Real Estate Investing: Every landlord's nightmare- ‘Serial grifter’ avoids eviction from woman’s West Village home: suit |
- Every landlord's nightmare- ‘Serial grifter’ avoids eviction from woman’s West Village home: suit
- Advice on Getting Started?
- where is the money in california real estate?
- STR (Short Term Rental) Project
- For those of you who bought their first rental property
- How soon can I refinance
- To invest in rural land or not
- Tenant threatening another tenant
- Operating Agreement
- Is it bad to leave all your windows open when it’s very humid outside?
- First property (duplex) -- is this a good deal, or should I wait?
- What are some signs of increasing property values besides workforce?
- Economic Development Loans
- Buying land with Dad?
- Should I sell?
- Tax Appeal - Chicago Area
- Alberta, Canada Lenders
- Doug Depte & The “Buy the Hood” Gang
- Placing an offer on a multi family property without seeing all units
- Best refi lenders?
- Is investing under an LLC worthwhile?
- Los Angelino looking for the light at the end of the housing bubble
- What Asset Class and Why
- investing stuckness: help me figuer out what is best
| Every landlord's nightmare- ‘Serial grifter’ avoids eviction from woman’s West Village home: suit Posted: 24 Aug 2020 11:48 AM PDT https://nypost.com/2020/08/22/serial-grifter-avoids-eviction-from-womans-nyc-home-suit/ Past records indicate she is a serial squatter and has put many landlords into debts. It is very important to screen your tenant especially now since eviction moratorium will likely extend due to pandemic. [link] [comments] |
| Posted: 24 Aug 2020 11:52 AM PDT Starting with some background information, I'm a 23yo making 65k and have around 20k in savings while still living at home. I am very interested in investing in real estate but don't know much about how to get started or how much money to have saved up before I should consider investing. Right now my goal for the future is to save up until I can put a down payment on a mortgage to buy my first home. Then I suppose when I can afford to put down another mortgage on another property, fix it up if need be, and rent out the new property. Please point out if I have any flaws with this goal. Please send me any resources you think would help me learn more and thank you! [link] [comments] |
| where is the money in california real estate? Posted: 24 Aug 2020 03:41 AM PDT Is flip and sell the only way to go? If you try to BRRRR and inevitably hit DTI limits, you're only gonna have a few houses; certainly not enough to become a real estate mogul. Rents are shit in CA relative to house value. [link] [comments] |
| STR (Short Term Rental) Project Posted: 24 Aug 2020 06:28 PM PDT Hello - For quite some time I have pondered on the idea of purchasing a cabin in the mountains and renting it out via AirBnB/VRBO/Etc. I have six years of Hotel Management experience and I have a Bachelors degree in Hotel & Restaurant Management. My career goal is to one day own and operate a Property Management company specifically focusing on STR. Details: Location: Small mountain town - about 1.25 hours from a major city. (Phoenix, Az) Side note: This town has grown exponentially over the last few years in terms of visitors. A new boutique hotel opened up (12 rooms) and they've been very successful. Home: 3br minimum, large outdoor space (covered patio) Target Market: Outdoor enthusiasts, people escaping the Phoenix heat in the summers and people who escape to the snow in the winter. Market Analytics: AirDNA.com states the average monthly rent income for this area is $2,500/month. Average occupancy 56%, ADR (average daily rate) $212, and rent demand 90/100 (Scottsdale, AZ is a 85 for comparison) What other factors are there to consider when making a decision like this? [link] [comments] |
| For those of you who bought their first rental property Posted: 25 Aug 2020 01:57 AM PDT How did you start? What should i look for when looking for a rental property? A little background on myself im a 21 year old who works full time making 21 bucks an hour, i dont wanna live the 9-5 lifestyle my whole life so im willing too risk it all for this. I have managed too save roughly $40,000 and I currently reside at my parents house. Should I live in the rental property with the tenets? Should i live in it by myself and pay off the debt for a few years? I wanna learn it all from the experts. Please help a young guy make his dream a reality! Im open to EVERYONES advice. Also I have $0 in debt! [link] [comments] |
| Posted: 24 Aug 2020 09:14 PM PDT I just purchased a multi family unit 7 months ago with a home possible loan. How soon can I refinance? [link] [comments] |
| To invest in rural land or not Posted: 24 Aug 2020 01:03 PM PDT Hey gang- I have a unique opportunity to buy a couple of acres of land from an aunt for cheap that I've been told can't be developed due to the water content of the soil. What could I do with the land aside from cutting down trees and selling firewood? It's probably about 6 or 7 acres. Thanks! [link] [comments] |
