Real Estate Investing: Why are there so many gurus in the real estate investing industry? |
- Why are there so many gurus in the real estate investing industry?
- Purchasing a house with detached triplex but it’s not zoned multifamily is this a deal breaker ? And what are the ramifications if I purchase ?
- Foundation Problems
- Is this deal too good to be true?
- REPLACING 300 PLUS WINDOWS! HELP!
- How do you fix a lack of motivation
- Investing in real estate as a foreign student in Germany
- I want to buy land in Ohio, what are the proper steps and procedures?
- HOA Rental Restriction Work Around
- Mortgage brokers in the Pittsburgh area?
- Down payment on investment property?
- Question about house hacking.
- If Multi-Unit Buildings Are So Great, Why Are There Always So Many for Sale?
- Looking to explore debt investing in RE - fixed income investors, what do you think about this side of real estate?
- How to get EIN for Series LLC
- What kind of loans are you getting for investment properties?
- itemized receipt of maintenance service for tax purposes?
- I want to rent out a room in my home for house hacking. How to have them pay me?
- Crazy Landlord trying to charge me for everything
- Buying in a 55+ mobile home community as a 23 year old??
- 1st time thinking of investing
- Partnering on a deal. Legal paperwork? Pitfalls?
- I love RE and I want to level up the game
- Owning rental property not much different from providing electricity/gas/wifi
| Why are there so many gurus in the real estate investing industry? Posted: 14 May 2020 08:26 AM PDT All over youtube and instagram, I see these gurus pushing real estate investment courses and selling the idea becoming a millionaire quick from real estate. Many of them are advocating the bigger pockets BRRR stuff. This guy Meet Kevin is a good example of the bullshit. He only has 3 or 4 single family properties and sells courses like he's an expert at real estate investing. He also bullshits the numbers and includes increasing value of his properties as "monthly income". Most of these people don't even make a living off real estate. On top of that, you have all of these books about real estate investing. The durable manufacturing industry is just as big, where are all the books about investing in that? Why is real estate specifically so oversaturated with these people? I don't see this kind of stuff with other businesses that are much easier to get into. [link] [comments] |
| Posted: 14 May 2020 11:31 PM PDT The seller got all the permits to build a detached 3 unit structure but after the fact could not get the zoning approved because of neighbors. Am I allowed to purchase and rent out the units anyway ? It will be common water and common electric so tenants will be ready to move in as soon as I take over . My strategy is to buy and hold for rental income but only if there's no issues buying this property. [link] [comments] |
| Posted: 14 May 2020 10:09 PM PDT I am under contract for a cheap house in a very hot neighborhood that has obvious foundation issues. There was a breezeway and garage added to an old post-war era house that was not attached properly. There is a wide gap in the foundation on the front side of the breezeway where it meets the house, there is a crack in the floor that runs all the way along the breezeway, and the foundation on the backside of the breezeway is bowed out getting progressively worse until it meets the house. It looks like the gutters are newish and there still isnt quite enough drainage away from the foundation. The house was built on the side of a hill with the backside being on the lower ground. My agent told me that a structural engineer swung by to look at it and estimated about 7k but wouldnt actually need to be adressed for a couple years if I wanted to wait. He said the engineer wasnt asking for compensation for looking at it but asked that we use him for the job. I haven't known my agent long but he is the friend of a friend so I don't have any reason to distrust him however this would be my first SFH and first rental property so it has me a bit worried. On paper this is a cashflowing asset and maybe one of the best SFH rentals in the neighborhood as long as there aren't any major problems with the foundation repair or anything else. I believe it's location is primed to stay hot for years to come... rentals are in high demand there as well. I already got a slightly lower price and money for closing costs but I think I can chip away at the price a bit more because they tried billing it as a 3/1 but the basement window for the third bedroom isnt egressed deep enough to be legal. Do you guys generally stay away from buying rentals with foundation issues? Would you continue to follow through on this deal and get an inspection? [link] [comments] |
| Is this deal too good to be true? Posted: 15 May 2020 01:47 AM PDT So I'm searching on Zillow and I see this 4-plex in Indiana which is selling for $190k. Theoretically, if I put a 20% down payment and live in one of the units, my total rental income would be $1950 with my mortgage payment being around $700 + $600 for expenses (tax, insurance, utilities, and hoa fees). I would also account for 20% of the total rent to be included for major repairs and vacancies. So $1950-$700-$600-$390= $260. Is this a good number for a cash flowing rental? I have never bought a house yet but I plan on doing so upon graduation. I currently live in California so that is why I would be living in one of the units theoretically. [link] [comments] |
| REPLACING 300 PLUS WINDOWS! HELP! Posted: 14 May 2020 09:07 PM PDT Hi. Experienced investor but have only done one other large window job. I want to source small crews and subs. Is there a trick to finding subs? any particular easy way to pick up a crew? I know it's area dependent but tell me where you are and what you've paid to remove old, install new, and trim out windows per window. Thanks! [link] [comments] |
| How do you fix a lack of motivation Posted: 14 May 2020 11:47 PM PDT Hey so I'm 17 and have been real into REI for the last year and a half. The long term goal is to become a full time value add investor, I was on track to save 30,000 by my 18th bday this August and I was attending my local rei meetup but the past few months I just kinda dropped off. I haven't been reading or listening to podcasts or talking with sellers ( I was trying to get some leads for a local wholesaler get a little cut of the deal ) and I bought a 5,500 dollar Kawasaki today. Not the most financially responsible move even though I got it under market value. I'll still have 20k by my 18th but I feel like my why is basically just greed and I can't run off that alone you know. If anybody's got any advice on how to get on track it'd be much appreciated. [link] [comments] |
| Investing in real estate as a foreign student in Germany Posted: 14 May 2020 12:38 PM PDT Hi everyone, as a foreign Student in Germany i am currently considering starting investing in Real estate in germany and use the lower interest rates caused by this ongoing pandemic to start building my portfolio in real estate. I currently have no capital but i really want to start investing now in the german market in Munich. Any advice or tipps ? Thank you. [link] [comments] |
| I want to buy land in Ohio, what are the proper steps and procedures? Posted: 14 May 2020 09:42 PM PDT Hello everyone, I want to make a land purchase in Ohio, my question is what are the steps required to make a proper land purchase? What is involved in buying land? How do you check the land title for verification? How do you avoid buying a property with bad back taxes? What do you need to do? [link] [comments] |
| HOA Rental Restriction Work Around Posted: 14 May 2020 07:35 PM PDT I own a unit in a building that caps the number of rentals at one time. Currently I am next in queue to rent my unit out but I'm not sure if I am quite ready to move out yet. If I do not decide what I am going to do soon I may have to wait anywhere from 6-18 months. I am renting out my second bedroom to a friend right now and am wondering if it would be a good idea to ask my HOA if they will allow me to lease my unit to my friend(Or even my friend and I) while I stay and shop around for my next move. What do you guys think? What legal/tax implications should I be aware of if I can do this? [link] [comments] |
| Mortgage brokers in the Pittsburgh area? Posted: 14 May 2020 07:35 PM PDT Anyone know of any good mortgage brokers in the Pittsburgh area? [link] [comments] |
| Down payment on investment property? Posted: 14 May 2020 11:53 AM PDT I've seen people on biggerpockets claiming that they can no longer get 15%/20% down on investment properties with conventional 30 year loans. They were saying that lenders are requiring a larger down payment (30% down, etc.). Anyone else experienced this within the last 2 weeks? [link] [comments] |
| Posted: 14 May 2020 11:06 AM PDT Newbie here, so excuse my naiveness. Idk what the opinion of house hacking is on this sub, but it definitely seems doable. One thing that bothers me is that it is based on the assumption that people will actually rent out the other units you are not living in. How common are vacancies in properties you own? I live in a town right outside of Chicago. [link] [comments] |
