Real Estate Investing: I'm a new investor and would love to share my wins and losses plus get feedback. |
- I'm a new investor and would love to share my wins and losses plus get feedback.
- What's worse than a water pipe bursting and flooding the basement?
- For those that invest in Tiny houses and mobile homes, what are the major downsides?
- Multifamily Investment in Canada
- Las Vegas
- Investing in Baltimore?
- Use of handymen who are not licensed contractors
- First step? "Quick buck" or "Long haul"
- Would you pay cash on cheaper properties ($50k-$80K)
- What do you think about working for a property management company as a wholesaler?
- Do you use a method and software to analyze a market before investing? How do you personally analyze a market before looking into it further?
- Are you currently worried about the RE market? What do you think the future is going to be like with the pandemic shut downs and civil unrest?
- Multi-family experience in TX
- 19 yo investor
- A few plans of action.
- How do you factor curb appeal, layout, etc. into a purchase decision?
- Loan options for land with a foundation for a container home (loan including the cost of buying AND/OR building container home). NOOB QUESTION!
- [OKC, Oklahoma] Absentee Owner Wholesale Motivation & Closing?
- How to afford first buy to let property?
- I have questions on the basics, this is a super newb post, so bear with me.
| I'm a new investor and would love to share my wins and losses plus get feedback. Posted: 13 Jun 2020 10:04 PM PDT I'm a new investor and I love reading/watching deal breakdowns, they helped me find the guts to invest and encouraged me to continue to consume knowledge! I guess I am asking permission or if there is interest in a deal log with numbers and photos as I begin this crazy journey. To start I have made 1 purchase, I have 3 contracts waiting to close, and an open offer making 5 SFH (assuming the offer is accepted). In these I have 1 seller financed, 2 conventional with small repairs needed (<10,000 in repairs), 1 BRRR, and the offer is out on a flip project. So if there is interest I'd love to share or if this is the wrong place to share let me know! [link] [comments] |
| What's worse than a water pipe bursting and flooding the basement? Posted: 13 Jun 2020 05:56 AM PDT A sewer main pipe bursting and flooding the basement with sewage. LOL I'm laughing out loud because of the thousands I'm paying now to have it pumped out via septic truck, scraped, cleaned, sprayed, sealed, and worked on by guys in hazmat suits. Surprisingly, it does not smell at all in the 1st and 2nd floor. The tenants didn't even know it was happening until I came by wanting to check something in the basement. Fortunately, they did not store anything down there so nothing they own got damaged. I gave them keys to another one of my properties that's not occupied right now to use the facilities until everything is repaired and they can use the bathroom and kitchen again. They have been very understanding and patient. In fact, they are the ones who keep trying to make me feel better about this because I've been feeling so bad for them. Now, that's the kind of tenants you want. [link] [comments] |
| For those that invest in Tiny houses and mobile homes, what are the major downsides? Posted: 13 Jun 2020 06:27 PM PDT I was thinking that this is a cheaper way to make multiple investments with good returns. I was wondering what should I know before doing so? Hopefully some downsides etc. [link] [comments] |
| Multifamily Investment in Canada Posted: 13 Jun 2020 09:47 PM PDT As many Canadians may agree, the major markets in Canada such as Vancouver and Toronto etc are not favourable for cash flowing properties compared to the cap rates in the US (6% +) Those of you who invest in Multifamily in Canada, what markets have you had success in? Currently looking for 30-40 unit apartment complex anywhere in Canada for a value add. Thanks! [link] [comments] |
| Posted: 13 Jun 2020 09:04 PM PDT Hello all, Was looking for advice on investing into a Las Vegas condo on the strip that allows for units to be rented via Airbnb and such. I can pay for the condo outright. There are fees associated $500 a month. Does anyone have any experience with this? it seems like a great deal. My experience here and reason I am attracted to the market.
