Real Estate Investing: Oakland CA approves ban on tenant criminal background checks |
- Oakland CA approves ban on tenant criminal background checks
- What separates your “middle class investor” vs the guys with multi millions?
- Plan on buying my first real estate investment. Am I looking at this right?
- In Escrow to buy our first property (a duplex), sellers just informed us they want out. Can we do anything?
- Advice on out of state investing as 1st property?
- Did your tenants pay May rent?
- Folks gonna default on mortgages and move to apartments vs folks gonna move to the suburbs because nobody want to live in close quarter apartments?
- Save for another property or build 20% equity in current property?
- [SC] How do I find addresses of available Airbnb rentals?
- What causes a lot of investors “lose their shirts” or just fail in general?
- Can someone help me analyze this hypothetical purchase?
- The final debate: REITs vs. Rental properties
- Should I re-finance my rental property? ( 10 years left on 30 year loan)
- Real estate investing
- Budgeting For Maintenance
- (Landlord-SC) Personal Contents at Rental?
- Recommendations for Landlord SFH Insurance carriers (CA)?
- What do Y'all think of this package deal on loopnet?
- Please help: Critique my thoughts/ideas for a first time possible investment. SFH HouseHack
- Buying apartments within apartments? Advice on this deal?
- cash flow or net worth first?
- Seeking for a REO buyer agent in PA and/or NJ
- Back to Basics: Real Estate Investing
- Lender Reference Letters
| Oakland CA approves ban on tenant criminal background checks Posted: 28 Apr 2020 06:33 PM PDT https://sf.curbed.com/2020/1/23/21078782/oakland-background-check-renters-criminal-fair-chance Can you guess what Oakland, CA just did? 1.You can no longer do criminal background checks on a tenant. You will face steep penalties for doing a criminal background check on a tenant. Fine would be 3 times damages from mental or emotional distress or 3 times rent, whichever is greater. A court may award punitive damages and attorney's fees. You may also face criminal penalties.
San Francisco is also considering similar legislation, this will soon be implemented statewide. Why are you people still doing business there? Next this will be implemented state-wide. RUN! [link] [comments] |
| What separates your “middle class investor” vs the guys with multi millions? Posted: 28 Apr 2020 10:41 AM PDT I hope I don't offend anyone with my question. I know there are a lot of people who are real estate investors who do it sort of as a hobby or just rent maybe 2-3 houses and one duplex. What do the guys with 20, 30, 50 million dollars worth of real estate doing? A lot of em started out the same way (flipping houses, renting, holding and selling, etc) and what makes them exceed to that level of commercial and residential? [link] [comments] |
| Plan on buying my first real estate investment. Am I looking at this right? Posted: 28 Apr 2020 06:44 PM PDT First off, thanks for any responses. I'm a noob and I hope I can explain this well. So I'm looking to buy an off the market home for 110k. So the mortgage will be around 750-800(with me paying water, sewer, trash, etc). It needs about 25k in work which my dad and I will both do(except for minor plumbing and electrical). I should be able to rent this house for $1500 because it's a great area and with a new finish I shouldn't have a problem getting this. I'd look to be cash flowing 650-750 conservatively. This all sounds pretty good correct? Also, what would be my next step to get into my next property? Refinance or anything like that? Talk with a portfolio lender to borrow against this house? Thanks for any information you're willing to share. [link] [comments] |
| Posted: 28 Apr 2020 06:36 PM PDT Background: Duplex is in SoCal. About 6 weeks ago the sellers accepted our offer and we transferred 15k to start escrow. Both units are occupied, so the owners offered 1 unit a check to move out (we are doing FHA so we have to occupy 1 unit) and they accepted (but haven't cashed it yet). We had the inspection scheduled when the shelter in place started here. The unit moving said they had a medical condition, and wasn't comfortable letting the inspector in. We understand it was a unique situation, and the sellers asked for a 30 pause on everything to see how it plays out. This sounded good for us bc it allowed us to see what happens with the market some. Well, 30 days ended on Saturday, and the owners said they are not able to force them to allow the inspection (even with 24h notice) because of the corona virus. They said they are now concerned about finding an upleg property (they were trying to do a 1031) and their preference is to cancel the transaction. Are we just SOL? Since we haven't paid for the inspection or anything, is there any damages we can try for? It seems like our only financial cost is the interest lost on having 15k sitting in escrow for the past 6 weeks and not in an interest earning account (so very minimal). Additional info: We know the sellers were exchanging this duplex and another one they owned, and the buyers financing on the other duplex fell through last week. Also, an identical duplex to the one we are under contract for just closed escrow for 15k over what we were under contract for, and it's in worse condition (literally 1 street over, everything else identical). I feel like they want out to try and get more. Any input appreciated! [link] [comments] |
