Real Estate Investing: I'm over with you Real Estate, calling it quits (for now) |
- I'm over with you Real Estate, calling it quits (for now)
- Trespassing etc
- Can y'all elaborate on the fact that being a landlord is a 24-hour job?
- Who's owns BiggerPockets now?
- What am I missing? Flint Michigan
- Best way to invest $500,000 for long-term stability?
- If I want to terminate month to month lease, can I push tenant out without a formal court eviction?
- Closing fee questions
- Are off market deals requiring rehab jobs using private money the only way to succeed?
- How do I find a property manager for an investment opportunity ?
- Sacramento CRE Deal - Thoughts?
- I’m currently checking out this 4-Plex
- Trying to save 400k in taxes by investing in real estate and deducting it against my capital gains. Please help me get started!
- Is it possible to get approved for a loan with my circumstances?
- LVP for a rental
- Bought a house with un-permitted detached unit
- What is your basic method for REI?
- Possibility of turning a first home into a rental.
- Help to start!
- Minimum Mortgage Amount
- 17 years old and need a book for real estate
- Should I convert my house to a rental when I move?
- House Hack vs. "Condo Hack"
- Buying second home possible rental
| I'm over with you Real Estate, calling it quits (for now) Posted: 13 May 2020 10:57 AM PDT It's been good for a few years, but now I'm tired of this. Properties that need $30k in repairs with rents that will barely afford the mortgage. Agents telling me how getting $1300 a month on a $200k house that's 50 years old is somehow a good deal. Idiots buying vacant properties hoping to sell it at a higher price to an even bigger idiot (and sometimes succeeding!) A guy I went to college with who wrote a book and is promoting it after buying a single duplex. And now he's putting out youtube videos of how to analyze deals. I am simply tired of this. Too much dumb money chasing too little return. I'll be on the sidelines for the next year or two checking in here and there. When everyone else realizes they aren't making any money, me and the rest of us will be choosing from the buffet line. But for now, I'm just going to take some time off and look at other places to park my capital. [link] [comments] |
| Posted: 14 May 2020 01:57 AM PDT So I've been reading alot about the Ahmaud Arbery case. Those dudes definitely were in the wrong and committed murder. But, in every subreddit theres literally hundreds of people saying they happily and frequently go into unfinshed construction sites, and it's basically a noncrime. Myself, family, and friends have had hundreds of thousands of dollars and materials robbed from us yesr after year. Not to mention vandalism, and insurance concerns. I think it's very wrong to enter any closed business. I want to reiterate, I'm not talking about the case. Just calling out the people who are saying they trespass Into construction sites "all the time".. just f'in stop please [link] [comments] |
| Can y'all elaborate on the fact that being a landlord is a 24-hour job? Posted: 13 May 2020 04:45 PM PDT I read an article recently about becoming a landlord. The author referred to the occupation as a 24 hour job. I don't know whether to think of it like being called at 3 am kind of 24/7 or like managing the property from wake 'til sleep. As you can deduce I'm not a RE investor. [link] [comments] |
| Posted: 13 May 2020 12:25 PM PDT Long story as to the reason I want to know but I know it was sold a few years back but I want to know who's the puppet master. I tried google but I keep getting old information. Does anyone know? [link] [comments] |
| What am I missing? Flint Michigan Posted: 13 May 2020 05:31 PM PDT Can someone smarter than myself explain this to me? Properties in decent shape for sale in Flint for 25k. Shine it up for 10k. Rent for $650. 13% cash on cash return if it has 60% occupancy. Not including the smaller holding costs in my quick maths here but you get the point. So....what am I missing? [link] [comments] |
| Best way to invest $500,000 for long-term stability? Posted: 13 May 2020 10:32 AM PDT I've recently talked to a few financial advisors and real estate experts with the intent of finding guidance on how to invest my money. Among the number of opinions I've received, the idea of building apartments or duplexes struck me the most. In spite of the current worldwide situation, how the virus has affected the housing industry, and the uncertainty that shadows the nation's economy, I would like to proceed with this decision. I am not the most knowledgeable when it comes to real estate, yet wish to receive additional opinions on what other viable options exist. More than anything, I would like for this investment to help sustain my mother's lifestyle in the most intelligent and convenient way possible. Thank you in advance! [link] [comments] |
