Real Estate Investing: How to scale financing |
- How to scale financing
- How should I make my offer on a fire-damaged property?
- Buying a house with delinquent tenant inside?
- Just put a bid in on our first property!
- Fundrise
- Questions for OOS investors
- Selling bad debt to collections
- What mistakes have you made?
- How do i get started in real estate at 18?
- Buying my first investment, a two family home. What are the things no one tells you you’re going to need to watch out for?
- Is this the right time to cash out? Im scared I’m going to get stuck because of COVID and the doom that might follow
- Townhouse Rent vs Sell
- Termite and faulty grading.
- Renting out multiple manufactured homes on one property in Southern California
- Cash out or HELOC?
- When is the moratorium on foreclosures and forbearance for FHA insured mortgages on 4-unit multifamily housing ending?
- Wholesale/Marketing Campaign
- Investing with a large amount of student loan debt
- How do you get proper information from MLS / realtors for evaluation?
- Foreclosure Insurance
- My own home advice
- starting up
- Question - Re: MultiFamily Refinancing During COVID
- Should I invest?
| Posted: 30 Jul 2020 03:59 PM PDT I have a couple of SFH rental properties with traditional bank financing in my and my partners name. They are currently rented and things are going well. Cash flow is good and we plan to continue to add properties as deals come up . My issue is that we'd like to get a little more formal/professional and move these into a business structure, something like an LLC. Not for liability but really to grow and eventually even quit our day jobs. There's no pressing need other than I feel like we'll hit a wall soonish on the conventional financing path and the small headache of having it all in our names vs a completely separate entity growing into a larger paper work headache. I have found some lenders online that are willing to loan to a new business, and interest rates are ok for a longer term strategy, but fees are high and terms a little onerous in my opinion. Fees are between 3-4% of the loan value between origination, legal, title insurance etc. One place wants us to form a Delaware LLC, but only with a single owner so we'd have to form a 2nd LLC to own that. The combination of both is giving me pause. I'd really like feedback or strategies others have followed to get that initial entity formation going. I have called a few banks and heard the line about needing 2 years of seasoning for the entity. I know Fannie has a rule that newer loans can be quit claimed to an LLC without triggering the due on sale clause but you have to work with your service company and the personal guarantee remains. I have enough cash to pay off 1 property and move it into an LLC...do i do that and start the seasoning clock? [link] [comments] |
| How should I make my offer on a fire-damaged property? Posted: 31 Jul 2020 01:51 AM PDT I saw a property on Zillow being sold as a FSBO but a company owns it. I checked the county property card to confirm what company owns it. It was in a fire in January 2019 and they bought it in May 2019 for twenty dollars. According to her it will need a complete rehab, a gut job. Assessed value: $30K. Land value: $14K. ARV: $180K. They listed it on Zillow for $50K, it's been on the site since January 2020. The seller asked me to give my "best and highest" offer for it. They bought it for $20 so I know that anything they get for it is going to be a profit but I don't want to insult them either. I was leaning towards offering them the average of the assessed value and the land value, or $24K. What should my offer for it be? Higher than that? Lower than that? Land value? A little above the assessed value? This would be my first purchase of a fire-damaged property. Thanks in advance. [link] [comments] |
| Buying a house with delinquent tenant inside? Posted: 30 Jul 2020 04:13 AM PDT No evictions right now. Say a homeowner has a tenant that can't pay rent due to covid, and this puts the owner in impossible situation that he has to sell. You'd be able to get a house at a cheaper price, and eventually evictions will resume. Have any of you done this? [link] [comments] |
| Just put a bid in on our first property! Posted: 30 Jul 2020 09:12 PM PDT Jade a few questions if anyone could help. We just put a bid in on our first property and the house will be rented from previous owner until next March unless they want to start the contract over for a year. Is there anything specific we should worry about or change? Other than allowing only new paint and nails, if there's pets than a clear pet deposit and clear rules, and obvious late fees. Also what are good late fees and should there be an interest added to late fees? Anything else you think would help would be amazing. Thank you all! [link] [comments] |
| Posted: 30 Jul 2020 07:04 PM PDT Anyone have a fundrise account?? I don't have the money to get a conventional or FHA loan. I have thought about using hard money but might put that on the back burner for a while. Anyway I've looked at fundrise and was wondering if I start with $500-$1000 would it be a good investment for the next 5-10 yrs [link] [comments] |
