Real Estate Investing: Iceland - Any Americans in the community that have successfully purchased land of ice and fire? |
- Iceland - Any Americans in the community that have successfully purchased land of ice and fire?
- SE Michigan - which city would you consider as a good rental market?
- Sold my stocks and investing in real estate please help with a deal analysis .
- Best methods for finding foreclosed homes?
- New investor looking for advice - is this a good deal?
- Can you do a simple breakdown of depreciation for rental homes?
- Profiting off Foreclosures
- Any advice on purchasing a house with an efficiency basement as an investment?
- Can I buy a duplex on an FHA loan if it is already occupied?
- Selling home to do a lease back
- Property Tax Appeal
- Stupid question about deducting expenses on a rental property
- Can I deduct rental property mortgage interest even if I take the standard deduction?
- Help me figure out how to purchase first investment property with high Debt-to-income ratio
- Investment in more doors or 529 college fund
- BRRRR or Buy and Hold for first real estate investment?
- 2nd FHA Loan
- In my shoes
- Where can I find legit part time remote work from home job in RE?
- Anyone with experience using ListSource?
- Affordable cities/metropolitan areas to buy a property in that have a healthy job market?
- Apartment sales grow in the past year to record highs in Chattanooga with 8 of top 10 deals involving investor buys of major apartment complexes
- Sanity check: SFR mortgage, Texas
| Iceland - Any Americans in the community that have successfully purchased land of ice and fire? Posted: 18 Jul 2020 09:43 AM PDT Looking to purchase land in Iceland to develop a tiny home, for personal usage and rental income. Looks like it's possible for Americans to own property in Iceland, after going through the proper steps. Has anyone gone through this process? Any tips? I visited Iceland 3 years ago and it's been on my list. Truly a magical place. [link] [comments] |
| SE Michigan - which city would you consider as a good rental market? Posted: 18 Jul 2020 08:09 PM PDT Looking into buying my first house as rental property. I live in Farmington Hills so prefer something close in case something needs my immediate attention but I know people who are landlords and don't even live in the same state. Which city should I look into for good rei? I can't seem to find duplex near me. Seems like renting a duplex is a good rei option. Please and thank you. [link] [comments] |
| Sold my stocks and investing in real estate please help with a deal analysis . Posted: 18 Jul 2020 04:18 PM PDT I took out my life's worth from the stock market about 100k and using 75k to purchase a 2 bed 1 bath house cash in San Antonio Texas. The house is already full rehabbed cute little house which should rent for $1200 a month. Property taxes and insurance will total about $150 bucks so I should be left over with $1050 per month as tenant pays all utilities. The house is in great condition so I don't expect any unnecessary repairs for a good while and I believe San Antonio is a growing and appreciating area. What are your thoughts ? Thank you guys, I'm currently under contract so I'd like to be sure of what I'm doing before I sign the paperwork . [link] [comments] |
| Best methods for finding foreclosed homes? Posted: 19 Jul 2020 12:02 AM PDT Is there a direct source aside from a real estate company listing it? [link] [comments] |
| New investor looking for advice - is this a good deal? Posted: 18 Jul 2020 09:01 PM PDT I bought my first property few months ago for living in. Now I'm looking for buying an investment property. I have around another 100k cash in hand to invest. Mostly interested in holding for long term with a positive cash flow or BRRRR type of investments. 4Bd 2Ba 1,392sq/ft built in 2008 Asking Price: $149,900 (on market for 6 months for some reason) Negotiated Price: $135,000 (I'm hoping to get it 135k or less since it's been sitting on market for a while) Comparable nicely renovated sells between: 250k ~300K Median Home Value: 230K Repairs Needed: 20~40K (From the looks of it needs new kitchen and floor and some other minor repairs) Neighborhood: A- Comparable Rent: $1800 ~ $2100 (Really Nice 4 beds rent for: $2,100, Nice 3beds rent for: $1800) Here is a more detailed chart based with 465 positive cash-flow using a calculator I've found online Am I doing anything wrong or any points I'm missing on my calculations? Does this looks like a good deal based on the amount I need to invest using conventional loan with 25% down? [link] [comments] |
