Real Estate Investing: 19 interested in investing in real estate AFTER COLLEGE. |
- 19 interested in investing in real estate AFTER COLLEGE.
- Insurance Co denies claim bc previous owner repaired the roof instead of replacing it
- Owner occupancy/rental/mail
- Is there anything I can do after closing that would potentially negate my 1031 exchange?
- Is this method still a viable way to make income?
- Generic lease?
- Buying a rental property going into a recession?
- Experience selling properties with owner financing?
- I want to buy an investment property
- As a new investor who should I be listening to online?
- Profitable? Am I missing anything?
- Would you buy an apt in a big city with serious drought and desertification problems?
- Financing besides hard money
- First time investor
- Newbie help- investor friendly agent
- Rent or sell? Both seem profitable but I’m terrible with numbers!
- Newbie house flipper looking for advice on 1900’s full renovation/restoration
- Full Gut Rehab Too Much For a Newb?
- How to find another deal after house hacking
- Need some guidance with a homeopath home. (Foreclosure)
- Should I buy this house and rent out my current one?
- Should I do this house hack?
- Should I sell my Duplex and reinvest? [Ontario, Canada]
- Good source for local rental data for properties no longer on the market?
- Build multifamily? Or buy?
| 19 interested in investing in real estate AFTER COLLEGE. Posted: 10 Aug 2020 01:31 PM PDT Here's my plan: 1) Get a degree - I figured it's always good to have something to fall back on. A degree will make it easier for me to find a decent paying job. If I mess up or if the market crashes. I'll always have this to fall back on. I'm getting either a finance or accountant degree. 2) Get a decent paying job - I don't know if right out of college I'll find a job and make $50k a year, hopefully it'll be at least $40k. If I'm an accountant I'll have my own private practice or accounting firm on the side. 3) Buy my first house/Real estate investment - Hopefully I'll be able save over $20k for a down payment and fees. I should have good credit around this time. If I live in this house for a couple years or maybe 4, I can take out equity to help me buy an apartment building or multi-family property with the money in my savings. I'm going to repeat this process over and over again but this time using multi-family buildings instead of single family homes. Find other ways to create multiple streams of income - I don't know if I'll still have my salaried job at this point. I'm going to be making 6 figures a year off real estate. I'm going to get my net worth up and qualify to invest in franchises such as McDonald's or burger King. Besides my accounting firm, I'm going to have my own business I'm not totally sure what type of business but I know I will start one. Now, listen. I know I'm going to run into trail errors, I know that. I don't know how realistic my plan is but I want to work my way towards financial freedom. My plan may change along the way, I might come up with different approaches to certain strategies or steps. A couple years ago my dad used to tell me I'm "getting ahead of myself". I disagree because I need a plan, a business plan. I'm sorry if this is too long, some people told me to skip the college part. I feel like I won't be able to save money to put a down payment on a property if I'm just making $20k a year, I mean it's possible. Before you downvote or demotivate or say this is a stupid plan what would you change? Any recommendations? [link] [comments] |
| Insurance Co denies claim bc previous owner repaired the roof instead of replacing it Posted: 10 Aug 2020 06:25 AM PDT Just purchased an NC rental property in July. The recent hurricane damaged the roof. Insurance adjuster came out, agreed that there was damage, and suggested that insurance replace the whole roof. However, the claim was ultimately denied. The insurance co stated that the previous owner was paid to replace the roof, but instead he just fixed it. Because of this, they are denying our claim. What are some arguments I can make (if any)? [link] [comments] |
| Posted: 10 Aug 2020 04:57 PM PDT If you rent your house out with the owner occupancy clause still intact, do you keep your mailing address the same? What are the odds renters would address this with the bank? I'm not in the mood to commit mortgage fraud but just wondering how people do that [link] [comments] |