| If Multi-Unit Buildings Are So Great, Why Are There Always So Many for Sale? Posted: 14 May 2020 04:43 PM PDT I've been looking at purchasing my first rental property and I've been doing as much reading as possible. Nearly everything I've read says that multi-unit buildings are the best type of real estate investment, based on cash flow, ease of maintenance, etc. But when I look at listing in my area, there are just huge numbers of multi-unit buildings for sale. There are low rise apartments, duplexes, triplexes etc. If they're so great, why are there so many for sale? Why are so many people trying to unload them? And the duplexes and triplexes are often cheaper than the equivalent single detached dwellings, which doesn't make any sense to me. Is the conventional wisdom on multi-unit buildings wrong? Why are so many people always trying to get out of them - even before the pandemic started? [link] [comments] |
| Posted: 14 May 2020 04:59 AM PDT Hi, I work in finance and have some limited work experience in professional investing (equities hedge fund + CFA program). Fixed income investing is by far my favorite investing subject to nerd out on and there are substantially fewer resources out there that covers real estate debt investing. I'm interested to hear what the practitioners have to say. RE debt investors, how did you get started and how are you navigating times now? When/how did you get comfortable with the process? My impression is that a mentor would be one of the few avenues to really comfortably learn. I wonder about how in my local ultra-hot midwestern RE market how investing in debt might be a better move with cash to spare. Thanks! [link] [comments] |
| Posted: 14 May 2020 02:57 PM PDT Hi, I recently set up a Registered Series LLC in Delaware. I have 1 parent company and 2 child companies, where the parent company owns 100% of each child company. My question is: how do I acquire EIN's for my child companies? I understand how to acquire the EIN for my parent company but it doesnt make any sense for the child companies. For example, using the IRS's online EIN service, it asks for the name of my LLC. Do I provide the full series name (like Parent Company, Child Company 1), or can I just put the child company name (Child Company 1)? Also, it asks for contact information of the LLC's members, but this doesnt make any sense because the only member of my child company is my parent company, yet it requires me to put a name in for the member. Does anyone here have experience with this? Thanks, Roy [link] [comments] |
| What kind of loans are you getting for investment properties? Posted: 14 May 2020 02:50 PM PDT I have worked with about a half dozen banks and brokers.I have been told these are the types of products they offer for investment properties (I have one home in my name on a 30yr fixed) Credit is 800+ and DTI is very good. Under own Name: 30yr fixed - 25% down (30% down if I buy a 3rd property) Under LLC: 5/1 20yr amoritization - 15% down 5/1 25yr amoritization - 20% down My understanding is that commercial loans do not typically give out fixed rates - Is this true? Do lenders ever give out 15-20% down fixed rate loans on investment properties without PMI? Thanks! [link] [comments] |
| itemized receipt of maintenance service for tax purposes? Posted: 14 May 2020 09:55 AM PDT I moved into a duplex recently with existing tenants in the other unit. I had chimney caps installed and regular cleaning done on the two flues the other day, and asked the company for a receipt (thinking I would need it for tax purposes when deducting half the expense for next year's taxes). They forwarded me the email with the transaction receipt but it only has this at the bottom: Item Qty Amount Total Amount Miscellaneous 1 $800.00 $800.00 Amount$800.00 Is that kind of receipt sufficient for my records in case I get audited, or do I need to ask them for an itemized copy showing the price breakdowns per job done (400 for cap installations, 400 for cleaning)? And I guess the more general question is, is it reasonable to ask home professionals like plumbers, electricians, contractors, etc. if providing those itemized receipts is something they can do upon completion of the job, before actually hiring them? [link] [comments] |
| I want to rent out a room in my home for house hacking. How to have them pay me? Posted: 14 May 2020 07:41 AM PDT I'm in the process of closing on my first house and I'm looking to rent one or two rooms out to house hack. I plan on hiring a real estate attorney to help me draft a lease, but I'm just wondering the best way to have tenants pay their rent. I would rather it be electronic or online versus physical check. Any recommendations for a software or program for this? Thanks! [link] [comments] |
