Real Estate Investing: Converting primary residence to rental property? |
- Converting primary residence to rental property?
- Refinancing investment property
- Can you sell a personal mortgage note to a bank of another lender?
- How to sell an RE portfolio?
- Can I low ball a home listed on HUD home store. Any success stories? Any flex in their prices?
- I have a spark and would like to make a fire
- Flooring fears over LVF
- What are you thoughts on Multifamily Millions - Dave Lindahl?
- First time landlord: Zelle for sister and tenant?
- Best way to source properties for flips?
- Is this a bad hard-money deal? Am I making a bad life decision?
- First investment advice
- Major rehab - is this a good deal?
- CA - When selling investment property do all selling expenses need to be in the HUD / escrow final settlement statement to be tax deductible? or can you add selling expenses manually?
- I’m 23 and looking to purchase a condo and rent. Would love some advice if possible
- Getting approved for a mortgage for a high $$$ amount?
- What is the bare minimum capital you need to get started in real estate?
- Doorknocking to get some properties to BRRR
- Whats the deal with Ebay real estate?
- Should a House in a Beautiful Area be Sold so the Proceeds can Benefit the Seller's Children – or Should it Be Kept so the Family can Enjoy it in the Future?
- How do medical liens work on a house?
- Transfering FHA Mortgage to Parent
- Buy to rent under an LLC. Legal/Tax implication?
- How do I get a 4 plex built?
| Converting primary residence to rental property? Posted: 02 Aug 2020 04:17 PM PDT If you got a mortgage for a primary residence, lived in the house for a year (or whatever length of time the contract says), and then moved and started renting it out, could the mortgage company raise the interest to the level of an investment property mortgage? If not, is this a good strategy to save money on mortgages? [link] [comments] |
| Refinancing investment property Posted: 02 Aug 2020 09:34 PM PDT Anyone have recommendation on lenders to refinance an investment property with? Anyone gone through the process with this luck since rates came down? [link] [comments] |
| Can you sell a personal mortgage note to a bank of another lender? Posted: 02 Aug 2020 10:45 AM PDT Let's say I sell my home to a family member and finance the mortgage to the buyer. Are there easy ways to sell this mortgage note to a bank or some other type of lender? [link] [comments] |
| Posted: 02 Aug 2020 08:37 PM PDT I've been in business with my brother for about 4 years now, and he's been in an investor for close to 10. He started out as a handyman for an apartment complex and bought his first house for cheap because it needed a ton of work. He did the work himself and moved his girlfriend and him in. Then the house next door went up for sale and he bought it thinking he would tear it down and not have neighbors. He ended up fixing it up and renting it out. He ran with that for a few years and built up a portfolio of dozens of houses. I got into the business and we continued to grow. He has since moved away from that area and we've been doing a lot of stuff remotely. We have a property management company that handles the day to day stuff and there is little input on our parts. Now, my brother has moved to another part of the country 10 hours away from our properties. He has since started buying up properties where he is at and wants to focus mainly on his area. He wants to sell off his portfolio of properties, but he's still a handyman at heart, and not a salesman. I have several properties with him so I have a vested interest in helping him sell the stuff. For instance, he just posted a house for sale on his facebook page of 5,653 followers selling a 4 bedroom house for $35,000 that rents for $800/month. This particular one doesn't have tenants currently, but many of them have long term tenants and a property manger in place. Many of the properties are in similar price ranges. I'd like to help sell this stuff, but I'm not entirely sure the best way to go about doing it. Anyone have any advice on this? [link] [comments] |
| Can I low ball a home listed on HUD home store. Any success stories? Any flex in their prices? Posted: 02 Aug 2020 05:57 PM PDT For example. A home is listed for $150, can I offer $125? Any personal success stories. The only HUD house I bought was listed at $161 and I offered $163 cause I wanted it bad and it has paid off 10 fold! [link] [comments] |
| I have a spark and would like to make a fire Posted: 03 Aug 2020 12:39 AM PDT Hi guys, So for the past five years my fiancé and I have been interested in real estate. Recently I've started doing some reading into the investment side of things starting with the BRRRR book by David Greene. I'm not sure if there's any Canadians in here but I live in Fort mcmurray, Alberta right now and just purchased our first condo a year ago. We're here to pay off student loans then in about 4 years we'll be moving to the Halifax, Nova Scotia area. It's then that we hope to be prepared to start investing in real estate. My reason for not wanting to start here is mainly the purchase price for SFH in my area and the fact that we don't plan to live here long term. Basically I'm wondering what we should be doing to get prepared to do this. After our loans are paid off in 3 years we'll be making 130k combined per year and the only over head would be our condo. We paid 150k for our condo on a 5 year fixed rate and financed 143k through the bank. Thanks everybody! [link] [comments] |
