Real Estate Investing: Buy 4plex with VA loan? |
- Buy 4plex with VA loan?
- Jackson Hole, WY seeing influx due to Covid.
- Anyone struggling to find tenants in high-rise buildings during the pandemic?
- Should I make an offer on my neighbor’s condo?
- Would anyone share how they conduct a rental property analysis?
- Buying a 4-Plex that needs MAJOR work...
- How is everyone doing with the COVID-19 situation?
- If you could house hack anywhere in America, where would you go post-COVID?
- Two-Condo Building - Primary Residence and Investment Property
- I always hear, “Once you see YouTube ads for it, it’s probably too late to get on the train.”
- I'm 22 and I have 15k for down payment, parents invest the rest?
- Can I do this, and are these good deals for house hacking?
- Question on my first REI deal
- First Time Home Buyer
- What strategies are there if you’re worried your market is going to continue to decline after the rest of the country recovers?
- First Cash Out Refi
- Greetings. Business structure
- What's the best vehicle for the real estate investor job? Minivan? Pickup truck?
- How Hard Is It To Get Evicted In Your State?
- Investing in single MH lots?
- Primary residence to rental - Mortgage changes
- How many of you real estate investors also have a real estate license?
- HOLD vs. FLIP
- Apply for a short sale for a property in pre-foreclosure?
| Posted: 22 Jun 2020 06:15 PM PDT Looking to buy a 4plex with my VA loan and owner-occupy it for a coulle years until I can save money to buy another investment property. Has anyone else done this, and how did it turn out for you? [link] [comments] |
| Jackson Hole, WY seeing influx due to Covid. Posted: 22 Jun 2020 09:24 PM PDT JH is my home and Covid has been fascinating. 9,100 households. I've met 4 families/couples that came in March to ski, and stayed. 2 bought homes. Realtors say>$3M is on fire. Less is dead. Of course entirely anecdotal... [link] [comments] |
| Anyone struggling to find tenants in high-rise buildings during the pandemic? Posted: 22 Jun 2020 07:18 AM PDT I have a high rise apartment (1br/1bth) in Miami and it is already listed below market price. I am struggling to find interested tenants. I was wondering if this a problem many landlords are facing with the pandemic and how long was the unit vacant. Any input is greatly appreciated! [link] [comments] |
| Should I make an offer on my neighbor’s condo? Posted: 22 Jun 2020 05:49 PM PDT I live in Downtown Jersey City, NJ and I have a next door neighbor who rents out their older looking unit and I have considered making them a cash offer so I can merge it with my own condo. Both my unit and his unit are 2bed/2bath at 1300sqft and I'm not sure if it really makes sense or not but I know 4bed/2bath apartment with like a study/den would be highly coveted here especially at 2600sqft. Market value for my neighbors unit is probably in the ballpark of $700k (I paid $645k for mine) and I think I could spend $65k to renovate the bathrooms, refinish floors, knock out one kitchen, and transform a bathroom into a study. What I don't really know is what kind of surprises come with this type of project. We both have our own furnace/laundry/water heater/etc... I also don't know if I did do it what the unit would be worth. If I could get 1.7million I'm not convinced it would be worth the headache and I'm not sure it would fetch such a high price tag Side note: I live in a walkup (3rd floor) [link] [comments] |
| Would anyone share how they conduct a rental property analysis? Posted: 22 Jun 2020 04:34 PM PDT I have created a very basic excel spread sheet for a rental property. I would expect others to do this and if so would you be willing to tell me what is included in your analysis. Or point the people who are new to this in the right direction such as myself? I'm not to worried about the complexity of the math/numbers as long as there are resources I can use to study the methods behind the analysis. Would anyone be willing to either share an excel or which resources to follow for this situation. The apps I've tried to use for a rental analysis did not seem to hold up well. Mainly because I also like to change my backend assumptions for sensitivity testing and I want to have full control of numbers and assumptions. [link] [comments] |
| Buying a 4-Plex that needs MAJOR work... Posted: 22 Jun 2020 09:07 PM PDT I've been presented with an opportunity to buy 2 connected townhomes that id convert into duplexes (so pretty much a 4-plex). Each unit would be 2 floors, 4bdr/2ba. The property is currently a shell and seller is saying it comes with "approved" floor plans. Numbers look good on the surface. Should hit something between a 14-20% return after pulling out with a refi & I'd hold this long term. I have never taken on a project like this - mostly done cosmetic SFH (paint, flooring, tiles, fixtures etc)- of course a bigger project like this comes with higher risk. However in my head it feels like it's not impossible to do: find a GC, finish the build, rent it out eta 6months. The plans the seller had look like they are from 2016, and it looks like this property was last sold in 2015. Which seems like a red flag. Folks who have done a project like this - any advice? What are some intelligent questions I should be asking when looking at a deal like this? What should I be aware of? [link] [comments] |
