Real Estate Investing: Selling my St Paul rentals in retaliation for unfair Tenant protection laws |
- Selling my St Paul rentals in retaliation for unfair Tenant protection laws
- Buying a second property using HELOC
- Analyze this 8 unit
- Hiring own LLC to manage personal SFH (WA State)
- Refinance + New Mortgage?
- How can I get into flipping houses without equity? I’m a young college student.
- Is this strategy legal?
- Buying my mother's rental
- Going to rent out our home. Should we run background and credit checks? Neither? Only one?
- Buying a rental w/out a realtor?
- Using equity from one property to buy another place - Help with return calculations
- Duplex Used as Air BNB a Bad Sign?
- How many days do you give yourself to clean and repair a residential apartment before a new tenant moves in?
- Question: has anyone purchased access to a secondary tax liens market?
- Short Sale - Balance of Loan
- Known and tube situation
- Is Vancancy a Necessary Calculation per Month?
- How to find the previous sold price of a house
- Sell vs rent former residence
- Selling a rental
- What made you choose real estate as a career? And why?
- Coronavirus effect on mortgage qualification
- Are real estate disclosure forms by seller necessary if a buyer is a family member accepting the buying "as is" clause?
| Selling my St Paul rentals in retaliation for unfair Tenant protection laws Posted: 15 Jun 2020 11:34 AM PDT It looks like St Paul, MN, is going to pass a Tenant Protection law which, for the most part, is acceptable. However, they require landlords to provide just cause for nonrenewal of lease. In other words, renewal is automatic unless the landlord has a "good" reason. I find this provision totally unacceptable. If I don't want to renew a lease, I'm not going to. I reserve the right to determine who is my customer (tenant) and who is not. If a tenant gets through screening and turns out to be a pain in the ass, they are going to move. I've used this remedy once in the past 20 years to get rid of a tenant that had an adversarial relationship with me - I just didn't want to deal with pain in the ass tenants. In retaliation for this stupid law, I'm 1031 exchanging my SFH rentals in St Paul, MN and requiring owner occupancy as a condition of the sale. Not enough housing now? I will make sure there are fewer rentals in the future! If you have SFH rental property in St Paul, you might consider doing the same to send a message that these highly tenant biased laws are not acceptable. Dallas has a great rental market and reasonable landlord tenant laws. [link] [comments] |
| Buying a second property using HELOC Posted: 15 Jun 2020 07:28 PM PDT I've heard people using HELOCs to buying their second properties. I'm a bit confused as to how to actually pull it off. Assuming you can access a HELOC but the credit limit isn't high enough to pay all cash on the second property, which means you'd use the HELOC as the down payment and a mortgage for the remaining. Doesn't the HELOC negatively affect your DTI ratio, thus lowering your mortgage qualification? So in the end, isn't it the same as not taking out a HELOC and getting a higher mortgage with a higher DTI? What are the pros of this strategy? [link] [comments] |
| Posted: 15 Jun 2020 06:15 PM PDT 8 units across 2 buildings. 4 units each. 5 two bedrooms and 3 one bedrooms. Seller wants 1.2 million $. All heat is electric and Tenant's responsibility. Hot water is included. $1200/yr. electricity is separate. Gross rent $10,800 Piti $7700/mo Grass/snow $1800/yr Maintainance $500/mo Taxes $17,000/yr I see this cashflowing $2100/mo. What do you think? What numbers am I missing? Thank you Private septic and private water. [link] [comments] |
| Hiring own LLC to manage personal SFH (WA State) Posted: 15 Jun 2020 07:44 PM PDT My LLC (owned solely by spouse and self) already owns a multi-family, which we self-manage and maintain. Being our only income, we've identified ourselves as "real estate professionals" for tax purposes. We (spouse and self) bought a SFH home next to the multi-family with an owner-occupied mortgage. After living in it 1 year, we are now updating it to become a rental. It's very convenient to manage and maintain this SFH with the same resources and accounts our multi-family already has. But how to structure the accounting and legal?
