Real Estate Investing: How credible is the estimated value of a house given by the appraiser when applying for a loan? |
- How credible is the estimated value of a house given by the appraiser when applying for a loan?
- How can I find my first couple clients as a property manager?
- Is it reasonable to require rental applicants to have a minimum credit score of 700?
- Colorado Proposed Bill - COVID Relief for Tenants
- At what point (investment-wise) did you start doing RE fulltime?
- Student Housing Investment
- Thoughts on this deal?
- How do I see off market deals?
- Would you buy: a building with 8units, 3 rooms each, price 600k, all rented out with total income of 2.4k monthly. City is loosing population, expected -10% population decline over the next 10y.
- Price Effect on older houses near a new development
- Need some advice
- Title company says I'm liable for debts of probate property
- How do I give up my share of ownership in a co-owned rental property?
- Buy multifamily cash, then cash out refinance to buy more
- Is this a good deal?
- Looking to get started 22 y/o
- Any ideas for cheap lots in a working-class neighborhood?
- Duplex Calculation
- Low Downpayment Conventional on 3 Flat?
- Those with property managers, what is your pricing structure?
- VA Loan Househack in Colorado Springs
- Rezoned; future plans foiled
- Thinking about buying a multifamily with my GF instead of renting. Talk me out of it
- Those who do in-house management, how do you make the numbers work?
| How credible is the estimated value of a house given by the appraiser when applying for a loan? Posted: 11 Jun 2020 05:05 PM PDT The value is higher than what I thought our house is worth... [link] [comments] |
| How can I find my first couple clients as a property manager? Posted: 12 Jun 2020 12:01 AM PDT Here's the deal: I'm young and trying to get into real estate investing. I currently live in the Bay Area where the numbers don't make sense, so I plan to buy my first property within the year in a separate state. The reason I'm waiting is due to COVID -- I feel people are way to optimistic now and I'd like to see how renters are able to pay their bills after July 31st (when the federal unemployment stops rolling in). Also, it couldn't hurt to save some more cash. I get anxious and don't want to spend my time waiting, I want to continue learning. I've read all the forums online, listened to all the Bigger Pockets podcasts -- basically, I've done my homework. The only way I can learn now is to get my hands dirty. My idea is to become a property manager for a few properties in the Bay Area. It's a win-win in my opinion. I can undercut the prices by offering a 5% fee, and I can learn along the way. Obviously the owner will be taking a risk on me, but I truly feel I can manage a property well. My day job allows me to be on-call 24/7 as a property manager (since my day job is flexible) which is a huge convenience. Do you all have any advice on how I can find clients? I can post on bigger pockets, craigslist, facebook, etc. Do you think I need a website? Any input would be great! [link] [comments] |
| Is it reasonable to require rental applicants to have a minimum credit score of 700? Posted: 11 Jun 2020 04:46 AM PDT My rental property is a brand new home located in an "A" neighborhood and rents for $2,400/month. Is it reasonable to require rental applicants to have a minimum credit score of 700? Or should I lower that to 650? [link] [comments] |
| Colorado Proposed Bill - COVID Relief for Tenants Posted: 11 Jun 2020 09:28 AM PDT Those of you who are Landlords in Colorado should be paying attention to this. My understanding is that the Bill is headed to a full Senate vote. IMHO this Bill will reduce the number of investors willing to risk investing in new rentals in Colorado which will likely reduce the number of rentals available. I understand individuals of a certain mindset will not realize that this does not translate to "more homes available for sale thereby lowering the price of housing". https://www.thslawfirm.com/wp-content/uploads/2020/06/20-1246_02-COVID-Relief-for-Tenants.pdf https://www.thslawfirm.com/wp-content/uploads/2020/06/COVID-Relief-Bullet-Points.pdf [link] [comments] |
| At what point (investment-wise) did you start doing RE fulltime? Posted: 12 Jun 2020 12:17 AM PDT I have a full-time job, been interested in doing real estate for a while. Have some savings that I could invest in a nearby market and thinking through whether I could switch into real estate. When I do some modeling, I believe I could retire into it, but I am curious at what point others on this community went into RE fulltime. (I know, I should get onto it gradually, but curious nonetheless.) Question is: at what valuation (i.e. property assets - liabilities) across your portfolio did you feel comfortable quitting your other jobs and doing real estate full time? [link] [comments] |
| Posted: 11 Jun 2020 10:19 PM PDT I have an opportunity to buy a 4BR house in a privately managed student housing development at a large SEC school. Think like a community of 100 houses, a Gym, pool, and other amenities that students at the local university apply to live in. I think 95%+ of the tenets are undergrads or grad students. Students apply as individuals or as groups and then are assigned to houses. On paper it seems great. There is typically a wait list each year and leases for the following school year are usually completed around February / March. Looking at an entry Cap Rate of ~7%, First Year cash returns of ~10%. One percent rule of ~1.3% The biggest concern for me is obviously renting to students as well as COVID. On-campus class is set to resume in the fall and the house is already leased for the year, so that makes me feel more comfortable. I also think that even if classes are remote students will still want the "college" experience and go anyways. My bigger concern is just a long-term collapse of on campus education w/ online classes etc... but I feel like that is a longer ways off. Does anyone have any experience with these types of investments or thoughts more broadly? Also, I have a friend that has owned one of the buildings in this community for a year and hasn't had any problems (yet). This would also be my first investment [link] [comments] |