| Posted: 31 Jul 2020 02:08 AM PDT What were your fears before taking the first step? How did you overcome them? How are you doing now? [link] [comments] |
| Selling bad debt to collections Posted: 30 Jul 2020 04:17 PM PDT Does anyone have experience selling off bad debt to collection? What is the process? What company did you go through? What percentage did you get paid? Would you do it again? [link] [comments] |
| Posted: 30 Jul 2020 08:50 AM PDT I'm looking to start building a portfolio in rental properties. I feel like I'm close to pulling the trigger but I'd like some general advice. What are some of the mistakes you guys have made while building your portfolio? [link] [comments] |
| How do i get started in real estate at 18? Posted: 31 Jul 2020 12:02 AM PDT So far i've saved up around 10k and am going into college this year. I have a full ride so i don't plan to house hack since the place i'm living in is free. What do you guys suggest I do to get started in Real estate? I want to start buying rental properties sometime. Thanks in advance! [link] [comments] |
| Posted: 30 Jul 2020 12:05 PM PDT I work in real estate and I've helped my clients purchase many successful multi family properties. This will be my first time managing my own property however. What are the things to look into or that I should be aware of but aren't the normal questions on here ie financing, profit/loss. [link] [comments] |
| Posted: 30 Jul 2020 07:48 PM PDT Found a duplex sitting on a corner quarter acre lot 10 mins outside a major city (super desirable area) bought it with a friend. Duplex is weird - friend and I live in this enormous 6 bedroom 3 floor unit and the tenant is in an efficiency. I saw an opportunity which is why we jumped. I can get the lot subdivided through work and make at the least 40k easy. Plan was: Split the lot cash, sit on it for a little and we'd both go our ways with the duplex doing it's thing. Then COVID and the beautiful reality slaps: the details of this are irrelevant to my question but I want out for numerous reasons and am trying to do so without stirring shit up. SO - Recently, I suggested we sell both the lot and the house. Get our initial investment plus some (the lot) great turn around for 1 year, no complaints or bad blood about any of it. Friend agrees - all is well there The question is when to sell the house. I'm thinking fall so we can sell while it's high - this city is wildly overpriced and has been for about 5 years. We can sell as is, and possibly make a little more than the initial investment of the house itself. Roommate would prefer to wait until spring which would be ideal regardless but im TERRIFIED that if we wait until spring something will happen with the economy and housing will drop, leaving us stuck here. 2008 PTSD - prefoclosures are starting to pop up and How the hell is everyone feeling about selling right now? I'm 100% ready to sell ASAP before I end up stuck. I want to take the money and run but I don't feel like I can muster up any type of logical thought when it comes to COVID and this insane propped up economy. I'm questioning literally everything. Just lurking on this sub alone... tenants breaking leases to double up in larger houses. Possibility of unemployment running out. Banks preparing for possible November defaults. I'm in a hot f***ing panic. [link] [comments] |
| Posted: 30 Jul 2020 08:49 AM PDT I've been building townhouses in the DFW area for the past 5 years and have started thinking about keeping them but can't figure out what to do exactly. I can build them for $325k each and sell for $430k for about $75k in profit with each sale. I ran numbers on renting and I can pull a mortgage on the property for $300k (so costs me $25k) and rent for $3,100 which yields about $420/month after all mortgage, expenses (10% assumed), property taxes, and insurance. That is 18% CoC and 6.3% CAP rate. Do I need to take into consideration the $100k in equity I am leaving in the property for my CoC calculation? My projections show that these could be worth $1million each in 30 years and I have enough money to build 30 of them so it seems like it may be a great long term investment strategy but I wonder if I sold 30, then having that much money now would be of better long term benefit. [link] [comments] |
| Posted: 30 Jul 2020 10:29 PM PDT I'm ready to put an offer on a house in the El Cerrito area in the Bay Area. I noticed a lot of termites infection, fungus, dry rot and faulty grades in the report. Looks like its going to be over 30K for the fumigation. The house was built in the 1940s. How prevalent is the termite problem for the houses that age in the area. Looking for advice and experience with the termite and faulty grade problem. [link] [comments] |
| Renting out multiple manufactured homes on one property in Southern California Posted: 30 Jul 2020 10:00 PM PDT Hi all, This is something that ive thought about doing for over a decade now. Today I came across this ad on craigslist (https://sandiego.craigslist.org/nsd/apa/d/poway-2br-2-bath-home-in-country/7167843973.html) and it got me curious again. [link] [comments] |
