Real Estate Investing: How do you communicate with your tenant(s) when it comes to lack of rent payment? |
- How do you communicate with your tenant(s) when it comes to lack of rent payment?
- Do you guys own your own home or do you also rent?
- How do you build a house in Chicago?
- Checking Prospective Renter’s Credit
- Does This Make Sense?
- Refinancing as an independent contractor
- Aquisitions and or Value Add podcast reccomendations.
- Any experience with a 1031 exchange? Investing strategy advice
- Trump Tweets: Executive Order For Payroll Tax Cuts, Student Loans, Evictions, Unemployment Benefits Still In Play
- Loan qualification without a lease for my residence in place
- Alright r/realestateinvesting, I've Got a Hypothetical Question for You...
- First time home buyer just closed on my first home! Should we sell or rent out our previous residence? Help a brotha out!
- Do you guys amortize in periods of vacancy and listing fees for rentals?
- taking over mortgage from parents?
- What’s the end game with condos?
- Achieved my freedom from debt. What now?
- Is my tenant being difficult or am I being difficult?
- $75K for 1031 Exchange: What would you do?
- Investing in others’ deals (EMD financing) vs striking out on my own
- Roofstock
- Is this the time to buy or wait?
- Can I purchase an investment property with a traditional loan and still be eligible for a FHA later on my primary home?
- What are locations you think will blossom in the near future.
| How do you communicate with your tenant(s) when it comes to lack of rent payment? Posted: 08 Aug 2020 08:20 AM PDT I'm a new landlord and I haven't been paid rent the rent for 2.5 months. When I contact my tenants about it I'm always told "oh next week we'll pay" then next week comes and I get no reply. I've been advised to not say anything to my tenants again and just send 7 day notice as the statewide moratorium has ended. I'm curious as to how others have and are handing a smilier situation? [link] [comments] |
| Do you guys own your own home or do you also rent? Posted: 08 Aug 2020 11:00 PM PDT Are you in the new wave of real estate investor camp of renting your place and then just investing, or do you own your own home? One of the benefits I see with home ownership is the tax free gains However, renting does free you up to be more flexible. Where do you guys stand on this debate? [link] [comments] |
| How do you build a house in Chicago? Posted: 08 Aug 2020 08:44 PM PDT Hi everyone, Very early into looking into this, but I'm thinking about building a multifamily home in Chicago. There's a plot of land I've been eyeing, but I want to know the process of building a house? I.e. what do I do first, second, third, etc. How can I get quotes before buying the land? Is there one company I can work with to give me a quote and do all the construction? Thanks in advance! [link] [comments] |
| Checking Prospective Renter’s Credit Posted: 08 Aug 2020 02:48 PM PDT What are your preferred methods for pulling a prospective renter's credit report? Thanks in advance. [link] [comments] |
| Posted: 09 Aug 2020 12:19 AM PDT I currently live at home and therefore pay 0 rent. One of my friends is looking to buy a house soon. A duplex or a triplex and rent out the other portions. They're letting me share a room in one of their portions. They asked me to pay a small bit of rent. Although renting is literally just throwing my money into their pocket. I instead offered to pay the full years rent upfront in exchange for a very small percentage of the value of the property they'll eventually purchase. Essentially investing in my friend's purchase and therefore holding equity in it. This way my friend gets a lump sum of cash upfront and I get a tiny amount of money from the investment I've made in their property. Not exactly sure how to work the details of this out. Does this concept make sense? Has anyone else ever done something similar to this? [link] [comments] |
| Refinancing as an independent contractor Posted: 08 Aug 2020 07:56 PM PDT I have a single family house I'm renting to a tenant but am on a variable interest rate with my home loan. I'm trying to refinance but having difficulty getting someone to lend to me due to my working a brand new job as an independent contractor. I'm a dentist and am not worried at all about my income stability. I'm also looking to purchase my own practice soon and not sure how that will affect my ability to refi. Any suggestions or ideas for how to get a good refi in my situation? [link] [comments] |
| Aquisitions and or Value Add podcast reccomendations. Posted: 08 Aug 2020 11:35 PM PDT Hey I listen to BP, Fairless, Kandasamy, Kevin Bupp, and some others do any of you guys have podcast reccomendations that have a lot of content regarding value add projects or aquisitions (wholesaling or really anything that has to do with finding and creating under market deals)? [link] [comments] |
