Real Estate Investing: I could use advice |
- I could use advice
- How could I finance a 5 unit property?
- We want to do a 5 year ballon payment contract with a 30 year amortization schedule on a seller financed property however the seller wants to do a 1031 exchange. How can this be a achieved? Is this possible.
- For landlords- Best/Favorite tenant background screening service?
- Made a little analysis sheet. Does it cover all the important points? How Can I improve it?
- Getting closer to finally being a Landlord
- Real estate investment for retirement living
- Is it risky to buy a SFH that has been split into a duplex?
- Subdividing property into smaller building lots
- How does one get into Property Management?
- Risk/Reward of Re-Leveraging and How to Do It?
- Need help with potential first investment property.
- Currently planning on getting into rental property investment, how should I do it?
- When do you turn on the Utilities?
- Sources of market data
- Regulation D Investment Fund
- Investing in Eastern/Southern European Markets
- Add A/C?
- What is a good cap rate, return on cash and IRR for multi family units?
- Wholesaling as a way to build income
- [Q] I see a notice for back-taxes on a condo unit in my building
- Want to purchase first property - need advice
- NOI vs cash flow and book recommendations
| Posted: 02 Aug 2020 12:19 AM PDT I am trying to not become unemployed during a financial crisis for a 3rd time in my life. I have a house worth 700k in Seattle and that's only the current value, they are building a light rail in walking distance from my house to downtown Seattle to the Northgate Mall and up to the Lynnwood Mall and the property rezones in 2031 for townhome mixed use construction so the property is a gold mine in my opinion. I was in an accident a few years ago that resulted in a spinal burst fracture and my wife became disabled when her fibromyalgia we didn't know she had kicked in during a period of high stress at work so we have like 1.2k a month income from that guaranteed. I want to take my house and turn it into 2-4 houses in a more rural part of the area like Kent or some places down south we have workers driving to jobsites from 2 hours away daily all year round. So if I can use my house to buy outright then rent them out at 1k to 1.5k a piece if that so we make enough to put away for if our renters ever can't make rent we can help them wait it out. With that income stream I want to open my own electrical shop and pay better than union wages plus benefits and see what happens. I worked for a guy for 2 years that told me owning an electrical shop isn't a license to print money but he makes 5k a day and the first shop I worked for had owners I never met because they were always on their yacht apparently. My last employer is a millionaire as well and he shook my hand told me he understood that my life had been tough and he valued me and I would never have to worry about lack of work again if I stayed with him now I am unemployed less than 6 months later. I am highly motivated to prove that being a business man doesn't mean you have to be rich off the backs of your workers and anyone that can give me advice to achieve that I will be very grateful. [link] [comments] |
| How could I finance a 5 unit property? Posted: 01 Aug 2020 09:47 AM PDT Hello all, I recently stumbled across a 5 unit multifamily (a duplex and a triplex on the same parcel) and I'm trying to figure out how I can get financing for it. I can pay 20-25% down (maybe 30% but that would be pushing it) but the house is only listed for $150k. It seems like most lenders want bigger loans and I can't find much in this range. Any ideas? Thanks! [link] [comments] |
| Posted: 01 Aug 2020 08:16 PM PDT We want to do a 5 year ballon payment contract with a 30 year amortization schedule on a seller financed property however the seller wants to do a 1031 exchange. How can this be a achieved? Is this possible. If so, how could I do this? Thank you! [link] [comments] |
| For landlords- Best/Favorite tenant background screening service? Posted: 01 Aug 2020 08:29 PM PDT There are so many choices, and many with a homepage that looks like it was designed in the 90s. What do you use? [link] [comments] |
| Made a little analysis sheet. Does it cover all the important points? How Can I improve it? Posted: 01 Aug 2020 11:24 PM PDT |
| Getting closer to finally being a Landlord Posted: 01 Aug 2020 08:06 AM PDT I've posted here before. Quick recap, I've inherited my childhood home free and clear and finally have cleaned it out and using a property manager until I get my feet wet being a landlord. My plans are to build capital and purchase a duplex in a couple of years. My question is should I start an LLC now even with one property? [link] [comments] |
| Real estate investment for retirement living Posted: 01 Aug 2020 11:02 PM PDT I came up with the idea: invest retirement homes now and collect rent, then after I reach retirement age, move to the property. Are there known deals out there? What is the return rate? Certainly, managing properties in other states could be challenging, so the cost of management, maintenance and taxes need to be considered. Besides, it's a very long term investment, one would access the property after 20~30 years. [link] [comments] |
| Is it risky to buy a SFH that has been split into a duplex? Posted: 01 Aug 2020 04:46 PM PDT I'm looking into buying my first duplex, and I noticed one in my town that's listed as a SFH but split into two units. It's also very cheap, which is why it's attracting my attention. IIRC, when splitting a duplex you need to get approval from your city or something along those lines and wanted to know if I would risk fines etc by operating it as a duplex with two tenants if nothing has officially been done to define it as such. Thank you. [link] [comments] |
