Real Estate Investing: BE PATIENT! |
- BE PATIENT!
- Buyer or Buyer Agent Stole Listing Key!!!
- For those buying rental properties from another state how do you find good real estate agents and management company?
- Using Family Money for Property Purchase
- How to do due diligence.
- Does it make sense to convert a multi family into condos and rent them out until I decide to sell later?
- In Denver, can I rent out two units if the house is permitted as a SFR?
- I have a 520 credit score but $30,000 in the bank. How can I invest in real estate? My opinions below, prove me wrong
- Hard money under 50k in Ohio
- Analyzing properties
- 3.375% rate, worth shopping around?
- Networking/adding value as a law student/future real estate attorney
- Getting close to pulling the trigger... (on my first property lol) Philly/DE/MD
- Paying rent with credit cards
- How do you analyze rental propertys fast and efficiently?
- What’s the minimus market size you would work in
- Anyone here had experience in buying property in Honolulu or the Ewa Beach/Kapolei Area
- Price negotiation on potential property
- Using Professional Skills to Develop Equity?
- NJ home renovation
- How to determine the number of certain properties in a specific area?
- [TX] Experienced in residential construction and looking to develop duplexes. Any input would be helpful.
| Posted: 16 Jul 2020 06:58 AM PDT This one goes out to all the new/young investors out there. BE PATIENT with investing. Waiting sucks gorilla testicles doesn't it? I get it, being stuck in your current financial situation when you feel like you have the ambition and the knowledge to go further is one of the most agonizing experiences imaginable. But it's NOTHING compared to the agony you'll feel if a deal goes south. I studied Real Estate for six years before I bought my first property. You don't have to wait that long, I was going through a divorce, I'm just saying you have time.
On average I find I look at 100 properties on line, view 25 properties in person, & offer on 5 before I finally get one that works out. Good luck everyone. [link] [comments] |
| Buyer or Buyer Agent Stole Listing Key!!! Posted: 16 Jul 2020 08:54 PM PDT Just had the craziest thing happen today.... so I schedule a showing to this property. Great fix-up deal, estate sale, the kids arguing, mediation lawyer hired to handle all offers, etc. So, I show up, and the house key is missing, along with the key box container (actual shackled key box casing was still there). I call the listing agent and she claims to have no idea why that would be. Says she'll call around to see if she can figure out what happened. I get a call back from her 30min later and she says something along the lines of... well I think one of the previous agents or her clients who wrote an offer on the property have taken off with the key. Why? So no one else could go peek inside and submit a competing offer. This was her theory anyways. I've never ever heard of this happening before. Supposedly the only key she had for this property is now missing. But I'm determined, so I write an offer anyways. Right as I'm about to send in my offer, I get a message from her saying that "oh it seems the court appointed attorney has accepted an offer, she's just waiting on signatures, but she's also not very sure about it. I'll let you know if anything changes." Obviously I send my offer in minutes after that message and give her a call again explaining that my offer is all cash with a quick close. And that since they haven't signed yet, I hope she presents it to the attorney. Then hang up. Now thru previous conversation with the listing agent, it came up that she was actually friends (in some capacity at least) with that buyers agent. So now I'm thinking maybe these two are in cahoots. Maybe she "lost" the key on purpose so I couldn't inspect the property and now maybe she won't present my offer so that her friend and her friend's buyer get the deal. And I'm left screwed. Does this sound crazy and far fetched? Any advice you guys have for me? I'm all ears. I've never dealt with anything remotely like this before. I've already brought this up to my local MLS/Realtor association and they've reached out to her for more information on what's going on. [link] [comments] |
| Posted: 16 Jul 2020 10:14 PM PDT I'm curious for those buying rental properties from another state how do you find good real estate agents and management company? Also how do you find out the exactly region/neighborhood? [link] [comments] |
| Using Family Money for Property Purchase Posted: 16 Jul 2020 05:28 PM PDT My wife and I live in a high cost of living city and while we can make the mortgage work for a starter home in the $500-$600k range, we're a few years away from a 20% down payment. I have a sibling and her husband who has come into a substantial amount of money through a company they own. They have stated that they would like to use the excess money to invest with and help out family get ahead. I'm thinking of asking them for 10-20% down payment in exchange for the equivalent equity in the home. We would be buying a fixer upper and forcing appreciation. There is likely to be natural price appreciation where we live as well. We would pay to fix it up and pay down the mortgage. Upon sale, they would get 10-20% of the final sale price. Time horizon is unclear, but we're thinking at least 5-10 years before selling as it's our starter. Looking for opinions on if this will have enough value for my sibling or if there are any other creative ways to partner? [link] [comments] |
| Posted: 16 Jul 2020 04:50 AM PDT Hey everyone, I'm very new to real estate investing and need some help. How do I find a good deal, I've been looking on sites like right move to find properties. What due diligence do I need to do and how do I calculate costs and profits and know what work needs doing. What does a good deal look like can you give some examples. And some examples of bad deals. [link] [comments] |
