Real Estate Investing: Millennials may soon inherit $24 trillion, and a PR exec says businesses should ‘watch out’ |
- Millennials may soon inherit $24 trillion, and a PR exec says businesses should ‘watch out’
- Durable Items for rentals
- Is it a mistake moving forward with a second property?
- How are you valuing properties currently with such a high potential for non-paying tenants, high possibilities of eviction?
- Would you rather have a house that rents for more, or a house that appreciates a lot?
- Abandonment law
- Help! Multi family homes new investor
- Seller financed loan, need help getting rid of it. I am clueless and missing documents.
- Better to pay off mortgage before renting out property?
- Lawsuit from Hell
- Not sure if this belongs here but I guess it’s commercial real estate related?
- Can I use section 8 rental amounts to predict market rent in an area?
- Looking to network with other Atlanta investors
- Biggest lessons you've learned over the years in Real Estate
- Golden Corrals Real Estate
- Inherited a property - how to clear it out and sell it remotely?
- Interested in purchasing duplex. Are there any lenders who count 75% of rent from current tenant for the purpose of qualifying for a loan?
- Fundrise.com
- 1031 Options
- Crunching the numbers without knowing what kind of financing is being used
- Should I eat the cost difference because I am an idiot???
- Contractor nightmares
- Opinions on buying duplexes in C class neighborhoods that are rented to section 8 tenants
| Millennials may soon inherit $24 trillion, and a PR exec says businesses should ‘watch out’ Posted: 20 Aug 2020 11:23 AM PDT
The following article talks about the baby boomers losing their parents and inheriting their homes- most of which will be sold. Major opportunity for wholesalers, imo. https://www.cnbc.com/2020/08/19/millennial-investment-trends-watch-out-for-huge-wealth-transfer.html [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 02:42 PM PDT Hey guys I thought I would share this document that I have compiled over the last as well as solicit feedback from the community. I have several rental properties and have done quite a bit of the work myself, to a reasonably high standard. I try and pay close attention to the items that I put in the property as I will be holding these properties for the rest of my life and want the items to last as long as possible. I am not going to buy the $14 bathroom exhaust fan because in general you get what you pay for and I don't want to have to deal with it when it breaks in 5 years. I try to have a consistent color scheme throughout the entire property and currently I am using brushed nickel because it looks modern. I was impressed by Behr marquee, it did seem to cover in only 1 coat as advertised but I don't have much to compare it too. For trim I used a waterborne alkyd which is supposed to be tougher than latex paint and won't stick together if you use it on doors or cabinets. In terms of lights I have been deploying high cri(90+) at a color temperature of 3000k in the main level and 2700k in the bedrooms for a warmer look. So far none of the items in the list have broken down and you can use them to change the look of a room quite cheaply, especially if you provide the labor. The lithonia wf6 drywall mount wafer lights are really amazing and make the entire room look quite upscale. They are also easy to install and require no clearance. You can mount them over a stud. I have purchased most of the houses I own as a primary and then rented after one year but if I were to install cabinetry or vanities I would avoid particle board like the plague. That stuff swells like crazy whenever it gets wet.Do you guys have any go to products that last forever or any maintenance tricks that keep things looking great for a long time? https://docs.google.com/spreadsheets/d/19cKf0aVXi9wye4bKbN8Ink7AV6O-zl6TKqJYQRLWhP8/edit?usp=sharing [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Is it a mistake moving forward with a second property? Posted: 20 Aug 2020 09:22 PM PDT Is it a mistake moving forward with second property? I have about 30k in savings and plan on doing a conventional 5-10 percent down payment. I own a 400k house with 33 percent equity with my sister. I plan on doing an owner occupied for 1 year and moving back in with my parents afterwards and renting both units out eventually. I make about 60k a year currently. Am I making a mistake with this? If not, should I go with a conventional or FHA loan? No renovations needed as it is newly rehabbed. Roof is 13 years old. Average price in neighborhood is 350k. Current asking price on a duplex (4 bed 1 bath, 3 bed 1 bath): 288,000 Rent for both units would be a total of 3200. I plan on living in 3 bed unit and renting 4 bed unit for 1700. This would cover my mortgage. Renting in this area is not a problem as it is in a good neighborhood (I did account for 10% vacancy though). Property taxes are 4681 per year Insurance 1200 per year [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 04:49 PM PDT Mostly what the title says. Are sellers required to disclose that tenants are behind on rent? How long, where evictions processes are etc? [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Would you rather have a house that rents for more, or a house that appreciates a lot? Posted: 20 Aug 2020 03:51 PM PDT Do you know of any places in the US with crazy appreciation with crazy rent? https://i.imgur.com/ixGPqRQ.png ^^ That's the graph of appreciation of san dimas california vs. reading pennsylvania. Socal 5% yearly gross rents are shit, but the appreciation is wild. Reading PA has 10% gross rents, but appreciation is shit. Based on that graph, if you bought in 2012, in CA you would realize an 85% appreciation, while in PA you would only see 30%. Over 8 years, CA home value increases 10% per year. PA home increases 3.75% per year. Adding rents and house value after 8 years for a $300k house....