| Advice on out of state investing as 1st property? Posted: 28 Apr 2020 03:24 PM PDT Current Situation: 25 year old Bay area CA resident looking to invest in out of state real estate. I'm not planning on buying anything to live in for 5+ years as I don't want to be tied down to live in one city plus CA real estate is too expensive. Budget: I have about 50k to spend total and looking to find a deal for a multi-family unit with around 35k down and 15k towards any repairs/fixes. Probably focused on looking in Oregon or Michigan Issue: I don't know much about investing and what to expect. I'd need to learn how to calculate cash flow and find an agent, property manager, etc. I want to make sure I do this right! Question: Where can I learn the ins/outs of finding a place that cash flows, putting in offers, and overall just how to invest? Has anyone else invested out of state as a 1st property? Im a huge believer in real estate as an investment tool and hope to continue buying properties until I can make that a full time job. Thanks for your help. [link] [comments] |
| Did your tenants pay May rent? Posted: 28 Apr 2020 07:16 PM PDT |
| Posted: 28 Apr 2020 03:03 PM PDT Which do you see as stronger factor over the next few months to the next year. [link] [comments] |
| Save for another property or build 20% equity in current property? Posted: 28 Apr 2020 06:35 PM PDT I bought my first house this fall (duplex I'm house hacking) and want to buy another property ASAP. I'd like to continue to house hack to take advantage of the lower down payment with owner occupancy loans. This fall, I will have spent a year in my current property and will be able to move again. Should I save to build 20% equity in current property so I can refinance into a conventional and then buy new property with another fha loan or keep current fha loan and just use a conventional loan with a higher down payment? [link] [comments] |
| [SC] How do I find addresses of available Airbnb rentals? Posted: 28 Apr 2020 06:32 PM PDT Does anyone know how to get lists of property addresses and hosts of Airbnb rentals? I seem to only be able to get addresses only after confirming reservations. Thanks in advance. [link] [comments] |
| What causes a lot of investors “lose their shirts” or just fail in general? Posted: 28 Apr 2020 12:01 PM PDT You hear the term about people "losing their shirt" and going broke. What are the reasons for this, is it overleveraging, bad deals, not enough research, or poor management skills? Is lack of research and poor manegment the cause of this? Is it avoidable? [link] [comments] |
| Can someone help me analyze this hypothetical purchase? Posted: 28 Apr 2020 10:27 PM PDT https://www.loopnet.com/Listing/139-141-143-Brunswick-St-Jersey-City-NJ/17893164/ This is just a piece of land with approval to build a 4 story. How would you evaluate if this is a fair price currently? Do you think it is fairly valued? What is the difference in value between just land and land with approvals? Does the land with approvals cost substantially more? [link] [comments] |
| The final debate: REITs vs. Rental properties Posted: 28 Apr 2020 09:50 PM PDT As a disclaimer: I own 13 units and a good variety of stable commercial/res REITs with healthy distributions. I truly do not have a bias one way or the other but am really starting to think about my strategy over the next 10-15 years. It is not my full time job. Let's assume there are two people with $1M. Persons A: buys exactly $1M of the best 3-5 publicly traded REITs (strong balance sheets, diverse markets, mix of commercial, res, retirement). The average annual distribution, for the sake of the argument, is 7% ROC or otherwise. Assume most efficient tax structure you'd like. Person A is clipping $70k / year in pre tax profit and let's say he reinvests all distributions back into the same REITS. In 10 years, he's got ~$1M of pre tax profit plus whatever the NAV bump is on the units / shares. Let's say the total value of his holdings is $2.5M. Person B: buys 4 condos (or two duplexes, or whatever mix you want), and is cash flowing approximately $50k. He runs them through a Holdco so presumably tax efficient, but he's earning much less YoY with the upside being 5-7% annul increase in property value. Let's say then that the total value of his holdings after 10 years is $2-$2.5M. Maybe he's in a hot market and the value of his properties is $3M. Key factors / variables that will change the analysis:
