Real Estate Investing: You inherit $50k for a down payment on a home anywhere in US... Where are you moving? |
- You inherit $50k for a down payment on a home anywhere in US... Where are you moving?
- How to gain experience in Real Estate Investing without putting down money?
- Investment group buys medical office building in Chattanooga for nearly $13 million
- Newbie in Tampa advice needed
- Displacing families
- Switching from Fix and Flip to Fix and Hold
- Novice investor question.
- Condo Investing VS Single Family Home/Townhouse
- Buying outside California
- Do You sign leases with your REAL NAME, assuming you OWN the rentals and are the landlord.. Or do You sign leases under your DBA or LLC???
- I think I'm messing up my offer price if I was to try whole sale this property
- What is your asset protection strategy?
- How to Qualify a Potential Buyer
- Books for someone just getting started:)
- Rates and LTV rules for Cash out Refi on investment duplex?
- How common is adverse possession used?
- Owner Occupancy rules for duplex (Not an FHA Loan, but a Conventional loan).
- Is a CPA worth it?
- Mortgage Qualification Based on Previous Year Income Before Filing Taxes
- Next step for new real estate investor.
- Prospectus Calculator with cash out refi and personal return built in?
- Any insight on Las Vegas Market?
- beginner in New York real estate investing.
| You inherit $50k for a down payment on a home anywhere in US... Where are you moving? Posted: 08 Jul 2020 09:55 AM PDT All, Long time lurker but first time poster... I am sure this kind of question is extremely commonplace but I bet you all are so knowledgeable and can offer a lot of food for thought. Let's say you inherited $50k tax free from a family member... it is 2020, life seems bleak, and so this is a good chunk of change to do something potentially life-changing. You can now put a down payment on a home in the United States, maybe somewhere modest or off the beaten path, but you can do it nonetheless. Burlington, VT? Somewhere in Idaho, VA (outside the DC suburbs), RI, New England, New Hampshire, etc., What is hot right now? What is a great place for Millennials to get a great bang for their buck? What small cities are going to be hot in the next five to ten years? Is there a good tool for self-assessment on where to look for a great home and buy into the WFH/WFA movement? I am basically looking for resources to know where the market is and will be... clearly I have no idea what I'm talking about and this post is a disaster, but I think you see where I'm going with this. I'm trying to get ideas on how to put $50k to its best use. Thank you in advance for your patience! [link] [comments] |
| How to gain experience in Real Estate Investing without putting down money? Posted: 08 Jul 2020 05:45 AM PDT I would like to eventually invest in real estate, but currently I have no money. Before I invest, I would like to gain some experience in the real estate world. I'm willing to work for free part time. I'm currently a senior in college and plan to invest 2-3 years after I graduate once I pay off my student loans and have some funds for investing. What can I do rn, or after I graduate to gain real experience? Any advice would be much appreciated. [link] [comments] |
| Investment group buys medical office building in Chattanooga for nearly $13 million Posted: 08 Jul 2020 11:00 PM PDT |
| Posted: 08 Jul 2020 08:40 PM PDT Looking for opinions on my current situation/dilemma. Wife and I are upgrading to a nicer/bigger home and are on the fence on what we should do with our current home which is paid off already. projected rent would be 1500/mo - 475 (taxes, insurances) =1,000/mo take home if we self manage minus routine maint/vacancies. We would use the take home to pay down the new mortgage early, but our W2 jobs could easily afford the new mortgage alone. Or Sell current home and use proceeds to pay down new bigger mortgage and play it safe and conservative as were not huge fans of debt. I'm leaning towards renting but also would be a first time LL and want some honest and real world feedback. Thanks! [link] [comments] |
| Posted: 09 Jul 2020 12:52 AM PDT Hi all I am submitting an LOI on two trailer park along with three other parcels that are vacant. It is an amazing deal with a big upside. I have an amazing development partner in tow. I walked the parks today and think I have a great shot at getting this assemblage under control. I also saw all of the families living there that i will have to evict in two years. What do you think about that? It's two years notice. But I feel really bad. Like post on reddit at 2 am bad. [link] [comments] |
| Switching from Fix and Flip to Fix and Hold Posted: 08 Jul 2020 04:47 AM PDT I have been fix and flipping for quiet some time , tried to do rentals but had bad tenants and didn't try again. I want to start buying and holding now , flips is a burnout. Any Suggestions for what to do when screening tenants ? [link] [comments] |
| Posted: 08 Jul 2020 11:10 PM PDT I'm closing on a home this week which I'll use as a rental. I'd like to buy another as soon as possible (in another state) to also use as a rental. Will a lender give me a loan? If not- how long will it take for me to qualify for another loan to purchase a home? The home will technically be a "2nd home." [link] [comments] |
