Real Estate Investing: Setting up an LLC for rental property? |
- Setting up an LLC for rental property?
- How to find a four or three unit building if there are not a lot for sale?
- What should I know before taking over my parent's rental property business?
- Prominent Philly Investor claims 40% return on your capital invested within 1 year
- Minimum credit score to qualify for investment house loan?
- Upcoming areas for Investment Properties: Duplex/single family home
- New to Florida
- Debt-to-Income calculation with less then 20% down question
- I am 18, how can I set myself up better to be able to househack in my early 20’s?
- Wholesale question
- Can I get an owner occupied loan 3 hours from where my job is?
- First step in vacation rental
- Someone should make a "Flip Tracker" website where you can see all current and sold flips.
- Seller selling lot + blueprints
- Buy now in the Midwest, or wait a year is two and buy in Denver?
- New to real estate investing! Questions about how to find a good first property and just starting out?
- Pros and cons of buying a condo
- What does it mean to “refinance” a property?
- Tryin to get a better understanding
- Buying a 5 bedroom, living in 1 recruiting 4 roomies, bad idea?
- How do I enforce a foreclosure on a property that I own the tax lien for? How do I collect the money I’m owned for buying the tax lien?
- Anyone have experience with the military (specifically Air Force) Rental Partnership Program?
- Negotiation of adjacent property to my current investment property
- City Requires Structural Engineer for Solar?
| Setting up an LLC for rental property? Posted: 12 Jul 2020 02:33 PM PDT I'm very new to real estate investing and need some advice. I purchased a condo a few years back (owner occupied), I have moved out and converted the condo to a rental last year. The value of the condo has appreciated ~25K.
Thank you! [link] [comments] |
| How to find a four or three unit building if there are not a lot for sale? Posted: 12 Jul 2020 06:49 PM PDT I'm trying to find a large multifamily building, but inventory in the area I'm looking is low because it is a smaller town near 2 cities. However, there are a lot of properties that might sell if. I'm not sure how to go about buying off-market properties. Should I send out a lot of letters to the owners of any property I'm interested in? Should I make an offer in that letter? How do I find the owner's contact info? An alternative would be reaching out to facebook real estate groups in the area and asking them... Any advice? [link] [comments] |
| What should I know before taking over my parent's rental property business? Posted: 12 Jul 2020 11:31 PM PDT At some point, my sister and I will will inherit/split their 20 or so rental properties(all single family houses). My dad has been doing this since I was a baby and some of his houses have had the same renter for years. What things should I know or learn for when it is my time to take over? Dad does most of the work himself when it comes to repair. He does have people he will hire if it is something he doesn't know how to do(which is very little) or doesn't have time for. [link] [comments] |
| Prominent Philly Investor claims 40% return on your capital invested within 1 year Posted: 12 Jul 2020 08:24 PM PDT As the title reads, there's a fellow who is really big in the philly scene who runs a capital fund on the side for REI. So if i were to put 50k down, after 12 months i'd have 70k paid out. My question for you all is, how common is this seen? And if anyone has had any direct experiences with anything of this nature, what was it like? What would you advise? [link] [comments] |
| Minimum credit score to qualify for investment house loan? Posted: 12 Jul 2020 10:05 PM PDT So, I own a few properties already. I've always has a credit score close to 800. Never made a late payment in my life. Somehow with a house I sold last year, i forgot to pay the past utility payment and it got sent collections which I paid. But it somehow literally dropped by credit score 100+ points. Scores from the 3 are like 660, 670, 690 now. What is the minimum credit score needed to get an investment (non-owner occupied loan)? .... and yes, I realize rates will be worse. And yes, I literally have never paid late other than this and I utilize less than 2% of my available credit [link] [comments] |
| Upcoming areas for Investment Properties: Duplex/single family home Posted: 12 Jul 2020 05:01 PM PDT Hi All! Just wanted to shoot a quick question out there to my more savvy Reddit crowd. If you were to come up on $100k right now and you could only invest in real-estate rental properties (single fam or duplex) in any state within USA, where would you choose? If you're very confident with your choice, please share some reasonings as I would Love any knowledge or thoughts you may have. Please also feel free to leave me feedback about how to better organize my questions for future posts since this is my first time! [link] [comments] |
| Posted: 12 Jul 2020 10:41 PM PDT I am in the process of finding a cheap house for myself and finding a couple of homes in Jacksonville for rentals. Just purchase them cash, no mortgage. This would be my first home. I'm very handy but I'm curious about Real Estate Investing in Florida as per the difficulty if the laws are friendly to rental property owners or if the laws are geared towards the renters even if they are criminals? I'm asking this because my Doctor Uncle. I talked to him about his experiences with rentals in Southern California. He got a couple of rental properties and one of the renters didn't pay his rent for two months then gutted the place of all the equipment, stole everything in the home...he vanished, did not see a dime from this guy. He sold the property and made just about the same as the price of the home a long time ago. He had more luck with building homes. How difficult will it be during this pandemic if a tenant refuses to pay (evicting)? I'm looking to get a rental property in about 4-12 months. I'm in no rush if this is not the right time I can do it later but I would like to get into this industry! I plan to do all my contracting repair work, there is not much I cannot do or fix on my own, have my own tools. Is there any sort of things I should know about Florida homes when looking at homes that need rehab? I'm reading as many books and taking in as much information as I can get. I'm looking at SF Homes. What other things should I know that are applicable to Florida real estate? Not that it matters, normal profession is Network Engineer and Freelance programmer. Looking for side income will the recession is hitting us hard, unemployed right now, so I could work on a house all day long to fix up on to make it a diamond in the rough. [link] [comments] |
