Real Estate Investing: NY Governor Signs "Tenant Safe Harbor Act" in law |
- NY Governor Signs "Tenant Safe Harbor Act" in law
- Should I reduce rent for tenant?
- MLS access as an agent assistant
- Complete Beginner
- New to Rentals
- Taking over a loan
- Investing 4 hours away from home.
- Do cash flow positive single family homes less than 50 years old exist anymore?
- Is assessment value, market value?
- Sell rental property to family member to get lower rate mortgage?
- To Re-Finance or not to re-finance
- Should you hire an investment property manager?
- Audio books that deal with tax auctions and finance for low income ways to get started?
- Buying a house for pure inflation protection and leaving it empty: stupid?
- Recommendations for property managers in St. Louis
- To people who charge an additional rental fee for going month-to-month, why?
- Thoughts on turnkey investing
- [First time buyer] townhouse owner is selling as a loss. Bad investment for me?
- HELOC/INVESTING ADVICE (CANADA)
- Best strategy to pay off credit card debt?
- Any of you have experience with C of O expiring?
- Cleveland Ohio MLS
- What happens if the Seller does not close?
| NY Governor Signs "Tenant Safe Harbor Act" in law Posted: 01 Jul 2020 07:25 AM PDT
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| Should I reduce rent for tenant? Posted: 02 Jul 2020 02:29 AM PDT The tenant has been underpaying since covid started, saying he had his job reduced significantly. He's currently owing $4,000 and is asking if I could cut that to $2,000. He's been here since 2018 and had been paying on time. I'm leaning on offering a longer time for him to repay the past dues but I'm hesistant on offering any reductions because the mortgage and taxes and HOA, especially if he moves out later and I'm left with a vacant property. What would you guys do in this case? Novice investor so really appreciate the thoughts! [link] [comments] |
| MLS access as an agent assistant Posted: 01 Jul 2020 08:28 PM PDT |
| Posted: 01 Jul 2020 02:02 PM PDT Hello there! I've been wanting to invest for years, but I was always hesitant at first being young. I'm 24 now, and I'm wanting to invest in rental properties. Who to contact, credit score recommendation? Most general questions a complete beginner would ask I tried looking for the thread for beginners that was sent to my inbox when I joined the subreddit but could not find it. [link] [comments] |
| Posted: 01 Jul 2020 10:55 PM PDT Hi there, I'm seeking some advise on renting out some units. I'm under contract on a triplex. Current tenants are paying below market value so was planning on kicking them out & starting with fresh tenants. My plans are to remodel the units very nicely (they need to be updated anyways. My idea was to put vinyl flooring, new cabinets, granite, new appliances, light fixtures, A/C unit, paint inside & out. My question is: do you think this is too much? I definitely want to significantly increase the rent (current tenants pay $600 for a 2 bed 1 bath almost 1000 sqft). The current conditions are trashy but remodeled they will look incredible however I don't want to over spend if it isn't worth it. [link] [comments] |
| Posted: 01 Jul 2020 01:44 PM PDT Does anyone have any knowledge about taking over a mortgage loan? The situation is simply this, an older guy I know is being forced to retire. He doesn't really want to hassle with selling the house at his age. He just simply wants to move back to Connecticut with his family. He doesn't want to make any money off of it just doesn't want the bank to get it. [link] [comments] |
| Investing 4 hours away from home. Posted: 01 Jul 2020 10:20 PM PDT I currently live in Miami, FL and in a few months I'll have the necessary employment history and tax documents to apply for a mortgage on my first investment property. I've done a good amount of research and my god this damn city is too expensive. I'm considering looking into properties in Orlando, maybe near UCF or Disney, but am still unsure about investing away from home. Anyone on here invest away from home or specially invest in the Orlando area? Any tips would help. [link] [comments] |
| Do cash flow positive single family homes less than 50 years old exist anymore? Posted: 01 Jul 2020 05:59 PM PDT I've done a lot of research looking all over the country for a single family home in good condition in the 150-350k price range that is cash flow positive and it's very hard to find anywhere with strong enough rents to cover all expenses (mortgage, taxes, insurance, maintenance, rainy day fund, 10% vacancy). Where are some good cities for strong rents? Thanks! [link] [comments] |
| Is assessment value, market value? Posted: 01 Jul 2020 09:37 PM PDT Hey all, I talked to my mortgage guy and he said this is how they would do it, but my friends are questioning it. I own a house that is assessed at 219,500$ I owe 155,000$ on the house. I'm going to buy a house for 100,000$ with 20% down from the equity of the first house. The 100,000$ house is actually assessed at 170,000$ Does this mean I can instantly pull 70,000$ out of this house and buy another house with the 70,000$ down? (Given I have rental agreements and show the incomes on the houses and such) My friends argue that the bank actually needs to go get it appraised in order for them to give you the money. But my bank says they can look at the assessment value online and give you the money from that. But if you ask for more than the assessment value, then they will send someone to appraise it. Looking forward to hearing the responses. Thank you [link] [comments] |