| Is there anything I can do after closing that would potentially negate my 1031 exchange? Posted: 11 Aug 2020 01:59 AM PDT I closed on January on an investment property/second home for 1.05m, with my half of the down payment coming from a 1031 exchange. The other half coming from another investor. After do some work to it the property is now worth 1.7m. (We also have a very favorable comp from a sale a block away since we closed on the home) We are now looking to take out a HELOC as a down payment for our next investment. My question is would this, or anything I do from here on out negate and null my 1031 exchange? [link] [comments] |
| Is this method still a viable way to make income? Posted: 10 Aug 2020 12:52 PM PDT I rarely hear people talk about wholesaling real estate, not even on YouTube or Entrepreneur subreddits. I want to get into wholesaling on the side selling 1 property a month pocketing at least 3k. I need honest answers please. [link] [comments] |
| Posted: 10 Aug 2020 07:28 PM PDT Anyone have a good reliable generic lease they can send me? Thanks! [link] [comments] |
| Buying a rental property going into a recession? Posted: 10 Aug 2020 02:03 PM PDT Am I crazy? I am looking at buying a property to rent right now when 30% of Americans didn't pay rent in July and the numbers don't look good for August either. Is anyone else in this situation. What are your thoughts? Thanks! [link] [comments] |
| Experience selling properties with owner financing? Posted: 10 Aug 2020 08:00 PM PDT I've purchased a few properties with owner financing before, and the process was so much easier than going through a bank. We thought we would do the reverse - we've got a house that is paid off and we are looking to sell it and offer owner financing. We were thinking something like 5% down, 15-year note, 4% interest. Benefits to the buyer? No bank, less stringent requirements in case credit isn't great, low down payment. We are in Austin, TX and the real estate market is tight, so I don't think it will be a problem to sell it. The neighborhood homes are 700K to 950K on average. If anyone has done this, I'm looking for any experience shares, pitfalls, or any suggestions on the best way to structure it? [link] [comments] |
| I want to buy an investment property Posted: 10 Aug 2020 11:29 PM PDT AMA 22yo electrician I work with a 65 year old Millionaire that owns 4 properties in Vegas. He says he saves 20k then takes it to a property management company that manages his property for about 10% or 15% of his profits. He says he has never been to any of his properties and doesnt even own keys to them. How could I do this with 20k? [link] [comments] |
| As a new investor who should I be listening to online? Posted: 10 Aug 2020 06:44 PM PDT There's a whole myriad of supposed experts with in the real estate investing field, i'm currently watching Ben mallah, he seems genuine successful and always fun to watch. Who would you guys recommend I listen to as far as online videos, podcasts, and the like? [link] [comments] |
| Profitable? Am I missing anything? Posted: 10 Aug 2020 10:28 PM PDT Hello guys, I'm a from Quebec, Canada. I recently came across few rental properties one of them seems really interesting.
Now this property is located about 30 min away from downtown where the market is booming right now. Can you guys help me point out what are the things I'm missing here? because this just sound like too much of a good deal for a mere 50K investment. I am aware that there will be things I may or not need to fix with these type of rental properties. As I don't plan to "renovate" the building, but more to keep it in good shape at least. Thank you for your advice/opinions! [link] [comments] |
| Would you buy an apt in a big city with serious drought and desertification problems? Posted: 10 Aug 2020 09:29 PM PDT I'm thinking about buying an apartment in my city, which has a population of 8 million, it is the capital of my country and it is an economic center of the region. So in the short term seems good like a good idea: I could live there or rent it easily. The thing is, I would be paying it for 25 years and given the current climate situation the water supply might be in serious shortages within the next decades. I know several big cities in the world have the same problem, but I'm curious if anyone puts this in the balance when making these decisions. My concern is that in 20 years many of these cities might have lost their economic value (perhaps they'll be unlivable). Look forward for your comments, thanks. [link] [comments] |