| Tenant threatening another tenant Posted: 24 Aug 2020 08:14 PM PDT Thank you all for your time. I currently have a rental property in a small rural town that I'm having issues with. Got a call recently from a friend of Tenant 1. The friend said Tenant 2 came home that morning and flipped out that Tenant 1 had said friend over. The story goes Tenant 2 punched holes in the wall (I have yet to see the damages) and "threatened" Tenant 1. I immediately told the friend to call 911 and have help come mediate the situation and if they really felt threatened to leave until officers arrived. An update later from the friend was very not very informative but they did say an officer came and told them there really wasn't much to be done. I again told them if another threat was made call the authorities and leave. Today I tried to contact Tenant 1 to get their end of the story with no response. Tenant 2 did contact me back but was not available today to really give a call and explain. Both tenants names are on the lease so neither can kick each other out and neither want to give up their right to rent the property. This is a month to month lease, should I just send out notification that I'm terminating the lease all together or should I try to just evict Tenant 2? Neither have ever given me trouble till now. They pay right on time every time. I apologize in advance if this is a terrible question. I'm just trying to weigh my options. [link] [comments] |
| Posted: 24 Aug 2020 08:13 PM PDT Hello everyone. Thanks for always giving great info on this sub. I created an LLC to hold my first property and the financing bank requested a copy of the LLC operating agreement. Could I get a quick rundown of what an operating agreement should contain? Should it be formatted a certain way for the bank? Who aside from myself should sign the operating agreement? Finally, who is it getting filed to/with/for? I apologize if these seem like silly questions. Google and YouTube are just vague enough to escape my comprehension. Thanks for your time and advice. [link] [comments] |
| Is it bad to leave all your windows open when it’s very humid outside? Posted: 24 Aug 2020 10:21 PM PDT Like can it cause damage or mold if the humidity gets inside the house for days on end? I live with my parents still and the AC broke it's very humid and my dad is aggressive to any suggestion of anything but opening the windows I just wanna make sure the house will be ok. [link] [comments] |
| First property (duplex) -- is this a good deal, or should I wait? Posted: 24 Aug 2020 02:13 PM PDT Hello everyone, I am in Las Vegas and looking to purchase my first property. I wanted either a fourplex or a duplex that I would live in as well as rent out. I've decided on just going for a duplex because all the fourplexes are in too bad of areas. Though maybe for my next property! There is a duplex for sale, $315,000 (price dropped $10k recently). It's been on the market for 140 days, two other buys fell out for various reasons. One unit is 3 bedroom, 2 bathroom and the other is a 2 Bed + Den/1 Bath. It's in a not great part of Henderson, which is a generally better subsection of Vegas. It's super close to an up and coming downtown area of Henderson, with new construction going on in the area. Some pictures: https://ssl.cdn-redfin.com/photo/95/mbpaddedwide/863/genMid.2182863_1.jpg Biggest downside to me, is that I'd be going from an 8 minute, 2 mile drive to work to a 21 minute, 14 mile drive. Which sort of sucks. What's your guys thoughts? Will the market crash, wait for a better deal? Any advice is apprecaited! [link] [comments] |
| What are some signs of increasing property values besides workforce? Posted: 24 Aug 2020 09:05 PM PDT Aside from a big business coming into an area and bringing a large work force that causes demand and property value to rise, what are some other signs that infer and increase in property value? [link] [comments] |
| Posted: 24 Aug 2020 08:55 PM PDT I recently purchased a multi family property that needs a good bit of work for which I have a sufficient cap ex budget and a 5 year plan. This property is on a very visible, high traffic corner of downtown where the city is actively trying to improve things. When I bought the property I researched grants/programs at the state and county level, but didn't find anything appealing. Then my banker introduced me to the city development people and things are now more interesting. The city has a fund that will lend up to $15k per unit at 2% for 15 years with the first 5 years deferred. The city would be subordinated on the deed to my mortgage and would have a land use restriction that the number of units I borrow against have to have tenants under 60% of local median income and the rental rates have to stay under a cap for 5 years. So if I borrow $150k I only have to report and meet the limits on 10 units, not all 24 on the property. Does anyone have experience with anything like this and want to share their story? I know some people who can help me with this, but wanted to throw it out here as well. I'm mostly trying to find the downside to front loading all my renovations since money is so cheap right now. [link] [comments] |
