Real Estate Investing: Create an LLC before buying multi family property? |
- Create an LLC before buying multi family property?
- Appropriate here too, learn from my mistake!
- What are your May rent collections?
- NYC - Landlord asked us to pay 1 year up front?
- 203k for non owner occupied
- For RE venture, which state to LLC with multiple members in various states?
- What's the deal with beach houses?
- How good of a deal is this condo for my mom? (Lowry,Colorado)
- How good of a deal is this condo for my mom? (Lowry,Colorado)
- What’s a good way to estimate how much a home costs to build?
- Young General Contractor building first investment property.
- Real Estate Listings Site with Advanced Search?
- What niche to start out in?
- Why not cash out refinance?
- Suggestion for more relatable books for RE investing in Third-world (preferably asian) countries
- What type of loan would work best for small apartment complex that needs a lot of work?
- What is considered an “over leveraged” position?
- NEw Jersey agents
- Interior stairs when creating basement apartment
- Suspect tenant of damage, how to deal with it?
- Buying without an agent
- [MI]
| Create an LLC before buying multi family property? Posted: 07 May 2020 02:10 PM PDT I'm far from doing this but before I begin a new venture I like to plan things out. Would an LLC be a good idea from a liability protection standpoint or does it not matter? [link] [comments] |
| Appropriate here too, learn from my mistake! Posted: 07 May 2020 10:58 AM PDT |
| What are your May rent collections? Posted: 08 May 2020 05:16 AM PDT My firm manages a portfolio of around 9,000 apartment units primary in the Midwest and as of yesterday we were at 92% collected. Like most months the majority is paid before the 6th with the reminder trickling in before the end of the month. So far it looks like another normal month. Our collections in April exceeded March due to a higher GPR. We keep waiting for it to get really bad, but if we just look at our income statements it looks like business as usual. We actually had our strongest week for new leases last week. What is everyone else seeing out there? [link] [comments] |
| NYC - Landlord asked us to pay 1 year up front? Posted: 07 May 2020 01:10 PM PDT Hi, I am renting in the NYC area. I submitted an application for an apartment yesterday. The apartment is $2,800 / month for a studio. I spoke with the landlord today, and he asked if I could pay the entire year up-front, which would be a total of $33,600 lump sum. This sounded completely ridiculous (if not illegal) to me. I offered him to pre-pay 2 months up front, plus 1 security deposit of 1 month's rent. This is my first time renting in NYC. Is this even legal? Is this typical? I know that there can be some shady stuff with brokers, but the broker in this deal is agreeing with me that it is ridiculous. How is anyone going to be willing to do that, especially for a studio, and especially during economic downturn caused by coronavirus? What should/can I do? [link] [comments] |
| Posted: 08 May 2020 02:18 AM PDT Is it possible to obtain a non owner occupied 203k loan for an investment property? [link] [comments] |
| For RE venture, which state to LLC with multiple members in various states? Posted: 07 May 2020 09:55 PM PDT Considering entering into a real estate buy-and-hold venture with multiple members, potentially 5 total partners. Across all of us, we reside in California, Hawaii, and Washington. We are considering looking to purchase properties in the Midwest to rent out to tenants. Most likely, I will be handling the books (I'm the CPA in the group) and so I would like to form our LLC in my home state as I am most familiar with how it works here. But I assume the state that offers the best protection and cost would be the optimal place to form our LLC. What would be the best approach to figuring out the best state to form an LLC? For tax paying purposes, I assume the state we form the LLC does not matter considering taxes are passed through to the individual members. For a multiple member LLC, I believe we would just file a 1065 Partnership Form that consolidated the Company's earnings, and our respective splits would be on an individual K1 distributed to each member. And then each member would report their K1 earnings on their own individual 1040 return. Did I get this right? [link] [comments] |
| What's the deal with beach houses? Posted: 07 May 2020 07:18 PM PDT I have a few rental homes in my hometown that do pretty well. Everytime we go on vacation we stay in a beach house. Everytime we are there there are dozens of beach front houses / duplexes up for sale. I have pulled some of the histories on houses we stay in, and they all seem to do really well... Take for example, the one we stayed in last year is currently up for sale at $1,200,000. Gross income was $178,000 last year and $172,000 in 2018. Taxes and fees showed around $35,000 each year plus insurance. So why are so many of these beachfront properties going up for sale (granted this year is a little different due to COVID) but it's like this every year it seems. I talked to 2 agents and they both said the property brings in about $75,000 - $85,000 net income each year... What am I missing? Lol Disclaimer: I'm not a pro, just have come across a few. Good deals in the market at home. [link] [comments] |
| How good of a deal is this condo for my mom? (Lowry,Colorado) Posted: 08 May 2020 12:37 AM PDT My mom is going to be living in this house so it must be nice but also a good deal. The listing is 1 bedroom 1 bath "penthouse" condo. 2006 condo in Lowry Neighborhood in Colorado (one of the best neighborhoods in the areas). Listing price is 259k. How good of a deal is this? I want it to be a rentable asset after my mom moves out. How good of a deal is this? 1 being terrible deal and 10 being an amazing deal. [link] [comments] |
