Real Estate Investing: Watch out for serial squatters like these! |
- Watch out for serial squatters like these!
- Where to buy foreclosure houses if not on auction.com?
- What do you think about Roofstock
- How to economically replace fire door in multi unit condo?
- What would you do?
- 3 Books that inspired me to get started on my Real Estate Journey
- anyone able to cash-out refi investment properties right now?
- First deal
- Building Houses on empty Lots. How to Vet builders?
- Raise security deposit on lease renewal ?
- Increasing zoning
- Where to list my rental portfolio?
- Do I have a good deal?
- Real estate and stock investing strategies
- Tips for buying an older property?
- California Never Ceases to Amaze: SB 1410 (Caballero)
- Analyzing overpriced property. How much positive cash flow is worth it?
- Is it logical to get a conventional mortgage, use hard money to rehab, then refinance?
- DST investing 1031
- Buying a property with trespassing previous tenant
- LLC and H1-B Work Visa
- My plan after I graduate - Is it realistic?
- Should I rent or sell our starter home?
- Hired and dropped right away as a real estate assistant. Maybe I should be a property manager? (CO)
| Watch out for serial squatters like these! Posted: 27 Jul 2020 07:02 AM PDT |
| Where to buy foreclosure houses if not on auction.com? Posted: 27 Jul 2020 10:06 PM PDT So I have read how auction.com may not be the best place to buy a foreclosure house from. If this is the case, where do people buy such houses? [link] [comments] |
| What do you think about Roofstock Posted: 27 Jul 2020 02:49 PM PDT Hi everyone, It lets you invest buying single-family home and handle the pain of being a landlord for you (like collecting the rent).
Thank you [link] [comments] |
| How to economically replace fire door in multi unit condo? Posted: 27 Jul 2020 08:56 PM PDT I have a fire door in multi unit condo that had it's what I think polystyrene core crack inside the door veneer and I am looking to get a prehung replacement. I live in Midwest metro area where Home depot charges 500 starting for labor with a subcontractor and window and door businesses charge a 90 fee for an inspect/measure without giving a ball park price range. I would try to DIY a prehung door but I don't know if I could fix it before bedtime without running into problems as this is my first time dealing with doors. Anyone know an economic approach to this situation? Thanks [link] [comments] |
| Posted: 27 Jul 2020 07:50 PM PDT I have a 2 unit residential property in a decent neighborhood, close to conveniences and bus routes, etc. Property was appraised recently and pretty comfortable I could getv$150k. The property is owned free and clear. I am getting $1600/mth total rent. Monthly Expenses Taxes =$450 Insurance = $60 Water = $20 Misc Maint = $200 estimated Net is $870 In the last year I put in 2 new furnaces and 2 hot water tanks for a total of $7k so many major expenses are ready taken care of. Is this a good return or would you consider selling and investing elsewhere? I do most of the work myself so Maint is probably high estimate. Tenants take care of the grass cutting. [link] [comments] |
| 3 Books that inspired me to get started on my Real Estate Journey Posted: 27 Jul 2020 12:27 PM PDT Starting your journey is tough. It was tough for me and every day is challenge. Books are a great way to gain knowledge to overcome this challenge Here are three books that helped me
Looking for books to read..Any suggestions? [link] [comments] |
| anyone able to cash-out refi investment properties right now? Posted: 27 Jul 2020 02:50 PM PDT I reached out to my bank about refi'ing my sfh rental property. They told me they aren't doing cash out refi's on rentals right now, and if they were the rates would be in the high 5's. So I asked them about doing a regular refi and they said regular refi's are 4.8-5% and require .75 LTV with 6 month reserves on all properties, including primary. The house I was trying to do this on is valued around 240k, with 130k note on it currently, credit 750+, in South Florida. When I try to look on those different rate sites like nerdwallet they won't even show rates for investment properties. Has anyone had any luck getting a decent loan on a rental after this whole covid thing? What kind of rates are you getting? [link] [comments] |
| Posted: 27 Jul 2020 08:05 PM PDT I'm new to investing in Michigan. I'm learning a lot, going on Bigger Pockets and listening to audio books while I'm at work. Would anyone know if a hard money lender would be a good choice if I want to BRRRR my first deal? I don't have cash to buy and thought it might be an option. If anyone has any advice, good or bad let me know Thanks [link] [comments] |