| Condo Investing VS Single Family Home/Townhouse Posted: 08 Jul 2020 10:52 PM PDT Good day investors. I just started earning decent amount of money and want to invest. I am working overseas and I want to invest in Philippines, which I am from. I have been watching educational videos about rental income but they are all about townhouse/SFH. Owning these properties are my main goal but I found out that condos are easier to purchase but they have alot of differences. But since I want to start ASAP, I think I am better of with condos for now. Is this a good idea? Also, some people on youtube advice against condos. I understand about the association fees but is it really not worth it? Any advice would be appreciated. Also, is it easy to have a positive cashflow with condos once they start being rent out? Sorry for the messy post. Appreciate any advice. Thankyou! [link] [comments] |
| Posted: 08 Jul 2020 08:55 AM PDT I've been looking outside California (I live here) to purchase something and rent out. My parents live in Washington and I was particularly interested in Tacoma. I have seen super affordable homes in the upper midwest but have heard mixed reviews. Have any of you had luck finding something out of state, if so, where? [link] [comments] |
| Posted: 08 Jul 2020 10:28 PM PDT |
| I think I'm messing up my offer price if I was to try whole sale this property Posted: 08 Jul 2020 09:18 PM PDT I found a home listed for $69,900 it's 4 bed 1.5 bath 2 story 1722 sqft After using redfin to get the average cost per sqft I came up with an average of $118 per sqft. so I did the home sqft 1722 x 118 for the ARV of $204,057-30%- an estimated 40k of repairs- a 10k fee (im still confused on this part on how much my fee should be) and that equals an offer price of 92,840. This is obviously where I'm becoming confused my "offer price" is far higher than the actual listing. [link] [comments] |
| What is your asset protection strategy? Posted: 08 Jul 2020 12:34 PM PDT I'm at the very beginning of growing my business, and so I'm planning on setting up an LLC and doing all of my business through the company. However, that leaves all of the assets owned by the LLC vulnerable to a lawsuit if something were to happen. Is it worth setting up a separate LLC for every property? Keep in mind that in my state of North Carolina there is a $200 annual fee per LLC to maintain them. Also, more generally, have you ever run into liability issues with your properties? Are there better ways to protect yourself from lawsuits? I appreciate any advice or discussions about this topic, thanks. [link] [comments] |
| How to Qualify a Potential Buyer Posted: 08 Jul 2020 09:02 PM PDT Hey everyone, I've been thinking about some early conversations I've had with buyers and what kinds of questions I could be asking to better qualify them without trying to get too personal/offending anyone especially in the current market. For instance, when speaking with buyers at open houses or moreso over the phone these days, I've found it helpful to ask them how long they've been looking/how soon they are looking to close (people who are looking to close soon are typically more serious) and also whether or not they've been prequalified by a lender (especially with more expensive homes, I've found this to be important to understand who may actually be able to afford the property). What other types of questions have you found helpful in qualifying a buyer/whats the most important information for you to know? Looking forward to hearing your thoughts! [link] [comments] |
| Books for someone just getting started:) Posted: 08 Jul 2020 10:53 AM PDT https://www.reddit.com/r/realestateinvesting/search?q=book&restrict_sr=1 someone linked me this thought I would put it here <3 [link] [comments] |
| Rates and LTV rules for Cash out Refi on investment duplex? Posted: 08 Jul 2020 08:22 PM PDT I have a duplex I own that would appraise for $300,000. I owe $160,000 on it. Want to do a cash out refinance and pull out cold hard cash. What's the max LTV you're seeing lenders do, and the interest rates on this type of cash out Refi you're seeing? [link] [comments] |
| How common is adverse possession used? Posted: 08 Jul 2020 08:12 PM PDT I remember I watched a tv interview about a guy who bought a house for 16 bucks. It looks like he used adverse possession. So I think the biggest difficult is paying the taxes for 5 years straight. I'm just really confused how an owner of a house doesn't pay taxes and doesn't visit his own property to even allow the possibility of adverse possession. I'm just curious if anyone's tried it before or how commonly it is used or if you've seen it happen personally ? [link] [comments] |
| Owner Occupancy rules for duplex (Not an FHA Loan, but a Conventional loan). Posted: 08 Jul 2020 07:59 AM PDT Looking to buy a duplex to owner occupy with 15% down conventional loan. What is normally the "rule" as to how long I actually have to live there. My goal is to move in, fix it up, then rent out the unit I was living in. If I manage to achieve this in like 4 months, then rent it and move out, is this fraud.... and would I get in trouble? [link] [comments] |
| Posted: 08 Jul 2020 07:25 AM PDT I am going to get started into real estate in the next year or two. I'm considering hiring a CPA who specializes in real estate/investing this year and getting advice on anything I can do as I'm getting started to help save on taxes. I know that TurboTax and things like that can do pretty well, but I wanted to see if anyone had an opinion on whether or not it would be worth hiring a human CPA or at least paying for a consulting session with one? [link] [comments] |
| Mortgage Qualification Based on Previous Year Income Before Filing Taxes Posted: 08 Jul 2020 02:39 PM PDT Hi all. Random question for the mortgage brokers out there (or anyone else with knowledge). Our 2020 income is on track to be higher than our 2019 or 2018 income, and I'm trying to plan ahead both for future investment properties and for my wife and I to upgrade to a more expensive primary residence next year. If, for example, I wanted to buy a property in January or February of 2021 and use our 2020 income to help us qualify....would this be possible since we would not have received all of the 1099s, etc. to file our 2020 taxes yet? Would we be able to use various year-end statements, or does it HAVE to be tax returns as the primary proof of income? We are both self-employed, so no W2 income to speak of....it'd be a combination of rental income, self-employment income, interest, and dividends. [link] [comments] |
| Next step for new real estate investor. Posted: 08 Jul 2020 06:16 PM PDT I probably become a "real estate investor" without noticing it. I own a townhouse in South Florida, I lived in this townhouse for 5 years, I bought it for $170K with a 30 years loan with a 3.875% interest rate, during this 5 years period I did several improvements: New Porcelain tile floors, bathrooms, kitchen, impact resistant windows and doors, appliances, etc. the cost of all the improvements is $85K, I did all this because I was planning to live in this place for the rest of my life. I had to move out of the city that I was living to be able to keep my job of more of 15 years, I moved to central Florida. I didn't want to sell the townhouse because at some point the situation of my job can change again and I may have to move back to my townhouse. My wife is a real estate agent and she rented the townhouse for $2000 with a lease agreement for a year, so far so good, it has been rented for 6 month now and the only maintenance requirement was something really minor that cost me less than $100 to fix. After I pay the monthly mortgage payment, the hoa, set aside the property taxes and the insurance money, I am left with $1056, if I pay off the mortgage the amount of money that can be left after the hoa, property taxes and insurance is about $1600, I will be able to pay the mortgage balance in November, but my wife is giving me another idea, instead of using that money to pay the mortgage balance, we should buy a multifamily property in the area where we are now, we can live in one of the units and rent the other one to help to pay the mortgage. I am really unsure about what to do, I can see the value of the real estate investing now that I am receiving the rent money for the townhouse but at the same time I feel a little scare of having another mortgage. I will really appreciate any advice from this wise community and apologize for the very long post. [link] [comments] |
| Prospectus Calculator with cash out refi and personal return built in? Posted: 08 Jul 2020 09:23 AM PDT Hey all, I'm looking to put together an economic evaluation for a multi family property that I plan to cash out refinance in about a year's time after I rehab it and increase rent rolls. I'm trying to evaluate my payback period on my total money down (some will come with cash out refi while the rest will come from cash flow). Assuming I want to get ALL my money back as quick as possible plus a modest "return" (I'm trying to think as an investor would and in other deals I've invested in I have earned a preferred return) while factoring in interest costs, maintenance, vacancy, management, etc, is there a good calculator or model out there that I can plug and play with this in mind? Obviously there are a lot of real estate evaluation tools but have not found one with the cash out refi (and resetting amortization tables, interest rates, principal, etc.). [link] [comments] |
| Any insight on Las Vegas Market? Posted: 08 Jul 2020 06:07 PM PDT Hey guys I'd like to say thank you for all the intelligent people on this sub. Full of experience and wisdom. I'm a young (21) year old with about 22k saved. I want to buy a house in Las Vegas, and rent it out, as I think that would be an amazing place for me to move one day, I just can't right now. Does the Las Vegas area rent well? Or could my money be better used in a better location, is ultimately my question. I'm not sure if I should bank on a real estate drop next year, but if you have any speculation or resources I could learn at I'd love to hear it, along with any suggestions on how I should get started with my first property. Thank you all for the great information on this sub! [link] [comments] |
| beginner in New York real estate investing. Posted: 08 Jul 2020 02:22 PM PDT Hey everyone Been lurking here for quite a bit picking up some tips here and there. So i'm 27 looking to invest into my first property here in long island, New York. I'd like to get a 2 family house and rent out both floors. Im looking to put 100k down on roughly a 700-800k house. Rent in long island by the beach is super high. A 2 bedroom main floor can pull about 2.5-3k in rent a month depending the on place. The 2nd family unit would probably be around 2k a month. Ideally even tho real estate is so pricey here, is it a bad to get into it? i'm worried about pulling the trigger but it seems like a good investment over time. The rent will be paying off the mortgage on it and pulling in some very little monthly revenue for myself. It seems like you get your first property, and then it creates the snow ball effect on the next one and so on. I'm not really the person who wants to be flipping houses just because selling around here takes A LOT of time and the wholesale thing isn't for me either. Any tips would be super helpful. I've rented a lot in this area and a lot of my previous landlords own a few properties here and seem to be making a killing. The prices of the homes still seem to be steadily climbing too. Maybe covid will help prices drop in the next year but who knows. [link] [comments] |
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