Real Estate Investing: 40 acres + a cybertruck |
- 40 acres + a cybertruck
- Rental property income and expense tracking software
- Advice for first time flipper (details inside!)
- Down Payment Options
- Investing in Rental Properties for Beginners! Part 1 of 3
- Rental insurance
- Help needed: Residential lots due diligence
- Software solutions for managing ~12 properties
- Any advice on how to create a rental contract agreement for your rental properties?
- Advice for finding investors for real estate wholesaling
- If you’re married and make over 150k AGI combined can you deduct rental losses?
- [Landlord - Norman, OK] Need help about a decision at 3pm this afternoon. Truly stumped.
- Quick Question.. Buying 4-unit building in Los Angeles? (1st Investment; House-Hacking)
- Should I replace Ceiling Fans?
- Wooden floors better than laminate?
- Hard time renting during covid?
- What kind of financial analysis or research do you perform before purchasing an investment?
- Purchasing home for parent
- Shout out to all the productive and motivated individuals in here.
- Refinance + HELOC
- Looking for insights and advice from buy and hold investors in South Florida
- What would you do in my situation?
- What expenses do you make your tenants responsible for?
- Should we buy property to rent out in Austin?
| Posted: 21 Aug 2020 08:56 PM PDT I found a dumpy 2003 1Bed1Bath cabin on 40 acres of rural land for $200K, which is five hours outside of major population centers, and 2 hours from major towns. There is limited water which comes from a spring, high solar potential, limited access from a dirt road, requiring four wheel drive. It is rural, basically off the grid. However, my speculative instinct makes me think about the long term potential of so much space. In other words, I'd be banking on the periphery becoming the core. Property is expensive. I'm thinking (fantasizing) about buying the Tesla cyber truck for $80K, and continue renting in the city. In my free time - weekends, time off - I'd go to this remote cabin retreat. I'd lend it out to any intrepid familiars too, though it's not really appealing to people who don't like camping. One liability to this property is the risk of wild fire, so I thought about getting a Cybertruck, attaching a rake and driving it through the weeds so the county doesn't bother me. Total investment would be $300K+, including the fancy car. Buy and hold. My mother says there are too many unknowns, and has called me a fool for thinking this is a good investment. 40 acres and I'll make this a place of refuge for all of people under heaven and eventually resell it or bestow it to a loved one. [link] [comments] |
| Rental property income and expense tracking software Posted: 21 Aug 2020 08:40 AM PDT I just started getting into investing in rental properties and have already purchased a few them. Even though I have a management company that does all the tenant finding, screening, rent collection, etc., I'd like to find an easier way to track income and expenses, organizing receipts for work done, document organization, etc. Currently, I'm using spreadsheets and Google Drive, however, I was wondering if there's a more efficient way of doing so (especially since I'm looking to purchase more properties soon). I've seen software such as Cozy.co, Avail, QuickBooks, etc., and they have a lot of features in them (most of which are far more than I need), however, I'm wondering if there's a simpler solution that I might be overlooking. Does anyone know of software that could do what I'm looking to do or has any experience/recommendations for software/services that I should investigate? [link] [comments] |
| Advice for first time flipper (details inside!) Posted: 21 Aug 2020 12:47 PM PDT I've owned a duplex for 5 years now in the Denver area. Without going into too many details, I'm fortunate to own in an area that values split parcels much more than selling as a combined unit. So I plan to split the duplex into two parcels (pretty easy in Denver), flip one of the units when my tenant's lease is up and sell, while still renting out the other side. I consider myself to be strong on the DIY side of things (I've learned to replace nearly anything on my car), but also am aware I have very little remodeling experience (limited to drywall, floorboards, carpet replacement, painting, building fences). In order to save money on the flip, I want to do most of the work and use it as a learning experience. For someone in my shoes, what are some things that fall in the NOT TO DO bucket and some things in the DEFINITELY TO DO bucket? Regarding the unit, it's 900 square feet, 2br 1ba. It needs to be gutted, new appliances, new hardwood floors, electrical, new cabinets/counters, bathroom new tile and vanity. Plumbing is in good shape I believe. People buying in this area are willing to pay for the nicer finishes. Other questions I have would be: 1) In what order would I go about doing everything? My first thought is just logically gut, electrical, drywall, flooring, cabinets, counters, but not sure if that's best. 2) What items should I definitely hire help on or fully hire out the job? 3) Do you have any solid online resources to learn more? [link] [comments] |