It seems like an easy market to get into. Plus there are always conferences and activities going on that draw in crowds for weekends, that regularly require premium pricing for overnights. anyone have experience in this market or have any anecdotal advice for this... The condo would be on the strip in one of the casinos. any guidance or advice is welcome [link] [comments] |
| Posted: 13 Jun 2020 09:45 PM PDT I will be relocating to Baltimore after selling my home in a "hot market" where I have fairly sizeable equity. My original plan was to purchase a historic rowhouse in an area such as Upper/Fells Point, Canton, Patterson Park, or Reservoir Hill (for more sq footage). Lately, I've been mulling over the idea of purchasing a 1 bedroom condo in Mount Vernon for roughly 150K. I would live in it for about a year, make any renovations, and rent it out. It is my understanding that a vast majority of people rent in Mount Vernon as opposed to owning. At that point, I would have rental income coming in and would then purchase a second home in one of the neighborhoods mentioned above. I have not "run the numbers" and not quite sure what's a good way to see if the numbers make sense. I undoubtedly will have condo fee's to factor in as well, which I know makes it less desirable than a SFH. My thought process is that I can buy a rentable place in Baltimore and enter the city at a lower cost point with less risk. I realize Baltimore has its issues, and I believe crime is highest in certain neighborhoods. I can then decide if I want to "sink" more money in the next larger investment, which would ultimately be where I reside for the next 5-10+. Any thoughts or considerations would be greatly appreciated. I currently "house hack" now which is a different animal than having a separate property as an investment. Thank you! [link] [comments] |
| Use of handymen who are not licensed contractors Posted: 13 Jun 2020 03:48 PM PDT Thoughts on this regarding liability issues? I have heard from my Atty that if someone works for you who is not an officially incorporated business, that they could sue you and win easily, if they got hurt on your property doing a job for you. I live in KY. I realize different states will have different laws regarding this but I think most will be similar. Any insight or advice would be appreciated. [link] [comments] |
| First step? "Quick buck" or "Long haul" Posted: 14 Jun 2020 12:05 AM PDT So, I've saved up about 20k and Im finally ready to start investing in real estate. I have decent credit but not much credit history. I'm 23. What do I do first? I wanted to be a landlord, but then again I've thought flipping sounds do-able. What makes more sense, and how should I go about it? I'm up for either but I'm a little unsure, and needing a push over the edge. [link] [comments] |
| Would you pay cash on cheaper properties ($50k-$80K) Posted: 13 Jun 2020 11:32 AM PDT Hi all. I'm considering purchasing some properties (1 to start but will be buying more in the near future) in an area where I could pay cash for a property in the $50K range. It's not a BRRRR, just a straight purchase and rent-out with minimal improvements. Paying cash obviously increases monthly cashflow but it really lowers cash-on-cash returns, so I'm conflicted. It'd also improve my DTI for future loans, which has been a struggle up to this point. Would you always want to leverage your properties to maximize cash-on-cash or are you happy with the extra cashflow and no loan on some of your properties? I know there's no definite right or wrong way to do it...just taking an informal poll. [link] [comments] |
| What do you think about working for a property management company as a wholesaler? Posted: 13 Jun 2020 06:08 PM PDT Hey guys, first time posting here. A couple of years ago I decided to get into wholesaling, around the same time I also decided to start my license courses. Around the same time I somehow also decided to start working for a property management company (needles to say I had my hands full and it didn't work out) I never got a good vibe from the moment I went to interview with the PM company but I felt my options were limited so I went with them. A few months in, it didn't work out and I left. Fast forward now, I have my RE license and I'm still interested in wholesaling but I was wondering... while I'm grinding it out for my next deal, what if I gave working for a PM company (a decent one) a second chance for part time steady income & experience? What do y'all think? Btw I held off on hanging my license with a broker because I wasn't ready to pay for the unforeseen board fees for now. Thanks in advance [link] [comments] |
| Posted: 13 Jun 2020 02:20 PM PDT Hi how are you guys? I know I may be asking for your trade secrets and whatnot. That's not what I'm really asking. I am learning real estate investing under the guidance of my grandparents who have been successful for years and offered to mentor me. However, I do notice that their methods can sometimes be outdated (especially in efficiency and using modern methods and tools i.e. using the internet more than just to buy and sell/rent property). If you're willing to share, can you explain how you personally do deal analysis? Sometimes I wish I had an accounting degree. [link] [comments] |
| Posted: 13 Jun 2020 03:32 PM PDT As investors we obviously want the economy and jobs to come back (i.e. better RE market renters and buyers). Just picking your brains and seeing how we're feeling about all this. The shutdowns were so, so bad. Are you seeing loss of tenants and home buyers? In my area, tons of people have lost their businesses and jobs. Even in my apartment (that I rent I am the tenant - dont have a home yet) I have seen several tenants leave and not return. Even as I am learning the ropes of RE investing, I am super worried. If you have enough capital, you can probably float the crisis. But are you worried long term? Are you worried about the long term prospects for not just your investments but the country as a whole? [link] [comments] |
