Real Estate Investing: Doing a 6mo winter rental for $18k cash up front, would you background check the tenants? |
- Doing a 6mo winter rental for $18k cash up front, would you background check the tenants?
- What should I expect for interest rates on a non-owner occupied SFH?
- How does hard money lending work?
- Investment Advice Needed
- Are most out of state investors using turnkey companies or is there another way?
- Wholesaling in Michigan
- Appraisal came in lower by 3%
- What are the costs associated with land that is "preapproved for building"?
- Do you pay GC's cash and other random workers cash?
- Do You Provide Internet For Your Tenants In Single Family Homes?
- Prequalifying for a loan
- Question about the 1% rule for discounted properties
- Solo 401k and lending
- What do ya'll think of Redfin?
- What tools do you use for creating leases/background checks?
- House hack with partner? Need advice
- Capitalizing on multi-family forbearance/pre-foreclosure/foreclosure deals - how to?
- Business question... Sorry if I'm posting in the wrong place just like some help
| Doing a 6mo winter rental for $18k cash up front, would you background check the tenants? Posted: 20 Sep 2020 06:50 PM PDT I'm about to close on a property in a major ski location and the realtor I'm buying it from lined up a tenant for $19k for the ski season. The tenant pays the 19k up front, a $2000 security deposit, and the utilities get switched into their names for the duration of the rental. I asked about what they do to vet the renters, and they don't really do anything (which is apparently typical for all realtors/property managers in the area). I get that these people will be writing a check for $20k+ so they probably aren't derelicts, and I also looked up their house on google and it's ENORMOUS so it's likely lower risk/concern that they don't have the money. But, I also realize that just because they have money doesn't mean that they won't be a bad/crazy tenant. What do people think about this? It does seem "par for the course" in this area that no serious vetting is done for seasonal rentals because of the significant prepayments these places command. At least I would have the full payment up front (though, i realize if they don't leave when the lease is over, I have to go thru the eviction process). [link] [comments] |
| What should I expect for interest rates on a non-owner occupied SFH? Posted: 20 Sep 2020 08:17 AM PDT Best I've been quoted is 3.99%, 20% down, and plus a point. Is this a good rate? What rate should I be expecting? [link] [comments] |
| How does hard money lending work? Posted: 20 Sep 2020 10:46 AM PDT I'm a small time realestate investor in Colorado Springs, CO. Currently have 5 single family houses, (1 mine, 4 investment). I've maxed out my debt to income ratio (in the 60% range.) I just found another house. Super cute, needs a few dollars in basic upgardes, about $20k, will take 30 days or less. I currently have $40k in savings. House is worth $300k when all said and done, selling for $210k. 3 br 2 bath, can rent for $1.8-2k/month. Credit score 740. Bought three houses in the past 3 years. All rented no missed payments. Big question to the experienced people out there, How do I buy it? My realtor mentioned 'hard money' but all I read about that is "avoid at all costs". I'll ask them tomorrow when I tour the house about owner financing, but that is anything but a guaranteed option in today's market. Need advice on how, if even able, to purchase said house. Worst case scenario is I can refi one or two of the other houses, but that'll convert them from 30yr mortgages to 15year mortgages, and Id like to avoid that. [link] [comments] |
| Posted: 20 Sep 2020 07:36 PM PDT Looking for advice/stories from actually successful multi property landlords. I'm the type of person who trusts successful people over "professionals" who happen to have the title of investor. I've always been told the best type of investment is real estate and once you own a few properties you are set for life, but never have been told how-to. About me: just turned 30 and bought my first house 3.5 years ago on my own. 3 bed 2 bath condo for 400k with 40k down about to refi to 1830 mortgage/escrow + 230 hoa. I have 2 renters paying 1600 a month and I live in the master bedroom. I have a 820 credit score with perfect credit history. My very stable job has full paid benefits and I make 40k a year with 3% annual raises. I have no revolving debt, so after taxes and the rest of the mortgage payment my rental income doesn't cover I have roughly 2000 a month to cover food, car insurance, pet insurance, etc which normally runs 500-700 a month meaning I save 1300-1500 a month on average. I also flip cars on the side occasionally which in an average year will add 5-15k to my income depending how active I am flipping cars. I also do all my own repairs/renovations to keep costs down. I currently have 40k in savings and unsure what to do going forward and the reason for my post. I wanted other's thoughts about investing now or saving more. I've been renting my rooms out for 3 years now with 100% occupancy, so feel pretty comfortable handling tenants. Never had tenants who didn't live with me though so that is one consideration for a second property. Or rather than another residential property should I look towards REITs, partnership with a good friend also looking to invest, commercial property like storage units or office space, etc? Any tips or suggestions are appreciated! [link] [comments] |
| Are most out of state investors using turnkey companies or is there another way? Posted: 20 Sep 2020 11:10 AM PDT It seems as though doing a rehab from out of state is not recommended because overseeing a rehab project invites a lot of issues. Does that mean that most people investing from out of state are using turnkey companies? Even if you use a turnkey company, if a major repair needs to happen, wouldn't you have the same issues that you would have from a rehab? [link] [comments] |
| Posted: 20 Sep 2020 11:08 PM PDT I live in the metro Detroit area, looking to get my first deal and was looking at wholesaling. I currently think with my job salary being low and not being able to get a loan, this is looking like a good starting point. Does anyone wholesale in Michigan, any tips or software I could use to help me try to get started? [link] [comments] |
| Posted: 20 Sep 2020 05:39 PM PDT So, I am in the midst of trying to see if it makes sense to invest in this duplex - we have agreed on all terms around fixes etc and earlier today received the appraisal which is 3% below the agreed upon price. I have an option to walk away if the appraisal was lower than 1% of the agreed price and we couldn't agree on new terms. I am curious to hear from this community what their thoughts are on this - if the seller does not agree to lower his price to something reasonable - what would you do? Just to give you some perspective - the initially agreed upon price was $225K - and new appraisal is for $218K a difference of $7K. The property has been on the market for 350 days and was initially appraised for $220K in February - pre COVID. The seller has been not very open to negotiations in the past - so my gut is that he will balk - which also explains why this property has been on the market for this long. This is also a owner/realtor seller. Any advice appreciated. [link] [comments] |
| What are the costs associated with land that is "preapproved for building"? Posted: 20 Sep 2020 08:40 PM PDT I see ads for buying land that is "preapproved" for the construction of a duplex. If you buy the land how do you acquire the funds for building? I know permits are required is that included in the "preapproval". Basically, what steps all come with such an investment? [link] [comments] |
| Do you pay GC's cash and other random workers cash? Posted: 20 Sep 2020 07:46 PM PDT Sometimes I let homeless guys do cosmetic work in exchange for cash payments... Sometimes I hire guys off craigslist as well to save money! Surely these guys never pay taxes lol - Do you 1099 all the people you PAY? Or do you pay cash and leave it at that? [link] [comments] |
| Do You Provide Internet For Your Tenants In Single Family Homes? Posted: 20 Sep 2020 07:37 AM PDT I am getting ready to move out of my current home (single family) and plan to rent it once I do. I already have a modem and router at this property and I was wondering if people typically leave them for their tenant to use (like an appliance) or whether you let your tenant set everything up with the internet provider of their choice. I was also curious if you leave the router and modem do you (personally) provide internet? Why or why not? How does it differ providing internet as opposed to just getting internet as a household? [link] [comments] |
| Posted: 20 Sep 2020 06:09 AM PDT Good morning! Girlfriend and I are ready to get into real estate investing with a multi family property. I am hoping to get an idea of what to expect when we go to get prequalified. We're looking for an FHA loan or similar product. Each of us have a credit score over 750, she has a car payment about $350 a month, I have about $24k in debt and rent is currently $1000 a month. Between the two of us we bring in about 85k a year. We'll have ~10k to use for down payment and reserves for the first few months. Looking at multis that are less than 160k. I have been at boot camp/military training but will return to my civilian job as soon as I'm done. I worked there a year before joining the military. Because it is with the same company will a bank look at it as continued employment or it will count against me that I took a six month "break" from the job? What am I missing that lenders will look at, and are there any ways we can improve our odds of getting prequalified or getting the best deal? Any advice is appreciated! [link] [comments] |
| Question about the 1% rule for discounted properties Posted: 20 Sep 2020 02:06 PM PDT I have the opportunity to buy a 450k home for 300k. Should the the rent be a minimum of 4,500 or 3,000 to satisfy the 1% rule? [link] [comments] |
| Posted: 20 Sep 2020 10:11 AM PDT I am self employed and considering getting a solo 401k from Etrade. They state that loans are allowed for their solo 401k. I currently have a SEP IRA that i'll probably rollover into the solo 401k. How does this work exactly for RE investors (both as a private lender or as someone buying turnkey properties)? Am able to lend only the interest earned in the solo 401k or I can lend all of it? Does the interest (if private lending) or rent income (if used to a buy a mortgage) have to be reinvested in the solo 401k? Are SEP IRAs better for RE? Ultimately my goal right now is to get passive income from RE investing by using the profits of my business. I much rather invest in RE than just cough up 30% of my business profits to taxes [link] [comments] |
| What do ya'll think of Redfin? Posted: 20 Sep 2020 12:19 PM PDT |
| What tools do you use for creating leases/background checks? Posted: 20 Sep 2020 07:28 AM PDT I was looking at cozy(now apartments.com) which states it checks credit,background, and creates a lease for you. What I'm wondering is if that lease is detailed enough like taking care of hvac, reporting leaks, only using toilet paper, ect. I'm new to this and trying to be as prepared as possible for my first rental. [link] [comments] |
| House hack with partner? Need advice Posted: 20 Sep 2020 11:10 AM PDT Hey guys, I am pretty new to real estate investing and am house hacking a duplex with my wife (and kids!). After being enlightened with how amazing this is for wealth building, I am trying to figure out how I could possibly do this again. With my family situation, this would be the only property I could personally hack. I have a close friend that is willing to do it with me (or for me) and I am trying to figure out if it is possible to structure it. I'll pay the 3.5 down, manage it etc but is it possible for him to quit claim it to a joint llc? Is there any way for me to end up with the property and financing in my name but only do 3.5 down? Looking for creative options were people have either partnered or fully transferred the note to someone else. Ideal situation would be if it's possible for me to end up with the property, and in return he lives rent free for a year. If that's not possible than doing a partnership that makes sense legally could work. I would really appreciate any insight guys. Thank you! [link] [comments] |
| Capitalizing on multi-family forbearance/pre-foreclosure/foreclosure deals - how to? Posted: 20 Sep 2020 06:53 AM PDT I am a relatively new investor and have always been interested in modeling and exploring these type of deals. Can you point me to any online reading, books, etc. that can help me understand how to find these deals, risks, and methods of deal structures in the 2/3/4-plex multi-family realm? [link] [comments] |
| Business question... Sorry if I'm posting in the wrong place just like some help Posted: 20 Sep 2020 05:19 AM PDT So to make a long story short... I bought 3 duplexes as to rent them out all with my $ but I told my future wife that she will be involved and gain from the profits. The only issue is that I had to pull out the mortgages to my name can't even move it in to an LLC. So the question is.... What is the best tax and liability way of involving her while getting any kind of tax benefits and/or protecting ourselves liability wise. I would like to start an LLC as to purchase more properties and let that LLC's credit worthiness grow as well. PLEASE SOMEONE HELP US WITH THIS LINGERING QUESTION... OPINIONS ARE MORE THEN WELCOMED THANKS TO ANYONE THAT TOOK THEIR TIME TO READ THIS [link] [comments] |
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