| Building Houses on empty Lots. How to Vet builders? Posted: 27 Jul 2020 01:46 PM PDT I have 86+ acres in NW Ohio along a scenic river. I have already separated 18 of these lots into 2+ acre lots and had septic soil tests done and approved, city water is available for each lot. I have had lots up for sale for around ~2 years. We have had moderate interest in lots but all deals have fallen through for one reason or another. I also have a legal battle over some land close by which has caused some resistance. I think it would be much easier to sell the lot with a home on it and take the guesswork out of it for potential buyers. When talking with potential home builders what questions should I be asking? How do these arrangements typically work? [link] [comments] |
| Raise security deposit on lease renewal ? Posted: 27 Jul 2020 09:29 PM PDT How common is it to raise the security deposit to match if the lease renews with an updated rent increase? [link] [comments] |
| Posted: 27 Jul 2020 09:01 PM PDT Hello everyone, has anyone here successfully petitioned, sued, or otherwise gotten the zoning increased for their land to build more houses or higher density? I have a farm that has been approved for 15 houses (large 4-acre zoning) but I would like to get this to 60 houses (1-acre zoning). Assume the environmental studies would support this and that the only gating factor is idiotic zoning rules. The property is in Pennsylvania. [link] [comments] |
| Where to list my rental portfolio? Posted: 27 Jul 2020 08:43 PM PDT I have a portfolio of 11 rental houses in the DFW area that I am looking to sell. They cash flow nice ($73k NOI/year), but am looking to take the proceeds and reinvest in my primary business. Any thoughts on where I should list the properties for sale? Roofstock? LoopNet? Another site? Local realtor or broker? They already have a property manager and I don't want to limit my audience by just listing locally. Thanks for your help!! [link] [comments] |
| Posted: 27 Jul 2020 04:50 PM PDT I inherited a property recently. My sister managed it for awhile and moved renters in. It's a commercial building. 6900 sq ft. It's divided into 4 equal parts. 3 units are rented. The property value is 321,000. It has a 6% return, after property taxes, all bills , my return is 4%. New to being a landlord, but this seems low to me. The building needs work. Don't feel I can raise rents, Don't want to lose my current tenants. The one available unit in its current state is un-rentable. No money to make improvements at least for awhile. Thoughts [link] [comments] |
| Real estate and stock investing strategies Posted: 27 Jul 2020 10:24 AM PDT I was comparing real estate investing and investing in stock market for retirement purposes. Depending on location, deal and market performance, lets say property appreciation and stock investment returns are more or less the same on average annually. Now, by retirement time let's say you hold several properties with tenants which allows you to collect rent checks that hopefully cashflow very well by that time while not touching your equity which is still appreciating. Comparing this to the stock market portfolio, it will also have grown roughly the same amount till retirement however upon retirement you'd start withdrawing from it. There may be some dividend income but nowhere close to rental check income. This suggests that having RE in your portfolio is a no-brainer. Of course there is a lot more work involved in RE but look what you're getting in return. Why is it that the general sentiment in some investing/financialindependence forums is to avoid RE investing? [link] [comments] |
| Tips for buying an older property? Posted: 27 Jul 2020 07:59 PM PDT Hey All; I may have the opportunity to buy the property I'm currently renting in the next few years and am lost as to how it all works. Building is a 4 unit MDU built roughly around 1930. There are obvious things that need to be looked at; odd ceiling rippling (at joists?), foundation is made of what looks like quarried stone that seems to be crumbling (hit it directly with a hose and you got some sand). As well as more functional bits like wiring updates and new windows. How do I go about caring for these concerns? Do I get an inspection and have them say whether or not it's a concern, or what I should do in regards to purchase price? Do I leave them till after purchase (if price is reasonable enough) and work on them bit by bit? Also, is it in my better interest to ask for maintenance records? Is that okay to ask? I feel like I wanna carfax. Lol. I feel like I'm sitting on something really good, I just don't want it to have teeth and bite me later. Any advice is appreciated. [link] [comments] |