You would have been ahead in Cali. and then you sell and 1031. Now the question is if this is still doable today [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 07:05 PM PDT Does anyone know how long a tenant has to be gone before a rental property is considered abandoned? [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Help! Multi family homes new investor Posted: 21 Aug 2020 02:34 AM PDT Ok guys, I've been studying the market for some time, Can someone with recent experience tell me how much ROI they got from a 6 tenant multi family home? I'm looking to finally get involved but the Internet gives you ranges all over the place. [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Seller financed loan, need help getting rid of it. I am clueless and missing documents. Posted: 21 Aug 2020 02:02 AM PDT Hello, I am sorry for this long post but I am fairly clueless and desperate for some guidance. My dad recently died and I am now trying to sort through all my parents' assets for my mom. My parents weren't the best at keeping paperwork organized and they always wanted to "help people out." Which is why I believe they seller financed a loan to a man and his wife. My mom doesn't speak the best english, especially when it comes to things like this. She doesn't have a real idea of what she and my dad agreed to. I don't have any experience buying or selling any real estate as I am young and haven't made that move yet. I have figured out some of what I might need to do, but I would appreciate any advice. My parents used to own a business which they sold to an acquaintance (that might even be a stretch). I will refer to him as Ben. My mom told me she is "the bank" and that Ben owes her money every month for the business that he now owns. He has been paying for about 10 years. He just drops a check off and my parents would get a 1098 tax form prepared for Ben and his wife every year. I am fairly certain my parents did seller financing for Ben and his wife. My mom would like to get out of the agreement. She is old and honestly, I don't want to have to pick this up in the future either. Ben still owes over 100k. She told me she heard my dad mentioned the contract could be sold. I think this is called note buying. Anyway, I cannot find a signed official copy of the contract agreement and promissory note. Of course my mom just breaks down and tells me she has no idea what I need or where it is. She thinks she might have thrown it away or maybe my dad lost it. After tearing apart the house I was only able to find drafts and unsigned copies of the the contract and promissory note. I did find a sale agreement and indenture which was done with a title company. I contacted the lawyer who drafted everything but of course he has passed away and his widow decided to just destroy all his files. My questions are –
If this is helpful – this is happening in Oregon, USA. I know this is long and I am sorry but I have so many questions and I am not sure what I am even doing. Please help. Thank you in advance! [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Better to pay off mortgage before renting out property? Posted: 21 Aug 2020 02:02 AM PDT I have a condo that I purchased for $245K and is now worth about $345K. I put 20% down on it because it was necessary at the time, so I have about 50% equity right now. I refinanced the mortgage from a 30-year fixed @ 4.65% to a 15-year fixed @ 3.375 about 9 months ago and can see the balance going down faster. I could have refinanced to another 30-year fixed at a new low rate 9 months ago rather than the 15-year fixed, and that would have enabled me to end up with a bit of cash flow if I were to rent it out, since the total monthly payment would be lower so I'd have some extra funds from the rent I'd get each month. With the 15-year fixed, my current total monthly payment (includes mortgage, interest, property tax, insurance, and HOA dues) would be close to what I'd charge for rent, so it would be roughly break-even. Whether I should have gone with the 30-year instead of going with the 15-year I guess is a question that's too late to be asking now. I just wanted not to have a mortgage payment to worry about by the time I retire. I could revisit refinancing again if it makes sense and doesn't lead to a long break-even point due to closing costs and what not. So at this point, would it be better to wait until I pay off the entire mortgage balance (about $178K left) before renting out the condo, or better to rent it out now, have someone else pay down the mortgage, and