| Sell rental property to family member to get lower rate mortgage? Posted: 01 Jul 2020 09:35 PM PDT I have a SFH investment property. 300k value with about 140k loan. I want to pull out $100k to purchase other property. Cash out refi is 4.25% but investment purchase is 3.25 last time I checked. Is it worth it to sell the house to my fiancé so she can get the best rate? I would do a 1031 into a multifamily unit. Even if it costs $10k in loan/closing costs we would have a 4 year payback saving $2400/yr in interest. Has anyone done this or are there restrictions for a transaction like this? [link] [comments] |
| To Re-Finance or not to re-finance Posted: 01 Jul 2020 07:57 PM PDT Hello Real Estate Investors! Need some help to understand the next step in our finance journey. Experts here might be able to analyze our situation better and giving this a shot. We recently purchased our first home in Jan 2019 after going through horrible landlord experiences. Purchased a 1B1B condo in co-op in NJ with a fully furnished basement and renovated floors, new windows, kitchen and appliances with Lutron smart switches throughout the unit (We put $63K as 20% down for a 15yr mortgage at 4.25% fixed rate). We borrowed $252k. Unit is 54 years old with around 150 1B1B units in the community. There are only five similar units with this layout in the community. Since this is a co-op, finding lenders was not the easiest of tasks. In Nov 2019 we decided to refinance with our existing lender, to a new rate of 3.625% for 15 yrs and the new amount was $245k ($3K of the closing costs rolled into that new mortgage). Me and my wife will probably find new jobs in a different state in a few years (around 2023-2024) and move out. We would like to keep this property as our first rental unit. As of now similar units are renting out at $2300 in this community. Our monthly mortgage + HOA comes to 2566 ($800 HOA includes property taxes + heating/hot water since this is a co-op). We realize now that borrowing with a high monthly payment was a huge mistake (twice) considering the rent value of this unit down the line. Do we refinance into a 20 or 30yr mortgage in order to lower payments immediately, since when we rent this out, the mortgage+HOA will not be covered with a rent of approx $2300 (assuming rents remain stable in this town) Or Do we refinance before moving out in 2023? Or We sell this and invest elsewhere? [link] [comments] |
| Should you hire an investment property manager? Posted: 01 Jul 2020 06:58 PM PDT |
| Audio books that deal with tax auctions and finance for low income ways to get started? Posted: 01 Jul 2020 08:59 AM PDT I work all the time, got my own buisiness. Sort of property manager/ landscaper/ carpenter. I'm looking for some books to listen to while I work that will teach me how to buy defunct property and manage my finances and work with loans. Basically learning how the system works. Any resources appreciated- preferably audio to start with. [link] [comments] |
| Buying a house for pure inflation protection and leaving it empty: stupid? Posted: 01 Jul 2020 02:11 PM PDT I have a fairly healthy amount of retirement savings and am doing ok financially, and I rent. What I'm getting really concerned about is the prospect of inflation, even hyperinflation. I have the typical financial instrument inflation hedges like stocks, TIPS, some GLD, etc. But it's making me nervous that I don't have any real assets. Ideally I'd own my own place but I live in the SF Bay Area which is insane. I've been considering buying something in the 150-200k range in another part of the country. I'd probably just get a mortgage (although I could also pay in cash) to use leverage with low interest as that would add additional inflation protection. But I'm not necessarily sure I'd want to be a landlord with all the headache that ensues. Would it be completely crazy to buy a home like that and just leave it empty? Is there any better way to hedge against the type of inflation I fear? [link] [comments] |
| Recommendations for property managers in St. Louis Posted: 01 Jul 2020 12:25 PM PDT Currently exploring multi-fam opportunities in St. Louis, particularly downtown and the Central West End. While I grew up in Missouri, most of my experience is in Columbia and Kansas City. Does anyone here have good experience with property managers in the St. Louis market? [link] [comments] |
| To people who charge an additional rental fee for going month-to-month, why? Posted: 01 Jul 2020 03:33 PM PDT As a former renter, I always thought month-to-month charges were outrageous and unwarranted if I signed a 1 year lease. I've had a few properties for a few years and offer no fee month-to-month leases after a 1 year lease. I've had several tenants tell me they plan to move out "soon" and end up staying for another year or more because I haven't forced their hand. It seems fair for all parties and reduces tenant stress in finding a new place. I still get 30-45 days notice to fill the unit. I understand it makes more sense for a large complex that has a lot of inventor to manage at one location, but mostly it feels like taking advantage of people in transition that have few other choices. Am I missing another reason for month-to-month premiums other than the I can charge a fee so I will philosophy? Edit: To clarify, I'm only talking about month-to-month fees after their previous 1 year lease ends. Month-to-month fees makes perfect sense to cover turnover cost for people who intend to stay less than a year. For tenants that have already signed a year, it does nothing to reduce turnover cost because the next tenant may also only stay for a year. [link] [comments] |
