Real Estate Investing: Upcoming AMA by /u/HobbesNYC on Friday 7/17/20 @ 10AM EST - Commercial Focus |
- Upcoming AMA by /u/HobbesNYC on Friday 7/17/20 @ 10AM EST - Commercial Focus
- In Hawaii, are duplex a viable option for getting into RE investing?
- What sites do you use for large scale investments (ie. 12+ unit apts, offices, shopping centers)?
- Do you need to tell your Mortgage lender that you converted your primary home to a short term rental?
- Neighbor uses my land as his renter's yard
- Taken your realtor to small claims court before?
- How safe is it to rent a home to tenants when homeowners insurance declined?
- Smart flip analyzer shows break-even, roi, profit, etc., completely free
- How comfortable are you relying on accuracy of RE agent's Appraised Rehab Value
- Wife is Apprehensive about getting into real estate. Tips on convincing her?
- Entertaining the idea of buying a 2 BR 2 BA on Oahu near the Kapolei/Ewa area instead of renting.
- lending a personal loan to a friend for his flip. Need advice.
- Intimidating Special Exception Permit for short-term rental
- Sad rental property with barely 3% ROI in an area with little hope. Should I sell now and reinvest for immediate higher returns or wait until after election?
- What are the skills needed to be hired as property manager?
- HELOC or cash out refi?
- What job best synergises with value add REI
- Has anyone invested in Real Estate in any Third world country? (Africa, Asia)
- What is the nominal deposit paid to your landlord in your place?
- BRRRR SFH into Duplex. How will this affect appraisal value? Good idea?
- Any brokers still able to find lenders for investment properties?
- Is this the only course package I need to take the TREC exam?
- Need advice on a 55+ mobile home purchase
- New Business Extensions from Rental Properties
- Dilemma of developing a property that could be either 4 or 5 apartment units
- First time homeowner trying to convert to rental (First time doing Cash-Out Loan Advice)
| Upcoming AMA by /u/HobbesNYC on Friday 7/17/20 @ 10AM EST - Commercial Focus Posted: 09 Jul 2020 02:49 AM PDT One of our most popular (and best) AMA contributors will be back on July 17th, 2020 @ 10AM EST. /u/HobbestNYC At the time of the last AMA he owned an investment firm with $10M of ownership in ~$100M in assets across 4 states. This includes 2 200+ Multi-Family complexes and 8 Mobile Home Parks. Additionally, I own a small multi-family value add operations company of which has purchased, renovated, and exited 12 apartments mostly as a way to continue learning operations. My understanding is these holdings have since increased. This should be a great AMA for those of you looking to go go big! [link] [comments] |
| In Hawaii, are duplex a viable option for getting into RE investing? Posted: 09 Jul 2020 04:25 PM PDT Aloha all, I live by Honolulu and expect to stay here. I like the idea of starting in real estate investing by living in and renting a duplex, but I'm not sure if the numbers make sense in this market. Could any of you please advise? This link shows "cheap" duplexes on Oahu.%2C+CloseDate+DESC%2C+ListPrice+ASC&Status%5B%5D=Active&Status%5B%5D=In+Escrow+Showing&Status%5B%5D=In+Escrow+Not+Showing&Status%5B%5D=Sold+2+Years&Distance=1&) I'd expect prices of $600k-750k and could provide up to 10% as a downpayment. Standard rent for the other unit would be 1600-2000, which would be about 50% of the total housing costs according to sparkrental's calculator. My minimum monthly costs will be roughly equal to my current rent, likely higher due to repairs and the down payment. I'd love to snowball into owning multiple units but it'll take years of saving to afford a second unit, and I'd be in trouble if the first unit doesn't appreciates. FYI, average appreciation has been 3.77% a year. Most places rent for 0.3% - 0.5% (e.g. a 875k house may rent for 2500). So, here are my question:
Mahalo! [link] [comments] |
| What sites do you use for large scale investments (ie. 12+ unit apts, offices, shopping centers)? Posted: 09 Jul 2020 05:11 PM PDT I use loopnet.com but I don't know what other options there are? [link] [comments] |
| Posted: 10 Jul 2020 01:40 AM PDT I moved from my primary home last year in August. I have a 30 year 4.125% loan on it and I have homestead exception on it in Florida. I have decided to convert the home to a short term rental with AirBNB and it is actually getting booked out despite Covid and doing well. Do I have to tell my lender (SunTrust in this case) that I turned my primary home to a short term rental? Refinancing an investment property seems to be a much bigger hassle than primary home mortgage, and even in the current low interest environment does not seem to be useful. [link] [comments] |
| Neighbor uses my land as his renter's yard Posted: 09 Jul 2020 11:00 PM PDT I bought a 25 acre property in 2008, it had been in the family I bought from for many years. There were 2 sfh within the boundaries, but were deeded to daughters so I didnt purchase them at this time. I have since bought one of the properties. The other was puchased by a neighbor and the way the land was divided up in the past, according to the deed I own the yard to my neighbors rental including most if his paved driveway. I have been generous and allowed him to keep mowing it and his renters have their dog on my land, trampoline on my land, and park their car on my land. My neighbor and I get along fine, how should I handle this? Should I offer to sale him land at fair price? Keep letting him use it at no cost? Start surveying to let him know I will be fencing my boundary in and let him approach me about purchasing. I feel like I need to either sell him what he is using or I have mentioned him selling me the house that is in the middle of my land...opinios? [link] [comments] |
