Real Estate Investing: Rental is fully paid off - what now? |
- Rental is fully paid off - what now?
- The Fed is buying mortgage-backed securities at a rate not seen since the last financial crisis.
- How to tell if a neighborhood is “really” in development/getting gentrified?
- Can’t view property for sale?
- I want to design/build my own house. Where do I start?
- Real estate license while in college?
- Tenant is moving out of state and wants to terminate contract- Need Advice (Socal)
- Annoying business partner, advice?
- Deal analysis seems too good to be true. What am I missing?
- Purchasing a package of properties
- How many 30yr fixed conventional loans can I have in one year?
- Am I doing this right?
- Should I sell? Rental property in Tampa. Paid $175k. Now worth $330k. Owe $124k over 10 years. Renting for $2500 p/m.
- How much should I charge a REIT in commissions for investors I bring in?
- Rent forgiveness question
- If you create a Delaware RE LLC in May, do you have to pay 300 franchise tax by June 1st?
- All cash vs financing
- Is getting a HELOC the right move for us?
- Credit report - mortgage forbearance “comments” Mortgage Companies breaking law?
- Do any of you offer ROI in your leases?
- Lease question
- SEC investigating massive commercial mortgage fraud
| Rental is fully paid off - what now? Posted: 15 May 2020 07:55 AM PDT Posting for my in laws: I bought my first home for $80k. Upgraded to a new home and kept this as a rental property. Now the rental property is worth $270k and brings in about $1400 per month in rent. I think I could easily get $1550-$1900, but I haven't updated the rent in a while bc the family that rents from me is very easy to deal with and pays rent on time. My question is, what do I do from here to maximize revenue. Obviously increase rent is the first option. But aside from that, do I leave the rental paid off or do I take a loan on the rental and use that money to invest/buy something else? Thanks in advance. [link] [comments] |
| The Fed is buying mortgage-backed securities at a rate not seen since the last financial crisis. Posted: 15 May 2020 02:20 PM PDT 84% of the recent stimulus dollars went into buying mortgage-backed securities. That can't be a good sign. I know I'm probably going to get downvoted because no one likes bad news. The following is for people who are about to downvote me: Real estate's going to go up forever! Houses will never lose value because people need a place to live! Massive unemployment never affects real estate prices! [link] [comments] |
| How to tell if a neighborhood is “really” in development/getting gentrified? Posted: 15 May 2020 01:45 PM PDT Everyone I talk to seems to think their neighborhood is getting gentrified or getting developed and somehow their properties will be worth tons in the next few years. What are some things to look for when looking into a market? [link] [comments] |
| Posted: 15 May 2020 03:14 PM PDT In searching for perspective deals I sometimes come across already rented properties that seem like a ridiculously good deal however sometimes they might seem too good to be true. Only sketchy part is that you can't view the property because of an occupied tenant UNLESS you are in a contract with the seller. Is this common practice for already rented units or is this just an excuse to hide the nightmare of a property? [link] [comments] |
| I want to design/build my own house. Where do I start? Posted: 15 May 2020 11:29 PM PDT |
| Real estate license while in college? Posted: 15 May 2020 07:07 AM PDT Okay so I'm currently a Bio major. Random I know lol. I thought I wanted to be a doctor. I'm still interested in science, just don't want to necessarily be a doctor. Anyways I'm approaching my last year of school, it will be 6 long years (I know what you're thinking but depression and self doubt hindered me). I've always been interested in real estate, my dad was into it a few years ago. I saw my parents make HELLA money and from it opened businesses that helped other family members. Due to the market crash my dad got out and kept working his job. He's still somewhat involved in stocks and recently sold his last business. I say all this to say that I've witnessed my dad have multiple streams of income while also maintaining a job. I want to do the same in a way. I told my dad this and he said if I go to real estate school he'll pay for it. Is that do able while also finishing up college? It's taken me a long time to finish up college and I don't want to waste any more time that I already have. Kinda long post but I appreciate any feedback! [link] [comments] |
| Tenant is moving out of state and wants to terminate contract- Need Advice (Socal) Posted: 15 May 2020 10:18 PM PDT I own a property in S.California and i have a tenant that moved in Nov 2019. Today, he sent me an email saying that he wants to terminate the lease contract because he is moving out of state to seek for better opportunity. I am looking for some advice on how to proceed forward given this challenging time with the covid-19 and its restrictions. Some ideas floating in my head is to talk to the tenant and see if i can get him to not move out closer to August because that is when the lock down is supposed to be lifted. If he disagrees, i have a feeling my agent will not be willing to meet with new potential renters face to face, therefore i am proposing the idea for agent to take a video tour of the house and to meet with potential renters with face time? I am hoping to create this thread to get some advice from other landlords who might have some experience with trying to rent out their property during this time. Id appreciate if redditors can shed some advice on this on how to proceed forward. Thank you [link] [comments] |