How do you manage personal property with your LLCs? [link] [comments] |
| Posted: 15 Jun 2020 09:39 AM PDT Hey Reddit, I'm working through trying to figure out if what I'd like to do is even possible. Background; Current properties are: House A; Bought in Feb 2020 for 142k and put 20% down and have a 114k mortgage at 4.5% for 30 yr. Appraised for 152k. Traditional conventional financing through a lender. House B; Bought in April 2020 for 52k and put $0 down and have a 52k mortgage at 5% for 20 yr. Not appraised. Seller Financing deal here. Proposition; I'm trying to finance a new purchase for my mother to move to FL and cosign on a loan because she's currently on unemployment (thanks corona). I am looking into 2-4 unit properties to take advantage of owner occupant rates (she will be living there and I will not) and low down payments. I'm trying to use her owner occupant status and my leveraging power in combination. Current budget it about 250k. I believe if I cosign (just for the financing) that we will be eligible to purchase up to roughly that amount when taken into account the extra rental income I can prove I have coming in. Anyway, I wanted to know if anyone has ever had an experience as to where they try to find a local lender and do a wrapped refinance into a portfolio loan? Essentially what I'm trying to do is to refinance house A for a lower rate, refinance house B for a lower rate, and to purchase a new property all without having to pay closing costs multiple times. Is this even possible? I'm working through calling lenders to get their take, but I don't want to come off sounding like a dum-dum when I ask this question. Otherwise, what you anyone suggest? I can purchase the new 2-4 unit without refinancing, but I wanted to try to get lower rates on my other two and consolidate the loans. This would open up more cash flow to speed up future purchases. Does anyone think a lender would be open to wrapping a refinance into a new mortgage all under one new loan? Thanks in advance. [link] [comments] |
| How can I get into flipping houses without equity? I’m a young college student. Posted: 15 Jun 2020 10:06 PM PDT I'm 25 years old, living in LA. A little background of myself education wise. I'm still working on completing bachelors, but honestly I haven't been motivated to finish because I just don't know what I wanted to major in. I know deep down that I've always wanted to flip houses, get into the developing side of real estate and not be an agent. However, I don't have the funds to do that. I want to eventually have enough funds to do that on my own. I want to work with a real estate developer in the area that would be willing to shine me some knowledge on the development side and cut me a percentage for taking on projects. But finding someone whose willing to mentor me, is a challenge. Especially living in LA. I don't what resources or people to turn to.. I have somewhat knowledge and experience when it comes to remodeling because I've helped my family members remodel their homes. I think I'm pretty decent when it comes to designing and knowing a thing or two about remodeling a home. But I know I can thrive in this environment. What do you guys suggest I do? I'm already 25, I still don't have a career planned out for myself. I still haven't finished college. I really don't know what I want to do with my life. But the one thing for sure I know I've always wanted to do was Real Estate, flipping homes. How do I get into that? Thanks so much in advance everyone. [link] [comments] |
| Posted: 15 Jun 2020 09:56 PM PDT I won't bore you guys with the long backstory, but for the sake of context, I essentially will be renting a town home to an elderly lady for about 40% of regular rental values. Her only income is about $900 a month from social security. Is it possible to help her apply for section 8 housing assistance, get my rental approved for section 8, and increase the rents all while she is still a tenant? It would essentially lower her monthly rent payment while I can increase the rents at the same time. Is that possible [link] [comments] |
| Posted: 15 Jun 2020 09:39 PM PDT My mom's sole purpose to sell me her home is to lower her interest rate. She is selling me exactly the cost of her mortgage(selling it for $94k, worth $130k). Currently, my sister lives their with her family and is paying less than the actual mortgage. I'm not too worried because my mom will be paying for the mortgage completely until it is 100% paid off. With that said, when my sister does move out what type of things should I be looking to do to gain profits and find tenants? I was thinking of hiring a property manager and inspector. Looking for renovations like the kitchen/furnace/bathroom. I live out of state, so I won't be able to actually see anything. If anyone has tips or recommendations for me to prepare financially for this I would greatly appreciate it. [link] [comments] |
