Real Estate Investing: What are the best books to read about multi-family real estate investing? |
- What are the best books to read about multi-family real estate investing?
- Should I re-key my units between tenants? what about garage openers?
- Which inspections do you do for your MF purchased?
- Tips for negotiating off market property delinquent on property taxes?
- Do I have to reinvest the profit right away?
- 22y/o, 35k savings, UK, advice needed
- California 90 days notice legal issue
- Have 1 commercial property ( owner occupied) is there a HELoC for commercial owners?
- Primary residence capital gains exclusion with an investor owner
- Thoughts on whether to proceed
- Renting a multifamily unit with FHA loan
- Applying for a loan right out of college
- Home equity line of credit
- Penalty for taking out an FHA loan and renting out the unit you’re supposed to be living in?
- Odd occupancy question
- I'm new to RE investing. I have a house I finished working on and would like to sell but I need to purchase a new house to live in first.
- Property Management Recommendations - Denver
- House hacking a MF Home - 25yrs old, single
- Lower Utilities Expense - heat solution
- Thoughts on vinyl vs engineered hardwood? Effects on ARV in depressed area
- Determining when to sell your property
- Wells Fargo AVM PMI
- Best way to find occupancy rate?
What are the best books to read about multi-family real estate investing? Posted: 18 Aug 2020 11:15 AM PDT I'm a future real estate investor looking to gain as much knowledge as possible about all aspects of buying and owning multi family properties and how to be successful at finding great opportunities. Thank you!! [link] [comments] |
Should I re-key my units between tenants? what about garage openers? Posted: 18 Aug 2020 02:46 PM PDT I'm self managing my properties, and have installed Kwisket smart rekey locks so it's super easy to put new keys in. But wondering what the common practice is. [link] [comments] |
Which inspections do you do for your MF purchased? Posted: 18 Aug 2020 10:58 PM PDT I'm in contract on my 4th MF right now and I've always hired a home inspector, a sewer line camera, roof and termite (California). Well this agent I'm working with (also seller's agent, my design) said most of his MF buyers don't hire residential home inspectors. That they walk around and inspect themselves. Now granted most of the time the home inspectors bring up a bunch of nonsense issues I've never considered not hiring one. I see why the agent doesn't want me to have another person walk through, especially during Covid. Thoughts?? [link] [comments] |
Tips for negotiating off market property delinquent on property taxes? Posted: 18 Aug 2020 09:33 PM PDT There's a house in my (high property value) neighborhood that looks abandoned. Curiosity got the best of me and I looked up county tax records and found they're 5 years delinquent on paying property taxes 🤯 I'd love to make a (way) below market value offer so I can fix up the property and make into an investment property. A few questions: 1. How is it possible the house hasn't been foreclosed on yet (we're talking almost $100K in back taxes)? 2. Does anyone have tips on how I can find out who owns the property and approach them with a compelling offer? From public records, it looks like the property last sold (unclear if REO) in 2009 for $700k, which IMO was overvalued at that time knowing what transpired in the years following Any opinions or perspective appreciated! [link] [comments] |
Do I have to reinvest the profit right away? Posted: 18 Aug 2020 08:05 PM PDT I currently live in a condo that has a good chunk of equity built up. I've lived here 3 years. I no longer wish to own this condo, the HOA is failing and the dues are crazy expensive. Also it's much bigger than I need anymore. I want to sell it and just live in an apartment for a few years and then move out if this area and buy a house then. But am I allowed to just take that equity and put it in a bank account for years or do I have to reinvest in another house with in a certain time frame? [link] [comments] |
22y/o, 35k savings, UK, advice needed Posted: 18 Aug 2020 01:16 PM PDT Currently work in engineering, but I don't want to work in this for my whole life, and have been saving my money into just regular saving accounts since young, with the view of eventually quitting my day job and eventually living from my assets/investments. I'm quite interested in the idea of building a real estate portfolio/ investing investing into stocks. I have recently been buying some books and looking into these topics a lot, but as I am new to this I'm struggling to get started / unsure on what to do with my savings. From what I've seen there seems to be a lot of people shitting on property with the idea of B2L, regularly see people saying that real estate is a poor investment when you could be investing into index funds instead for example. What would be a wise investment with this money? What's a good place to start for learning about real estate and investing in general? Book recommendations? Any advice is great, thanks! [link] [comments] |
California 90 days notice legal issue Posted: 18 Aug 2020 10:04 AM PDT I am in escrow on a property. The current tenant was paying around $1400/month. The market rate for similar units is $2000/month. My intent is to raise the rent to $2000/month as soon as legally possible. My agent communicated this to the seller's agent. The seller verbally informed the tenant of this around July 25th. I have now received an estoppel showing the tenant has agreed (signature is dated 8/17/20) to a rent increase to $2000/month starting on November 1st. Upon close of escrow, I am simply being transferred this new lease; I did not originate this new lease. I know California has recently updated the laws such that a rent increase of greater than 10% requires 90 days notice. Did the tenant technically receive 90 days notice? If not, then is the seller (AND NOT ME) legally liable for failing to give 90 days notice? NOTE: This unit is excluded from the new CA rent control laws. The existing lease was also month-to-month. [link] [comments] |
Have 1 commercial property ( owner occupied) is there a HELoC for commercial owners? Posted: 18 Aug 2020 08:52 PM PDT So I own/inherited a building, I'm looking to move out from the building and want to buy a new home for me and my family is there something similar to a HELoC where I can use some of my equity as cash to go make a down payment. [link] [comments] |
Primary residence capital gains exclusion with an investor owner Posted: 18 Aug 2020 04:43 PM PDT Thinking about selling a property in San Diego, CA where I own 1% of the townhouse and my father owns 99% and we hold title as joint tenancy. The property is a primary residence for my wife and I, and we have lived here since 2015, when we originally purchased the townhouse for $560,000. My father put down the downpayment and we have been effectively paying for the monthly expenses. If we sell the townhouse for $700,000, there will be approximately $140,000 in capital gains. I'm wondering if we can specifically direct the proceeds from the sale to my wife and I, to take advantage of the primary residence capital gains exemption. Because my father owns 99%, is it required that he receives 99% of the proceeds? Or can we work something out with escrow to direct proceeds to the primary residents? Thanks in advance for reading The CPA group on reddit is suspiciously inactive with only 57 users? Any suggestions for other groups forums would be appreciated. [link] [comments] |
Thoughts on whether to proceed Posted: 18 Aug 2020 07:38 PM PDT While I always take Reddit advice with a huge grain of salt, I do think it's helpful to hear different people's opinions and thought processes... I have signed a P&S on a townhome in a ski destination near a major city in the Rockies. Property is 35 years old. The inspection report revealed some pretty significant issues: extremely high radon, roof needs immediate replacement, and the water heater is 25 years old. These are the major issues but there others too that I've already assumed I'll pay for. The seller is refusing to budge at all on price or fixing the big issues. Basically take it or leave it. What would folks do here? I feel like it's a tad (but not a lot) overpriced but I think I can still make money on it. Some additional facts:
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Renting a multifamily unit with FHA loan Posted: 18 Aug 2020 07:12 PM PDT I know FHA loans require you to use the property as a primary residence for at least one year (with the exception of life changing events). Is it legal to list one unit as a primary residence and not actually live there, just leave it vacant? I've been told mixed things. I was under the assumption that it's illegal. [link] [comments] |
Applying for a loan right out of college Posted: 18 Aug 2020 02:03 PM PDT I'm going to be graduating college at the end of the year and will be starting a full-time job in March 2021. I have enough saved up for a 20% downpayment on a lot of the homes I see on my local housing market, and was wondering how soon I could qualify for a good loan. From my research online, it seems like the banks typically ask for a few years worth of tax history, but my past few years of tax history has just been income from stocks and my internships. FWIW, my credit score is about 770 [link] [comments] |
Posted: 18 Aug 2020 05:18 PM PDT I currently have one rental property paid off and I would like to take out a home equity line of credit to use the money to buy another, I am currently looking for a bank who will allow a line of credit on a rental property. M&T bank has a statement in the eligible properties section " 1 to 4 family owner occupied homes, townhouses and condominiums" any one know what that means ? Am I able to take out a line of credit on a rental property with this bank based on this statement ? [link] [comments] |
Penalty for taking out an FHA loan and renting out the unit you’re supposed to be living in? Posted: 18 Aug 2020 05:09 PM PDT Someone who is not me is considering doing this. What are the penalties? [link] [comments] |
Posted: 18 Aug 2020 01:13 PM PDT I have an odd occupancy question for everyone. The woman who signed the lease is being abused by her boyfriend. When they went to sign the lease he was going to sign but for whatever reason he had her cross out his information on the bottom and sign her's. His name is listed as the tenant at the begining of the lease and that was not crossed out, her name is not at the beginning. I did not prepare this lease I recently purchased the property and inherited this lease. My question is can I tell her she chooses who stays and goes? She has expressed interest in wanting him to leave to another tenant but not to me directly. I'm not sure if he has any right to stay in the unit. I have asked her if she is okay and she says yes, but I don't want to tell her one thing and find out I'm wrong. [link] [comments] |
Posted: 18 Aug 2020 04:49 PM PDT I was denied a loan due to employment history of only 1 year. I have 80k saved for a new fixer upper, which does not seem to be enough in this market! Is there any other way to use the equity in the house I finished? [link] [comments] |
Property Management Recommendations - Denver Posted: 18 Aug 2020 04:48 PM PDT I know, I know, Property Management Cos are the devil, etc., etc. BUT....anyone have a good recommendation for a Property Management Co in Denver. I'm looking to rent out a SFH in Littleton/Highlands Ranch. Thanks all!! [link] [comments] |
House hacking a MF Home - 25yrs old, single Posted: 18 Aug 2020 04:11 PM PDT Hello, I am from the new york city metropolitan area and am interested in house hacking 40 minutes away from NYC. I have been looking mostly at hudson county because there are decently priced multi families in the area. I do have some questions regarding financing the purchase. 1) I would like to get an FHA loan - how do I find the maximum on how much I can get with an FHA loan? Also, is there any way for my parents to help me increase the likelihood that I will be accepted for a higher FHA loan. 2) I was paying off my debt and have only been saving for the last year. So far I have 40k saved up, but I also have a 401k and Roth IRA which I can take out a total of 25k. What would be your general advice on taking this money out for my first purchase? 3) I do not know how to take care of a house and do rennovations and the whole 9. I can get help from my father who does, but is it generally a bad idea to be getting a duplex/triplex as your first real estate investment? I am new and am still living at home with my parents. I hate spending money and house hacking seems like the smartest path for me in term of saving money, living cheaply, and building wealth. I want to be able to save the same amount of money that I am saving now even if I moved out. I know that's a lot to ask for, but that is my ultimate goal. [link] [comments] |
Lower Utilities Expense - heat solution Posted: 18 Aug 2020 03:19 PM PDT Hello, I'm wondering if anyone has any good ideas to save money. I have an 8 unit property where heat is included in the rent. Dividing the heat and making the tenant responsible for their share is not an option right now. Each apartment has their own thermostat which the tenant can set with options. Wondering if anyone has a thermostat option or easy way to lower the heat expense. Heat is natural gas based. I've already attacked the water bill by switching fixtures to efficient ones and it resulted in big savings. Looking to do the same with the gas bill. [link] [comments] |
Thoughts on vinyl vs engineered hardwood? Effects on ARV in depressed area Posted: 18 Aug 2020 02:38 PM PDT Still in the planning phase of buying my first duplex, trying to justify rehabbing with engineered hardwood. I work in healthcare and would be house hacking for a year, the health implications of fresh vinyl are concerning to me. There is not much of a market for "premium" finishes, at least for renters in my area. I'm less concerned about cash flow and more about appraisal. Is it reasonable to expect 70-80% of installation costs to be represented in the ARV, as the internet suggests, or is that estimate based on the assumption that hardwood would significantly increase GRM, which in my case it wouldn't? Hopefully that makes sense. I may be on the wrong track. Any other experiences with engineered hardwood / issues I should factor in? [link] [comments] |
Determining when to sell your property Posted: 18 Aug 2020 02:12 PM PDT I bought a condo for $105k in 2016. Got married in 2019 and we bought a single family home in July 2019. The condo is now worth ~$165k and renting for $1,150. Cash flow is ~$250 per month. It's in a very desirable location and easy to manage. I'm considering a cash out refi or just selling it to take advantage of tax benefits being it was my primary for >2 years. I definitely plan to actively invest in real estate long term, but I'm still having a hard time deciding if I should try to trade up for a multifam given that it cash flows in a great location. I think I could FSBO with multiple offers. Any advice on how to make a decision would be appreciated. [link] [comments] |
Posted: 18 Aug 2020 01:37 PM PDT How accurate is the Wells Fargo AVM? Considering going through with having my property assessed to remove PMI but the AVM seems impossibly high and don't want to waste money on an assessment. I live in northern NJ commutable to NYC. I bought my condo in 2017 for 145. I contacted Wells Fargo to inquire about removing PMI and they sent me paperwork with an AVM in the 170's. This seems astronomical after only 3 years. I know the real estate market is crazy right now. Does anyone have any experience with Wells Fargo PMI and whether the actual assessment came close to the AVM? Thanks! [link] [comments] |
Best way to find occupancy rate? Posted: 18 Aug 2020 05:45 AM PDT Hello! I'm looking to buy my first-ever home and turn it into a rental property but would love some advice — I learned what the word "turnkey" meant yesterday so bear with me. Here's my story: My partner and I rent an apartment in one of the most expensive cities in the US. Our rent was affordable when we both worked but my SO lost his job when COVID hit. Our lease ends in October and though we love this apartment and this city, our landlords refuse to lower rent or give us a month to month lease. There's a vacation town about 2 hours outside of the city where my SO's dad just bought a cheap cabin. I've seen several listings for around $200K — many with redone kitchens, bathrooms, multiple bedrooms! Our plan: We would live in this home ourselves for about a year and a half with the goal of moving back to a city and turning it into a vacation rental. From my own research, it seems AirBNBs average at about $260 per night, but since our house will be under market value, I'm projecting we'll get about $200 per night. Estimating yearly operating expenses will cost around $18,000 (mortgage, taxes, HOA, Internet, etc) and without taking into account first-year expenses, here's a breakdown of what we could get, depending on occupancy: 39% occupancy @ $200 per night: $28,400 10% for property manager: $2,840 10% for capital improvements savings: $2,840 Net operating income: $4,720 ROI: 2.3% LOL for $200K house 60% occupancy @$200 per night: $43,800 10% for property manager: $4,380 10% for capital improvement savings: $4,380 Net operating income: $17,040 ROI: 8.5% for $200K house See how occupancy makes a huge difference! What's the most reliable way to estimate that percentage? Also, is this in general a horrible idea? We have no interest in buying a "first" home (we prefer flexibility) but would love to have a vacation home in the country. It's also hard to stomach signing a lease in a city that might be in lockdown for another year 😠[link] [comments] |
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