| Taken your realtor to small claims court before? Posted: 09 Jul 2020 05:38 PM PDT Has anyone taken their realtor or their broker to small claims court over failure in duty as fiduciary? How did it go? Any advice? [link] [comments] |
| How safe is it to rent a home to tenants when homeowners insurance declined? Posted: 10 Jul 2020 03:22 AM PDT I own a home that is currently being rented, but unfortunately the homeowners insurance policy was declined by the company because of numerous significant problems with the home including structure. I am quite set on selling the property as I do not have the time or money to put in the necessary repairs, and I am worried of the tenants safety and the condition of the property. My question is how dangerous is it for me as the owner to continue to rent the property without this insurance. Would I potentially be liable if the house damaged the tenants property or even themselves? Obviously its not a good situation, but I am trying to decide if I need to sell immediately to protect myself and the tenants. [link] [comments] |
| Smart flip analyzer shows break-even, roi, profit, etc., completely free Posted: 10 Jul 2020 03:15 AM PDT Really good, fast, real estate property analyzer. [link] [comments] |
| How comfortable are you relying on accuracy of RE agent's Appraised Rehab Value Posted: 10 Jul 2020 02:48 AM PDT When it comes to trusting an agents comps and the numbers they give you, how comfortable are you doing deals based on the information (ie ARV) you get from agent? Do you get a second opinion? 3rd opinion? I have a highly rated agent give me feedback and it changed a deal from very nervous to a home run if he is correct. [link] [comments] |
| Wife is Apprehensive about getting into real estate. Tips on convincing her? Posted: 09 Jul 2020 01:33 PM PDT Anyone have experience with a spouse who is hesitant to jump into real estate? I have being researching and readying for the last year or so and am ready to jump on something in our area. But I need my partner to be right there alongside me. [link] [comments] |
| Entertaining the idea of buying a 2 BR 2 BA on Oahu near the Kapolei/Ewa area instead of renting. Posted: 09 Jul 2020 08:53 PM PDT I would be using the VA loan and this would be my first time buying a home. In your guys opinion, what do you see as the pros and cons of buying property vs renting within the next couple of months with a possible selling date of ~3 years. And if not a sell then renting it out instead. I am still in my early 20's and the idea of buying a house is still a little scary [link] [comments] |
| lending a personal loan to a friend for his flip. Need advice. Posted: 09 Jul 2020 08:10 AM PDT My real estate agent buddy, whom I've known for a long time, wants me to loan him $7500 for a max of 45 days to pay off his contractors while his investment property flip closes. I don't have any reason to distrust his intentions as he's helped me close on a few deals and he lives and owns right around the corner; ie: he's low risk for fleeing the state for this amount. He's also done flips before. I had him write up a contract that says the following: This agreement covers the personal loan provided by (loaner) to (borrower), signed into effect on x x , 2020. The terms of the agreement are as follows: -(loaner) will loan (borrower) $7,500 (principal loan) -(borrower) will repay (loaner) the principal loan amount of $7,500 plus 10% interest of the principal loan ($750) which brings the total repayment to $8,250. -(borrower) will have 45 days from the day the money is received to repay the loan & interest total of $8,250 to (loaner) -The money will be used for (borrower)s investment property, at (address) for roofing, staging, lender dues, and materials/supplies -If (borrower) is not able to pay the loan back within 45 days, an additional $500 penalty will be assessed for every 15 additional days it takes to repay the loan in full. For example, if it takes 60 days to pay the loan back for example, (borrower) will owe (loaner)$7,500 principal + $750 interest + $500 penalty = $8,750. If it takes 75 or less days there will be a $1,000 penalty. This penalty amount continues to increase by $500 for every 15 days outstanding until the loan is repaid. We will both then sign the agreement. Pretty straightforward but am I not considering something to protect me, like actual collateral? Any advice would helpful. [link] [comments] |
| Intimidating Special Exception Permit for short-term rental Posted: 09 Jul 2020 06:40 AM PDT I'm zoned in an area that requires a special permit to allow a short-term rental. I've seen the permit application. Is it recommended to get a property attorney (or similar?) to help things go smoothly? I'm worried if I fill out the application and don't say the right things, I'll be rejected. [link] [comments] |