| Posted: 10 Aug 2020 09:20 PM PDT I'm looking to start flipping. I feel ready to go my biggest hold up is in financing. I'm not comfortable with the research I've done from using hard money. How does conventional loans for flipping from a bank work? Or what other options are there? [link] [comments] |
| Posted: 10 Aug 2020 07:38 AM PDT I have good credit, have 10k saved up, I've watched videos, podcast, asked questions, learned about loans, and a bunch of other things in between. I think I'm ready to start getting the ball rolling, but not rush. What are the first two things you guys would recommend I do? Would talk to a loan company be one? To see how much I would be approved for? [link] [comments] |
| Newbie help- investor friendly agent Posted: 10 Aug 2020 04:57 PM PDT I'm a new real estate agent and I want to focus my business servicing investors. I see distressed properties all over town everyday. But idk what to do next. What steps should I take to get these distressed properties either as a listing, or to get it in a investors hands [link] [comments] |
| Rent or sell? Both seem profitable but I’m terrible with numbers! Posted: 10 Aug 2020 10:42 AM PDT I bought my house back in 2013 for $90k, put about $20k into renovation, and mortgage is around $750/month. Taxes are ~$2400/year. I've lived in the master while I've rented out the other 2 rooms... if I moved and rented it overall I could probably get $1600-$1800/month. The area is slowly being gentrified and the surrounding homes are appreciating in value greatly. I've got investors calling me constantly asking what I want to sell it to them for. I have no idea how to give them a number so I've been throwing out $250k just to see how they react but so far no answers. I don't know what to do at this point. I'd like to have a few more houses under my belt and start investing in real estate as well, but I only make about $60k/year and I'm terrible at saving lol. I'm not married and I don't have kids so I feel like I've got a lot of options, just don't know what the best one is! Any advice would be helpful :) [link] [comments] |
| Newbie house flipper looking for advice on 1900’s full renovation/restoration Posted: 10 Aug 2020 04:37 PM PDT I've always wanted to get into house flipping and yesterday I came across an opportunity to do so, but on a scale that is prob beyond my capabilities. There is an early 1900's 2500sqft home near me in a highly desirable neighborhood of the San Francisco East Bay Area that the owner is looking to get rid of and offered it to me. The owner lives far away and is too old to manage a project like this on their own, but liked me and my interest in the history of the property. It's un-rentable in its current condition. The exterior is in bad shape but the interior seemed okay (no crumbling walls, floors, or ceilings). I'm considering a partnership with a professional house flipper for this deal, so A) we can share the costs and B) I can learn from an expert how to do it right. I don't know the house flipper very well and was wondering if the reddit community had any advice for me before I make a deal with this person? I want to make sure I ask the right questions, have the right contracts in place, understand typical % shares, etc. Any advice you can offer is greatly appreciated! [link] [comments] |
| Full Gut Rehab Too Much For a Newb? Posted: 10 Aug 2020 07:52 PM PDT Never flipped anything or done any serious renovations. Own 5 units and my own business, does that qualify me for any of this? Basically needs all major systems repaired. Slab, hvac, rewiring, some plumbing issues (on the second story), mildew, appears to have a foundation that needs to be leveled. It's a hoarder house, so the floors are toast. Smoker house so it stinks. Kitchen and bathrooms are trashed. My novice mind says, full gut rehab. The house is 50k, arv 200k+ I'm assuming I could put 80k into it, keep it as a rental and cashflow 300ish/mo or flip it and maybe make 50k. Anything I'm not considering? Biting off more than I can chew? And if so, is it worth it for the return? I'd eventually like to get into some building so I wonder if this would be a logical step forward on that path. TIA [link] [comments] |