| Crazy Landlord trying to charge me for everything Posted: 14 May 2020 01:38 PM PDT I am a college student who lives with their landlord. My lease ends in 2 months (thankfully), but my landlord is kind of crazy. I kind of have already accepted that I wont get my deposit back, as she literally says that it costs $300 to fix one tiny chip in the wall. She is extremely money hungry and expects everything to go her way. She doesnt seem willing to ever take responsibility for anything and expects her tenants to make up for any annoyance/ hassle that happens to her, basically accusing us of it. She is at the point where she is basically harassing us / telling us (in a very passive aggressive way) to pay for things. I havent payed or agreed to pay for any of these. It is also not backed by the lease to the best of my comprehension. Some of the thing she is telling us we are responsible for:
In short, she just seems like she is trying to take our money where ever she can, whether it be ligit or hassling. I dont really have the ability to leave this situation because of school and that I am semi-barred from going home. Any advice on how to deal with this kind of landlord? Are any of the above actually valid reasons to demand compensation for "damages"? Do I have any recourse / retaliation? Can she hard inquire or anything on my credit report? Anyway that I can get my deposit back that doesnt involve going to court (partly I dont want to, partly they are closed) PS: The lease agreement she used was written by the California Association of Realtors, whom she has no affiliation with, so I am not sure if she is really allowed to use it . She has asked me if I know any good lawyers, more specifically family lawyers (to sue her ex-husband, I assume), and has implied she tries to sue people a lot. Kind of worried about getting sued for something ridiculous. [link] [comments] |
| Buying in a 55+ mobile home community as a 23 year old?? Posted: 14 May 2020 01:08 PM PDT So I've been looking at mobile homes in Northern Colorado along the front range and noticed that 55+ units are quite cheaper than an all age unit. That got me thinking... can I buy a 55+ unit and then lease it out to a qualified tenant? I've searched this and from what I've read, I should go to the park manager and first see if they allow sub letting in the park (which I don't get, because I would own the home so it wouldn't be sub letting, right?), and second, ask if they allow underage investors to rent out a unit in the park. Is it really up to the park manager to decide these things and not the local municipality or federal government? Any and all advice is greatly appreciated! [link] [comments] |
| 1st time thinking of investing Posted: 14 May 2020 08:41 AM PDT I'm brand new to real estate investing. Being new, what do you recommend I start off it?
Thank you [link] [comments] |
| Partnering on a deal. Legal paperwork? Pitfalls? Posted: 14 May 2020 06:19 AM PDT Possibly going to partner with someone to buy a piece of commercial property. I will be 90% owner and the other person 10%. Do we do an LLC and state this in the operating agreement? Should I put language that gives me the right to buy him out if this goes bad? As 90% owner, do I have final say in decisions because I am 90% owner, or do you have to state that in writing in a operating agreement? Any advice would be appreciated. [link] [comments] |
| I love RE and I want to level up the game Posted: 14 May 2020 03:39 PM PDT Hey guys, Since young that real estate fascinates me. I'm from a family without any inheritances or money, so everything I have was achieved by me, with my work. My strategy was trying to buy an undervalued house, live there, sell and invest again on an undervalued house again, but trying to move forward in terms of the quality of the house. I did that 3 times. Right now I have a very cool detached house near the beach with a very low mortgage thanks to the profits I've been making, otherwise I wouldn't be able to pay this house. Right now I can sell this house and profit 100k, but the thing is: I don't want to do that anymore, I want to stay here; but I want to continue to invest in RE and rent houses or sell again. I'm from Portugal and here the RE is a little bit inflated, so it is difficult to find a good deal with the budget that I have for a second mortgage. I have other investments right now ( ETFs, stocks, etc;) but my love is real estate. I want to make more money with this. My post here is to trying to get your advices for what should be the next steps. I have a few savings to invest and I'm open to every good type of advices: buying a house in other country, look for certain type of credits, etc; etc; I just want to know what you think I should do next. Thanks [link] [comments] |
| Owning rental property not much different from providing electricity/gas/wifi Posted: 14 May 2020 03:13 PM PDT I read that once I think in WSJ book of RE investing . Pretty powerful stuff People need housing and you are providing that service In the US 33% of people rent their home . It's higher in countries like Switzerland but it's still pretty high [link] [comments] |
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