buy and move into a house? The prices of homes are on the high side right now, but interest rates are low. Chase Bank has a program that would allow me to take out another mortgage provided I have a signed rental contract on my current property. I wouldn't have to show 2 years of rental history on the unit before I can take out another mortgage. Having the mortgage balance all paid off before I rent out the condo would be less stressful, and in the event that I run into issues like we see now with the COVID-19 impact resulting in forbearance for renters, I wouldn't be worried about months and months of a renter not paying their rent due to financial difficulty and having to end up paying 2 mortgages each month. I'd have a greater ability to ride out the unforeseen when it comes to renting out the condo. But I'm curious to know what your views or advice would be... Thanks! [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 01:49 PM PDT I have a tenant that moved into a small residential property of mine and even though we had rehabbed it, apparently we screwed up and didn't get the proper permits pulled (honest mistake, whoops). Subsequently, the city determined the home shouldn't have been occupied until we went through the permitting process again and therefore we asked the tenant to leave the premises indefinitely. After they left, we got a letter from an attorney the tenant retained demanding around $30k for pain and suffering, legal fees, moving costs, etc. I took the advice of my attorney and we went to court over it, as they literally wouldn't settle, and at the time,it seemed like $30k for a house for a $800 a month house was highway robbery at best. This all started in 2017 believe it or not, and we are still no closer to having an actual day in court. Our case keeps getting punted or small conferences between the judge and attorneys happens to try and encourage settlement. Again, to this day they will not settle and are demanding $30k plus additional fees now too. This stupid case has given me endless heartburn over the years and I simply want to be done I think. What should I do here? [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Not sure if this belongs here but I guess it’s commercial real estate related? Posted: 21 Aug 2020 12:56 AM PDT I was scrolling through Loopnet and saw dispensaries for sale for 3-5m. I know banks won't loan you to open up. Anyone ever heard of cannabis dispensary loans? [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Can I use section 8 rental amounts to predict market rent in an area? Posted: 20 Aug 2020 03:14 PM PDT | ||||||||||||||||||||||||||||||||||||
| Looking to network with other Atlanta investors Posted: 20 Aug 2020 05:04 PM PDT Just tossing this out to connect with other RE investors in the Atlanta area. I own 3 small condos and looking to expand to SFH. Would love to build a small network of local investors to toss ideas around with. [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Biggest lessons you've learned over the years in Real Estate Posted: 20 Aug 2020 03:29 PM PDT Hey guys, we are all here because we love assets and passive income, so i was wondering what were some of the biggest lessons you've learned over the year? For me would definitely be not leveraging the properties a much as i could! [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 06:50 PM PDT Are the buildings for Golden Corrals often held by a specific real estate group. You know, like companies who only own Sherwin Williams, Fresenius, Dollar generals, etc? If so, what are they doing with the restaurants that are closing? Will they be offloading them? Any other businesses with mass closings that we should be mindful of? [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Inherited a property - how to clear it out and sell it remotely? Posted: 20 Aug 2020 10:23 PM PDT My mom died. I co own her house with my brother now. How can I clear it out without visiting the property? What do I need to make sure I have handled? [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 09:16 PM PDT I would like to purchase a duplex in a city near Denver for $500k. Based on my current income, I currently only qualify to purchase a $400k property. Assume one side has tenants and the other side (where my family would love) is vacant. If the current tenants have 9 months left on their lease and pay $2,500/month rent, do you know of any lenders who would include 75% of the $2,500 toward my monthly income, which would then allow me to qualify for a loan on the property? My