| Posted: 30 Jul 2020 03:35 PM PDT The value of my home (multi-family with tenant income) has doubled since i bought it four years ago. I'm planning to use some of the equity as a down payment on a second similar home. I expect that it will take a year or two to find and purchase the second property. If I refinance and take cash out then my monthly payment will stay roughly the same thanks to the current low interest rates. But if I refinance and take a Home Equity Line of Credit then my monthly mortgage payment will be lower and I can wait until I'm ready to buy the second home, at which point the money I take from the HELOC will be at a higher interest rate and variable. Thoughts? [link] [comments] |
| Posted: 30 Jul 2020 08:47 PM PDT When is the moratorium on foreclosures and forbearance for FHA insured mortgages on 4-unit multifamily housing ending? [link] [comments] |
| Posted: 30 Jul 2020 04:37 PM PDT My friend and I wrote a software program that pulls stats for any town in my state by block and lot. I had it export and send letters to every vacant property and every out of state owner. I have gotten more phone calls than I can handle and thus want to set up some sort of marketing/wholesaling campaign. I have no idea where to start platform wise. Would something like Mailchimp work? I have a small network of 10-20 people who I can send deals too. I originally did this as a unique way of finding off-market deals to 203k/flip/buy and hold but now I have a lot more than I can sort through only after scraping one city. Any advice even if it is tangential to my situation will help as I am new to this and young and overwhelmed with feedback and curious if this has potential. 23 and just graduated. Work as a Construction Manager and my company is trying to break into Development. I [link] [comments] |
| Investing with a large amount of student loan debt Posted: 30 Jul 2020 06:52 PM PDT Hi all! I have about 150,000 of student loan debt. I start my full-time job in January after graduating in December and will be making 70k. My question is, has anyone purchased a house and house hack it, therefore, creating some income that can lead --eventually ---to paying off your loans or at least help with the burden? I do plan to pay them off, but I'm also 31, and would like to purchase a property in the next couple of years. Thoughts? [link] [comments] |
| How do you get proper information from MLS / realtors for evaluation? Posted: 30 Jul 2020 04:36 PM PDT Hello, I am new to the US and not familiar with the procedure. Surprisingly there is little information on how to get info from realtors, it seems that most people leave it to the professionals. The situation: I found a few interesting listings on MLS and wonder how to proceed. The MLS list some gross income and expenses but only little detail on existing leases and rent. I really would like to see a more detailed APOD and read the lease agreements and proof of actual taxed income before I make an offer. I am not sure if they commonly have these documents ready and will share them with potential buyers? How do you approach them to get information for proper quantitative valuation? [link] [comments] |
| Posted: 30 Jul 2020 04:12 PM PDT I'm going to bid on a foreclosure at sheriff sale next week. How do I place insurance on the property prior to receiving the deed since the current owner has a 60 day right of redemption? I would worry about the current occupant destroying the property before I could get insurance or evict. [link] [comments] |
| Posted: 30 Jul 2020 02:47 PM PDT Mortgage is $750 a month, have paid 26k and still owe $106k. I checked on Zillow and the zestimate is 199k. Mortgage is super low due to my wife getting it through Habitat for humanity. With all that info, what advise would you give me? Not sure if it being through Habitat for humanity, would unable anything possibilities. My goals with this, is to find as many options, if possible and see what I can do. [link] [comments] |
| Posted: 30 Jul 2020 12:30 PM PDT my family is going through an unfathomably hard time right now. We are struggling for work and something i have always thought about is real estate investing...flipping houses. I am extremely handy and am capable of doing almost anything the house needed in order to fix the inside. I was wondering how much would i realistically need in order to get started, and how would i even go about it? im not in a good place right now and I want to take a leap of faith here. If anybody would like to take the time to help id greatly appreciate. [link] [comments] |
| Question - Re: MultiFamily Refinancing During COVID Posted: 30 Jul 2020 11:34 AM PDT Hello, I am having trouble with refinancing on a multi-family property because the current tenant does not feel comfortable with the appraiser entering the home with fully protective gear.
Thank you for your help. For your information, the property is located in California. [link] [comments] |
| Posted: 30 Jul 2020 10:56 AM PDT My sister asked me to go in on a house that we can rent out.. the deposit will wipe everything I've saved up (including my rainy day fund). Is this unwise to do? I have a stable income so I'm not sure what all I need to consider. [link] [comments] |
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