Real Estate Investing: For Those Looking to Furnish Homes/Apartments - Hotels Liquidating |
- For Those Looking to Furnish Homes/Apartments - Hotels Liquidating
- What do you guys use to keep track of RE trends in the US?
- Should I form an LLC and sell (or title transfer) my rental to it?
- Living & Renting in high COL city, interested in purchasing investment condo in low COL state
- Question about owner financing a commercial property
- How do you automatically download receipts and statements for taxes?
- First Purchase Questions
- Are online platforms for 1031 exchange successful ? Have they caused any “disruption” in the industry ?
- Inspector advises adding a lot of insulation to attic
- Tenant behind then caught up?
- Tips to buying property FROM a RE investor
- Metro Atlanta Property Tips
- How Do You Decide Rent?
- Do you or tenant pay for snow removal and lawn care?
- After uploading Delaware LLC Certificate of Formation and llc agreement, how does the continue to create a RE llc go?
- Mostly looking for some negotiation help!
- Is a $1m condo that yields $5500/mo on a lease and up to $30k/mo (before expenses/cleaning) during summers a good investment?
- BiggerPockets House Hacking Episodes
- Other options besides house hacking to start?
- What questions do you ask commercial real estate broker?
- Am I being overcharged?
- Real estate development help
- Hard money lenders' "not owner occupied" requirement
- I'm in the process of buying a duplex and want some advice?
| For Those Looking to Furnish Homes/Apartments - Hotels Liquidating Posted: 05 Jun 2020 01:21 PM PDT The following information was forwarded to me by a tax attorney in my circle about a week ago. I'd certainly keep an eye open for similar opportunity in your area. An Embassy Suites that has permanently closed due to Covid-19 was selling entire ROOMS for $160. Yes, you read that correctly, One Hundred and Sixty Dollars. The Bed(s), Chair(s), TV, Lights and everything else in a full room for $160 picked up. IIRC this was in Michigan. One of the groups handling the liquidations are preparing to liquidate several high end hotels in Florida along with more "average" hotels in the Southeast. Could be a great opportunity for those of you who deal in furnished rentals. [link] [comments] |
| What do you guys use to keep track of RE trends in the US? Posted: 05 Jun 2020 01:17 PM PDT Magazines? Newspapers? Online sources? For example, are rents decreasing across the country? Are people seeing higher vacancies? What cities are experiencing higher development? Etc trends like that Thanks in advance everyone [link] [comments] |
| Should I form an LLC and sell (or title transfer) my rental to it? Posted: 05 Jun 2020 07:52 AM PDT I bought my first home in 2016. I lived in it until I bought my current house in 2019. I kept the first house as a rental (still in my name). Should I form an LLC? If so, what's the best way to transfer the home over to it? Do I sell it to my LLC? Is there a better option? [link] [comments] |
| Living & Renting in high COL city, interested in purchasing investment condo in low COL state Posted: 05 Jun 2020 08:22 PM PDT I was hoping someone could direct me to some reading since I couldn't find much for people in my situation. I currently rent in NYC and this will remain my primary residence. I'm exploring the idea of purchasing a condo in a lower COL state to build equity but also potentially for short-term rentals. I realize that a lot of HOA's do not allow short-term rentals and that is something I'll have to consider. Since I would not be living close to this potential home (potentially a plane ride away) I figured a condo was more practical than a house in terms of maintenance. Would I be able to get a investment mortgage loan as a first time home-buyer? I assume I would need this since I won't be using it as a primary residence. My credit score is 780, budget is 200k, I have the cash to put 20% down (and cover closing costs) and I have no debts. I can afford to pay for this mortgage while maintaining my current renting lifestyle. Additional potential for short-term rental income would be a bonus. How daunting is it to work with a property management company to facilitate short-rentals and what are the tax implications? I'm aware that right now this might not be the best move given the state of the world but I'm asking this question more generally and without a timeline. Is this a completely asinine idea? I'm looking for some guidance on what more I should be researching. [link] [comments] |
| Question about owner financing a commercial property Posted: 05 Jun 2020 07:39 AM PDT My business is moving and has our current building on the market. We've got an offer, but the buyer wants us to provide financing. I'm not opposed to this, but I don't have a lot of real estate experience. I'm wondering how a deal like this is usually structured and what is typical for an interest rate, required down payment, and term? Are there any red flags I should be watching for? [link] [comments] |
| How do you automatically download receipts and statements for taxes? Posted: 06 Jun 2020 12:18 AM PDT For instance, I know I have to save my utility bills, but, my current process is that every month I'll go and manually download them from my heating company, electricity, and the statements from bank and credit card companies. How can I automate or improve this process ? [link] [comments] |
