Real Estate Investing: I assumed this subreddit would have a long list of resources in the description, is there another that does? |
- I assumed this subreddit would have a long list of resources in the description, is there another that does?
- What Is Your Personal Cash reserves Strategy? Do You Keep Cash As a Percentage Of Overall Debt, Or Is It Related More To Monthly Expenses?
- How to handle moving in to one unit of a tenant-occupied duplex
- Structuring leases for assisted living facility - help
- Other Forums on Real-estate Investing
- Buy one property in California, or three in Nevada?
- House Hackers: What were your most successful ways of seeking out one room at a time tenants? Have you ever brought a lease agreement to apply for an FHA loan?
- Small scale BRRR
- Why do landlords require renters insurance from the tenant?
- Looking to rent my condo by myself without an agent or management company? Any pointers- sites to best advertise the rental, best free electronic payment method, property insurance changes, etc.
- Are seller disclosure forms legally required in California?
- Foreclosures in LA county question
- Rental house in Greece?
- Evaluate My Duplex Investment (please!)
- Portfolio Growth Details
- Appraisal Came in Lower than Purchase Price. Who pays?
- Need Career Advice
- Trying to figure out the best way to set up the legal structure for RE operations
- What type of account do you keep your reserves in?
- Commercial tenant asking me to share cost on finishing garage space. Would you do it?
- Closing on first property - do I need a real estate attorney?
- When must the seller provide buyer all disclosure forms in a real estate sale?
- Can someone explain commercial valuations like I'm 5...?
- Under contract on a duplex
- LLC or no?
| Posted: 16 Jun 2020 02:20 PM PDT I came to this sub thinking in the "about" section there would likely be a wiki with a bunch of books or programs to learn about how to invest in real estate, unfortunately I'm not seeing that. As this subreddit seems to be predominantly people with experience or properties already, I'd rather return once I've already studied up on the principles and basic concepts of real estate investing. Would someone mind pointing me in the right direction? [link] [comments] |
| Posted: 16 Jun 2020 08:09 AM PDT I am just getting started with real estate and I'm trying to develop my strategies. I'm trying to decide how much cash to keep in reserve for unexpected expenses or vacancies. Any advice is appreciated. [link] [comments] |
| How to handle moving in to one unit of a tenant-occupied duplex Posted: 16 Jun 2020 12:52 PM PDT I purchased a 4BR/4BA duplex (each unit with 2BR/2BA). Both units are presently occupied, and are renting for a (grossly under market) $750/month on month-to-month lease. I'm looking for advice on how to discuss move-out/re-lease options with the tenants. Because I chose to do an owner-occupied mortgage, I must move in to one of the units within 60 days of closing. My plan is to move in to one unit for approximately 1-2 months, fix it up, and then move in to the other unit. I think that I could reasonably ask $1200/month in rent per unit after the units are fixed up. My question is: How do I inform the tenants and which do I ask to leave? Tenant A has been there for 7 years (with no rent increases). The unit is in reasonably good shape but there is an obvious smoke smell (likely from smoking outside and then having smoke on his clothes). Tenant B has been there for a little over 1 year. It's a family with 2 kids, and they appear to do a good job with upkeep of the property. If would be preferable, but unlikely, for the tenant that stays to move from the un-renovated unit into the renovated unit after I fix it up. It would be unlikely for a few reasons, namely a $550 rent increase and the frustrations of breaking from the habit of going to the other side. So… how should I go about talking with them? Face-to-face, letter, email, phone call?? I would like to candidly tell them what's going on, how I must move in to one of the units, and how I need raise the rents. But I would also like to select the tenant that is willing to pay me more money now while continuing the month-to-month (maybe a bump to 800 or 850), and then also be willing to move into the renovated apartment for $1200/month. Worst case scenario, I would kick out Tenant A, renovate for 2 months, and then kick out Tenant B and find a completely new renter to take over the renovated unit. It's not lost on me that we are dealing with coronavirus right now so things may not go as planned (but the coronavirus restrictions appear to end at the beginning of July). It's also not lost on me that a family may find it difficult to quickly move out and find a new place if they didn't want to pay an increased rent. I would gladly give as much time as they need to move out (I'd likely give them 60 days' notice). Thanks in advance for your thoughts. [link] [comments] |