| Annoying business partner, advice? Posted: 15 May 2020 08:16 PM PDT My uncle is a real estate investor who has flipped over 150 homes. He wanted to help me so I got my friend into a business agreement with my uncles help. Basically my friend puts up all the cash. (Just bought a house for 20k, 20k rehab) My uncles company will fix it up, and I will rent it out. Profits will be split 50/50. My friend is out of state and basically is constantly of accusing of stuff were not doing...examples: *Needed a new roof (unforseen cost) and accused us of trying to screw him. (My uncle doesnt need his work, they flip 10 houses a month..not construction for hire) Btw we did a whole new roof for 3k. *He didn't sign our operating agreement on time (wanted his lawyer to look at it, then didnt want to pay him to do it) then assumed something fishy was up because I demanded it signed or we were stopping work. (I need it for proof of ownership). Then accused me of wanting to tamper with the agreement after him signing it. *My uncle gets his guys to work for half off market value because they flip so many houses. He was upset my uncle charged him for using his guys. (He's still getting a big discount because the labor is so cheap). Also all our company discounts...To be fair my uncle was thinking about letting us use his guys for free bc of helping me but then corona hit and he was like nah I'm not working for free lol. Hes putting up the cash, were doing all the work. He's doing nothing but b**ching...Should we buy him out and never work with him again? Or should I just deal with thats the way he is? He's expressed interest in buying 4 or 5 more if this goes well.... It would help me but my uncle does not want to deal with him... [link] [comments] |
| Deal analysis seems too good to be true. What am I missing? Posted: 15 May 2020 07:59 PM PDT I'm practicing deal analysis with a property I got an MLS alert for, and the numbers seem too good to be true. What am I missing? I suspect the claimed $5k/mo income is bogus (how would a buyer verify this?) or the property needs extensive repairs. Even lowering the income by 20% to $4k/month and increasing all expenses to the upper end of what BiggerPockets suggests is giving me $30k NOI, 23% cash on cash return, 9.84% cap rate, 24% 5-year annualized return, and $1,223/mo cash flow. Also, the line "No Showings unless we have an accepted OTP contingent on inspections". How does this generally work? OTP as I understand it means the purchase price is agreed upon, but how does "contingent upon inspections" come into play? If you uncover something that requires repair at a cost of $X is the purchase price reduced by $X, or does it become buyer's choice to either absorb $X or walk away from the deal? [link] [comments] |
| Purchasing a package of properties Posted: 15 May 2020 01:36 PM PDT I'm purchasing a package of properties consisting of a duplex next-door to a single-family home. They were part of an estate that the family is trying to get rid of quickly. My question is is there a way to set up the purchase contract/mortgage so that the loan is only for one house but includes the second house for free(ish) thus eliminating the need for a second set of closing costs and origination fees? The duplex is in rough condition and would probably not qualify for a bank loan but the single-family home is habitable. If possible I would like to leave the duplex out of the bank transaction so it doesn't muck up the works. The value of the single-family home alone is close to their asking price. Has anyone conducted a similar transaction? Thanks and have a great weekend! [link] [comments] |
| How many 30yr fixed conventional loans can I have in one year? Posted: 15 May 2020 06:45 PM PDT I have around 152k in cash that I want to invest in rentals putting 20% down. I have no debt and made around 62k last year. If the housing market declines similar to the last one, I would hope to invest in as many as I could if the ROI is there. I've seen articles saying up to 4 and some saying up to 10, but none specified within what time frame they would be acquired. Thanks for your input. [link] [comments] |
| Posted: 15 May 2020 06:32 PM PDT Hi all, I'll give you some background on my situation. I live in Vancouver BC, and I'm 34 years old. I work a full time 9-5 job. If your not familiar with certain Canadian real estate markets the greater Vancouver area is a bit bonkers compared to other provinces.. similar to SF or other areas on the west coast. Two years ago I inherited a home worth roughly 1.2mil. The home has no mortgage and was paid off years ago. I currently have it rented bringing $4500 CAD/mo. Now since taking ownership of the home I've reinvested a large amount of the rental income into improvements (new roof, hot water tank, appliances, cosmetic). Now the home itself is old.. roughly 100 years and what at times seems like never ending repairs and maintenance I'm still turning a good profit at the end of the year with taxes, insurance, maint. Etc. I should mention I totally manage this on my own with my wife and we don't use any type of property management company. My wife and I are currently renting an apartment.. and to make the jump into the multi home ownership game we purchased a presale condo in February for around $850k. What we're doing is pulling roughly $250k out of the rental house on a refi, using about $100k cash of our own savings for down payment and mortgage the remaining on the new property. The idea is to have the rental SFH income pay for our new condo.. the numbers all line up to essentially pay for everything with a bit of leftover for maintenance costs. Am I doing this right? I know every market is different but at my age I'm hoping we're making the correct decisions. For the past few years it made sense to rent because of the lower costs involved but we had to make the jump for a space large enough to start a family. Long term goals are to continue to buy properties.. maybe not in the city itself because of the enormous costs to own but other remote areas in B.C. Looking for a bit of insight or advice from the RE investing experts here. [link] [comments] |