| Posted: 05 Jun 2020 11:54 AM PDT Hey guys I am a college student and still live with my parents paying zero rent. I am currently making a lot of money on unemployment ($2764/month for 5 months crazy isnt it?) and my window cleaning business also made me a lot of money. I will have about $20,000 in my bank account by the end of July. My credit score is 746. What is the best step for someone in my position? Can I make a first purchase with $20,000? Or should I keep saving and buy in the spring with ~$30,000. If thats not enough how much should I aim for? And by purchase I mean down payment + any repairs I cant do myself. I would like to buy a property I can move into so I can live rent free and rent out the other unit/units. I will be doing as much improvement on the house as I can personally to save money not hiring other people. [link] [comments] |
| Posted: 05 Jun 2020 11:14 PM PDT A friend was talking to me about how an online platform for 1031 exchanges would "revolutionary" etc I quickly googled it and already found it exists. So clearly it's not revolutionary or else I would have already heard about it. So I'm just curious if anyone has followed any startups that tried to disrupt the 1031 field ? [link] [comments] |
| Inspector advises adding a lot of insulation to attic Posted: 05 Jun 2020 05:25 PM PDT We recently bought our first house that we're planning on turning into a rental. During the home inspection the inspector advised that we add a lot of insulation to the attic. This is a house from the 50's in the DC area. The only insulation is the original insulation that came with the house...like an inch of rockwool... Because this is going to be a rental what is the community's opinion on adding insulation? What if you are considering Including utilities to the base rent just to make life easier for the tenants to encourage them to stay longer? Under this situation the insulation would act as an expense reducer to the total operating cost of the house. [link] [comments] |
| Posted: 05 Jun 2020 02:55 PM PDT What's the most a tenant has ever been behind and then caught up? I get this is crazy circumstances, but all these people turning weeks into months... is this the end and I need to plan to evict as soon as legally possible or can they catch up from 10-12 weeks behind? [link] [comments] |
| Tips to buying property FROM a RE investor Posted: 05 Jun 2020 06:43 PM PDT My mother has been living in 1/2 of a duplex for 6 years, and paying rent to the current owner for 5 years (current owner purchased the property in 2015). I'm interested in buying the property for my mother as she enters retirement (next month) for greater long term security. What can I do to increase the odds the owner will sell to me? This individual owns at least a dozen properties in the area (that I know of). How should I approach him? How should I think about structuring my offer? Thanks in advance! [link] [comments] |
| Posted: 05 Jun 2020 07:22 AM PDT Hi, I am looking for ways of finding property deals before they come to the market. Where and how can I find them? I want to primarily get into flipping houses. What should one look out for when buying such a property? [link] [comments] |
| Posted: 05 Jun 2020 05:55 PM PDT I have a condo that I'm planning on renting out, and I'm wondering how to go about setting rent. I've looked at Zillow rent estimator, Rentometer, comps on Apartments.com and a few other tools, but I'm kind of in the dark. The main problem is that my specific area is weird in that it's a little pocket of middle class housing, but it's surrounded by lower income areas. So looking at rentals in the area doesn't really give an accurate picture. In this situation, how do you decide what rate to go with? And, aside from setting the rate, do you negotiate at all, or is the rate the rate? [link] [comments] |
| Do you or tenant pay for snow removal and lawn care? Posted: 05 Jun 2020 04:32 PM PDT Debating purchasing something up north and need to figure out if I should budget for lawn care and snow removal [link] [comments] |
| Posted: 05 Jun 2020 04:30 PM PDT do they send conformation to your registered agent (and then how quickly). Should you get EIN immediately or wait to hear from them? [link] [comments] |
| Mostly looking for some negotiation help! Posted: 05 Jun 2020 04:10 PM PDT There is a house that will appraise for $105k. I am so insanely confident of this number because I have had 2 appraisals in the last 2 months within .1 miles of this house. All 3 are comps of each other, the only difference is that this one is a bit smaller and one of the comps had 1.1 baths, this one has 1 bath— but it is clear on the appraisal that the .1 is worth $3k. This is in Detroit. So this house was absolute shit, I bid around $30k for it, they accepted an offer at $42k, sucks to lose it, but someone else got it. On a run I saw them fixing it up and mentioned that I had a supplier that could help with something. Easily saved the guy $10k with the suggestion, he even flagged me down on my next run and thanked me. I told him about something else, saved him $1k/mo (a caveat to insurances in the state of Michigan). He called me and he was so happy. So I call him, he literally goes, "Hey Razorchick!How are you going to save me money today?" So we are on a good rapport. I want to offer on this house, but I am debating on what I should offer. House could rent for around $1100 conservatively. $300/mo in taxes, $50/mo in insurance. I think I would buy with 5% down and live in it while I flip my next house. I have about $110k in cash so I am ready for my next flip. Figure $5k down, $3k closing costs for something that is going to have around 30% ROI. This is my first time buying a turnkey property... like my last one I hit 160% ROI because it was a flip. But I am thinking I am going to flip maybe one more property before I decide to stop because flipping is too labor intensive. Is this a good ROI? Trying to think of a number to offer. I will forego my agency fees and the owner is an agent, so that is 3% he would save to make it an even cost basis of $102k. I'm just torn on the number to offer because I obviously want a good deal and I think he wants to deal with me. [link] [comments] |