| Posted: 13 Jun 2020 11:16 AM PDT Hi there - Trying a few different subs for this, but we are an owner-operator with experience in CA and thinking about trying out TX for our next investment. This would be multi-family, 50+ units likely and hopefully self-managed with local employees and us flying out regularly. Are the courts friendly? How about commercial lenders - any recommendations? Any special tax impact to worry about? We are aware there is no income tax, but assume that means higher property taxes. Any other gotchas to worry about? Any experiences from SFR up to 200+ unit complexes is appreciated. At this point we are mainly looking at broad strokes to understand the major decision points. Thanks! [link] [comments] |
| Posted: 13 Jun 2020 08:20 AM PDT Hello! I've been a long time lurker of this group and am interested in investing soon in real estate as an investment. So far I have saved $14,000 I'm looking at $50-80,000 properties. I want at least $20,000 saved up. So I could put down a 20% down payment on a 15 year loan. And rent it out? Or sell it? Does this sound plausible or even doable? I'm really wanting to go ahead with this soon! Please let me know anything you can and any advice would be great appreciated. [link] [comments] |
| Posted: 13 Jun 2020 07:08 AM PDT Hey Everyone, quick thank you in advance! I am new to this sub and new to the world of real estate. I apologize ahead of time if i seem to rant. For about 3 years I've been interested in buying a house and also buying rentals. 2 years ago I had my son and a year-ish after that I had my daughter. Two kids and we are DONE. I am the manager and maintenance tech for a 20 unit apartment complex and my wife manages the office work for the complex. We live rent free and I make about 50,000 dollars a year as a facilities maintenance technician for NIKE. I have 20k in the bank. My wife wants me to buy a home for us. I'm in Portland Oregon so the market here is damn expensive, but i think i could swing it. So here is my dilemma. I am worried that getting into my own mortgage might hinder my ability to invest. Potentially doing a owner occupy for a year or two could be an option if the place and price was right. some other things I've been thinking about are buying properties in Columbus, GA (where my mother lives) where I can pick up single family homes for under 100k and while the rents aren't high, will yield small yet consistent profits. I lived there for a long time, I know that market almost as well as Portland. My brother in law lives there and his whole family are contractors and handymen And my Mother said she will be property management for anything I buy there. OKAY... so I guess I should ask a question. Does anyone have any advice, words of encouragement or hard truths for me? Because to be honest my brain is spinning. Ive spent way to much time looking at properties and reading about markets and I think I need to take it back to basics and start my forming a strategy. I can provide any additional information, and again thank you for any and all advice! Cheers! [link] [comments] |
| How do you factor curb appeal, layout, etc. into a purchase decision? Posted: 13 Jun 2020 11:48 AM PDT tl;dr: I looked at some properties recently and found that the ones that looked good on paper has bad layouts and were in rough neighborhoods. I found one property that had a great location, layout, etc. but on paper it doesn't look so great. My gut tells me the house that's not so great on paper would be actually be a better investment, especially on Airbnb because of the location and curb appeal. How do you take into account such things? Long version: I am looking to buy a home in the Florida panhandle near the beach and some family. I will be moving from out of state and quitting my 9-5 to start working for myself (single, no kids). My goal is to buy more investment property later in the same area once I have my two years of self-employment income and downpayment saved up. I plan on Airbnbing this new home when I'm traveling or visiting family and ultimately I would like it to be a rental property when I buy another property. I spoke to a real estate agent who spoke encouragingly about the neighborhood. I recently drove to the area to see the neighborhoods for myself and tour some houses. This one house has amazing curb appeal, great charm, and a great layout, easily the best of the houses I saw. Crunching the numbers, though, the house doesn't seem to be the best investment. If I look the property up on Mashvisor, it shows the CAP rate and Airbnb income potential as not being so great either. But I have a hunch that given how well the house will look in photos and the great layout coupled with amazing location makes me question the raw numbers, especially with Airbnb which is so photo-driven. I saw other houses in the area that looked better on paper but the neighborhoods were rough (one was next door to where prostitutes are frequently seen, yikes!). How would you account for these factors when evaluating a property? My gut tells me that the house that's not so great on paper would be a better investment all things considered. [link] [comments] |
| Posted: 13 Jun 2020 01:28 PM PDT Hey all, [link] [comments] |
