raising the minimum credit score to get a loan to 700 and now the minimum down payment is 20%. Other banks are doing the same thing. Not good if you are selling but if you're buying and qualify for the new stricter guidelines it could be good for you. I'm holding tight. Edit: JP Morgan Chase does not write a quarter of residential loans but they are the fourth biggest residential lender. [link] [comments] |
| Posted: 12 Apr 2020 10:41 PM PDT Ok so I'm a newbie into real estate investing, so I am trying to learn as much as possible during this quarantine. But in the future, I would love to do a HELOC to purchase a 2nd property and rent it out. What are your guys pros and cons on using HELOC? [link] [comments] |
| To buy a $100k condo, or invest in the stock market? Posted: 12 Apr 2020 07:09 PM PDT 32m here with the hopes someone can offer valuable advice to me. I have two options... OPTION A: Buy a $100k condo in a MCOL/HCOL area built in 1973. Confident I can rent it for $850/month. •HOA=$120 •3.375 interest rate on 30yr mortgage •Downpayment=$10k •Annual property tax $1.5k •initial monthly payment=$705 •Will pay a total of $2.4k in PMI •PMI will end in 2025 (monthly payment to go to $668) •After 30 years total interest accrued=$53.2k •After 30 years total property tax paid=$45k (assuming a constant tax rate—which is highly unlikely) •After 30 years total HOA fees=$43.2k •After 30 years total Home owners insurance=$9k •After 30 years total payment=$243k •Assuming after 30 years I have a tenant who pays $850/month, and I never miss a month for rent I would receive $306k •These numbers don't include any repairs/damages...which obviously there will be, I'm just not sure how much I should alot/plan for? Maybe someone can offer some input here OPTION B: Invest $10k in the stock market •Going under the impression that my money will double every ~9 years, I would have ~$133k. And this is completely passive income, with no stress of owning a place and dealing with renters... I don't need advice on "well it depends what you'd rather have in life and piece of mind". I do however need advice to see if my numbers check out and if my thinking is rationale. Thanks in advance! [link] [comments] |
| Posted: 12 Apr 2020 11:03 PM PDT I bought a 4 plex for cash back in October, remodeled and rented the units out. Went to a lender for financing only to find out it's on zoned commercial land, they can't finance through traditional methods. Looking for commercial financing for a property in Ohio, I live in California. 4plex valued around 250k. Thoughts? [link] [comments] |
| Starting a wholesaling business Posted: 12 Apr 2020 11:47 AM PDT I'm looking to start a wholesaling business. My first question is regarding the website. Should I hire a freelancer, buy a theme and build it myself, or use a system like Lead Propeller/Carrot? If you guys have any recommendations that would be awesome. Second question is just any systems or apps you guys use to help with your wholesaling business. [link] [comments] |
| Posted: 12 Apr 2020 05:30 PM PDT Looking to buy a cheap fixer upper in addition to my primary residence for about $45k. Would need about $10k in rehab. $55k total. Property is on the lake so I'll either keep it for a weekend getaway and rent it out through Airbnb when not using it, or flip it once fixed up. I have just enough cash to buy the property outright and prefer to do so to hurry up the purchasing process. However, I dont want to use all my cash to buy the property and be left with no savings. I dont believe a mortgage would be an option because of the low price and the current condition the property is in. What would be the smartest thing to do in my situation? Can I buy the house w/ cash and then refinance after fixing it up? Take out a personal loan? I'm new to real estate and want to explore all possibilities. Some other things that may be considered: I can take a 401k loan @4.5% up to 37k. Current household income is 130k w/ no debt outside of current mortgage, about $1500/month. [link] [comments] |
| Can someone explain hard money lending to me? Posted: 12 Apr 2020 02:58 PM PDT I'm a real estate investor, I own 4 rental properties. I'm interested in the concept of hard money lending but don't understand the basics and the terminology. A flipper that I work closely with, and trust, uses hard money loans to finance his flips. I'm considering getting into lending this way, the returns are very good it seems. The obvious downside is the risk, which is partially mitigated by the fact that I know this person and their work. Example deal: - Loan amount: 75k - Interest rate: 13% - Points: 2 - Term: 12 months - Payments: Balloon - ARV: 100k - LTV: 75% Can someone explain to me how the payments work? - What is the "balloon" payment? - What are the points? I think that the points stand for an additional payment at the start of the loan, pure interest, equal to 2% of the loan value? Is that right? Thanks in advance.. [link] [comments] |
