Real Estate Investing: Need advice for next step - Midwest |
- Need advice for next step - Midwest
- Advice for buying mixed-use building
- Benefits of forming an LLC for property management?
- Real Estate Agents And Deals
- Advantages of Full MLS Access vs. General MLS Search/Zillow?
- Best way to handle taxes on sale
- [NJ] I have the opportunity to buy a home to flip or with those same funds buy a 4 family home to rent out. I’m split in the middle and have NO idea what to do!
- Looking to buy my 1st trailer park.
- Where in the HOA docs does it specify if they are responsible for water damage to structure? (Condo in CA)
- Do mortgage rates depend on the state you live in?
- Transferring personal property to LLC
- Is my plan dumb or smart?
- What are your thoughts on modular homes?
- Best Seminars or Mastermind groups?
- Estimation when performing DD
- How to use county records site to do searches?
- 1% Rule
- Best way to collect rent that automatically adds late payments and other features?
- Am I selling securities as the active member of 2 member LLC
- Beginner - NJ Real Estate Investor. Desire to Purchase Multi family Property
- Consideration for a modular home?
- To refi or not to refi ��
- Seller Financed 4 Plex
- #PART2 what would you do with 45k to 200k fund for MF buying in (North jersey base) or PHilly?
| Need advice for next step - Midwest Posted: 16 Aug 2020 05:07 PM PDT Small time land lord trying to expand. I currently have one duplex and one single family home where we currently live, which is the house in question. We will be moving out of this house shortly but am torn as to what to do. In 2017 we purchased the single family house for 126K and put 15K into it while adding a bedroom and upgrading. Right now we could sell it for 180K, owe 102K. I have it financed at 20 years (17 left), 3.5% for a PITI for about $950/month. I could refi it to a 30 year which would bring PITI down to $750. I also have an unused 47K HELOC @ 2.99% that I would use to buy another duplex in addition to our new single family house we will be buying. Rent - I'm confident we could get $1,450/month. This makes more sense if we refi back to a 30 year. Should be able to net $650-$750/month. What would your play be in this situation. Sell/Refi to 30/keep at 20. [link] [comments] |
| Advice for buying mixed-use building Posted: 16 Aug 2020 06:00 PM PDT I'm thinking of buying a building in NYC that has a commercial space on the first floor and apartments on the upper floors. All the units are occupied and the rent roll would cover my costs including mortgage, taxes, water/sewer, electricity, insurance, super, repairs/maintenance (according to the high level info provided by the broker). The property is in a safe, family friendly neighborhood that we are very familiar with. I see this as a long-ish term investment where I can have a property that appreciates with costs covered by the tenants and potential for me to live in if we want to. This would be my first time doing this sort of investment so I don't know what I don't know. What due diligence should i be doing to reduce risk? What other costs should I try to uncover? [link] [comments] |
| Benefits of forming an LLC for property management? Posted: 16 Aug 2020 04:56 PM PDT I'm just about to start renting out my first condo and I plan to purchase more properties in the next 5-10 years, all specifically for renters. I'm wondering what the benefits are of forming a "property management" business, versus not? Are there better tax breaks if I form an LLC? Am I giving up anything by purchasing/listing the properties under the LLCs name instead of my personal? I know this is a loaded question so I'm open to any kind of feedback or guidance to material that can help me better understand the pros/cons. Thank you! [link] [comments] |
| Posted: 16 Aug 2020 06:20 PM PDT Do real estate agents find creative financing deals such as seller financing or subject to deals? [link] [comments] |
| Advantages of Full MLS Access vs. General MLS Search/Zillow? Posted: 16 Aug 2020 06:39 AM PDT What are the advantages of getting full MLS access if investors can already search for properties on the MLS website (no login required) and Zillow? My understanding is that Zillow pulls data from the MLS. I'm guessing there are more advanced tools and search options for finding prosperities? I'm not interested in listing any properties at this time. [link] [comments] |
| Best way to handle taxes on sale Posted: 16 Aug 2020 07:26 PM PDT Purchased a two-unit in Oct 2017 as my primary residence & half rental. Purchased new SFH in Nov 2019 and moved into it as my new primary residence, making the 2017 two-unit a full time rental property. Unfortunately for the houses, I am now planning to move 1000 miles away. I do not want to deal with property managers or long distance rental. What would be the best way to handle taxes on a sale, specifically for the two-unit that I've owned for almost 3 years now (was my primary residence for 25 months). I anticipate selling the rental within the next 3 months here. Can I 1031 into a reit or anything? [link] [comments] |
