Real Estate Investing: Is it that hard to get a private hard money loan? |
- Is it that hard to get a private hard money loan?
- Just popped our rental property cherry.
- JTWRS - co-owner buyout options
- 23, stable job ($140k gross in NYC) with an increase of salary of $25k per year assured with $50k per year per promotion (every 2 years), no student loans, $25k in savings, want to get into real estate but do not know how to start. Cannot invest in anything equity related except broad indices.
- What would you do with extra $450/month?
- Investment Opportunity
- Any Canadians here that know how to get positive cash flow properties?
- HELOC and Investment property!
- What to look for in Private Equity Rental Investment
- Becoming a Rental Property Manager
- Landlord insurance question
- How to value a multifamily purchase
- Can I be considered considered an "accredited investor" based on my net worth?
- Indian Land grant worth hundreds of millions
- Investment Analysis: Honolulu Rental vs S&P500-- Which is better?
- 6 plex decisions
- Are these rates competitive?
- 25, Stable Job, 100k in student loans, 89k in savings,looking for advice on a possible house hack
- For those renting or purchasing to rent under the 1% rule why?
- Any real estate flippers in the Denver Colorado area?
- How do these numbers look (condo in Central FL) - 8.75% cash on cash, 7% Cap rate.
- Deal Analysis - $400k on a 5plex
- Refinancing Property that is Seller-Financed
- 15% or 20% down for duplex?
| Is it that hard to get a private hard money loan? Posted: 22 Jul 2020 02:37 PM PDT I found this great property to flip. This is my first flip, I have an LLC, my credit is okay & I have money for a down payment & repairs. I talked to the seller & we agreed to get under contract once I get proof of funds. I've called dozens & hard money lenders & it's so hard getting a straight answer. Some want to to pay for a pre-approval letter before getting started, others just said no because of my lack of experience, others say they are shut down due to Covid, & all the rest dont answer.... what is there to do. [link] [comments] |
| Just popped our rental property cherry. Posted: 22 Jul 2020 07:40 AM PDT We bought our first home back in July 2019. 3 story town-home right in between Washington D.C and Baltimore. I took a great opportunity to move NC so we decided that we would just rent out the house. After a lot of hold up from COVID we finally have a tenant moving in on Friday. Paying for two mortgages has been hell but we weathered the storm. House - 330K Rent- 2k My main question is: We are pretty much breaking even for now. Should we focus on paying down the loan faster or should we invest the extra earnings? Edit: "Extra Earnings" is probably not the right term. As the mortgage is being paid in full by the tenant. More info on the house: was new construction, 10 year roof/structure warranty, Appliances have 5 year warranty, HOA, built on a slab, . Thank you for the info everyone. There is a lot I didn't think of, as this is a big learning experience. Very excited to be moving forward and hopefully tightening things up with the knowledge I gain along the way. [link] [comments] |
| JTWRS - co-owner buyout options Posted: 22 Jul 2020 09:45 PM PDT I own a condo with my dad as JTWRS. I want to take advantage of low rates and get a mortgage to buy his share. The condo is paid off => current value ~550k and we paid 450k. I would like to pay 50% of initial purchase price (225k). I plan to get a SFH in the near future and want to keep the condo as an investment property. The rental income will cover all expenses (15y fixed payment, taxes and assessment). I can also get a lower rate now as an owner occupied property. What's the most efficient and cost effective way to accomplish this? Thanks [link] [comments] |
| Posted: 22 Jul 2020 09:58 PM PDT As the title says. Would appreciate any advice. Thank you in advance. [link] [comments] |
| What would you do with extra $450/month? Posted: 22 Jul 2020 09:05 PM PDT Hello fellow investors! I recently bought a house which I put out on rent which has a positive cash flow of about $450 per month/$5400 annual. I wanted to get advise on how I should invest this money/get ideas on what to do with it? Thanks in advance! [link] [comments] |