| Do you have overseas rental properties ? Posted: 12 Apr 2020 02:14 PM PDT Has it been worth holding on to it ? What software do you use to manage it and what feature has been useful ? [link] [comments] |
| When in the next few months are you going to try to time the market? Posted: 12 Apr 2020 05:49 PM PDT |
| Posted: 12 Apr 2020 12:49 PM PDT I am a new real estate investor looking to close on my first deal. The issue is that I don't have much construction experience so it's very difficult for me to know how much a rehab will cost. For example, in a 1000sq ft apartment how much of a difference will $10k make if I try to re-do the floors or get new cabinets? Obviously I'm not looking to buy a house and do a full rehab on my first deal, however if I do want to make some slight modifications it would be nice to know what I'm getting myself into. Does anyone have information or resources to get a better gauge on this? Pictures would be helpful in a situation like this. [link] [comments] |
| Question: Is it better to offer a condo rental furnished or unfurnished? Posted: 12 Apr 2020 09:48 AM PDT Just a quick question about offering a one bedroom condo furnished vs unfurnished in Toronto. Would it be a better option to offer a condo fully furnished (not kitchen utensils, plates, pots or small decor) but the big things? I am a designer and can furnish a 1 bedroom condo for $4000 no problem. The unit would not have a parking spot so hopefully this could offset that and increase the rent by $150 a month. My logic is that people who rent would not want to spend their own money to furnish a unit that is not theirs and wait to buy their actual furniture that suits their purchased home if and when they ever decide to buy. For example, a young couple with a gameplan to be in a 1 bedroom condo for 2 or 3 years before their first child. What have your experiences been? Do renters prefer to bring their own furniture to give it more of their personal touch or do they not care as they are trying more to save money in the hopes of buying? Furnishing it will also make the unit stand out from all the other empty units out there and be more hassle free. I understand Covid-19 might be a factor now but what were your experiences before Covid-19? [link] [comments] |
| Buying a duplex, sellers are building next door (and want my parking spots). What am I missing? Posted: 12 Apr 2020 03:01 PM PDT Hello all! Please orgive any formatting issues, I am on mobile. I am a first time a home-buyer who came about an interesting offer for a duplex at an amount I am having trouble refusing. The duplex is located in a major city in the US in which housing and living costs are quite high. Based on my needs the location of this duplex cannot be beat, nor can the value. Similarly valued listings are currently going for at a minimum of 200k more than the price at which this duplex is offered, and in lower quality areas of the city, and/or outside of the city. For this reason, I am more seriously considering buying this place despite the fact that we might see a dip in the market. I can't imagine seeing anything this low and in this specific location no matter what the market is doing. But maybe I'm being ignorant (feel free to say so haha). The duplex is owned by a real estate investment company who has plans to use a neighboring lot to build three townhomes. Townhomes in this area are going for between 600k-1mil, and I could see the median area home home value increasing. In terms of the impact on the duplex, I have assessed the land around the lot and I do not see a negative impact in terms of sunlight or scenic views, but what else should I be taking into account in that regard? Another aspect I could use insight on is the fact that the construction company would like to make use of two out of the four available parking spots that belong to the duplex. The duplex's parking consists of two tandem spots, and two parallel spots. In order to access the tandem spots you have to drive off the street, up the driveway, and drive in parallel to the street making a little bit of use of the driveway. The company has requested I allow them to use (rent free) the two parallel spots for a period of 14 months, which I think is pretty ridiculous. This would also negatively impact my ability to market the unit downstairs. Please let me know any thoughts that come to mind, questions I may not have considered yet, and any concerns or relevant contacts or experience that might help me think about this the right way before I make what might be the biggest choice in my entire life. Thank you! [link] [comments] |