| Posted: 16 Jul 2020 01:49 PM PDT So I am looking at a side by side multi family with separate driveways on opposite sides. The house next to it were converted into condos and are worth about $600k each. My question is if it makes sense to convert the duplex into condos and rent them out for a couple years until I decide to sell them off individually. [link] [comments] |
| In Denver, can I rent out two units if the house is permitted as a SFR? Posted: 16 Jul 2020 09:52 PM PDT I'm about to buy a building in a few weeks and it was marketed at a duplex. There are also tenants in the two units. However, I'm betting the appraisal is going to say it's a SFR, not a duplex. I'm worried about using it as a rental for this reason. I'm not clear on the consequences or the due diligence I have in this process. Can anyone help me think this through? Am I walking into a nightmare or seriously no big thing? [link] [comments] |
| Posted: 16 Jul 2020 09:34 PM PDT
It's honestly really hard to start when you feel so limited. [link] [comments] |
| Posted: 16 Jul 2020 09:19 PM PDT Looking for a hard money lender that has no minimums in Ohio. I see a ton with a 50k minimum but the properties I'm looking at are 30k. [link] [comments] |
| Posted: 16 Jul 2020 09:14 PM PDT Does anyone have a good spreadsheet they use and would be willing to share for evaluating potential properties? I'm still trying to learn all of the useful formulas and acronyms [link] [comments] |
| 3.375% rate, worth shopping around? Posted: 16 Jul 2020 11:32 AM PDT My partner and I are looking to invest in our first multifamily (a duplex). We were hoping to take advantage of the low interest rates and from our research assumed/hoped we would qualify for a 2.75% interest rate. We will not be occupying the unit, it is firmly an investment property. We both have ~800 credit scores. Zero debt. ~250k combined income. My income admittedly was a little strange on paper in 2019 as I'm self employed with an s-corp. My partner's salary is $130k. We sent our personal bank statements(~50k total) to our montage broker. As well as my business bank accounts which total roughly the same. We currently live in an apartment (out of state, I know this isn't ideal but it's the situation, we've weighed the odds). We're looking to get a conventional loan for 120k, putting 25% down. Our mortgage broker just came back with our numbers: 3.375% interest/3.355 APR. His rationale was that we can't get it under 3 due to it being an investment property. My question is basically is it worth shopping around or is this really as good as we can get? [link] [comments] |
| Networking/adding value as a law student/future real estate attorney Posted: 16 Jul 2020 06:57 PM PDT Hi all, I'm a law student in NYC with an interest in real estate law. I've been networking with people in the industry my age but most of the conversations have been about who I am and what I do as an intern at my office. My concern is how to turn those networking opportunities into actual clients and business partners. Is it just saying something to the sort of "hey, if you need any help with legal, let me know" and just let the business flow to me? Or being somewhat blunt and asking to work together? Also, what do you investors, brokers, developers, etc. look for in your attorney's when choosing to go with them? In general, how can your attorney's be a value-add to your business? [link] [comments] |
| Getting close to pulling the trigger... (on my first property lol) Philly/DE/MD Posted: 16 Jul 2020 06:36 PM PDT Pulling myself up by the bootstraps here. M26 - 4 years ago went from making 70k to 40k a year (went from being a barber in Brooklyn to retail banker in SNJ ) due to a family emergency that required my full attention / relocation. Since then I knew I'd be set back and made it a priority to save every penny & pretty much sacrificed these past years of my life for the sake of $ LOL... Fast forward to today I have 80k, & am on pace to have 100 by this time next year. I'm looking to do a live in flip, buy a shell around 20-30k & leave 70-80 for rehab. I've identified Philly/Bmore/ Wilmington DE as areas that make the most sense for someone in my situation. Low cost, metropolitan areas with ample blue collar job opportunities within reach that'll allow me to shift my focus on going to college. I can't help but feel there are essential things I have no knowledge of before I move forward with this. I still have roughly 12 months but that will fly by. Insurances? Contracts(protection/exit strategies for contractors?) Materials? Title search/city permits? I'd like to make this as painless as *possible* - I'm just paranoid of hitting issues I could have avoided that would put me in the hole. I take care of my mother & am the breadwinner for family back in Colombia therefore I have very little room for error (don't we all lol). Analysis Paralysis - I got it bad lol. Leave your best advice below, things you wish you knew before hand that would have been within your control & preventable. Biggest mistakes, biggest successes. Any input is MUCH appreciated. [link] [comments] |
| Posted: 16 Jul 2020 12:18 PM PDT Hello Landlords of Reddit, The apartment management company I rent under, due to COVID, is allowing people to pay rent with their credit cards and is absorbing the credit card fee. If you were to temporarily allow your tenants to pay with credit cards and you absorb this fee, would you increase their rent the next contract to earn this fee back? I'd like to get points for my credit card because they're temporarily allowing it, but not if there is a possibility of them just charging more rent next year to make up for the cost. Just curious how a landlord would think about this, and if it would impact the rent the following year for the individuals that did pay with a credit card. [link] [comments] |