| Subdividing property into smaller building lots Posted: 01 Aug 2020 06:55 PM PDT I'm working on a deal to sell a farm property now. Approx 160 acres. 3 total tracts. Mostly wooded. If for some reason this deal falls thru I'm considering subdividing into 5-20 acres lots as I've had a lot of interest. Property is in rural Kentucky. I've subdivided tracts before but only selling off a few acres from the main parcel, never anything like this that could be 10-20 parcels. Property has about 70% equity. I realize this is a whole new ball game but curious as to what advice those with experience would give me. [link] [comments] |
| How does one get into Property Management? Posted: 01 Aug 2020 08:28 PM PDT Also do you need a brokers license or just a salesperson license under a broker? [link] [comments] |
| Risk/Reward of Re-Leveraging and How to Do It? Posted: 01 Aug 2020 08:20 PM PDT I may have had a little bit of a lightbulb moment tonight thinking about how to keep growing. Instead of scraping together cash for each purchase or using hard money- I can borrow against an existing property for the down payment, or use it to pay for full rehab- and then refi (brrr i guess??). Few questions about it. How risky is it? Like, do people mess this up and lose the new and their old property? What is the best way to access existing equity? HOLC? Refi? Are there issues with HELOC and the bank "calling the note?" I assume I still can't pay retail, is that correct? Like I can't borrow 50k from equity on an existing property to buy a 250k house, and then rent it for 1,500/mo because I'd have the mortgage and the HELOC to repay. I guess maybe if I was using money from a refi, I could pay closer to retail, but it would hurt my return. Can this take me to the next level? I can see where holding what I got will be fairly safe, I'd minimize risk, in decade or so I'll be pretty comfortable. So to stretch, I'd be doing it to replace more of my career income and move closer to being a full-time investor. Either flip a few homes a year, build up the portfolio of cash flowing rentals, or a little bit of both. Currently at 5 units and equity roughly 40%. Any advice or insight welcomed and appreciated. [link] [comments] |
| Need help with potential first investment property. Posted: 01 Aug 2020 06:46 AM PDT Trying to help my mother, who now lives with us but her home is several states away. She has 5 years left on her mortgage and around 35k away from paying off her home. Current mortgage on her home is roughly 750 a month. Home has not been kept up and needs roughly around 15-30k in repairs to make it rentable, but ther is also a lien on the house for 20k for a city program that they used several years ago to fix up their home, weren't required to pay that back unless they sold or did a cash refi (which is how we initially thought about getting the cash to fix it up).They originally purchased the home for 70k and is now roughly worth 270k and potentially rent income of 1300-1500. My questions are... What are my options? What are our best ways to get money for this project? Is it a worthy investment? Should I encourage her to sell? This is my first post in reddit so sorry if this wasnt structured correctly, just not sure what to do, she is 77 and still working because she is financially stuck. I appreciate any feedback. Thank you. [link] [comments] |
| Currently planning on getting into rental property investment, how should I do it? Posted: 01 Aug 2020 11:38 AM PDT I'm currently 23 and both my partner and myself have a full-time job in LA. I'm currently renting but planning on investing on rental properties. Here's what's currently on the table: I have about 300k in savings for the down payment and closing costs, but I've also been looking at the FHA 3.5% down payment with the caveat of having to live there for a year and some premium payments. I'm currently considering 2-3 br condos in west LA or silver lake area, since that might be the best for cash on cash return (I think?). I'm looking for something to generate passive income with some potentials in appreciation. What areas/type of homes would be the best fit for my situation and what I'm looking for? Thanks! [link] [comments] |
| When do you turn on the Utilities? Posted: 01 Aug 2020 01:20 PM PDT Hello, I recently purchased a property that is going to be a full gut rehab. My first one and its a beauty. There were several holes in the roof that allowed rain to flow inside the property for months. Extensive interior damage and mold resulted. House is inhabitable. This week, I had the old roof torn off, some rafters reinforced, plywood replaced as need, and fascia replaced as needed. I hired some contractors to gut the walls to the studs and ceiling to the joist next week. Keeping majority of the sub flooring, replacing as needed where damaged. I have two questions:
Any suggestions, would be appreciated. Here is a video one of my friends recorded of the property. https://www.youtube.com/watch?v=QkF3oQB7INg&t=20s [link] [comments] |
| Posted: 01 Aug 2020 06:18 AM PDT I came here to ask this, and coincidentally a few posts ago was someone who scraped Zillow to generate a spreadsheet. I'm curious what data sources there are for things like population & demographics, income levels, home & rent prices (or anything else I might find useful). Specifically, I'd like multiple years of data (I can compile it & do data manipulation, trend analysis myself). I'll post my results on here if I get access to good data. [link] [comments] |
