Real Estate Investing: FHA loan too good to be true ? |
- FHA loan too good to be true ?
- The advice older & experienced people give you
- How in the world are you Finding deals
- House Hacking and the 1% Rule
- Debating about refinancing to a 15 yr fixed.
- [California] Purchasing rental unit with 15 people 3 units but 1 unit is in garage with no permit
- daily or weekly threads would be nice
- Whats the catch with properties like this???
- Realtor Commission Negotiation or other options - Austin, TX
- Need advice on starting out
- Lessons learned from cold calling/mailing property owners offering to buy?
- Looking for some guidance on how a novice with low-to-moderate capital can navigate an expensive state (CT)
- Opportunity zone SFH
- Please evaluate my real estate plans
- What do you think of these HELOC terms?
- What’s the point of broker relationships?
- Boston Market and my Woes
- Advice need please.
- I'm purchasing by owner. The end of the legal description says HUD#TEX and then numbers. Clearly Texas and HUD. But what does it mean? Does HUD own it???
- Where should Operating Agreement be referenced in the certificate formation?
- RE tax benefits of an owner-occupied multi-family (3 units, 1 is my primary).
- How do you or (how did) you know when you were able to purchase a 2nd home?
- How to set yourself up in case you go underwater?
- Is this mortgage fraud?
| FHA loan too good to be true ? Posted: 10 Jun 2020 10:08 PM PDT I just learned about an FHA loan where I can only pay 3.5% down on a house . So listen up . I found a 4 unit house for $600,000 . With an FHA loan I can put down $21k ( no problem ) and then my monthly payment ( used a fha calculator) would be $3,700 . The other units are 2 bedroom units in NYC !! If I rent out the other 3 units I can rent them out for $2000+ easily because of the location . So I end up getting $6000 a month from tenants. So I'm making $2,300 a month profit but I know it's not this easy , what's the catch ? I know I'm missing something and I'm really confused. [link] [comments] |
| The advice older & experienced people give you Posted: 10 Jun 2020 08:16 AM PDT On this and other financial subs, the common trend for younger people is their desire to get rich...and as fast as possible. Many of us wealthy and successful people try our best to educate you...advise you of the steps you should take to create a solid base to build from....give you a game plan even. Wanted to ask you younger people....do you kids actually listen and follow through? I personally want to see you succeed in life, and it would help if every now and then, some of you post a thank you if our advice helped you make money or get ahead in life. We want to believe that we gave you invaluable information, and it would be nice of you to...you know...take a moment to let us know. Hope that's not too much to ask. Thanks! [link] [comments] |
| How in the world are you Finding deals Posted: 11 Jun 2020 01:11 AM PDT I have been combing the MLS for over a year now looking for deals. I find that the competition is stiff and the margins are thin. Well I finally got my first rental under contract with an off market deal by literally starting a conversation with a lady I knew from my main job, and was able to negotiate the purchase of her house for $127k and with a current market value of $230k. I'll keep it as a rental and likely refinance some cash it down the line. I half feel like it was dumb luck but it's made me want to really start door knocking on neighborhoods I want to invest in. What I really want to learn is how people who seem to find a deal every month or 2, what has worked in today's market? Letters, door knocking, wholesalers, etc. Looking to get working on my next deal [link] [comments] |
| Posted: 10 Jun 2020 10:16 PM PDT First time buyer and planning on house hacking on my first purchase. But I live in Los Angeles, so it's not really possible (from what I've seen) to buy a property that follows the 1% rule (calculated as all units are rented out). My question is: does the 1% rule apply to house hacking as well or is it ok to buy purely for asset building/cheaper rent? [link] [comments] |
| Debating about refinancing to a 15 yr fixed. Posted: 10 Jun 2020 11:39 PM PDT I'm debating about refinancing my town home, switching from a 30 yr to a 15 yr fixed mortgage. With the low interest rates right now, my monthly payment would be only $150 more a month, which is definitely doable for my income. I'd also be taking 50k from savings and putting it into the house, to lower the loan amount. I've owned this place for over 2 years, and it bugs me how much I pay in interest each month, and I want to put more towards the principal. I plan on selling in about 3-4 years, so I'm not sure if it's worth going through the hassle of refinancing. Advice would be much appreciated. [link] [comments] |
| [California] Purchasing rental unit with 15 people 3 units but 1 unit is in garage with no permit Posted: 10 Jun 2020 11:27 PM PDT [California] Purchasing rental unit with 15 people 3 units but 1 unit is in garage with no permit. It is over 600k in Los Angeles. Seems like a reasonable price but not sure if it is worth dealing with headache in future since there is no permit. What do you guys think? This is my first rental [link] [comments] |