| Any experience with a 1031 exchange? Investing strategy advice Posted: 08 Aug 2020 11:24 PM PDT Hello r/realestateinvesting, Been a long time poster and this sub has been so tremendously helpful with making decisions for our real estate portfolio. I am currently in Texas, and have an active portfolio of 11 properties that I have been self-managing up until this past summer due to moving to a different state for a huge career move in the next month. Hence, I hired a property manager and have transitioned most of the properties to be professionally managed (AMA if you need help with this). However, all but one property has been rented. I am in a really hot market, bought the property in 2016 for $65k, put roughly $10k into the deal to fix it up and I have had it rented between $950-$1,100 for the last 3ish years. I am a licensed real estate agent and really strong comps put the deal at $119k, or a $60k-$70k profit (with principal reduction) if I sold this month. Property is under my personal name (sole-proprietorship) and not an LLC. Here is my question and curious about what you all think. Because I am moving to a new state for a job, I am thinking about selling this property in Texas via a 1031 exchange, purchasing a duplex in the new state ($289k purchase price, 4,000 sq.ft significantly larger than current home), and house hacking for the first year while we build our "dream home." The goal would be to rent out the other side of the duplex and live rent-free while the "dream home" is being built and rent out the full-duplex once "dream home" is finished. I would use the 1031 exchange money as the downpayment for the duplex and would look to put it into a 30-year, fixed-rate, conventional loan with 20% down. Here are my questions -
Would love to get your feedback and happy to answer any questions that you might have on what it was like going from self-managing to professional management. Thank you for all of your help! TL/DR - have a home that has appraised significantly in value and want to do a 1031 exchange from Texas to another state to buy a larger + more expensive duplex and live in one side and rent out the other. Is it possible and any suggestions? [link] [comments] |
| Posted: 08 Aug 2020 08:58 AM PDT In case you missed it, on Friday Forbes reported about Trumps Tweet regarding "Eviction Protections". The article reads as follows... "Trump says that he wants to protect Americans from losing their home through eviction as a result of Covid-19. The Cares Act placed a 120-day moratorium on evictions. However, that eviction moratorium expired on July 25, 2020. In the wake of the Covid-19 pandemic, states such as New York, California, Texas and Florida could experience the most evictions based on rent costs and unemployment rate. More than 40 million Americans have filed for unemployment benefits as a result of Covid-19, and many renters have been disproportionately impacted by Covid-19, including losing their job in industries such as travel and hospitality. Sen. Elizabeth Warren (D-MA) Protecting Renters From Evictions and Fees Act, which would halt evictions through March 2021. While not included in the Heals Act, the Senate could extend the provisions in the Cares Act if Congress decides to offer additional relief to renters. Rep. Maxine Waters (D-CA) also introduced the Emergency Housing Protections and Relief Act of 2020 in the House of Representatives to provide $100 billion in emergency relief to renters, extend the Cares Act eviction moratorium until March 2021, and provide $75 billion in relief for homeowners. It's unclear whether Trump's potential executive order would incorporate any parts of these proposals or include an alternative path." Google search "Trump Tweets: Executive Order For Payroll Tax Cuts, Student Loans, Evictions, Unemployment Benefits Still In Play" [link] [comments] |
| Loan qualification without a lease for my residence in place Posted: 08 Aug 2020 09:54 PM PDT I was looking to get prequalified on a fully occupied 2 unit property using a conventional mortgage, but I was told they could not count any of the rental income towards qualification because my own living situation is one where I do not have a written lease (informal exchange of management/landscaping services for rent). I have not had to deal with this exact situation but they also just told me that is the way it is, without citing a specific FHA regulation. Does somebody know if such a regulation exists, or was the lender just creating their own obstacles, perhaps worried about me lying and getting in over my head? [link] [comments] |
| Alright r/realestateinvesting, I've Got a Hypothetical Question for You... Posted: 08 Aug 2020 09:14 PM PDT Let's say you are... - In your early 20s and single - Working at a professional, fairly downturn proof job, that pays well - Living in a metro area that is a hot commodity (In my case, its Dallas/Fort Worth) - Currently living in an apartment - In zero debt And you have... - Saved about 30 grand (and climbing) over the past year to use as a down payment on your first home, which you will be house-hacking. - Preapproval on a loan And you want... - To get a place below market value that you can move into immediately, that maybe needs a bit of work, so you can stop renting a damn apartment and have other people help pay your mortgage. What would you be doing in the current housing climate? My personal experience is that everything with a decent price goes for way over list price and is gone off of the MLS in a couple of days. I don't want to buy over list price, because rarely do the numbers make sense after that point. Where should a person in this situation be looking outside of the MLS? Where can you find off market deals that so you don't pay so much over list? Am I just being impatient and I should just keep waiting? Should I just keep renting for now? Appreciate everyone's thoughts in advance! [link] [comments] |
