Real Estate Investing: I'm going to refinance soon. If my house were your house, would you repaint, remove paint, or ignore it? |
- I'm going to refinance soon. If my house were your house, would you repaint, remove paint, or ignore it?
- What are your tips for identifying up and coming neighborhoods.
- I'm thinking of rent to owning "Somewhat cheap" gulf land in Texas, any advice?
- Is clearing land for resale profitable?
- Can landlords fill vacant units right now?
- My plan for 200K
- primary residence mortgages
- [X-Post from r/RealEstate] First time investor analyzing potential property
- Where can I get money for a down payment besides savings?
- Best mortgage company for owner occupied duplex - low down payment
- Where can I see duplex, triplex, or any kind of multi family property listings besides apps?
- Where do I locate syndicate investing opportunities?
- Mortgage brokers or direct relationship with lenders?
- How do I approach a deceased owner/heirship of a property I'm interested in?
- [Commercial Landlord] Mortise Lock Key Change?
- Modeling
- Refi of triplex and cash out possible?
- Any good refinance options right now? Planning on selling in the next 5 years, but want low closing costs
- Refinancing Question
- Remodeling Home
- In your opinion, what cities or market areas are currently best for flipping homes?
- Looking for thoughts and opinions based on current situation
- Financing options for multi-family properties!!
| Posted: 23 May 2020 05:17 PM PDT I personally think this paint looks awful but I don't know if the appraiser will care. Here is the link to the photos of my house. https://imgur.com/a/9pDa4Gz My goal is to get as much money as possible from the refinance. I want at least 20% equity and I'm still trying to get a feel for how this works. The paint is in very good condition except for the basement stairs which are hidden (third picture). [link] [comments] |
| What are your tips for identifying up and coming neighborhoods. Posted: 23 May 2020 02:46 PM PDT Curious what people look for in identifying up and coming neighborhoods. Mine are:
[link] [comments] |
| I'm thinking of rent to owning "Somewhat cheap" gulf land in Texas, any advice? Posted: 24 May 2020 12:00 AM PDT I found a plot of land that has a sticker price of $4,000 for a tiny 0.17 acre lot of land. Even better they are offer basically 0% interest owner financing on the land, approval guaranteed. The stipulation of the owner financing; $250 upfront and a land title deed is transferred to me, and I would have to pay $70/month for 54 months. The conditions of the listing say that it's there's no HOA, and the land is unrestricted residential land. The listing also claims the annual property tax is $56.75 paid annually ($56.75/year). This sounds almost like it's too good to be true. How could land exist out there 30 minutes from the gulf of Mexico, be $4,000, be unrestricted land, offer owner financing, and not have a HOA? Has anyone seen any deals like this or do alarm bells ring about this property? When you bought land what procedures did you do? [link] [comments] |
| Is clearing land for resale profitable? Posted: 23 May 2020 03:30 PM PDT My wife and I are looking at purchasing our first home when I noticed something. We found tons of cheap lots of land in nice neighborhoods ranging from $10k-$20k but they obviously needed clearing before a home could be built. But then we noticed that land that was already cleared and ready to be built was selling for significantly higher prices (~$60k for similar sized lots) so I figure the answer to this is obvious, but I was just curious if anyone had any experience with this and knew of the pros / cons of trying something like this. My dad was a logger for most of his life and we could probably do most of the clearing ourselves (if we don't need any special permits, etc) Thanks. [link] [comments] |
| Can landlords fill vacant units right now? Posted: 23 May 2020 11:02 PM PDT I am looking at a duplex for sale in a nice neighborhood in greater Cleveland that has one vacant unit. If that unit gets rented out it should cash flow according to my initial analysis. I'm just concerned that I won't be able to fill the unit for who knows how long. So I am wondering how hard it has been for people to fill their vacant units through this pandemic? Also, if anyone has a property manager in Cleveland they recommend that would be awesome! [link] [comments] |
| Posted: 24 May 2020 12:25 AM PDT Hi, here is my plan for my 200k. Current income: 68k pre tax Short term Goals: 1. own my own place of residence. 2. Purchase first rental property.  Plan: 1. Wait 6 months or more to see what happens to the real estate market. 2. Purchase 2 bed condo to live in for 350k with 20% down (70k down payment). HCOL area near my work (so cal, Orange County / Long Beach). 3. Near the same time, Purchase investment multi family property, preferably 4plex for around 400K, at 25% down (100k). Lower COL area, not super far from me but far enough to get something affordable. These are both theoretical properties so I don't have any other numbers. This leaves me with 30k for repairs or other upgrades/cash reserves in case anything goes wrong. My questions are, would a lender or broker allow me to purchase both a condo then soon after a MFH? If I bought the MFH first could I count the rental income to make buying a property to live in easier? I'm a bit confused about figuring out the lending requirements and income vs rental income rules with lenders / brokers. [link] [comments] |
| Posted: 23 May 2020 04:52 PM PDT How many primary residence mortgages can I have? Do I need to go to different banks If I plan to buy a primary home every year? How long do i need to live in primary before I would be allowed to buy another property as my primary residence? If I purchase another primary residence do I need to change my existing primary mortgage? [link] [comments] |
| [X-Post from r/RealEstate] First time investor analyzing potential property Posted: 23 May 2020 05:37 PM PDT I've been doing quick calculations for some time looking at properties, but am getting into the more serious stages of buying my first place and would like to see if I'm thinking about this the right way and if I'm missing anything. What I'm looking for: a rent-ready duplex in an area of a bigger city that will be safe and have appreciation potential. I'm okay with one, two or three beds and 1+ baths/side. I am going to house hack, so I'd be willing to pay a little extra for something a little nicer, but this ideally won't be a place I'll stay in for more than 5 years. Other than that, it's purely about the numbers and what I can make money off of. The property I'm analyzing: 3br/1ba per side duplex built in 1900 (probably an estimate, Zillow puts 1900 on a lot of things it seems) Estimated 1000sqft per side, both sides turnkey with (I believe) no prior tenants and definitely no current tenants Newly renovated in an area seeing a lot of revitalization fairly close to downtown and other popular restaurants and night-spots Houses within a few blocks range anywhere from ~$100k-215k The numbers: Listing price - $169,900 Zillow Zestimate - $162,000 Rentometer Rent Estimate - $850 per unit (Anywhere within a block of here ranges from $800-$900) Taxes (estimating above Zillow's estimate) - ~$1800 Insurance (estimating above Zillow's estimate) - ~$800 Mortgage - with a minimum 15% down at a $165,000 purchase price, and an estimated 3.5% interest rate, my monthly payment is $688.22 Mortgage + Insurance + Taxes = $904.89/month Currently I pay around $500/mo for my apartment, which is roughly 13% of my take home. My plan since I am going to house hack is to pay myself rent into a separate account that I'll use for rental income and expenses. So the income for this property would look like this: 1 side rented at $800/mo + 1 side rented at $900/mo = $1700/mo income $1700/mo * 12 mo = $20,400/yr $20,400/yr - $10,858 debt service/yr = $9,542 cash flow/yr Take away 10% for vacancy (-$2,040), 10% for CapEx (-$2,040) and 15% (-$3,060) for repairs = $2,402 cash flow into my pocket With an initial investment of $24,750, this puts my ROI at ~9.7%. This slightly beats the stock market average of about 7%. I'm sure this ROI isn't something a lot of experienced investors would even think twice about, but being someone that doesn't have a lot of handy-man work experience but wants to learn, buying a house that's in better shape with less chance for major problems (although a little more expensive), on top of the fact that I'd be living there and in a location with a good potential for appreciation is making me seriously consider this place. Any thoughts are welcome as well as critique of my analysis. Thank you! [link] [comments] |
| Where can I get money for a down payment besides savings? Posted: 23 May 2020 01:38 PM PDT Say I have 10% saved for a down payment. 20% is better because I can avoid PMI. Smart money will tell me to just wait. But I found a below market deal due to covid-19. And I feel like it's get this now or pay more for a similar house later. Say I don't have any family or friends with money or a line of credit on other properties (no other properties). I have credit cards, but that sounds risky. Do I try to get a different loan from a different bank than the mortgage originator? Thanks in advance. [link] [comments] |
| Best mortgage company for owner occupied duplex - low down payment Posted: 23 May 2020 05:27 AM PDT Hi everyone, I am looking to buy a primary residence with my SO and we are considering a duplex with a good rental history that needs no-minimal repairs atm. Together our gross income is around 85k, the duplex generates 14.4k annually from the rented unit. We have previously been approved for 290k conventional 30yr for a single family home with a 3% down payment. We would bid 290k (with a recent assessment of 288k and asking price of 340k - on the market for some time now). We would be able to put down a 3.5-5% down payment. Everything I've read about buying a multifamily says you need a larger down payment. In your opinion, is there a helpful mortgage company that would accept our low down payment? [link] [comments] |
| Where can I see duplex, triplex, or any kind of multi family property listings besides apps? Posted: 24 May 2020 01:35 AM PDT Where do people normally find the listing about this besides apps like Redfin, Zillow, etc? [link] [comments] |
| Where do I locate syndicate investing opportunities? Posted: 23 May 2020 10:28 AM PDT I've come across this term that in this sub several times already. But when going to Google to actually locate a syndicate group, the only relevant search result is angel.co. I know there is possible accreditation involved, but once achieved, where do I go? I'm looking primarily for pre-construction luxury buildings. I've lived in several myself in the past decade and have witnessed as becoing a hot trend for 1% earners in my area. Anytime I come across a project, it's already entered later stages of development. [link] [comments] |
| Mortgage brokers or direct relationship with lenders? Posted: 23 May 2020 09:57 AM PDT Do you guys generally get mortgages through mortgage brokers, or shop around directly with lenders? I would think brokers have broader reach, but their cut might eat into returns? Please let me know how the experts on this sub approach this. [link] [comments] |
| How do I approach a deceased owner/heirship of a property I'm interested in? Posted: 23 May 2020 08:03 AM PDT There is a property I'm interested in. It's not yet on MLS. It needs alot of work and it is pretty much abandoned, lawn isn't maintained, they're racking up fees per the HOA, etc. I did some research and the owner passed away one year ago. He has two kids, a 30 year old and 37 year old, both of whom have moved out. I was never close to the owner nor the kids but I did wave hi to the son on occasion. I searched through property records and apparently, the owner had a will but did not list the kids; instead, it was what appears to be two sisters but per the affidavit, it seems they are proclaiming no interest in the property.... so it can go to the owner's kids perhaps? How would you approach this and how should I word the letter? I am thinking of doing a cash offer and explaining my intent to renovate the property, fix the roof and soffit, maintain the lawn, create a brick wall (their fence is broken and leaning sideways, the house shares the same wall with the HOA community sign wall as well). TIA. [link] [comments] |
| [Commercial Landlord] Mortise Lock Key Change? Posted: 23 May 2020 08:35 PM PDT Hi there. Does anyone know where I can purchase Mortise Locks for a retail shopping center that can be easily rekeyed without taking the cylinder off? I use Kwikset SmartKey for residential but have yet to find one for retail. It would be so much easier if there's a SmartKey Mortise Lock. I saw a "U-Change" lock that was made in the 70s, but it seems iffy security-wise and I don't know where to buy it. Any advice for commercial mortise locks? Thanks! [link] [comments] |
| Posted: 23 May 2020 06:51 PM PDT First off - I am new to this aspect of investing. My partner and I have enough capital for a 20% down payment, and we've narrowed down to searching for strip malls or office parks. We are wondering if there is a general modeling principle that is used to create realistic expectations, or if you all in particular have any methodologies or suggestions. We've obviously looked on google and created our own, and I'd be happy to share if someone more experienced within the industry was willing to help us out with some perspective. Thanks ahead of time [link] [comments] |
| Refi of triplex and cash out possible? Posted: 23 May 2020 11:16 AM PDT Own a triplex with really solid rental history, brings in over 3000 per month. Mortgage owed - $177,000 recently appraised at $287,000. At 4.5% rate. I would like to refi and pull out 40-45,000 to finance construction of another triplex. The lot has successfully been separated from my original property with no penalty from mortgage company. So with lot free and clear and down payment of 40,000. What are my financing options? [link] [comments] |
| Posted: 23 May 2020 05:05 PM PDT Wondering if anyone knows of any banks that will offer decent deals right now for REI properties. I ideally just want low closing costs, but my rate right now is like 5.375% and just want it to be overall lower. I plan to sell in the next 5 years due to other obligations. [link] [comments] |
| Posted: 23 May 2020 01:19 PM PDT How do you see the savings on a refinance if you paydown the balance initially? Example Pay 25k to get 2.75% rate Vs Dont pay and get 3.375% rate Edit: wanted to update the post. Some BG info is my current loan is 3.875% and I want to refi into one of the two options above. going to go with 2.75% and paydown 25k. Interest savings is larger than 25k and it take me about 3 years to get break even with my monthly savings. The difficult question was is there something else I can do with the 25k. I did some calcs and came to the conclusion that itd be about 13%+ annual return if I did the pay down ( not fees or points but pay down the mortgage) so thats why I chose it. Thx to the people who helped with their input [link] [comments] |
| Posted: 23 May 2020 04:06 PM PDT Please omit if this is off topic. We are looking to remodel our home and don't know where to start Home was built in late 70's and has never had a remodel. in the last two years we have had a new roof put on, new Ac system, and now finally ready for the interior. We live in southern Az, our budget is $85,000. This is a 2500 sq ft home, single level, block construction. Or wish list consist of new floors , repaint, removal of acoustic ceilings, enlarge/update kitchen, light bathroom remodels (3), new bedroom doors and trim, changing from single swing rear door to slide door, and I'm sure a few other things. We really don't know where to start. I know we can't get everything on our list with our budget. I was thinking of asking a local Realtor or Flipper if I can pay them a a consultation fee to get information on best use of our budget both to get the desired results, and also optimize resale when that time comes. I have followed this group for awhile and am hoping to gain some insight. Thanks in advance for any advice [link] [comments] |
| In your opinion, what cities or market areas are currently best for flipping homes? Posted: 23 May 2020 08:23 AM PDT Hey r/realestateinvesting, I'm a seasoned out of state investor, mostly working with tax deed auctions, mortgage auctions, some MLS deals, and some multifamily holds in Florida (Tampa, Daytona Beach, Palm Coast, and Jacksonville). My strategy has been investing in run down single family homes at around $50k to $75k where the ARV would be $100k+. What do you think are the best cities for finding deals around this price range? What makes this city the best? Future population projections, low rate of crime, etc? I have been looking at Memphis, TN, Sioux Falls, SD, and Mobile, AL. [link] [comments] |
| Looking for thoughts and opinions based on current situation Posted: 23 May 2020 06:58 AM PDT Some details: Currently living in the Pacific Northwest. But should be moving to Texas, to live rent free for work. (As soon as COVID allows). Looking to get into rentals. Also I would want property management to be fairly hands off. Have 100k saved currently. But also I live extremely frugally at the moment. And save nearly every penny I can. Although I don't plan on being this way in a few years. To really take advantage of my 20s. So while cash flow could be nice, right now I'm more focused on building out long term wealth. My form of income is great, but also not necessarily "stable," so that can impact my ability to get a loan. Also I have JUST started building credit in the past few months. Although my score based on credit karma is riding around ~700. (Bringing these up to help determine the best decisions with qualifying for a loan in mind) As a new investor, my risk tolerance is pretty much unknown. I have a lot of FOMO that keeps me from conservatively buying in cash. But also do not want to over-leverage. Based on the current world situation, my goals, and capital. What would you say is the best move? I've been researching a ton and have my own ideas, but would love to hear from more experienced investors as I'm very new to this. Thanks in advance! [link] [comments] |
| Financing options for multi-family properties!! Posted: 23 May 2020 10:15 AM PDT Hey all so I found a multi family property for what one would thinks is a steal. It's four units 1br/ 1ba that does need a full rehab. What sort of financing options can I anticipate to utilize with the least amount of down payment? [link] [comments] |
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