Real Estate Investing: I’ve been loving Bigger Pockets content... but the skeptic in me still warns me they might be selling me something that’s “too good to be true”. Did anybody struggle with this? |
- I’ve been loving Bigger Pockets content... but the skeptic in me still warns me they might be selling me something that’s “too good to be true”. Did anybody struggle with this?
- Went under contract on apartment complex!
- REI books for beginners?
- Is Investing in north NJ worth it?
- Bookkeeeping for Realestate investing?
- Duplex? Triplex? Fourplex?
- Looking to rent my condo by myself for 1st time without an real estate agent or management company? Any pointers- sites to best advertise the rental, best free electronic payment method, property insurance changes, etc.
- Made an offer over listing price. Seller counter offers. Is this normal?
- Is Fresno worth investing?
- Experiences with apartment units with an HoA?
- Where Can You Gather NOI Information From?
- How many attempts to pay and how much time can pass before not being legally responsible to pay a bill to a contractor?
- Buyer asked for extra cash towards closing after apprasial, thoughts? (LA)
- Cash in the pocket
- Analysis paralysis so bad I'm surprised I could move my fingers enough to write this
- Any tips for contesting an appraisal?
- Best way to get into investing?
- Dealing with capital gains on a flip?
- Where do you park your cash for an anticipated RE crash?
- Invest locally or in another city?
- We bought a house and have a roommate in mind. What are next steps?
- First Time Investors - What should your minimum ROI be on SFR?
- How long before we can buy FHA?
| Posted: 31 May 2020 10:48 AM PDT I've only read Brandon Turner's rental property investing book and it all seems like good stuff. But there is a part of me that doesn't trust every time he says he wants me to do well and make millions lol. [link] [comments] |
| Went under contract on apartment complex! Posted: 31 May 2020 12:10 PM PDT I am a rather small time investor getting into my first larger property. I own duplexes and manage them myself, but have been wanting to scale up for some time. I've had trouble finding deals that I like and finally found a 24 unit apartment for which I am now under contract. I already have a PM ready to go (who has also toured the property with me) in which I am confident and am hiring a plumber and electrician to do the inspection on top of the regular inspector. The property is in my home town so I am very familiar and believe the rents are stable, if not a little low and the area is also stable, if not improving. My question is for other people who have jumped up a level in size/$ amount and been surprised by something or had things go better/worse than they expected. I would love to hear some people's experiences and if any of you have advice or tips to make sure I don't lose my shorts and to help this go smoothly. [link] [comments] |
| Posted: 31 May 2020 09:03 AM PDT Does anyone have a link to "Manny khoshbin contrarian playbook " book pdf? or any other good RE books? Much appreciated [link] [comments] |
| Is Investing in north NJ worth it? Posted: 31 May 2020 07:24 PM PDT Hey I'm a 20 y/o living in NJ still in uni that has been learning about REI for the past half a year or so. Planning on starting to invest once I graduate and get my full engineering job. And the thing that I see is that it seems like north NJ is absolutely horrible for investing in. Looking at Redfin and Zillow it seems like the only properties that cash flow positive after mortgage,insurance,Maintinenece,tax,vacancy, etc. are in C or D grade cities like Peterson and the oranges. And it looks like prices aren't falling from corona at all as all new listings are roughly the same as pre-corona. I've seen a couple threads about this and the majority agree that it's better to go out of state but the risks and pains associated with that make it seem not worth it to me. I have run the numbers on a couple duplexes in the Nutley, Clifton, Elmwood park area and those seem to have some cash flow but have a COC returns in the 1-3% range. Has anyone here had successful investments or am I just wasting my time continuing to look for local opportunities? [link] [comments] |
| Bookkeeeping for Realestate investing? Posted: 31 May 2020 03:47 PM PDT Hello Everyone, I am trying to wrap my head around bookkeeping for real estate. Can someone explain this to me like im 5 years old? What i currently understand is you record all your revenue and expenses for the year and keep a copy of the receipt and create a excel table to track everything. Some questions i have are, how do i know if i need to record a certain purchase, what type of expenses do i record such as gas or food? Any help would be appreciated. [link] [comments] |
| Posted: 31 May 2020 11:59 PM PDT Hi everyone, I am looking to buy my first multi-family investment property! I have a buddy who recommended I find a fourplex to invest in! What do you think? Should I only look for a four plex or should I be open to duplex? Thanks in advance!!! [link] [comments] |
| Posted: 31 May 2020 08:11 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] |
| Made an offer over listing price. Seller counter offers. Is this normal? Posted: 31 May 2020 08:43 PM PDT It was 1k more than the listing price. Now the seller has counter offered. Isn't that weird? I thought they would accept it at the listing price and they didn't get any other offers either. Anyone can explain or share a similar situation? [link] [comments] |
| Posted: 31 May 2020 08:37 PM PDT Seems affordable but am doubting it's potential for positive ROI. Your thoughts are appreciated! Thanks, [link] [comments] |