| Going to rent out our home. Should we run background and credit checks? Neither? Only one? Posted: 15 Jun 2020 05:12 PM PDT |
| Buying a rental w/out a realtor? Posted: 15 Jun 2020 08:58 PM PDT I currently owner-occupy my first duplex that I bought 2 years ago and have been looking to buy another rental here in the Midwest over the last few months. While mowing the lawn a few weeks ago I ran into the owner of the duplex that's literally right next door to mine and after talking for a while he mentioned he's planning to sell his place (late 60's investor moving south permanently) in the next month or so and wondered if I'd be interested in buying direct from him. The price seems to make sense, I know the area really well, and future management will be nice to have rentals right next door to each other when I no longer live in the city. My big question though is whether it's smart to do a deal without a realtor and if I DO happen to go it alone, outside of a thorough inspection what are other things I need to look out for? Thanks! [link] [comments] |
| Using equity from one property to buy another place - Help with return calculations Posted: 15 Jun 2020 09:07 PM PDT Hi there, as the title says I am trying to use the equity from one property to buy another place. I have about $100K worth of equity in a rental property and am planning on doing a refi to get the money out and invest in another property. What is the best way to accurately calculate the return and other metrics now that my original property mortgage is going up so cash flow is reduced but I am able to get another property without the need to invest any of money out of my pocket? My cap rate is reduced(9.2% to 4.6%) but that doesn't take into account that I can purchase another property. I'm trying to wrap my head around how to evaluate the overall "portfolio" and each individual property once I buy another property. Thanks for your help! [link] [comments] |
| Duplex Used as Air BNB a Bad Sign? Posted: 15 Jun 2020 03:42 PM PDT Hello! My husband and I are exploring house hacking and found a duplex in Buffalo, NY that looked like a good fit for our budget. It has 2 3 bedroom units. After looking through the 3D model I noticed that one of the units looked like it was being used as an Air Bnb. Do you think this is a bad sign, like the owners could not get a longer term tenant so tried to use it as an Air Bnb to make whatever they could? I think I would wonder less if it was in a vacation destination but it looks like prices for 3 bdr Air BnBs in Buffalo are around $40 per night which doesn't seem very profitable. Thanks!! [link] [comments] |
| Posted: 15 Jun 2020 05:11 PM PDT Assuming you have no major plans, just a cleaning, do you have tenants scheduled back to back or 1 day empty etc..? Have you had to delay a tenants move in due to unforeseen issues? [link] [comments] |
| Question: has anyone purchased access to a secondary tax liens market? Posted: 15 Jun 2020 12:00 PM PDT I spoke to a company that offers secondary tax lien assets that have matured 1-3 years from hedge funds and banks who don't want to deal with foreclosures. They then try to sell them to new clients. The deal is $7200 to buy lifetime access and they will handle paperwork and offer some education, but I'm more curious about the assets. Anyone have experience with this kind of thing? Thanks in advance! [link] [comments] |
| Posted: 15 Jun 2020 03:43 PM PDT Hello realestateinvesting, I'm looking for a first investment property and found one listed cheaply as a short sale. I understand that to mean the balance of the loan exceeds the value of the home. I've read that sometimes the balance is forgiven and sometimes it is not. I have neither purchased a property before nor considered short sales previously and couldn't find an answer to my question below: Does the amount listed on the site (realtor.com) assume that the balance of the loan is going to be forgiven or otherwise handled between the lender and existing property owner or is it possible that I'd have to account for the balance somehow? I've inquired with the agent via the site but wanted to ask here as well. Thanks for taking the time. [link] [comments] |
