Real Estate Investing: June 2020: Monthly Blatant Self-Promotion Thread (Within Reason) |
- June 2020: Monthly Blatant Self-Promotion Thread (Within Reason)
- What lease terms have you added over the years to make your life easier?
- Tenants lied to me
- People of reddit, what was your first experience with when it came to buying your first income property? BRRRR method?
- My dad is 55 with a good amount of capital. He wants high net-cashflow now; he doesn't have the age to sit on 25 year mortgages. What's his strategy here?
- Living With Renters With a Dog in a Duplex
- Should i go to college first or no?
- Moving from a CRE analytic role to raising capital for my own investment fund?
- Investment property or stocks
- Is there really enough for everyone
- Is this a good hard money deal?
- Taking Investment Property Tax Credit on Repairs While Moving Residences
- Should I pay for fertilizer every year for my rental property?
- Anyone have experience with Allyhomeloans?
- Anyone here investing in New York? Investing out of state/moved to invest in more attractive markets?
- Title insurance amount is different than the selling price
- Ideas on funding for cash reserves during the closing stage?
- Beginner Real estate entrepreneur looking for some advice.
- HELOC
- getting a mortgage on a house at 21
- Any note buyers here that can tell me the ballpark discount rate?
- Owner wants to sell FSBO, what are Property Manager's responsibilities?
- Who do you guys follow?
- Evaluating Investment Property
- Favorite sources for trends/data
| June 2020: Monthly Blatant Self-Promotion Thread (Within Reason) Posted: 25 Jun 2020 11:48 AM PDT This is your opportunity to promote a blog you run, a YouTube Channel or additional content that otherwise may be removed from the sub. This thread will be lightly moderated and the Mods do not endorse or condone any information found on content linked within this thread. Perform your due diligence. Caveat Emptor! **Self Promotion threads occur once a month approximately every 3rd Monday. Please keep all forms of self promotion within these threads and familiarize yourself with the sidebar + community rules. Discord Server Link: https://discord.gg/n7dxPVd [link] [comments] |
| What lease terms have you added over the years to make your life easier? Posted: 25 Jun 2020 04:56 AM PDT It seems I'm often adding new terms to my standard lease given small unexpected things that happen. Tired of filling holes and patching walls, I added all wall hangings must use 3M command strips or be done by property management (me). I recently added no inoperable vehicles may be stored on the property after seeing a tenant had put an old car on blocks in the garage. I'm considering requiring online rent payment after bouncing checks and non-observance of late fees. What are some less common lease terms you find valuable? [link] [comments] |
| Posted: 26 Jun 2020 12:20 AM PDT As landlord I recently signed a lease for 2 girls to live in a property. I knew 2 kids would be there as occupants but now they moved 2 adult men in there as well. 6 people total. I feel like I've been lied to and disrespected. There's late night fighting, and now they're overloading the electrical panel resulting in expensive repairs and there's even a guy living in the laundry room meant for storage. So far I'm looking at not renewing their lease.....in 8 months... I'm in NJ and there's no rent control so I think that means I could raise the rent an astronomical amount. I'm pretty sure they violated their lease and are disturbing the peace. Working things out could be an option if they immediately change their ways but I'm not counting on that. All of my other tenants are nice friends and members of a community. No ones ever taken advantage of overstepped until now. What would you do if you were a landlord in the same situation? [link] [comments] |
| Posted: 25 Jun 2020 05:54 PM PDT People of Reddit. When did you start creating rental properties (BRRRR) method, and what tips would you give before I decide to get in? Just some background. I've been saving quite a bit, 29 yo, own a row home in Philly. I'm looking to jump into my first rental property, Philly region, and wanted to hear your experiences and pit falls. Maybe some HML and connections to develop deeper ties to grow my portfolio. I've been reading for 1 year have real estate connections. Thanks! [link] [comments] |