FICO score is 800+, if that helps. Also, I have the ability to put to 25% down on a $500k property. However, I would prefer to put down less, especially if I am able to buy the property as my primary residence. I would prefer to go with an online lender, as I've found many offer competitive rates. Thanks! [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 05:22 PM PDT Would I be safe investing some of my money with them? I want to diversify my assets and would like to see if anyone else invests with them also and their feedback as well . Thank you! [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 01:24 PM PDT I currently own a SFR and it has been a rental for 10 years. I own it with my mom (not part of an LLC). The tenants have moved out and we're going to be selling it. My mom is in her 70s and would like her money. I'd like to avoid taxes and buy another rental. It'll likely be a vacation rental so we can get some personal use out of it, but it will still primarily be a rental. So I have some questions. 1) Is it possible to take my share of the proceeds into the 1031 while my mom takes the cash on her share and pays taxes on her share? 2) If not, is it possible that we both go into the 1031 together on the new property? Then after a set period of time, we refinance, pull her cash out, and I essentially buy her out with that cash? 3) Regardless of the above answers, is it possible to 1031 into a less valuable property? Selling a $400,000 house, buying a $300,000 house. Thank you for your answers. [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Crunching the numbers without knowing what kind of financing is being used Posted: 20 Aug 2020 05:00 PM PDT Context: I'm just trying to shake off my analysis paralysis ahead of time by crunching the numbers on some random properties. I'm in high school, but wanna house hack in college. Problem: I've heard the best way to determine if a deal is worth it or not is by calculating CoC. Part of the reason it's so good at determining this is because it factors in your financing. The problem is I don't know what kind of financing I'm going to use. I'm guessing I would attend real estate meet ups and find an investor to partner w me and co sign the loan. I would bring them deals, and they would finance me through. Not sure if this is the right way to go about this. If I don't know my financing, how can I accurately determine whether a deal is going to work for me or not? [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Should I eat the cost difference because I am an idiot??? Posted: 20 Aug 2020 07:57 PM PDT So it's coming close to the end of a 5 month flip and it's time to do roofing. I had 2 contractors in mind for the roof. I called both a week ago, one got to me before the other for a price of $200 per square on a 30 square roof. So about $6000 dollars to put a new set of shingles on the old ones.(Old ones are not leaking or anything -just look old). The other got back to me today for the same job at 140 a square. So about $4200. But it's my first ever flip/property and I may have jumped the gun because I already agreed to the first guy for $200/square.. My problem is that I want to go with the cheaper guy (I know his work is good because I used to work for him) but I feel like an asshole canceling on the other guy even though I never paid anything yet or signed anything. So should I just eat the difference because it's my fault. Or am I thinking too hard because business is business? Thanks in advance. [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Posted: 20 Aug 2020 07:44 PM PDT In lieu of my week this week, let's hear some nightmare contractor stories. For example: One we fired today hung a 240V washer line from the basement ceiling. Literally hanging... Have fun! Dig deep! Give me some of your best stuff so I don't feel so bad! [link] [comments] | ||||||||||||||||||||||||||||||||||||
| Opinions on buying duplexes in C class neighborhoods that are rented to section 8 tenants Posted: 20 Aug 2020 11:54 AM PDT As the title says, what are your opinions on duplexes in C class neighborhoods that are lower income areas. Have an opportunity to buy a 4 unit building for 155k with 3.5 percent 30 year mortgage. All units are rented for 800 and have stable tenants in them. Would love to hear your thoughts and stories of renting in similar areas. Given that an inspection checks out and building is in decent condition, what's holding you back from a deal like this? [link] [comments] |
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