Real Estate Investing: NYC studio in covid? |
- NYC studio in covid?
- First rental property!
- This is not a good time for "buy and hold" strategy since the market is over-heated
- Is it possible to find BRRRR deals in hot areas?
- Any of you buying SFR in hot cities with big space despite the high demand?
- How bad is this? and who buys these?
- Best way to get comps?
- What tools do you use and would you like to see and why?
- If you had $5,000 to start an investing career how would you spend it?
- How often is a probate sale outbid in court?
- Do you need to do 1031 in order to grow?
- Four square analysis three years after living in the property
- How does buying differ early on and late?
- A change in American politics
- Florida Closing Costs?
- How to get money for a package deal
- Jobs in Real Estate Investing
- Possibly renting one bay of a 3 bay garage
- Saving for REI vs Adding to Roth IRA
- How do the economics of MLS work?
- 1031 QI Recommendation?
- Average Ernest money standards for multi-family (3-4plex) in Los Angeles area?
- Indiana RE transaction documents/forms
- AC Unit replaced: maintenance or capex?
| Posted: 14 Jul 2020 03:10 PM PDT With so many people people fleeing the city, I was thinking of purchasing a studio / one bed as a long term investment as there has been a lot of inventory going on the market. Would keep it 5 years at least (or much more). Looking to spend 400-600k & would ideally want to make a super low ball offer (20-30 percent lower than list. Would look to rent it. Has anyone tried to purchase in NYC? Is pricing flex with everyone moving out? Also - imagine if may be hard to rent at first too... Just wanted to pick someone's brain who may be doing this during Covid? [link] [comments] |
| Posted: 14 Jul 2020 11:20 PM PDT So, I purchased a duplex in NJ back in November. JUST finished all the work on it and have tenants moving in 8/1 $172k purchase price $140k in repairs/renovations All in just under $325k. Rents are $2700 per month ($1500+$1200) Monthly expenses are around $2200 (taxes, mortgage, etc) I was wondering if anyone had any advice or tips for a first time landlord! Any and all advice is appreciated [link] [comments] |
| This is not a good time for "buy and hold" strategy since the market is over-heated Posted: 14 Jul 2020 08:50 PM PDT My uncle who is a seasoned investor with 42 properties advised me that this is not a good time to implement "buy and hold' stategy due to low inventory and inflated prices. The discussion came about when I lost to another offer made on the property in my area. He buys when he perceives the market and homes are at low prices ( usually when inventory is high) and sells or holds when the market is hot. He admits that it is difficult to time the market, but he usually buys when there are 6 months of home inventory is available on MLS. ( He gets this info from his realtor). So keep this in mind if you're getting frustrated with the current market, know your numbers that yield cash flow and don't get swayed with bidding wars. [link] [comments] |
| Is it possible to find BRRRR deals in hot areas? Posted: 14 Jul 2020 06:17 PM PDT I'm an out-of-state REI, and I've done one SFH investment already in a hot area ($150k purchase, $15k rehab, $1,300/mo rent, waiting on ARV/refi). Now, I'm looking for some BRRRR properties. I'm building out my list of contacts, reaching out to realtors, PM firms, and starting to get on mailing lists. I've been focusing on hot areas like Huntsville, AL and Charlotte, NC. But, I'm wondering if I'm looking in the right areas. Obviously, high CoC returns are going to be hard to find in these areas, and you might have to bank on IRR instead. For those BRRRR investors out there, are you focused on areas that haven't appreciated yet, where CoC and deal availability is higher? Or are you still finding deals in competitive markets like Raleigh, Charlotte, Huntsville, Columbus, etc.? [link] [comments] |
| Any of you buying SFR in hot cities with big space despite the high demand? Posted: 14 Jul 2020 05:53 AM PDT Looking at cap rate 6,8% in Raleigh. Would prefer a bit higher but I can't see price dropping there, unless universities start having big issues [link] [comments] |
| How bad is this? and who buys these? Posted: 14 Jul 2020 02:12 PM PDT I don't own any rental properties and trying to learn how property evaluation works. I came across this listing for a 4 unit property asking $720k. Zillow history shows units rented for $1100 each, they are around 800 sq ft each. Are my below calculations correct?, and if they are, who buys these? [link] [comments] |