| Posted: 09 Jul 2020 10:41 PM PDT Property was purchased in 2005. 15 years later despite the building's decent condition it went down in value about 30k. (Originally around 160k, currently at bit over 130k) On the other hand, my second attempt at investing did much better and it gives fairly consistent 10% returns. (Different location) From what I can tell the sad property has not much hope for increased profit even when the economy improves. (volatile job market, undesirable area due to unattractive crime statistics) Equity is high and I have an urge to just sell it and get my money to work more efficiently by purchasing in a different area asap. What do you guys think? I currently have a half solid verbal offer to purchase my unit at 5~10% less than current price. I know I'm losing more money, but way I see it is that since I will be reinvesting right away, I can take advantage of the slow seller's market as well and hopefully find a gem of a deal like I did with my second investment. Thanks in advance. [link] [comments] |
| What are the skills needed to be hired as property manager? Posted: 09 Jul 2020 09:48 PM PDT This job sounds like it could be an interesting job at retirement or as a change if and when I get burned out on my career. But, what are the requirements? What are primary duties? How would you get started? What is pay? Would it be something you started on your own or work for an agency that assigns you jobs? [link] [comments] |
| Posted: 09 Jul 2020 09:46 PM PDT I bought my first duplex last year for 135k at $25 per sqft from a retiring landlord, in the past 14 months 4 other duplexes (one on the same street which I sold myself as an agent, it was owned by the lady I bought my property from) in the same area have sold with similar age and interior trims at an average sold price per sqft of $65 My place is 5272 Sqft total including both sides I want to take advantage of this and I was looking at doing a cash out refi at 70% ltv and use the money to rehab my duplex and buy another property Would it be better to do it that way? Or refinance from my current mortgage rate of 4.99 % down to 3.6% ( a quote I received) and then get a heloc of the same amount as in the cash out refi? With a refi my new payment will be around $1k My current payment is $884.15/m at 4.99% interest But once my units are updated I can get $1100 in rent. I feel like if I refinanced my rate down and saved a few hundred dollars a month, I could use that savings to pay for the HELOC, because I am cash flowing great as is, I'm just low on capital and there are some great deals around me that I want to pull the trigger on. I know nothing about helocs or how to get them so if someone we be so kind as to enlighten me I would greatly appreciate it. [link] [comments] |
| What job best synergises with value add REI Posted: 09 Jul 2020 09:39 PM PDT Hey so I'm turning 18 in 47 days, the long term goal is to become a full time value add investor. I've been able to build a little net worth but not a ton I've got 15k cash and 10k worth of motorcycles. I'm gonna get out of the restaurant profession and I want to get. a job that directly correlates with what I will be doing in the future, and I'd like a little help or suggestions on where to go. I've been considering a few options. One being working construction for a few years and getting my license to become a general contractor. I figure having construction knowledge will be wicked helpful when it comes to renovating properties. And as a GC I could run the show myself and save a lot. I'm not handy in the slightest so it would be pretty unfamiliar to me but no doubt helpful. Another is becoming a property manager. It's what I originally planned to do a while back but the contractor idea has been in the forefront of my mind lately. College is another option. I dropped out at 15 but I'd like to think I'm not completely stupid. I don't even really know to major in that would aid me in real estate. I went for finance last year but I was doing 100 hours a week and couldn't sustain it. So yea those were the options I have thought of, if anybody has any suggestions, advice, or ideas I'd love to hear it I'm feeling a little lost rn. [link] [comments] |
| Has anyone invested in Real Estate in any Third world country? (Africa, Asia) Posted: 09 Jul 2020 08:51 PM PDT I've bought up a few lands in Africa. (Gambia/Sierra Leone) And looking to add Ghana on my list next year. I know this are not top of the list to invest in, but they each offer something unique. Gambia, is known for tourism and Sierra Leone is known for their mining as well as Tourism. I've known people who have invested in both countries and have done OK. [link] [comments] |
| What is the nominal deposit paid to your landlord in your place? Posted: 09 Jul 2020 08:12 PM PDT I'm from a third world country and I'm just curious what is the nominal range of deposit people around the world pay to their landlords. [link] [comments] |
| BRRRR SFH into Duplex. How will this affect appraisal value? Good idea? Posted: 09 Jul 2020 04:20 PM PDT I have been looking into the idea of buying a SFH that needs a little bit of work and actually taking it a step further by converting it into a duplex. It seemed like an obvious idea to me - I would renovate the home, and then have an upper and lower unit - increasing my cash flow. I would likely live in one of the units for at least a year. Then leave, rent out the other unit and repeat in a new location (I may jump cities for a new fulltime job soon). However, I started to look into this more and found that by converting a SFH to a duplex, you may not see a direct increase in value to the home. Because now, rather than being appraised as a residential property, it becomes more of an investment property and is evaluated as such. So maybe I wouldn't see a direct increase in appraisal value - is this true? I wanted the benefits of rehabbing and refinancing - so I could pay back my hard lender (my immediate family) and break even or possible even profit when I get a high appraisal. What are your thoughts? [link] [comments] |
| Any brokers still able to find lenders for investment properties? Posted: 09 Jul 2020 07:45 PM PDT My broker says that his lenders are not lending for purchase nor Refinance of investment SFH properties, backed by Fannie/Freddie. Trying the fed backed loan , prior to going the expensive commercial lending route. Any leads for NC is appreciated. [link] [comments] |
| Is this the only course package I need to take the TREC exam? Posted: 09 Jul 2020 07:24 PM PDT I came across a 180 hour real estate online course for only $99 but it seems much cheaper than any thing else I've seen. Is this all I need to take the TREC exam? Besides that $99 course package, I only have to pay the following fees, correct?
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| Need advice on a 55+ mobile home purchase Posted: 09 Jul 2020 10:37 AM PDT Im looking to purchase a mobile home in a 55+ community in flordia and rent it to my girl friend's mother so we can collect her assisted housing, to pay lot fees, bills and repay the partial loan (im not trying to take the money for my own personal gain, the housing she is able to get with assisted housing is in bad areas and are often in terrible, unsafe conditions). Is this even possible? What kind of questions should I be looking to ask the community? Thanks, any advise appreciated [link] [comments] |
| New Business Extensions from Rental Properties Posted: 09 Jul 2020 07:00 AM PDT I wanted to see if anyone had any ideas about new business ideas that could result after owning a few (or many) rental properties. I thought a natural one would be extending to property management. I've thought about doing this for friends that own a few properties. Other ideas I thought of are handyman/lawn care (charge $XX/month for keeping the tenant's lawn trimmed)/property development/flipping/storage? Trying to diversify out from just owning rentals. [link] [comments] |
| Dilemma of developing a property that could be either 4 or 5 apartment units Posted: 09 Jul 2020 04:03 PM PDT I am currently under contract for a gutted (shell condition) apartment building that has an active variance to be used as 5 units. I was curious about hearing other people's opinions on whether I should go ahead with the 5 units as proposed or change it to 4 units instead as to be under the threshold for commercial designation. Because we are starting as a shell I am trying to weigh our options. Ive dealt with a few residential properties early in my career but have since focused exclusively on commercial. The building itself would be a university student rental and, whether 4 or 5 units, would be 10 beds. My dilemma is based around its valuation and then selling or holding long term. My original plan was to do the 5 units and pay cash for the acquisition and construction and then "cash out"-refinance at stabilization based on its cap rate, but after doing some reading I am not confidant that it is as easy as that. If anyone could give me some guidance or first hand experience with cash-out refinancing a small commercial property that would be great. The alternate is to refi as a 4 unit residential property where I am less certain about the valuation since its not as cut and dry as the cap rate approach. I am attracted to going with 5 units because of the cut-and-dry valuation while holding but I dislike that the buyers market is pretty narrow in that building size/ price range for "commercial" properties. Going with 4 units I like the larger pool of buyers available but dont like the ambiguity in the case that I hold and refi. I appreciate any and all input. [link] [comments] |
| First time homeowner trying to convert to rental (First time doing Cash-Out Loan Advice) Posted: 09 Jul 2020 03:33 PM PDT Hello all, I am in the process of trying to refinance to cash out after a year and half. I have performed renovation but have only performed the basic of payments required each month. Currently the bank says I do not have enough equity to do a cash out but they are not considering the renovations/cash-add that was done to the property. They are currently processing a refinance to lower my currently % but I have not finalized it yet. How do I get them to consider the value-add? Bought in Jan of 2019, originally 1300sqft 3bd/2bth now 4bd/2bth. bought for 137k and currently sitting at around 134k after closing costs and the 1.5 years that have gone by. New kitchen, flooring and added an in-law suit where the garage used to be. Estimated to be around 150k in value now but is not considered. Any information or help appreciated. If voice is easier I am available by phone or discord for mentoring. Thank you in advanced for any help. [link] [comments] |
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