| Posted: 01 Jul 2020 09:27 AM PDT I work a full time job outside of real estate, own and live in a single family home, and am looking at investing in a multi family home as my first foray into real estate investing. Prices in my area are very high making return %s are on the low end, making for less than stellar investing opportunities. I have been in contact with a company that essentially helps you find and close on cash flowing properties out of state. Their main objective is that they hope you use them for property management after the initial transaction. They charge 8% and a small fee for new tenants who are placed which they account for in their projections. This seems like a great option for me as I wouldn't need to build up a full team out of state right away and can have a group manage the property for me while developing connections. I'm not looking for immediate cash flow from the property now (aside from the proceeds that I would save for maintenance, etc), but rather pay it off over the next 20 years to have some side income. Has anyone gone this route before and would you recommend it or encourage against it? [link] [comments] |
| [First time buyer] townhouse owner is selling as a loss. Bad investment for me? Posted: 01 Jul 2020 02:54 PM PDT First time home buyer. Near a metropolitan area in the US (about 20 mins driving distance). The owner bought this townhouse in 2015. However, the selling agent said he never fully moved in due to work related issues. During the tour, I did notice the excellent condition for it being a 5 year townhouse. The owner put in every kind of upgrade imaginable. So there isn't a single thing we would have to fix (aesthetically). However, the owner bought this at $1.5M in 2015. It is now selling around $1.4M. Even with all the upgrades, the owner is losing money (remodeling + original purchase price). Would this be a bad investment? I guess I find it odd that even with the upgrade.. why is the owner losing money? Average HOA is listed at $260 a month. I'm a first time home buyer. So any advice would be greatly appreciated. [link] [comments] |
| HELOC/INVESTING ADVICE (CANADA) Posted: 01 Jul 2020 02:43 PM PDT Currently live in Burlington (about 30min from Toronto) in a detached house that I bought 3 years ago. Made about $175k in equity which I plan on borrowing for future investment. Should I.. A) Use that money towards a down-payment on an investment property in same area. B) Purchase a cheaper home outside of the GTA as my principal residence and rent out my current home. Estimating around $700/month cash-flow C) Use HELOC to max out mine and wife's TFSA into wealth simple portfolio (long term) D) Other suggestions... [link] [comments] |
| Best strategy to pay off credit card debt? Posted: 01 Jul 2020 03:16 AM PDT I'm 90% done with my first flip with my partner. Our agreement was that I would cover our down payment, he would take care of the monthly loan payments and cover a majority of our labor and supplies (our loan covered ~80% of the purchase price and 100% of the remodel costs; my partner typically pays our contractors and buys supplies between draws, but I have covered some of our supply purchases as well). However, I've racked up $10k in credit card charges on my end on supplies and I'd like to clear that balance as soon as possible. I'm in a less than ideal spot career-wise. I began this project while studying for the Bar exam (unemployed) and have still yet to land a day job (passed the Bar, but still unemployed lol). But I do have ~$150k in investments in equities and cryptocurrency. I've considered unloading $10k of some holdings in order to pay off the credit card, but am hesitant because of capital gains taxes and a general mentality of wanting to hold as long as possible. The other option I'm considering is holding off and paying the minimum monthly amount until we sell and close on the project. My biggest concern there is the impact on my credit score and obviously the "what if" scenario if selling the house is not as quick or profitable as we've projected. At earliest we could close in early August, at latest who knows. Other than the basic worries of carrying credit card debt and taking a ding on my credit score, I'm going to be renting in the fall and am worried about the landlord seeing my balance on my application and rejecting my roommates and I as a result. [link] [comments] |
| Any of you have experience with C of O expiring? Posted: 01 Jul 2020 02:13 PM PDT Saw an interesting listing in Rochester, ny. Place is rough, but 29k. C of O is expiring next year. I won't buy this, but wondered how involved the process to get it renewed is. https://www.findrochester.com/NY/Rochester/55170693 [link] [comments] |
| Posted: 01 Jul 2020 02:05 PM PDT |
| What happens if the Seller does not close? Posted: 01 Jul 2020 01:54 PM PDT So, usually it's the Buyer that may fail to close, and the Seller basically keeps the Buyer's deposit, if any. But what if the Seller fails to close? Is the only course of action for Buyer to sue the Seller for 'damages', or could the Buyer theoretically 'force' the sale to close through legal action? Could the Title Company foreclose and award the property to Buyer? What's the protocol? Am in FL, but general answers ok. [link] [comments] |
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