Real Estate Investing: Eviction Nightmare, COVID-19 Edition |
- Eviction Nightmare, COVID-19 Edition
- How to Keep Growing
- What would a massive incentive to build new houses do to the real estate market over time?
- I have an existing home possible loan. Is it possible to get another property with less than 20% down
- Worth It To Invest in Chicago/Illinois suburbs?
- For a duplex or other single family rental, what is the typical spread on 30 year interest rates from traditional 30 year mortgages and those for rentals? Assuming you have good credit, 25% down, etc.
- Any experience with renting rooms
- How long did it take you to start earning 100k+ a year?
- Buying a property with no credit?
- Interested in building storage container homes
- First investment property having some issue to fill it. Need people to tell me what to do to help make a decision.
- Investing in Philly
- Investing in Baltimore?
- Considering buying my neighbors house, what are some benefits / drawbacks of renting it out, but also merging the lots with the county? - California
- Which smaller cities/towns do you think will see significant growth in the next 5-10 years? (~50k budget)
- First potential rental (duplex), how do you evaluate a property when occupied by tenants?
- Should I get an LLC for real estate investing business?
- Buying in California
- House equity/mortgage question
- 17 year old trying to learn
- Riot Cities - real estate investing?
- For those that rent units on the lower end ($1k / month or less) how do you typically collect rent? I’d like to establish an online rental payment system but I am unsure how tenants in this rent range would take to it.
- Interest-only mortgage options for primary residence
- Does refinancing a personal residence reset the "occupy for 12 months" deal?
- First investment in an HCOL area?
| Eviction Nightmare, COVID-19 Edition Posted: 01 Jun 2020 01:04 PM PDT Today is the day! After what has been a 5 month struggle of getting a tenant out of a unit , I am finally (legally) changing the locks today to mark the end of an era. I write this in hope that you don't make the same mistake I did, which was simply trying to avoid the eviction route to save myself from spending thousands on legal fees. Instead, I spent thousands on legal fees AND I lost rental income for 5 months. You don't have to be an experienced investor to do the math here: I fucked up. Quick background on me: I've acquired about a dozen doors in the last 3 years and felt like I was getting the hang of things. I typically use a more flexible approach when collecting rent in order to build a "positive" relationship with the tenants, and so far it had worked pretty well. No evictions until this gem came along... TL;DR: I waited too long to evict someone, then COVID-19 prevented me from evicting them
And finally, for some good karma, the place was left in surprisingly good shape. I had to do routine cleaning and patch some drywall here and there, but no shit smeared on the walls. No sinks clogged and overflowing. It's going back on the market today. So in conclusion, don't hesitate on evicting somebody because of the cost. IMO you should budget for legal issues, just like you do for capex, vacancy, etc. It's not an "if", but a "when" type of thing. [link] [comments] |
| Posted: 01 Jun 2020 09:16 PM PDT I own 5 units (just closed on 4 & 5 a few months ago), it's taken 5 years to build up. Valued at around 950k, leveraged about 65%. So far everything has been done on the method of basically living like I'm still in the college dorm and pinching every penny. My mattress is on the floor right now. I live in one of the 5 units and really like it. So far (almost) everything has been done with owner occupant, live for a while, save up, move out and repeat. You guys know moving sucks. It would be nice to plant some roots, but then am I going to have to save 50-100k to put 25% down AND pay a higher interest rate for non-owner occupant? Is there another way to keep growing without "house hacking" and without saving up that 50-100k? If it's just going to take time, it's just going to take time. I'm curious if there's some strategies I haven't considered yet. I would eventually like to get into small apartment complexes- does that open up any other possibilities? [link] [comments] |
| What would a massive incentive to build new houses do to the real estate market over time? Posted: 01 Jun 2020 07:30 AM PDT Hi guys, Australia is potentially going to be releasing a 40-50k grant for building a new home, whether it happens or not will be announced in the coming week we think. This money can potentially be used as a deposit. What will this do to the market over the next few years? I have every intention of getting some of this free money and building a home to add to my investments with my partner (after living in it for the required timeframe to be eligible for the grant). I'm just not sure if this will kill the market by oversupply or stimulate the market enough to drive price up. Note: this grant is ONLY for building new and not for established homes. [link] [comments] |
| Posted: 01 Jun 2020 05:58 PM PDT Hi everyone I house hacked a multi family home using a home-possible conventional loan (5% DP). After I satisfy the one year of residency. Is there any way I can purchase another multi family without putting 20% down. [link] [comments] |
| Worth It To Invest in Chicago/Illinois suburbs? Posted: 01 Jun 2020 06:32 PM PDT Is it worth it to invest in chicago/illinois suburbs? I can see that property taxes are wayy up and my dad who lives in Lake county is paying $700 on his principal and $600 on his property taxes. Maybe I'm missing something here but states like texas have high property tax but have no income tax unlike illinois? Is it worth it to invest in illinois anymore? [link] [comments] |