| Debt-to-Income calculation with less then 20% down question Posted: 12 Jul 2020 10:48 AM PDT If am thinking of buying a 4-plex and I am putting less than 20% down, does the loan officer count the potential rental income from the other units in the DTI calculation in order to qualify for a mortgage? [link] [comments] |
| I am 18, how can I set myself up better to be able to househack in my early 20’s? Posted: 12 Jul 2020 08:22 AM PDT I am currently 18, about to go into my first year of college, and I was wondering how I can set myself up to buy a rental property that I can househack in my early 20's, such as increase my credit score (as of right now I only have a debit card), and other things like that. Any things to look out for, general tips, etc. [link] [comments] |
| Posted: 12 Jul 2020 08:34 PM PDT There is a property close to me that has been on and off the market for a few months.. I'm just starting out wholesaling. The last time the house was on the market it was for 220 in an area where comps seem to be in the high 300s.. I would like to approach the owner of the house as I've got his phone number.. what should I ask him to access what renovations need to be made in the house before I give him an offer? [link] [comments] |
| Can I get an owner occupied loan 3 hours from where my job is? Posted: 12 Jul 2020 08:17 PM PDT Under these circumstances: Company has sent out email that all employees will be working from home at least until November, because of COVID19. .... will actually move into it. .... I've already been working completely at home now for 3 months. [link] [comments] |
| Posted: 12 Jul 2020 10:00 AM PDT Hey all! Long time lurker to the sub. In my 30s and have a decent amount of cash in savings. I'm looking into vacation rentals and ive been in the midst of hashing out costs and potential income of a vacation rental property. I'm a bit cautious to jump into anything, but I'd like to keep moving forward with research and getting all of my ducks in a row. What do you think is a good first step to jump in? Currently organizing costs, speaking with a financial advisor, getting a better understanding of management companies. I'd like to start touring properties next. Am I going down the right path, here? I want to be thorough and I can sometimes be TOO thorough and talk myself out of big projects.. advice appreciated. Thanks! [link] [comments] |
| Someone should make a "Flip Tracker" website where you can see all current and sold flips. Posted: 12 Jul 2020 07:35 PM PDT It'd be pretty easy to make since the data is publicly available, just clone zillow but only show houses that are being sold again within the first year with above a 15% price increase. Would be super useful. I'd pay for it. [link] [comments] |
| Seller selling lot + blueprints Posted: 12 Jul 2020 07:14 PM PDT I'm interested in purchasing a multi-family unit that needs to be rehabbed. In my search online for such properties, I came across a seller selling a lot but has a blue print already in place. I really like the plans that are listed, I want to purchase in this booming neighborhood, and I think I can make the numbers work. Would this be the same process as buying a rehab and would I hire my own contractor or is this a contractor selling his plan? [link] [comments] |
| Buy now in the Midwest, or wait a year is two and buy in Denver? Posted: 12 Jul 2020 03:08 PM PDT A quick background: I currently live in Michigan, but would like to eventually move to the Denver area. I'm in the position where I'm getting antsy to buy my first property, and wanted some opinions on a couple different options I'm looking at. Any location I'm looking at would be a bit of a fixer upper. Not looking at completely renovating, but any smaller projects I can do to add value. Would it be smarter to buy now in the Midwest with the cheaper entry point to get the ball rolling, and eventually either flip that property or turn it into a rental (maybe in 6 months)? Or continue to save and buy in Denver in a year or two? I have a small network in Michigan that could help with fixes, property management, etc. But Denver is where my wife and I would like to eventually settle down, and I'm also antsy to start the move out that way if I don't buy here. I've been going back and forth the past few weeks, and am hoping to get some other points of view from some more experienced investors. What are your thoughts? [link] [comments] |
| Posted: 12 Jul 2020 06:50 PM PDT Hey all, I'm in my early 20s with a stable job. I wanted to get into real estate and get an idea of how do you determine if the house you're looking at is a good property? For example, if it would easily attract renters, if it is likely to appreciate, etc. How do you determine what to buy? Additionally, how important is it to start an LLC? I don't quite understand how it works but is it ideal to start one prior to getting into real estate properties? Additionally, this is going to be my first home. If I decide to buy a house and use it as a rental property, from my understanding I would not then qualify for an FHA loan? Any other tips to get started is appreciated. [link] [comments] |
| Pros and cons of buying a condo Posted: 12 Jul 2020 02:54 PM PDT I have found a condo in Stapleton Colorado (very good community). What are some pros and cons of buying a condo over a house? [link] [comments] |
