Real Estate Investing: How did you start? |
- How did you start?
- Is this a good way to get started in real estate investing?
- Best state to invest in real estate
- Looking At Buying A Future Vacation Home (Will Rent Until We Can Use) - Need Advice
- Is it even worth investing in real estate these days?
- Real estate tip and tricks thread - Canadian edition.
- How do I buy a property "as is"?
- What current interest rates are you seeing?
- Building a house to live in, but it might actually be profitable to rent
- How would you screen public REITs by portfolio characteristics?
- How to move into full time?
- Someone wants to buy my house
- Talking to Tax Assessor Before Purchase
- ROI vs ROE, is this relevant?
- Tenant Insists on Cutting the Grass
- Looking to change our PM in Indianapolis. Anyone who has property there have any recommendations?
- For rental SFHs, how big of an attraction is a garage?
- Any of you guys do repairs/improvements remotely after buying an investment?
- The joys of taxes...
- Request for advice for restarting negotiating
| Posted: 06 Jun 2020 07:49 AM PDT I'm 15 and I've never had a job. I want to retire early, about 35, I wanted to ask some questions. When and why did you become a landlord? How much money did you start with? What education did you have when you started? What job did you have when you started and has it changed? How many properties do you own and how did you afford them? - I mean was it savings from your job or from rentals etc. Biggest challenges you faced. Things you wished you knew before you started. And was it worth it, do you have any regrets. I'm hoping your responses will help guide me as you have walked the trail and I'm just beginning. Any further advice would be appreciated. [link] [comments] |
| Is this a good way to get started in real estate investing? Posted: 06 Jun 2020 02:24 PM PDT I am 29 years old. I currently have $25,000 to play with and, by the end of the year, I should have $35,000 to $40,000 in my pocket. Using that money, my goal was to buy myself a house. I wanted a simple house with 2 bedrooms and 2 bathrooms ranging from $160,000 to $205,000. However, I started researching real estate investing, and my viewpoints have changed. While I still want a house for myself, I feel like my money would better be served buying a house as a rental property and renting it out. In my area, they have quite a few 1 bed/1 bathroom condos for sale (and they are spacious). These type of condos range anywhere from $45,000 to $60,000. I was thinking about buying one or two as a rental property. My logic is that they are cheap enough so I can pay them off fairly quickly if I rent them out. Would that be a bad idea? I currently have no existing debt and my credit score is over 800. Just looking for some advice on this. Thanks. [link] [comments] |
| Best state to invest in real estate Posted: 07 Jun 2020 01:44 AM PDT Hi all, I'm currently living in Europe and looking to buy my first property in the US. Possibly I'll fly over to get everything sorted at first but after that I'll have the property managed by a local party. With currently technology a lot can be done with video conferencing etc. What are the best states to invest in when looking at ROI and tax rules? Are there any specific things I should consider when buying as a US citizen abroad? Any restrictions? Your help is much appreciated! [link] [comments] |
| Looking At Buying A Future Vacation Home (Will Rent Until We Can Use) - Need Advice Posted: 06 Jun 2020 10:41 PM PDT Hi everyone, My wife and I live in NY and are saving to purchase a house here for our primary residence, but we've always wanted to have a vacation home near Savannah, GA. We recently came into a little money, so we started looking into purchasing a home in GA after the COVID situation improves. The plan was to rent out the GA house to cover its mortgage (and maybe make a few bucks each month), while we continue to save for a home here in NY. Eventually we'd stop renting the GA house so that we could start using it as a vacation/winter home. This seemed very doable until I learned how high the down-payment percentage requirements for investment property mortgages are. Originally I thought we could get away with putting down less than 10%, which meant we wouldn't need to touch our savings. However, in order to put down the 20-25% my internet research tells me will likely be required, we'd have to use a nice chunk of the money we've been putting away for our NY home. I'm uncomfortable with this because we're looking to buy here in 18-24 months, and the amount we'd have to pull out of our savings to bridge the gap to 20-25% on a house in GA would impact our purchasing power here in NY. I've run the numbers and even if we found a renter immediately at 20% we wouldn't make the money back quickly enough with the timetable we're on. Does anyone have any advice for our situation? Either on how to get away with a lower percentage down-payment, bridge the gap without sacrificing our savings, or how to establish a self-paying mortgage on a vacation home? Our credit is excellent (above 800). I also don't know if our intention to eventually use the house ourselves would matter to lenders. Any and all help is appreciated! [link] [comments] |