| If I want to terminate month to month lease, can I push tenant out without a formal court eviction? Posted: 13 May 2020 07:13 PM PDT I have a tenant that's just a nightmare. He owed money before this crisis even happened. Currently he owes more than $4,000 and told me yesterday to my face that he's "squatting rent-free" and will take advantage of this situation as long as he can. He has unauthorized residents living with him not on the lease. He failed to pay utilities the other month and decided to run a long extension wire from an outside storage unit, into his unit. (Fire Hazard!!! We since told him to knock it off with this and got the city involved) The whole thing has just been a nightmare. However, he is on a month-to-month lease. Can we legally give him a 30-day notice that the lease will be terminated? (This, logically, has nothing to do with COVID -- the lease term is up, and we are simply choosing not to renew it). [link] [comments] |
| Posted: 13 May 2020 06:51 PM PDT Don't know if this is the wrong place to post this but were looking at a house and the closing fees are very confusing to me. The closing fees on this house I was told tonight is 25K. I don't understand where this money is going or why its so high. Is there any work arounds with this? Or can anyone explain to me what this means? [link] [comments] |
| Are off market deals requiring rehab jobs using private money the only way to succeed? Posted: 13 May 2020 03:42 PM PDT TLDR: Is it possible to make a decent return investing in real estate if I study up and do my research, but more or less take a traditional route to finding properties (MLS, RE agent) that only require light rehab (paint, landscaping), and pay for it with a traditional mortgage? I'm not interested in retiring at 18 yo or BRRRing to make a billion dollars in 6 years. I just think it would be nice to own a few properties that have positive cash flow. It's not that I'm not ambitious, I'm focusing on my main trade as a software engineering to earn the bulk of my wealth. I don't want to take a significant amount of focus away from that trying to be the next grant cardone. Iv been researching REI and it seems like a lot of the influencers in this space are speaking to an audience who is willing to knock on doors, send out mailers, and put alot of effort into finding off market deals. They also seem to rely heavily on large rehab jobs to force appreciation. To top it off, it seems like finding someone at a local meetup to lend you a million dollars is a prerequisite. It doesn't seem like a well informed, but casual investor can succeed. Should I just put my cash in index funds and get 7% return with zero effort instead? [link] [comments] |
| How do I find a property manager for an investment opportunity ? Posted: 13 May 2020 09:33 AM PDT My mother wants to use this property for investment. I'm a first time homebuyer in the state of Maryland. After the inspection the other day, I feel overwhelmed with the amount of stuff that needs to be taken care of and would prefer to have a property manager manage the house. We were initially thinking of moving there but driving there and back used up a 100 miles + thought it was only an hour drive. [link] [comments] |
| Sacramento CRE Deal - Thoughts? Posted: 13 May 2020 08:56 PM PDT Hi Guys, My father did a deal in Sacramento a few years ago and was curious to get this sub's view on the quality of the deal. I'm still new to RE - so wanted to use this forum as a sounding board. We paid about $2 million for a ~35K sq foot 45 unit class C office complex that was generating about 170K in NOI at a 60% occupancy. Now occupancy is about 80% and NOI is closer to 200K, but we realized that rents are 30-40% below market and there's still room to budge on occupancy. We're speaking to lenders to gather additional financing (whether bridge or refi) to put another 800K into the asset to bring it up to Class B. If we stabilize the asset at market rent, I believe we should be looking at roughly ~$290K NOI. In the Sac area stabilized Class B assets will typically sell at a 4-5 cap... meaning this asset should be worth $6-$7M? Sounds like a winner - but curious to get this sub's view? Thanks! [link] [comments] |
| I’m currently checking out this 4-Plex Posted: 13 May 2020 08:54 PM PDT I'd really appreciate any advice someone could give on the scenario below. I'm a handyman and can pretty much fix anything but this would be my first rental unit. I'm currently flipping a house and am considering buying a multi for long term. I have enough cash to float things for a bit if needed and the 20-30% for the down. Yay or nay? To me it looks attractive but maybe there's something big I'm missing. For the 20 Years Invested Return (IRR): 24.94% per year Total Profit when Sold: $602,156.60 Cash on Cash Return: 1,051.43% Capitalization Rate: 9.41% Total Rental Income: $667,804.12 Total Mortgage Payments: $242,236.11 Total Expenses: $82,497.04 Total Net Operating Income: $585,307.08 First Year Income and Expense Monthly Annual Income: $2,625.00 $31,500.00 Mortgage Pay: $1,009.32 $12,111.81 Vacancy (5%): $131.25 $1,575.00 Management Fee (8%): $199.50 $2,394.00 Property Tax: $259.38 $3,112.50 Total Insurance: $66.67 $800.00 Maintenance Cost: $6.50 $78.00 Other Cost: $8.33 $100.00 Cash Flow: $944.06 $11,328.69 Net Operating Income (NOI): $1,953.38 $23,440.50 [link] [comments] |