| Posted: 02 Aug 2020 10:01 PM PDT We just went under contract on a $500k home in Layton, Utah that needs completely renovated (carpet in the bathrooms but built in 2004). We're ripping up the tile and carpet from the whole home and replacing everything except the bathrooms with wood. People keep trying to talk me into "luxury vinyl" but that just throws up a red flag for me. We plan to live in the home for 3-5ish years and must to consider resale in our renovation. I feel like it's a cheap alternative and would rather go with engineered hardwood or solid hardwood. The problem is that we have two 80lb dogs. What do you advise? I'm not against LVF or tile in the flips in the $300k range, but I feel like anything around $500k should have "the real deal." [link] [comments] |
| What are you thoughts on Multifamily Millions - Dave Lindahl? Posted: 02 Aug 2020 12:11 PM PDT I have been hearing good things about this book. Does anyone have any thoughts on this book ? [link] [comments] |
| First time landlord: Zelle for sister and tenant? Posted: 02 Aug 2020 09:38 PM PDT Hi all, I live in NJ and recently bought a 2 family and renting the second floor out to my sister and her friend. For simplicity they will both be paying 800 each using Zelle. I only plan on reporting the friend's income (feel free to call this out if it's a really bad idea). Would my sister's payment be an issue since it shows in the statements? Would that only be an issue when IRS audits me? Would it make more sense to have her pay in cash (inconvenience for her) if i don't plan to report it? This house has turned out to be a moneypit and my wife and I are trying to maximize income anyway possible. Thanks! [link] [comments] |
| Best way to source properties for flips? Posted: 02 Aug 2020 09:31 PM PDT I'm on a handful of wholesalers list and tried building relations to get first dibs on new properties they acquire but I'm having a hard time getting exposure to 'good' deals. What other methods can I try to find properties to flip? Thanks [link] [comments] |
| Is this a bad hard-money deal? Am I making a bad life decision? Posted: 02 Aug 2020 09:57 AM PDT I have the opportunity to buy a duplex in a great location that needs a lot of work to be nice, though it appears to be structurally sound and both sides are currently being lived in. The seller has offered to sell it as-is for a great cash price. (It's been on the market a long time and they're behind on property taxes so I think the just want rid of this inherited property) I spoke with a hard money lender who is willing to put up about half of the money which leaves me with enough cash to completely remodel both sides. Technically, they will buy the property and lease it back to me for two years at which point I will pay them back and they will transfer the title into my LLC. The terms are 6% initial fee at closing and 15% interest-only payments (because it's a smaller loan amount than they normally deal with). There's no prepayment penalty after the first year. The cash price discount more than covers the cost of the hard-money loan. I plan on living in one side while remodeling it (I've done this before) and leave the other side rented until I'm ready to rehab the other side. The duplex is in a location that I am planning on moving to regardless of whether I buy the duplex. The rent from the side I'm not living in will cover the interest payments on the hard money loan (and like I said, the cash price offsets the cost anyways. I have enough self employment/passive income to provide for my living expenses AND enough money to pay back the hard money loan working <10 hours/week. In other words, the loan is small relative to my income so I have little concern about being able to pay it off in 2 years or less. Obviously, I am going to have the house inspected and the hard-money lender is doing their due diligence. I've remodeled houses before and am very handy (I'm a mechanical engineer by trade) and I will actually enjoy doing the work. In the end, I will have built about $100k in forced appreciation for my 6 months of work and will be living in a place that I really want to be. Even if I move out, the rental numbers on the house look great. The neighborhood is exploding with new construction and renovations and duplexes are rare in the area so it's unlikely I'd be able to find another duplex or even be able to afford the neighborhood at all in the future. The duplex fits with all of my other life goals as well. Does this sound like a smart move or am I crazy? Edit: seller is not willing to finance and bank financing is not possible neither is a personal loan. I don't have any other accessible cash besides asking family, which I don't want to do [link] [comments] |