| Is it even worth investing in real estate these days? Posted: 06 Jun 2020 10:12 PM PDT Hey guys. I've been a stock market investor since I was 16. I am 19 now and basically make enough to meet what little needs I currently have from just trading. My dad has been pushing me to take classes to become a realtor, however I feel like it is a waste of time mostly because of market prices. I see the price to rent shoeboxes in NY or the Bay Area or even right in my backyard in downtown Miami being exorbitantly high. This leads me to think that there is no money to be made anymore because all the in-demand properties are in metropolises and have already been snatched up by bigwigs to rent as AirBnBs or to rent to broke college students and no one wants to live thirty minutes from the nearest city where the money you may save from buying or renting is spent having to make stupidly-long commutes to work or school or to do anything remotely fun. There are only so many properties up for sale, and because of that, there are only so many properties that you could get a deal out of. I know that a lot of people have achieved financial independence through real estate, but I also personally know several people who were successful in the stock market and went into real estate with dollar signs in their eyes and lost everything, and I don't really want to have to interrupt the roll that I'm currently on in the stock market to become a realtor if it isn't worth it. [link] [comments] |
| Real estate tip and tricks thread - Canadian edition. Posted: 06 Jun 2020 09:34 PM PDT Starting this thread as Im sure there are some Canadians on this sub. We have bought our first residential property in BC and it has been a great learning experience. Wondering if anyone has tips tricks and things they learned they would like to share. Tenant, appraisals, taxes, home improvements etc [link] [comments] |
| How do I buy a property "as is"? Posted: 06 Jun 2020 08:52 PM PDT Usually these listings have one blurry photo of the exterior, are priced really low, and say that the unit is sold "as is". I'm assuming this means the interior is absolutely trashed and requires complete renovations. Are there statistics of on average how much it costs? Is it worth it to buy these units if you aren't buddy buddy with a contractor who can do the job? What are questions I could ask the real estate agent or owner? What are things (maybe have inspections come in?) that I can do before buying the property that would give me a better idea of the damage and layout? Any thoughts or advice are appreciated. Or maybe I should avoid these units entirely. For more information, one of my close friends is currently in a toxic and abusive relationship with her spouse and other family members (basically she's been abused for as long as she can remember) and I would really like to help her out. Ideally I can find a place somewhere in a not terrible neighborhood for a low price and basically "give" her the unit. I would still collect rent from her but waaay below market rates. I'm not looking to make money from this scenario, I would ideally like to just "break even" or have something like 1% or 2% ROI. I haven't invested in real estate before and am entirely in stocks so any advice highly appreciated. Thanks! [link] [comments] |
| What current interest rates are you seeing? Posted: 06 Jun 2020 12:29 PM PDT 1) Single family - owner occupant 2) Single Family - Investment [link] [comments] |
| Building a house to live in, but it might actually be profitable to rent Posted: 06 Jun 2020 07:25 PM PDT I live in a popular area, to both live in and tour. I had a few opportunities recently lined up to where I could build a house. I began looking for lots, but found almost nothing on the market, I managed to find a piece of land in one of the nicest parts of town for a great price. I modified a home plan to my liking, with a builder I know that does great work. I also added a casita with full kitchen, and laundry. I secured the lot, and got my price from the builder last week. I estimate my mortgage will be right around $2,100. According to several real estate investors, and the builder, I should be able to pull $1,200 from the casita (~850 square feet) without a garage space, vs $1,000 for an average part of town. That got me thinking, if I could also rent out the main portion of the house (1,400 square feet) plus the 3 car garage, I could possibly pull down $2,600 for both on a conservative estimate. I intend to live in the house, so this idea won't play out for at least a couple years. I just want to know what you guys think, and if I'm missing something. Could this be my way in to finally begin RE investing? I know this is well below the 1% rule, but you can't hit the 1% anywhere near where I live. Also, sorry for the format, I'm posting this on mobile. [link] [comments] |
| How would you screen public REITs by portfolio characteristics? Posted: 06 Jun 2020 07:22 PM PDT Hi All, I'm wondering there's a tool/website that can screen public's REITS? Like new development, geography, commercial/residential? Thanks in advance. [link] [comments] |
| Posted: 06 Jun 2020 12:42 PM PDT So I find myself recently unemployed and seriously considering moving into RE as a full time occupation instead of going back to work once unemployment runs out in a couple of months. I have 120k cash and three existing properties with varying degrees of equity. Health insurance is covered with a bonus 1200/month in retirement on top. Property 1: SFH. VA loan with 75k remaining and 40k equity. Cash flows 200/month Property 2: Duplex. VA loan with 280k remaining and 80k equity. Cash flows 400/month Property 3: SFH primary residence. 180k remaining and 120k equity. I was planning on refinancing my VA properties into conventional to try to buy a new 4-plex but lack of job will probably stop that action. For those of you who made the jump from passive to active investors utilizing BRRR, how would you move forward in my shoes? If it helps Im in the Minneapolis area and would be open to investing and flipping remotely if needed. I was hoping to leverage the cash I have available to do a flip or two to get me through the year cash flow wise and hopefully start springboarding me forward to bigger deals down the road. [link] [comments] |