| Experiences with apartment units with an HoA? Posted: 31 May 2020 08:22 PM PDT I got a new job in a decent B/A- area, but the prices are too high. Except for some promising apartments. They have an HoA agreement, that may decide if I can change/renovate the apartments to my liking or not. Small renovations would be new paint or wood flooring, major renovations would be adding a drywall partition to create another room. Any stories about HoAs? [link] [comments] |
| Where Can You Gather NOI Information From? Posted: 31 May 2020 06:14 PM PDT Hello. My question is rather a simple one. But I can't seem to find it anywhere online. Where can you find a property's or a business's net operating income? Must you ask the owner or previous owner? What if they refuse to reveal that information? Do they have to disclose that by law? Is it publicly available somewhere? I see lots on how to calculate it but nothing about where one can get that information from, and I know this is important when determining Cap Rates & Market Value. Thanks. [link] [comments] |
| Posted: 31 May 2020 05:13 PM PDT I had some work done on my rental by a plumbing company, they damaged a wall while fixing, so I brought it up and was promised by manager that they would fix the issue. I have the voicemail recording of manager's promise. Since then, I've asked them to come fix the issue twice so that I can pay them but continue to get ignored. I think it's been almost a year since the incident. At what point is it legal to close the invoice without paying and move on? I'd like to hire someone else to fix the wall and move on since the tenant's just been waiting. [link] [comments] |
| Buyer asked for extra cash towards closing after apprasial, thoughts? (LA) Posted: 31 May 2020 05:09 PM PDT I have been working on selling my property for over a month now. Inspection went well, buyer didn't ask for anything. Apprsial came back higher than sale price. Now we have to extend our closing date a week since the title company cannot meet the deadline. However, the buyer asked for 2K to help in closing cost. I feel like the person regret not asking for cash during the inspection period and is asking now. What do yall think? Has anyone seen this. I have the right to say no, but I dont want the deal to fall through so close the finish. I may offer 1K. Thoughts. This is a quadplex that I live in [link] [comments] |
| Posted: 31 May 2020 03:05 PM PDT I've got the cash to buy outright, rehab, rent, and then look to finance but what loans are people using for these types of properties. I currently buy and flip for resale but would like to hold for some rental cash flow in other states. How do I get my cash out without needing to put a large down payment? I read of people only putting 2-3% down. [link] [comments] |
| Analysis paralysis so bad I'm surprised I could move my fingers enough to write this Posted: 31 May 2020 02:19 PM PDT I'm looking to purchase my first investment property; however, I'm having trouble deciding where to invest – analysis paralysis is the real deal. One area that I'm looking at is Bozeman, MT (where I live), which is the fastest growing micropolitan city in the US for the last three years and will soon cross over into metropolitan status soon. Home values are pretty high, and the best CoC figure I've been able to find is about 2-3%. But appreciation rates have been incredible over the last decade (conservatively 6-10% depending on the year), and I see no signs of it slowing down, even in a pandemic. I would be able to manage the property myself here but wouldn't be making a lot of cash flow. The other areas I'm looking at are in Wyoming. Smaller towns (15,000-20,000) with much lower population growth, but also feel like Bozeman before Bozeman was discovered by the rest of the country (Very speculative – I know). Home values are much lower than Bozeman, so I'm able to find CoC returns in the neighborhood of 8-9%. Price-to-rent ratios are not significantly better than Bozeman, but in WY, property taxes are very low allowing for a decent CoC return. Here's where I'm at: Bozeman purchase price: $325,000-$350,000 Rent: $1800-$2000/month Appreciation: High Self-managed Wyoming purchase price: $190,000-$225,000 Rent: $1300-$1500 Appreciation: Medium-Low – in line with inflation to slightly better Property manager needed, but property taxes are very low So – looking for input to hopefully shake off this crippling analysis paralysis. We are in a financial position where we can take on some risk, but everything I read says 'don't invest for appreciation, consider it the cherry on top'. It just seems to me that of the four wealth creators of real estate, appreciation is where real wealth is created, and not the $200/month in cash flow. [link] [comments] |
| Any tips for contesting an appraisal? Posted: 31 May 2020 01:45 PM PDT So I rehabbed a house and I am in the process of the refi. Just got my appraisal back— $118.5k I was aiming for $120, but with how hot the market has been, I was hoping for $130k. Almost all of the information in the appraisal report is wrong. All the information about my house is correct but the comps are wrong. My house is 1152sqft, the main comp, which sold for $129900 last month, is 1188sqft and is located 4 houses away. I knew it was going to grab this comp. The appraiser listed the comp at 1589sqft and adjusted the price by $12k, this put it at $118k in comparison. Another house, comp 2, he deducted $3k because they have a 2 car garage and I have a 1 car garage. I sold this house, like I was literally the selling agent for this sale. There was never a garage and there currently isn't a garage. To make it even more concrete, the location where there would be a garage has grass that has been there for years. Comp 3, this one negatively impacts me, but it is $125k and it is on .3 acres, my house is on .15 acres. But left the lot size unadjusted. (However added $5k due to other factors). My lender said I could fight this, but is there anything I should know? I have never done this before. [link] [comments] |