| Posted: 11 Jun 2020 09:32 PM PDT |
| How do I see off market deals? Posted: 11 Jun 2020 06:46 PM PDT I have 2 investment properties and looking to scale. I'm curious how do people usually get to see off market deals/auctions etc. Open to paying options. Thanks! [link] [comments] |
| Posted: 11 Jun 2020 11:15 PM PDT |
| Price Effect on older houses near a new development Posted: 11 Jun 2020 02:08 PM PDT I live in a neighborhood with houses built around 1986. These houses are mainly 2-3 BR 2 B houses. They recently started to develop what was once farmland into basically a luxury neighbor that is a street away. My question is will these new luxury houses, because they are so close to my neighborhood increase property values or not really since the houses being built or on a different level and not similar at all? [link] [comments] |
| Posted: 11 Jun 2020 04:54 PM PDT I purchased my first property cash in September. I own it outright. It's worth about 60k and brings in 950 a month before insurances and taxes. It was rented from purchase until March 1 then I got a new tenant may 1. I just graduated and haven't been able to find a job yet. I'm also studying for the Bar exam until probably September. I found another potential opportunity to buy a house literally next door to mine for which will probably cost 30-35k after Reno but should be worth similarly to my current. Same type of deal. I should be able to get it out for 950 a month as well. What do you think is the best way to get a loan/mortgage/loc to buy this next property. I have cash I can put down as well. Ideally I'd like to buy both next door houses for a total of 60kish. But I am okay with just the aforementioned single house instead of both. Anyways. Thoughts? Need additional info? Really just trying to figure out if I should get a commercial mortgage on either one or two houses with money down to take value out of my outright owned one and save my available cash. Thanks. [link] [comments] |
| Title company says I'm liable for debts of probate property Posted: 11 Jun 2020 02:44 PM PDT I'm closing Monday on my first investment property. (Hallelujah!) It's been a long journey. (Since this is a legal post: I'm in Alabama.) The title company today sent over a list of exceptions to my title insurance. One of them being that creditors have 6 months from the time probate was started to file a claim against the estate and that I would be potentially liable for that debt. Title insurance wouldn't cover anything after the closing date. There's no pending judgements at this time against the property. My understanding of probates and estates is that a property is liquidated and the proceeds of that liquidation go into the estate. The estate then pays off debt. Since I'm purchasing the property from the estate, how would I be liable for any debt? EDIT for clarity: The property was listed on the MLS (it did say it needed court approval). There was a listing agent who's client was the court representative. My offer had to be approved by a judge. None of this was mentioned until today. [link] [comments] |
| How do I give up my share of ownership in a co-owned rental property? Posted: 11 Jun 2020 06:12 PM PDT 2 friends and I own a rental property approximately worth 100K (we bought it in 2005 for 150K). It's never had issues finding a tenant but I just want out and my partners want to hold onto it for a return that will never come. If they agree (haven't pitched to them yet), I'm ready to walk away and give up my third for $0. Assuming they'd agree, what steps would I have to take to do this? [link] [comments] |
| Buy multifamily cash, then cash out refinance to buy more Posted: 11 Jun 2020 11:39 AM PDT Hi all, I'm new to REI and I was hoping to get a reality check. I'm really interested in out-of-state investing, and currently Cleveland has caught my eye. Searching listings there has shown some triplex and even 4plex homes for about $200k. I have enough savings where I can buy such a place all cash, afterwards I could do a cash-out refinance and use that money to buy more multifamilies, then use the rent from all those units to pay off the mortgage. Is this a terrible idea? Basically I don't know what I don't know and something like this could go south quickly—so I've got this feeling I'm being super naive here. I'd appreciate any feedback y'all have! [link] [comments] |
| Posted: 11 Jun 2020 07:13 PM PDT I'm buying a duplex SLC utah for $427k with 15% down, my Mortgage payment with tax and ins will be around $1900. I will be living in the basement and renting out the upstairs for around $1500. After I move out I can rent out the basement for $1200. The house is older and in a developing part of SLC. Do you think this sounds like it's a good deal to reduce my living expenses and cash flow once I move out? [link] [comments] |
| Posted: 11 Jun 2020 08:44 PM PDT Hello Everyone, I am respectfully looking for some advice to get started in real estate investing. I essentially want to build some passive income maybe possibly retire early in the future. So here is some info about me. Location: Southern-ish FL area Income: $50k from day job, about $19K from my side business a year. My questions to the community here are the following, how would you guys do it? Or how did you do it? I am looking into duplexes not to live in one but just to own the property outright. What would be the best way to make a purchase like that? Also what are some key things to look out for when owning a multi-family home? I have never owned a home in my life so I am extremely new at this. Also, most duplexes in my area that are decent are about 250k+. Should I stay looking in this area or maybe look into investing out of state. Last question: when purchasing an income property, would it be wise to bring in a partner to start out with? or is that a bad idea? [link] [comments] |
| Any ideas for cheap lots in a working-class neighborhood? Posted: 11 Jun 2020 08:27 PM PDT I have 2 houses on a street in a working class neighborhood. Rents are $500 for one, and I'm going to ask $750 for the other as soon as renovation is finished. The neighborhood, and houses, and quite old, and most aren't in great repair. Houses can be had for $10k-$80k, with a very few larger/nice ones worth in the $130s. There are 2 houses on my street that are tear-downs. Ones is an old property, bought as an investment, and abandoned. It's just waiting for the state to auction it off. The other recently had a house fire. These two properties are adjoining. I could probably buy both lots and houses pretty cheap. And have the structures torn down and hauled off. But then what? I've been looking into a few options, but nothing has struck me yet. Do you think there's an option for investment here? Or just forget it? [link] [comments] |
| Posted: 11 Jun 2020 07:46 PM PDT I have 1 rental that is a SFH and I have been looking for another but also looking at some duplexes and I wanted to see if I am calculating things properly. [link] [comments] |
| Low Downpayment Conventional on 3 Flat? Posted: 11 Jun 2020 12:38 PM PDT I'm in the Chicago area and curious if any lenders have programs offering 5-10% down on a 3 unit property. Property price exceeds FHA limits and seller is only open to conventional. I know there was a program with 5% down on a 2 unit with no PMI. [link] [comments] |
| Those with property managers, what is your pricing structure? Posted: 11 Jun 2020 09:13 AM PDT Due to family circumstances, I've recently decided to move back in with family and rent out my house with the help of a property manager. The person who sold me their services advertised a 10% fee on rent, $200 lease-renewal fee, cost of labor and parts for maintenance, and nothing else (they even found the tenant w/o charge). However, after going through the contract I stupidly signed, and seeing my owner's statement, I realized their pricing structure also includes: 50% pet rent fee 50% fee on non-refundable portion of deposit ($250) 10% markup fee on maintenance done with outside contractors. I feel a bit dumb for not having caught this in the contract, but also feel deceived as I specifically asked about markup fees on maintenance items, so I'll be shopping around for a replacement (and will ask to see a sample contract before deciding). My question, for those who have property managers, what is your pricing structure? Do you feel it is fair? And how badly am I getting screwed? The house is in the Ogden area of Utah, fwiw. Thanks in advance, guys. Also, any advice going forward is certainly appreciated. [link] [comments] |
| VA Loan Househack in Colorado Springs Posted: 11 Jun 2020 01:46 PM PDT I have the opportunity to house hack in a multi-family with no money down. I think it's a great opportunity to add to our portfolio (currently 3 units) while preserving our bankroll. What kind of properties would you target? Avoid? How do you make the numbers work? What kind of returns should I expect? Securing the financing is almost off my plate, and I want to start making offers this weekend. I'm looking at multifamily niche in the Colorado Springs market, and we're interested in buy and hold strategy. What would you do with this opportunity? I want to make the most of it. [link] [comments] |
| Posted: 11 Jun 2020 01:40 PM PDT I bought my first house right out of college in 2018. It happened to be in a multi family zone with great ski resort/recreation access. I went out on my own and started renting the basement through Airbnb. I built an entire kitchen down there with plans to split the house. I call the city to ask about offsets for my exterior basement entrance. And mentioned my plans - she (city planner) says I'm in a single family zone. I laughed and said I'd checked a million times. Turns out, it changed to a single family zone since I last looked. I can turn the space into a mother in law/rental space- so long as I occupy the other part. But I wanted to split, move and rent both. I'm so mad that I just wanna sell it. I'm a mechanical engineer, working hard to get multiple streams of income and set myself up to get out of the rat race. What should I do? What options should I explore now? [link] [comments] |
| Thinking about buying a multifamily with my GF instead of renting. Talk me out of it Posted: 11 Jun 2020 06:01 AM PDT We're both 22 and I really just don't want to rent. Feel like starting young instead of renting will get me where I want to be quicker. Plan would be to live in the house for a couple years then get another multi family and live in that while renting out the other house and side. Keep multiplying off that, eventually go to apartments and potentially commercial properties. I know it's a lot more complicated than that and there will be ups and downs. Is there anyway to mitigate the risk if we breakup? I wouldn't be able to do this by myself right now. She's got the money for a down payment, I make more for the monthly payments. [link] [comments] |
| Those who do in-house management, how do you make the numbers work? Posted: 11 Jun 2020 05:52 AM PDT I would like to have in-house management eventually but I can't make the number work. It's always cheaper for me to hire a property management company unless I'm making $10+ million in revenue or something like that. How does it cost people less to do it in house before that point? Note that I'm not taking about self management. a single PM employee costs $45k where I'm at. That's how much I pay my PM company now to do everything for me. Help me understand this. [link] [comments] |
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