| Posted: 05 Jun 2020 03:03 PM PDT Looking at a potential investment from the title. I'm a newbie. Would have a partner. HOA: $150/mo Taxes: $13k/yr Insurance: $1300/yr [link] [comments] |
| BiggerPockets House Hacking Episodes Posted: 05 Jun 2020 08:37 AM PDT My friend is on the fence about a duplex, and I wanted to give him resources to make his decision. It's been a bit since I've been through all of the episodes; does anyone remember which ones were best for house hacking and the benefits and maybe potential cons? Any assistance/thoughts would be appreciated! Thanks [link] [comments] |
| Other options besides house hacking to start? Posted: 05 Jun 2020 10:32 AM PDT I read house hacking gets recommended by most investors here to newbies when they get into REI. I get the ease and convenience of such but what if one doesn't want to live under the same roof? Or perhaps the investor/landlord is in one city and the house being rented to someone is at another? [link] [comments] |
| What questions do you ask commercial real estate broker? Posted: 05 Jun 2020 02:07 PM PDT When you are in the acquisition process getting OM's from brokers - what questions do you usually ask the broker for an existing multi family building before proceeding with a tour/LOI? Any good and insightful questions to ask in an email? [link] [comments] |
| Posted: 05 Jun 2020 01:19 PM PDT My landlord charged me for a lot of stuff and ate up my 2x rent deposit ($2340) and is now demanding payment of an extra $95 to cover the cleanup. It was left dirty, but I don't think it was $2.5k bad. I see on one typed out invoice they charged me to replace two damaged light fixtures for $95, but none of them were broke when I left. $85 to replace the missing/damaged tub stop, which may have actually been missing but is $85 appropriate?? They also charged $20 to replace the ac filter, which I had already replaced recently AND left an extra brand new one in the bedroom so?? They replaced 8 mini blinds - one for every window in the house, even though they weren't all broken and some of them were broke on the move in condition form, but I got charged $235 for that too. $65 to rekey the house, even though I returned both keys back to them? $340 to scrub the carpets. I was also charged $265 to touch up the paint. Then on another handwritten invoice they charged $90 to mow, edge, trim the front and back yard, which seems really high it wasn't that bad and we don't have any plants or bushes to maintain/trim. Then they charged $200 to take the from inside, outside and the garage. There was a metal rack in the garage that was there when we moved in and is not mine. I left probably one truck bed full of trash on the curb and an entertainment center in the living room. My roommate left the bathroom dirty and I didn't want to clean it, but everything else was taken out. They charged $75 to scrub the garage floor and another $200 to clean the house. Other than the carpet, walls, and stuff needing to be taken out there was not $200 worth of cleaning needing to be done in the house. So now I am $2435 down. I was expecting at least some of the deposit back, but instead I got told I owe another $95 within the next 10 days. This seems crazy overcharged to me, but I'm new to this real estate world, so maybe it isn't and I want to get a second opinion before I try to go at them. TIA! [link] [comments] |
| Posted: 05 Jun 2020 12:31 PM PDT Hey everyone, I just recently Graduated with a degree in Finance from Cal Poly Pomona. I live right outside of Los Angeles and I am super interested in real estate development, but I have no idea how to get my foot in the door. I came to this sub to see if anyone has any advice. I don't mind working for free I just really want to learn. For the people that got into development how did you do it? Thank you for your time. [link] [comments] |
| Hard money lenders' "not owner occupied" requirement Posted: 05 Jun 2020 09:12 AM PDT There are some real fixer-uppers around here. I'd like to buy one with a hard money loan, move myself and my spouse into it, and fix up the major issues first over the course of 6-12 months, then refi into a traditional mortgage once the house qualifies for that. Then, fix the cosmetic issues. However I see that many hard money lenders say they will lend on houses that are "not owner occupied". Why is this? I guess we could keep renting elsewhere during the 6-12 months, but then I'm paying for rent as well as hard money loan interest. Do I have to sign in blood to the hard money lender, that I will not ever live in the house during the course of the renovations? How would the hard money lender even know if I'm living in the residence? [link] [comments] |
| I'm in the process of buying a duplex and want some advice? Posted: 05 Jun 2020 07:49 AM PDT I'm buying my first rental and was wondering if there is anyone here that could message me or that I could message about some advice to make sure I'm doing something that's actually going to help me rather than put myself into debt for a house that isn't worth it. [link] [comments] |
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