| How is everyone doing with the COVID-19 situation? Posted: 22 Jun 2020 10:07 PM PDT I was looking at getting started on REI and trying to BRRRR earlier this year but with the events of 2020 - It kind of shook me up and is having me rethinking buy and hold in the near term. It seems like many folks are unable to pay rent and people in general have form some sort of hive mentality against landlords. Just wondering how it is actually affecting investors/landlords? [link] [comments] |
| If you could house hack anywhere in America, where would you go post-COVID? Posted: 22 Jun 2020 07:00 PM PDT COVID's changed the way a lot of people work and my girlfriend and I are potentially going to be able to work remotely after things settle down. I've read many articles about great places to move if you could work remotely but I was wondering what people in this community think. Ideally thinking of house hacking a multifamily but open to your thoughts. Thanks! [link] [comments] |
| Two-Condo Building - Primary Residence and Investment Property Posted: 22 Jun 2020 06:01 PM PDT My partner and I (not married) are looking in to buying the condo we currently rent for ~460K. We would love to buy the upstairs condo as well (~420K) as an investment property. We are thinking about the idea of separately purchasing one unit each, but realize that there is a risk of occupancy fraud there. The thing is: we will use the upstairs unit as a primary residence. And we are qualified and can afford it without any rental income from it. We just would love to be able to also rent it out on Airbnb during the weekends! All that said, do we have to get an investment mortgage for the top unit? Or do you think it is okay to each buy one separately as our primary residences? If primary, is there a certain number of days per year we must not be airbnb-ing for it to be considered primary within the law? The main hurdle with a investment mortgage is down payment - we don't have the 20% down for upstairs plus closing costs for both. So that is the second part of my question: if the consensus is that its fraudulent to buy them separately as primary residences - is there a way to get a loan for the 20% down on an investment mortgage? [link] [comments] |
| I always hear, “Once you see YouTube ads for it, it’s probably too late to get on the train.” Posted: 22 Jun 2020 10:05 AM PDT Can this example be used for real estate investing like it is for dropshipping, etc... [link] [comments] |
| I'm 22 and I have 15k for down payment, parents invest the rest? Posted: 22 Jun 2020 10:10 PM PDT So my parents have been flipping houses for some time now, I they're at 5 flips in 2 years. My dad does a ton of the reparations but hires contractors for roofs and things he can't do solo. Anyway, I have 15k to invest. Could they help finance my first house and then somehow I could manage a profit? Is there a strategy for this? It feels weird to have them invest with me and then have my dad do all the dirty work, no? 15k is only 150k down, I'd like at least 300k down since my parents have been flipping homes they bought for 250-300. [link] [comments] |
| Can I do this, and are these good deals for house hacking? Posted: 22 Jun 2020 05:53 PM PDT Hey everyone in Real Estate Investing, I'm looking at investing/living in my first real estate property with my brother and want to house hack. The market we're in seems very hot at the moment with houses selling within a week for the majority of the places we've been looking at. We both make around 55k each a year. I am currently employed while my brother is on unemployment for the time being due to COVID-19, and I would like to believe my job is pretty stable. We have 70k saved for the down payment and such, but would like to put down as little as possible to be able to cover the mortgage for an extended time if needed. Now for the house hacking plan. the current layouts that are appealing are duplex/triplex ish if that is how you would call them. Basically they should be duplexes, but with finished basement/garden level that we would plan to live in. the two floors above usually have 2-3 bedrooms, and basement/garden level would have 2 bedrooms. Listings for these houses are going for 350-400k and selling within the week. The ones more closer to the 350k range are duplexes, while the higher end close to 400k usually have the finished basements. Plan is to live here for two years and move on to the next one once we've saved up for a down payment on the next one and rinse and repeat. Assumptions for a 3 level house 400k mortgage ~4% down - $16,000 closing costs ~ $10,000 Mortgage per month $2,900 very rough estimate Lets round the total costs for down payment, closing, and minor repairs to $40,000 total which should leave us with $30,000 for unexpected things, and if we would need to cover the mortgage for an extended time. Both our credits are excellent, and above 800 so we should be getting pretty good mortgage rates. Rent from the other two units: $1,200 - $1,300 each Eventually rent out the basement unit: $900 Net cash flow of around ~ $3,400 We would manage the property since we will be living on site, until we we move out and on to the next property. Alot of the properties have a two door garage, and we would like to keep that for our vehicles/tools/storage. Is that something that is usually done, or also rented out to the tenants? My questions are - Are these really good deals that they are being sold so quickly within a week of being on market? They are all properties that have been recently remodeled as well. Any other critiques or advice on why this would be a bad idea to generate cashflow and first investment into real estate? [link] [comments] |