| How good of a deal is this condo for my mom? (Lowry,Colorado) Posted: 08 May 2020 12:37 AM PDT My mom is going to be living in this house so it must be nice but also a good deal. The listing is 1 bedroom 1 bath "penthouse" condo. 2006 condo in Lowry Neighborhood in Colorado (one of the best neighborhoods in the areas). Listing price is 259k. How good of a deal is this? I want it to be a rentable asset after my mom moves out. How good of a deal is this? 1 being terrible deal and 10 being an amazing deal. [link] [comments] |
| What’s a good way to estimate how much a home costs to build? Posted: 07 May 2020 08:07 PM PDT I'm interested in building multi family properties like this and want to know how much it would cost to build something like this. My only method right now is multiplying the square feet by the arbitrary $120 I found online, but I'm sure it's much different for a complex like this. Any insight would be great, thank you! [link] [comments] |
| Young General Contractor building first investment property. Posted: 07 May 2020 02:56 PM PDT So ill start this off with a little background information about me. 22(M) from Florida looking to start my dream of owning enough rental properties to retire. I have extensive Construction knowledge for my age. Anywhere from your basic home flip, to working foreman on MRI rooms in hospitals. My Father has at least 40 years experience in the field, most of which being a superintendent on government jobs. 3 years ago we started our own business and acquired our General Contractors License. We are beyond overqualified for building a typical single family home. My current plan is to build my first property, between myself, my father, and our license. We are more than capable of performing every phase of construction we are legally allowed to. (while capable, law is more stringent on plumbing and electrical trades) We would be able to run all plumbing and electrical for the house. Though it would need to be inspected and final connections made by a licensed electrition and plumber. Everything else, slab, roof, even building cabinets, will be self performed. I have found a house plan online i would like to build. 3 bed, 2 bath, 2 car garage. I have shown my realtor the plan and she said as a finished home it would be worth roughly 280k depending on exact location and would rent in the current market at around 2k/m. I can buy the lot to build on for between 5-10k. After doing a material takeoff on the plan me and my father concluded we can safely build the home for 85k. This is basically just the price of materials, as we will be self performing 95% of the work. I plan on building as I acquire funds, at a rate of 4k/month. The time to build is constrained by my capital which will put the est time of completion at roughly 2 years. Now that is a long time, but at the end I will be 24 and own my own home (my father has insisted he will provide his help at no charge.) At that point I can sell the house outright, keep it as a rental and or possibly take a loan out against the house. Any option will be with the intention of building the next property at a quicker pace. My questions would be as a 3rd party, what are your concerns with my plan. Am I overlooking something. Should I perhaps seek an investor, if so how would I go about doing so. I do have experience with managing a rental property and have read enough horror stories of tenants on here to know what to expect. My main concern would be the eviction process, any material damages to the property will be easily fixed by us at cost. [link] [comments] |
| Real Estate Listings Site with Advanced Search? Posted: 07 May 2020 08:53 AM PDT Hi all. Are there any sites out there with MLS listings where you can customize the search a bit more? I'd like to search on WalkScore, School Ratings, or even rent estimate if possible (and yes I know not to completely trust rent estimates without my own research). Just curious if I'm missing anything more extensive than the Zillows, Redfins, Realtor.coms of the world. [link] [comments] |
| Posted: 07 May 2020 01:43 PM PDT TLDR: Rookie investor. Finally got my financial shit together. Is it worth it to invest in cheaper condos that require low maintenance/risk starting out while I'm still building cash and experience? Or should I just save more money and target larger more sophisticated multifamily/fixer upper properties in more desirable areas? More details: I have 10k saved for down payment and am able to add almost 1k per month. My lease ends in September and im thinking about buying a cheap small condo in the Orlando/Disney area, 100-150k, and max 250 HOA fee. I want to live in this condo for a few years while saving for my next down payment and waiting out the fallout from covid. When I have the cash for a second property, I'd like to rent the first condo out (maybe short term airbnb) and move to the second property. Is it a waste of time investing in a small condo? I have a decent income and will be done paying off my last debt ($1600/month student loan) in about 3 years. Should I just wait until I have the cash to do bigger deals? Do any of you specialize/had success investing in small condos in tourist areas? [link] [comments] |