| Posted: 16 Aug 2020 09:30 PM PDT Flipping the house would be about $120k cash. Buying this property would be about $70k for the down payment. Looks like rent roll for the 4 family could net around $25k a year after I pay off my mortgage. I currently own another 4 family that I get $36k a year after I pay my mortgage. I would be the realtor in both buying the house to flip and selling it. The house costs $120,000. Rehab will cost, at most, $120,000. And houses renovated in the same area go for about $350,000 to $375,000. So worst worst case scenario, tons of shit goes down, I'm fairly certain I can still walk away with $90,000. For me I'm leaning towards that $90,000 one time, which can very well end up being $110,000. But 4 families are tough to come around and that's, kind of, guaranteed income which along with my other property I would make $61,000 a year in passive income which is super appealing. BUT the $90,000+ from rehabbing the home can help in buying a commercial property with 8+ units in the future. My CPA knows how to crunch numbers though shhh don't tell anyone. And my father would be the general contractor in charge of remodeling the home. Which obviously means much less money spent on labor, very big help. [link] [comments] |
| Looking to buy my 1st trailer park. Posted: 16 Aug 2020 10:19 AM PDT Hey guys, I'm looking at buying my first Tpark. Let alone my first real estate purchase. It's a 6 unit lot with 5 homes on it, also comes with a 3 bed room rent house right next door. I was wondering if anyone had any tips on what to look for or different signs to get a rough value of the place. Thanks in advance [link] [comments] |
| Posted: 17 Aug 2020 01:55 AM PDT My roof had a leak, then HOA fixed roof, and I patched the ceiling. I am worried that the wooden joists between the roof and the ceiling may still be wet and become structurally compromised over time. Where in the HOA docs does it specify if they pay for the repairs to the joists due to water damage? This is for a condo in Southern California. [link] [comments] |
| Do mortgage rates depend on the state you live in? Posted: 16 Aug 2020 07:18 PM PDT We were trying to refi our properties and our rates in (Massachusetts) was so different from our friends in Texas (by a whole percent!). Do mortgage rates vary significantly from state to state? [link] [comments] |
| Transferring personal property to LLC Posted: 16 Aug 2020 03:19 PM PDT Transferring property to LLC Hi all, I'm looking to actually do both and refinance my investment property and transferring it to an LLC. I just moved out and plan to rent it out so, the property is currently under my name and the lender I plan to refi with isn't going to be with my original lender. How can this be done? Do I tell my future lender that I plan to form the LLC and so the new mortgage will be under the LLC rather than myself? I want to do this without triggering some kind of payoff clause whenever I "sell" my property. Also, I've moved out of the state where my property is in. Does it make sense the form the LLC in the new state or the state where the property is in? Does it matter? Thanks in advance. [link] [comments] |
| Posted: 16 Aug 2020 06:58 PM PDT So in my current position I bought a house with 200k and now 10 years later it's worth about 325+ I want to know if I'm being foolish here. I was thinking I take out money from my equity and buying another house to move into and put this one on rent. I understand right now the house prices are high but it is a good time to get a good rate. I'm wondering if I'm being foolish and setting myself for doom or if I should continue with this plan. I eventually want to get into real estate investing by buying and renting properties. Thanks in advanced. [link] [comments] |
| What are your thoughts on modular homes? Posted: 16 Aug 2020 09:22 PM PDT I plan on buying a few acres of land and building a modular home on it. From what I have been reading, modular homes are just like stick built homes in the sense that they will go up in value. Is there anything I should know about modular homes before I start? [link] [comments] |
| Best Seminars or Mastermind groups? Posted: 16 Aug 2020 08:41 PM PDT As the title states, any good MM groups or seminars anyone has attended? Would love to join a group to further network but never know who is selling snake oil these days or just reiterating common knowledge [link] [comments] |
| Posted: 16 Aug 2020 04:50 PM PDT Hi, I'm looking at purchasing my first real estate investment. I'm looking at a single-family home, around $150,000 in a college town on the east coast. The home has 4 bedrooms and I'm wondering how most people go about estimating repair costs, renters and homeowners insurance, a replacement reserve, and potential rent when doing their financial calculations. So far, I have used 10% of monthly rent for repairs, 5% for a replacement reserve for anything major. For renters insurance I did 4% of the purchase price, should I also be calculating homeowners insurance? Or is this normally covered in the renters policy? Estimating the monthly rent has been difficult for me and really seems like the deal breaker across the board. Most of the properties in the area are newer condos for rent, and it has been hard to find a direct comp. At $1,500 a month in rent and given the above considerations I would see about $370 in monthly cashflow, but given rent of $1,200 I would be under $150. Are my estimates for repairs and insurance reasonable? How do you go about figuring rent price before purchasing to maximize rent while avoiding vacancy? Thanks for the help! [link] [comments] |