My questions are: what am i missing? All other things being relatively equal, why would anyone want the headache of owning real property? What are the principal reasons why smart money even bother with real property in the first place? Ability to leverage? Are my assumptions above wrong and am I missing any? I'm at an inflection point where I think I can just get super smart on REITs and leave the hassle of rental properties to the guys doing it full time. Interested to hear thoughts from people much smarter and more experienced than myself. Thanks. [link] [comments] |
| Should I re-finance my rental property? ( 10 years left on 30 year loan) Posted: 28 Apr 2020 03:37 PM PDT I bought this property 21 years ago, financed as primary home, interest rate 5.75%. I see rates now are very low, so I'm wondering, is it smart to refi or keep my existing loan? The best quote I got is 4.125 % for a 15 year fixed and it would lower my payment by $137/mo. Does it make sense to refi a loan that has only 9 years left? [link] [comments] |
| Posted: 28 Apr 2020 08:11 PM PDT Looking at all the posts of people earning revenue from renting multiple units, is it that lucrative? Are there any difference for US person buying multiple real estates and renting it out VS a non-US person doing it? Would like to hear your opinions. [link] [comments] |
| Posted: 28 Apr 2020 04:03 PM PDT Assuming that you follow the budgeting rule of 1% of the rental home value each year, what's your maximum that you allow your budgeted amount to get up to? In other words, if you have a rental for a few years, and don't spend the 1% you budgeted, when do you move that money into another investment? [link] [comments] |
| (Landlord-SC) Personal Contents at Rental? Posted: 28 Apr 2020 01:40 PM PDT Tree recently fell on very large shed in the backyard of our rental, so it has to be demo'd. Shed was locked, and holding some of our personal property and Property Maintenance supplies. Is it unreasonable to move contents to another locked spot on the property? 2 acre, large home with plenty of property to store (we're thinking of enclosed trailer so we don't waste money on storage facility). We plan on moving back in 8 months if that helps with an opinion. Thanks! [link] [comments] |
| Recommendations for Landlord SFH Insurance carriers (CA)? Posted: 28 Apr 2020 09:24 AM PDT We are on the hunt for a new insurance carrier to cover our portfolio of SFH rentals and are looking for recommendations. Many carriers who operate in California will not cover our properties unless we also have our primary residence covered by them as well. That would be fine except we live abroad so do not have a primary residence in the US for them to cover. We currently have Farmer's Landlord Protector Policy which is an exchange policy. Seems like there are multitudes of exclusions so I want to shop around. Appreciate any recommendations you may have! [link] [comments] |
| What do Y'all think of this package deal on loopnet? Posted: 28 Apr 2020 06:16 AM PDT https://www.loopnet.com/listing/jamestown-54-unit-package/18581197/ There is a spreadsheet attached with all the financial information. [link] [comments] |
| Please help: Critique my thoughts/ideas for a first time possible investment. SFH HouseHack Posted: 28 Apr 2020 12:57 PM PDT I am strongly considering entering the real estate market. This is something I have wanted to do for years, but because I am finally finished with grad school and working, I think I am ready. I have some capital saved from a small modular home flip I did with my dad. I live in rural Nebraska, and am looking to purchase a home with a basement that can be rented to a roommate to help supplement the rental income. My boyfriend and I will be "renting" the main portion of the home. (My boyfriend will not be involved other than to live and act as a renter. This has been discussed and he is ok with it. He makes good money but it not in a position to buy at the moment; he has no desire and is paying off some toys/hunting land. If me buying a home doesn't work out we will likely move from our apartment into a home, so we know we are looking to spend $900-1000 on a rental, (whether or not it is on a home I own or a stranger does.) We are under no rush to buy, in fact I am ok with holding off for a great deal/seeing where the economy/real estate market goes. So any recommended reading would be fantastic and appreciated. I have up to $35,000 in capital; however, I am not looking to clean out these savings. I have found two homes for approximately $140,000-$145,000 listing. Both have basements with bedrooms, bathrooms and egress windows, and are approximately 1,600 sq. ft and built around 1950. The one I think I can get a better deal on has been listed for over 200 days, 4 year old roof and looked like it was attempted to be updated. Bathroom was modernized but I imagine they used cheaper fixtures. Basement doesn't have a separate entrance and would need some finishing work. The second home has been listed for 80 days and has a walk out basement (huge plus and a luxury). This basement needs less work and fairly recently they redid the roof, and furnace. Neighborhoods are fine, older neighborhoods, lower-middle to lower class. Numbers: If I can snag one of these home for less than $130,000 I can likely put 20% down and would finance with a small bank here in town, my income is $45,000 a year but cost of living is low and my debt to income ratio is about 30-35% (including student loan and a vehicle which I can pay off with $2,500). Of course, I am estimating closing costs at approx. 