| Posted: 15 Jun 2020 06:55 PM PDT To make a long story short: under attorney review seller said was going to fix knob and tube so he hired someone to fix it and provided us with invoice saying job was completed. After we close and a month later my sister is in the attic and finds a knob and tube wire hanging up from side of wall exposed so she tests it and it beeped repeatedly... we call the electrician on the invoice he yells at us and hangs up the phone just trying to understand if this is something to be concerned about since he is knows the electric on this 1870 house more than anyone.... what should our next steps be? Best case scenario the wire doesn't go anywhere and it is just one wire that leads to nothing from the power source. [link] [comments] |
| Is Vancancy a Necessary Calculation per Month? Posted: 15 Jun 2020 06:28 PM PDT Is the point of calculating vacancy and repairs/maintenance per month to be able to guarantee a positive cash flow each month? And is it because it's probably rare/not realistic for an investor to already have cash on the side to cover it that if isn't going towards the down payment? Say you don't use all of your cash for a down payment, would you still factor in those monthly expenses if you have enough saved up? Would you ever buy a place with a low cash flow if it was because of those expenses? If you already had a large sum of money already saved that wasnt being used to purchase the house, cash flow would obviously increase and make it worth while? I'm just beginning my research in this and I've got years before I make my first purchase since I'm going to be a senior in college next year, but would rather get my flawed ideas corrected sooner rather than later. Thanks in advance! [link] [comments] |
| How to find the previous sold price of a house Posted: 15 Jun 2020 06:20 PM PDT I remember a lot of the big name mls sites use to post the historical sale price of a house but I cannot seem to find it anymore is there anyway I can find this information publicly? [link] [comments] |
| Posted: 15 Jun 2020 10:28 AM PDT My wife and I recently moved after finding out we were having twins. We still have our old house and are trying to decided if we should sell or rent. 2bd 2 bath Paid 134k Owe 115k If we put 20-25k into the house we can get somewhere around 200k-215k for the house. We could put 5k into it and rent for 1300/month. It just got a new roof/gutters from an insurance claim. My plan is to start buying rentals. I'm curious any feedback. [link] [comments] |
| Posted: 15 Jun 2020 01:48 PM PDT We're considering selling our rental property. It was purchased as a rental and always has been. We bought it in '08 for around 300k. Hoping to get around 450-500 for it. My question is; my partner and I aren't married, is there a benefit to one of us establishing residency in the home to reap any tax benefits? We're in Washington State. We also own our home and our combined income hovers around 100k. Is this a valid question here? Hopefully I've provided necessary context. We are leaning towards selling it straight away because we've reached the point of wanting freedom from real estate but I'm worried there might be an angle that we miss. We'd like to maximize our profit off this house as it's been the mainstay of our investing efforts for many years and we'll only get to sell it once. Thanks for your help. [link] [comments] |
| What made you choose real estate as a career? And why? Posted: 15 Jun 2020 01:15 PM PDT I'm considering switching careers to real estate, just wanted to find out why and how you guys got into this field. Where did you start from knowing absolutely 0 knowledge about real estate and investing? And why? [link] [comments] |
| Coronavirus effect on mortgage qualification Posted: 15 Jun 2020 06:12 AM PDT Was looking at financing my next property, understanding that typically the income for the property is factored into the owners income. However I'm just curious as to how losing hours at my normal 9-5 would effect my ability to qualify for a new property loan. I'm paying off a large amount of debt soon so my income SHOULD be more than enough, however I am still wondering. I have healthy tier 1 credit and home income without our other property is greater than 140/yr. Properties I'm looking at is around 250k and after 25% down would gross greater than 1600/mo in income. [link] [comments] |
| Posted: 15 Jun 2020 03:43 PM PDT Are real estate disclosure forms by seller necessary if a buyer is a family member accepting the buying "as is" clause? Also both sides do not have agents. Location: California. [link] [comments] |
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