Real Estate Investing: How would you split profits for a partner that is mostly doing the labor for remodeling flips? |
- How would you split profits for a partner that is mostly doing the labor for remodeling flips?
- Inheriting money, where and what to buy.
- Refinancing mortgages property
- Seller May Have Cheated me out of my First Escrow
- Rooms for Rent Should be Numbered?
- Looking to make first purchase. Have a couple different ideas.
- Interested in buying a rental property my real estate agent owns.
- Hi guys, I am looking at purchasing my first home because I don’t want to pay rent. How to find the reason behind a sharp decline in home values in Zestimate?
- Making life decisions: invest in real estate or have kids first
- Three units sold as a package - 3 mortgages?
- Do you pay taxes on the sale of your house based on the total sale or on the profit made?
- Looking to buy my first investment property out of state. Have around 50k for down payment. Need some advice
- How much do you really need for a down payment?
- Looking to get a 1031 exchange for a rental property and eventually make it into our primary residence
- Can someone review this and tell me why this is a bad deal? Not ready to invest, but it seems decent. Not sure why it’s still available.
- Need help starting
- Renting to family/friends
- Potential Deal,but....
- Mortgage Commission?
- Mortgage lenders vs Bank loan
- Non-REO Foreclosure Redemption Rates
- Out of State Investing Books / Resources?
- House Flip Tax
| How would you split profits for a partner that is mostly doing the labor for remodeling flips? Posted: 08 Jun 2020 05:36 PM PDT I am probably going to start planning a property with a family member to help him get into a new career, or at least some cash flow of his own. I know the risks about that, and that isnt what I am worried about. Im mostly going in to help the person. But how would you divvy up the income for either a flip or rental? Im mostly going to be fronting the money and finding a good potential property while he will be doing the labor for the remodeling. Ive never done a partnership with a property before so Im just trying to figure out some of the snags like this. Edit: Thank you all for the help! I appreciate hearing the input. [link] [comments] |
| Inheriting money, where and what to buy. Posted: 08 Jun 2020 08:56 AM PDT Hi friends, we are inheriting roughly 350k from the passing of my FIL. My husband hates his job and would like to move into real estate full time. We currently own a SFR with two guest houses in So Cal. The tenants pay all but $600 towards the mortgage for our 4 bedroom house. We have a cabin in the mountains that we bought to fix and rent out but because of a burst pipe we've had to start over on much of the work, delaying our plans. Now we find out that we will inherit a lump of money and would like to be able to transition to real estate investing full time. We have experience in rehabbing as all 4 houses have been fixers. Would you start with a flip to build up that amount? Would you purchase an income property? More rental cabins in the mountains if each one could net you 10k per year? I would love some advice on how to spend this money wisely to further our real estate / world domination goals. :) [link] [comments] |
| Refinancing mortgages property Posted: 09 Jun 2020 02:12 AM PDT I purchased a rental property a month ago for $300K. It's got a decent rental income, about 23%. I used a mortgage to buy it, and was wondering how easy it would be to get a second mortgage on the same property or any other home equity loan? Btw, I might use the finance I get to buy another rental property. [link] [comments] |
| Seller May Have Cheated me out of my First Escrow Posted: 08 Jun 2020 04:07 PM PDT I need some advice. (sorry about the spacing, my spacebar took a quit on me today) I am applying for a california duplex under FHA. We were in a 90 day escrow (originally supposed to close may 19th, but it got pushed back due to the lending changes that happened during the pandemic. Last week around June 3rd we were told the seller wants me to sign an early release of deposit to ensure extra time on the escrow, extending it out to the 15th (CD due by the 8th, today). They said it was the only way because they were ready to close but my lender was still finishing w underwriting. 4:45 pm on Friday my agent gets news from the sellers agent that the septic tank failed inspection. They said they can install a new tank aug. 7th and write the payment into the escrow and still close on time. My lender is telling me we cannot close FHA unless it passes inspection. What the H*ll just happened to me? How do I go about this seeing that per that agreement they can cancel escrow today and keep my 2 grand, and I lose out on another grand I paid in inspection and appraisal. How do I handle the situation hereout? [link] [comments] |
| Rooms for Rent Should be Numbered? Posted: 08 Jun 2020 07:45 PM PDT I have a house with about 7 rooms that I will be putting up for rent. Is it advised to number each room on their door using adhesive numbers or something similar? Thanks. [link] [comments] |
| Looking to make first purchase. Have a couple different ideas. Posted: 08 Jun 2020 11:20 PM PDT I'm wanting to invest in real estate very soon. My only debt is primary residence and I have over 100k equity in that. I have 80k+ ready to spend. Ideally I'd like to purchase a small piece of land nearby and build a 4 unit building. However there is nothing around me and I can't see anything popping up soon. So kind of counting that out. If something comes up I'll jump on it for sure. My more realistic option is to buy a standing building. I'm torn between buying a cheap house to rehab and rent and not have to finance or buying a bigger structure. A small house I can do everything myself and I currently have the time. There is a house for 50k right now 850sqft 2br1ba that I can have looking great for under 20k (new bathroom, vinyl plank floor, IKEA kitchen, all new trim and any plumbing/electrical upgrades needed). I could likely get $750+ rent for it's location. There is also a commercial/residential building for 300k that has 3 offices and 3 residential buildings upstairs. This is a large brick building with a low slant metal roof. Two of the offices generate 700/month and a vacant one rents for $400. All 3 residential units generate 600 and have tenants. The cash flow seems awesome on the larger property but it is very intimidating dealing with something that expensive. In average for the past 12 months we have put $2500 in savings so I can probably cover periods of vacancy. Looking for advice as I'm so new to this. I've only ever bought a house from my dad then built my own as the general contractor and sold my first. [link] [comments] |
| Interested in buying a rental property my real estate agent owns. Posted: 08 Jun 2020 07:26 PM PDT My real estate agent has a small rental up for sale, she says her current partner is not working out and wants to get rid of the house ASAP. The house was fully renovated 2 years ago and currently has tenants in until February 2021. If I decide to make an offer how do I go about it with her being the seller herself as she would also be representing me as her client? Anything in particular I should look out for, anything I should ask? TLDR: my real estate agent is selling a property, what should I look out for being that she will the the seller and the buyer's (me) real estate agent? [link] [comments] |
| Posted: 08 Jun 2020 09:18 PM PDT I am looking to buy a home in an area in boston and the area and city of boston have grown consistently on the chart but the house saw a sharp decline from March to April 2018 from 475k to 345k. How do I find out what happened that caused such a sharp decline? Thank you [link] [comments] |
| Making life decisions: invest in real estate or have kids first Posted: 08 Jun 2020 12:22 PM PDT I'm getting married at the end of the year, and my fiancee and I have discussed trying to have kids shortly after. I also want to grow in real estate. I currently own a two unit, living in one side, and I'm looking to purchase a 4 or 8 unit property. I'm looking to hear your experience: can I do both within a year or two, while working a full time job? Or is it a recipe for disaster? [link] [comments] |
| Three units sold as a package - 3 mortgages? Posted: 08 Jun 2020 10:46 AM PDT There is a property in my market that's selling three different addresses as a package (3 units per = 9 units total). Despite favorable economics (2% rule), this property has been on the market for nearly a year and I'm wondering if buyers are having trouble getting three different small mortgages to buy this package. I'm assuming that 99% of the time lenders won't offer one mortgage for the package of three properties. [link] [comments] |
| Do you pay taxes on the sale of your house based on the total sale or on the profit made? Posted: 08 Jun 2020 05:45 AM PDT So lets say I originally bought a house for £5m and after 5 years I would sell it for £8m, will i be taxed for the £8m cost or only from £3m profit? Tia! [link] [comments] |
| Posted: 08 Jun 2020 06:05 PM PDT I have around 50k (that I could stretch to 60k if needed) that I would like to invest for a rental property. I am in the beginning stages of researching and just need some guidance on where to find certain information and what resources to use. I live on Long island. The market here is too expensive, so I am looking at Florida primarily. My budget is 200k or less. I am interested in a single family home for long term renters (I think?). I found some interesting deals (wholesale, foreclosures, etc). But it has me thinking that if the seller is asking a fairly low price is there a reason for this? I don't want to get stuck with a property I cant rent out. How can I determine how easy/hard it would be to rent out my property? How much I could get for my property? If the asking price is lower than the Zillow estimate, is that a good sign? I am very business oriented and would love a career change, so hopefully I can turn this into a full time income at some point after I put in my 10,000 hours or so. [link] [comments] |
| How much do you really need for a down payment? Posted: 08 Jun 2020 06:01 AM PDT I bought a house in January for $129k at 3.5%. I'm active duty so I used a VA loan requiring 0 down. I'm interested in buying a rental before moving in the spring of 2022. A property could be had in my area between $60k-$80k with an average rent of $750-$800. I intend to rent my current property once I leave for $950-$1000. My wife has student loans which can be paid off in a year with strict budgeting so I won't be buying anytime too soon. My biggest concern is being over leveraged between the house I currently own and the rental I'd like to buy. I would prefer not to have pmi. I currently have $5k for an emergency fund and will build off of that. What is the minimum down payment for a house in that range? [link] [comments] |
| Posted: 08 Jun 2020 05:01 PM PDT We're considering a 1031 exchange for a house we're selling in a month (I know we need to do this before the sale. We're in the process of of finding a QI). In the future we are hoping to one day live in the next home we purchase through this 1031. Will we need to pay capital gains at that point? Or by living in it for 2 years, do we end up avoiding them altogether? (Important info: we have housing through my husband's job, so we don't pay for a mortgage other than the house we're selling). Thanks! [link] [comments] |
| Posted: 08 Jun 2020 04:49 PM PDT |
| Posted: 08 Jun 2020 03:39 PM PDT I am 20M college senior graduating debt free next year. I want to be a real estate investor but have no idea where to start! Before you comment yes I've watched dozens and dozens of YouTube videos, I've read a lot of reddit posts but no help. I am in Texas and know the houses here are cheap, but I will only save a few thousand dollars (5000-10000 estimation) before next year. How do I start investing? I was planning on buying a duplex in the college town I live in and house hacking but where does that go from there only cash flowing at most 1.2k a year (estimation)? [link] [comments] |
| Posted: 08 Jun 2020 02:52 PM PDT I know it's generally advisable not to rent to family or friends. I rented from my mom for two years, because it was a great deal for me, and there were never any issues during or after. However, I know not every renter will be as good as I was. That being said, to those who have done it, how did it work out? Nightmare, or flawlessly? I've got a friend who is having trouble finding a rental(college town,deals keep falling through) and I'm considering buying my first rental property and renting it to him. Less risky because I know the guy, but of course a landlord/renter relationship is completely different than a friendship. I'd like some insight. [link] [comments] |
| Posted: 08 Jun 2020 07:26 AM PDT So I am currently renting the largest unit (3/1.5) in a triplex. The landlord is elderly and owns the property free and clear according to county records. Property taxes are about 2,620 per year and there is no back taxes. The other 2 units (2/1.5) rent for $500 and $400 monthly. My girlfriend got into the largest unit about a year and a half ago largely in part to her friend living in one of the other units. I am seriously considering house hacking. The issue is, current rents are well below market value and I would most definitely be raising them to remain competitive. This would most likely cause an issue between my girlfriend and her friend who is also her boss at her second job. I was curious if anyone else experienced this and if so. How did you handle it. [link] [comments] |
| Posted: 08 Jun 2020 03:48 AM PDT Do mortgage brokers make a bigger commission off of a refinance or new mortgage origination? [link] [comments] |
| Posted: 08 Jun 2020 12:11 PM PDT |
| Non-REO Foreclosure Redemption Rates Posted: 08 Jun 2020 12:11 PM PDT Hello all - does anyone know if there is data available on the redemption rates of foreclosure/sherriff sales? Thanks, everyone! [link] [comments] |
| Out of State Investing Books / Resources? Posted: 08 Jun 2020 11:46 AM PDT I'm a brand new investor who's read a couple of books on the broad ideas of real estate investing. I live in Southern California so I feel basically helpless in investing where I reside due to home prices. I like the idea of investing out of state and would like to read more books on it. I've read reviews on the out of state book by biggerpockets which make it seem it's more overarching ideas rather than the nitty gritty. I'd really like something to give me concrete steps to take and not just be theoretical ideas and concepts. Can someone please recommend good books for out of state investing? Or [link] [comments] |
| Posted: 08 Jun 2020 11:41 AM PDT Partner and I purchased SFH in cash for $12.6k including closing costs. Spent $15k rehabbing. Comps are ~$100k. I have a couple questions on what to do next. Can we each take our own share of profit and open separate 1031 exchanges or do the funds need to be used in the same future deal? If we did a cash out refi for $80k and then sold the property for $100k would we still pay taxes on the $72.4k gain or would we just pay taxes on $20k since loans aren't considered income? Thank you for the answers. Excuse my ignorance on how 1031 exchanges work. Will leave up post in case others had the same questions. [link] [comments] |
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