| How do you analyze rental propertys fast and efficiently? Posted: 16 Jul 2020 10:29 AM PDT I hear all these formulas to use like cap rate, cash on cash return, ROI, and GRM and I was just wondering what do you guys use ? I can't use these formulas on every property I look at because it would take so much time. How would I analyze a bad deal real quick and then move on to the next one? [link] [comments] |
| What’s the minimus market size you would work in Posted: 16 Jul 2020 03:53 PM PDT Hey I've got a question for the wholesalers out there, what's the minimus population size you'd work in? I'm just getting set up in my market, (kinda small) about 60,000 people. [link] [comments] |
| Anyone here had experience in buying property in Honolulu or the Ewa Beach/Kapolei Area Posted: 16 Jul 2020 03:14 PM PDT I would like to discuss the differences between lease hold and fee simple, and why HOA fees in town are so much more expensive. [link] [comments] |
| Price negotiation on potential property Posted: 16 Jul 2020 07:40 AM PDT I'm currently looking at a 4, possibly 5 bedroom property built in 1740s that's listed as a commercial property so I guess it has previously been used as business space. Part of the property can be made into a 2nd unit for rental. I like the location as it is close to other businesses and has a good amount of parking space. Its been on the market for more than a year and owners had just lowered price by 18K so its currently at 340K. I've not gone to look at it in person but from the pictures online and description, it appears that some renovations have been done to make it look new so it appears to be ready for move in but i'll have to check. What are some of the methods/strategies you use to negotiate a lower price on a potential property? What are things you're looking out for when inspecting the property to leverage the negotiation? I've heard of recommendations to try to buy properties at 80% of listed prices which lowers my offer to 270K. Is this realistic? [link] [comments] |
| Using Professional Skills to Develop Equity? Posted: 16 Jul 2020 11:12 AM PDT Hello all, first post here. I'll keep it somewhat brief though I have a million questions. Background: I am a licensed structural engineer in my state and I have some experience in residential remodeling/upgrading rentals. I managed the renovation of two homes (one of a friend who I helped remodel for free rent out of college and the other my dad's house that I bought from probate to flip) and have had 3 rental properties that I bought and sold from 2016-2019 (and had to do significant improvements on them). I'm 28 years old and am not ready to buy a permanent home or settle down quite yet, but I've been in a holding pattern renting for 5 years now (lived in the first duplex I bought) and I have been thinking about how to get immediate equity out of rental properties when everything is so overpriced or needs so much work. The direction I've gone is to use my strong engineering background and drafting skills to essentially design-build an owner occupied 2-4 unit building using a construction loan, then financing the equity into an owner occupied residential loan. My thought process is that engineering/architecture can be 10-15% of a new building's cost and if I can eat up 5%-10% of that through my own efforts, then it could result in a great payday at the end of the road, as well as a brand new property that I live in, own and can keep as a life long asset (and provide for the mortgage of a house if I have a family and I rent out my vacated unit). Can anyone who has done this or something similar give me some insight? I've thought about it so much that maybe I have blinders on and there is an easier way to accomplish my goals. [link] [comments] |
| Posted: 16 Jul 2020 02:28 PM PDT I'm looking at a home in NJ either for a flip or for renovating and living in as my permanent home. It's a 2100 sq ft home, 4 bedroom, 2 bathroom. There is also a 2200 square foot barn. I wanted to get an understanding on what more experiences investors would estimate for the costs to do a renovation. We are potentially looking at a full gut job which would include a renovated kitchen and bathrooms, hvac system, and potential an extension for a two car garage w/ or w/o living space above it. Definites: bathrooms remodeled, kitchen remodeled, hvac require, two car garage added. Likely: full gut job including potential moving walls to reconfigure second floor and open up the main floor. Not needed currently: basement. This would likely occur in future. Hoping someone could ballpark what I would be getting myself into from a cost and commitment perspective. Obviously no one would be able to hit it exactly, but I read a lot that it would likely cost $200k and I don't think that number is high enough. Also, would want to redo the barn in the future to make it a pool house / awesome entertaining space. Thoughts? If there are any contractors in north/central jersey I'd be happy to DM as well. [link] [comments] |
| How to determine the number of certain properties in a specific area? Posted: 16 Jul 2020 02:08 PM PDT I want to determine how many properties are in a certain area. ListSource seems like a good tool for this (it will tell you how many properties in an area meet certain criteria, for free). For people that have used ListSource, is there a way to filter out SFR that are part of HOA? [link] [comments] |
| Posted: 16 Jul 2020 09:33 AM PDT As the title states, I'm interested in becoming a developer of duplexes. I have some construction experience (architecture, residential design-build) so I would essentially be the GC on my own projects. I'm in Houston but would be looking at land about an hour outside of the city (passed Katy and Cypress). Does anyone have experience building their own investment properties? What price/sf were you able to achieve? Did you use cash or loans? What type of loans and how much did you put down? Did you rent or sell? If sold, how much profit? If renting, what are your expenses and how much is going into your pocket? [link] [comments] |
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