| Posted: 14 Jul 2020 05:26 PM PDT Been looking at a few SFH and MFH lately and I am wondering what everyone uses to pull comps? I'd prefer to be able to get the data into a spreadsheet and manipulate as needed. Looking at Zillow or using MLS has been a very manual process. A quick Google search didn't show a clear winner. Any tips are appreciated. [link] [comments] |
| What tools do you use and would you like to see and why? Posted: 14 Jul 2020 09:52 AM PDT I'm looking to see what tools you use in your investing business and what tools you would like to see and why. Here's my list of products
When I was doing lot of mailers, the most difficult part was consistently sending out mailers to the addresses + reaching out to the potential sellers monthly afterwards. [link] [comments] |
| If you had $5,000 to start an investing career how would you spend it? Posted: 14 Jul 2020 06:42 PM PDT Have real estate license Have lender What are the most cost effective marketing strategies at this budget? [link] [comments] |
| How often is a probate sale outbid in court? Posted: 14 Jul 2020 05:54 PM PDT I know the answer depends on the property, and depends on the area, etc. Notwithstanding I'm just looking for someone with more experience than me. I'm in California and have never done a probate sale. I'm not sure I want to tie up 10 percent of the cash as a deposit, for many months, if there's a good chance I'll just lose on court day because someone else will show up to outbid me. Or you may tell me that in your area it's very rare for anyone to show up to overbid. Or something. Please let me know your experience! [link] [comments] |
| Do you need to do 1031 in order to grow? Posted: 14 Jul 2020 04:29 PM PDT I don't understand it completely but from what I hear if you don't use 1031 you can't move on to bigger properties since you have to pay capital gains on it. Is 1031 necessary to grow? [link] [comments] |
| Four square analysis three years after living in the property Posted: 14 Jul 2020 04:05 PM PDT What are figuring out the numbers to use in a four square analysis for the "down payment" and "other expenses" cells - considering that we purchased and lived in the condo for three years and made mortgage payments each month before moving out and converted it to a rental unit. Does our down payment value change to the amount of money that went towards the principal during those three years and does the interest paid for three years towards that mortgage go into the "other expenses" box? Would it make sense to do a "cash out" refi before moving out of the unit so as to use that cash towards the second home? Sorry this might be an obvious answer but can't seem to wrap my head around it. [link] [comments] |
| How does buying differ early on and late? Posted: 14 Jul 2020 03:59 PM PDT For example the first house people might live in it, fix it up, then rent it out. Continue to do this.Then later on they buy $150k homes, renovate and flip. Gain enough income to put some money on 1-2 properties to hold and/or flip. Then continue down a certain strategy to not over leverage yet reinvest the money safely. Very far in people are thinking of hold real estate, stocks, franchises, and investing in their own or others small business. More or less is this the basic transition? steadily grow till I can get a portfolio of investments, franchises, stocks, ect? What should I expect in terms of what things I need know skillswise as I keep progressing? What to expect? [link] [comments] |
| Posted: 14 Jul 2020 09:42 PM PDT I will start off by saying that I understand this is considered conspiratorial. But go with me for just a moment. Hypothetically if the politics of our western government were to be shifted over the next 10-50 years to a total marxist style government. What would you be doing to prepare long term for the protection of your investments and private property that would be potentially seized by the state? If this was accomplished would it simply be through raising property taxes so high that the owners would lose the property via tax lien? I am thinking in extremes in a kind of "prepare for the worst pray for the best scenario." So I appreciate your understanding. [link] [comments] |
| Posted: 14 Jul 2020 06:29 AM PDT Hello all, I haven't bought a property in the sunshine state in a little while (inherited one, bought another shortly thereafter like 10 years ago) and was hoping someone who has done so more recently could better help me estimate my closing costs as I'm starting to analyze properties down there again to pickup another as COVID wraps up. Deal I'm currently looking at has a DSCR at 1.25, NOI of >400, and a cap rate of just over 5% FWIW. TIA! [link] [comments] |
