Real Estate Investing: Presidential candidate Joe Biden proposing to eliminate 1031 Exchanges ie Like/Kind Exchanges |
- Presidential candidate Joe Biden proposing to eliminate 1031 Exchanges ie Like/Kind Exchanges
- Appliance Crisis??
- Duplex investment in SoCal
- Should I take advantage of the CARES act no 10% withdraw penalty and cash out my 401k/457b to invest in a rental property or is this a stupid move?
- Conflicted
- First-Time Investor with a perplexing statement from my first look at house with Real Estate Agent
- Most reputable Investing Forecasting Reports to read?
- New Tenant or Sell..
- Would now be a good time for a beginner to invest in real estate?
- Self-employed? Biz affected by covid19?
- Lenders more interested in gross or net income? Mortgage loan
- Be Honest (Wholesaling)
- Is it worth it to get a real estate license as someone else who only plans on representing themselves as a buyer?
- Anyone tip their attorneys when buying?
- Has anyone ever invested in a real estate syndication?
- Good reference books on tax strategies?
- Best bank to refinance a rental condo?
- need advice either to house hack/invest in Paterson NJ where im from or Philly, looking to buy a 2 to 3 unit
- ADVICE: Update best way to purchasing investment property from my wife's grandparents
- Is this a good deal?
- Out of state investing in Delaware
- Commission on multi million dollar deals
- Any recommendations on first rental?
| Presidential candidate Joe Biden proposing to eliminate 1031 Exchanges ie Like/Kind Exchanges Posted: 21 Jul 2020 01:03 PM PDT |
| Posted: 21 Jul 2020 06:29 AM PDT Hey guys, Anyone finding it nearly impossible to find a decent top freezer refrigerator in the midwest? Everything is either out of stock till september or $900+ [link] [comments] |
| Posted: 21 Jul 2020 03:53 PM PDT Hi everybody, me and my future wife are planning to buy a duplex in Los Angeles, live in one unit and rent the other one and do a FHA loan. Unfortunately we have low incomes (50/60K combined), but good credit scores (750+) and around 20k as a dowpayment. The price range in LA for a duplex is around 400/500K so I was wondering if we have any chance of getting the loan or should we try a different market? [link] [comments] |
| Posted: 21 Jul 2020 11:26 AM PDT Looking for your opinion if this is a smart move or not based on my current situation please. I am 33 and make around 110k-120k per year before taxes in San Diego, CA. I qualify under the cares act to pull out of my 401k & 457b plans without the 10% penalty. Current assets are 100k between my three retirement accounts (401k, 457b, and roth ira) and a rental condo that's worth $330,000 that I owe $187,000 on. I also have around 25k in my emergency fund in cash. I'm currently renting a place that only costs me $1000 per month which is why I'm renting out my condo since that cash flows $350 per month. I also have a pension at work that will pay me 3% of my salary per year that I work that I can start drawing from at the age of 50. No debt besides the mortgage on the rental condo and no children. The idea is to pull the 65k out of my two accounts and possibly the 35k out of my roth ira as well and buy a rental property either in the San Diego area or somewhere within driving distance. Depending on where the numbers make sense with a 20% down payment. I always hear it's dumb to steal from your future but that's only if you cash out your accounts and do something stupid like buy a new car or some other consumption. I would be "stealing" from my future to make a lateral move into something else for my future. I could either buy something now and take advantage of the super low interest rates or simply hold the cash and wait to see if the housing market drops at all in the next few years. Also curious if its smart to just pay all the taxes in 2020 that this triggers or spread it out over the 3 years the cares act allows for. Thoughts? Other ideas? Thank you so much! [link] [comments] |
| Posted: 21 Jul 2020 10:21 PM PDT My wife and I fixed up a house and lived it in for years, we finally sold a few weeks ago, walking away with 150k cash in hand. Her dream has always been to build, I've always wanted to fix houses for a living. We're sort of back and forth between buying property and building a home, or buying another fixer upper. I'm new to this sub and would be more than open to others thoughts and opinions.. we are located in Seattle Washington, with this whole COVID, I'm speculating that there is going to be a market crash in the near future. I'm a carpenter by trade and would be cutting out a lot of expenses in the home building process, but also I can't help but fathom buying a fixer upper low and selling high... do you see the real estate market dropping within the next year? [link] [comments] |