| Posted: 21 Aug 2020 03:05 PM PDT My understanding is that you are required a 20% down payment to finance an investment property. What are some ways you have secured down payment money or structured deals to help in this area? I'm very comfortable in my personal finances and have some stock investments as well as savings. But I don't really feel I'm in position to clean out 20% down for an investment property. Are there ways I'm not aware of that I could or should explore? Or am I better off just waiting a few years until I have more money saved? Thanks in advance for any feedback/advice! [link] [comments] |
| Investing in Rental Properties for Beginners! Part 1 of 3 Posted: 22 Aug 2020 12:47 AM PDT |
| Posted: 21 Aug 2020 06:30 PM PDT Hey there Should I have my tenants sign up for renter insurance? They have been in the unit for over 3 years and are great tenants. Never complain about anything. Thanks [link] [comments] |
| Help needed: Residential lots due diligence Posted: 22 Aug 2020 12:13 AM PDT Hello folks, I am currently buying several lots in an established neighborhood in my town. Each lot has the same acreage and same price. It is one the best area with best school district in town. This subdivision's average home price is about twice of city's average. Most properties in this subdivision was built around early 1980s. It has been nearly 40 years but there are still several lots vacant and current owner wants (original subdivision owner and developer) to sell. The only comp I can find is the only leveled lot (Lot 1) in this subdivision. Lot 1 has the same acreage as mine. Lot 1 is neighboring lots I am buying. Lot 1 is a leveled (still has some slope) lot has a property on there before, but burned by fire a few years ago. Also Lot 1 owner claims they put 36 piers into ground as steep as 36 feet before they build their original house. The problem of the lot all lots is sitting on a small hill. So, if I want to build a house, the house will most likely be a steep slop house. The cost to build is higher. Considering this subdivision's price is most likely capped at the range. If you build a new house, you will be the most expensive one and it is very strange to build a new house at a 40-year-old established neighborhood (the newest house was built in 1994). The asking price of Lot 1 is equal to asking price of all my lots total. The smaller lot (Lot 2) in the same area but with a weaker school district (3 miles away). The asking price of Lot 2 is equal to 5 lots I am buying and seller is extremely firm. Lot 2 is also a burned down house lot with home selling only about 1.25-1.5 times of city average. Here is my question: After I engage with the seller, seller is even willing to negotiate on the price. This thing sounds too good to be true. Seller is a established local commercial real estate developer. I can assume he/she knows what he/she is doing. What kind of catch behind this situation? Could someone enlighten me on this? What kind of thing I should look into? [link] [comments] |
| Software solutions for managing ~12 properties Posted: 21 Aug 2020 07:20 PM PDT Family has been in the rental business for decades, but they're old school and operate on trust. No paperwork, no security deposits, go door to door collecting, etc. Tenets are getting shittier with time and my family is getting too old to deal with the hassles of their style of property management anymore, so it's slowly becoming more my responsibility. Right now, I'd like to find software that allows for tenets to pay rent online, review/sign/manage paperwork like lease agreements, maintenance tracking, etc. Can anyone offer any suggestions suitable for about a dozen properties? [link] [comments] |
| Any advice on how to create a rental contract agreement for your rental properties? Posted: 21 Aug 2020 09:25 PM PDT I am currently doing research on how to invest into realestate. However, not alot of people talk about rental contract agreements. Can i simply create the rental contract myself or do i need a lawyer? [link] [comments] |
| Advice for finding investors for real estate wholesaling Posted: 21 Aug 2020 09:06 PM PDT Hi everyone, I've recently been trying to enter the world of wholesaling, and I've done a ton of research into how to find investors, but I don't seem to be having much luck I think due to my area? I live in Topeka, KS, and I've posted in many Facebook groups (both national ones and the one local one I could find, but the local one is really small) and am just not getting any interest at all, while I see people in other areas getting upwards of 50 interested investors. Is this area really that much of a dead zone for investors, or could anybody possibly recommend avenues that I might not have read elsewhere/ thought of? [link] [comments] |
| If you’re married and make over 150k AGI combined can you deduct rental losses? Posted: 21 Aug 2020 04:40 PM PDT I know you can't deduct any losses over 150k AGI and it phases out after 100k. Does this AGI limit double when you're married? [link] [comments] |
| [Landlord - Norman, OK] Need help about a decision at 3pm this afternoon. Truly stumped. Posted: 21 Aug 2020 06:31 AM PDT |
| Quick Question.. Buying 4-unit building in Los Angeles? (1st Investment; House-Hacking) Posted: 21 Aug 2020 11:56 AM PDT Hello all! I live in Los Angeles. I currently rent in West Hollywood for $3900/mo. I could easily get a townhouse here, rent out a room, and spend about the same amount awhile owning the place. I was looking on LoopNet and saw tons of 4-Unit Townhome complexes here in LA going for $2,500,000 - $3,000,000. I still haven't had a home loan so I qualify for a FHA loan. I'm 21 and started doing e-commerce when I was 16 so I have the income to qualify for it unless they want an income near the property price? So a couple questions..