| How to get money for a package deal Posted: 14 Jul 2020 02:39 PM PDT I've found a seller selling a 2 duplexes, 2 triplexes and a quad for $1.2mil. The numbers look good on it, and all units are 100% tenant occupied. The problem is I'm only approved for 400k with my lender. Where/how do I get money for finance something like this? [link] [comments] |
| Posted: 14 Jul 2020 08:25 AM PDT Hi All, I'm considering a career change and have been interested in real estate investing for a few years (I spend some time each weekend analyzing properties in a few areas through Dealcheck). I'm wondering what types of careers there are in the field that I should be aware of – I know the industry is very entrepreneurial, and while I'd eventually like to start investing on my own I'd love to at least start with a regular job (and learn from others in the industry). [link] [comments] |
| Possibly renting one bay of a 3 bay garage Posted: 14 Jul 2020 08:18 AM PDT I purchased from a drug repossession a single wide trailer and a 3 bay garage that is approxolimately 1600 square feet. The trailer and garage sit on 1 acre of land and inside city limits. I paid $36,700 for trailer, garage, and land I currently rent trailer for $650 per month. A mechanic neighbor has inquired about renting one bay of the garage to work on cars. I currently use the garage to store my tractor in one bay, but it could be moved elsewhere, and I use one bay as a gym for my weightlifting hobby. I would hate to lose the weightlifting space, but if the price was right I would move it out. So, my question is about how to price the rent...for 1 bay? Whether it would be worth the disruption to my weightlifting and my mancave for the renatl amout you would get from one bay? and about the liability of someone getting hurt? Cars being damaged in fire? The garage does have bathroom, elecricity and water and is set up for a car lift but doesnt have one currently. [link] [comments] |
| Saving for REI vs Adding to Roth IRA Posted: 14 Jul 2020 10:18 AM PDT For those of you that work full time and contribute to a retirement account, how do you factor that investment against a REI? I earn $70K/year plus bonuses, I put 15% of that toward my Roth IRA, and my employer matches 5%. I've been able to save about $1K/month toward real estate, which means I could obviously be putting another 15-20% of my income toward the IRA if I were to stop saving for REI. I'm still saving for my first RE project and I'm not currently in a position to buy due to life events. I have $30K saved and at this rate I'll have $50K by next spring when I'll be available to start shopping around. I'm thinking I should slow my rate of REI savings and contribute more toward my IRA during that time. But I also feel like having large cash reserves will make it easier to invest from a position of strength or allow me to take advantage of deals that I might not otherwise be able to consider without deep funds. [link] [comments] |
| How do the economics of MLS work? Posted: 14 Jul 2020 05:05 PM PDT Like the flow on money to keep it afloat in the various cities. [link] [comments] |
| Posted: 14 Jul 2020 01:16 PM PDT I wasn't too happy with my last coordinator. Was wondering if anyone had a QI they could recommend. Will probably have total of $500k to use. I'm in Atlanta if anyone knows someone local. Thanks! [link] [comments] |
| Average Ernest money standards for multi-family (3-4plex) in Los Angeles area? Posted: 14 Jul 2020 11:11 AM PDT I am about to put an initial offer on a small multi-family rental property. Would you seasoned folks out there mind sharing average Ernest money standards in such cases? [link] [comments] |
| Indiana RE transaction documents/forms Posted: 14 Jul 2020 06:35 AM PDT Out-of-state potential investor. Do RE transactions in Indiana use model documents that brokers just fill in the blanks for? If so, is there a regulatory body or something similar in Indiana that provides forms for those documents? Trying to get a sense of the typical transaction customs. [link] [comments] |
| AC Unit replaced: maintenance or capex? Posted: 14 Jul 2020 10:03 AM PDT So I had a broken condenser and had to get it replaced. Would this be maintenance or capex? The new unit has the same cooling capacity as before. Technically it is more energy efficient if that matters at all? [link] [comments] |
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