| Structuring leases for assisted living facility - help Posted: 17 Jun 2020 01:13 AM PDT Looking to buy a small multifamily and run it as a group home. We're currently discussing different structures for how to setup the deal. So far, we'v'e got:
What would you guys do if you were me? We net more money with NNN and Gross Modified due to higher expenses and lower business tax [link] [comments] |
| Other Forums on Real-estate Investing Posted: 16 Jun 2020 09:13 PM PDT Hi All, I was hoping you guys could help me out and point me in the right direction to find additional forums on Real-estate Investing. Looking to expand my knowledge on Real-estate and would love to hear what other forums were good for you all! Already on BiggerPockets, any others? [link] [comments] |
| Buy one property in California, or three in Nevada? Posted: 16 Jun 2020 08:07 PM PDT How should a person think about real estate investing and diversification? (Just using CA & NV as an example in the headline) All else equal (e.g., cumulative mortgage payments, ease of renting, monthly maintenance costs), is it better to diversify with multiple smaller properties vs. purchasing one more expensive property? What are the advantages/disadvantages? Perhaps, the potential to sell part of my portfolio? Lower risk? Could multiple properties actually increase my risk? (e.g., simultaneous default on rent by tenants) [link] [comments] |
| Posted: 16 Jun 2020 07:50 PM PDT
I am aiming to buy a 4 bedroom older but phenomenally renovated home in a decent neighborhood within 1-2 miles of the downtown plaza and College campus of a mid size Midwest city. Currently have one tenant lined up already prepared to sign a 1 or 2 year lease starting in September. I want to seek out more once I close, ideally both for a lease but I'd consider using 1 room for AirBnb as well. Any input is valuable. [link] [comments] |
| Posted: 16 Jun 2020 07:20 PM PDT Just wondering if anyone has had any experience with buying homes and then doing a cash out refi with the total home value <$75,000 after renovation? [link] [comments] |
| Why do landlords require renters insurance from the tenant? Posted: 16 Jun 2020 09:43 AM PDT How does this benefit the landlord and if the coverage only protects the tenant? Any pros to the LL? Doesn't the owners property insurance cover any building damage? [link] [comments] |
| Posted: 16 Jun 2020 01:45 PM PDT Are items such as light bulb changes, a/c filter changes, fridge filters paid / installed by the renter and not responsibility of owner? [link] [comments] |
| Are seller disclosure forms legally required in California? Posted: 16 Jun 2020 09:13 PM PDT Is it legal to complete a real estate transaction without signed seller disclosure forms? [link] [comments] |
| Foreclosures in LA county question Posted: 16 Jun 2020 05:25 PM PDT Has anyone recently purchased a foreclosure in LA county? Were you forced to do everything online because of covid19 or were you able to bid in person? Also, what are the typical spreads between what the Comp value is of the house and the winning bid price? Last auction I went to had it vary depending on the size of the house.. from 95% down to 50% If I remember correctly you typically want to come in at 75% of ARV does this apply to HCOL places as well ? [link] [comments] |
| Posted: 16 Jun 2020 01:28 PM PDT Apologies for formatting. I'm writing this from my phone About me: I am a married 29 year old male with no kids. I work in M&A in a fairly low risk industry, but my job can be very demanding at time. I was born and raised in the USA (this might be important). After maxing my retirement accounts (including HSA), I have some money left over and want to do something with it. I want to buy an investment property on an island in Greece for the investment income. Why Greece? Growing up I've always wanted to own my own property there. My wife is from Greece and my family is too, so we know the country very well and still have family there. If I go through with this, my plan is to find a management company to rent out/maintain the place, but I do have family members in the area, that I trust with my life, who said they would check up on it for me (the property would be a couple miles away from them). The property would be located in the heart of the most touristy area. We also know every person on the island because our families grew up there or have lived there for 30+ years. I wouldn't expect any earnings from the property until debt is fully paid down. I wouldn't visit (for leisure) it except for 1-2 weeks every few years, and maybe several years (10+) down the road I would consider turning it into a family vacation home. Another consideration is that I hire my family to maintain (clean and repair) the property, and I list the property myself on websites. Our family has several years of experience in homebuilding in Greece, but I just don't know how open I am to having family members do all of the work on the property for my wife and me. Because I was born and raised in the USA, there may some hurdles that I have to overcome if I am to purchase a property, so my wife who was born and raised in Greece would put the home in her name (if required) and we would take out a mortgage on the house there. After all of my personal expenses/savings for retirement accounts are out of the way, I am willing to make a 20% down payment. Beyond what I've learned about RE in the CFA program, I have zero practical experience with investment properties, and I don't know a single thing about properties in Greece and/or how to inspect them. So Far: I've created a leveraged buy-out model for this process - this assumes I finance the property with some % of debt and all cash flows go into paying down debt. After debt is repaid, cash flows will then come to me. My model suggests it would be several years before this would happen, but that's how LBOs work and I'm okay with that. I also have seasons built into the model and have run a comparables analysis for each season to figure out what sort of rates I can expect to charge for each season. I've been googling foreign investment properties as much as I can, but I feel like I'm not getting the answers I need to make me feel comfortable about doing something like this. I have a brother who did tax at a big 4 public accounting firm, so he has given me guidance on taxes and IRS codes that I should familiarize myself with. I intend to speak with some accountants in Greece to learn more. My issue right now is I don't know what I don't know. What are some things I need to consider before making this decision? I don't want to find myself in a money pit. [link] [comments] |
| Evaluate My Duplex Investment (please!) Posted: 16 Jun 2020 04:52 PM PDT I have the opportunity to purchase a 2,600, sq ft duplex for $350k and I am hoping this sub is able to help me decide if it is worth pursuing or not. Here are the facts: - 1969 built duplex on 0.3 acre lot in a suburban, park-like neighborhood with Blue Ribbon schools - Each unit has 3 beds and 1.5 baths with finished basements - Everything has been remodeled in both units (luxury vinyl plank, fireplace, stainless appliance, etc...) - Local income averages around 80k for the household and crime is basically non-existent (according to the state .gov database) - Rents will be ~$1,550 for each unit according to the previous owner and according to a web scrape I did of similar listings on Craigslist, Rent, Apartments and Realator Financing and Operations: - The 3.5% down FHA with 3.5% fixed 30 year mortgage equates to a ~$2,400 payment with PMI, Taxes, and insurance - This is my first house purchase so I intend to occupy one unit for two years to satisfy the FHA and Landlord experience requirements - Cash flow / monthly NOPAT should fall in the $300 - $400 dollar range each month if I rent out both sides The cap rate is not the best but the cash-on-cash returns are obviously great given the amount of leverage. Considering the instability of the economy and the recent eviction moratoriums, does this make sense as an investment opportunity / first house ? [link] [comments] |
| Posted: 16 Jun 2020 07:41 PM PDT Hi everyone. I currently invest 20 - 35% of income in stock in a given year, but my real interest is in real estate. I'm struggling with limiting my investments in stock and redirecting to real estate. Does anyone have any detailed portfolio growth (w/ the why and how) over a course of years that they care to share or point to? I believe this will help me to compare and ultimately make the jump to real estate. Thanks. [link] [comments] |
| Appraisal Came in Lower than Purchase Price. Who pays? Posted: 16 Jun 2020 12:01 PM PDT Hello, I'm purchasing a property and am currently in escrow. The appraisal came in 4k lower than the purchase price. In a situation like this, is it typical for the buyer or seller to make up the difference? Thank you! [link] [comments] |
| Posted: 16 Jun 2020 03:46 PM PDT I'm a 30 year old broker I've been in the business for 7 years. My focus has been on industrial sites. I've gotten to the point of my career where I don't want to work deals as a broker anymore, I've got the network of past clients who have told me they would invest with me on Multifamily projects that make sense. The problem is my home market near Toronto is absolutely overpriced. While there are deals anywhere, it is highly unlikely to find a multi family that will yield a return. Here are my options 1.) stay in Toronto and just keep doing deals as a broker (painful) 2.) Move to other part of the country and try to find deals there off market myself for me and my team. 3.) Move to Florida where I have an uncle. Weather the storm of 2020 and try to put deals together there. My end game goal is to own Multifamily value add properties and also development. Would appreciate any input from other brokers and investors. Thank you [link] [comments] |