| California Never Ceases to Amaze: SB 1410 (Caballero) Posted: 27 Jul 2020 07:30 PM PDT Note: As always I strongly encourage you to conduct due diligence and fact check but this interpretation comes from a typically reliable source. About the Bill: During the entire time of the State of Emergency relating the COVID-19 pandemic, tenants would defer paying rent, property owners would be prohibited from evicting tenants for unpaid rent, and owners would be required to recover the rent in the form of a state tax credit over the next 14 years! Interest payments would not be permitted to be paid. Proponents claim there is a market to sell the tax credits (at a heavy discount). Owners cannot wait 14 years to be fully repaid for rent that is due today. In fact, we don't know anyone that is required by state law to wait 14 years to be repaid for a private debt. There is no incentive for a tenant to pay rent for months to come. Every tenant is incentivized to force the owner into contract that authorizes the tenant to remain in possession, stop paying rent, bans the owner from evicting that tenant due to unpaid rent, and requires the owner to wait 14 years to be repaid in the form of a state tax credit. Why should millions of tenants that have not been adversely affected by COVID-19 benefit by the terms of this bill? How will owners be able to pay companies that perform repairs and improvements, mortgages, taxes and employees without rent being paid? The bill is NOT ABOUT STRIKING A BALANCE between owners and tenants; if that was true, this bill would not cause an immediate financial hardship for owners, diminution of property value, inability to refinance and continue to employ staff and repair companies. SB 1410 provides for a complete and total ban of the unlawful detainer process for any rental property owner who is unable to collect rent from a tenant during and until 24 months after the State of Emergency is lifted. This bill does not exempt deed restricted properties that are already heavily regulated regarding collection of rents and eviction policies. [link] [comments] |
| Analyzing overpriced property. How much positive cash flow is worth it? Posted: 27 Jul 2020 09:25 AM PDT Tl;dr: What's the minimum cash flow you'd accept for a small, outdated duplex? I found a small duplex listed at $160K with both units occupied at $725/month. $160K is high for the size of the property (two 1 bedroom units with a tiny backyard). It's been on the market for ~40 days and they've already dropped the price once (from $175K). No interior photos, exterior looks fine but nothing special. I reach out to the agent for more photos and he sends some over after a day or so. The place definitely needs some work to be competitive in the market, and it looks like the last updates that were done were either DIY or just cheap (cheap laminate floors, kitchen from the 90's, drop ceilings). Still for the right price I think this might be worthwhile. The agent sent me an overview of the current owners financials.
Units both rent at $725/month, which is reasonable for the area. Agent says both tenants would like to stay. After mortgage, insurance, and utilities, the monthly cost is $900. After capex (2%), vacancy (assume 1 month per year), etc I'm looking at around $1300/month. I ask the agent if I should bother with an LOI if it will be nowhere near list price. I'm hesitant to sink any time (in person viewings during COVID) or money (appraisal, etc) into this if they're set on this price. Agent says anything between $100K and list is fair game, seller won't accept anything below. IMO the property is worth maybe $90K but can't be sure. At $105K I'm still looking at $925/month in expenses all in, so $500/month cash flow. Should I walk away? [link] [comments] |
| Is it logical to get a conventional mortgage, use hard money to rehab, then refinance? Posted: 27 Jul 2020 05:49 PM PDT I can't stand the interest rates I'm getting for the hard money loans. If I put 20% down, get a conventional loan, and just do hard money for the repairs prior to refinancing I come out a lot further ahead. Has anyone done this and/or is this practical? [link] [comments] |
| Posted: 27 Jul 2020 01:32 PM PDT Does anyone here have any experience investing in a DST 1031? Any useful informational links, or 1st hand experience would be appreciated. [link] [comments] |
| Buying a property with trespassing previous tenant Posted: 27 Jul 2020 10:52 AM PDT I submitted an offer for a flip property in an area that's not that great however I did my numbers & it seems like a good opportunity to flip it. Besides my offer, there is another one on the table however I'm offering more so it looks like the seller is going to accept (haven't opened escrow yet but had some verbal feedback) Anyways, there was a tenant living there that was ordered by the court to leave the premises since rent wasn't being paid. Even the county put a "unsafe to occupy" sign since all of the utilities have been turned off & the home itself isn't in great condition. I was made aware by the listing agent that the previous tenant has been trespassing & moved in a mobile RV into the lot. I passed by to check it out & the guy broke the window to get in the home & the RV is just parked there. The agent says there is nothing I can really do since they have legally kicked out the tenants already & because of COVID they aren't removing people. What is there to do? Should I call the sheriffs? Sellers have already done that & the guy just keeps coming back. [link] [comments] |
| Posted: 27 Jul 2020 03:41 PM PDT My friends and I, are planning to pool and invest together in an REIT. 1) As an immigrant on a H1-B Work Visa, living in the US, can / should I get enlisted as a Partner / Owner of the LLC? I am aware that my H1-B Work-Visa sponsorship cannot effectively be based of the LLC that we'd / i'd own as a partner, or even as an investor. 2) Are other corporations suitable - S-Corp, C-Corp etc? 3) What are the LLC Tax, Personal Tax implications - as one among the pool of owners of the LLC, or as a private / ghost investor in the LLC? 4) Should I even go the legal way, or should I just rely on trusting my friends as a ghost-investor in order to avoid tax-implications? Clearly, I do not want my H1-B Work-Visa situation to complicate leading to any legal hassles or possible deportation, due to any matter, including Tax implications. Thanks in advance. [link] [comments] |
| My plan after I graduate - Is it realistic? Posted: 27 Jul 2020 09:17 AM PDT New to real estate and investing. I'll be in college for another 2 years, but I love the idea of essentially living for free. Obviously a lot is going to change in the next 2 years BUT I found a duplex for 165k near my home town in a fair location. https://www.rentometer.com/ claims the average rent is $1,172. The house is a duplex (top floor / bottom floor) ready to move in. The estimated mortgage payment is $972. I think its very reasonable for me to make 60k out of college. I would live at my parents for 3 years and essentially have no expenses, besides 15k in college debt. I want to save for 3 years and reach $100k cash (after debt and contribution to 401k). If this was the case, I put 33% down so $50k into the house. (165k house, and 50k down) After I pay home insurance and all that good stuff, I find renters for one side of the duplex and charge 500 per room with utilities included. I could even rent out the room on my side for 400 or 500. Lets just say I had 1 side of the duplex full, and had 1,000 a month. This would pay for the mortgage and I live for free. I also would pay mortgage out of my pocket so I can get it paid off as soon as possible, but If times are tough and I can't, then its no sweat off my back. My goal here would be to pay it off asap, (probably 5-6 years), and then move out and rent out the whole duplex. After paid off, 2k a month (1000 each floor) and make 24k a year. Obviously it wont be 24k after tax/insurance and all that good stuff but is this realistic? Or am I simplifying it? I'm surprised to see a duplex for 165k. Maybe they're selling it because they cant find renters? What do you think? All i can think is that once the house is paid off, I could potentially have a cash flow of 24k a year... Thats mind blowing to me - literally some peoples salaries! Any suggestions on books or podcasts let me know! I like biggerpockets podcast, and I have also read rich dad poor dad. Also, the house was on redfin and near Cleveland, OH. 2 car garage unattached, and enough parking for each tenant. [link] [comments] |
| Should I rent or sell our starter home? Posted: 27 Jul 2020 10:49 AM PDT 1600sqft 3/2 Single Family Home in 94025 in the SF bay area. Elementary schools suck, but highschool is great. Home is worth ~$1.6M. Kitchen is great but bathrooms could use an update. Mortgage = $3,512, Taxes = $1,200, Insurance = $250, Upkeep = $625 It's about $5.6k/month in costs. It would rent for ~$5k/mo to $6k. However, the rental market is very weak right now. We're close to Facebook, and Google is building nearby. We owe $700k on a 30 year fixed @ 3.875%, I should be able to refinance down to 2.75, which brings the P&I to ~$3,000. So, should we rent it out? I think we're pretty much at a breakeven, or slight loss, situation at this point. It could get a little better but I'd like to be conservative. We have about $800k of equity, which I wanted to use for a down-payment on our next home. It would be a VERY tight squeeze to buy a $2.5M home in addition to renting this place, but I want to balance doing the right thing for my family in the short/long term. [link] [comments] |
| Hired and dropped right away as a real estate assistant. Maybe I should be a property manager? (CO) Posted: 27 Jul 2020 07:53 AM PDT Hi everyone, I've (24F) become extremely interested in real estate investing. I have a background in the hotel / resort / restaurant industry. I landed a job as an unlicensed real estate agent (I've heard some agents and brokers do not want licensed assistants, but I am not opposed to getting my license at some point). Anyways, today was supposed to be my first day but my broker called and said he really just doesn't have time for a newbie right now, maybe when things slow down. Congratulations to me on my first real estate failure! I'm trying to look at the glass half full. I aspire to own rental properties. Maybe I have an opportunity to find something more aligned with that goal. Reddit, should I become a property manager? Should I keep trying to be a real estate assistant? My would-be broker suggested I might have prowess in the titling industry. I'm trying to find a job that will teach me what I need to know to become a real estate investor. Extra info: I have two bachelor's degrees. One in foreign language, one in business marketing. [link] [comments] |
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