| Posted: 01 Aug 2020 11:50 AM PDT I'm a commercial broker and am in the present of creating a fund for equity/2nd position money for a 16% return annually. Presently, I'm getting the necessary support for the fund (accountants, bank, insurance, general counsel) etc. The plan is to make the fund an evergreen one so there is no forced liquidation date. I would love the insight and or advice of those who have worked with funds and have seen success and failures of them. What are some do's and don'ts, what's the best structure in your opinion, etc... [link] [comments] |
| Investing in Eastern/Southern European Markets Posted: 01 Aug 2020 02:43 PM PDT Just curious if anyone here has experience investing in Eastern or Southern European markets. I have some experience living in that part of the world and it looks like there are some values to be had. For example, Tbilisi, Republic of Georgia, is a beautiful country. A one bedroom flat there ranges from $55-$85k in the central part of the city. I stayed last year in an AirBnB in such a place for about $30 per night. I don't think it will offer huge yields, but the idea of putting $60k down for a nice prime location is kind of appealing. [link] [comments] |
| Posted: 01 Aug 2020 12:46 PM PDT I have a duplex with window AC units in south Texas. If I spring for central heat and air approx how much would that be worth per month in higher rent? 1/1 $975 today. [link] [comments] |
| What is a good cap rate, return on cash and IRR for multi family units? Posted: 01 Aug 2020 05:05 AM PDT Looking to start investing into multi family units and wanted to get an idea of what are the benchmarks to go against. Thanks in advance [link] [comments] |
| Wholesaling as a way to build income Posted: 01 Aug 2020 12:01 PM PDT Just wanting to get some perspective on whether it's a legit way to build income in California and if anyone has had success? [link] [comments] |
| [Q] I see a notice for back-taxes on a condo unit in my building Posted: 01 Aug 2020 05:17 AM PDT Hi, first time poster here. As in the subject, I see a back-tax notice on a unit in my building. The upset price is ~$3500, which is probably the amount of taxes owed. If I want to try to get it, what are the costs I need to worry about? Thanks [link] [comments] |
| Want to purchase first property - need advice Posted: 01 Aug 2020 10:41 AM PDT Hi all, I have been looking at new jobs for a while and didn't know where I was going to live and given that uncertainty, have not wanted to purchase a place. In the past week, I've accepted a new job that is remote, so I can work from anywhere, but will likely stay in Dallas given the cost of living and proximity to my family. Since the income of my new position represents a significant increase over my last role, I'm not really sure how much I want to/can spend. My previous income was $62k per year and the new position pays $184k. A bit of background - single M, 25 years old, no debt obligations beyond what I spend on my cc each month (and I pay that in full), credit is 700 so not stellar Financial situation: $55k savings, $184k current annual income, $220k in stock market that I could liquidate in part if necessary. In Dallas, the HOA fees make condos questionable investments, so I have been looking on Zillow at some townhouse in some of the nicer areas in Dallas (Knox/Henderson, Deep Ellum, Uptown to anyone familiar) in the $400-500k range. It looks like the monthly payment with a 30 year loan including property tax would be roughly $2500/month on a $450,000 home. I have a few questions: 1) As far as securing a loan, would it be a problem given that I don't have multiple years at the new income level? 2) How do you all feel about the DFW real estate market right now? I've been monitoring in the last few months and things are moving, but some of these town homes have come down in asking price recently 10-20k. My thesis is short term the market may see a downturn, but long term with the covid related potential deurbanization, DFW may see an influx from larger metros like NYC, Cali, etc? 3) Can I afford a place in this price range? I'm in no rush so I could wait a few months and build up more savings at the higher salary in order to not tap into the stocks for a down payment. 4) If I buy a 3 bedroom, I could rent out one or two of the rooms, but I'm not super keen on living with someone I don't know at this point, so this may work with a friend? 5) If I end up taking a different job/relocating in a couple years, I would want a place in desirable enough location to rent out/house hack, but if I'm not 100% staying here would it still make sense to purchase? 6) There's always the leasing an apt option, which I imagine would cost $1500-2000/month. Would this make sense? Any thoughts or insights from you all would be sincerely appreciated. I've only recently begun reading and researching and reading Reddit has been so helpful, so from any of you with more experience, I would really appreciate the help! Thank you. [link] [comments] |
| NOI vs cash flow and book recommendations Posted: 01 Aug 2020 08:09 AM PDT Hi, so I'm 16 and have found REI really intriguing. So in my process of learning I had a confusion I wanted to clear up here. So I know NOI is the income after property expenses but I'm unsure how that's different from cash flow, especially in the context of cap rate. If you don't mind, running some numbers as an example could be really helpful. Secondly, I'm looking for some introductory books for REI dealing with analyzing a property, terminology, etc. Rich dad poor dad has been an eye opener but as I understand, it's very surface level so I hope to expand my understanding. I will be looking at the recommendations at the sidebar but I was eager to hear your guys' thoughts. Thanks for reading! [link] [comments] |
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