| Posted: 06 Jun 2020 08:28 AM PDT Hey all, I bought a house in a highly desirable neighborhood in my hometown. Due to the #1 ranking school being behind my house, value has held up well. I imagine even through the pandemic, it will hold its value if not increase. I have tenants in the house until 10/1/2020. This is when I'd sell my house. I have friends down the street who have asked me a few times over the past year or so if and when I'd ever be willing to sell my house. My friend text me again this am asking if I'm still looking to sell in October, which I am, so long as the market is in my favor. She has friends who have even really interested in my house and my friend asked if she could give her friend my number, to which I agreed. What's the best course of action here? I want to make the most money obviously, but I've heard it's not wise to have buyer-seller interaction? Should I let my real estate agent know? Should I advocate that I won't be doing any deals outside of a qualified real estate agent? It's important to note: I've not committed to an agent. I have 3 good options. 1) Use the agent that I used to buy this house, 2) Use another agent in town who has shown interest, 3) Use the same agent that I would use to buy a house in my city which is an hour away, and he said he'd give me a deal (reduce his take home %), to use him to sell my house and use him to buy my new place. What's the most financially prudent move here for me? What questions should I be asking? What things should I be making known to the interested buyer? Thank you! [link] [comments] |
| Talking to Tax Assessor Before Purchase Posted: 06 Jun 2020 05:45 PM PDT About 18 months ago 2 mixed use properties came up for sale. One of the properties was better priced and had lower taxes and the person operating a business out of the location smartly snapped it up. It sold for $440k and they currently pay almost $8800 in taxes for a 38x132 lot. First floor is about 1500 sq ft of retail. Second floor is around 1200 sq ft, 2 bed-1 bath apt. It also has a "warehouse" garage space in the back which is approximately 800 sq ft. The property I'm looking at is approximately 1900 sq ft of commercial/retail space and 2 - 1 bed/1bath apartments totaling roughly 1500 sq ft. The taxes are $14,600 for this property with a lot size that is 40x132. Asking price is $419k and rent is $4k/mo with some realistic opportunity for improvement (owner runs a business out of some of the retail space and the apartments are under market by $100-200 each). My question is, before even purchasing the property, is there anything that can be done to find out how to lower the taxes? At $14,600, this is luke warm deal. Getting the taxes under $10k would make it a solid buy for me. [link] [comments] |
| Posted: 06 Jun 2020 08:50 AM PDT Hey guys, I see lots of people talking about cash on cash ROI but never about ROE (Return on Equity). For example, my father purchased a house in 2014 (great time) for $120,000 and it rents for $1200/mo. However now, that same house rents for $1600/mo but is worth $200,000. Still a great ROI, but the ROE is not great because of the increased value of the house. Is it time to sell and reallocate that equity? Very interested to hear peoples' thoughts on this. [link] [comments] |
| Tenant Insists on Cutting the Grass Posted: 06 Jun 2020 05:53 AM PDT I rent to 70 year old man who insists on cutting the grass at one of my properties because he enjoys it, and it keeps him physically active. I'm not comfortable with it, but he genuinely finds it gratifying. If something happens, like an injury, while he's in the act, am I liable? Should I re-draft the lease to have a clause absolving myself from liability? [link] [comments] |
| Looking to change our PM in Indianapolis. Anyone who has property there have any recommendations? Posted: 06 Jun 2020 12:43 PM PDT Current PM is not responsive and is just dropping the ball left and right. [link] [comments] |
| For rental SFHs, how big of an attraction is a garage? Posted: 06 Jun 2020 04:12 PM PDT Am looking at a SFR is the Triangle but it doesn't have a garage. With all the riots, I don't want to have difficulty finding a tenant. [link] [comments] |
| Any of you guys do repairs/improvements remotely after buying an investment? Posted: 06 Jun 2020 03:58 AM PDT |
| Posted: 06 Jun 2020 09:32 AM PDT I am finally in the green! After lots of construction and expenses last year I am finally set up to make money this year. I will have 2 two families that should bet about $35k combined. My question is this, if I plan to roll that money into the next property in 2-3 years do I need to pay capital gains tax? It seems silly that I need to pay taxes on it just because I am waiting for funds to accumulate to do a 1031 into a new property. What is the best /easiest way to defer paying taxes on this money until I can reinvest it? Follow up - planning on transferring both properties to an LLC this year (currently in my name) how does this effect taxes on them? [link] [comments] |
| Request for advice for restarting negotiating Posted: 06 Jun 2020 08:19 AM PDT A year ago I was contacted by an out-of-state real estate investment company interested in purchasing my undeveloped property. Their first offer is ridiculous but it was eventually raised to $325k cash. Pricing undeveloped property is difficult, but based on the area properties I saw on Zillow, I felt $400k was fair. If they had offered $350k, I would have taken it. I'm more serious about selling now and contacted them again as well as talked to an area realtor. That realtor, without having the seen the property, said the property is more in the $250k - $280k range maybe $300k. Checking Zillow again (including this realtors properties) that is low so I'm confused. I am contacting another area realtor. Anyways, the investment firm just now confirmed that they are still interested. At this point, I am willing to take $325k cash. My question is how to restart this negotiation? Should I repeat my last ask ($375k I think)? [link] [comments] |
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