| Posted: 08 Aug 2020 08:39 AM PDT Looking for some advice/suggestions. My long-term goal is to pick up rental properties as investments with my brother. New home: 4b 2.5ba 2100 sqft on 8000sqft lot $600K purchase price, 20% down ($120K), loan for $480K, 2.750% for 30 years. Mortgage ~2600/mo including taxes/insurance. Old home: 3b 1.5ba 1200 sqft on 7400 sqft lot Mortgage balance remaining ~$220K with 3% interest. Monthly payment $1550. Market is ~20 minutes north of Seattle in a HOT suburb (Lynnwood, WA) where housing demand is booming with extremely low supply. Prices have been overinflated for a long time now, covid had essentially no negative effect on prices here. Houses go up and are sold within a week, pretty much always way over list price. New home def needs some renovations. We were thinking of selling our old home - pay off remaining mortgage balance obviously, pay ourselves back for the down payment, use some extra money for renovations - new floors/carpet, repaint inside to our liking, new counters, new appliances (non-cosmetic things - inspector says siding should be replaced most urgently, roof eventually as it's nearing 20 years but still looking decent overall, some minor plumbing and electrical issues). Could use some additional money towards student loans or hold onto it and use it to purchase a rental property in future. However, I was just throwing around the idea of renting out our old home (roof needs to be replaced ASAP, we haven't had any issues yet but there are definitely some leaks and minor mold in the attic) and just getting a HELOC on our new home with the $120K equity I have, and using that HELOC for renovations instead. The old home could potentially rent for $2500-2700/mo. We would net ~$1k monthly and use that to pay towards the HELOC/mortgage on the new home. If we were to sell it in this market, we've been told we could get 500k as is easily. I'm tempted to list it FSBO just to see what kind of offers we get. This would give us (myself for the new home and my mom for old home) both the tax benefits of home ownership and also an additional $1k/month in income. They're building a lightrail less than 5 minutes from my house (monorail public transportation) which will undoubtedly increase the value once it's done in a few years. This city has a heavy commuter population that relies on this specific transit center to get to work. The location is ideal, public transportation everywhere, major freeways and highways all within 5 min, plenty of shopping (mall is 7 min away), restaurants, Costco/grocery, parks etc all within 5 min. Lots of new development in the works too. Should we capitalize on the hot market and sell now, or rent it out and wait for what's pretty much guaranteed appreciation due to decreasing supply/increasing demand and lots of public development ? Thanks! [link] [comments] |
| Do you guys amortize in periods of vacancy and listing fees for rentals? Posted: 08 Aug 2020 07:53 PM PDT When calculating cash flow from a potential rental (assuming no views on appreciation) the "simple" math is:
Where [link] [comments] |
| taking over mortgage from parents? Posted: 08 Aug 2020 06:49 PM PDT Hi I'm not sure this is the right place to ask but not sure where else to ask it. Sorry if it's the wrong place. My mom owns a property as a primary while I own my own plus a couple investment properties. I'm in the deed with my mom on that property but not on the mortgage. It still has about 15 years left and my mom wants to transfer it to me. Any ideas how that works? Can I just take it over or do I need to file for a new Loan? If actually take over and use it as my primary and possibly convert where I live as a rental or maybe just sell this place. Any suggestions or advice would be greatly appreciated! Thank you! [link] [comments] |
| What’s the end game with condos? Posted: 08 Aug 2020 02:54 PM PDT I live in a tier two city in Canada (basically not GTA or Vancouver) but has a lot of growth potential. I am looking to invest in a condo (first home) under 500k. I noticed that the newer condos within my budget are too small and older condos within my budget are bigger and nicer but the maintenance fees are really high. Even if I rationalize the fees (I would spend as much anyway if I owned a detached house or a townhouse), I fail to understand the end game here. If the condo fees are going to keep increasing, there will come a time when it is so high that selling it will become difficult. I can already see that the older condos which are bigger are prices way lower than the newer ones which are smaller. So what's the end game here? Do condos make sense as an investment only for the first couple of years? Or is it that one waits till it goes under redevelopment in 10/15 years? Or is it that the condo is meant to be rented and not sold and left as a continuing investment? Any advice is much appreciated. [link] [comments] |