| First-Time Investor with a perplexing statement from my first look at house with Real Estate Agent Posted: 21 Jul 2020 10:16 AM PDT I'm new to the investing game, doing all my research and trying to be smart about my questions and my strategy. In order to help with that, I decided to find an agent in my area who can help walk me through some properties and show me what to look for. This all went well and the agent was very knowledgable and willing to help in teaching me what is good/bad about particular locations, etc. But, the experience was not exactly what I was expecting. I told her I am looking for a rental, and she understands that. However when we went to 2/3 houses, she had no idea what the rents are in that area or how much I could rent the house for. Literally, "what do you think a place like this in this area could rent for?" "No idea." Also, one of the houses needed a little bit of work and she was helpful in giving me ideas on how to fix it up, so I immediately started thinking "okay, maybe this can be a good BRRRR deal." So I asked her if she would be willing to pull some comps for me and she said "I don't pull comps unless a buyer is REALLY interested in the house and wants to move forward." Well, how am I supposed to know if I'm interested in the house if I don't know the comps? Now yes, I can look for myself and do the research, which I have, but I also understand I don't have access to the MLS and an agent might have more accurate numbers than I can guess. The ARV is obviously hugely influential in deal analysis and without comps its impossible to know! This left me wondering if I'm in the wrong or is she? Am I expecting too much from an agent, or am I just dealing with a bad one? Or one who is skeptical of spending too much time on me as I'm a first time investor? Of course, I've made it clear that if I can find an agent that helps me and gives me the service I need, I WILL use them and won't waste their time. I imagined with an agent I'd get someone who works with me and helps me understand the market and give me all the pertinent info I need to make an investment decision, otherwise whats the point of using one? Anyone else have this experience or can give me some clarity on if I'm expecting too much or I should find someone else? [link] [comments] |
| Most reputable Investing Forecasting Reports to read? Posted: 21 Jul 2020 09:02 PM PDT I was reading the M&M investing forecast for 2020 and remember reading snippets of ULI a few weeks back. Believe PWC also provides one, but what company/group do you guys look to for your market forecast reports? For example: https://www.marcusmillichap.com/research/researchreports/reports/2020/01/multifamily-investment-forecast-2020 [link] [comments] |
| Posted: 21 Jul 2020 08:44 PM PDT Hi all - I know this sort of things posts now and again, but perspective helps me sometimes.. I have a tenant moving out at the end of this month, and I usually say never sell, but maybe at some point it seems to make sense to sell... I bought this house 6 years ago for 70k, I put 10k into it and it rents for $1200 today. It's been maintained, so it is not in need of anything major after the tenants turn. A 80k all in house renting for $1,200 is great for me, but now the house looks to be worth about 180k, so that doesn't seem so great for $1,200 anymore at that value. I don't know if I could find anything to 1031 into, so I could use the $ against other debt, but I don't have much left. The house has a ~30k mortgage left on it at 3.1%. Options I am thinking of:
Any other thoughts, or what would you do? [link] [comments] |
| Would now be a good time for a beginner to invest in real estate? Posted: 21 Jul 2020 07:58 PM PDT Im 23 yo have a stable job and will be living rent free with parents until next spring or summer. I have a good amount of money saved up and hardly any expenses. Should I try to get a rental property? [link] [comments] |