| Posted: 22 Jun 2020 08:43 PM PDT Looking to finally make the leap into real estate investing after studying/lurking for months. Target property is a fourplex (new construction) in Texas that is on the market for $365k with a cap rate of 8%. The property is in my hometown and I know the builder/developer. I called him today to get more details and he told me that the $365k is through the broker and includes their fees, and he could sell me directly at $330k (broker agreement allows him to sell direct) This would require that I get a construction loan to build and then a conventional commercial mortgage. My question is: what is the chance that the property would be appraised at the higher $365k that most units are sold at, meaning my net down payment would be about half than the typical 20%? Thinking this deal could work similar to the BRRR method and leave more cash in pocket. Thanks! [link] [comments] |
| Posted: 22 Jun 2020 08:23 PM PDT Have some cash saved up that I do not want to put within a 500 mile radius of the stock market right now. I have a steady job with a promotion and pay bump starting next month (Earning roughly $70k after taxes). Should I take the ~$15k in cash that I am looking to invest and use it as a down payment for a first time buyer loan to get a condo/apartment in the Denver metro area? Multiple friends in real estate have told me yes if I'm looking for consistent returns and plan on staying in the area and my job is safe. Which the answer to that is yes. I'm thinking buy now while rates are low and use other savings or loans to renovate for the next year and look to rent it out by 2021/2022. Any advice or criticism is much appreciated. [link] [comments] |
| Posted: 22 Jun 2020 07:10 PM PDT I was hoping to buy my first property post graduation this summer with an FHA loan-circumstances changed obviously and that's been pushed back, probably about a year. Like most markets, mine (Massachusetts) was hot for the last decade. My concern is that the Northeast will be one of the slowest to recover, if it does. I feel COVID has accelerated recent trends, namely population moving to less expensive areas in the south and west. I see a very possible scenario where the Northeast becomes the new Rust Belt-a sustained period of low economic and population growth. While I doubt it faces the same fundamental problems as, say, Detroit, I'm thinking more along the lines of Illinois, Pennsylvania, etc. I'd be looking to buy a cashflow property, so appreciation isn't my biggest concern, but I'd be more concern about buying while the economy is still declining, and then just have the price settle below what I paid for it. I also wonder how this would affect the potential of doing value add efforts. Perhaps I'm just overthinking it-but I'm wondering if there's any other strategy in this case vs just buying rent ready and trying to squeeze out as much cash flow as possible, appreciation and value add be damned. Tl;dr: I'm worried about starting my rei career during the downturn and then my region not recovering for years or longer-and want to know what strategies there are in the event this happens. [link] [comments] |
| Posted: 22 Jun 2020 06:51 PM PDT First Cash Out Refinance Hello all, I'm fairly new to this and doing my first Cash out Refi. If you had the below options which would you choose, because I have no idea what exactly would be best. I do know that a smaller monthly payment will be good for cash flow. I plan on keeping the rental as long as possible. Bought 2 years ago cash for 100K thinking I would live here but then life happened, rehabbed for 30k, similar property within 3mi just sold for 175K, monthly rent is $1825. Small local bank, leaning towards the 3.5 option. Rate Points APR Fees Payment 3.000 2.645% 3.322% $5,9251 $484.84 3.125 1.794% 3.379% $4,943 $492.63 3.250 1.049% 3.444% $4,086 $500.49 3.375 0.461% 3.522% $3,410 $508.41 3.500 0.000% 3.610% $2,837 $516.40 3.625 0.000% 3.736% $2,425 $524.46 [link] [comments] |
| Posted: 22 Jun 2020 05:57 PM PDT Hi! In what ways do you keep your landlording business separate from personal business? •Do you ever add tenants on Facebook? •Do tenants ever try to call and randomly text you about non business related things? •Do they pay rent to an LLC or DIRECTLY to you? Thanks [link] [comments] |