| Posted: 24 Aug 2020 02:46 PM PDT Looking into buying land with dad, with the intention of splitting costs 70/30ish, with the intention of building a vacation home for personal use/AirBnB. Trying to figure out what the ramifications would be of putting everything in his name , if the expectation is that it would become mine down the road.. Anyone have any experience with this or have any advice on a better solution to set our selves up for success? [link] [comments] |
| Posted: 24 Aug 2020 01:01 PM PDT Last year I bought my first fourplex for $280k. It has been a great asset and currently has a ROI of 11.7%. When I first bought the property, I had the sole intention of holding it long term. It's easy to manage, very low expenses, and nets an additional $1k each month after paying the mortgage. Last week, I was sloothing on Realtor, and noticed a fourplex a couple miles away from where mine is located. Not only was it close, but it was the same exact fourplex with the same rental rates and condition. This fourplex however, was on the market and under contract at $340k. I immediately reached out to my agent to confirm the numbers and details. She ran the numbers and confirmed that I could in fact get the same, if not slightly more, for my fourplex. Am I wrong for wanting to list it? I have thought through all scenarios and ran countless calculations, and I still feel like I should make the move. [link] [comments] |
| Posted: 24 Aug 2020 11:23 AM PDT Does anyone have any recommendations for a tax appeal service/lawyer? I own a few SFH in the Chicago Heights area. The taxes are all over the place. Still have no idea how they calculate it and have that much variants block by block. [link] [comments] |
| Posted: 24 Aug 2020 03:08 PM PDT Does anyone know of lenders that will allow 15% down on a commercial property. Thought I had one lined up but they don't want to have a mortgage on a property up in northern Alberta [link] [comments] |
| Doug Depte & The “Buy the Hood” Gang Posted: 24 Aug 2020 12:17 PM PDT Hey y'all. I'm new to this sub so I apologize if this has been brought up already. I've been following the REI scene for awhile now and came across a guy named Doug Depte on Instagram. He's from the Philadelphia area (right in my backyard) and posts often about building wealth through real estate in the hood. What I feel sets him apart from other gurus is his highly informative videos about property financing and construction. He speaks a lot about using business credit but I don't quite understand how it works, because he speaks sort of vaguely on it. I've seriously considered buying some books to read up on it, though Doug's content led me down the rabbit hole and I discovered some other people like him. They mostly follow the same theme: buy completely trashed property in the hood, do extensive rehab or even new construction, and finance with hard money and business credit. Has anyone in this sub heard of him or any of these people? I'm a fan of Doug and considered buying his course, but it's $7500 and that's a steep price tag, despite being very interested in what he does. EDIT: I apologize if this is a jumbled mess with no point, I just needed to get all of this written down [link] [comments] |
| Placing an offer on a multi family property without seeing all units Posted: 24 Aug 2020 02:22 PM PDT Hi there, Im interested in placing an offer on a 3 unit multi family property. When i visited with my realtor we only got to see 1 of 3 units since it was vacant. Do people normally place offers before seeing all the units? Is this common practice? I want to place an offer but I'm still curious what the condition of the other units are. Thanks [link] [comments] |
| Posted: 24 Aug 2020 05:04 PM PDT Looking into potentially refiing my properties. Anyone have suggestions for lenders with good rates on SFH investment properties? Looking for 15/30 fixed conventional loans. [link] [comments] |
| Is investing under an LLC worthwhile? Posted: 24 Aug 2020 04:48 PM PDT It seems nice to manage your entire portfolio under a single llc but I've been told that getting a mortgage under an LLC can be a challenge. Anyone currently invest under an LLC? [link] [comments] |
