Real Estate Investing: What ReFi rate did you get recently? I got a screaming good deal. |
- What ReFi rate did you get recently? I got a screaming good deal.
- Converting my LLC to be taxed as S-Corp and will start to pay myself a salary. How soon I can use that income to qualify for a loan?
- Purchasing a new house and renting my current home out. Advice welcome!
- Fellow investors - Anyone take the leap from salaried work to commission-only work?
- University housing?
- First time home buyer
- Investing in property with no Laundry Machines
- Looking for a cash out refi lender on a jumbo mortgage in LA.
- Buying condos from the 70's and 80's in Southern CA
- Gentleman Builders/Developers career questions
- If a rental property is sold at a loss, can that be claimed? If so, is it only based on a lower sale price or are closing costs and fees taken into consideration?
- Back-of-business apartment?
- Any advice on overcoming my DTI?
- Advice for negotiating cash back when representing myself as a buyer
- Refinance? Is this something that could significantly be worth my time or a waste with my numbers?
- Relocating and Need Questions to Ask
- Self Managed - transition into distant investor or sell
- Real Estate Opportunity... Am I Financially Stable Enough? Looking for Input.
- Hard money to find new construction?
- 1031 Exchange into partial ownership of a building
- GC’s - The Struggle is Real?
- PMI related
- Am I Missing Something?
- Cash Reserves for purchasing SFHs as a personal investor
- Is this legal
| What ReFi rate did you get recently? I got a screaming good deal. Posted: 03 Aug 2020 03:06 PM PDT What type of loan deals are you guys getting? I just locked in 1.36 million 30yr fixed 2.99% / 3.001APR for an owner occupied 4plex. No points, about 1800 in loan fees + another 2k in title/appraisal/transfer fees. Dropped my old loan of 4.125% payment from 6688 to just over 5700 on the new one. Not sure what I am going to do with another 1000 a month. Probably start saving up for the next property. [link] [comments] |
| Posted: 03 Aug 2020 11:18 AM PDT Any self-employed individuals in this sub? I'll be paying myself a salary starting this year via my LLC (taxed as S-Corp). Since that will be considered W2 income, how quickly will I be able to qualify for a loan? Are there additional requirements when the salary is coming from someone's own company or am I overthinking this and the bank will just see it as any old W2? [link] [comments] |
| Purchasing a new house and renting my current home out. Advice welcome! Posted: 03 Aug 2020 06:28 PM PDT My wife and I plan to move soon and are going to be renting our current home out. Looking for advice from anyone that has experience. I purchased a home three years ago and have redone everything. So my 30yr mortgage is super cheap (550 including tax and ins). The home would appraise for about 120k so I'm thinking 1200 a month for rent. Our house is close to a college and even closer to an off campus student housing apartment complex. We may be naive but don't foresee problems finding renters at the price we want. Being my first rental and only moving 5 minutes away my plan is to manage the property myself. (At least until I can acquire more to where a PM would make more sense). Anyway, couple questions: 1. Is there a better way to find out if someone is a good potential renter without checking credit? Or is that the simplest way? What are the ways you guys vet potential renters? 2. How soon should I think about refinancing to a 15yr mortgage? I want to be in my new home a couple months at least but didn't know if I should be considering anything else. 3. If I refinance should I consider starting an LLC and transferring the mortgage to a business? (My thinking is that if I continue to buy homes I want some separation between my personal finances and the homes incase all goes to hell they can't come after my own house) 4. How much cash do landlords keep on hand for things that come up? All the big ticket items of the house are new or should last at least another 5-10 years. but I don't want to find myself paying out of pocket for a new water heater or something that may poop out sooner than expected. I was hoping to start an account with the monthly profits and let it sit until I accumulate enough to pay for such incidentals but not sure how much is safe to where I feel more comfortable taking more of the monthly income Sorry this is longer than I thought but I'm new here. Appreciate any advise you guys have! [link] [comments] |
| Fellow investors - Anyone take the leap from salaried work to commission-only work? Posted: 03 Aug 2020 04:24 PM PDT Hi all, I'm curious to hear people's experiences moving from salaried roles to real estate broker/mortgage professional roles. I'm about to sell my first live-in flip and am strongly considering quitting my 9-5 post-sale as I am not happy, not gaining ANY transferable skills, and am siloed in a niche of finance industry that will likely be automated in the future and is quite honestly just boring. Think Middle Office Treasury. I realize this may seem stupid given the current economic situation but whatever. Anyways, I am thinking of buying a house-hack while on W2 I come before calling it quits in the winter season while at the same time obtaining the NMLS license to be active and employed in the spring. I have a solid network of mentors/real estate professionals and Im eager to be in a role where I'm actually interested in the day-to-day as well as be rewarded for my hustle. I'm sick of getting the same paycheck bi-weekly, taking on more work/projects, just for an annual $1500 bonus and $1-2k raise. I've got my first first live-in flip under contract and expect to receive ~$60k after fees. With this sale and my savings I'll have $85k in the bank (equivalent to 3.3 years of expenses saved up). I'm trying to figure out if I have the balls to take the risk. Have any of you been in this position? How'd it turn out? [link] [comments] |
| Posted: 03 Aug 2020 06:03 AM PDT I never intended to compete with university housing in my area, but it seems I've fallen into it. I have a fully furnished house that I bought and outfitted specifically for Airbnb. It did well for a few months but when COVID hit, I wasn't comfortable having different people in it every week, so I put it on Zillow as a month-to-month and have rented it twice for 2+ months each time. I expected it to be attractive to people between houses or to insurance companies dealing with remediation. Well, I now have college students interested, willing to sign a for 3 months with option to extend to 9. As my minimum is 30 days, that's fine by me! They also want biweekly cleaning which they'll pay for separately. It's not even very close to the school. So this has me looking at the numbers thinking this is a much more lucrative strategy than my usual LTRs and I'm considering more purchases to be rented this way. Anyone have experience here to share? Edit to add a specific question: I'm sure August is the sweet spot for starting leases, but anyone have luck filling houses between semesters? Eg December, January? [link] [comments] |
| Posted: 04 Aug 2020 12:54 AM PDT Advice on buying a multiplex So there is this property where I live and saw that is has 4 units( 1-3bed, 2-2bed and 1- 1 bed) to me i think its a great investment when it comes to house hacking living in one and renting the others. Im going to be a new homebuyer and wanted to know what resource to look into to start researching into making an offer. Should I lowball them first then go from there and what benefits may i get from being a first. My goal is to buy my first home before 24 and I believe this is a great fit. I just dont know where to start [link] [comments] |
| Investing in property with no Laundry Machines Posted: 04 Aug 2020 12:17 AM PDT I just looked at a fourplex that is about 3000 square feet, and I am interested in it. The rent if fully occupied would be 3080 (795,795,795, and 695) and I could buy it for about 315,000. However, since I'd be living there it would only be 2285 in rent. I could always rent out the other room if I had too. The issue is there are no washer/dryer machines on the property, so I'm no longer certain it is worth it. Attaching a room with machines would cost about 15K on the low end. It would certainly add value to the property and justify raising the rents by 150 each. What has been your experience investing in something like that? [link] [comments] |
| Looking for a cash out refi lender on a jumbo mortgage in LA. Posted: 03 Aug 2020 04:15 PM PDT Does anyone know if any of the banks or lenders are doing cash our refis on jumbo loans right now? Most of the loan officers I talk to say they're completely out of the cash out market. I have a SFR in LA I'm looking to pull some money out of. Thanks! [link] [comments] |
| Buying condos from the 70's and 80's in Southern CA Posted: 03 Aug 2020 11:33 PM PDT |
| Gentleman Builders/Developers career questions Posted: 03 Aug 2020 06:37 PM PDT How hard is it to find subs for jobs? From foundation, framing, speciality, to finish. How do you bid a job when using subs to do all the work? How do you find flips, land, and other deals? What does a typical day look like? [link] [comments] |
| Posted: 03 Aug 2020 01:38 PM PDT Trying to figure out if I can break even. The sales price might be close but based on what my realtor said it's the closing costs and fees that will put me in negative territory. [link] [comments] |
| Posted: 03 Aug 2020 05:55 PM PDT Hello, all! I'm not entirely sure if this is the correct place to post this, so if I need to go somewhere else please let me know! I'll get to the point. I'm hoping to open a bar in the next 12 to 18 months and in an attempt to manage the rest of my life and budget I'm considering the possibility of converting a back room space into a one-bedroom apartment for myself. However, I'm confused on the legal and zoning aspects of that. Is this something I can do? Are there extra permits I'd need to take out? Thanks in advance for any advice or perspective! [link] [comments] |
| Any advice on overcoming my DTI? Posted: 03 Aug 2020 05:43 PM PDT Hey guys I'm 21 and on my journey of trying to acquire my first investment property and have reached a hurdle in my pre approval due to my DTI. My credit is great and I make about $30,000 a year but am financing a car and this is the cause for this hurdle. Has anyone else been in this position and found a way of overcoming this obstacle? (I'm aware I could just pay the car off) (My car is not a luxury/expensive) [link] [comments] |
| Advice for negotiating cash back when representing myself as a buyer Posted: 03 Aug 2020 10:29 AM PDT I'm currently shopping around for a SFH or duplex, and have had a hard time finding an agent willing to work in my budget ($250K). The feedback I'm getting is that unless I'm willing to spend 4-5x what my budget is nobody will return my calls. I'm wondering how much success people have had negotiating cash back/lower purchase price as an agent-less buyer, what has worked for you and what hasn't. [link] [comments] |
| Refinance? Is this something that could significantly be worth my time or a waste with my numbers? Posted: 03 Aug 2020 08:54 PM PDT Okay so I'm not as fancy as you all yet.... I just have my main home and 1 investment SF. Currently my SF primary is 4% and my SF investment is 4.75% (due to being an investment). Based on what some posts have been stating. I can go to my bank? (I'm new at this, bare with me) and talk to them to refinance.... or I can find a broker and do the same? Would this be worth doing? or is this only beneficial to some in here because they are refinancing apartment buildings and such and on a Single family home wouldnt matter much? Also, if anyone recently got a sweet refi and can guide me as to what to say/look for, I'd appreciate it. I think the 4.75% might be hard to reduce, but the 4% for sure should be easy? No idea. [link] [comments] |
| Relocating and Need Questions to Ask Posted: 03 Aug 2020 08:35 PM PDT I have been lurking on Bigger Pockets for a while. I am moving when the virus ends to start a new job and would like to purchase a live in multi family property. I do not live in the current city that I will be relocating to, but I would like to reach out to some of the members on the Bigger Pockets forum to gauge their opinion on the area. I want to avoid paying high rent for an apartment because I will be moving near a major city. The city definitely has some very bad areas. What are some good questions that can help me connect with either a mentor or an agent? Also, how did you avoid paying rent for an apartment? I have some but limited capital and renting seems like the standard approach, but it is a major cost to live in a nice area near the city. [link] [comments] |
| Self Managed - transition into distant investor or sell Posted: 03 Aug 2020 08:21 PM PDT Currently working out of a smaller town in Texas called Lubbock. Went to college here and started a job as a software dev. Over the past year and a half I've purchased 2 investment properties with the aid of a close private investor. I am thinking about moving to a larger city like Austin or Dallas due to the better quality of life. I want to keep going and continue to grow, hoping to make this my business. I don't know if I'd be more worth it to sell the properties or if I should hire a manager to take the properties and manage them remote. I worry about the latter route cuz of some bad stories of managers here in town. Anyone relocate with a portfolio? How'd you weigh the choices? Thanks, have a good one! [link] [comments] |
| Real Estate Opportunity... Am I Financially Stable Enough? Looking for Input. Posted: 03 Aug 2020 08:05 PM PDT Hi all, Tl;Dr: I'm recently graduated without much saved up. A 1/1 condo that's been in the market for a while drops to 100k with 350ish HOA, ~1350-1450 potential rental price. I'm about to be debt free, but don't have much savings, however I'm fairly cash flow positive. Should I go for it? I'm fairly recently out of college with no student debt. A while ago I did some research into real estate. I decided to put the idea off because I had just bought a car, didn't have a lot of savings and it seemed like the top of the market. Nothing made sense given all the stuff I'd learned about what a good opportunity was. However, now I'm within a month of paying off the car and I was scrolling Zillow as I do every now and then and I noticed a great place in a nice area. Well, let's say the nicest area of a generally less nice city, you could say it's a C- city, but a B+/A- area. Plenty of night life, restaurants, breweries, gyms, etc. But some crime spills in every now and then. Schools still aren't great. I've lived here for a few months now and was doing heavy research before I got here so I know the lay of the land. I had noticed some places in this building a year or so ago but the price has been dropped far below what had been there before, all the way down to around 100k. It's a 1/1 and what I'm hesitant to mention is that it's a condo. I know a lot of people don't like investing in condos. But the HOA is in the 300s, and I figure no roof or hvac costs, right? Additionally the place comes with a nice gym and an (admittedly mildly forlorn) indoor basketball court. Also, it was built in the early 2000s, so I figure it won't be in disrepair and won't need too much upkeep. The plan would be to live in it for a year and also save up some for future repairs, then rent it out. The HOA doesn't seem to frown on renting either since I've seen plenty of places in the building up for rent on zillow. It's one of the nicer buildings in the area with rents going up to 1450 for a 1/1. Using the 2% rule, that's 1.45% which isn't bad. As far as appreciation goes... It's the lowest price in the building and it's tax assessed at 170k, which isn't great for my property taxes but I feel like it bodes well otherwise. The price seems to be a "needs to go even at a loss" thing, not some other type of issue, but I'll make sure to inspect it thoroughly. Now let's get into the less great part: the finances... I'm soon to be debt free, however, I still don't have much to my name. A 5% down payment + realtor fees would only leave me with only enough liquid assets for a few months bills or repairs if absolutely necessary. However, I have a stable, high paying job and so am fairly cash flow positive. The mortgage would be about 12% of my yearly income (after taxes). I'm sure I could get to 20% down in a year, with a good amount saved up for emergency repairs. Let's say I go with a 30 year fixed, and decide to be pessimistic about the potential future rent at 1250. Zillow puts me at about 950 for principal, interest, taxes, etc. Subtract 125 for a property manager, and it's still cash flow positive by around 150, which keeps the balance for unexpected expenses even while paying off the principal. What am I missing? Is this a crazy idea? [link] [comments] |
| Hard money to find new construction? Posted: 03 Aug 2020 08:02 PM PDT Do hard money lenders give loans for new construction? And 2/3 of the land price? [link] [comments] |
| 1031 Exchange into partial ownership of a building Posted: 03 Aug 2020 02:03 PM PDT I just closed escrow on a building in California and will be moving my money from the investment into buying a portion of another building. We will be receiving a portion of the rent every month equivalent to the money invested. I wanted to see if the numbers look right, or if we should scramble to look for a better investment. The main numbers indicate that for every $10,000 invested we receive approximately $540 per year. The building has a rental increase of 3% with a fixed 20 year lease and cam charges built in, so this is for year 1. They have assured me that since the building has a debt load that it will offset any taxes that i will need to pay for the rent I receive, so while the rental amount may be lower, it will all be net money after taxes. Does this all sound right investment wise? [link] [comments] |
| Posted: 03 Aug 2020 03:30 PM PDT Is anyone else struggling to find reasonable and reliable contractors right now? As the saying goes, good, fast, cheap— pick two. I'm having a hard time finding guys right now that check more than one off. [link] [comments] |
| Posted: 03 Aug 2020 07:14 PM PDT I have only paid 10% down for my new house and paying PMI every month.. wondering if i can use balance transfer offers from few credit card companies and add up to make some principal payment so that can save up on PMI. Is this a good idea ? [link] [comments] |
| Posted: 03 Aug 2020 07:13 PM PDT I'm 18yo and just graduated high school, and I'm looking to get into real estate. I'm constantly trying to educate myself on anything to do with real estate, by I'm still just starting out. The other day I saw this foreclosure on Zillow: Link It's listed for 28k but tax assessed value is 66k, Zillow's valuation of 75k put aside. When I'm looking at the pictures, I'm not really seeing anything that needs work besides some basic cosmetic stuff. If I were to buy this, I'd need to take out a hard money loan for it since I'm 18 and I don't have 28k just sitting around. If I could actually flip this for what the tax assessed value is, I could stand to make a lot of money in a very short amount of time. But I'm obviously very skeptical of a deal like this because it seems wayyyyy too good to be true. Even if it is legit, why hasn't someone scooped it up already if it's been listed for 3 weeks? Is there something I'm missing here? [link] [comments] |
| Cash Reserves for purchasing SFHs as a personal investor Posted: 03 Aug 2020 12:52 PM PDT Hi All- I'm preparing to buy my second SFH in the next 6 months or so, provided the right deal is there. I really need some help regarding the best way to posture my finances in the meantime so I'm ready to take advantage of a deal when I find one. I want to be able to fire off cash offers, and, since most sellers won't accept brokerage investment account statements as proof of funds (and because I've gotten burned using stock to buy a house with cash before!), I want to start holding a modest cash reserve in order to buy real estate with, when the time comes. SFHs in my market generally go between $85k and $125k. My goal is to hold $50,000 as a cash reserve, and rely on a 401(k) loan to cover the rest. Is this too much to just be "sitting there"? I'm strung up right now because most of the (non REI) guidance I've found is to only hold 3-6 months of living expenses as a cash reserve. In my case that'd be ~$10,000, not nearly enough to actually using up front on a real estate purchase. Not to mention, I'm not planning on having this as a "rainy day fund", which is how most traditional financial advice will see a cash reserve. How would you hold this cash? I've seen conflicting advice regarding putting this money in a high yield savings account vs. a money management account, but I'm leaning towards the savings account because of the higher APY, and I won't be affected by transaction limits or ATM accessibility. Are there any better options for holding cash? Part of the reason that I'm confused here is that I've competed with investors for higher price point properties (>$200k) and have been outbid by cash offers. Do some individuals really just have $200k cash sitting in an account somewhere waiting to be spent? Or do they have some other highly liquid financial instrument they can use in these situations? Thanks for any and all insight here. Looking forward to the discussion. [link] [comments] |
| Posted: 03 Aug 2020 10:28 PM PDT I have a house worth 700k in seattle and i have been looking into getting in rentals for extra income is it legal to have someone i know take out a mortgage for 800k on my house and give me 700k and keep 100k for rehabbing the house into a luxury rental after i move out i would then build or buy outright a new property with a rental portion so i get a rental income as well so its win win for me and the other party and if the mortgage is a legal issue i have access to 4 or 5 people that could buy my house for 800k cash but dont want to look stupid if its not legal [link] [comments] |
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