Real Estate Investing: To All Newbies Making Your Own Spreadsheets for Deal Analysis |
- To All Newbies Making Your Own Spreadsheets for Deal Analysis
- How easy is it to refinance a property without having a job or income besides rent?
- Deal Analysis - Thoughts?
- Is This Even Doable?
- Any of you guys transfer property from person to llc?
- Is this a decent deal?
- Spreadsheets vs. apps
- Foreclosure question
- Tenant refusing to pay rent during coronavirus
- Avoiding the burnout
- Owner-occupied rentals & spreadsheet calculations
- Multifamily to Condominium
- Need advice renting a Condo in Miami Gardens, FL
- Question about finding realtors online
- Adding 2nd bath?
- Adjacent Property Purchase
- Deal structures with limited partners + risk valuation
- How to calculate step up in cost basis when spouse deceased?
- Mail Monthly Bill?
- Mortgage on my first deal
- Roofstock site
- Buying investment properties with 3 people - what to think about?
- To LLC or not to LLC
| To All Newbies Making Your Own Spreadsheets for Deal Analysis Posted: 28 May 2020 06:50 AM PDT Keep up the great work. Someone once told me the best investors have the strongest understanding of the numbers. People might think there are too many of these posts, but understanding a deal and all the inputs / outputs is essential. [link] [comments] |
| How easy is it to refinance a property without having a job or income besides rent? Posted: 28 May 2020 04:20 PM PDT Sorry if this is a stupid question but I plan on making my first purchase with cash and jumping full time into investing. When comes time to refinance my rental, will the bank be happy just using the property as collateral or do they typically want applicants to be employed to get the best rates? I don't want to be in a position where I can't refinance easily because I don't plan on having a normal income. [link] [comments] |
| Posted: 29 May 2020 12:41 AM PDT Hi all, Longtime user but first time poster in this sub. I'm looking for some feedback on my strategy for deciding where to purchase my first investment property. My mindset was to identify the following:
Thanks for reading. Thoughts? [link] [comments] |
| Posted: 28 May 2020 10:26 PM PDT So I'm looking to purchase a rental property for 30k cash. ARV is 35k. It would cash flow $300+ after operating costs are factored in. Problem is, I really don't have that amount of cash to throw at the deal. I could probably cover but would be left without reserves. My idea is to tap into my 401k and withdraw the 30k cash via a loan or other method allowable by COVID. My intention is for the withdrawal to be as temporary as possible and return the 30k back into my 401k ASAP. Once I purchase the property, I would essentially have 35k in equity. My plan is to tap into the equity and remove most, if not all the money and put back into my 401k. Basically, attempt to BRRRR the transaction where I come out of it with a cash flowing property and all money returned to 401. Am I nuts? Is this possible? Could I take Home Equity Loan? Cash-Out Refinance? If possible, what is the best play here? [link] [comments] |
| Any of you guys transfer property from person to llc? Posted: 29 May 2020 01:52 AM PDT Just wondering how smooth it went. Pobably I'll make llc before buying [link] [comments] |
| Posted: 28 May 2020 04:33 PM PDT I came across a property owner is willing to sell for $220k The property needs about $25k Worth of work. New flooring, countertops, paint, repainting cabinets, new island. The ARV is about $260-292k according to the mls. We plan to live here for 1 year then put it on rent. Rent is $1900 Property taxes are about $6000 a year and $150 a month for home insurance. The appraisal as is might come to $260k. What do y'all think of this deal? How much should I finance. How much should I put down. Should I do the 25k worth of work through my heloc at 5.5% and pay that off ASAP? [link] [comments] |
| Posted: 28 May 2020 10:12 PM PDT What is your take on using spreadsheets for deal analysis vs mobile apps? Which approach would you recommend? [link] [comments] |
| Posted: 28 May 2020 09:59 PM PDT I'm pretty naive to this real estate investing, but one thing that i don't understand is that...for example... when someone buys a house for, say, $200k.... and they pay off $100k of the principal..... then they can't pay the mortgage anymore and get forclosed..... don't they get that $100k principal back when the bank sell that house. What's the big deal? they get that $100k back? why do people get so crazy when foreclosure happens? they get back what they invested.? sorry, if i seem stupid to this subject. [link] [comments] |
| Tenant refusing to pay rent during coronavirus Posted: 28 May 2020 03:52 PM PDT We have a property in Oakland, CA (alameda county). One of the tenants has been going through some stuff for the past year (not sure exactly but may have been laid off from his job, possible depression/mental issues). Basically he has been incommunicado, and even his parents are unable to reach him. For the past few months his parents have been paying for his rent. But now that the COVID thing is starting they're refusing to pay for his rent, probably to take advantage of the eviction moratorium. I was reading the Alamada county moratorium and it says that they have 12 months to pay for overdue rent during the corona crises, and even after those 12 months, can't ever be evicted for those months of unpaid rent. http://acgov.org/documents/ACEvictionMoratorium-Update-FAQ.pdf So basically if they don't want to pay rent for the next 3 months or however long this lasts, we're shit out of luck? [link] [comments] |