| Self-employed? Biz affected by covid19? Posted: 21 Jul 2020 07:38 PM PDT I'm in the middle of trying to get a cash-out mortgage on a rental property and my mortgage guy just asked a dreaded question: has your business been affected by covid19? Yes it has, quite dramatically, but we still have an ok income and good reserves (over $500k in the bank). We want to refi a $132k mortgage on a $500k property and take out another $100k cash. Just wondering if anyone has been in a similar situation recently, and whether you qualified. [link] [comments] |
| Lenders more interested in gross or net income? Mortgage loan Posted: 21 Jul 2020 07:12 PM PDT 22 year old with a 25k Income looking at a 80-100k small home in a New England state. No debt, no car payment, 720 credit score, about 75k net worth. my question is am I remotely eligible for a mortgage in this price range that is very cheap. Would need some minor renovation. But I'm anticipating that already. Thanks everyone! [link] [comments] |
| Posted: 21 Jul 2020 12:38 PM PDT I live in the southern United States in a fairly decent real estate market (Atlanta, GA). Wholesaling has always been in the background of my real estate knowledge and I never took the thought seriously until now. Plenty of "gurus" speak highly of it but I have a few remaining questions. If anyone can lend a hand I'd be more than willing to listen. Also... honest opinions/experiences on wholesaling are welcome too. Thanks ! [link] [comments] |
| Posted: 21 Jul 2020 06:34 PM PDT Long term I'm hoping to own multiple homes and renting them out as a source of income. Is it worth it to get licensed so I can negotiate the price of the home down due to the seller potentially paying 2-3% less in agent fees? [link] [comments] |
| Anyone tip their attorneys when buying? Posted: 21 Jul 2020 08:53 AM PDT Attorney saved me money did some hard negotiations what do you guys tip or not? [link] [comments] |
| Has anyone ever invested in a real estate syndication? Posted: 21 Jul 2020 04:46 PM PDT Has anyone invested in a real estate syndication? How was the experience and are there any you could recommend? I understand there are straight-up criminals in that space, so caution and due diligence is a must, but there may also be trusted syndications with a good track record, right? [link] [comments] |
| Good reference books on tax strategies? Posted: 21 Jul 2020 07:19 AM PDT I stumbled upon an old tax book called "2006 Tax Angles for Special Taxpayers." It appears to be an old reference book with a lot of great information about special tax rules for folks like real estate investors. It gives very succinct bits of valuable information, like the fact that you can minimize your taxes as a real estate investor by depreciating a rental property over X number of years. It was part of a long-running series that appears to no longer be running. Are there any good books out there like this today? I am looking for reference book-like material with good information about tax strategies. [link] [comments] |
| Best bank to refinance a rental condo? Posted: 21 Jul 2020 11:38 AM PDT I currently have a rental condo that is financed with 3.5% 30 year fixed rate mortgage. I got this rate because I locked it in while still living there before I moved and started renting it out. With the current rates below 3%, I wanted to do a cash out refi since it's worth $330,000 and I owe $187,000 to possibly invest into another rental. My credit union told me that cash out refi's start in the 5% range which wouldn't make sense if I'm only paying 3.5%. Since this sub is full of seasoned investors who do this everyday, I wanted to see if anybody knows of a bank that gives more reasonable rates for rental properties please? Thanks so much! [link] [comments] |
| Posted: 21 Jul 2020 02:42 PM PDT hello, I've been looking now for over 3 years put some offers every few months in Philly keep getting closer and closer. my main goal is to cash flow $150 per unit after all expenses, using a conventional loan with 10% down and budget of 40k to 55k down including closing cost. The biggest drawback investing in Paterson NJ is the fact property taxes are high and will keep going up. That is basically one unit rent going straight towards the taxes. Plus paterson isn't the best place to live. Philly is growing and some areas have very good reviews with lost taxes comparing rents. i think i am overthinking but would it be better to house hack in Paterson nj or in Philly? [link] [comments] |