| How to find another deal after house hacking Posted: 10 Aug 2020 07:42 PM PDT So I bought a townhouse in May and am now living in it and renting another room out. Still paying part of my mortgage but my expenses (all mortgage & fees + utilities) are about $600/month so not bad. I'm working remotely through the end of the year so I have the time, and I'm just really itching to find another deal in some way. I'm getting ready to hit my target for my emergency fund again ($10k) and don't have a ton of cash on hand other than that, but my savings rate is pretty good. Looking for advice on next steps. I find myself just reading books and listening to podcasts constantly, but not taking any action steps. I need to make a move, I just can't decide the path to go down. Also live in a relatively expensive market in central NC, but deals can still be found for sure. Thoughts? Some background info: I'm 23, currently on a $52k salary, would like to be full time in real estate within 5 years (maybe not doable) [link] [comments] |
| Need some guidance with a homeopath home. (Foreclosure) Posted: 10 Aug 2020 07:05 PM PDT So first, I already own a foreclosed home, so I have gone through this process a bit, but I "got lucky" with the last one and I need some advice on this one. (Someone robbed the furnace, which I was already planning on replacing, so they dropped the price) The area is a C-level area, it is only a few houses away from my other houses, but these are not nice homes and people here generally do not have cash to buy. House is foreclosed and is on a main road. If the house was NOT on a main road and was financeable, it would probably be worth $135k. Because of the main road, I would knock it down to $115k. The house is also next door to a gas station so it cannot use any homebuyer loans (within 1000ft of a hazardous material). Would knock it down to about $100k because of the gas station. The house was listed at $135k 200 days ago, is now down to $100k. The detached garage is completely caved in, needs a new platform too, and is making the home un-financeable. (Along with a bunch of little bullshit things, but those are nbd) So this narrows the buying pool to people who can buy in cash. I was planning on offering $60k and I called the agent to ask about the place and he said, "I keep seeing offers of $60k coming in but the Fannie Mae won't budge, every time I get a $60k offer I show it to them and try to explain that you can't sell a home like this for cash." before I even said $60k. So I offer my $60k and it get rejected, shocker. The agent is telling me how frustrated he is with it because he has to check on it every week and it is a waste and that he just wants to make the sale. I was wondering, does anyone have any experience getting the government to change their prices? Or should I just keep throwing in $61k (to beat out those other $60k offers lol) and hope that eventually they will fall that low? Willing to send the home to people via DM if they would like to see it. [link] [comments] |
| Should I buy this house and rent out my current one? Posted: 10 Aug 2020 07:00 PM PDT I own my current home in a 55+ community with no mortgage. There's another house in the same community that I'd prefer to live in (bigger and slightly better location). I'm considering buying that house for cash, including self-financing the renovation. If I do buy it, I'd want to rent out my current home. On paper, using calculators online, I can get a positive cash flow from renting my house. My tenant would need to be 55+. In general, does the age group of the tenant matter that much in determining risk of non-payment? In what ways, if any, should COVID be a factor in my decision? Are brand new tenants exempt from paying rent? I won't have a mortgage, I believe that's a factor. Are there any statistics about how age-restricted communities are doing with real estate values and rentals vs non-restricted? Also, any pearls of wisdom regarding this possible adventure are greatly appreciated. Thank you. [link] [comments] |
| Posted: 10 Aug 2020 05:56 PM PDT 1900s Quadplex (fourplex, 4-unit), (1)2BR/2BA owner-occupied, (3)1BR/1BA, Gross Rent 2640/mo, (2)1yr/(1)Mon2Mon, Electric Separate, Owner pays other utilities, Offer $469k, VA Fund Fee 2.3%, 2.5% rate, 0 down *Currently renting a 2BR/2BA appartment for $1444/mo Cost Assumptions Purchase Price $469,000 Land Value (25%) $117,250 Building Value (75%) $351,750 Improvements $0 Closing Costs $14,070 Total Cost $483,070 Financing Assumptions Downpayment 0.00% Finance Amt $479,787 Downpayment Amt $0 Interest Rate 2.500% Mortgage (Years) 30 Mortgage Payment $1,896 Cash Outlay $14,070 Revenue Assumptions Monthly Rent $2,640 Vacancy Rate 3.00% Revenues Rental Income 2,640 Vacancy/Loss Rate 3.0% Vacancy/Loss Value (79) Gross Income 2,561 Expenses Property Taxes Annual 5,398 Insurance Annual 1,956 Maintenance & Repairs Annual 3,500 Utilities Annual 3,150 Variable Cost