| daily or weekly threads would be nice Posted: 10 Jun 2020 08:28 PM PDT for example, i would like to randomly just post something about a market trend but dont want to create a new post. a generic daily or weekly thread would be nice for small questions also. anyway since i made this post ill mention that properties in orlando are actually selling for higher than list price. I thought things would go down [link] [comments] |
| Whats the catch with properties like this??? Posted: 10 Jun 2020 05:04 PM PDT I often see listing like this one that have a seemingly easy path to a cash flow positive property. This seems to be a bit too good to be true. Could an experienced investor reveal the catch that I just don't see. Property definitely needs some work but has a tennant in place for $600 per month and a mortgage payment would only be ~$150 per month. Property: https://www.zillow.com/homedetails/221-Dear-St-Lafayette-LA-70501/126793597_zpid/ [link] [comments] |
| Realtor Commission Negotiation or other options - Austin, TX Posted: 10 Jun 2020 09:32 PM PDT I have an investment home that I need to sell, but I have never sold real estate before. The whole commission thing has been really eating at me. Prices in this neighborhood are averaging about 650k, but a few miles away, half that. By paying a percentage, I see percentage of sale price as me being penalized for making a savvy purchase back in the day. This house won't take long to sell, it is 825 square feet and is pretty much a tear-down or opportunity for someone else to rent it out. The agent that my wife has been talking to is sticking to his guns about 5% commission and a .5% rebate if I buy another house through him. I asked if he would pass up the opportunity to list this house if it were a few miles away and 1/2 the price, and he said he would not. But he also won't take 1/2 the commission to list my house. All of the reasons that he said that he needed to stick to those rates sounded like a bunch of crap to me - I just don't see the value in the service. Do I have options to reduce the out of pocket on my investment? Looking for the least expensive and fastest way to get top dollar for this house. Thanks! [link] [comments] |
| Posted: 10 Jun 2020 11:42 AM PDT Hey guys so I'll be honest here, im single, 24 with no kids and make 45k a year. I've been interested in Real Estate Investing for a few years now but No matter how many books I read on the topic I'm still afraid and lost as to where I should take the first step. Do you guys think it's wise for me to just research real estate investors in my area and try to offer some sort of value in exchange for valuable information on how to get started? should I talk to real estate brokers? I have good credit and only a car payment plus rent. I've been getting my credit up for this specific purpose but I feel lost anyways. If any of y'all can give me some pointers or share your experiences on how you got started it would be greatly appreciated since I don't know anyone in the business and any information would really benefit me. Thanks! [link] [comments] |
| Lessons learned from cold calling/mailing property owners offering to buy? Posted: 10 Jun 2020 04:49 PM PDT I'm looking to buy the house across the street from me, that's been vacant for a while. I found the owner's name and address via tax records, and also found him on Fb. He's in his 70s, and inherited the property in the mid-90s from what looks like a relative, but not one with the same last name. I'm looking for any tips on how to reach out to him to gauge his interest in selling in a way that's respectful and most likely to succeed. [link] [comments] |
| Posted: 10 Jun 2020 10:33 PM PDT Pretty much what the title says. I've been getting my feet wet and researching the idea of real estate investing. I have a goal of about 40-50k to use for my first venture, with it being partitioned between the down payment and any potential necessary updates to the property I purchase. I have been going in circles about potentially investing out of state simply because the money I've allocated can obviously go farther in a different area and Connecticut has quite the difficult market for a beginner to break into in my opinion. Ideally I'd like to purchase a Duplex and rent out both sides in order to scale up a bit quicker - why not move into the other side you might ask? Well the issue is I currently work in one of the most expensive areas in the state, otherwise I would. So any investment in this area is basically out of the question (not hard to guess where). Not to mention, many of the duplex's in the state are located in the cities, with most not being the greatest..outside the cities multi-families are few and far between. So naturally this leads me to thinking about single family residential properties, but property taxes also present their own difficulties when combined with the fact that you're looking at a 250k entry level for the decent areas. The two areas I'm primarily thinking about are Stratford/Milford and South Eastern CT near EB. I've also thought about focusing on Northern CT, but I'm not sure how much faith I want to place in Hartford with a lot of the name brand businesses having left the state. I know this state like the back of my hand which is a huge advantage in itself - knowing the areas with good schools, how safe they are - but I'm wondering if I'm better off targeting an area where I can get a decent house for 150k. [link] [comments] |
| Posted: 10 Jun 2020 06:39 PM PDT Anyone have experience investing in opportunity zones? I'm looking at purchasing and the renting out a house in an opportunity zone.