| How to use county records site to do searches? Posted: 16 Aug 2020 01:23 PM PDT Just trying to navigate the site and figure out what kind of things I can search for, and what kind of information do I need to have in order to find information on any given address. Would appreciate general advice, as I've tried different things and nothing shows any results so I'm not sure if I'm doing it right or wrong. Thank you [link] [comments] |
| Posted: 16 Aug 2020 07:03 PM PDT If you're not able to rent for 1% of the buying price, should I not buy? Or should I be good as long as there is some cash flow coming in? [link] [comments] |
| Best way to collect rent that automatically adds late payments and other features? Posted: 16 Aug 2020 05:44 PM PDT How is everyone collecting rent? I normally had my tenants mail check but want to move to a more electronic way to keep better track and possibly a way to automatically add late fees. Just want to automate the process a bit better [link] [comments] |
| Am I selling securities as the active member of 2 member LLC Posted: 16 Aug 2020 06:44 AM PDT Hi - I invest in small (2-4) multi-families with a friend through a LLC partnership. He is on a work visa so he can only be a passive member(has a say in what properties we buy though) and I am the managing member. We both put 50% each of down-payments + closing costs and both get 50% in equity. Our properties have ranged from $100 - $200k. s. Am I violating SEC regulations because he is fully passive and puts in 50% capital? Also if I add another passive friend to the LLC, would the answer to above change? [link] [comments] |
| Beginner - NJ Real Estate Investor. Desire to Purchase Multi family Property Posted: 16 Aug 2020 03:40 PM PDT Anyone who is knowledgeable or has dipped their hands in North NJ real estate investing, what are your thoughts on generating cash flow and buying in value appreciating areas for multi-families? 24[F] looking for helpful advice for when I have more financial cushion and complete a career change for higher income to get into real estate investing. Currently have $70K total saved including emergency fund. No debt. Reside in North NJ. Planning to apply for Owner-Occupied financing with a 10% - 15% down payment. *I'm aware property taxes are nuts and it isn't the easiest state in the US for residential investing. I'm trying to get a true understanding of what I may be in for if I decide to invest. [link] [comments] |
| Consideration for a modular home? Posted: 16 Aug 2020 06:00 AM PDT Tl;dr: Are considerations for maintenance and capex different with a modular or pre-fab home? Is it advisable to put an addition or make other structural changes on a modular home? Googling around has provided some conflicting info about whether these home are worthwhile investments because of stunted appreciation rates and what to look out for. I have been shopping around for a SFH or duplex in a rural area I know reasonably well, about 3 hours from the higher COL area I live in currently. My plan would be to live in the home for a year and then rent it out as a seasonal or medium term rental as this is common for the area (permanent WFH for me was made possible by COVID and my partner has at least 6 months until she needs to return to the office). I came across a property that is on a good sized lot (over 5 acres) and in a great location. The house itself appears in good condition although it's outdated. It was built in 2004 and I would update the interior and landscaping over the course of the year I live there. In the long term I would want to build a second separate house on the property but further back in the lot. Assuming this is not possible by the time I have enough cash to do it, my option would be to expand the existing structure. I'm not sure what the considerations are for adding on to a module home. [link] [comments] |
| Posted: 16 Aug 2020 01:30 PM PDT Hi all, Completely new here so forgive the potentially no brainer question. I purchased a condo 3 years ago and now rent it out to cover my mortgage payments (not making additional cash beyond that) while purchasing another home with my husband. My rate on the condo was/is 3.85% on 30 years and I have the opportunity to refi for 2.5% or 2.3% based on what I have been hearing. The question is, which scenario am I better off with:
I am planning to keep the place for a while as it is in a highly rentable area. I would love input and suggestions on this one. Essentially I am trying to decide on the trade off between extra cash now vs paying off a loan quicker .. I appreciate you guys! [link] [comments] |
| Posted: 16 Aug 2020 09:32 AM PDT I found a seller financed 4plex in Vegas. On a scale of 1-10 the area is like a 5. I am 25 and have mentors to contact with deep though questions and situations. I am hesitant to buy it because of the eviction moratorium and our incompetence dems and reps not extending the weekly pay and the fact that 22% of small businesses have permanently closed nationally that this may not be the best time to buy a 4Plex as my first investment property. What do you think? My vibe and gut says don't do it yet. [link] [comments] |
| #PART2 what would you do with 45k to 200k fund for MF buying in (North jersey base) or PHilly? Posted: 16 Aug 2020 10:35 AM PDT Hey everyone, got some good insights from my previous post and was wondering as update what would be the best use of 45k to 200k in purchasing MF for house hacking/investment. Would it make sense to buy in NJ or Philly, by the numbers? if it's wise if the goal was to cash flow long term [link] [comments] |
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