| Posted: 25 Jun 2020 02:02 PM PDT I have been researching into real estate investing - MFH have been my key focus. For me, I would like to keep down payments low and pay off multiple properties over the years. I don't need money now, so very high net-cashflow isn't a priority for me. My dad, however, is close to retiring and isnt going to invest in multiple 25 year mortgages- he needs high net-cash flow now that he can live off of. He has a good amount of capital that he is willing to invest (around ~$800k). What's his strategy here? Put a 50-60% down on a commercial MFH to minimize his mortgage payments so he can maximize his gross cash flow today? Short term Mortgages (10-15 yr)? Invest together with me and buyout his share when he wants to retire/cash out? What would you do if you were in his position? I'm still learning and researching a lot and will likely eventually find an answer but I wanted to get some early ideas going on in the back of my mind. [link] [comments] |
| Living With Renters With a Dog in a Duplex Posted: 25 Jun 2020 02:36 PM PDT I recently got a detached single family home with a secondary legal suite in the basement (separate entrance and everything else). This is my second property and I plan on living on the top floor + renting out the bottom one so that the two rentals cover my mortgage. I love dogs but I don't personally have one, and I am getting contacted by dog owners. How annoying would it be to have a renter with one in the same building as you? What kind of damage should I expect as far as scratched floors/stairs/walls/cabinets and dog pee/crap ruining my lawn? (It's -40 during Canadian winters so I don't expect them to go far during that time) As far as noise, I generally work from home and can use a headset and put up with it so I'm thinking that might be OK if the dog isn't too big and loud. Would it make sense to charge them extra in order to make up for any long term damage or avoid it altogether? Any tips/ideas/experiences? Thanks [link] [comments] |
| Should i go to college first or no? Posted: 26 Jun 2020 01:23 AM PDT So im 17F and I dropped out of high school or work full time. At first I was considering going to college for police and criminal science but I've also realized that going into a real estate career would be a good option. I live in an upcoming city so im already in an ideal location. Should i go to college first, then start real estate or vice versa. I feel like if I go to college first I would be in debt and it would take me atleast 6 years to financially recover. I should also add that I dont have friends or family to help me financially for the first few years with loans so that would also be a factor. Edit: and yes im getting my GED but my city makes everything complicated and then corona happened so hopefully I'll get it by December [link] [comments] |
| Moving from a CRE analytic role to raising capital for my own investment fund? Posted: 25 Jun 2020 03:28 PM PDT I'm in my late 20s, I have been in a CRE sales/analytics role for a large commercial bank for about 6 years. My focus has been across all asset types across the USA and my clients are typically large institutionally funded firms, REITS or funds. (typical projects are $100mm up to billion dollar syndications) I have the fundamentals nailed down from an underwriting and lending perspective, but not real life experience of owning and managing actual property. I also feel like I'm removed from a lot of the actual real work on the other side of the industry because I'm working with such large and sophisticated clients that it feels more like a research and numbers game. My career goal has always been to be in real estate, but I have just realized that I want to eventually leave the role I am in and focus on my own multi family and industrial investments (my favorite asset classes). What would be the best way to get this ball rolling, assuming I have a bit of my own capital capital for an initial deal (let's say $500k for the first deal), but that won't go far, and people won't just invest with me because I have semi related work experience. Should I find and underwrite a local deal of a 4 unit multifam building for example, complete my value add business plan, or even just acquisition and cash flow, and then use that as proof of concept/ability to go out and start raising actual outside equity? Has anyone left corporate real estate to raise funds themselves? Feel free to PM me if needed, would love to chat. [link] [comments] |
| Posted: 25 Jun 2020 11:35 PM PDT What would you put money towards at this point in time. Interest rates at really really low but I'm just not sure. Would appreciate some input Thanks ! [link] [comments] |
| Is there really enough for everyone Posted: 25 Jun 2020 11:01 PM PDT I'm very new to real estate and I've been hearing the phrase "it's enough for everybody". Is there enough properties to go around for value add from residential to commercial? [link] [comments] |