| Orlando Florida Heloc Lender Recommendation Posted: 12 Apr 2020 02:34 PM PDT Does anyone have good lender recommendations to obtain a heloc? Im specifically looking for the below, if possible:
[link] [comments] |
| Pay it off? Refinance? Do nothing? Posted: 12 Apr 2020 09:20 AM PDT I am concerned about a long term reduction in my earned income (I'm a small business owner). I am concerned about volatility in rental rates and rent collection. This has me looking to reduce my fixed costs. I have a tenant occupied duplex with ~9 years left on a 15yr fixed mortgage at 4.125%. P&I is $1300/mo. During normal years the duplex is cash positive after debit service by a few thousand dollars. I have enough cash in the bank to pay it off entirely still leaving me with about 1/2 of my cash. I got a quote to refinance into an 30 year ARM with a fixed rate for 7 (3%), 10 (3.6%),or 15 (3.8%) years. Refi drops P&I to ~$500/mo. Closing costs ~$3,000. I was told fixed 30 year rates on investment property are super high right now bc the FANNY/FREDDY don't want them. I can also do nothing and ride this out. What would you do? [link] [comments] |
| Posted: 12 Apr 2020 01:03 PM PDT I've had very little experience in investing in property let alone a beach house. I was wondering what might be some important components to take into consideration before investing in such property. I'm looking to rent it out most of the summer as a means of helping pay the mortgage. [link] [comments] |
| Potentially Losing 25k+ On A Pre Construction! Need Advice Posted: 12 Apr 2020 12:10 PM PDT So before the COVID-19 situation. We planned to purchase a pre construction condo in Toronto. We already signed everything and gave the developers post dated cheque's. The problem is I don't think I will have enough to pay for the 20% down payment (which is made in 5% payments every 4-6 months) I got laid off and income has been difficult. I also have to feed the family and help my parents. What should I do? Is it possible to get my money back? [link] [comments] |
| Posted: 12 Apr 2020 12:07 PM PDT How bad of an idea is it to just leaving a home sit vacant? In hopes of price increasing in the long term (20 years, etc,)? Avoiding headache of dealing with renters. Assuming no mortgage on the place. EDIT: Ok, pretty clear from the replies this would be a bad idea. So thank you all for replying! [link] [comments] |
| Does it matter when you get your property value checked? Posted: 12 Apr 2020 12:05 PM PDT My family has recently gotten into building houses and selling them for profit. We're all pretty new at this. With everything going on with the corona and the fall of the economy, would it be better to wait to have someone evaluate the house's worth? Does the state of the economy not matter to value a property? We are for sure gonna hold on to the property for better times to make more profit, but what do you guys think? [link] [comments] |
| How concerned are y’all about the rent freeze going forward in summer? Posted: 12 Apr 2020 10:45 AM PDT Thinking of making an offer as an investment. Won't have a tenant for a few months probably and that is ok, but come july I don't want someone moving in and not paying [link] [comments] |
| Posted: 12 Apr 2020 10:44 AM PDT Apologies in advance as I'm not sure where to ask this. I have a few rental properties, and one of them I started to self manage last year. For my other properties , the property manager sends me a 1099. However, since I'm self managing the one property, I'm not sure how to direct this income on my taxes. Any direction would be helpful and I'm sure it's something simple but this is my first time in this scenario. Do I just use the schedule E? [link] [comments] |
| How many of you are real estate brokers/agents? Posted: 12 Apr 2020 10:41 AM PDT I'm not currently in a position to be buying property. Currently I'm just researching and making a game plan for the near future when I can start to get the ball rolling. Any tips on becoming a real estate agent/broker? What about just doing it part time? [link] [comments] |
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