| Posted: 23 Jul 2020 12:09 AM PDT Hello everyone, Wanted to get some feedback on this idea that I have and see how I can get started with this investment. I am not in real estate and don't know much but I am very interested in real estate. I currently am living in LA county and live in a 3 unit house which consists of one 2 bedroom 1 bath. One 1 bedroom 1 bath. And one 1 bedroom 1 bath. My mom lives in the 2 bed room by her self. My fiancé and I live in the second unit. And my brother and his wife live in the third unit. We owe about 20k on the house and it is valued at 600k on Zillow. We think that it is worth more since the ADUs are not registered with the city. (My father converted this house back in the 90s) My idea is to get this home appraised and find out it's true value. Once it is appraised I would like to take out an equity loan and use that money to purchase 2 homes. (One for my brother and his wife and one for my fiancé, my mom and I). We would rent the current house out. My questions would be: 1. What is the process to get the home appraised? 2. Is this is a good idea? I appreciate any response from you guys. Thank you. [link] [comments] |
| Any Canadians here that know how to get positive cash flow properties? Posted: 22 Jul 2020 11:51 PM PDT Hello, new investor and have not landed any rental yet. For past few months I've been reading bigger pocket blog and watching their various webinars. I am in Canada, so for few months i've been running numbers on rentals from mahor Canadian cities, multiplexes and duplexes. But none of them are cash flowing positively on paper. Is Canada not a good market for rental real estate? Also I've noticed that cities with middle to large populations are not beginner friendly at all. Any Canadian Renetal investors here? Would you like to guide a newbie? DMs welcome. [link] [comments] |
| HELOC and Investment property! Posted: 22 Jul 2020 07:32 PM PDT Looking to get a line of credit against my home and buy an investment property for cash with the amount. Thoughts on best bank experiences and rates? Believe prime today is 3.25? Any advice is appreciated! [link] [comments] |
| What to look for in Private Equity Rental Investment Posted: 22 Jul 2020 10:17 PM PDT I'm looking to invest into a company local to me investing in a 50 unit multi family second city market. I'm doing my due dilligence, but this is my first real estate investment and not sure what to look for. What red flags should I be looking for? Any rule of thumbs for cash on cash, IRR, or other metrics to look for? [link] [comments] |
| Becoming a Rental Property Manager Posted: 22 Jul 2020 03:59 PM PDT My brother is looking to pursue a career in managing property. He wishes to manage owner's property investments, renovate the property, maintain the property, and rent the property to prospective buyers. What would he need to learn, become certified in, and do to break into the industry? He is located in Ontario, Canada. [link] [comments] |
| Posted: 22 Jul 2020 05:44 PM PDT I've had my property for almost a year now and my insurance has to be renewed. They took out sewage and water back up as well as "ordinance or law". And they jacked up the price as well. But anyways are those normally included? What exactly is "ordinance or law" coverage? Googled but still confused.... And any suggestions for a good and decently priced insurance for Georgia properties? Thanks! [link] [comments] |
| How to value a multifamily purchase Posted: 22 Jul 2020 02:24 PM PDT I've been preapproved by a lender to start shopping for a multi-family property but I feel like the stuff out there for sale is overpriced. How do I analyze the value when people seem to be buying high given the current economic situation/ neighborhoods. [link] [comments] |
| Can I be considered considered an "accredited investor" based on my net worth? Posted: 22 Jul 2020 06:02 PM PDT I know the SEC's definition of accredited investor is "has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person's primary residence)". My net worth excluding my home is around $340k, but have over $1M in equity in my primary residence. I have significant assets outside of my primary residence. Based on this, is there any chance that I get a letter stating that I am an accredited investor? [link] [comments] |
| Indian Land grant worth hundreds of millions Posted: 22 Jul 2020 05:05 PM PDT I have paperwork on land given to my great grandfather in the 1880's. My family doesn't know how to take ownership of the land. I don't know where to begin my task of reclaiming the land. Any advice on where I should start? [link] [comments] |