| Can you do a simple breakdown of depreciation for rental homes? Posted: 19 Jul 2020 12:13 AM PDT can depreciation help me NOT pay taxes on rental income? [link] [comments] |
| Posted: 18 Jul 2020 11:31 PM PDT I'm relatively new to real estate investing and would like to learn more about investing in foreclosed properties, as it seems like there would be potentially lucrative opportunities although I understand a lot of due diligence and research needs to be done in order to execute successfully. I was wondering if Could someone provide more insight into: 1) Pre-foreclosures vs Foreclosed: which is the more ideal time to make a bid? Naturally, I thought it was during the Foreclosed period, in which people could buy up the property and bid around the reserve price aka the unpaid debt balance owed to the bank + foreclosure costs. 1a) When a property is actually foreclosed, in addition to recouping the remaining unpaid balance, is the bank still trying to sell for market value and potentially earn a profit? Say a property was bought in 2005 for $500k with a $400k mortgage, and forecloses in 2020 with $200k left unpaid but has appreciated to $600k, is the bank incentived in any way to get close to the $600k fair market value or would they be indifferent between selling at $600k vs $200k? 1b) When there is an auction, is it ever possible for someone to get a value for less than what the reserve value is? Say in the above example, the bank is still owed $200k, but the highest bid from a group of vultures is $150k, is that ever a possibility? 1c) When someone is in pre-foreclosure, they are typically behind by ~3 months worth of mortgage payments, is it fair to say most of them are highly struggling? What is the best way to make the most out of someone who is in pre-foreclosure? 2) Kind of off topic but I've also noticed some homes in expensive areas especially, where a home could be 4000 sq ft and worth $1000/sq ft, so $4m home, selling for something like $500k, or even for $50k or something absurdly low. Assuming the home was in fine condition and nothing fatally wrong with it, is there any reason why these types of sales happen aside from foreclosures? Is it some sort of estate or tax planning mechanism? [link] [comments] |
| Any advice on purchasing a house with an efficiency basement as an investment? Posted: 18 Jul 2020 08:04 AM PDT I'm looking for any advice on purchasing a property which has effectively two units. The upstairs is about 1900sqft 2 bed 2 bath and a garage, the downstairs is around 1800sqft also 2 bed 2 bath complete kitchen and washer/dryer with a dedicated entry and parking. It's a finished basement so the upstairs and downstairs are connected by a normal basement staircase. I would live in the upstairs unit and rent the downstairs. The house was originally built in the 1950s Couple questions I have: how difficult is it to get tenants for this arrangement? Can I separate the upstairs with an entryway door and call it a separate unit or would they still be room mates? How difficult would it likely be to split the electrical to have separate meters for the upstairs and down? Anything else I might not know to watch for? [link] [comments] |
| Can I buy a duplex on an FHA loan if it is already occupied? Posted: 18 Jul 2020 01:20 PM PDT Hey I've found a duplex in my area id like to grab, both units are currently rented, since the FHA is an owner occupied loan would I not be able to buy the property until the unit is vacated by the current tenant or could I purchase with the intention of not renewing their lease? I do not know when their lease expires. [link] [comments] |
| Selling home to do a lease back Posted: 18 Jul 2020 08:10 PM PDT How unusual is it to sell your home and then do a lease back? We want to have a house built but we have to have this mortgage off our credit so I was thinking of selling the house and then renting it back from whoever purchases it for upwards of 6 to 10 months. Has anybody ever worked like this as a landlord? [link] [comments] |
| Posted: 18 Jul 2020 04:19 PM PDT I'm in the process of appealing the assessed value of a commercial property in CA. I have a choice to go before a Hearing Officer or a 3-member Assessment Appeals Board. Does anyone have suggestions of which one I should pick? thanks! [link] [comments] |
| Stupid question about deducting expenses on a rental property Posted: 18 Jul 2020 12:23 PM PDT Sorry if this is a stupid question, but I keep seeing advice that's ambiguous at best and contradictory at worst. Simply put: when you have more deductions from a rental property than you have receive in rental income, what happens to the excess? Put another way, what are rental property deductions deducted from? Is the tax savings from the deduction limited to offsetting the income you receive from the property itself, or can you deduct the losses from your personal income? (Assuming you're holding the property yourself and not in an S corp or anything) Addendum: The reason I'm interested in this is because I keep seeing investor types going on and on about how great it is that they get to deduct depreciation, and yet I'm looking at investment-grade properties in my own area and thinking "I can barely rent these for enough of a profit to exhaust my interest payments' deductions, never mind depreciation." And then my next thought is "wait a minute, are you telling me I'm about to buy a property, not realize any tax savings from depreciation, and then pay a depreciation recapture tax at sale time?" [link] [comments] |
| Can I deduct rental property mortgage interest even if I take the standard deduction? Posted: 18 Jul 2020 07:39 PM PDT Hi everyone! I decided to post my question here because I couldn't find any clear information from googling around. For those interested in the full picture, this is my situation: Loan 1: 3.375% 30 year fixed, Primary home Loan 2: 4% 30 year fixed, Rental I can currently itemize deductions but the itemized total has been creeping every year closer and closer to the standard deduction amount (as I pay down the mortgage and the interest paid on the Primary home reduces). For the rental I mentally separate its income and expenses, but I believe it is actually also separate for tax purposes. I'm looking to refi both properties and the interest rate for the rental is higher than the primary home. I have enough equity in the primary home where I can actually do a "cash out", where I take on a larger loan amount for the primary and use the cash pulled out to pay off the rental property mortgage. To a first degree, the obvious advantage of this is that I can get a lower interest rate on the combined loan since it is a primary home, effectively lowering total payments. The disadvantage I can think of is that when I start using the standard deduction I lose the ability to deduct the mortgage interest, and since I combined both the primary and rental mortgage, I removed my ability to deduct the rental mortgage. If I keep both loans separate as they are now, then can I still deduct the mortgage interest for the rental even if I take the standard deduction? [link] [comments] |
| Help me figure out how to purchase first investment property with high Debt-to-income ratio Posted: 18 Jul 2020 06:14 PM PDT I posted on the BiggerPockets forum a few hours back, but haven't received any replies, so I figured I'd post here as well. I recently sold my primary residence and have a fairly large cash reserve. I am about to buy a home in Charlotte and my DTI will increase from 5.4% to nearly 45%. The total monthly payment is about $1,750/month if I put 10% down. I will have around 10% equity in the property at closing. I have an MBA, but have been working a job that pays about half of what most people with my education and experience currently earn. I'm hoping to substantially increase my income after I find a good job in Charlotte (I have years of experience in banking). The main reason for selling my home and moving to Charlotte was so I can have cash to begin investing in rental properties. I would also like to raise my children in a city that has is more diverse and provides more opportunity than I could find in Utah. I determined that Charlotte would be a good city to start investing. After putting 10% down on a new PR, I will still have six figures to invest. However, I'm afraid that even if I put down 25-30% on a rental property lenders won't give me money due to my high DTI. Is there any way to make this work with high DTI? For example, would I still have a chance at purchasing a tenant-occupied property as long as they've signed a contract? Would I need to look for hard money lenders? Is anyone familiar with how this would work in the Charlotte market? How long after purchasing a rental until I can begin putting 75% of the rent toward income for lending purposes? Sorry for so many questions. I just don't want to shoot myself in the foot. TLDR: I have a fairly large sum of cash and would like to purchase my first investment property, even though I'll have high DTI ratio after purchasing a new primary residence. How can I still get financing to purchase a rental property? [link] [comments] |