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| Please evaluate my real estate plans Posted: 10 Jun 2020 06:06 PM PDT Hi everyone. I lurk this sub in addition to other investing places such as Biggerpockets. I know the term is controversial but I plan to "house hack" i.e. live in and rent out my property. Info: 1) Personal finances: Work as an accountant, 1 test away from becoming a CPA. I make 50k a year in upstate NY. My credit score is around 740, my DTI ratio is around 10% whether or not you include the non-interest monthly payments I make towards small medical debt (about 2k). I was recently pre-qualified for 200,000 property with 10% down. The max amount of home I'm willing to purchase is around 130,000 to not over leverage myself. 2) Plan: To buy a duplex/triplex in the next year or so. Between savings and gift from family I should have about 10,0000 to 15,000 for a down payment. I am torn between pursuing a FHA loan or SONMYA. With my current finances I might be eligible for a conventional loan. I know people have very mixed feelings about renting out to friends but I am extremely close to a couple who I've known for years and I plan on having them be my first tenants. They are extremely handy, one is an electrician and the other's dad is a professional home painter. We have a soft agreement where they will handle all of the general maintenance for reduced rent. 3) I have made my own analysis spreadsheet (trust me it's good because I'm an accountant lol) and my aunt is a real estate broker in a different part of the state. I have been runnings numbers on homes I find on zillow/trulia daily to see what is and isn't good deals. I will only buy a property that has good long-term potential and are in the B-C neighborhoods. I would like to stay here long-term and if I get FHA loan then I'd refinance to a better rate. Please let me know your thoughts and what other things I should consider. I am only looking at properties that I can afford on my own. Eventually I would like to own 10 properties by the time I'm 30. [link] [comments] |
| What do you think of these HELOC terms? Posted: 10 Jun 2020 04:49 PM PDT Terms sound great to me but haven't done one of these before so please do flag any pitfalls we're overlooking!
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| What’s the point of broker relationships? Posted: 10 Jun 2020 08:34 PM PDT If all commercial real estate listings are on the MLS and websites that list property for sale, why know the brokers? What benefit does it serve if I can just call the broker on the listing and see all the properties that are for sale? Is it to establish credibility? [link] [comments] |
| Posted: 10 Jun 2020 08:18 PM PDT Hi Everyone! I have always lurked but now I have the courage to post! My husband and are both 30 and both earn around 100k each. Our take home income after deductions is around 80k each. Right now we have about 80k saved up for a potential down payment. But the market we are trying to buy a home in is Boston (lol) which makes my down payment closer to 10 to 12% rather than the 25% I was hoping we would have saved for. The housing market is seriously expensive and confusing. I've heard people offer 50k above asking and still not getting the property. I would love any advice and guidance on how to properly use our resources. I always thought the golden rule is 25% down but I've started go hear otherwise recently. We would rather put our monthly housing payment towards a mortgage rather than rent. Let me know if my dreams are delusional as well. Thank you in advance!! [link] [comments] |
| Posted: 10 Jun 2020 02:10 PM PDT So I'm not sure if this is the place to come, but I am looking at getting into real estate. Currently I am a flight attendant so my schedule is very flexible. I'm looking for a course I can do online, so I can do it on my trips and my down time (which I have a lot of currently). I'm looking to get my license for Texas, and I was wondering if anyone knows of what the best program to use is? [link] [comments] |
| Posted: 10 Jun 2020 07:38 PM PDT |
| Where should Operating Agreement be referenced in the certificate formation? Posted: 10 Jun 2020 05:24 PM PDT I got this message Unfortunately we were unable to process your request for Certificate of Formation because Operating Agreement is attached but not referenced. Please make a correction to document that references Operating Agreement or we will delete the Operating Agreement entirely. Please resolve this matter within 10 business days or your request will be rejected. [link] [comments] |
| RE tax benefits of an owner-occupied multi-family (3 units, 1 is my primary). Posted: 10 Jun 2020 12:49 PM PDT I am having a hard time understanding the tax implications of an owner-occupied 3 unit residence (3 units, 1 of which will be my primary residence).
I am really having a hard time understanding what is deductible as a homeowner versus what is deductible as a rental property/landlord...as I understand it, the reason why this is relevant is homeowner deductions are essentially useless if they do not amount to more than the standard MFJ deduction ($24,800), but deductions as a landlord can be taken in addition to the standard MFJ deduction? TLDR: What can I deduct as an owner-occupied landlord? And what can be taken as a deduction IN ADDITION TO the standard MFJ deduction (i.e. $24,800 standard deduction PLUS depreciation, OpEx, etc.) [link] [comments] |
| How do you or (how did) you know when you were able to purchase a 2nd home? Posted: 10 Jun 2020 03:28 PM PDT Would you say- you should only buy a 2nd home only if one of the mortgages is paid off? I know it can vary depending on the area how much $$$ you'll need in the bank, for reference I live in Florida and live in a 850 sq foot home that I have a mortgage on. My dream someday, maybe a lofty one, is to one day own a 2nd home that I can rent out. [link] [comments] |
| How to set yourself up in case you go underwater? Posted: 10 Jun 2020 06:58 PM PDT I am very new to real estate investing so please mind that. I have watched a lot of Dave Ramsey and he preaches not to borrow money but for real estate investing I feel like it is inevitable. My thought process is if I want to get really ahead financially in life I'm gonna have to take a huge risk or go broke trying. I'm 22 and pretty much have very little money or assets to my name, with that being said, I'm trying to plan for future real estate investments:
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| Posted: 10 Jun 2020 02:51 PM PDT Wife and I have a house now through a lender. We thought of buying a second home to which I would move into, but my wife would stay in our first home. Making both homes our primary residence and to qualify for 3% down on the second property. After living in the second home for a few months, move out and make it a rental. Is this mortgage fraud or a legal workaround ? [link] [comments] |
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