Real Estate Investing: I got SBA money today. |
- I got SBA money today.
- Tenant left with no notice- 2 months unpaid rent/damage
- Live in a residential (2/3/4-plex) or commerical (5-20 units)?
- Is property size or house size more important?
- Balloon Payment
- Buy/upgrade primary residence or buy investment property? (All input appreciated)
- Buying/living-in multi-family building in non-ideal areas.
- Is there any real estate agents here that can help me see if it's a career I wanna pursue
- Question: I decided to hire out the roof work needing to be done to my rental. How do i pay them?
- Any of you invest in Rochester NY?
- Finding Multi-family properties that aren't in the worst areas.
- Property management company failed to collect water charges from our tenant for last 3 water bills
- Any wholesalers in here?
- A few more things that are different from 2008
- Bathroom material
- [Arizona] If I want to terminate month to month lease, can my tenants stop paying and remain in the property because of the moratorium on evictions?
- Does anyone have any experience with real estate investing using a VA home loan??
- Credit Union “Working In” Eligibility Requirement
- Wholesaling Books
- Is real estate crash imminent? [US VA]
- All Cash No Mortgage Plan - Please poke holes in it
- Soundproofing Between Floors
- Is this a good price for Building plans in Koreatown[LA]
- Industrial Reading/Resources
| Posted: 05 May 2020 07:20 PM PDT I'm a smalltime independent landlord. 15 single-family properties. I filed for an SBA loan because of lost rent about three weeks ago and got $1000 today. I'm thinking I won't have to repay it because it's under 10,000. It's not a lot but it's not nothing. Other small independent landlords like me may want to apply. [link] [comments] |
| Tenant left with no notice- 2 months unpaid rent/damage Posted: 05 May 2020 05:17 PM PDT Hello all, Just looking for some back ups or other options on options. Story is below: Tenant had good income and 750 credit score- instantly approved. Started being "annoying" asking for very minor stuff (tissue box holder) early on. She was VERY petty and paid on the 5th about 10 PM every month (within grace period etc). April was when her lease what up and the lock down happened. She refused to pay April's rent and I offered several times with her to work out a payment plan etc etc and extend every opportunity even though she had not lost her job. She is an educated woman (PHD) and from my gut is just taking advantage of the situation/moratorium. Just got a phone call today from a neighbor that she moved- out of the blue with no notice(30 days required in the lease). She asked the neighbor to cowardly call on her behalf. Considering the circumstances- whatever... I'll reach out and have her sign a surrender of the property. My biggest question is what legally do I need to do to protect myself if she refuses to sign/radio silence? When the courts open back up- can I sue her in civil court for lost rents and damages to the property? Her security deposit will not make up for the damages + lost rent. Thanks for any advice/insight. [link] [comments] |
| Live in a residential (2/3/4-plex) or commerical (5-20 units)? Posted: 05 May 2020 04:14 PM PDT I want expand my investment portfolio from 1 out-of-state rental unit and get more into real estate. My brother and I are also looking to pool our money together and buy one property to that each has residential units in San Diego, CA. I was going to get a 2/3/4-plex so I can get a better financing as that is considered "residential" and for home office/tax purposes. However, after researching, commercial real estate investing seems to have more growth potential if you can increase the Net Operating Income (NOI) by doing something the current owner isn't doing, where from what I gather, residential properties aren't impacted by the NOI as much. So my questions are: with the current state of the economy and being in San Diego would you recommend finding a residential investment property 4-plex and each of us living in one of them or buy a bigger building, go commercial, us live in 2 of them, and rent out the rest. Can you use one of the commercial units as your primary residence and take advantage of the tax benefits? Would love to hear your experiences living in your rental properties. Do you think there will be deals on apartment complexes with the state of the economy towards the end of the year? [link] [comments] |
| Is property size or house size more important? Posted: 06 May 2020 01:18 AM PDT I know there's certainly no one size fits all for this question, but in the most general sense, is land size or house size more important for a small inner city house in an average priced neighbourhood? For example, if we compare a 300sqm land with 150sqm house, versus a 280 sqm land with 170sqm house, what do we expect to see regarding valuations? I'm completely new to property so I don't have a good grasp of how these two things trade off with each typically. [link] [comments] |
| Posted: 05 May 2020 05:49 PM PDT On a commercial loan where you have a 5-7-10etc year balloon payment what is the most common scenario that happens when you reach that ballon year? Pay it off? Refinance? If you refinance what are the standard terms that are found on these refinance deals? I'd rather save and buy larger properties and from reading it sounds like it s difficult to get 20-25 year fixed loans for multi-family properties in the $500-$1 million dollar range but maybe I'm wrong about that. [link] [comments] |
| Buy/upgrade primary residence or buy investment property? (All input appreciated) Posted: 05 May 2020 08:18 AM PDT Hi everyone, looking for some advice/strategy to implement across the next 5 years. Through a lot of hard work and budgeting, my SO and I have a paid for starter home (200K) and stable jobs, hoping to either use the equity to invest in a family home or potentially an equivalent lower-priced rental property. Having a difficult time deciding between focusing on our eventual family home or to shelve that for another 5-7 years or so in favor of investing in a rental property. Any thoughts or suggestions welcome! Edit: I think I phrased it a bit poorly. Our home now is sufficient for the foreseeable future (4 years), but looking to move up size wise in the future. Looking for opinions whether to move up now or make strategic decisions in the meantime. Thank you all! [link] [comments] |
| Buying/living-in multi-family building in non-ideal areas. Posted: 05 May 2020 12:19 PM PDT I would like to hear anyone's experience with buying a live-in multi family building in a non ideal area. Really interested in a 3 plex in my area that's on the boarder of gentrification and non ideal/dangerous area. I'm definitely not high class or looking down on the area, like the area is known for stabbings and car break ins. [link] [comments] |
| Is there any real estate agents here that can help me see if it's a career I wanna pursue Posted: 05 May 2020 02:06 PM PDT I'm 24 male live in the USA ( maryland) I'm kinda at a standstill with life and looking for a future I've always been interested in money and entrepreneur like building business and investing in stocks I've never really liked working for anyone and would love to be my own boss My mother actually was gonna be a real estate agent years ago and gave up after she failed the test, but actually is interested in potentially getting it with me lol [link] [comments] |
| Question: I decided to hire out the roof work needing to be done to my rental. How do i pay them? Posted: 05 May 2020 06:36 PM PDT I have reached out to about a dozen or so roofers and they average from 3.6k - 5k. The work scope is removing/adding 4x8 OSB board, removing placing the shingles, fascia boards and drip edge along with the felt. I am trying to figure out how I would go on about structuring pay so i avoid paying them all upfront and potentially getting burnt. I am paying cash for all the labor and material to be included in the total pay. Would i pay them some upfront and some towards the middle and finally the rest towards the end? Also, can i just hand them straight cash; or would i need to get a receipt and pay via cashiers check? Any help or advice would be greatly appreciated! [link] [comments] |
| Any of you invest in Rochester NY? Posted: 06 May 2020 03:02 AM PDT I looked at the approx rental yields and they look attractive. I'm just worried if it is that easy to find a tenant. [link] [comments] |
| Finding Multi-family properties that aren't in the worst areas. Posted: 06 May 2020 02:46 AM PDT I'm asking this question seeking clarification on how people are finding multifamily homes that arent in the worst neighborhoods, and still have healthy cash flow every month? In my part of NC, the majority of the multi-family homes are in the worst areas, and the ones that arent cost so much you dont make anything. I did basic numbers on one triplex in a decent area, and would only make $10 a month after expenses. Or are the house hackers here not telling us something? A la, we are house hacking on the worst street in my city.... [link] [comments] |
| Property management company failed to collect water charges from our tenant for last 3 water bills Posted: 05 May 2020 03:42 PM PDT My property management company (Renters Warehouse Milwaukee) failed to collect water charges from the tenant for the last 3 water bills. Instead for the past several months they've been deducting money from our owner payment to pay for water. Their reasoning is that water bills always follow the owner whether there is a tenant or not so they make us pay for that to avoid late fees from the city. I don't think this is right, is there anything we can do on this? [link] [comments] |
| Posted: 05 May 2020 06:48 PM PDT Are there any wholesalers in this group? The wholesale real estate sub is basically dead and I'd love to connect and possibly learn from you. [link] [comments] |
| A few more things that are different from 2008 Posted: 06 May 2020 12:30 AM PDT I posted this on the main re sub. They don't seem to want to hear it, lol. I go there every now and then and try to warn them about the non-doom. But they only want to hear warnings about the doom. Sorry if this is not the place. Just wondering what your guys thoughts are Anyway, some differences I noticed:Overbuilding - massive overbuilding based on false demand. I can speak on this because I'm guilty (hangs head). I remember going on tours of several new developments in outside towns where I had no business being. Can't say if it was the developers themselves who were pushing it, but there was always some offshoot "group" who was selling people on investment properties with price appreciation baked into the cake. So the demand was not really there. cookie cutter houses were surrounded by brand new developments that went bankrupt and flooded the market. This also contributed to the rental market to crash. You could walk away from your underwater mortgage and go rent the same house next door for half the price. We need this again! https://en.wikipedia.org/wiki/You_Walk_Away Neg am mortgages - These are mortgages where you pay the least amount each month but the amount you owe actually goes up. discount you get in monthly payment could be in the $600 range. Yeah it sounds crazy now but at the time, pretty normal. There's way more than that, but these are some points I don't hear much about that stand out because they were a big deal at the time. Look, I'm just trying to play devil's advocate. I'd love for there to be a crash as much as the next guy, but I like to look at the facts and have realistic expectations. Show me something that indicate today's situation is anything like that in 2008 (or worse) and I'll be a believer! [link] [comments] |
| Posted: 05 May 2020 08:27 PM PDT What are some good magazines related to REI? I read entrepreneur and would like one or two more to add to my list. [link] [comments] |