| Investment in more doors or 529 college fund Posted: 18 Jul 2020 10:38 AM PDT As the title says, contemplating whether or not to throw about 15k more per year now into real estate property acquisition fund or into daughters 529 (she's 1). Currently have a 3 flat and looking to retire with 40-50 total doors. Using the funds to add to property acquisition will expedite procurement of more units. Given the 529 is not pre-tax, I feel adding the 15k to my RE account to acquire more properties is the better investment for the next 17 years and even moreso in the long term; would use the $ for college. We plan on having 2-3 more kids, so a 529 would certainly be used and the gains being pre-taxed is certainly appealing. Is the better return on post-tax $ and fact that we can leverage that $ the play? [link] [comments] |
| BRRRR or Buy and Hold for first real estate investment? Posted: 18 Jul 2020 05:55 PM PDT What seems like the route most first time investors go for? Wouldn't it make more sense to go into the buy and hold path and then BRRRRR because you have to go through hard money lenders to get financing for financing/repairs and if you can't get refinanced, you are kind of screwed paying back a high interest with no money or rushing to sell the property. Plus how would you estimate repairs. [link] [comments] |
| Posted: 18 Jul 2020 04:39 PM PDT I purchased a duplex with and FHA loan last year and it appreciated enough for me to refinance out of the FHA into a conventional loan and I recently closed. I still live in one half of it, but am looking to move out so I can show more income. Question is, am I now eligible to get another FHA loan to buy a 2nd property? Assuming I follow the same parameters like live in it for at least one year etc. Also, will a lender allow me to use current income from the one unit and also projected income that I would receive once I move out and rent out my unit, to help me qualify for the 2nd property? [link] [comments] |
| Posted: 18 Jul 2020 08:22 PM PDT If you could go back in time to be in the situation I'm in what would you do. College kid will be graduating next spring, 30k saved. No debts. Trying to start on right path . Thanks [link] [comments] |
| Where can I find legit part time remote work from home job in RE? Posted: 18 Jul 2020 10:30 AM PDT Ive been looking online for a work from home job in real estate. But most of the jobs I see posted are fake, spam, or feels like they just want to get me on a list. Are there any good places to look for real estate work online? [link] [comments] |
| Anyone with experience using ListSource? Posted: 18 Jul 2020 09:13 AM PDT I'm trying to use ListSource to determine how many SFR properties are within a certain city. The free mode of this will list the number of properties matching certain criteria. However, I'm not sure if my search is including properties that have HOA, does anyone know how to filter out any properties with HOA? Edit: If there are other platforms that can provide this type of information for free, I'm open to recommendations! [link] [comments] |
| Affordable cities/metropolitan areas to buy a property in that have a healthy job market? Posted: 18 Jul 2020 03:49 PM PDT To start off & say, I know that it very well may be too much to ask for 🤣 Essentially, i'm looking for a place that has affordable properties & a healthy job market to sustain financial well being. 26M - not college educated (which is my reason for wanting this, so i can set myself up to go to school) No kids - Family emergency made me leave my hometown of Brooklyn NY to Southern NJ. Income went from 70k to currently 40/45k a year (Barber to Retail Banker). I've managed to save 80k & by this time next year i'm on pace to have 100k. Credit is 750+. I've identified Philly/Bmore/Northern DE as likely candidates given what I have to work with for a live in flip, but i'm curious if anyone has any better suggestions? [link] [comments] |
| Posted: 18 Jul 2020 11:00 AM PDT |
| Sanity check: SFR mortgage, Texas Posted: 18 Jul 2020 10:27 AM PDT Can you guys/gals give me a quick sanity check on the mortgage I was quoted below? This is an SFR I bought cash that I'm putting a mortgage on. Already leased @ $1650/mo. - Appraisal value: ~220k - Loan value: ~165k (75% LTV) - Rate: 3.5%, 30year conventional, no points, monthly PI ~$750 - Closing costs: ~$7200, including 1.5% broker fee [link] [comments] |
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