| Investment Analysis: Honolulu Rental vs S&P500-- Which is better? Posted: 22 Jul 2020 08:43 PM PDT Have been thinking about which is a better investment (assuming having the capital for both). I made/ran a model for my city (Honolulu) to see, and am having mixed opinions... For the full model/data, check out the .pdf (https://docdro.id/OHmglUW). These are very preliminary estimates to get a ballpark. For a 30 year period, I got: ____________________________________________________________________________________________________________ SP500 (assumed 9% annual return) Original investment: $237,500--- Assumed capital gains (end of 30 yrs): $2,653,393 ____________________________________________________________________________________________________________ Honolulu Rental Property ($950k home, ~$3,300 rent | 25% down so mtg balance is $712,500, $38,400/yr 30 yr fixed pmt | Assumed annual rent increase: 3.5%, assumed annual home appreciation: 4.73%, based on historical data) (Cash flow positive $1,200 for year 1) (Avg ROI: 3.24%) Original investment: $237,500--- Assumed capital gains (end of 30 yrs): $2,777,889, plus large bump of passive income proceeding forward after mortgage is fully paid off. ____________________________________________________________________________________________________________ Given the two, which would you choose? My time horizon is long term and my risk tolerance is high; I'm 23 years old. Any other ratios or factors that I should consider? Some pros that I like about real estate are the tax deferral that I can use with a 1031 exchange, scalability/leverage while maintaining a good LTV ratio, tax deductibles, and physical nature of the asset class. I realize that it'd take a lot more work though to maintain than simply purchasing an index, so therefore would like to hear some pros/cons if it's worth it... *Side note: I cosign on loans with my father whose income & assets get the loan approved. I've done this once with a condo rental purchase and he is willing to continue doing so. [link] [comments] |
| Posted: 22 Jul 2020 10:45 AM PDT Looking at two 6-plexes and trying to decide which is the better option. Building 1: -built in 1970 (4 units Renovated in last 3 years. 2 units and common area isn't original but decent shape. New roof last year. -(3) two-bedroom, (2) one bedroom and a bachelor suite -total rent for the month $5600-5800 -Taxes $4850 yearly -two open units right now, rest rented out. -purchase price $450k Building 2 -built in 2014 -6plex all 2 bedroom units renting for 1250$ a month ($7500 total) -all there own hook ups (power,gas,water,laundry) -bigger town (more work as far as renting it out to people) -still waiting on the taxes and expenses info but I was told the total they spent on maintenance and everything, taxes included was 28,000 (not sure if that's some utilities and what not as well. that's the info I'm waiting for). -all units are filled right now. -purchase price is 825k but I was told there is considerable room to move. I was gonna start first offer at 600-650 and go from there. Which unit do you guys feel would be the better unit ? One will flow more cash initially but one will be worth more with less issues for longer I feel. This is in canada, that shouldn't really matter I guess but just for reference. [link] [comments] |
| Posted: 22 Jul 2020 08:40 AM PDT Hi, I'm under contract for a SFH rental and my lender is quoting me the following for 30 years fixed, 25% down. Seems high to me, what do you think? Rate ..... Points 3.375 ... 1.875% 3.5 ... 1.500% 3.625 ... 1.250% 4 .... 1.000% 4.125 ... 0.750% 4.5 .... 0.625% 4.625 .. 0.375% 4.875 .. 0.125% 5 ... -0.125% [link] [comments] |
| 25, Stable Job, 100k in student loans, 89k in savings,looking for advice on a possible house hack Posted: 22 Jul 2020 07:12 AM PDT As the title says I am 25 have a stable job (75k) and 100k in student loans. I do however have a significant amount in savings (89k). I have always wanted to start accumulating real estate and rental properties as I see these as the best path to a stable and early retirement. Now for my house hack idea- I live in the DC area and am looking to move to either Annapolis or north of DC and buy a property. The houses I am looking at are around 350k. What I am trying to figure out is, would it be better for me to put down a significant amount for a down payment around 50k or to use an fha (credit score 770) and put down around 20k. I am new to this and would appreciate any advice you have. Thanks guys [link] [comments] |