| Posted: 01 Jun 2020 07:04 PM PDT |
| Any experience with renting rooms Posted: 01 Jun 2020 10:22 PM PDT I'm in college and there are two houses in town that rent out individual rooms and have a shared living room,kitchen,laundry room,ect. The places are always fully occupied so something's working. Do any of you all do that room renting? Is it profitable? Is it more of a hassle to set up and run than multifamily investing? If so, how is it ? [link] [comments] |
| How long did it take you to start earning 100k+ a year? Posted: 01 Jun 2020 06:27 PM PDT Could you have done it faster with the knowledge you have now? Would you say making the next few "tiers" of wealth (100k, 250k, 500k, 1M) are easier as it goes, or just as hard as it was to get the first 100k? [link] [comments] |
| Buying a property with no credit? Posted: 01 Jun 2020 08:11 PM PDT I want to buy a property, but have no credit. I've read up on this, and it seems dismal since I don't have any bills in my name and no proof of my rent payments. Any insights and advice is appreciated, thank you. [link] [comments] |
| Interested in building storage container homes Posted: 01 Jun 2020 07:29 PM PDT I'm 20 with decent knowledge and contacts for designing and constructing homes based of storage containers (like the shipping containers on barges). I have done some electrical, plumbing, HVAC, carpentry, construction, custodial and landscaping work in the past. I'm a bit of a jack of all trades and confident enough that if I could learn where to build these and how to sell them (find consumers or work on advertisement) I could make a living doing this. I'm based out of northern IL and can afford tools and loans. I have the spare time to do this. I'm simply not sure where to start. Most properties I find in my area are too expensive (farm/field properties) or too close to other homes I worry about an HOA denying my proposals. Though I can do the physical planning and labor I'm very unfamiliar with marketing and real estate investments. I'm hoping to be able to either sell finished yet unfurnished homes or rent out properties. I daydream about this but seem lost and don't know how to learn more. Any and all replies would be greatly appreciated. [link] [comments] |
| Posted: 01 Jun 2020 03:13 PM PDT I bought a older duplex in Winnipeg Canada and am having issues filling one of the units. This is my first investment property and have had a few issues already. There was some electrical work that needed to get done that I was not aware of so I'm into this property for more then I wanted to be. So far I've spent $15,000 on fixing things up. At this point the 3 bedroom unit will not rent. It's been 3 months. The main issue is the unit does not have laundry. Here are my options. 1. Do nothing about the laundry and hope it gets rented out soon. 2. Spends $3000-$4000 to put laundry in. 3. Downstairs has laundry and I would make a door on the out side of the room so the upstairs people could use it. Now there is a renter in the downstairs already so I would have to work a deal with them. Lower rent or whatever. Not sure what it would cost to add the doors at this point. So I'm only issue for me is I'm well over what I was wanting to spend on this unit. Learning points for a first time investor. You need to start with money reserves already not hope it gets rented and you can grow them. Just other numbers y'all might be interested in. Purchase price was 127,000 with 20% down. Currently I have $12,000 on a line of credit for the property from the unforeseen issues. If the whole place is rented out rent would be $1670. 1 bedroom is $745 and 3 bedroom is $925. What would you do? [link] [comments] |
| Posted: 01 Jun 2020 11:26 AM PDT Hey all, First time out of state investor as I bought a single fam in Newark NJ and currently live in it. I am looking for single or multi fam in turn key condition for 200k or less. Any areas to look at / agents to get in contact with? I'm familiar with Philly in terms of good and bad area and whats happening but any tips / insight would be great too! [link] [comments] |
| Posted: 01 Jun 2020 07:34 AM PDT Anyone have thoughts on investing in Baltimore? The crime rate is pretty high but the cost of these places seems ridiculously low, especially considering how high DC is. I realize these are different markets, but there seems to be a lot of available properties that would comply with the 1% rule. Thoughts? [link] [comments] |
| Posted: 01 Jun 2020 08:46 AM PDT I've read that it'll save me some $$ on property taxes, but is there anything else to be aware of in merging these two lots? I plan to knockdown the fence so that I have a large yard and fence off a smaller area for the rental, but both homes would technically be on one lot, which I live on. I've heard anecdotally that landlord/owners that live on site have a bit more rights than those that live off site, or use a property management company, but have yet to find a summary. Any tips would be greatly appreciated! [link] [comments] |
| Posted: 01 Jun 2020 08:25 AM PDT Based on population growth, economic/job growth, tourism, etc. Where do you think you can buy a 50K house and see significant growth. some places I'm looking at are:
[link] [comments] |
| First potential rental (duplex), how do you evaluate a property when occupied by tenants? Posted: 01 Jun 2020 04:49 PM PDT From Agent - "Viewings are possible after a contract is in place, and during the inspection period." Does this mean I have to put in an offer and it be accepted before I even get to inspect the place? This would be my first non-owner occupied rental so I'm a bit befuddled by the process. Any help is appreciated, thanks! [link] [comments] |
| Should I get an LLC for real estate investing business? Posted: 01 Jun 2020 04:29 PM PDT |
| Posted: 01 Jun 2020 12:26 PM PDT I live in Nevada, close to California. I have identified potential investment properties in the past that are located in California but I always hear people say stuff like "I would buy that if it wasn't in California". What are they referencing? Taxes? Tenet laws? Politics in general? Thanks, [link] [comments] |
| House equity/mortgage question Posted: 01 Jun 2020 04:08 PM PDT Hello guys, I'm posting this here because someone (my dad) asked me for help and I don't know any better. Is it better to have a fixed interest rate or a variable interest rate? More details: There are 2 properties, 1 main and 1 rental and the plan is to take out the equity out of the rental property which has since appreciated (500,000 to 800,000) which would leave us with 300,000 equity. We will use that equity to pay more of the principle on our current home because the interest accumulates much more on a higher principle. I think there is a limit to how much we can put towards the principal but it won't be the whole amount, not sure about this. Mortgage renewal is also coming up for the rental property and here is where we are presented with either fixed or variable interest rate? The rates currently being offered to us are 2.50% for fixed and 2.65% for variable, 5 years. [link] [comments] |
| Posted: 01 Jun 2020 03:57 PM PDT Hi so I am really interested in investing in real estate, and I'm in Denver, I've been looking into house hacking because it seems a lot more realistic than getting 60,000 for an investment, I'm looking at a lot of these numbers on Zillow(maybe that's the wrong place) but idk it seems like I loose money on like all of the deals. Maybe I'm doing it wrong but idk I'm just really discouraged and I was hoping someone could maybe help me understand what I'm doing wrong or if it's hopeless and I should just give up. [link] [comments] |
| Riot Cities - real estate investing? Posted: 01 Jun 2020 03:46 PM PDT Anyone looking into some of the major cities that the riots are going on as a potential to buy? Seems like it could be some cheap property coming up for sale if you can stomach everything going on and hunker down till it blows over [link] [comments] |
| Posted: 01 Jun 2020 11:53 AM PDT Any advice would be greatly appreciated. I am in the south Florida area. [link] [comments] |
| Interest-only mortgage options for primary residence Posted: 01 Jun 2020 02:16 PM PDT Hello r/realestateinvesting - Long time lurker, first time poster here. With rates extraordinarily low, we're looking to purchase our forever home. I'm exploring interest only loans with the intention to redeploy the prin payments in other investment vehicles. We're in a high growth market that will be fairly insulated by the economic downturn and I expect housing prices to outpace the national average. Curious your feedback on any of the following: 1.) Do you leverage interest only loans for any of your properties and has it been successful? 2) Is there still a market for interest only mortages in the COVID world? 3) How do interest only rates compare to the 30 yr? I'm interested in the fixed rate during the first 5-10 years of the ARM. 4) Is 20% down payment always required? 5) Also curious whether there's a interest premium if it's a non-conforming loan? Or if all interest only loans are non-conforming for that matter? Thanks in advance! [link] [comments] |
| Does refinancing a personal residence reset the "occupy for 12 months" deal? Posted: 01 Jun 2020 02:12 PM PDT Got an insurance settlement for some home damage. Bought as a personal residence with the goal of renting out after 12 months. Deciding between fixing the bare minimum and keeping the excess cash (about $10k left over), or doing a more complete remodel (about 35k expense) using some additional capital, and then refinancing. The complete remodel should net me a large enough appreciation to pull out 30-35k. I'm leaning towards the remodel/refinance path since it will keep my out of pocket cost on the property $0 but I don't know if that's going to reset my 12 month "occupy" clock. If it does, that will alter my plan as I already have a deal to purchase the next house from the same seller the day after I hit my 12 months. I'm willing to do a commercial loan on the next property instead of a personal residence if I HAVE to, but I'd like to plan for it in advance. [link] [comments] |
| First investment in an HCOL area? Posted: 01 Jun 2020 01:59 PM PDT Hi Real Estate Investing, I'm 27 years old and have just over $100,000 saved up. I live in Los Angeles, California, which has high property values and is HCOL. I want to get into real estate investing but I'm not sure an area like LA is a good area to dip my toes. Properties are extremely expensive here, $600,000 for a 2 bedroom condo (HOA and you don't own the land). Alternatively, Palm Springs is a few hours away and I could purchase a 4plex for a similar amount. The problem is, I would be living far away and couldn't manage my properties. Would investing in an HCOL area as your real estate investment be a smart idea? [link] [comments] |
| You are subscribed to email updates from Real Estate Investing. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment