Real Estate Investing: 18 years old and ready to get started. |
- 18 years old and ready to get started.
- What is the cost to build a single-family home?
- Should I create an LLC for the rental property I purchased?
- Meeting with Highly Successful Investor
- 60/40 Ownership Split?????
- Rental with bar in front - Am I Crazy?!
- How to go about trying to purchase house of someone that recently passed away
- Real Estate APIs require a license?
- Question about Investors
- Closing Fees Sticker Shock - Florida First Time Home Buyer
- Conference with SERIOUS connection opportunities
- Any restrictions on foreign investing in real estate in the us
- What’s the terminology for this type of loan/ note?
- How much experience do private lenders typically like to see?
- Where do you typically get cash buyers?
- Tenant screening for c class locations
- 25 year old living in the Bay Area w/ 200k saved
- What are the consequences of letting non-accredited family members invest in my real estate deals?
- Real Estate Investing -- How to Get Started
- Finding Alternative Funding While Under Contract?
- Looking to network in Central Oregon
- Alexandria, VA: Should I accept a townhouse from a relative that comes with a 2500/mo mortgage? (link inside)
- What does wheelchair accessibility add to rental value?
- Land value beside landfill once closed
| 18 years old and ready to get started. Posted: 23 Aug 2020 04:48 PM PDT I really got interested in real estate at 14, read Rich Dad Poor Dad, a few Gary Keller books, and listened to pretty much every episode of bigger pockets. I routinely drive around my small town learning which areas are on the up and which aren't, who's investing where, what businesses are coming in. I know this is good but I feel like I have to take some action, I've spent so much time listening and reading and I need to break past that stage. I'm halfway through my A.A, working for my parents landscape company, with about $10k in the bank (that I've saved throughout high school) I want to finish's my A.A and then get my real estate license in 2021, but I want to get my foot in the door at a local company first, how do I approach this? To any brokers or agents on here, how would you feel if an 18 year old you've never met asked to work for you? What is the best way I could do that? I am extremely confident and I think I would be a solid agent since I'm outgoing but I would really like to be on the investing side of real estate with a focus on single family homes (aimed at blue collar workers), storage complexes, small apartments. I have ideas regarding self storage that I don't think anyone is doing I just need to get my foot in the door. Overall, I am looking for advice on where I can get started and how to build a career in real estate. Thanks! [link] [comments] |
| What is the cost to build a single-family home? Posted: 23 Aug 2020 07:21 AM PDT For many years I've been buying multifamily properties in popular urban areas, fixing them up, and then renting them out to college students or Millennials. However, everybody and their brother has been doing the same thing and the yields are so low that I don't think it makes sense to get another one. Sniffing around for other opportunities there appears to be more money in single-family homes in a rural area near me. However, the price for something new is quite expensive. And I don't really like what I see for sale. But lots are cheap, a 2-acre lot goes for about $100K. At this point, I feel pretty comfortable with the construction process and working with subcontractors. But all my projects have been rehabs. The numbers I've been hearing for ground-up construction are all over the board. My question to community is what were your costs for ground-up construction, excluding the land and carrying costs? If possible can you let me know the SF of the project, how much per component (electrical, plumbing, framing, foundation, etc.) and if the project was urban, suburban, or rural? [link] [comments] |
| Should I create an LLC for the rental property I purchased? Posted: 23 Aug 2020 02:45 PM PDT Howdy PF, as the title states I just purchased my first property last week. I plan on renting to begin September 1st. Questions: Should I create a company to handle the rental income and future expenses? Pros/Cons? What are the steps should I be taking to begin that process? Background/More info: This property has two units (1st floor/ 2nd floor). I purchased the property from my landlord and live in the 2nd floor unit and plan to be here for 3-5 years. At that point I will rent out both units. I have an FHA loan. The property is located in Charleston, SC. [link] [comments] |
| Meeting with Highly Successful Investor Posted: 23 Aug 2020 10:57 PM PDT I currently own a single duplex that is managed remotely and am looking to scale to multi family and and possibly into commercial RE eventually. I met another investor that traveled much of the same road I hope to follow and wound up highly successful (has a personal portfolio that is likely worth 50 mil or more) and he agreed to a sit down and answer some questions/give advice on the path to take. My meeting with him is next week and I wanted to throw it out there for some ideas on good questions to ask? Most of the questions I have are related to scaling, but I'm curious as to what you all would ask him? [link] [comments] |
| Posted: 23 Aug 2020 06:49 PM PDT We have an investment opportunity on a 28 unit multi-family property. The broker is needing to raise the down payment from investors on a seller financed loan. Broker is keeping 60% ownership while investor's ownership will be the remaining 40%. Meaning if you invest half the down payment, you will own 20% of the property. Is this normal? Doesn't quite seem fair to me. They are doing all the work but this still seems a little steep in their favor but I am new to this sort of investment. Has anyone else done a deal like this? Am I being unreasonable due to inexperience? [link] [comments] |
| Rental with bar in front - Am I Crazy?! Posted: 23 Aug 2020 10:25 AM PDT There is a building near me for sale (Milwaukee County, WI) with bar in front and 2 bedroom/1 bath rental in back for $150,000 (rent is $750). I have no experience operating a bar, thought I could lease to someone who does. Building looks to be in pretty good condition. Why would it be a bad idea? [link] [comments] |
| How to go about trying to purchase house of someone that recently passed away Posted: 23 Aug 2020 10:16 PM PDT I am sending out letters on a few properties I am interested in purchasing to build my primary home on. Some quick google searches on one of the homes shows the owner died 2 months ago. Sending a letter probably won't do any good. Any idea how I go about finding who owns the home now? Do County Appraiser have that info? I am in Texas btw. [link] [comments] |
| Real Estate APIs require a license? Posted: 23 Aug 2020 10:10 PM PDT I've been working on a side project to automate the process of finding investment deals for myself. I won't get too much into the specifics of this, but one thing I noticed was that all the available REST API services require approval from the provider which in turn requires you to have a local MLS membership. I don't currently have my license right now as COVID put a huge hold on any examinations, but am I seeing this correctly? Do I need a license to get MLS access first? [link] [comments] |
| Posted: 23 Aug 2020 05:33 PM PDT Hello Everyone, I have a question that hopefully you guys can help me with. My partners and I have flipped a few houses now and we have been using hard money lending. Recently, we have have had the idea to ask some friends/acquaintances to be investors instead of using the hard money company because it would save us money. We are going to see a lawyer to ask questions about all of the legal aspects of this idea, but we would like to have a plan so that we can talk about specifics when we go. Our question is about the structure of what we offer people. We like the idea of offering a flat interest rate, where the interest is paid monthly, but are also considering offering some percentage of the final profits instead. Does anyone have any insight or experience as to which method makes more sense (or if one is seen as more "standard" than the other)? Any advice/guidance relating to this idea would be very much appreciated. Thank you! [link] [comments] |
| Closing Fees Sticker Shock - Florida First Time Home Buyer Posted: 23 Aug 2020 09:18 PM PDT |
| Conference with SERIOUS connection opportunities Posted: 23 Aug 2020 04:35 PM PDT What conferences have you found that have allowed you to make real valuable connections? How'd you connect with these people and develop a relationship? I'm not looking for quacky guru seminars, I'm talking those golden gems in the rough that are cheaper than most because the people there see the value in giving back. It can be local. Obviously, I plan on going to these conferences when it's safe to do so, I would rather wait and do in person then go virtual and be done with it. [link] [comments] |
| Any restrictions on foreign investing in real estate in the us Posted: 23 Aug 2020 07:03 PM PDT In ireland our market is only for the rich and I was wondering if there's any restrictions on investing in the us ? [link] [comments] |
| What’s the terminology for this type of loan/ note? Posted: 23 Aug 2020 10:30 AM PDT I'm structuring a seller financing deal where the seller carries a $17k note. I do not want this amortized; I want the same amount to apply to the principal and to interest each month, so in the event I pay it off early, the loan balance is lower. I'm struggling to know what this (seemingly simple) loan is called. -It's not "Non-amortizing", because apparently that is interest only. -It's not "Fixed Principal", because in that scenario the interest payment decreases each month. What am I missing? [link] [comments] |
| How much experience do private lenders typically like to see? Posted: 23 Aug 2020 05:47 PM PDT My girlfriend and I each own a duplex. I have modernized (paint, fixtures, flooring, appliances, electric) on one side of mine and am waiting for the tenants to move out of the other side before renovating it as well. We have made cosmetic improvements to one of her units as its a similar situation. We'd like to speed up the process as we enjoy this and waiting for the rental income to add up with our savings from work is going to take a long time. Do private lenders typically want to see more than this? And by "add value" projects are they typically looking for completed flips that were successfully reappraised? [link] [comments] |
| Where do you typically get cash buyers? Posted: 23 Aug 2020 03:15 PM PDT I've been finding myself looking on Zillow for cash buyers to assign contracts to. Any other good places to find them? [link] [comments] |
| Tenant screening for c class locations Posted: 23 Aug 2020 02:39 PM PDT Hello, I just want to put out what I do to screen c-class property tenants as most of the screening stuff I see is for people renting their old houses which is usually in a nicer area. Please let me know what you guys do. C-class. I define this as the housing class for families that usually make less than 20$/hr in jobs like cleaning, retail, admin and Many other basic but essential jobs. Income 3x rent (so 3600/month for 1200 rent) Employment history last 2 yrs, I don't like gaps in history. Usually that means hiding things or shady stuff. Credit score I don't care what the number is I look for anything that looks like it's related to housing most my tenants have around 540. Criminal history. I screen this pretty hard, I haven't made an exception to it yet. Eviction history, never but I have had a tenant give me proof that they had a eviction dismissed due to a roommate situation and after confirming with previous landlord approved her [link] [comments] |
| 25 year old living in the Bay Area w/ 200k saved Posted: 23 Aug 2020 09:22 AM PDT Hello friends, I'm a saas sales rep living in the Bay Area with my parents. I plan to move out for personal reasons within the next couple of months. I've been sitting on cash to invest in a house. I have been looking at 2 bedroom condos (600-800k) with the hope of collecting rent from another tenant to help pay off the mortgage. What should I be looking for? I don't know where to start. I need to educate myself and I'm hoping for your insight. Any help is appreciated. [link] [comments] |
| What are the consequences of letting non-accredited family members invest in my real estate deals? Posted: 23 Aug 2020 01:02 PM PDT My two buddies and I have been investing in a number of multi-family real estate deals in Alabama. For the most part we've been acquiring the properties with our own capital, but have done a couple deals with LP friends/family money as well. My sister is interested in investing in an upcoming deal, and I'd really like for her to participate, but she's not an accredited investor. Realistically, what are the implications of letting her invest? How worried should we be about a serious negative outcome. Dollar amounts are fairly small (her investment is <$20k). I have little concern around permanent impairment of capital- even if the deal goes completely south, I'd find a way to make her whole on her investment. [link] [comments] |
| Real Estate Investing -- How to Get Started Posted: 23 Aug 2020 03:21 PM PDT Hi everyone, first time poster here and very new to real estate in general, so please keep that in mind when reading + responding. I'm a tech business owner with a flexible schedule and I'd like help getting started with real estate investing. I've recently inherited a property in New York, the mortgage of which is paid off. I've done some research and have ideas about how to leverage this initial inheritance to make further investments, but I would like community input to educate myself before making any decisions. Does anyone have some recommended resources, podcasts, "how-to-guides" or guidebooks that would benefit someone like me? I'm completely new at this, but life has given me an opportunity and I would like to use it intelligently to set myself up in the future with passive income. Thanks so much! [link] [comments] |
| Finding Alternative Funding While Under Contract? Posted: 23 Aug 2020 07:40 AM PDT Is it crazy to look for alternative funding while under contract? I tried shopping around before my credit union pre-qualified me. Out of four lenders, my credit union was the only one to reply and even they took a while. We both have decent credit (785+). The credit union gave us our interest rate after we were under contract. They gave us 3.65% first. I balked and requested an explanation. They came back and said the interest rate was high because of something new with Fannie and Freddie Mac, and after review the credit union has decided to absorb the additional costs. The new offer is 3.125%. This makes me think that they're playing with me and I could actually qualify for a better rate. Our close date is scheduled for Sept 14th. Should I try shopping around again? Thanks! [link] [comments] |
| Looking to network in Central Oregon Posted: 23 Aug 2020 07:23 AM PDT Hi people. I live in Central Oregon. It's a pretty insanely hot market right now and prices are really high. I own one single family rental in addition to my primary residence. I am 27 and work full time for city government. I am really interested in furthering my investment knowledge and experience but would like to learn from someone local who has experience in my area if possible. If you are familiar with or live in Central Oregon, hit me up! [link] [comments] |
| Posted: 23 Aug 2020 10:38 AM PDT Link to similar home: https://www.redfin.com/VA/Alexandria/5411-Wycklow-Ct-22304/home/11867487 I'm not familiar with the process of renting out a home. Could someone please provide me with guidance? Also, I want to refinance the mortgage if I were to take ownership, what's the cheapest mortgage I could get? [link] [comments] |
| What does wheelchair accessibility add to rental value? Posted: 23 Aug 2020 10:32 AM PDT Looking at a property here in the Southeast. Home was built in 80s on a slab. Uncommon, as most rental construction around here is older, and on a crawlspace. It was likely about 950ft originally, and had a large addition put on at some point in the 90s. Originally a 3/1, when the addition went on, it was converted to a 2/2, with a VERY large master suite, with a wheelchair-accessible bathroom. Has a fully tiled floor, with wide roll-in shower, and handrails everywhere. Most doors in the home are wide enough for a large chair. There is a large 2-car garage, and there's only a 3" lip from the garage to the rest of the house, with a nice aluminium ramp going up. Now it's over 1400ft. All to say, what does this do for rental value? It's a unique home, and looks to be in great shape. It's a very desirable part of town from a rental standpoint, but a 3br would typically beat a 2br by a wide margin. 2br top of market is typically about 1200/mo. A 3br on the same lot would bring over 1600/mo. Anyone have experience with that type of home, and what it means for rental rates? [link] [comments] |
| Land value beside landfill once closed Posted: 23 Aug 2020 10:16 AM PDT So I keep eyeing this land beside a landfill. 40 acres roughly half price of similar acreage. Class 3 landfills are used for what 30 to 50 yrs before they're maxed and closed down. Would the value of the land increase once the landfill has been closed? [link] [comments] |
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