| Posted: 02 Aug 2020 08:38 PM PDT Myself and 2 friends have just sold our vending machine business for $150,000 and wanted to use our money to get a loan for about $750,000 and invest in a multi family unit. Any advice? [link] [comments] |
| Major rehab - is this a good deal? Posted: 02 Aug 2020 07:40 PM PDT Here are the details; 2600 sq ft duplex with a collapsed roof and 2 water damaged rooms. Asking price: 22K (I can probably negotiate it down to between 15~20K) Rehab: 50K ( considering it will need two new kitchens, new roof, fixing two water damaged rooms, paint, some wall repairs) After Repair Value: 60K ~ 70K Cash-flow After Repair & Refinance : $450/month (including everything vacancy, mint, etc.) Refinance Cash Out:- $ 45,340 Total Cash Invested:= $ 25,110 I know there is no profit If I sell it right away so Instead I can hold and keep it for positive cash flow. With that number I break even in 4-5 years. Now, comparing this to a Turnkeys I've seen. Investing 50k for 300 cash flow this sounds like a better deal. Turnkey deal takes 13 years to break even. Is this a good deal or I should continue searching properties with better ARV, less repairs. [link] [comments] |
| Posted: 02 Aug 2020 06:24 PM PDT More of a real estate tax question but any info would be helpful. [link] [comments] |
| I’m 23 and looking to purchase a condo and rent. Would love some advice if possible Posted: 02 Aug 2020 01:03 PM PDT I'm 23 and have been looking into diversifying investment to have a passive income. I have heard many different things from family and friends about pricing and obtaining a loan/ mortgage. Would really appreciate any advice I could get on the best way to proceed! [link] [comments] |
| Getting approved for a mortgage for a high $$$ amount? Posted: 02 Aug 2020 07:25 AM PDT Hey everyone, I'm looking into getting a 3 or 4 unit multifamily home, but the prices in the area I'm looking are around 600k and up for a fixer upper. Is there a way to get approved for that amount if you wouldn't qualify for it on a single unit? I.e. I got approved for 400k conventional (20k down) on a single family home. If I'm buying a multifamily home using a FHA, does that increase how much I can borrow because of the income I'll have from the other units? Also, how do rehab loans work with FHA loans? Any advice would be greatly appreciated! I read through some other threads with mixed responses [link] [comments] |
| What is the bare minimum capital you need to get started in real estate? Posted: 02 Aug 2020 03:25 PM PDT In Canada. I am comfirtable with buy and hold strategy and not BRRRR. The top 10 cities with growing population and future prospects have decent multi-unit properties starting from $400k+. That means I need at least $80,000 for down payment and additional $10-12k for closing cost. So, that comes to give and take $100k to get started. The point is I don't have $100k. No relative to lend me either. It's great that I am learning about real estate business in theory. In case I come into money, I would know where to invest it. Only way I see to buy real estate to form a group of 3-5 investors in Canada. That is another project in itself and comes with it's own challenges. should I stick to stock market' value investing strategy that I am doing already? I am single, don't plan to marry, so there wont be two income household. In the meantime, am I just wasting my time, just analyzing deals on paper? Is real estate investing not for me right now? Please give me some guidance. Edit: There should be an apprenticeship program to learn BRRRR. Anyone in Canada want be my mentor and show me BRRRR process on one property? [link] [comments] |
| Doorknocking to get some properties to BRRR Posted: 02 Aug 2020 03:24 PM PDT I'm thinking about going to knocking to find some good deals. Don't know what to say. Has anyone had success with this? [link] [comments] |
| Whats the deal with Ebay real estate? Posted: 02 Aug 2020 07:01 AM PDT I'm curious if anybody knows what the deal is with the owner financing on eBay. I see the same house return on the ebay market over and over again especially in Pennsylvania. Is this a on going scam or am i over thinking this? Should you just stay clear of ebay all together? [link] [comments] |