| Posted: 28 May 2020 07:35 PM PDT Hey gents and gals, I'm new on the field and I have a simple question. Is there anything I need to know to avoid the "burnout"? Or is there something particular that you have ran into that caused it? Around here there are quite a few of people like me. They wanted something more, started a company, picked up property with good cash flow, but then they just stopped growing. They stopped looking for deals and stopped progressing to bigger and better things. I guess they just get comfortable with a job and a little on the side? I've asked around and the answer is always the generic "Ahh well you know how it is". So have you personally "burnt out" before? If so, what caused it and are you back to growing or okay where you are? I've just picked up my first residential and my first commercial property and found out the previous occupants have hid audio and video wire taps and have been stealing electricity. Is it stuff like that people just get tired of? [link] [comments] |
| Owner-occupied rentals & spreadsheet calculations Posted: 28 May 2020 10:01 AM PDT I don't seem to see much about this - can somebody point me to any resources on this topic? For context, I'm looking to run some numbers for a property with extra rooms that I'd rent out. I'd live in one of the rooms too. Thanks in advance! [link] [comments] |
| Posted: 28 May 2020 05:12 PM PDT I just purchased my first 3 family on a 1031 exchange. Unfortunately the purchase used all my funds to make this move, and now I'm in the waiting stage until I have enough capital to refinance or take a line of credit to make the next investment. To keep the numbers easy lets say I owe 80, the building is worth 100, and the 3 units individually are worth 50 each. Could I maintain ownership of the building, condo the building and present to my bank that the new value is actually 150? Spreading my new debt to 80/150 vs the previous 80/100. Or is there a simple financial reason that wouldn't fly and I just can't see it... [link] [comments] |
| Need advice renting a Condo in Miami Gardens, FL Posted: 28 May 2020 04:15 PM PDT I recently finished renovating a condo so that my mom can retire, rent it, and live off of it. She's worked very hard all her life and not had much (I mean she's had the essentials which is a lot more than others), I was hoping she enjoy the last half of her life without having to work hard just to get by. The issue is the pandemic happened just as I finished and we paused from putting the apartment for rent until we were sure everything that was happening. Unfortunately, we can't just let the apartment sit there not producing income while still paying maintenance and property taxes. She and I are new to renting other than my mom renting out our previous house when in dire need and having the tenants live there for months' rent-free while not being able to evict them right away. I was hoping I could get some help/some questions answer. Property Information Location: Miami Gardens, FL 2nd floor (top floor) Condo in Senior Neighborhood (Age requirements 55+, no children under 16) Square feet: 910 2 Bedrooms, 2 Baths, Kitchen, Dining Room, Living Room, Balcony, 2 front entrances, Personal Parking Space, Dishwasher, Hardwood Floors, View to the surrounding canal. Community clubhouse and pool, building washers and dryers. A few minutes from Turnpike, I-95, Palmetto (826), US1, US7, US9, I-75 15-20 minutes from both Miami and Fort Lauderdale airport 15-20 minutes from Sunny Isles, Golden Beach, Haulover Park/Beach. (30 from Miami Beach) 10-25 minutes from malls and casinos including: Aventura Mall, Sawgrass Mall, Bal Harbour Shops, Seminole Hard Rock Hotel & Casino, Gulfstream Park Racing and Casino, and Hard Rock Stadium. Now the questions I have:
My mom just doesn't want to go through the situation she did before and was hoping for a smoother process/outcome. Any other information is appreciated. Thank you in advance for all the help. TL/DR Need any advice on renting a Condo in Miami Gardens, FL [link] [comments] |
| Question about finding realtors online Posted: 28 May 2020 12:22 PM PDT Hey guys, My father's looking for a real-estate agent in Tampa to sell his property and looking for one online is a new experience for him. He had some questions and since I know nothing about real estate I thought I'd come to you all for opinions/advice, really anything at all -- here's the email verbatim:
(hopefully the correct sub for this advice, but thanks in advance!) [link] [comments] |
| Posted: 28 May 2020 08:21 AM PDT I'm purchasing my first home as my primary with the intent to rent it out in a few years. It is a 3 bed 1 bath with the 3rd bedroom being in the basement (it has windows so can be considered a bedroom). The 2nd bedroom on the main floor has an access door to the back deck so I would like to use it as an office or sun room. I've been thinking of the possibility of adding a 2nd bath to the basement to really make it livable and appealing to potential tenants. There is plenty of space and it seems possible. In terms of an investment property, does the 2nd bath in the basement add THAT much value to a property? Or would I be better off just relying on the 2 upper floor rooms as bedrooms and sharing the main floor bath? [link] [comments] |