I really want to get into real estate investing and potentially development down the road and I think house-hacking is the perfect first step. Thanks so much in advance everyone! [link] [comments] |
| Should I replace Ceiling Fans? Posted: 21 Aug 2020 11:47 AM PDT I'm doing a $25k renovation of my condo and I'm at the tail-end of the project. Everything came out pretty nice, but now I'm thinking that maybe I should swap out my ceiling fans with something more modern, but not sure if prospective buyers will really care or not? Would rather save a few hundred bucks if it won't make any real difference. [link] [comments] |
| Wooden floors better than laminate? Posted: 21 Aug 2020 01:11 PM PDT I'm trying to increase the value of my house. It's in NJ 10 min from NYC. Is a wooden floor a better option than laminate? I wanted to rent it out at some point. [link] [comments] |
| Hard time renting during covid? Posted: 21 Aug 2020 07:42 AM PDT How are you all seeing the market for renting to new tenants during this time? [link] [comments] |
| What kind of financial analysis or research do you perform before purchasing an investment? Posted: 21 Aug 2020 11:05 AM PDT For example do you look at overall macroeconomic conditions of RE in you region? Do you do a cashflow analysis on the property or perform a personal valuation? What's your thought process from "this is an interesting property" to "this is an investment I'm putting money in" [link] [comments] |
| Posted: 21 Aug 2020 06:15 PM PDT My MIL has been living with us for the last 4 years while she waits to get Section 8 (disabled and prior evictions so she can't get her own home or even an affordable apartment). She's still in the 300s on the waiting list and we're so desperate to get our home back and not have to share a bedroom with our 6 year old that we've decided to just purchase a second home to rent to her. Am I correct in understanding that because my husband and I won't be living there ourselves this counts as a rental property and therefore subject to higher rates and down payment? Can anyone shed some light on whether the pre-approval process is different with a rental home? We'd been thinking about purchasing rental property in the future, but the current situation was unanticipated and we're not as well prepared as we would have been if we had spent years planning this out. I appreciate any and all advice! [link] [comments] |
| Shout out to all the productive and motivated individuals in here. Posted: 21 Aug 2020 10:17 AM PDT I want to remind each and every one of you to reflect on where you've started and how far you've come. Regardless of if you're on step one or thirty years in the business. It's easy to get lost in the race and swallowed by neverending potentials. Take a minute to appreciate yourself for having your own back and striving for more. Take a minute to sit down with a tea or coffee and look back at how all of your efforts have paid off, the failures and the successes. They all made you who you are today. Take a minute to be proud. Keep hustling, fellow savages. [link] [comments] |
| Posted: 21 Aug 2020 05:02 PM PDT I'm trying to reduce current mortgage monthly payment and want to take out some cash for investment. I found refinance + HELOC could be the most economic option. Should I take HELOC first or refinance first? If I take HELOC first, then when refinancing, can I lower the cost for original debt + cashed out amount? [link] [comments] |
| Looking for insights and advice from buy and hold investors in South Florida Posted: 21 Aug 2020 08:09 AM PDT As it says in the title, I'm looking for insights and advice from buy and hold investors in South Florida as I start the process of buying my first rental property and building out my team. I've done my research online, on this subreddit, on BP, and in the middle of reading a couple of books on RE investing. Ideally I'm looking to form some relationships and if willing, some level of mentorship. My target property is in the 200k-350k range. Definitely looking for cash flowing properties where rental demand is strong. I'm not really looking to house hack but if the opportunity presents itself, I would be open to it to take advantage of a low down payment FHA loan. I'm also open to taking on a rehab but as this is going to be my first deal, I don't want to bite off more than I can chew. I'm on the fence about single family vs. multifamily and also am somewhat interested in section 8 housing but I've heard results may vary and appreciation is not great. Markets I'm interested in include Aventura, Ft. Lauderdale, West Palm beach. I'd also consider some West Coast markets like Naples and Tampa. Looking forward to hearing back from you all, thanks! [link] [comments] |
| What would you do in my situation? Posted: 21 Aug 2020 04:41 PM PDT Hello everyone, I'm a 21 (M) that will be residing in Indianapolis after I graduate college in December from tOSU. I will not have any debt and will have around 65k in savings from working from the time I turned 16, my salary estimates will be around $52,000. Put yourself in my shoes, what is the best first step I could take? I want to maybe house hack, but I've also thought about single family. I just want some advice from experienced professionals about things you wish you would have done different in your younger years or any tips! Thank you!! [link] [comments] |
| What expenses do you make your tenants responsible for? Posted: 21 Aug 2020 04:30 PM PDT Looking to purchase my first property mid to end next year, trying to gather landlords opinions on what expenses (water, electricity, trash, lawn care) to include in the tenants rent and what expenses you have them pay themselves. This question is for residential real estate only no commercial buildings. Does it depend on any of the following? -Location -Size of building -Amount is tenants in each unit(more consumption) -amount of units on your portfolio -city water and sewer Does anyone have a calculation method or formula you favor help determine these expenses when figuring them into your cash flow analysis? [link] [comments] |
| Should we buy property to rent out in Austin? Posted: 21 Aug 2020 03:44 PM PDT My wife and I live in Los Angeles. We have a fair amount in savings, stocks, and mutual funds. My wife is going to grad school here for 3 years, so she will not be working. We can't afford to buy in the area we want to live, but still want to invest in property. Is it worth purchasing property in another state? We're more interested in owning property in Austin than what can be found in California at the same price. We would hire a property management company, and rent it out. Any advice or sharing of experience is appreciated. Thanks! [link] [comments] |
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