| Los Angelino looking for the light at the end of the housing bubble Posted: 24 Aug 2020 03:16 PM PDT I'm forced to live in the middle of LA for work and probably will my entire career. My partner and I make a combined $200k. That gets us nowhere in terms of buying a decent home in LA or buying investment properties. We're renting the cheapest respectable apartment we can find $1800/month) and almost have 100k in savings, but the housing market is so bleak. Looking for advice on this: 1. Should I keep burning money renting in one of the most expensive cities in America or buy a house that can increase in value along with my future investment properties? Duplexes are hard to find and don't have good cash flow in LA, otherwise I'd be on that path. 2. Is any rental property in LA worth buying, period? Doesn't seem that way. 3. Is there success in low cost areas like Sacramento or Bakersfield, or should I look outside California? Prospects seem grim. Thanks for your advice. I see so much about cheap states but I'm stuck in an expensive (albeit beautiful and balmy) one. [link] [comments] |
| Posted: 24 Aug 2020 03:14 PM PDT DISCLAIMER: I have not actually done any real investments or worked in RE at all yet. The information I picked up below is all from podcasts and articles and books. Please let me know if anything I said is incorrect and I'll fix it. There's a lot of RE out there. I'm experiencing a different kind of analysis paralysis: what kind of investment should I put my money into? Multifamilies: duplexes, triplexes, very small "plexes"; a lot of people support this type of investment because it's a good stepping stone to the bigger and badder parts of REI like apartments and commercial. Yet there are a couple that no longer endorse this kind, like Paul Moore on Bigger Pockets: https://www.biggerpockets.com/blog/multifamily-niche-alternative Commercial: This one, like large multi families, are easier to get into if you have bad credit scores because of commercial loans. However, I'm concerned about how the outlook of retail looks. Nevertheless, there are opps to jump in with factories or maybe larger national chains that won't be taken over by Amazon. Single Family: I've heard a lot of people say it's a good idea to house hack in a SFR or multi family to get started in real estate. While I still consider this to be a good option, I think another thing that should be put out there is starting w/ no money and bringing value to the real deal investors that do large RE investments(things like connecting your team w/ lenders and contractors in exchange for 2% of the equity(I think)) I know u/Gringogrande supports SFR and given how much he helps in this subreddit, it makes me curious to know how people like him are able to build up a sizable amount of passive income. Apartment: This one I'm interested in, largely because I think it is something that will continue to grow. People are not getting married like they used to in the 20th century. More single people want to move into the cities for job opps, and they rent an apartment. I think an important subset of this is student housing, although I'm not positive it counts as "apartment" housing. However, for student housing, I'm kind of iffy on its outlook as well because colleges are not offering the same kind of value they used to and more people are starting to see that. I think we'll see some MAJOR decline in college education in the coming decades, save for industries like Medicine and Engineering and Law. Self Storage: This, although largely part of commercial, I feel like deserves it's own subtitle. We are consumers. We have a lot of stuff. In my opinion, we have too much. And people need space to put their shit. Self storage is their answer. And you can raise rents a certain percentage and people will be too lazy to move their stuff down next door just to save 6 bucks or something. I see storage units rising in popularity until we stop fostering a consumer culture. What's your asset class and why'd you choose it? Do you see yourself opening up to a different class in the future? And how do you think the future of RE is gonna look? [link] [comments] |
| investing stuckness: help me figuer out what is best Posted: 24 Aug 2020 02:59 PM PDT I'm 27 about to be 28 next month. have 75,000 TO 145,000 invest with, is located in North Jersey where taxes range from 7k to 12k for a duplex and triplex. I have no debt and very good credit 798. My main goal is to live rent-free or pay just a few hundred per month but cash flow if i ever move out of the property. want to cash flow $200 per unit and overall cocr be 8 to 10%. I will be using FHA or conventional loan at 5% down to 10%. i was looking at northeast Philly where duplexes range from 280k to 320k at 3k taxes. I want to be smart here and have been stuck for nearly 3 years afraid of taking a risk. The biggest concern is that NJ property tax will outpace rents than eventually, I will have to sell the property out. What would be the best play here? [link] [comments] |
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