| [OKC, Oklahoma] Absentee Owner Wholesale Motivation & Closing? Posted: 13 Jun 2020 09:10 AM PDT Hey everyone. I'm a very green real estate investor, as in not having one deal yet! I have submitted off-market requests to landlords I know to do seller financing on a few well-performing properties, but that's not what this is about. In the meantime, I'm looking for wholesale deals. I have found many tax-delinquent owner's nearby, and I have a large list of Absentee-Owners both in and out-of-state. Question 1: If the absentee owners' properties are not distressed, what type of reasons would they be motivated to sell it for? When I call, I want to know what I could do to benefit them while still getting a good deal that local cash buyers would also want. Some of them not being distressed and in the 100-200k range makes me think cash buyers wouldn't want to buy them. Maybe they would, but it seems like a bigger risk? I'm too new to know I think. Question 2: How would a closing work if the seller is out-of-state? Does it have to be a double close? Please be detailed in this, because I'm starting calls and would like to have things lined up and ready to go. Thanks in advance! [link] [comments] |
| How to afford first buy to let property? Posted: 13 Jun 2020 09:04 AM PDT With a Buy to Let mortgage the deposit is like 25%. How do I afford my first house if I have little to no money as I'm just starting out. [link] [comments] |
| I have questions on the basics, this is a super newb post, so bear with me. Posted: 13 Jun 2020 08:43 AM PDT Hello all. Sort of a lengthy post, but I'd really appreciate it if you read it in full. I'm 23 and much like anyone else coming to this sub, I come to you to seek the knowledge and experiences you have to help me get started with my passion of flipping homes. I call it a passion because it's truly all I want to do. I know it's all I want to do, because I've done it with my current home I'm living in. As well as helped build each of the last 3 homes my parents/family have lived in. Here's the issue though, none of these homes were typical "flips" or a means of investing, so really it was just normal home building and buying. Here's a bit of background on the situation: My girlfriend and I purchased our first home in December of 2018 for $80k. The original listing price was for $100k, but the previous owner had passed away, and the daughter of the owner wanted nothing to do with the home, and accepted our offer. We knew going in that we would have projects and ideas, especially because of the potential of the home in the neighborhood it's in. Comps at the time were going for around $120k-$135k. So fast forward to one month ago. A year and a half later, we've renovated almost every room, restored some really run down areas of the house, replaced all mechanicals such as the water heater, furnace etc. brand new and did it all with cash. Other than the mechanical upgrades, myself, my girlfriend and my dad have done every single project within our home from the plumbing ( my dad is a licensed plumber) to hanging and mudding drywall, to laying trim etc. You get the point, we've saved a ton in labor costs. By doing so, and not until recently did we really have interest in looking at other properties, considering now that things have settled down and most of the house is done we've wanted to look into getting another home to possibly rent out or flip. The biggest issue here.... Financing. The main issue I'm facing is we had just previously refinanced our home last month, to consolidate some debts with cc's student loans and other lingering issues that are now gone thankfully. When getting the appraisal back, our house appraised at $122k, which is a decent margin considering the purchase price, and at the time of the appraisal we hadn't had our basement finished (we do now) and our siding wasn't updated which is also complete. Comps for our home currently are going for $142k-$168k in our area. Given those two scenarios I'm sure we would have appraised at a higher value. Even if the home appraised higher though, I wouldn't be able to take the full amount out simply because we're comfortable paying our current mortgage where it's at. Okay so this is where I need the help now that you know what's going on. How can someone in my position possibly get started with REI without completely gutting my savings (which at the moment isn't too much, only about $3,800)? The issue I've found with finding lenders around here is there are hardly any. I've asked around to those I know who own rentals and they've come back with one or two names but neither are actually local and I don't know if I feel comfortable going to someone who isn't local. I've tried asking my parents to help get started and they aren't interested in the financing portion either. My question is can I start a LLC, and get a business loan to start with a rental if I can guarantee income from the rental property right away? The reason I say this is given my girlfriend work position, she works directly with families through our local school district to find affordable housing, and she currently has a lengthy list of families who are in need of finding a home. This is a win win for both sides because we're helping families in need as well as getting started, but is this even possible? The only other option I've found is my parents are connected with a couple of individuals who are very well off financially that I know personally and have for some time, I'm just not comfortable going to these individuals considering 1. they're my parents friends and 2. my parents already declined to help. Please if you've been in a similar situation and you've found a way to get started let me know. It's not the work, or the finding renters, or finding the right property or any part of the actual process of owning property that is of concern, it's finding the initial financing to get started that I'm struggling with that I don't want to wait years to build up my savings. Thanks in advanced, I appreciate you for taking the time to read this. [link] [comments] |
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