| Is this a good hard money deal? Posted: 25 Jun 2020 10:20 PM PDT Property price: $55,000 Repairs: $20,000 Hard money fee and rate total: 12% rate and 4 points ($5000 over life of loan) After repair value: $115,000 After all fees (closing costs, Real estate commission, hard money fee) I will be left with around $25,000 profit. Will take approximately 2-3 months to fix up Thoughts? [link] [comments] |
| Taking Investment Property Tax Credit on Repairs While Moving Residences Posted: 25 Jun 2020 09:19 PM PDT Can I install new carpet after tenants move out and write it off on my taxes since it's a rental, but then move in a week later, and then install carpet on the home that I just moved out of because it's technically a rental now and write that off on my taxes too? Thanks. [link] [comments] |
| Should I pay for fertilizer every year for my rental property? Posted: 25 Jun 2020 05:22 PM PDT I've been paying around $160 every year for 4 fertilizer treatments for my rental property and I was thinking about it this year and am curious to see what you all think. Is this worth paying for? I don't know if it's really working and my tenants don't seem to care. [link] [comments] |
| Anyone have experience with Allyhomeloans? Posted: 25 Jun 2020 01:04 PM PDT Considering using them (as they offer the lowest rates). Anyone have any positive or negative experiences with them? So far it's been pretty seamless. [link] [comments] |
| Posted: 25 Jun 2020 04:11 PM PDT I'm in New York and reached out to friends of mine in the real estate business (wholesale side) cap rates within a two hour radius are 2-4%. My mentor says I'll need to shop out of state unless I want to play the appreciation game. [link] [comments] |
| Title insurance amount is different than the selling price Posted: 25 Jun 2020 07:33 PM PDT I recently came upon a wholesale deal in which I would be assigned the contract from the wholesaler for 50k. The only thing that was bothering me was the fact that the title policy was only for 20k. The title company said they can't change it since that's the price the wholesaler had put into contract with the original seller My attorney said that my earnest money will be refunded if the title isn't clean as per the contract. So if it goes through and they get all the parties to sign the affidavit then I'll be fine. Is this fine or should I be concerned in any way since the discrepancy is so big? [link] [comments] |
| Ideas on funding for cash reserves during the closing stage? Posted: 25 Jun 2020 06:58 PM PDT Hi, I'm looking at a deal on a multi family, and my lender has an LTV if 70/30 right now. I'm cutting my cash on hand close, considering the 30% down that I'll need, but the property has killer CAPEX/ROI. It cash flows like crazy right now, the elderly owner is simply retiring down south to Florida. Prior to this virus, the lender LTV is about 80/20 or so. What ways can I raise an additional $10k-$20k to have some reserves for some rainy days, until I can build up my reserves again, over about a 6 month period. Any private/ hard money lenders on here what to make some interest for 6-12 months? Just need a little cushion, and really can't utilize friends/family, given the current pandemic. They're not necessarily in the position to do a loan, and most of them are not familiar with REI, anyways, so they're not interested. I have a few hard money options locally, but was hoping to find more competitive rates, unless someone has a good idea for another type of loan or something. I may ask the lender tomorrow if he could get me a line of credit or something similar. I'd rather not go to a local bank for a personal loan, because my credit will be pulled still for this commercial loan, as the LLC will be brand new for this property. [link] [comments] |
| Beginner Real estate entrepreneur looking for some advice. Posted: 25 Jun 2020 06:19 PM PDT Hello I am very new to real-estate investing but its something I have wanted to do for a very long time now. I have recently been watching Samuel Leeds and I just love how detailed his youtube channel is on how and what to do, but I haven't really had any exposure to anyone in my life that does it and I am not sure when I will be able to head to a convention due to corona. I guess my question is how much money would I need to start making money in realeaste such as doing a rent to rent or a lease option agreement. Are there are books that going to detail of how to start, how to do the due diligence who to speak to how to find the correct Realestate agent? Etc.? Thank you for those who will take the time to write out a well thought out comment to help me. I'm sure you'll get some good karma points ;). [link] [comments] |
