- Our mortgage is $850, and we are renting it out for $1800 in its first year. We purchased it at $167,000 and currently owe $133,000. The home is valued at $340,000. Should we continue renting it or sell?
- Where do you go to network and meet other RE investors?
- Is Rent to Retirement legitimate?
- Finding a realtor for my purchase
- Australian thinking to purchase property in USA
- Is this an unrealistic expectation?
- Possible for married couple to have 2 FHAS?
- Leads for Investment Property refinance?
- Where do you see prices heading in the next 5 years? Im seeing people over pay for properties its crazy NJ
- Is this house a good deal? Why is it so cheaper per sq feet than comps?
- Refinancing is taking 4 months, what can/should I do?
- To Build or Not to Buy
- Do you have to follow FHA guidelines after refinancing to conventional? (203k)
- Can I afford it?
- Buying first house; Question about Renting it after or pull equity for separate rental property
- Planning to subdivide lot and add two mobile homes...
- Leverage & cash reserve questions
- How to get credit from equity to buy more investment properties. Please help i am totally clueless on the loan stuff.
- Is this method still profitable?
- Help with figuring out financing to move forward and expand.
- Renting out my first property - any words of advice?
- What should be my order of operations?
- Has anyone used lemonade insurance for multi family properties?
- Airbnb Profit Calculator Tool?
| Posted: 06 Aug 2020 03:34 PM PDT As the post said, we are currently renting the home out. We purchased the home back in 2013. We aren't sure whether it's better to have $200k to invest or keep getting $1000 a month from the rental? [link] [comments] |
| Where do you go to network and meet other RE investors? Posted: 06 Aug 2020 01:06 PM PDT I'm 20 and currently renovating my 2nd home to eventually rent out. Where can I find more investors to do deals with? I know there are many RE meetups in my area (Chicago), but many of them are full of people still looking to buy their first home. I dont want to talk shop with people who aren't serious, I want to put deals together. [link] [comments] |
| Is Rent to Retirement legitimate? Posted: 06 Aug 2020 05:51 AM PDT I have been looking at Rent to Retirement's website and business model for a while. I even spoke with Zach a while back to learn more. Looking at the numbers, it's not clear to me how it works. If these turnkey properties cash flowed so well, why wouldn't Rent to Retirement hold on to them? Understand they seem to price them substantially higher than market value and also collect property management fees on an ongoing basis, but am I missing something? I am worried that something like this could turn out to be a Ponzi scheme... [link] [comments] |
| Finding a realtor for my purchase Posted: 06 Aug 2020 07:45 PM PDT I am looking to buy a single-family house relatively quickly in a new city and rent out the extra rooms for additional income. I ended up in a situation where I may need to move to this town earlier than I had planned. This is my first home purchase so I am unfamiliar with dealing with real estate agents. I have done enough research to know what kind of property I want and where I want to buy. When looking for a realtor is it common to shop around for different agents or interview them ahead of time, or have multiple realtors showing you available properties at first? It is to my understanding that realtors like to push contracts on buyers/sellers gain their retention as sole agent (understandably for their them). I just want to make sure I am able to find an agent who understands what I am looking for in my situation and will work relatively quickly so I can write offers. I just want to make sure I don't end up on the back burner, but stuck in a contract with them if they are caught up with too many and/or higher valued clients at the same time. [link] [comments] |
| Australian thinking to purchase property in USA Posted: 06 Aug 2020 09:18 PM PDT Hi all I been playing around on phone app Zillow and can see that some properties can be rented for 10% rental return , seems too good to be true?, is this normal real estate returns for USA? If so, why would someone bother with stock market and ETFs if they can get guarantee 10% return from property? In Australia rental returns are usually 3%, barely enough to cover average inflation so we rely on property prices to increase to get a return on our investment [link] [comments] |
| Is this an unrealistic expectation? Posted: 07 Aug 2020 12:32 AM PDT Ok. I'll try to be as detailed as I can be. I have some experience in rentals because of my father in law having rentals and doing well because of it. In the last year I've more than doubled my income ( from below 40k to around 90k) and have tons of job security but very little time because of it. If we take a reasonable lifestyle jump but nothing crazy we can easily save 15-20k a year to invest. In about 4 years the wife will go back to work and that might jump to 30-40k a year. We currently have no debt minus a home loan . Our plan for the next year is to sell our current loan, get into a house we actually like and get a significant nest egg/emergency fund. Then it's time to invest. In our area we can buy move in ready homes or at least ones that are very close to move in. We can do all the painting, clean up, basic repairs, and would probably pay someone to do basic carpet and flooring and the main expenses would Be hvac. I'm not an industrial electrician by trade and would probably learn hvac or take a couple classes to get this covered. So my thoughts are we can buy a home every 2 years with cash, and turn it into a rental. The homes would bring 5-900 a month depending. Taxes would be taxes would be 1-2k. The main issue would be emergency repairs when I'm working or sleeping. I figure at some point I'd hire someone to cover that part of things. Anyway, does this sound like a doable plan? Or should I just max my 401k and start buying index funds . Thanks [link] [comments] |
| Possible for married couple to have 2 FHAS? Posted: 06 Aug 2020 08:39 PM PDT As title says, I bought a 2 family house with a FHA loan 2 years ago. My wife is not on the mortgage nor on the title. We now want to buy a second 2 family property again going through FHA, this time putting the mortgage and title under my wife's name. Is this possible at all? Mortgage lender told us that we would need to go the conventional route and have 25% down payment. [link] [comments] |
| Leads for Investment Property refinance? Posted: 06 Aug 2020 08:10 PM PDT Can anyone here provide some searchable info (companies, brokers, etc...)for contacts that I can shop for an investment property refinance? Denver, CO, Zillow Estimate $371,000, Loan Amount = $144,000, LTV = 39%, Condo, less than 4 stories with competent HOA. It seems difficult to find companies that will provide solid loan estimates for an investment property. Any advice is welcome. Thank you. [link] [comments] |
| Posted: 06 Aug 2020 08:06 PM PDT Im in paterson nj and everyone here is buying these crack houses and flipping them they duplexs but in really bad areas. [link] [comments] |
| Is this house a good deal? Why is it so cheaper per sq feet than comps? Posted: 06 Aug 2020 07:44 PM PDT |
| Refinancing is taking 4 months, what can/should I do? Posted: 06 Aug 2020 11:16 PM PDT I am currently working with Loan Depot to refinance three mortgages. We began the process in May and they continue to drag me along with little to no updates. What can I do to light a fire under them? This is super frustrating and I feel helpless. I want the lower rates, but I also don't want to restart the entire process. Any advice? [link] [comments] |
| Posted: 06 Aug 2020 04:19 PM PDT Hello folks! New to this subreddit and aspect of my life, great to be here. Pretty simple question involving my personal situation: I have a substantial amount of liquidity due to inheritance and I am strongly considering real estate investment as an option in the near future. I've been looking around and doing my own research into where/ how to meet my own personal goals and I have my "boiled-down" list of suitable locations. I've been looking at properties for a few weeks in these locations and keep running into the same problem of not being able to find the right combination of factors for the right price. It could be the proximity to other houses, lack of natural light, poor or undesirable use of building materials already installed like crappy interior doors, lights or countertops, or even things like the exterior paint color. Now these things wouldn't be an issue if I just decided to just change them via a little elbow grease but it has me wondering why I don't just get a piece of killer property and build my own custom house. That way I would have the ability to just put in what I would want from the ground up. The problem with that (as far as I can tell) is that if I took on that project I would want to build something pretty atypical of the standard development. I'm a fan of Earthships and would ideally build into the side of a hill with part/most of the home being subterranean. I also want to build ecologically and sustainably with solar, wind and ground heating/cooling built in to the initial construction. Aesthetically, I'm thinking something like Bag End from LoTR. My questions are: would that uniqueness have a positive or negative effect on its value were I to sell in a few years? Is building something like this usually a giant money sink and if so what can I do to avoid common pitfalls? Finally, is this too ambitious for a first REI project? I have no problem devoting my time and energy to such an endeavor but should I acquire more experience/money as a homeowner before I become a home builder? Am I more likely to lose money? My current budget for this project is $400k. Appreciate your time! [link] [comments] |
| Do you have to follow FHA guidelines after refinancing to conventional? (203k) Posted: 06 Aug 2020 05:41 PM PDT Hi, I am looking to purchase a 2-unit using an FHA 203k loan, but I'm not sure if I can meet the full one-year live-in requirement. If I refinance to a conventional loan, does that remove the live-in req? [link] [comments] |
| Posted: 06 Aug 2020 04:34 PM PDT Hi all, I'm a potential first time home owner in the DFW area and trying to evaluate renting versus buying, and if I buy, how much I could comfortably afford. Previous salary 62k, current salary 160k + 24k annual bonus. Savings: 50k Investment portfolio: 240k Credit Score: 705 TLDR: Can I comfortably afford a 500K property in Dallas? I'm looking at some properties in nice locations in Dallas to live in now but with the that have potential to rent full time in a couple years should I leave the area. I'm not looking to full on house hack, but I've seen some nice 2/3 bedrooms and could potentially rent out a room to a friend for 1k/month. That said, I would want something that I'd be financially comfortable with even in the case that I don't. One question I have is since my income jumped significantly from 62k to 184k and I don't have 2 years at the current salary, would that be problematic? The industry is the same, I was just paid below market in my last role. The other question is I have seen all these different rules of thumb, mortgage <= 28% of gross, <= 32% of gross including pmi/taxes, etc but not really sure what to go by or how to factor in things like HOA fees. I want to avoid HOA fees if possible, but for the sake of discussion, I saw a place that I really liked in the Knox/Henderson area (if anyone familiar with Dallas) at just over 500k. It's about 2000 sq/ft, 3 floors, has an en suite bedroom on the ground floor which would work well to rent, and a home office on the third which is great Bc I work from home. It's currently new from the builder. I believe monthly including high TX property taxes, HOA of 290/mo, insurance etc comes to 2900-3000/month. That number is more than I'd like and if I got a roommate at 1k/month it would certainly help, but even without, could I afford something like this? My biweekly paycheck excluding annual bonus would be net about 4500 so roughly 9k a month. The $3k month would be about 33% net pay and about 24.5% gross. Assuming I then max retirement account (call it $1500) and spend $1500 on misc, I'd be left with $3000 to save in a non retirement savings account. I could then not rely on the income from the bonus and save it. The downsides here are 100k down, HOA of 290/mo, and the fact that it does seem to be a seller's market right now. If I were to purchase, I could deduct the property tax up to 10k and interest from my income, which may net me some non negligible savings. My alternative would be renting a one bedroom apt for 1700-2100/month. Any thoughts would be appreciated - this is my first time! Should I be looking cheaper, waiting, etc. I'm in no rush and can wait a few months if foreclosures are expected and the market may cool. Thank you in advance! [link] [comments] |
| Buying first house; Question about Renting it after or pull equity for separate rental property Posted: 06 Aug 2020 09:21 AM PDT Hello all, my wife and I are looking to buy our first home in about a year. Preface: I've been interested in getting into REI for a few years now and I've managed to talk my wife into the mindset of eventually renting out our first house and using the equity to finance a longer term house in the suburbs. We are still young so we still enjoy living in the inner city area of Houston. The plan is to buy a townhouse or condo in the city, live in it for ~3-4 years, cash out refi to buy a house in the suburbs, and rent out the first property. The problem: We've already started shopping around, and my wife already likes a lot of fairly nice properties that fit our wants/needs/budget, but still insists on making some changes (ie. waterfall kitchen island, modernize stair rails, knock down walls to open up space). Obviously I've tried talking her out of it because it's just not wise in the bigger scheme of things, if don't plan to live there too long. Question: Instead of renting out the first house, would it be wise to stay in the first house for the foreseeable future and use the equity to purchase a rental property after? Does it matter what comes first or second? Is this just a bad plan in general and we're in over our heads? For reference we are 33/32, both have stable career jobs as an engineer and nurse. Thanks all, any guidance is greatly appreciated! [link] [comments] |
| Planning to subdivide lot and add two mobile homes... Posted: 06 Aug 2020 07:37 PM PDT One already has septic, both have city water. My partner and I have flipped manufactured homes before but we have never done a scrape and a new installation. Does anyone have who has experience with this have any suggestions or advice? Thank you in advance for replies! [link] [comments] |
| Leverage & cash reserve questions Posted: 06 Aug 2020 06:17 PM PDT 1) How much cash should I keep in case of repairs/vacancies etc? As of now I've been keeping 6 months of expenses for all my rentals, in case something happens and I have to cover everything. But it's locking up a lot of cash that could be invested and growing at more than a 1% rate. 2) How much is too much leverage? If I have 5 times my gross annual salary in mortgages, should I stop? Or continue reinvesting for as long as the banks will lend me money? And what's the max the banks would ever lend me? (Rental income covers rental expenses but I have 2 vacant properties right now that I cover - sale & upgrades) [link] [comments] |
| Posted: 06 Aug 2020 02:20 PM PDT Hello. I've never posted here before but hoping you all can help point me in the right direction. I'm using my throwaway cause people know me on my main account and i don't like discussing finances publicly. I want to dive into real estate investing and I have a plan but am not sure how to go about executing it and I don't know anyone I can ask. I'm not necessarily new to it, but haven't really like taken the full plunge and I don't know how to move forward. I'm 31 and married, my husband has a handyman business that's a sole proprietorship. We are in the SE US and own three houses with no mortgages. I bought the first one when i was 21 and we've bought and paid off the others since. Between the three houses we have around $600,000 in equity. We live in one, one is a triplex and is rented to long term tenants, the other is single family home that we are still rehabbing but will be done soon. The one house currently nets $24,000 per year and the second house will add an additional $15,000. We really enjoy being landlords and it's been a great experience for us. Weve been doing it 8 years. Over the next few years, I'd like to get 4-5 more properties to either rent or flip. for around 60-75k each. The thing is, while we have no debt, we also have reported hardly any income over the last two years. Just the 24k from the rental and another $12k in schedule c. I had some medical issues and had to quit my job and needed to be in a lower income bracket to afford ACA insurance. I'm better now and have income again. So i know obviously this year and going forward we will need to be reporting more income so that we can qualify for loans again so I don't plan on moving on this until at least 2022 or so. But I am wondering the best way to go about all of this to plan. Right now, the houses are just in our names, would we be better off forming a corporation and earning money through that and then apply for credit as a corporation? How does that work? Is it possible to get an equity loan that way or would it be a different kind of loan? How much profit would a corporation need to be reporting and how long does it need to exist to get a large loan like that? I have no idea how any of that works or what kind of person I talk to to figure that out. Eventually I'd like to get a construction loan to build on a lot we have as well. But that's probably later down the road after buying a few more houses. So that's my main question. How do i get from where I'm at now to getting enough credit to be able to buy more properties? Thank you! [link] [comments] |
| Is this method still profitable? Posted: 06 Aug 2020 05:28 PM PDT I'm 19 and genuinely have an interest in real estate. I don't wanna become an agent simply for the oversaturated market. Every other investing methods requires a large sum of capital except wholesaling. I honestly feel like it's a shot in the dark and very uncertain how it'll play out. [link] [comments] |
| Help with figuring out financing to move forward and expand. Posted: 06 Aug 2020 03:02 PM PDT How to get credit from equity to buy more investment properties. Please help i am totally clueless on the loan stuff. Hello. I've never posted here before but hoping you all can help point me in the right direction. I want to dive into real estate investing and I have a plan but am not sure how to go about executing it and I don't know anyone I can ask. I'm not necessarily new to it, but haven't really like taken the full plunge and I don't know how to move forward. I'm 31 and married, my husband has a handyman business that's a sole proprietorship. We are in the SE US and own three houses with no mortgages. I bought the first one when i was 21 and we've bought and paid off the others since. Between the three houses we have around $600,000 in equity. We live in one, one is a triplex and is rented to long term tenants, the other is single family home that we are still rehabbing but will be done soon. The one house currently nets $24,000 per year and the second house will add an additional $15,000. We really enjoy being landlords and it's been a great experience for us. Weve been doing it 8 years. Over the next few years, I'd like to get 4-5 more properties to either rent or flip. for around 60-75k each. The thing is, while we have no debt, we also haven't reported very much income over the last two years. Just the 24k from the rental and another $12k in schedule c. I had some medical issues and had to quit my job and needed to be in a lower income bracket to afford ACA insurance. I'm better now and have income again. We have around $40,000 in cash and other accounts. So i know obviously this year and going forward we will need to be reporting more income so that we can qualify for loans again. But I am wondering the best way to go about all of this. Right now, the houses are just in our names, would we be better off forming a corporation and earning money through that and then apply for credit as a corporation? How does that work? Is it possible to get an equity loan that way or would it be a different kind of loan? How much profit would a corporation need to be reporting and how long does it need to exist to get a large loan like that? I have no idea how any of that works or what kind of person I talk to to figure that out. So that's my main question. How do i get from where I'm at now to getting enough credit to be able to buy more properties? Thank you! [link] [comments] |
| Renting out my first property - any words of advice? Posted: 06 Aug 2020 08:57 AM PDT I currently live in a single family home and my parter and I are doing distance for the next couple of years. I don't need an entire home to myself and figured I could purchase a new investment property for myself to live in (condo) and rent out my current home. I would love to hear any advice you may have for someone looking to rent out their home for the first time. If you have any specific input to the following questions too, I'd greatly appreciate it: 1) How much money should I have put aside as an emergency fund for the home I would like to rent out? Welcome any input. Thanks. [link] [comments] |
| What should be my order of operations? Posted: 06 Aug 2020 02:41 PM PDT I want to refinance both houses but also signed an agreement of sale on a 3rd house yesterday. House 1: 3% rate. + PMI. Primary residence mortgage but I have recently moved to rent where I live now and currently have this property occupied with tenants. Would like to refinance into investment mortgage. ~30% equity House 2: 5.125% rate. Investment property mortgage. Occupied with tenants for several years. ~30% equity House 3: Just signed an Agreement of Sale yesterday on Investment property. Closing October 1st. I've been quoted at 3.25% refinance for house 2 so it would be worth me refinancing for both 1 and 2. But I don't know if the refinance will mess up the mortgage process with the 3rd house. Any advice on what I should do first? I fear doing one transaction will effect the others. [link] [comments] |
| Has anyone used lemonade insurance for multi family properties? Posted: 06 Aug 2020 06:18 AM PDT I chose some pretty high coverage and got a very low rate... what is the catch? [link] [comments] |
| Airbnb Profit Calculator Tool? Posted: 06 Aug 2020 01:19 PM PDT Has anyone used AirDNA's "Airbnb calculator" to estimate revenue and/or their paid investing tools? The first part is free, I've run it a few times and hoping to find a 2nd home to buy -> rent. [link] [comments] |
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