| For those renting or purchasing to rent under the 1% rule why? Posted: 22 Jul 2020 09:04 AM PDT I've been doing a lot of research (Minneapolis market) and there are a lot of multifamily and single houses for sale that don't line up with the 1% rule (renting at 1% of property purchase price). Obviously supply and demand are driving the prices to be where they are. Unless you are doing an all cash offer, why would you take out a mortgage and rent for at or under your monthly expenses? The rental rates just won't rent for 1% of what the units are being listed for. [link] [comments] |
| Any real estate flippers in the Denver Colorado area? Posted: 22 Jul 2020 08:19 AM PDT I wanted to know what was your fix and flip formula percentage you use in your deals. What percentage do you need to see in order for you to find interest in a property? [link] [comments] |
| How do these numbers look (condo in Central FL) - 8.75% cash on cash, 7% Cap rate. Posted: 22 Jul 2020 11:56 AM PDT Preface - I typically invest in townhouses/condos because it is easier for me to self-manage as an out of state investor. Allows me to not be as conservative on CAPEX (roof, siding, etc...) Currently hold 3, looking to pickup a 4th this year. My metrics are pretty simple when evaluating. Quick 4-square analysis with a DSCR >1 and COCROI > 5% while cashflowing >$100/mo and accounting for 1/12 rent vacancy. 2 bed 2 bath townhouse style condo. Average schools. Greater Lakeland area. Rental Income
Monthly Expenses
Cash Flow
ROI
[link] [comments] |
| Deal Analysis - $400k on a 5plex Posted: 22 Jul 2020 11:38 AM PDT Looking at offering $400k on nice 5plex, remodeled 2017. There are a few relatively minor fixes, but not expecting anything major. It could use some better landscaping; if I wanted to do that, that would be the major remodeling cost. Currently units are occupied, renting at $650 x4 and one at $850. Landlord is paying water/trash, at $90 each/month. Tenants in the $850 unit, which is 1650 square feet, are moving out soon. So current rents are $41,400/year. Taxes - $2,000 Mortgage - $20k/year Insurance - $3,750/year Maintenance & Capex = Estimate at $2,500 And last, it's on septic. So I'm putting in $400/year for septic maintenance. So, with 20% down, I'm showing a cap rate of 10.2%. The kicker is those rents are below market. The place is very nice, located just outside the city in a desirable area (high-end custom home area), and just a couple minutes drive to the nearest Walmart or school. If the rents go up $100 on each of the 4 smaller units and $250 on the larger unit (and this still may be below market), then the cap rate is 19.95%. So...pick me apart, please. This looks like a good deal. What do you think? [link] [comments] |
| Refinancing Property that is Seller-Financed Posted: 22 Jul 2020 11:35 AM PDT In January I purchased an investment property, seller-financed. We currently owe what it is appraising at. Can I refinance this property yet? I would like to take advantage of the current low rates and get out of the seller-financed loan as quickly as possible (balloon payments at 3 years). My concern is that there's no telling what the world will bring in another 6 months, so I'd love to lock in a new longterm loan. Am I really required to wait 12 months, or are there any other options? I plan on calling lenders this Friday, but trying to get smart before I engage. Thanks. Edit: I have no concerns about the contract with my current loan from seller. I'm asking about lenders to provide refinance. Will a lender allow me to refinance after only owning the property for 7 months? [link] [comments] |
| Posted: 22 Jul 2020 09:50 AM PDT What are people's thoughts on whether to put 15% or 20% down for my loan to purchase a duplex? This will be owner-occupied, so I'll live on one side and tenants on the other. The rental unit is currently renting for $1,550/mnth. 15%: rate would be 3% (considered more secure because of mortgage insurance), and I'd have more cash in hand up front (roughly $20k). Monthly would be $2,185.78. 20%: rate would be 3.125% (because of no mortgage insurance). I'd have less cash up front, but my monthly would be $2,081.30 ($104 less). Overall interest paid will be about $3k less. I like more cash in hand up front, especially in a volatile economy. But I also like a lower monthly payment, especially because I think rents will flatline or decline in the coming year. And I'm concerned about loss of tenants and/or income and having to cover a bigger piece of the monthly. Thoughts? [link] [comments] |
| You are subscribed to email updates from Real Estate Investing. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment