Real Estate Investing: Under contract today for my 5th small MF!! |
- Under contract today for my 5th small MF!!
- Investing in Puerto Rico.
- Should I buy my parents' house?
- Can I charge my girlfriend rent and depreciate?
- 4plex for sale not zoned for multifamily?
- New Yorkers: where do you invest outside of NY? (BRRRR in a LCOL area/cheaper homes)
- Refi Rental to Build Home
- Cash buy or Mortgage
- Best way to bring a friend as investor on an under contract deal w/o causing lender or securities issue
- Are zillow home appreciation rates accurate?
- Wanting to invest in real estate but I'm not American?
- Mineral Rights in Colorado
- Trends in rural acreage
- When and How to Buy Second Property
- Anyone investing in San Diego?
- General Investment Tips
- How to preserve personal credit score?
- Best way to transfer property from llc to personal credit?
- Investing in Canada
- Looking to purchase multi-family with dad. Are we screwing myself over?
- How Do I Search All Properties in a given area (not just the ones on the mls)
- What are the biggest factors that YOU consider when looking at a new city/town/area to invest in?
- What is a good first investment property?
- Short Term Rental Buying Questions
| Under contract today for my 5th small MF!! Posted: 14 Aug 2020 06:29 PM PDT So, under contract today for a sweet quadplex in my chosen market. Tax abatement, so I'm expecting 18-20% CoC until the abatement is over in 4 years. Found it by doing what I've been doing. Look daily on Redfin. Research anything that looks plausible, offer when it meets my criteria. This one did - but it was a bit scary. Double the price I've been paying per unit. Rents and location justify it, but I still had to talk myself into "levelling up" my price by double. But, numbers don't lie. Put in a low-ball offer to sweeten the pot even more, but others offered as well. Ultimately, went back to asking price, but the numbers still work. If you're on the sidelines, do what I do. Research, analyze, repeat. When you find one that the numbers work on, pull the trigger. [link] [comments] |
| Posted: 14 Aug 2020 07:56 AM PDT Has anyone here ever invested in Puerto Rico? Due to the economic downturn in Puerto Rico over recent years home values have dropped by as much as 25%. It's now very easy to find 3-5 bedroom homes that are in need of repair for less that $100,000. Some, as little as $30,000. When it comes to property taxes, you won't pay any for as long as the home is your primary residence and the home value is less than $150,000. My father and I went there in 2018 to look at a 3 bedroom condo for sale for $100,000 right on the beach. With each bedroom window overlooking the ocean. When it comes to AirBNB, a 3 bedroom home will easily rent for $2,000 plus for a single week. Does it make sense to invest in an island that has huge potential for growth but is currently on the decline? [link] [comments] |
| Should I buy my parents' house? Posted: 14 Aug 2020 12:31 PM PDT Hello investors, I'm looking for a way to both help my dad out while also taking an advantage of a possible investment opportunity, but I don't know if it's worth the risk. My dad is looking to sell his house in TX in a fairly high-value area. He fully owns it and only pays property taxes. He needs the income from it because he's retired and is unable to access his offshore retirement savings due to financial crisis/political instability. I estimate the house could sell for $350-400k easily. This is where it gets murky. Over 20 years ago he took this 1500sqft house I grew up in and added an additional 800sqft himself (he was a civil engineer), including a large back deck and an additional shed. I recently discovered that he never reported this to the appraisal office, nor have they found out about it all this time. How do I help him right this wrong? Is it possible for him to sell the house through a realtor without dealing with that first? Won't any potential buyer inherit the problem? Does he have the option of selling by owner? This is where I come in. He's suggested he would transfer the deed to me and I take out a second mortgage to buy them a smaller house in the outskirts of the city. I would also potentially remodel and rent out the old house and use that rental income to pay the mortgage of the new house. This seems like an opportunity because I'd effectively be buying a high value property at the cost of a low value one. But is it worth the risk with the property taxes? Would I then inherit his problem and fix it by reporting the additional sqft to the appraisal office? Any suggestions or guidance would be invaluable! [link] [comments] |
| Can I charge my girlfriend rent and depreciate? Posted: 15 Aug 2020 01:20 AM PDT I am considering buying a home for my long-distance girlfriend to live in. If she pays me my monthly costs (e.g. mortgage, insurance, taxes, etc.), can I depreciate the home? This would be in Chicago, so the insurance and taxes would be pretty high. The plan would be for us to move in together in a year or so. The twist is that I would be temporarily living with her so long as working from home due to COVID. After we move in together, could I continue to charge her half the monthly expenses and depreciate? Long term plan would be for us to buy a larger home in 3-4 years and use this first home as a rental property, so I could use whatever loses occur as future write offs. [link] [comments] |
| 4plex for sale not zoned for multifamily? Posted: 14 Aug 2020 03:17 PM PDT There's a guy offering up a beautiful 4plex he inherited off-market for cheap. However the area is no longer zoned for a 4plex multifamily property. I think currently it's only zoned for duplex or single family. What would this mean for me if I bought it? He's only taking cash offers. I'm under the impression if the home was built before the zoning changed then it's irrelevant? What's the worst that could happen? I intend to buy it, put tenants inside, and put it back for sale This is in Kansas City, MO [link] [comments] |
| New Yorkers: where do you invest outside of NY? (BRRRR in a LCOL area/cheaper homes) Posted: 14 Aug 2020 09:43 PM PDT Hello, I am a young (22F) in construction project management interested in investing in the near future, but I live in a HCOL area where finding a home to flip or buy under market is a little hard when the average multifamily home here is $600,000+, while other states are $200,000. Makes you realize you can really have a better ROI by branching out of NY. Especially considering how most of the boroughs are pretty much gentrified already. For those who live in New York/East Coast, my questions are:
Thanks! [link] [comments] |
| Posted: 14 Aug 2020 08:47 PM PDT Looking to expand my investments into real estate given the absolute gigantic growth we have been seeing and are forecasted to see here in CO. I currently have a home I live in and bought which I have decided I am going to use as a single family rental once I am out of it. I just signed a contract on some vacant land to build on in the near future. What would the downfalls be of refinancing my current home that I've owned for 10 years and putting that money into my new build? If more details are needed to make help easier let me know. Thanks in advance [link] [comments] |
| Posted: 14 Aug 2020 08:42 PM PDT I'm looking to move some money around and start investing in real estate. Should I buy in all cash or take on another mortgage (for the house where I live) [link] [comments] |
| Posted: 14 Aug 2020 06:57 PM PDT Hi All - Me and my partner(Tom) have been investing together for some time. We started a new ABC LLC with a common friend(John) and got a deal under contract due on financing(75% LTV). Come to find out lenders had a problem with John because he is putting in 60%($100,000) of the initial investment, no landlord experience and he is not a US citizen even though he lives here on E2 visa and has been investing through his US based XYZ LLC. So Tom and I re did the ABC LLC with just us as the members of the LLC and lenders were fine with that. We are closing in a few weeks. Question - How do we contract with John now for the initial investment? 1 Can't bring John on as a member of the ABC LLC since lenders will have a problem with that when they find out. Can our ABC LLC do a limited partnership with XYZ LLC without raising flags with the lender? 2 We can do an interest only promissory note like (John get x% on the capital) but John had agreed to 54% equity in the original deal and all 3 of us would like to do a promissory note with profit and loss sharing, where John gets amount equivalent of 54% of total cash flow calculated end of each year + 54% of the mortgage principal pay down at the end of the term(lets say 3 years) eg - if the cash flow is $10,000 every year(for simplicity), John gets $5,400 every year. And at the end of the term, lets say total principal paid towards the mortgage is $20,000, then John gets $10,800 once. So John's total return is $5,400 X 3 + $10,800 = $27,000 (roughly >9% because cash flow will ideally increase every year) Is there a way to structure the deal like that through a promissory note? 3 Is there any other option? [link] [comments] |
| Are zillow home appreciation rates accurate? Posted: 14 Aug 2020 06:48 PM PDT I'm researching buy and hold properties in the Midwest and I hear that these properties appreciate very little, but then I look at zillow and this shows up. Is this an accurate appreciation rate for certain properties in the Midwest? Thanks! [link] [comments] |
| Wanting to invest in real estate but I'm not American? Posted: 14 Aug 2020 06:18 PM PDT Hello everyone, I am a student in Italy and I have always wanted to become a landlord one day and grow my net worth through some real estate investing (buying homes, fixing them up and renting them). I predominantly learn through English-speaking sources on the internet and that has lead me to learn a lot and hear a lot of experiences about investing in real estate but in the context of the USA. I was wondering, living in Europe and who knows where else in the future, is it as viable to invest in real estate in other countries? Is America a haven for real estate investment? (For example, in Italy it takes an infinitely long time to get an eviction to go through, if it does go through at all). Should I bother trying to become a foreign investor in US property and perhaps tank the elevated travelling costs to-and-from US soil to check on houses and remodeling, or should I consider investing in whatever country I will be in? Thanks for any advice! [link] [comments] |
| Posted: 14 Aug 2020 01:12 PM PDT Does anyone have any experience with mineral rights when it comes to a sale. Here is the scenario, I'm under contract to buy a duplex. The seller agent who is also the seller, just came back with an amend that they want to retain the mineral rights. I asked my realtor if it was listed in the exclusions on the MLS, he did not know, but said I should just let them have them. The mineral rights have not been severed from the property and at one point had a lease for the oil and gas rights on it with a renewal clause. I do no know if it was renewed because that information cannot be disclosed to a buyer, according to my realtor, he said he would check with the title company. I mentioned that obviously the lessor thinks there is value to these rights, because they are in the middle of a city and that I want to keep them. He got a bit unhappy about it and I'm not sure what if I'm making a big deal out of this or not. What would you guys suggest? Any insight would be appreciated. Thanks! [link] [comments] |
| Posted: 14 Aug 2020 04:28 PM PDT I'm selling a property (rural farm/timber acreage) that is more than an hour away and planned to 1031 and buy multi family rental. However I'm beginning to consider buying another property with acreage closer to home to enjoy and possibly hobby farm but also to catch what I'm seeing as a trend of people looking for rural acreage. Anyone else seeing growing interest in such properties? [link] [comments] |
| When and How to Buy Second Property Posted: 14 Aug 2020 07:35 AM PDT Hi there, I recently purchased my first property in the Midwest and have been living in it for about 9 months. It's a condo in a nice part of my city. My idea buying it was that it would be easy to rent out and I could move on to other properties and rent it out as an investment after. I got a 15 year loan and figured it could be a passive investment tool eventually. Since then I've saved up enough to make a down payment on a similarly priced property. I think this condo will prove a valuable and stable investment but I'm realizing that In my city houses can actually make even better investments (by the numbers and considering HOA fees). Considering I got the 15 year loan on the first property I might end up paying $100-200 a month more for it than rental income would be from it ($1350 a month vs $1200 a month renting). I mostly bought it because I know it will be safe (difficult to damage and easy to rent). I don't quite have enough saved for a second property yet, but I was wondering what everyone's experience has been and what they would recommend timing wise? What is it like getting a loan on a second property? Any expected pitfalls from renting properties out? I've found that I can save about $2k a month on my current income as well, so I have a bit of wiggle room there. Because of Covid I haven't been traveling which would normally consume a bit more of that... [link] [comments] |
| Anyone investing in San Diego? Posted: 14 Aug 2020 03:19 PM PDT Is there anyone on this sub that actively invests (flip or rentals) in San Diego, preferably through the purchase of foreclosures? I've been purchasing foreclosed properties in lower cost areas for years but am interested in doing it here in San Diego, where I live. I would love to have a mentor or someone to bounce ideas off of. [link] [comments] |
| Posted: 14 Aug 2020 02:37 PM PDT I am thinking about buying a rental property in a summer location (but would also like to use it as a vacation home). Just wondering what some good advice would be as far as a max down payment I could afford (percentage of my savings), things to consider, etc... Currently I am renting an apartment to live in so this rental property would be my first real estate purchase. [link] [comments] |
| How to preserve personal credit score? Posted: 14 Aug 2020 02:28 PM PDT Hi Everyone! Haven't bought my first property yet but im hoping to educate myself as much as possible before taking the leap. I read online that after 4 mortgages your personal credit score can take a hit. I am curious what advice you all have for preserving your personal credit score as you grow your portfolio. I have a 760 score so I want to do as much as I can to maintain that level. [link] [comments] |
| Best way to transfer property from llc to personal credit? Posted: 14 Aug 2020 01:44 PM PDT I have a few properties in an llc I'm the only owner. Can I refinance from the llc to my personal credit or do I have to sell the property to myself to put it under my personal credit? The homes have mortgages under llc. Im not planning on doing it but I might have to in the future. I searched but only found posts about going from personal to llc. [link] [comments] |
| Posted: 14 Aug 2020 12:14 PM PDT Hi all, I'm a Canadian citizen, living and working in the US. Are there any restrictions in investing in a rental property in Quebec or Ontario? Thx [link] [comments] |
| Looking to purchase multi-family with dad. Are we screwing myself over? Posted: 14 Aug 2020 09:42 AM PDT Hi guys, Information: live in Canada; never purchased a home before. My dad and I are looking to buy a multi family property where I would live in one unit and manage the property. Now, our intention was for us to split it in half, so I have 50% and he has 50%. I want to have equity in it. Now, he plans to own this property via his holding company. We spoke with our accountant, we are setting up a meeting with him shortly to further discuss, and mentioned this idea to him and his first concern was since I never purchased a home before I would forfeit my first-time homeowners tax credit. Currently, in Canada, we can get an additional 10% from the govt for a down payment that is to be repaid when the home is sold. Additionally, we can draw from our RRSPs and use it tax free to purchase your first home (I believe it is to be paid back over X amount of years). I would lose this benefit, I am assuming, by owning an investment property? As our accountant pointed out, at the end of the day, the property would eventually come into my possession (along with my sisters and mom). Is there a point for me to be building equity alongside my dad? Or should I just live in it rent free and manage the property (yes, I am interested in self-management; this is our test pilot into REI), and not worry about not having equity in the property. Are there alternative routes to this type of investment? Questions we should bring to our accountant? [link] [comments] |
| How Do I Search All Properties in a given area (not just the ones on the mls) Posted: 14 Aug 2020 09:27 AM PDT How Do I Search All Properties in a given area (not just the ones on the mls). I am looking for an unlisted property by square footage and number of bedrooms and baths. [link] [comments] |
| What are the biggest factors that YOU consider when looking at a new city/town/area to invest in? Posted: 14 Aug 2020 09:19 AM PDT So I'm in a unique moment in my life. I am working online while traveling the western US in my campervan. I have been dreaming of getting into real estate for about 5 years now, and I am willing to go just about anywhere in the western states to make it happen. Instead of rolling the dice, or relying only on city-data.com, I've decided to actually visit about 30 towns and cities I think I might like. I'm looking for a kind of dream spot. Somewhere I would love to live regardless of what I'm 'doing' as well as a fantastic place to invest. I've visited about 7 of these places so far. I have maps, charts, I take notes on everything, and I have a spreadsheet where I'm trying to grade these places according to all the factors I'm considering. However, I've noticed that a) a lot of mid or small sized towns/cities do not have super uniform or reliable data, so there are some blank spots in my 'rubric' and b) I don't really know for sure how heavily I should weigh each category. Is weather really all that important? People live here and seem to like it. Is having a major airport within an hour really a deal-breaker? Maybe I don't mind connections...but then again, maybe that airport facilitates growth and appreciation and therefore should be a deal-breaker. What's the sweet spot in economic growth? etc. etc. ...to be honest, I'm getting way too deep into analysis....but I'm having fun with it. For me, the approach lies between "the numbers look great" and "this place feels right." After all, if I'm going to be living and investing somewhere for the next couple decades, I want it to feel right - not just look good on paper (hence visiting all of them with my van first). TL;DR:...Anyways, I wanted to know from you guys, people who have actually been in the industry unlike me, what factors are most important to YOU when you are considering getting into a new city or area. [link] [comments] |
| What is a good first investment property? Posted: 14 Aug 2020 08:31 AM PDT Hi all, So im looking to purchase a property for investment and i would like something low maintenance for the near future at least (have a busy upcoming 2 years) Are there companies that sell units and deliver in a few years? Im assuming that would give me the opportunity to buy a lower rate. Also, what is a good type of unit for a first property investment unit? I have invested in properties in my home country and i also bought the place where I live last year. Mt budget is 300k max and can put 10-15% DP. Im located in the DMV and would prefer something within 2 hour drive. All help is appreciated [link] [comments] |
| Short Term Rental Buying Questions Posted: 14 Aug 2020 07:04 AM PDT Hello Everyone, My wife and I are looking into buying a vacation rental location (so we can go 1-2 weeks a years as well). I think we have a lot of our research done but the one question I'm really stuck on is how taking on the previous owners bookings work. If they already have a booked calendar , how does that transfer of responsibility/income happen assuming I want to self manage any property I buy? [link] [comments] |
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