| Posted: 07 May 2020 05:34 PM PDT After doing the math, I see I can pull out $40k and stay at 20% equity on my primary residence. That would be enough for a down payment on a new investment property. So why not? The monthly payment goes up by about $140 and the interest rate goes down by over a whole point from where I'm currently at so I'm refinancing regardless of cash out or not. I read that the biggest reason not to is not being able to keep up with the higher payments, but I'm not going into foreclosure over $140 - it would be a lot more all or none than that! I can even invest in fundrise, groundfloor, etc. and so long as I earn at least 4% interest on that $40k, I won't be losing money. Why let the bank keep it for free all these years? [link] [comments] |
| Suggestion for more relatable books for RE investing in Third-world (preferably asian) countries Posted: 07 May 2020 11:50 AM PDT When i read international best selling books and posts in this sub, i noticed some of what you guys are talking about barely matters in my country (and quite possibly a lot of other third-world countries too) For example,
And thus i can barely benefit from the tips and information i acquired here. Do you have book suggestion that might be more relatable for countries like mine? [link] [comments] |
| What type of loan would work best for small apartment complex that needs a lot of work? Posted: 07 May 2020 02:23 PM PDT Looking to purchase a small(ish) apartment complex with <25 units. The property needs a substantial amount of work, if not a full gut. I'm looking for a loan where I could roll up the purchase + the rehab costs. Is anyone familiar with the type of loan I would need? [link] [comments] |
| What is considered an “over leveraged” position? Posted: 07 May 2020 12:16 PM PDT We've seen a lot of talk recently about people in an over leveraged position with their portfolio. What would you guys consider to be over leveraged and how much cash should you keep on hand as a ratio? I'm about to come into some more cash and am considering getting a second investment property however want to ensure that I don't end up over leveraged if the market takes a turn. It would be also interesting to know if this ratio/idea should change with more properties. I'm in the LA market if that changes anything Edit: I understand that everyone is different so this is a post for you talk about your situation and what you consider safe. [link] [comments] |
| Posted: 07 May 2020 03:06 PM PDT Trying to find a real estate agent in the New Jersey area that has either experience with other rental property investors and/or has their own portfolio of rental properties. Any recommendations? [link] [comments] |
| Interior stairs when creating basement apartment Posted: 07 May 2020 06:44 PM PDT So I am looking into purchasing a house with a basement that is already 2/1 with a kitchen. It has an exterior door and full sized windows so everything atleast on the surface seems legal for a rental. We are planning to househack and live upstairs, I am curous what to do with the interior stairwell. Do people have experience with this? Do you just add a door or something? What's the best way to essentially get rid of the interior stairs? I tried searching around but couldnt really find peoples solutions. [link] [comments] |
| Suspect tenant of damage, how to deal with it? Posted: 07 May 2020 06:11 PM PDT This may get long, sorry in advance. Wife and I have a duplex. We live in the lower and an old friend lives in the upper. Everything was fine until about six weeks ago - he is suddenly mad about something but we have no idea what it is. We try to talk and he avoids us and pretends he does not hear us. Other minor passive-aggressive stuff too - like sometimes it sounds like he is dropping things on purpose (like a handful of batteries on a hard floor). Np. We can deal with that. We just figured he would get over whatever is bothering him and things would rerun to normal. Today my wife and I get into the car and it looks like someone hit the windshield with a BB gun. We were just in the car the night before and we didn't notice the damage. The car is only two months old but I am not 100% sure how long it was there because you don't see it from the drivers seat (mirror hides it). Wife never noticed it until today though so it's weird, right? The thing is, the tenant recently picked up a new red rider and started target practice in the back yard. We live in a rural area so that's not a problem either. So the deal is, we are about 90% sure he did it and 50/50 on whether it was intentional or not. I don't want to accuse him and I don't really want him to move either (unless it was truly malicious). He has been a good tenant and I am sure whatever the issue he has with me is a misunderstanding of some kind. How to handle this? Warning letter? Ask him to move? We have no idea what to do right now but we don't want to wait to bring this up with him. This needs to be taken care of now - but the question is how? What is the right thing in this case? [link] [comments] |
| Posted: 07 May 2020 11:17 AM PDT I bought my first rental property last August with the help of an agent. That's going well. Now I found another one that I like that is for sale by owner. I'm thinking that I want to approach an offer without an agent to get the seller to move off his asking price. Is this a terrible idea? [link] [comments] |
| Posted: 07 May 2020 04:56 PM PDT I've gained high interest despite being told otherwise by my peers about real estate investing, it's been an idea that feels like a dream but a reality that is hard to make out. I'm a (20m) and have zero experience, only some knowledge about real estate investing. My landlord is an investor himself, I'm wondering what questions should I ask that would actually be most beneficial to beginning my career? [link] [comments] |
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