| Best way to get into investing? Posted: 31 May 2020 09:47 AM PDT Hi everyone, I'm currently doing a degree in Economics and Finance, yet I have always intended in getting into realestate after my education. I have some basic knowledge of the industry but it's still very minimal. My initial plan after finishing my degree was to find a relatively high-paying 9-5 related to my degree in the banking/finance sector to build up some savings to eventually get into real-estate, eventually leaving my job once I am able to sustain myself in real-estate and have built up some decent savings over a few years. I have also questioned whether I would like to get experience in the real-estate industry as an agent after my degree. If I were to stick to my plan of looking for a job in banking to benefit from the high pay, would it be more beneficial to get some experience working in the industry after I've built up some savings? or would it be more beneficial to work in the industry straight out of university before getting a job in banking? Alternatively I could just stay in real-estate and then start investing but I figured it would be a good idea to make full use of my degree and get as high pay as possible for a few years to maximise my potential in real-estate. Moving on, what is the best way of getting experience in the industry? I suppose working as an agent and getting a solid understanding of the industry is a good way to start. How would one make their way to a position of real estate acquisitions analyst for example? I assume from an education standpoint for investment that would be the most beneficial. Apologies if this wasn't worded very well. In short, I am wondering whether it would be better to finish my degree and go straight into real-estate to get a good understanding of the sector before looking for a better-paying job to amount some savings, or instead to build up my savings in a high-paying job before then moving on to getting education in real-estate. Thanks! [link] [comments] |
| Dealing with capital gains on a flip? Posted: 31 May 2020 11:05 AM PDT If we don't have the ability to do a 1031 exchange on a property we sold in January before the COVID crisis here in LA, are there any good uses of our profit that we can take to minimize the capital gains? It seems like real estate overall wasn't super impacted by the first half of this year IMO. [link] [comments] |
| Where do you park your cash for an anticipated RE crash? Posted: 31 May 2020 01:24 PM PDT I have heard a lot of experts mention that after the stock market crash, in the following year or two there will be a RE crash similar to 08 crash. So, If you agree with that and anticipate an RE crash, where are you storing your money? I am thinking of some LOW volatility HIGH yield vehicle to park my cash stockpile, but I can't find a good vehicle that pays more than 3% yield with extremely low volatility. Any ideas? The reason I am looking for more than 3% yield is because the majority of my cash stockpile is from a cashout Refi I did recently. So, I am paying 3% interest on that money. I want to at least break even on that money until I am ready to start buying rentals. Thanks! [link] [comments] |
| Invest locally or in another city? Posted: 31 May 2020 09:38 AM PDT I live in the UK but I think this question applies everywhere. In England, there are specific cities that yield much higher returns than others, especially where I live locally. I was wondering whether it would be advised against to invest further away from where I'm based where I'm not able to visit very much, even though I would be using a property management company in either case? Thanks :) [link] [comments] |
| We bought a house and have a roommate in mind. What are next steps? Posted: 31 May 2020 09:12 AM PDT So we bought a house and plan out renting out one of the rooms to one of our friends. What are our steps from here? Background check? They have to sign the lease? Security deposit? What else am I missing! Thanks [link] [comments] |
| First Time Investors - What should your minimum ROI be on SFR? Posted: 31 May 2020 11:42 AM PDT Hypotheticals: Middle class income, we'll say slightly above average for the SE. Property is roughly a "1%" property (We'll say $100k/$1000/mo cash flow) What is the minimum ROI with 20% down that you should accept? I find a lot of people beating themselves up over 1-4% difference and fearing their deal isn't good enough for what took a year+ to save up for. thoughts? Edit: only speaking in terms of COC. Disregard mortgage paydown, appreciation, tax benefits [link] [comments] |
| How long before we can buy FHA? Posted: 31 May 2020 09:43 AM PDT We bought a single family in a small Texas city in February CONVENTIONALLY as our primary with 3% down, so we've got some MIP or whichever. But it is not an FHA loan. We are extremely frugal and save like crazy and want to buy a duplex in the area with an FHA. I've had a hard time finding a great answer about this, but how long do we really need to wait before we can pick up another property in this fashion? The rents in the area are pretty good and I found an awesome local credit union to work with. So realistically I could finish up the projects in our current place in a few months and by then have a solid cash surplus, about 25k for our next venture. Conditions: I do not want to buy a place at 20-25% down, the place we are looking at can't do owner finance. Also it will probably end up being our new primary since it will be an FHA. I however have not talked about non occupied rental terms with the future bank, so if I could get sub 20% financing I would consider that as well. Am I on the right track here? Is there something I'm unaware of? I'd also rather not go to jail for mortgage fraud lol [link] [comments] |
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