PM (% Income) 10% Flood Insurance Annual 1,293 Total Expenses 18,370 Net Operating Income (NOI) 12,360 Cash Flow NOI (Cash Available) 1,030 Mortgage 1,896 Total Cash Flow (866) CF & ROI (Outsourced Propert Manag.) Annual Cash Flow ($10,389) Cash ROI -73.84% Total ROI 3.48% CF & ROI (Doing My Own PM) Annual Cash Flow ($7,316) Cash ROI -52.00% Total ROI 25.32% cap rate 2.64% Option to pay $1200(qtr point) to get 2.325 rate For reference only- Numbers if it was fully rented (not owner-occupied): CF & ROI (Outsourced Propert Manag.) Annual Cash Flow $1,501 Cash ROI 10.67% Total ROI 87.99% CF & ROI (Doing My Own PM) Annual Cash Flow $5,895 Cash ROI 41.90% Total ROI 119.22% This property is in a desirable neighborhood, with many jobs, and high rental demand. [link] [comments] |
| Should I sell my Duplex and reinvest? [Ontario, Canada] Posted: 10 Aug 2020 05:43 PM PDT Would love some advice from those with more experience than me. I purchased a duplex two years ago for $250K, I live in the 2bdrm main floor, 1 bdrm upstairs APT is rented for $950/mo including utilities. My initial plan was just to hold it and stay living here and use the equity once it had built up enough for a downpayment on a second rental property. Currently there is high demand in my area and very low inventory, I've spoken with a few agents who say I should be able to get anywhere from $380 - $410K. My current mortgage is $230K. I have about $40K on LOC (divorce, long story). I'm considering selling this place, paying off the LOC and buying another duplex. A bit more info - I put 5% down when I bought the place. Mortgage is currently $1225/mo. With property tax and loan insurance = $1525/mo. Fixed rate of 3.44%. 25 yr amortization. Looking at properties in the $350 - 400K range. Questions:
I'm brand new to this world and appreciate any and all suggestions. [link] [comments] |
| Good source for local rental data for properties no longer on the market? Posted: 10 Aug 2020 05:38 PM PDT Have a turnover scheduled for the end of the month and looking to adjust the price. There's only a few listings on Zillow or other RE sites and they aren't very similar, the problem is my city is very sectioned off, if you go around one corner the property values are much lower, go around another corner and they are very high. I think it would be super helpful to see properties that were listed for rent that are no longer listed to pull better comps. Does anyone know of a source for this? [link] [comments] |
| Posted: 10 Aug 2020 01:33 PM PDT I'm in a position where I have my rent paid until March in the San Jose area. I managed to save $120,000 for a down payment to get into a house hack multifamily property. I want to get at least 4 units, but I can maybe afford more. I have some experience in real estate. I purchased a house in 2014 in Austin with my sister, and sold it in 2018 so I have home ownership experience. In early 2019, I was moonlighting 2 full time jobs, when I was able to negotiate remote work for both jobs, and I sold everything I had except two backpacks of clothes. I started looking at my options and I ended up traveling and working from January to September. It was an amazing experience and I can't wait to do it again. Maybe after I build and have tenants (hopefully)? Now I'm in paid temporary housing until March and I want to get into a multifamily property in the Las Vegas area. I'm debt free, 818 credit score. I'm single with no kids so I have flexibility on the location, but I like Las Vegas, and ideally I'd want to buy in an opportunity zone. I think the better option is going to be to build a new multifamily property. This is a general outline of my plan, let me know if it's crazy
I've obviously over-simplified some of the steps, and it's a work in progress, but that's kind of why I'm here. I'd like to know what holes my idea has. The biggest issue I'm coming across so far is that finding multifamily zoned land is difficult. I haven't prequalified at a lender yet, because I don't want to take the inquiry hit until I have the land figured out. In March/April I wanted to wait a little bit to see if housing prices would be depressed from COVID, but prices have continued to go up. One of the reasons I'm leaning towards building is that most of the multifamily properties out there are 30+ years old and will cost about the same to build. I have the time to wait for construction and would prefer to have a newer building where I can charge higher rents. [link] [comments] |
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