| Posted: 25 Jun 2020 02:28 PM PDT Looking for 90% Loan the Value requirements on a rental (townhouse) in the US. Does anyone provide a HELOC for this amount in an investment property? I figure its hard to find anything above 80% LTV on an investment property. I only have like 25% equity right now so I may mot be able to find anything. [link] [comments] |
| getting a mortgage on a house at 21 Posted: 25 Jun 2020 05:41 PM PDT This is my first post on here and I am looking for some advice and opinions on my situation some background I currently own a 3 bed 2 bath house in Calgary AB outright which is valued at 330000 most likely less now because of COVID and I also have purchased a presale condo in Vancouver (where I plan to live) a 3 bed 2 bath for 519000 this presale will be finished by December this year. My initial plan was to sell the house in Calgary near the completion of the Vancouver condo and buy the condo outright as I have enough money to buy it from my investments and the sale of the house But now I am wondering if I should take out a mortgage on the presale condo and just rent it out my house in Calgary. My concern is if I will be approved for this. I would be able to put 55% (286000) as a down payment max, also my credit score is a little over 700. The problem for me is that I do not work anymore I am 21 years old and I am a full-time student right now and will not be working for the next couple of years. My plan is to make income from both the Calgary and Vancouver home. for the (Calgary house), I can rent it in the area of 1500 to 1700 per month realistically. I have calculated all the bills such as prop tax, insurance, prop manager, and emergency maintenance fund I can cashflow around 1000$ to 1200$ per month after expenses. and as for the Vancouver home, I am renting out 2 bedrooms to my friends at 900 per room and sharing my master room with my S/O who will also be paying 900 a month. and after the bills, insurance, tax, and mortgage for the Vancouver home, I will be cash flowing around 750 per month so in total my monthly income from would be around 1750$ to 1950$. would I have much trouble in getting said mortgage, any advice is welcomed I want to know if this seems like a realistic idea to pursue. (on a side note if anyone would like to answer this for me it would be greatly appreciated) I also had the idea of renovating the basement in the Calgary house so that I can turn both the main floor of the house and the basement into the rental. am able to get a slightly larger mortgage on the Vancouver home to use for Renos in the Calgary house if not I would plan on making a smaller downpayment and just use my cash in hand for it. I am still very new to mortgages and investing so I'm not sure of all the best plays here. thanks again for any advice. [link] [comments] |
| Any note buyers here that can tell me the ballpark discount rate? Posted: 25 Jun 2020 09:48 AM PDT Curious what the typical discount rate is on a non-performing 2nd mortgage note that has a first mortgage that is the value of the entire property? [link] [comments] |
| Owner wants to sell FSBO, what are Property Manager's responsibilities? Posted: 25 Jun 2020 11:12 AM PDT Hi all, First post here, so I apologize if this is the wrong sub, or format. If the owner of a SF rental property wants to sell, FSBO, what are the responsibilities of the property manager in aiding the sale, if any? Is the PM responsible for showings, or marketing the property? I assume this may vary state by state, and is also dependent on the management agreement, but any information is much appreciated! Thank you! [link] [comments] |
| Posted: 25 Jun 2020 10:56 AM PDT |
| Evaluating Investment Property Posted: 25 Jun 2020 10:33 AM PDT Am I wrong to focus only on cash-on-cash return? I see stuff like 100 per door and % of rent profit, but I am more interested in comparing the investment to an index fund.
Then I determine the total cash needed to buy- add up down payment, closing costs, inspection costs, appraisal, lender fees, etc. Then my cash-on-cash is the total profit per year (see above) divided by the total cash spent to acquire the property. So 3% does not look good, but ~5%+ starts to look good. What ranges would be enough to get you to pull a trigger? [link] [comments] |
| Favorite sources for trends/data Posted: 25 Jun 2020 05:52 AM PDT Hey all. I'm just curious what sites you guys and gals find most useful for tracking real estate trends and history that allows you to narrow things down by particular areas. [link] [comments] |
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