1%-2%. Running these numbers would make my estimated mortgage around $485. I would plan on renting the basement for at least $450-$500 utilities included and I would "rent" the main floor for approximately $900-$1000. If I follow the 50% rule, and allocate $700/month for expenses (might need a little more property taxes are 1.66%, closer to 15%, then take out the mortgage, I would profit approximately $200 /month. While this is an ok deal, I feel this would be a great deal if I can snag the home for closer to $125,000, I feel this is more likely with the home that has been listed for over 200 days. I am looking at "house hacking" this deal and that is why I say that i would be "renting". I don't want a home just to buy a home, I want this to be business, however, because I am thinking about renting a home anyways, am living here for at least 2 more years, I am considering buying. IF i moved I would rent out the main floor of the home. I don't plan on buying unless I can rent the basement out period. Is offering $20,000 less than asking the normal or is this a lot? I was considering a first time home buyer mortgage, but with the mortgage insurance, and because I have the capital, I feel like mortgage insurance is throwing money away. Am I missing something? Would one of you guys go for a deal like this? I guess I am just seeking some wisdom.I plan on living in this area for at least 2 year but may one day move, so there is also that to consider. Thanks in advance. TLDR: If I can find/buy a home for $120,000-$130,000, put 20% down, rent the basement out, rent the main floor with my boyfriend and bring in $1,400 rental income a month is it worth it? Mortgage would be about $500 (closer to $400 if I snag a deal for $120,000). Looking to live in the home minimum of 2 years, might want to move after then and keep it rented out. Rural Nebraska, no rush to buy, these are just the numbers I am looking at and believe I might be able to make it work. Also, would love, wisdom, additional reading. ( I know BiggerPockets but GOSH they annoy me. Everything is like success stories and advertising and motivation but there is no practical advice I feel like, either that or I can't find it.) Edit: Formatting [link] [comments] |
| Buying apartments within apartments? Advice on this deal? Posted: 28 Apr 2020 08:47 AM PDT There's an apartment complex that's selling off units within the complex. For example, there's a — **2BR 2BA complex going for ~110k. — Rent in the area on a per-room basis is about $400-500 for this sort of thing. Rent comps directly surrounding are about $425-$450. — With FHA, it's about $760/month fixed expenses after a a minimum down payment. — Cash flow would be $120-$140 for the life of the loan. I was thinking of doing that and maybe slowly buying up the entire apartment complex until I can own and operate the whole thing. There are some great properties in my area with incredible demand, but it's really a market for cash buyers (because prices are so high, relative to rents) and people who have time and financial capital for renovations—of which I have neither. Advice? [link] [comments] |
| Posted: 28 Apr 2020 07:02 PM PDT I currently have a home with 100k in equity. My question is should I rent it out and get some cash flow, or sell it and buy a better house. My goal is to get around 5k a month in investing. [link] [comments] |
| Seeking for a REO buyer agent in PA and/or NJ Posted: 28 Apr 2020 09:25 AM PDT I'm looking to buy a REO property, however, I'm having trouble finding an agent in the Philadelphia County, PA and/or Camden County, NJ area. Any information would be appreciated. If you are an agent, DM me. [link] [comments] |
| Back to Basics: Real Estate Investing Posted: 28 Apr 2020 12:53 PM PDT |
| Posted: 28 Apr 2020 08:23 AM PDT Our real estate investment company is trying to raise private capital in order to take down more properties each month. We are putting together a packet of information for potential investors and I didn't know if anyone had any sample reference letter from any hard money lenders they have worked with. We have worked with a hard money lender last year for flips and borrowed over a million dollars. The lender said he would sign off on a reference letter but doesn't have the time to write it. Any suggestions or examples of reference letters from lenders. Any help is appreciated. [link] [comments] |
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