| Posted: 15 May 2020 06:20 PM PDT Should we sell or continue renting? What would you do? [link] [comments] |
| How much should I charge a REIT in commissions for investors I bring in? Posted: 15 May 2020 09:58 AM PDT I have access to a number of individuals with a large pool of capital and have been asked by a niche REIT to come on board in a sales capacity. I have never been in this position before and was looking for guidance on salary structure. How much should I ask for in commissions? Is it a one time fixed commission on the total amount I bring in or is there a structure where I can get residuals? Any guidance is helpful, thanks [link] [comments] |
| Posted: 15 May 2020 01:10 PM PDT Watched an interview with a political figure pushing rent forgiveness. What would happen to owners if this happened? Would the government pay them their owed rent / or would they just not get paid? Has there been a rent forgiveness mandate situation in the past? [link] [comments] |
| If you create a Delaware RE LLC in May, do you have to pay 300 franchise tax by June 1st? Posted: 15 May 2020 03:49 PM PDT |
| Posted: 15 May 2020 03:00 PM PDT Looking to get into the real estate game boi. I don't care much for lenders and the stress that comes with it. How would purchasing in all cash effect my annual net return? I'm shooting for 20-25% on a single family. Would that be more attainable if I financed? [link] [comments] |
| Is getting a HELOC the right move for us? Posted: 15 May 2020 10:18 AM PDT Bought our first primary home last year for $460,000 with 20% down. Now we're looking for rentals but cash is low at the moment from down payment + significant rehab + buying a rental a few months ago + having twins last year + getting two cars last year. I spoke to penfed and we're starting the process of opening a line of credit on our primary which they appraised at $545,000 from a drive by only appraisal. This gives us about $135,000 to play with on top of our current liquid cash of about $80,000 and another $50,000 in stocks if absolutely necessary. The plan is to use the HELOC to buy something in distress that we can fix up and then pay back the principal after refinancing it. This is our first time getting one and we don't know what we don't know yet. Nor any gotchas that someone here might know. Looking for advice and feedback please and thank you. [link] [comments] |
| Credit report - mortgage forbearance “comments” Mortgage Companies breaking law? Posted: 15 May 2020 01:19 PM PDT Are these servicers breaking the law by violating the CAREs act? They are reporting the account as current but doing the following:
Both of those items are a clear signal to any future lender that this borrower is not credit worthy despite them being current and still having a good credit score. How would someone fight against this? Is this something to get a lawyer involved with? [link] [comments] |
| Do any of you offer ROI in your leases? Posted: 15 May 2020 11:04 AM PDT In the world of real estate rentees seem to get the short end of the stick in the public view. Up scale apartments try to accommodate with amenities but I was wondering if any of you accommodate with perks. What I'd be suggesting is offering an ROI predetermined in the lease agreement that upon completion of the lease and some other stipulations. If a tenant wants to leave they will have a lump sum of money at the end of the lease as well as their security deposit. If they opted to stay for another lease the money would pay a dividend based on the amount of equity the renter has invested into my property. If they continue to rent the equity will build up and the ROI would increase for loyal tenants. I thought of this last night while laying in bed and was wondering if any of you think this would be a good way to get financially conscious tenants while offering equity building for renters. The price of rent would be adjusted to include 75% of the ROI and then you'd essentially make money on that 75% [link] [comments] |
| Posted: 15 May 2020 08:25 AM PDT I bought a property and there was a unit that had a lease that said in the term line "forever". This unit is also well under market rent. Well long story short we got this tenant to sign a one year lease to change some items like who pays for utilities. My question is there any risk they can go back to first lease that says forever or once they signed the new lease that is now the primary lease and the old is null? [link] [comments] |
| SEC investigating massive commercial mortgage fraud Posted: 15 May 2020 08:06 AM PDT This morning on Pro Publica: Wall Street Has Engaged in Widespread Manipulation of Mortgage FUnds [link] [comments] |
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