| Posted: 28 May 2020 02:43 PM PDT Hello everyone, Recently the adjacent property next to my mothers property has become available on auction. My mothers property is 1.35 acres, the property on auction is .98 acres. The opening bid is 10k. The home that is currently on the land is in bad shape and would need a complete overhaul. Could this be a worthwhile investment? Below is a snapchat from Zillow ------------------------------- Neighborhood stats
------------------------------ Please note I have never purchased a home or property before. This is entirely new territory for me. Thank you for any feedback you may have. [link] [comments] |
| Deal structures with limited partners + risk valuation Posted: 28 May 2020 10:47 AM PDT If I bring on limited partners, either to leverage extra purchasing power or limit my own cash exposure to a deal, how do you value the risk of assuming debt? If I'm the one on the mortgage, I have all the risk were the property value to drop or if the property got destroyed by something insurance wouldn't cover. Is it typically considered "not worth it" to bring limited partners in where a loan is going to be used for the purchase? Looking at multi-unit residential in the $400-800k price range. [link] [comments] |
| How to calculate step up in cost basis when spouse deceased? Posted: 28 May 2020 12:31 PM PDT I have read that my cost basis is calculated via the half step up cost basis: However, someone gave me this formula saying this is more accurate: 1/2 Tax Assessed Value of property at time of spouse's death. $500,000 + My 1/2 of original purchase price + improvements made until spouse's death: 250K + ??? + Improvements post spouse death ??? - Total Depreciation ??? = My Cost Basis: $750K+ ??? Does this look accurate? [link] [comments] |
| Posted: 28 May 2020 11:48 AM PDT Do any of you mail out a monthly bill to your tenants reminding them to pay rent and any other charges they owe? I see this suggested in many landlording books but it feels like an old school way of doing things and a waste of paper to me. Have you had luck just using email and online payments? [link] [comments] |
| Posted: 28 May 2020 05:30 AM PDT Hey guys, So, I am getting ready to purchase my first deal. I feel pretty good about running the numbers and such, and have a few properties in mind to go take a look at next Tuesday. Mostly 2 or 3 family homes that I plan to house hack for a year before buying another, though if I find a good deal I might get another one sooner. One thing I am not sure about is the mortgage. My real estate agent gave me a list of some mortgage brokers, and I spoke to a few of them and Movement Mortgage seemed the best out of them. I can't help but wonder if they would be okay to use compared to someone like Wells Fargo or Chase. I was told there would be no extra fees, they would be able to close much faster than a larger bank, there was no prepayment penalty, etc. Is there anything else I should ask or think about? Has anyone used them before, or have any recommendations? Thanks! [link] [comments] |
| Posted: 28 May 2020 10:11 AM PDT Has anyone used Roofstock for evaluating and purchasing a rental home? [link] [comments] |
| Buying investment properties with 3 people - what to think about? Posted: 28 May 2020 05:33 AM PDT Short and sweet: my business partner and I are looking to get into real estate investing. Likewise, I know someone who is also looking to invest with his business partner. Same goals, same price points. Our thought: join the groups together and get 2 homes (instead of 1 each), and mitigate the risk and learn more along the way. Obviously there are downsides, but what's REALLY some things to think about before moving forward? [link] [comments] |
| Posted: 28 May 2020 08:46 AM PDT I have a rental property that was my previous home. In addition, I have a garage apartment and extra bedroom that I rent out. I don't think I'd rent the bedroom to a stranger which means it's only filled when I have a freind who needs a place to stay, but I intend to keep the garage apartment filled. My LLC options are:
But the property is all in my name personally, so maybe a good umbrella policy might be better? A co-worker suggested just ignoring the extra room income since it's not a "normal" situation, and maybe even to ignore the garage to avoid complex tax situations. How do I know what portion of my home expenses (mortgage/utilities/etc) that I can/should claim with regard to the garage and extra room if I do make it "legit"? I'd like to have the income documented, but if there's no way to write off some portion of the associated expenses since it's my personal home, then I don't think the hassle is worth it. What's the best arrangement, and if it's an LLC, how do I make that work with the fact that the properties are in my name personally? Thanks, y'all [link] [comments] |
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