| Trying to figure out the best way to set up the legal structure for RE operations Posted: 16 Jun 2020 03:28 PM PDT Hey gang, I currently have two properties in Ohio that are in both conventionally financed in mine and my mother's name. I need to open a business credit card to help with the operations and renovation of the properties. To do that I need an EIN and a legal business entity. Having trouble figuring out if i should register the entity in MA where I currently live, NY where my mom lives, or OH where the properties are. Furthermore would it still even make sense to open an LLC if the properties are not going to be held under them? Any advice is appreciated. [link] [comments] |
| What type of account do you keep your reserves in? Posted: 16 Jun 2020 09:49 AM PDT Keeping reserves is important, as the past few months have highlighted. Reserves help when getting loans and can carry you through when your cashflow gets interrupted. The money needs to be liquid so it can be used in a pinch. Interest is a bonus. What type of account do you favor? Checking Account, Savings Account, Money Market Account, CDs, stocks, bonds? [link] [comments] |
| Commercial tenant asking me to share cost on finishing garage space. Would you do it? Posted: 16 Jun 2020 02:19 PM PDT Tenant leases a restaurant space and large garage space which is accessible via a pass through between restaurant and garage space. Garage space is about the same square footage as the restaurant space. Tenant now wants to finish it out with A/C and heat so they can extend their serving area. I never expected the garage space to be a finished space since it is and always has been used as garage/ warehouse space. They're a great tenant and I'm glad to see that they're doing well enough to expand but I'm unsure about sharing the cost. My thoughts are, I never meant for the space to be finished and I never expected to invest money into finishing the space therefore I should decline their request to share costs. BUT, hvac is a permanent installation that I'd basically be getting for a small cost since they only asked me to share a small amount (about $6,000). What are your thoughts? [link] [comments] |
| Closing on first property - do I need a real estate attorney? Posted: 16 Jun 2020 05:33 PM PDT Came to an agreement on a house, earnest deposit is in, the contract sent over. It's a detached SFH located in NJ, nothing complicated. Do I need a lawyer for this process? I've been getting a wide variety of quotes for contract to closing RE attorney's (750-1500, one offering $100 to just go over the contract). How do I narrow down which to go for? Little overwhelmed as this is my first purchase, so any help is appreciated! [link] [comments] |
| When must the seller provide buyer all disclosure forms in a real estate sale? Posted: 16 Jun 2020 05:19 PM PDT Is it with the initial purchase agreement? can it be later? This is in California. [link] [comments] |
| Can someone explain commercial valuations like I'm 5...? Posted: 16 Jun 2020 08:17 AM PDT Long-time residential investor here with some questions about valuing a commercial property. I understand in the abstract that a notional building with, say, 10 units will be valued based on the NOI / CAP rate. Take a building that has - for sake of argument - 100k per year of NOI.
Basically I understand the theory behind building valuations, just trying to wrap my head around how this works in practice. Have a decent portfolio already in residential but looking to join the big-boy leagues. Lend me your wisdom...! [link] [comments] |
| Posted: 16 Jun 2020 10:50 AM PDT Hello, My offer was just accepted on a duplex. I'm planning on living in one side. The property is located outside of a booming downtown area, in a relatively rough area but it is gentrifying. There's new houses all around, and the houses next door have sold for $325,000 (single family). It is located about 5 blocks from a brand new entertainment district. The property itself has been heavily rehabbed and is in turn key condition. Here are the numbers: Purchase price: $282,000 Down payment: $42,375 (15%) Unit 1 rent: $900 (currently rented 1 bedroom unit) Unit 2 rent: $1050 (could possibly be higher just a conservative estimate) Insurance: $67/month Property tax: $3500/yr PMI: $105/month Mortgage: ~$1,500 (estimated) I know the 1% rule is out of wack. But I'm buying this one to live in and it is in a generally excellent location which will hopefully continue gentrifying. Thoughts? [link] [comments] |
| Posted: 16 Jun 2020 10:36 AM PDT Just wondering if anyone know any good reasons to form an LLC for real estate investment. I'm in the New England area. [link] [comments] |
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