| Posted: 13 May 2020 08:51 PM PDT Made a lot of money in the stock market in 2020, around a million, and was thinking about cost seg a multifamily and becoming a re professional. I have 800k I am willing to put as a down payment. I was told in able to deduct 400k in taxes, I should go by 30% of cost seg so I will have to borrow another 400k to buy a $1.2 million multifamily. How feasible is it for me to not lose money doing this in this market and will it be worth it to just to save 400k in taxes? [link] [comments] |
| Is it possible to get approved for a loan with my circumstances? Posted: 13 May 2020 07:44 PM PDT Hey all! I am new to real estate investing. I've been doing my research for a couple of months so far and the idea of entering the real estate market is something I definitely would like to do. I'm currently 23 years old and I'm planning to save up for a 60-90k down payment for a rental property within a few years from now (3-5 years). My credit score is pretty good (over 750) and my length of credit is okay but can be better (about 4 years). I have about $20,000 saved up at the moment. I also don't have many bills to pay as I live with my parents and they are kind enough to allow me to save for my future goals. Thing is, I go to school full-time and I don't work much. My total annual income is about $21,000. I know this is a big red flag for almost every lending establishment. I also know that the only way to fix this is by simply making more money. Whether that means getting a better job, quitting school, or finding a side hustle. I was wondering if there are any possible lending establishments that do give out loans for people with such a low annual income. Is it also possible that I have a parent co-sign with me to increase credibility in front of lenders? If this comes across as ignorant, I apologize. I know I have lots to learn but any advice/tips the Reddit community has to offer I will gladly take. Stay Safe & Happy Quarantine! :) [link] [comments] |
| Posted: 13 May 2020 03:17 PM PDT What brands do you all like for durable waterproof vinyl planking in a rental? [link] [comments] |
| Bought a house with un-permitted detached unit Posted: 13 May 2020 02:08 PM PDT As the title states, I just bought a house with an un-permitted detached unit (1 bed 1 bath) that I was planning on using as a studio or work space. However, I've recently been getting into the idea of real estate investing and might shift to renting it out instead. That being said, I dug a bit deeper and it looks like this unit is un-permitted which may cause issues with the city. I looked at getting this permitted but I worry that they'll make me tear it down and start from scratch. Thoughts on how to approach this? [link] [comments] |
| What is your basic method for REI? Posted: 13 May 2020 05:37 PM PDT I've been a member here for quite a while, and been planning on investing in RE since I was too young to own a home. Over the last two years I've immersed myself in most any available information on REI be it Grant Cardone or BP. I've read most of the books and understand on a very good level the financials and analysis of rental properties. I know this sub has some contempt for the 'get rich quick' teachings of many online resources who make it out to be much simpler than in reality. This sub is where I come to talk to actual grounded investors. I'm interested in hearing the type of properties you look for, the way you finance/ snowball them, be it the brrrr method, or flipping. I'd be interested in knowing where you get leads or how you find property, or anything you could share with me. [link] [comments] |
| Possibility of turning a first home into a rental. Posted: 13 May 2020 04:20 PM PDT Later this year my wife and I will be purchasing a townhouse using a VA loan. We will only be there for about 3 years and would like to use this purchase as a rental after we move again (military lifestyle, gotta love it). The home we are looking at should be well under the money we are given each month for allowance (perhaps $400-500 under), and could potentially rent for $500-600 more than the mortgage. What I am asking about is; what is the best way to turn this property into a rental once we leave, only to buy a new house wherever we move after? I have been reading up on HELOC, but at 3 years I don't feel we would have enough to do much with equity, other than perhaps helping with a down payment for buying a new house wherever we move next. I also don't know if it is worth it to sell the place before we leave, as 3 years might not be enough time to make that a smart move. I want to get into rental properties so this would be a great start. [link] [comments] |