| Posted: 02 Aug 2020 02:07 PM PDT I grew up in a house on a lake in a very beautiful location that remains very dear to me (this is in New Hampshire). My two brothers and I have long since grown up and moved out but we still visit to enjoy the lake, the surrounding area of mountains and beauty, and so on. This is a lake house of course, but we didn't have any other houses - we lived in it year round and my parents continue to do so (which made us the rare year-rounders in our neighborhood of summer homes). Now my parents are getting older and my father would like to sell the house and downsize to a smaller dwelling closer to a city where he and my mom can live. His reasons for doing so include: downsizing as mentioned, the tough cold winters in NH, his desire to be closer to Boston to take advantage of the cultural and other opportunities of the city. Most importantly, he wants his 3 children and wife to get the substantial inheritance such a sale would offer - he spent something like 20+ years paying off the mortgage and now the house/property is valued around $700,000 or $800,000, perhaps more. It's his biggest asset by far and I am not positive how much the inheritance would be if the house is not sold. However, I can't get rid of the nagging feeling that despite the benefits that would accrue to us, we could be missing out on a treasure if we "lose" this house by selling it. This is my favorite place in the world (not the house structure itself necessarily - just its precise location on the lake (it's a lake + mountain view facing due west) and the access to the surrounding area). I like the idea of having it as a place our families can enjoy whenever we want in the years to come - but I also understand the value of an inheritance like this and the needs of my father and mother who have different considerations from mine and who after all still live in the house year round (I am only there perhaps 6 weeks out of the year now). The winters do get tough as mentioned, and the house structure and dock have not been renovated in many years - it's in fairly poor shape actually and the new owners will have to do a lot of renovation work, though it's still livable as is. I'm just worried that if the house is sold, I will regret not making an effort to persuade my father more earnestly about keeping the house, and that I will feel grief over losing the gem we could have kept. One option - the neighbor's house has been in his family for a few generations now (so they at least chose to go the route of keeping the house rather than selling it) – and they rent it in the summer - so perhaps my brothers and I could rent that house for a week or two at a time if our house gets sold? Though of course we wouldn't have that nice feeling of permanence (how long will the neighbors be renting out their place for after all?) and *ownership* that you get from being able to call your house your own. Any thoughts or advice from this community would be very much appreciated! Thanks for reading. tl;dr: father wants to sell house we grew up in. It's on a lake and has a high price. Is it better to keep it in perpetuity for family to enjoy, or sell it so family can enjoy the inheritance that results? [link] [comments] |
| How do medical liens work on a house? Posted: 02 Aug 2020 01:47 PM PDT I have a house I want to buy and fix up but the (should be) owner says it was her fathers and has a medical lien (20k) and a tax lien (4.5k) against it and she will not probate it for that reason. Are medical liens the same as mortgage or tax liens? I feel like other investors have found ways around getting rid of those liens without selling them. I don't want to wait on this house to go to the courthouse on tax liens where someone else may bid me up. The current owner said I could have the house for free just to not see it rot but it would not be a feasible flip if I had to pay off both liens. I live in a cheap area [link] [comments] |
| Transfering FHA Mortgage to Parent Posted: 02 Aug 2020 01:31 PM PDT How do I go about transfering a mortgage? I would like to transfer my FHA mortgage to my parents as they have been leasing the house from me for the past year but cant find any details to the process. Is it difficult? My dad would be taking over the mortgage and his debt to income is good as well as his credit score. What steps should I take? Do they need to pay downpayment? [link] [comments] |
| Buy to rent under an LLC. Legal/Tax implication? Posted: 02 Aug 2020 01:27 PM PDT I had this idea, and I am sure I am not the first one have it and/or do it, but I am not extremely familiar with real estate market. I live in NY, and i was thinking of opening an LLC and purchasing a multi-family house under the LLC to rent out. I read somewhere I can reduce taxes if I can show depreciation of the property and likely if the LLC is losing money. So, say I purchase a property under the LLC. Say that after paying mortage I am left with $1000 a month. Can I pay myself, the sole employee of the LLC, those $1000? What are the legal and/or tax implications of this? Thank you in advance [link] [comments] |
| Posted: 02 Aug 2020 01:27 PM PDT I want to buy a 4plex in an area I am moving to next year. Problem is, there is almost no inventory. I would like to build one but have read it is very expensive with lots of unkown/variable costs. please shed some light on what steps I need to take. few details.. 1. I will have 40-60k for down payment (which is pretty good for the area.)
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