Real Estate Investing: Are you happy with the money you're currently making in RE? Does it simply keep you comfortable or does it help provide a life of luxury? |
- Are you happy with the money you're currently making in RE? Does it simply keep you comfortable or does it help provide a life of luxury?
- wholeselling, getting people you can assign the contract too after locking in.
- Questions on property development for Multi-Family
- Why would an investment company hold on to properties for 10+ years but do nothing with them?
- Is it just me or is everyone into real estate investing these days? What happens after the next downturn?
- How do you find good property managers?
- How much would you offer for cash for keys? Or, if you were the tenants, how much would you be willing to accept?
- 19 year old looking for some honest advice from someone with experience.
- Thoughts on Section 8/Housing Vouchers
- Any long island investors? I need advice on a possible flip/rental
- How much notice do you need to give to increase rent? [wisconsin]
- Taking advantage of a great mentor opportunity
- Finding the right lender
- A formal education in real estate?
- Anyone getting less than 20% down on Jumbo Mortgage?
- Can I pay my teenage kid (or any immediate family member) for landscaping maintenance at SFH?
- Looking into Rochester, NY. What’s the catch?
- Fannie Mae Mortgages AFTER 4 Loans
- Inspection dilemma
- Buying First Rental Property 4 Hours Away From Home
- Cash Accounting - Tracking Sales Tax Paid
- Residential or commercial?
- My partner and I have inherited 100k. What would you do?
- Alternatives to paying first-apartment rent?
| Posted: 13 Sep 2020 08:13 AM PDT I listen to several REI podcasts and recently heard someone call them out saying that the reason they are peddling their podcasts, master classes, books, and whatever else, is because they actually haven't been able to build much wealth through REI. It got me thinking. Has REI been successful for you? Has it simply been a small additional income to continue living your life comfortably, or has it actually been a huge income that's increased your life to a life of luxury? [link] [comments] |
| wholeselling, getting people you can assign the contract too after locking in. Posted: 14 Sep 2020 12:41 AM PDT I live in Colorado. I was wondering if while whole selling realestate how do you find someone to buy the contract off of you after locking the price . is there a website? or somewhere I can market the property [link] [comments] |
| Questions on property development for Multi-Family Posted: 13 Sep 2020 08:35 PM PDT Found out a few weekends ago that I am set to inherit a property that is in a smaller city (approx pop of 60k) which is currently vacant. It sits on one of the main streets of the downtown area that the local government is spending several million to update and promote; I feel that the property would make a good investment to convert the top two floors to multi-family units. Building is three stores and close to 23,000 square feet, almost 100 years old. It is located less than a mile away from the global headquarters of a very large international corporation and within five miles of two smaller national corporations headquarters. The main level is currently set up as a large restaurant and the upper floors are a combination of offices, a bar and one apartment that the previous owner lived in. I have already reached out to a few established restauranteurs that have shown interest in the main level but all of them have expressed concern about parking, the city has advised they would sell a vacant lot beside the building as long as I would develop it to match the new aesthetics of the area with a small green space. The city is very egger to see this happen and have offered almost $50,000 through various grants to offset the cost of renovations. I was initially looking at getting the main level cleaned up, renovating the exterior slightly and converting part of the restaurant storage space (which is close to 2000 sq ft) to a retail space — also have a potential tenant here also. After getting the businesses established work on the mfr units. The main level is set to generate $7,000 - $8,000 per month with my current contacts. Level two and three are about 7,000 sq ft each. Are there any red flags or issues I need to prepare for? What size units are easiest to rent typically? Are there any resources to find out demand? Do standard apartments typically rent quicker and carry longer tenancy or would upscale lofts be a better investment? Medium to higher end is lacking in the area and the city is pushing me in this direction. My family is pushing me to sell the property as they have received an offer of $450,000 but they would expect a "commission" since they "sold" the property (that isn't theirs). I have some construction experience and have contacts with appropriate contractors. I am very new to this so any advice would be appreciated! [link] [comments] |
| Why would an investment company hold on to properties for 10+ years but do nothing with them? Posted: 13 Sep 2020 03:35 PM PDT Why would a good sized investment company, which owns over a thousand units between dozens of apartment buildings and town houses in two states, hold on to empty lots for so long? In about 2009, the company prepped multiple single family home lots with all utilities, roads, sidewalks, and curbs, and then essentially abandoned them. They're in a premiere neighborhood with views. They have never been listed for sale. I'll be calling them myself next week, but I wanted to find out if anyone can think of any reasons? Thank you. [link] [comments] |
| Posted: 13 Sep 2020 11:03 PM PDT I started investing back in 2013, when deals were much easier to be found. Even in 2016, I remember being one of a few friends who had started to invest in real estate. Is it just me or is the space extremely crowded right now, with everyone and their moms looking to invest? I would say 9 out of 10 people that I know have started to or are interested in real estate investing. And these people, for the most part, understand numbers and aren't over-leveraging on their deals. I know one school of thought is that there are market cycles and many investors that don't focus on fundamentals will be in trouble during the next major downturn. But a part of me thinks the space may be crowded for good and we'll see more competitive from this point going forward, regardless of any dips in the market. There are so many good resources online (eg. Biggerpockets) that have drilled the fundamentals into investors. Thoughts? [link] [comments] |
| How do you find good property managers? Posted: 13 Sep 2020 12:41 PM PDT I own a few properties in Philadelphia and have worked with two property managers. Honestly, my experience was nothing but negative. One of the them never talks to me. A tenant terminated the lease. They posted a rental listing on zillow. I was never notified until I saw the zillow listing weeks afterwards. There was a repair. They did it and charged me three months after tenants filed the issue. I had no idea whether they did it right after the tenant filed a complaint or they delayed three months to get the work done. In fact, I did not know about the repair until I saw the bill three months after the incident. Our management agreement specifically says anything greater than $200, they need my permission to do it. The other property manager is slow on response. I was thinking about giving them one more property to manage two months, which they happily agreed. So far it is been taking them two weeks to reply to every single email I wrote them regarding the transition and they still have not sent me a new management agreement yet. Just curious how you guys find good property managers? [link] [comments] |
| Posted: 13 Sep 2020 05:03 PM PDT Current rent that they're paying is $1,000. The current market price is $1,600. If I do some renovations, I can probably rent it out for $1,800-2000. I'm thinking about offering cash for keys. How much is a reasonable amount to offer? Or if you were the tenants, how much would you accept? [link] [comments] |
| 19 year old looking for some honest advice from someone with experience. Posted: 13 Sep 2020 10:09 PM PDT I am working part time and saving every inch of money I earn. So far I have put up 10k and will be eyeing to save atleast 15k. What I dream is, buy a good rentable house which sells at around 150k, 15k down and then mortgage max could be 750 looking at my part time income or so. The rent would be more than 1000 or so I guess. And THE RENT PAYS MORTGAGE. within few years the house is all mine and I wish to buy 2-3 properties before I turn 30 atleast. Am I delusional, thinking straight, over ambitious, is it doeble? Can I do it ? I am looking for some motivation and some true facts and advices. THANKSSS [link] [comments] |
| Thoughts on Section 8/Housing Vouchers Posted: 13 Sep 2020 10:00 PM PDT Just listed my first SFH rental today and I've gotten a number of potentials asking if I'd accept Section 8 housing or Housing Vouchers. From reading up a bit on it, it seems like there really isn't too much of a downside for the Landlord. Anyone have experience dealing with Section 8/Home Vouchers? Should I stay away? [link] [comments] |
| Any long island investors? I need advice on a possible flip/rental Posted: 13 Sep 2020 05:56 PM PDT My current landlord ( not an investor, just a personal home he owns) has another house that he is looking to offload in mastic beach. It's a 3 bed 2 bath full basement with a cottage in mastic beach down by the lagoon. It's completely gutted on the inside and all new on the outside( new windows roof and siding) he offered it for 175k I'm not from the area and everything just seems like a lot of money to me not being from the area. Is this a normal price for a flip in the area? Is it worth the risk as a rental in mastic? Fixing it would cost about 40k and put a mortgage at around 1700 a month. [link] [comments] |
| How much notice do you need to give to increase rent? [wisconsin] Posted: 13 Sep 2020 09:10 PM PDT I am buying my first home, a duplex, at the end of month. I will be asking one to move out, so I can occupy one dwelling. The other I am planning on increasing rent. How much notice do I have to give to increase rent? Also, please feel free to share any insights or thoughts in general that you think would benefit a new home owner/landlord. I am in Milwaukee, Wisconsin. [link] [comments] |
| Taking advantage of a great mentor opportunity Posted: 13 Sep 2020 08:55 PM PDT Hey I'm new to this sub and real estate in general. I'm a sophomore in college and I joined the real estate club this semester. Something new that they are initiating is a mentor program where we will get paired one on one with an accomplished real estate professional from our area. A lot of the possible mentors I might have work in commercial acquisitions/development or investment/wealth management at companies like JLL and CBRE or other local companies. I don't know much about real estate much less finance or management in general and I'm wondering what kinds of questions I could ask that would allow me to get the most out of my relationship with my mentor. Any advice would help!! Ideally this mentor program would help me land an internship somewhere next summer or year. [link] [comments] |
| Posted: 13 Sep 2020 08:51 PM PDT Not looking to buy for another 3 years. Doing my research now on househacking. I have a call tomorrow with a credit union I am a member of. I heard they offer better rates, do you guys know anything about this? I'm also wanting to find more information on debt to income ratios and what is necessary. For example, I would assume that if zillow tells me the PITI payment is 4,500 and I have a tenant paying me 3,000 for the other unit, then I wouldn't need to make 9,000+/month (4,500x2 for 50% DTI) but something more along the lines of 3,000+/month (4500-3000= 1,500 my portion of the mortgage x 2) (i assume 100% rent is cashflow because the property I looked at today was almost fully renovated. Called the agent, she said the only expenses the landlord has was oil for the heater and water which was like 2k so few underer extra in monthly expenses) Can you guys share any knowledge on lenders and what requirements you have seen in the real world. Saw a youtube video saying theres a cause in fha loans that multifamily has to have 25% down payment. It's things like that that I'm trying to learn now. [link] [comments] |
| A formal education in real estate? Posted: 13 Sep 2020 02:16 PM PDT My school offers a masters program in real estate and it has drawn my interest greatly. What benefits may come from a formal education in real estate? Will the information I'm exposed to give me an edge in building my own firm and investment portfolio? [link] [comments] |
| Anyone getting less than 20% down on Jumbo Mortgage? Posted: 13 Sep 2020 08:08 PM PDT Throughout COVID, lending standards tightened considerably on Jumbo Mortgages. Most lenders would not lend on anything with less than 20% down. However, now I am hearing lending standards are starting to loose. Has anyone received a jumbo loan with less than 20% down in the last few months or weeks? PS - If anyone has a solid loan originator or mortgage broker in SoCal, would enjoy connecting with them. [link] [comments] |
| Can I pay my teenage kid (or any immediate family member) for landscaping maintenance at SFH? Posted: 13 Sep 2020 02:04 PM PDT Few times a year my teenage son, wife, etc come with to help with yard landscaping on my SFH. I'm a sole proprietor. Can I pay them and get the expense on my books? If so, I assume they would have to claim it as income if it was more than $600. [link] [comments] |
| Looking into Rochester, NY. What’s the catch? Posted: 13 Sep 2020 11:13 AM PDT A quick search shows houses selling for $40-60k and renting for $700-$1,300. Are these just good deals or is there a catch? Bad neighborhood? High crime? Or something else? I'm struggling to understand why you would rent a $60k house for $1,300 a month what gives? [link] [comments] |
| Fannie Mae Mortgages AFTER 4 Loans Posted: 13 Sep 2020 07:22 PM PDT Hey REI folks! Been reading a lot of REI advice, tips, and stories, but one thing I haven't seen and it just popped up in my RE journey. My strategy so far has been to purchase a home as my Primary Residence to establish lower interest and down payments, live in the home for 12 months (to satisfy the minimum requirement for the contract), then rent it out and move into another. Rinse and repeat. However, when doing conventional loans, apparently Fannie Mae / standard conventional loans are soft-capped at owning 4 mortgages (hard capped at 10). To buy your 5th (and through 10th) the requirements for financing are significantly higher. Those who invest through conventional mortgages, how do you approach this speedbump? Should I be looking into other loan types? Thanks in advance [link] [comments] |
| Posted: 13 Sep 2020 06:41 AM PDT I recently paid $55,000 for a property, put $30,000 into it, and received an offer for $125,000. Once the buyer received the inspection report, he literally wants everything fixed (3 pages of requests - including the smallest little things). The big ticket item is that he wants the garage and shed roofs replaced. Is there a good strategy for this? I was told he's a young buyer at the top of his budget and he has no money to fix anything. I'm contemplating writing him a $5000 check once it sells. Is there any better strategy? I'm all in at $85,000. So I'd be getting around $31,000 after commission when it sells. [link] [comments] |
| Buying First Rental Property 4 Hours Away From Home Posted: 13 Sep 2020 07:01 PM PDT Hey Everyone, I'm from Vancouver where real estate prices are based on speculation and it's far too expensive and risky for me to buy my first rental property ($520 - 700k 1br). I've been looking at Kelowna (4-hour drive) since I found some units that can cash flow $100 - 300/month on 2 to 3 BR condos there. With a 4.2 - 5% cap rate. Does anybody have a good insight into whether Downtown, Beachfront, or UBC-O is the best area for highest rent and lowest vacancy? I know each area has there pros and cons but I wanna see if anyone here has experience in the area. I plan on doing an analysis over the next week on which areas have the highest cap rate and I will likely purchase there. For the people that bought property far away. Was there a lot of issues with managing the property after hiring a property manager? I'm mainly looking for recently build condos so there won't be a lot of fixing and I will likely pay for a property manager unless it doesn't take as much work to manage myself. I have the time to fly out to deal with things as long as the rewards make up for it. A friend also suggested I Airbnb the property since a similar property in Kelowna of his grosses $40k annually. Thanks! [link] [comments] |
| Cash Accounting - Tracking Sales Tax Paid Posted: 13 Sep 2020 11:12 AM PDT I have a portfolio of several LLCs which hold a single property each, and I use cash basis accounting to keep things simple. Is there a requirement to separately track state sales tax paid on services and purchases? If not, is there any value in tracking and reporting it separately on schedule E vs just lumping it all together?
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| Posted: 13 Sep 2020 01:11 PM PDT I'm curious whether or not the land for a full neighborhood with a golf course, pool, tennis courts, and houses be residential land or commercial? As well as if anyone knows the approximate costs to build a neighborhood with around 100 homes at about 3,000 square foot per home plus 1 acre lots? The location would be in north Georgia or in North Carolina [link] [comments] |
| My partner and I have inherited 100k. What would you do? Posted: 13 Sep 2020 04:48 PM PDT Basically the title we've inherited 100k and I've always wanted to invest in real estate and she's on board. There's so many different ways we could go, so I guess the total question here is.... If you were just starting out and you had 100k where would you start and what type of properties would you invest in and why? [link] [comments] |
| Alternatives to paying first-apartment rent? Posted: 13 Sep 2020 04:33 PM PDT Hi, everyone! I'm thinking of getting my first apartment, but I'm having a hard time justifying the $1100ish/month rent payment to myself. Is there a way I can better invest that money into a place to live/living situation that comes with appreciating value? Or, are there cost-efficient ways to reduce or make the most out of the rent I might pay? Any ideas would be helpful. Thank you!! [link] [comments] |
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