| Posted: 05 May 2020 11:29 AM PDT I need to sell one of my properties that used to be my personal residence. I have to sell it as soon as possible as my 2 of last 5 years window is closing. The tenants are currently on month to month. If I give them notice, could they simply stop paying rent and I wouldn't be able to evict? They have been paying the rent, but I'm not sure in this situation they'd be able to find somewhere else to go. They are paying below market currently and I'm worried they will not leave. [link] [comments] |
| Does anyone have any experience with real estate investing using a VA home loan?? Posted: 05 May 2020 03:21 PM PDT Does anyone have any experience with real estate investing using a VA home loan?? I want to get a 4 Plex and live in one of the units and then save up some money to repeat the process. Any advice would be greatly appreciated. [link] [comments] |
| Credit Union “Working In” Eligibility Requirement Posted: 05 May 2020 09:58 PM PDT I'm ready to contact a handful of credit unions in my market. I am an out of state investor and have no ties to the area. A majority of the credit unions have membership eligibility requirements that include "live or work in" (particular counties). Would I qualify based on I will be acquiring income from buy and hold rental properties in their county? Anyone crossed this bridge before and would like to share their experience? Thx [link] [comments] |
| Posted: 05 May 2020 07:35 AM PDT Hi friends, I am very interested in learning more about wholesaling. What books do you recommend that focus purely on wholesaling? Thank you for your recommendations in advance! [link] [comments] |
| Is real estate crash imminent? [US VA] Posted: 05 May 2020 09:28 AM PDT Given the fact that we have unprecedented numbers of unemployment and 30 million Americans are out of jobs. Small business are collapsing and even large corporations are going bankrupt. How is this going to affect real estate? I have a rental property to sell because of pending divorce. If I accept current market value for divorce mediation, I might not be able to sell it with current market value in few months as I still have tenants living in it. Prices in my area have not moved much but houses are on market with very few buyers. I have seen good properties with good price reductions not moving from two months. Since mortgage payments are on hold for most of the country, what happens once that grace time expires? People will default on mortgages and it will take months for banks to process foreclosures. As per my realtor, crash is imminent or there will be big correction in next few months for 15-20% reduction. I understand everything is still very uncertain but I want to get perspective of someone who understands real estate and current situation far more better than I do. How do predictions if any look like for next few months and till end of this year? [link] [comments] |
| All Cash No Mortgage Plan - Please poke holes in it Posted: 05 May 2020 05:40 PM PDT I've got a plan I've sketched out that I think works. It involves 3 parties and a decent amount of cash. 3 parties form a group with a $75k buy-in all cash. Can't be a loan or anything where you NEED to get that money back. It's literally extra cash. That's $225k. Start looking for a multi-family property up to $150-175k depending on condition of property. Pay cash for property. Set aside $5-10k per unit for repairs, make-ready, etc. You max out at $200k. You have $25k cash left over. Factor in the rest of the money to cover first year rents, vacancies, etc. If you're renting at $500/unit and it's a 4-plex that's $24k. If it's a duplex at $750/unit that's $18k. In year 1 you have 1 unit. In year 3 you do the same thing and buy another unit. In year 5 you do the same thing and buy another unit. At the end of year 5 you have a minimum 6 cash flowing units. You should not have any reason to be out of pocket on unexpected expenses as you've set aside a year of rents for unexpected expenses and done minor rehabbing when purchased. You have around $600k in cash-flowing real estate free and clear. You do not have to factor appreciation or rent increases to make money. I save over $37,500 a year already and I've identified 3 markets where multi-family properties can be picked up under $200k. Some that need work under $100k. What am I missing? I know it takes quite a bit of cash but if that isn't an issue (and I have others that are interested) is there any other reason this wouldn't work? Currently have 1 studio rental and own my home. Looking for advice beyond the handful of investors I know locally. Thanks in advance. Please tear me to shreds. [link] [comments] |
| Posted: 05 May 2020 01:44 PM PDT My duplex had a fire upstairs and the unit had to be completely gutted. Downstairs, the bedroom ceilings had to be removed due to water damage, along with the walls of just one bedroom (wood balloon-framed house built around 1920). This duplex is in a college town, I lived downstairs, and we have a baby on the way. Now that it's going to be rebuilt, I'm trying to figure out soundproofing between the units. The contractor is recommending laminate flooring with mass loaded vinyl under it. We used to have carpeting upstairs which was ok at best; I definitely don't want more noise than before. Any recommendations? What's the best bang for my buck? [link] [comments] |
| Is this a good price for Building plans in Koreatown[LA] Posted: 05 May 2020 01:45 PM PDT |
| Posted: 05 May 2020 01:28 PM PDT Hoping I can crowd-source some reading. I'm looking for resources specific to developing, operating, and investing in industrial properties. There seems to be a bit of a lack of resources for this asset class. I'm sure it is a point of interest for a lot of folks. Industrial resources tend to largely refer back to CRE best practices but the asset class is quickly emerging as its own complex beast. Looking forward to some lively discussion on this topic. [link] [comments] |
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