| Achieved my freedom from debt. What now? Posted: 08 Aug 2020 01:16 PM PDT Hi there, I came across this sub when I looked up Bigger Pockets Podcast. Following Josh and Brandon's advice, I successfully managed to pay off over $9000 in debt, and my credit score is slowly recovering! That being said, I am wondering if we can discuss some strategies about my next options? I read about investments regularly, and to my knowledge the next logical step for me is to get a decent savings (I've been living frugally and spending over 75% of income on debt, so savings are below $5k) My current strategy is working full-time as a courier, taking gigs when possible as an actor, and I also recently started going for my Realtor license (ON, Canada). The strategy is working well so far, but I guess what I'm trying to say is what else can I do to increase the income? The end goal being to get a loan for a house or duplex to house hack. Thanks for any feedback! [link] [comments] |
| Is my tenant being difficult or am I being difficult? Posted: 08 Aug 2020 04:49 PM PDT TLDR- tenant bitching about tension shower curtain rod not holding/being dangerous "it can fall and hit me in the head!" Wants a mounted curtain rod. Early in her lease she had the same complaint and a handy man helped her out (he was there for some other small items). Now she's complaining again (10 months later as she just renewed her lease) I'm not paying for a mounted rod. Imho she is a needy tenant and I'm not going to give in. Am I being unreasonable? This tenant has generally been needy and dramatic about a lot of things. I am out of state and have a neighbor as my "impromptu" property manager, who agrees that she is a princess. My PM will generally handle the complaints/requests but occasionally the tenant reaches out to me. In my eyes the tenant loses credibility because of her general neediness/melodrama. Anyway, just curious to hear what you guys think/ how you handle this type of tenant. [link] [comments] |
| $75K for 1031 Exchange: What would you do? Posted: 08 Aug 2020 04:26 PM PDT I'm selling some agricultural acerage (generated a very little revenue) and interested in taking advantage of a 1031 exchange (investing additional funds) but would prefer something that generated more revenue. The net profit from the sale will be $75k. I'm willing and able to fund or finance another $200k. I'd likey hold onto the property for 5 years or more. I'm a small business owner and naturally more comfortable with commercial but open to residential or alternative assets as long as I'm the sole investor/owner. If you were in my shoes, what would you do? [link] [comments] |
| Investing in others’ deals (EMD financing) vs striking out on my own Posted: 08 Aug 2020 11:57 AM PDT I've been thinking a lot about why RE investing is attractive and for me it comes down to leverage. I've been involved with other syndications and playing key roles to help with earnest money financing, or last money right before a deadline when another investor drops out. I usually keep assets liquid for these options. They're usually lower risk, higher returns because there is some extra kicker. But... If I have cash for down payments available (and time to look and analyze and manage), does it make more sense to try own the entire deal and BRRR my way up in value and leverage instead of chopping off 30% of the profits + expenses to the GPs? If I'm totally off base, please school me. [link] [comments] |
| Posted: 08 Aug 2020 07:22 AM PDT I recently came across a news article describing how easy it is buying long distance real estate with Roofstock. Their website looks good with lots of information. It seems like they offer more of a hands off approach to house buying for investment purposes. Has anyone had the opportunity to work with them or know more about them? Are they legit? [link] [comments] |
| Is this the time to buy or wait? Posted: 08 Aug 2020 01:26 PM PDT Do you believe the real estate market will crash or rise post pandemic... I know rates are at an all time low but... what will happen after foreclosures and bankruptcies begin if individuals don't get back to work...? [link] [comments] |
| Posted: 08 Aug 2020 09:38 AM PDT I have a few investment properties and am not FHA eligible. However my new wife is still FHA eligible. Finding a primary home we actually want to live in has proved difficult and we've saved up a good amount of money for a down payment, much more than we would need for a 3.5% FHA. I ran into a new lender who told me my wife can purchase an investment property and as long as she doesn't move in to the investment property, she can keep her FHA eligibility for our primary residence. Is this correct? Sounds a little sketchy. I'm surprised my current lender never presented this as an option for us. [link] [comments] |
| What are locations you think will blossom in the near future. Posted: 08 Aug 2020 01:23 PM PDT Just looking for general opinions about areas which you all believe could be hotspots for the future... I'm attempting to make a move from the northeast... Potentially duplex friendly locations [link] [comments] |
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