| What's the best vehicle for the real estate investor job? Minivan? Pickup truck? Posted: 22 Jun 2020 02:04 PM PDT Tl;dr: Real estate investors/landlords who manage/repair/upgrade their properties on their own, what kind of vehicle do you recommend owning for the job? Our situation for personalized vehicle recommendations: My husband and I are 27m/26f. We have one 80 lb bulldogge, no kids, and no future kids. We're planning to buy our first house/first investment property later this year, going the owner-occupied duplex route. We currently own a Civic sedan and a Kia sedan. And we just finished a lease on a Chevy pickup truck (it was a 5-seater, 4 door). Overall, I really liked the truck and was sad to see it go. It was nice for taking our kayaks to the lake. Nice for buying large items like furniture. And it was nice when we moved 1,200 miles across the country. However, in the 2 years we had it, those were really the only times/ways we used it specifically as a truck and not just another "car." And it has me second-guessing our original plan to replace it by buying a lightly used pickup truck. I am now leaning toward a lightly used minivan, specifically a 'stow and go' (SAG) minivan. My husband is not. He is still set on a truck. We really haven't discussed it much yet, as we're not looking to buy in the immediate future. But I would love for your opinions as working landlords/investors to weigh in on our discussions when the time comes. For now, here are my thoughts (both business and personal) on a SAG minivan over a pickup truck. If there's interest, perhaps I'll get my husband's truck side of things to add as an edit or update:
My husband comes from a truck family. I come from a minivan family. I always liked trucks better. But I think I finally get the minivan people now. Minivans aren't cool or sleek. They're not fun toys. But I think they're probably more practical for our situation. (And as far as cooler, sleeker cars go, we've already talked about getting a Tesla to replace the Kia down the road, so we really don't need a cool guy truck too!). Anything else I'm forgetting or should be taking into consideration? What are your thoughts? [link] [comments] |
| How Hard Is It To Get Evicted In Your State? Posted: 22 Jun 2020 10:18 AM PDT I saw this article and wondered what the landlords on here thought. Do you feel this article is correct regarding your area? Here was the break-down: State Eviction Ratings (1 is good and 5 is bad) 4.0 Stars: MA, CT 3.5 Stars: DE , NH, NV., MN, OR. IL, WA 3.0 Stars: NY, MI, PA 2.5 Stars: NC, KY, HI 2.0 Stars: NJ, CA 1.5 Stars: ME, AZ, MT 1.0 Stars: VT, FL, MD, AK 0.5 Stars: IN, CO, WI, OH, NM, VA, IA, ND, RI, UT 0.0 Stars: GA, ID, WV, WY, AL, AK, KS, LA, MA, MO, NE, OK, SC, SD, TN, TX [link] [comments] |
| Posted: 22 Jun 2020 05:34 PM PDT Posted this in r/realestate but only got two replies. Reposting here, hope to get more advice I know that mobile home parks are all the rage and I'm sure most of you are tired of the hype, so sorry. Anyways, I am going to college in two years and am very interested in real estate investing. However, I don't have much money(my life savings is $8000 and about $6000 of that is going towards a mission for my church for the next two years), and no credit seeing as I've only been 18 for less than a week. With a low down payment and not-too-favorable interest rates/PMI(because of no credit, limited cash) not too many things seem like they could cash flow in the town I am going into college at. However, in the town it seems that people own their mobile home lots and I have seen these being rented at favorable prices compared to purchase price. For example, a typical lot is 40k, with 400/month pretty reasonable for rent. Or a double lot is 60k, which could be split and rented to two tenants for 350-400/month each. Would this be a good starter investment? If this was to work, then I would buy a lot or two as I go into college then house hack a single family a year or two later after I have built credit and capital. Good idea or not? I appreciate your input! [link] [comments] |
| Primary residence to rental - Mortgage changes Posted: 22 Jun 2020 05:01 PM PDT Hi, I purchased a home couple of years ago on a mortgage with 3.75% interest. Due to changes in job I am having to move and rent my home. I noticed that rental investment mortgages are of higher interest. Since my mortgage originated as a primary residence can I continue to keep the same interest or will it increase? [link] [comments] |
| How many of you real estate investors also have a real estate license? Posted: 22 Jun 2020 07:58 AM PDT Looking at investing in $500/k properties. Is the buyer agent realtor commission on this of over $15,000 worth the work that goes into it? Do any of you real estate investors also have a real estate license? Is it worth getting one for the purpose of earning the buyer commission for yourself? What about if you are not doing real estate full time and have a day job. Or is it worth getting one just for the book learning and knowledge ? [link] [comments] |
| Posted: 22 Jun 2020 03:37 PM PDT Why do you hold some investments, and flip others? What factors influence your decision and how do you know if you're making the right choice? [link] [comments] |
| Apply for a short sale for a property in pre-foreclosure? Posted: 22 Jun 2020 05:25 AM PDT Hello pros, I am currently looking at a property. The ARV is about 200K. The current situation is rough. Current owner owes 130K. It may need a new roof and there maybe mold in the house. The current owner advises the house worth about 75K. Here is my question:
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