Real Estate Investing: How should I go about contacting an owner of a property that I’m interested in, but is no longer on the market? |
- How should I go about contacting an owner of a property that I’m interested in, but is no longer on the market?
- Has anyone tried the BRRRR method and failed?
- 30 years old planning on starting in BRRR
- Low interest rates high inflation effects?
- Where do you all find the Days On Market statistics for recent homes sold in specific areas?
- Converting a bedroom into a bathroom to increase property value?
- How to find past rental listings in a certain area?
- What would you do with this
- Should I take over my Dad’s mortgage
- Renting out first home. Advice
- Making a partnership make sense
- How reliable is this sub
- A few questions about renting and flipping properties?
- Buying Power Question
- Anybody having any knowledge on Wholesaling & acquiring Real Estate in general?
- Electronic signatures for lease?
- BRRRR/House Hack hybrid - Projected $150K equity and $800/mo positive cash flow.
- Anyone know why the closed cell foam i put in the attic walls is developing a thick coat of sticky liquid? It's dripping and seems like condensation or something. Any help?
- Would I still be able to apply for an FHA loan even though I was gifted a house not even a year ago? (More info inside)
- Buying 2nd mobile home + change to an LLC?
- Airspace Condos
- MLS data
| Posted: 20 Jun 2020 08:12 PM PDT I've been interested in this multi-family property in my neighborhood that was previously on the market. The seller apparently removed the listing because real estate moves slow where I live and I guess he/she wasn't getting any buyers. The seller does not live at the property. My aim is to contact the seller directly and give him/her an offer for the property. I'm sure he/she is still looking to sell if the price is right. I want to try to avoid dealing with realtors. What is the best way to go about finding who the owner is? Is there a way to get his/her contact info? Should I write to him/her? Or should I just call? Any advice on this matter is much appreciated. Thanks! [link] [comments] |
| Has anyone tried the BRRRR method and failed? Posted: 20 Jun 2020 07:10 AM PDT I'm looking into doing the BRRRR strategy and have only seen amazing stories/how profitable it was with no money invested. I'm curious to hear stories of people who lost money with this strategy and what lessons they learned. I appreciate any input! [link] [comments] |
| 30 years old planning on starting in BRRR Posted: 20 Jun 2020 05:39 PM PDT Spare some advice for a newbie? About me: My plan right now is to analyze properties daily in cheaper out of state markets, be extremely conservative with my numbers for cash flow, ARV and over estimating all repair costs until I find what appears to be a good deal. Also considering multi-families to house hack for a year. Then write cash offers on any that I'm able to find with inspection contingencies Run the gamut on inspections to check for any surprises. And use any to negotiate a lower price if they aren't deal breakers (structural/roof etc). Find a solid well reviewed contractor team with community recommendations and over estimate all time and costs for the contractor jobs to finish +20 percent. Take those costs into account before committing to a purchase. If the numbers still make sense, buy the place and get it rental ready using industry standards. Take professional photos and be highly selective of a property management company. Screen all tenant applications and be extremely selective there as well with background checks, credit score deposit, lease terms etc Get that cash flow going, take some money out in equity (is this a reverse mortgage?) and use this to get hunting on the next deal. Does this sound right? Should I be paying cash for the property? No PMI or interest that way and I probably can't get a loan being unemployed unless a lender can use stocks as collateral. I also have a plot of vacant land 3 acres worth approx 25k here in CA I can use as collateral. My budget will be approximately $150k for my first property including repairs, taxes closing fees. I know this isn't much in most markets. Any advice for a noob looking to break in would be greatly appreciated. I love learning from you all. [link] [comments] |
| Low interest rates high inflation effects? Posted: 20 Jun 2020 12:35 PM PDT Not sure if this is the right sub. But the fed has said interest rates will remain near zero until 2022. The government is also injecting trillions into the economy, buying corporate debts which will never be paid off. The fed took a similar stance during the Great Recession but nowhere near the amount being done today. How long did it take for rent prices to feel that inflation last time? Inflation doesn't happen over night, but in the next 5 years or so do you expect to see rent prices to take an effect and jump? [link] [comments] |
| Where do you all find the Days On Market statistics for recent homes sold in specific areas? Posted: 20 Jun 2020 09:21 PM PDT I'm trying to do some research on which areas have low days on market. I use Zillow + Redfin, however the recent sold homes don't show the days on market. Does anyone have a good resource to find this? [link] [comments] |
| Converting a bedroom into a bathroom to increase property value? Posted: 20 Jun 2020 05:13 PM PDT I have been looking at a few small houses that have 4 bedrooms and 1 bathroom. I feel like 3 bed/2 bath is much more practical. Does it make sense to convert one of the bedrooms into a bathroom? Would this increase the value of the house? [link] [comments] |