| What does it mean to “refinance” a property? Posted: 12 Jul 2020 02:04 PM PDT I've seen people talking about buying junk houses, fixing them up to rent, and then refinancing it. I've also heard it in just casual conversation, and I've never understood what exaclty it means and what it benefits. [link] [comments] |
| Tryin to get a better understanding Posted: 12 Jul 2020 05:39 PM PDT I'm a 18 year old navy sailor and trying to make a second stream of income. I've heard about wholesaling but don't have a full understanding of it even after the videos I've watched. I get the concept of putting the house on contract and flipping it to a buyer. What I don't understand is when I get the house on contract does the owner get a portion of my income or is it just my contract and whoever buy my contract now owns my portion of the house? I also don't understand what exactly does the contract have to state when trying to get it from owner. If anyone and can help me understand it in the most simple way possible aka " dumbing it down " it will be much appreciated. [link] [comments] |
| Buying a 5 bedroom, living in 1 recruiting 4 roomies, bad idea? Posted: 12 Jul 2020 05:02 PM PDT What if I bought a 5 bedroom foreclosure in Los Angeles for 1.5 mil, fixed it up a bit, marketed it, promoted it, recruited 4 roomies. How much would I need to put down and would this be worth it in the long run? Assuming I'm handy and great at dealing with personalities and solving any potential "drama". Would this be a terrible investment? [link] [comments] |
| Posted: 12 Jul 2020 09:17 AM PDT Thinking about buying the tax lien on a house. How do I collect? If I don't, how do I go about the foreclosure? How often is this successful and what are some expenses that may arise? [link] [comments] |
| Anyone have experience with the military (specifically Air Force) Rental Partnership Program? Posted: 12 Jul 2020 01:01 PM PDT Currently a small-time RE investor in a hot market. Not ready to buy for a bit (especially with the current uncertainty), but starting to look ahead for the next move. I think finding a good deal in my home market will be extremely difficult, but the town I grew up in has an AF base. I'm interested in purchasing near the base and participating in the Rental Partnership Program based on some cursory research, but I figured as I dig into the details I'd see if anyone here has any experience with that program. Is it a headache? A breeze? Bureaucratic nightmare? Has anyone looked at this or participated in it? [link] [comments] |
| Negotiation of adjacent property to my current investment property Posted: 12 Jul 2020 12:53 PM PDT I own a 2.6 acre property at a corner of the second most heavily traveled intersection in the county which is roughly 30 seconds off a major highway. I've owned it for 4 years (in September) and by all accounts its now worth 5-6x the price I paid for it due to commercial development at the opposite corner across the federal road. I got this figure from speaking to multiple commercial appraisers. There is no zoning in this particular county and I have the ability to put in a commercial access on the less heavily trafficked road of the intersection, I cannot get access to the federal road that receives more traffic because my neighbor owns that 2.6 acres of the corner. The issue they have is they CANNOT get commercial access to their property because any entrance would be too close to the light given the speed limit of the road (45-50mph I can't remember exactly). They might be able to get an entrance to the property but definitely not an exit. The daughter of the couple who owns the home (the couple built the house in the 50s and have lived their since, they are in their 90s) approached me a few weeks ago about buying my property. I told her I would sell, but I would be seeking top market value and she didn't inquire further. We exchanged information and we discussed the possibility (when her parents pass as that's the only way they will ever sell the property) of marketing the properties together. This increases the value of both properties, and I believe her property is greatly increased by being included in mine, perhaps mine not as much. There's a property on the other side of my neighbors property that has a house that's been converted into a business, and then another property that is a small car dealership, then there is an entrance to a ~200 house development. I don't think my neighbors property offers as much value to the house that's been converted into a business as mine. I could potentially afford to purchase my neighbors property (if they were to sell it to me) depending on the price. It's market value as a residence is roughly $250-275k which is easily do able, if the price would be doubled I doubt I could afford it. Assuming the property would be in rentable shape it would rent for $1500-2000 and that would not come close to covering a $500k mortgage, and I don't want the stress of having to cover $5-7k a month in a mortgage when it's not rented out. Overall I'm looking for advice from people who have been in similar situations before on things to think about and consider with my options of trying to buy their property outright, working a deal to sell the properties together, or just not worrying about their property and going at it alone with my current property. I'm going to be more than happy with the money I walk away with from this when it sells, but if I could gain value from the other property it would be icing on the cake. Thanks in advance. [link] [comments] |
| City Requires Structural Engineer for Solar? Posted: 12 Jul 2020 04:25 PM PDT According to this document (below), the city requires I do STRUCTURAL ENGINEERING to ensure the SFH, 1-story house can take the weight of solar panels? This is crazy - they weigh less than 1 layer of shingles! Has anyone run into this before? [link] [comments] |
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