| ADVICE: Update best way to purchasing investment property from my wife's grandparents Posted: 21 Jul 2020 02:30 PM PDT Hi, I posted awhile back regarding my wife's grandparents selling some of their real estate portfolio to reinvest into other business. Got some more info since then. They are selling 3 properties total located in the state Delaware. The properties have been paid off and have no active mortgages. We started with Property 1, they suggested a quit claim deed transfer to process the sale quickly. We are going to rent out the property and do a cash out refinance to get the money back out of the property and reinvest in Properties 2 and 3. Since its an investment property we can refinance up to 75% of the value of the home. I spoke to a few mortgage lenders, and they expressed difficulty in the ability to get a competitive rate due to the small amount for of the mortgages. The best rates I have heard so far is 4.1% for Properties 1 & 3 and 3.5% for Property 2 on a 30 yr, with costs of approx $3,800 each for title, appraisal and fees with a credit score of 780. We are looking to refinance and purchase property 2 and 3 in similar fashion after Property 1. One of the risks I am wary of is the appraisal, is there a way to get an appraisal that the bank will agree to before we purchase the properties? Also does anyone have a recommendation of a lender that specializes in smaller cash out refinances and can provide a better rate? If there is a better way to do this, please let me know. Property 1: 4 Bedroom 1 Bathroom
Property 2: 2 Family Unit 1: 3 Bedroom 1 Bathroom Unit 2: 2 Bedroom 1 Bathroom
Property 3: Tri-plex 2 Studios and a 3 Bedroom 1 Bathroom
Thanks! [link] [comments] |
| Posted: 21 Jul 2020 08:43 AM PDT Here's the listing from the seller: I am offering my 12 unit apartment complex for sale. Not a lot of investment opportunities out there, and nearly impossible to find an owner carry. I'm offering both! Have owned this complex for 16 years and it has proved to be a money maker. New roof on one building last year, and the other roof is about 17 years old. Both roofs are TPO type membrane. New exterior paint last summer too. Plan on retiring this Fall, so selling off all rental properties. Still want some income, so selling with owner carry terms. Price is $850,000 with $150,000 down, carry at 4% for a term of 30 years. A prepayment penalty of $50,000 will be charged if refinanced or paid off within 10 years. This contract will be transferrable too, should you wish to sell sometime down the line. Complex consists of two buildings. One building has (8) one bedroom/one bath units, about 450 square feet, renting for $575 each. The other building consists of (4) two bedroom/one bath units, about 950 square feet, renting for $675 each. Total gross rents bring in $87,600 (rents were just increased this last year, but still below market). Gross rents - $87,600 Expenses - $30,019 Net Income - $57,581 Expenses include: Maintenance est. @ 3% ($2628), Taxes ($7271), Insurance ($2571), Management fees ($5487), Utilities ($8618), and Garbage Service ($3444) You can save on the management fees if you manage them yourself. Also, I didn't allow for vacancy, as this is never an issue for these apartments. They are in a great location. Just two blocks from downtown, and the Library/community center is right across the street. The best Mexican Restaurant in town is kiddy corner away. These apartments were built in 1963 and have a low maintenance stucco exterior. The lot is 11,762 square feet." End Listing I am going to raise the rent $150.00 per unit. What are your thoughts? I am 25 no RE experience I would be getting a partner who is 27 who also has no RE experience. We have $250K combined. [link] [comments] |
| Out of state investing in Delaware Posted: 21 Jul 2020 11:47 AM PDT I'm going to view a duplex property in the state of Delaware that seems to be promising about 2 hours away from my home state. If anyone has any experience investing in the state I would love to ask some questions about your experiences [link] [comments] |
| Commission on multi million dollar deals Posted: 21 Jul 2020 11:34 AM PDT Agents, Brokers or Investors who have done deals over $3m: What commission did you pay to the Realtors and how did you come to this agreement on commission? When I see mega agents closing deals on $15m properties I can't help but doubt they're getting even 2% on that. [link] [comments] |
| Any recommendations on first rental? Posted: 21 Jul 2020 11:25 AM PDT My main concern is whether I'll be able to acquire a rental and what I would need to qualify for a loan, any advice is much appreciated. [link] [comments] |
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