| How to find past rental listings in a certain area? Posted: 20 Jun 2020 07:39 PM PDT Is there no website to check out places that are rented out in a certain zip code? Sorta like how you can see past homes that have recently sold, I can't find anything to show past rentals that have been rented. I'm trying to find this info because in my specific zip code there are hardly any rentals posted but I know there are a few homes that have been rented. [link] [comments] |
| Posted: 20 Jun 2020 10:34 PM PDT There is a building for sale with 14 units that consist of a bedroom,bathroom and den with one common kitchen for all 14 units. It used to be an assisted living. This is in a small town of approximately 30k. The price seems reasonable but wanted to get others opinions of what could be done with it. [link] [comments] |
| Should I take over my Dad’s mortgage Posted: 20 Jun 2020 04:24 PM PDT I'm now a 22 F and I graduate college in 1.5 years. Financially, I'm not the most stable since most of my money goes to paying tuition and my parents don't help. Next year my dad's retiring and I moved back in to save more money even though it's not the most emotionally safe environment for me. My sister (32), her kid and an uncle also live with my dad so the house is full. My dad is considering either selling the house or have my mom ( divorced) take it over. Since I'm the youngest and still getting my self together, they don't expect much from me and my sister has never contributed to and housing expenses although she likes to act like she owns it. I doubt she will take over the mortgage because she pretty much thinks she's above it and the house has definitely seen better days in the last 15 years. I want to improve my finances and make the suggestion in 6 months to see If I can assume the mortgage and have the house in my name. Of course I don't have an interest in really owning a house right now but I started planning to buy one by 26 so I could bump up my timeline and start building my wealth early. My plan is to get the house , give everyone 6 months to vacate after my dad leaves since we're all adults, fix up the house and rent out 3 rooms while I turn the basement into an apartment for myself. I currently make about 30k but with some extreme frugality, I could have at least 10 k in the next year. I don't have to pay my student loans for the next 2 years( only 15k) and have decent credit(680). My dad has about 150 k in equity on a 265k mortgage and pays about 1500 a month. Is this a viable option for me? [link] [comments] |
| Renting out first home. Advice Posted: 20 Jun 2020 09:04 PM PDT Good evening y'all. Currently living in a home I bought six years ago with a VA loan. I bought it for $63k foreclosed. Mortgage is $450 a month ($190 of that is escrow). I refinanced back in February and owe $56k. For the area I could easily pull $900 a month for the house maybe possibly even more but for the time being I have a somewhat friend (bad I know) saying she's ready to sign a year lease for $900 a month. However I have some questions and would like whatever advice I can get. Kinda confused on where to go to get a contract written for lease. Also confused on what to do if the person is flaky and doesn't pay. Is there a way to make sure you get your money if they don't pay or can you be stuck and also who to go to in this situation? I plan on renting a place in Florida (600 miles away) and finding new job but I have about $30k in emergency savings so not really worried about financial aspect and with my degree I can easily find a job. (Industrial systems, I can fix any machine inside a factory and any job will pay well for wherever I live as long as it's a reasonable place) Also I can rent out a VA loan house I just refinanced correct? Any advice for my current situation? I feel like such a beginner and trying to get everything together before August. [link] [comments] |
| Making a partnership make sense Posted: 20 Jun 2020 10:00 AM PDT Long story short, I'm the one with the capital. Really close friend has a construction company and does fantastic work. We want to go in together on rentals, and potentially flips in the early beginning to build more capital. What are some of the best ways you guys have found to form these type of partnerships? [link] [comments] |
| Posted: 20 Jun 2020 01:02 PM PDT I've come across a few comments on here that says a lot of advice on here isn't that reliable and that there aren't a lot of professional investors with experience on here. What do you guys think should everything be taken with a grain of sand? [link] [comments] |
| A few questions about renting and flipping properties? Posted: 20 Jun 2020 12:45 PM PDT How do investors decide whether they want to sell or rent a home out ex: Tom flips a home and then he decides to rent it instead of selling it why? Is flipping duplexes/triplexes/fourplexes a common thing? If somebody fixes a home then rents it out how do you decide when you want to sell the property? [link] [comments] |