| Posted: 13 May 2020 03:58 PM PDT Hi! I'm from Portugal, and I'm 26 years old. I've always wanted to make a living off rental properties, and I acquired my first property 2 years ago which is where I live now. This is my current situation : I've bought an apartment in Porto under construction for 143k, atm i owe 139k to the bank. It has 2 bedrooms, 2 bathrooms, living/dining room, kitchen, 2 balconies and a 1.5 car size individual garage. Current market price: 205k. I thought about selling it right now and invest in two 1 bedroom apartments, 1 to live and another one to rent until I have more money for a third one. I'm affraid that my apartment depreciate in value with covid crisis! What do you guys suggest me to start my journey ? What are my options ? Thank you for the help 😜! [link] [comments] |
| Posted: 13 May 2020 09:54 AM PDT I am looking at a townhome valued at 50k. I was wondering if there is a minimum total amount for mortgages. In other words, will they aprove 45k-50k [link] [comments] |
| 17 years old and need a book for real estate Posted: 13 May 2020 03:51 PM PDT I need to educate myself at a young age. Any reliable books to read? [link] [comments] |
| Should I convert my house to a rental when I move? Posted: 13 May 2020 03:47 PM PDT We're going to move to a new house and considering converting our current house to a rental. I'm having trouble deciding if it's a good idea or if I should just sell and take the cash out.
So that's $626k tied up in the house we continue to not have access to if we keep it as a rental. New house costs about the same ($1.3m) and have enough cash for downpayment already. Selling our current house would just give more money for investing in the stock market. If we sell we get all the money out tax free up to 500k gains (taxpayer relief of 1997) but if we convert it to rental all that equity plus future equity becomes taxable as income at a high tax rate. Then we're also taxed on the income from rent (I think about $1000 profit after mortgage and property taxes). So that goes down, and if we factor in damage to the house from renters, paying mortgage during times of no renters, possibly hiring a property management company, etc the profit seems even less. The biggest gains would be made from the house increasing significantly in value since we're in the bay area, however I'm not even sure that is guaranteed over the next 10 years, since housing market is already heavily inflated, it could easily level off or maybe very minor increase/decrease with all this negative economic stuff going on. It seems possible with the stock market crashing, it would be better to have the cash available to invest and diversify when stocks are discounted. I know another benefit is depreciating the house as income, but I think if we sell it we owe large taxes on those gains as well at time of sale. If we invest in the market and make gains, then keep the stocks for over a year, we're paying 15% on gains but all these housing taxes seem like they would be at a much higher rate. Please help convince me one way or the other. Thanks. [link] [comments] |
| Posted: 13 May 2020 09:46 AM PDT I'm very aware that the smartest way to go about owning a home would be to do the traditional house hack of putting the DP in, and then having an outside person pay rent to cover the mortgage. I'm not able to be financed with a loan, but I was wondering if a condo would work the same way? I am saving up to have enough for a small condo (Around $50k) that I could pay in straight-up cash. I am almost never home, and I have a roommate likes that a lot, and who wants to move around the same time as I do, so I am going to have her pay 1/2 of the rent of the other condos, as another stream of income. I'm a bit worried about things like HOA fees, or other fees that I am not aware about that comes with the condo ownership. Small breakdown of what I have so far: Water, Trash and Gas is paid for by the HOA, which is $300 a month. (Is this a good price? it seems like it to me) Electric bill we would split. HOA fee would normally be the landlord's expense (I think), so I would pay this. Taxes are defindelty the landlord's expense, which according to the 2019 past owner's tax bill receipt is around $1,000 a year. Edit: Home Owner's insurance that I'd get a quote on Am I missing anything? [link] [comments] |
| Buying second home possible rental Posted: 13 May 2020 03:29 PM PDT So folks who have been in the game a long while. With this current recession or depression. When might be the best time to buy a second home/condo in a beach town that is seasonal. I ask because I saw something similar and folks were saying that in the past it takes a year or so for the recession to rock the housing market. [link] [comments] |
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