| Posted: 20 Jun 2020 11:39 AM PDT I have been studying various real estate investing strategies (residential and commercial) for some time and still am left with the same question in terms of scalability. If someone is trying to convert from working a full time job making $100,000 (easy math) a year, you could get up to $430,000 in mortgages assuming $0 in monthly liabilities (unrealistic, I know) and 4.1% interest rate. Assuming you had the money for all down payments, rehab etc saved, how do people scale and make the transition to doing real estate full time? While I know you get to count the rental income, even if you're making 1% a month after debt servicing and not setting aside anything for maintenance, you'd only be making $24,000 a year in cash flow. While you'd have around an additional $100,000 in buying power, that's not much and not enough to live on and you're screwed when you have HVAC or a roof that needs to be replaced because we haven't set aside anything for repairs. So the question is: no matter what investment strategy you use, how do you get over the Debt to Income ratio to really scale up? Side notes: I know with commercial, lenders will be more concerned with the cash flow of the property and then qualify the borrower second. However, I am mainly looking a SFR to start with and scale to commercial once I am confident in my processes and abilities. I know that some banks will draw the line in the 30% range for D/I, $36,000 or $40,000 isn't a ton to sustain yourself and your properties if you stepped away from the 9 to 5. I just used a simple google calculator to make things easy when calculating numbers. Please school me on what I'm missing here :) [link] [comments] |
| Anybody having any knowledge on Wholesaling & acquiring Real Estate in general? Posted: 20 Jun 2020 02:58 PM PDT I'm so close to purchasing my first property but I'm afraid to pull the trigger because I don't feel like I know enough. I grasped the concept of wholesaling but again, I haven't been able to converse with anyone who has knowledge and/or experience. I want to know exactly what I'm doing so my time and money is not severely wasted. [link] [comments] |
| Electronic signatures for lease? Posted: 20 Jun 2020 02:20 PM PDT With COVID still going strong it makes sense to limit contact with tenants, has anyone used a good free e-Sign tool? The lease template I use has initials required on each page with full signature on a few. [link] [comments] |
| BRRRR/House Hack hybrid - Projected $150K equity and $800/mo positive cash flow. Posted: 20 Jun 2020 09:02 PM PDT Hi All, my first post here after watching for a while. I've done a couple live-in flips, I'm a realtor, and I now have a project where I'm airbnb'ing 2 rooms in my main house, while finishing a 900 sf apartment in my basements. The result I'm projecting is a net equity increase of $150K, which will allow me to re-finance at 75% LTV to pay off my original mortgage, and the $145K renovation cost, still leaving the $150K of equity in the home. I'll also rent the space for $1650/mo (or more) resulting in $800/mo in cash flow over the mortgage increase from the current mortgage. Heres a video describing the project: https://youtu.be/r1mJDthbhes I made this video to help my real estate clients, as well as other newer investors, run the numbers and see what goes into a project. I'll be sure to report back after I refinance to let everyone know how I came out in the deal. [link] [comments] |
| Posted: 20 Jun 2020 01:16 PM PDT |
| Posted: 20 Jun 2020 12:22 PM PDT Hi, I found out about FHA loan after I was gifted a house from my parents making me an owner of that house. I was gifted the house in September, 2019 through a quick claim deed. I found out about FHA loan this year when I wanted to purchase a house and was doing some research. My budget for a house is around 220k-250k. I am still a student with a job that pays me $15 an hour, and an online business that generated 36k in 2019 (first year), and I've already passed 30k revenue in 2020 as of today. My savings amount to 35k. My goal is to generate at least 60k this year making my yearly income to: Job: $15hr x 20h = 300 before tax (single) 50 weeks = 300x50 => $15,000 Business: 60k revenue goal for the year before taxes. About 20-25% profit margin so I'd have about: $15,000 in profit. Now my goal is to increase this number as the years go by so I usually reinvest 50% of my profit back into the business. My total earned for the year would be roughly: $30k. This would go up more in a year when I graduate and find a better paying job. With this information, please let me know if I'd be able to qualify for a FHA loan even though I already own a house through a gift. Also, I apologize for the format and information cluster. I am not informed much on real estate and I am on mobile as well. Thank you. [link] [comments] |
| Buying 2nd mobile home + change to an LLC? Posted: 20 Jun 2020 11:48 AM PDT Throwaway account. Bought a mobile home a few years ago in Central California for around $50k cash when it was "valued" at $115k. Been using it for Airbnb. It has done well. Now I have an opportunity to ("build") buy a 2nd mobile home in the area for a similar price in cash. Should I create an LLC to change it from my name to the business in case of any liability reasons? [link] [comments] |
| Posted: 20 Jun 2020 11:07 AM PDT Anyone have any insight into airspace condos? Is there a good ROI or is the process too much hassle to get approved ? [link] [comments] |
| Posted: 20 Jun 2020 09:40 AM PDT Thanks for all the support with the calculator. I think the calculator is almost done. Rental Cash Flow Calculator https://www.reddit.com/r/realestateinvesting/comments/g1vzai/rental_cash_flow_calculator/?utm_source=share&utm_medium=ios_app&utm_name=iossmf I got the rental data but now I am running into getting data from MLS. Since I am not a realtor, I don't have access to it's data. I won't be able to get license... don't have time for it yet. What is the easiest way to get MLS data. I am looking for access to MLS api where I can get list of opening for given zip code. Per my research realtor can add me as an assistance not I am not able to get anyone. Is anyone here help me out please DM me. I can promote your info in our weekly .email, if interested. U [link] [comments] |
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