- The flip side of Trump's eviction ban: Landlords face big crunch Landlords are dealing with a dramatic drop in income, facing the prospect of either trying to sell their property or going into debt.
- Is it a bad time to buy an investment property in Utah with tiny cash flow?
- How do you determine the rent for a SFH in Seattle?
- Unconventional ways to keep current primary residence as investment property
- Advice on finding a good Attorney
- Transferring Property and Mortgage to spouse
- get started wholesaling?
- What is my best option to get financed? Inconsistent income, low six figures of assets, good credit
- Trying to help dad decide between investing in stock market for retirement or multifamily rental property for retirement
- Renters insurance (newbie question)
- Using Roth IRA and mortgage questions from potential first time investor.
- Too good to be true?
- Structural engineer or foundation repair company?
- Structuring a partnership for Property Management
- Portfolio Loan for House Hack
- Virtual Assistant Property Management?
- Question about net income from previous deals used to qualify for new loans.
- What Loan Options Do I Have?
- Where / how to look for a loan for us?
- Having trouble trying to make 100k make me money. Can I make 2k a month with a 100k cash investment in rental properties?
- Does it make sense to refinance my rate just to save $30 per month?
- Best way to learn how to fix up a house?
- Best title vesting method for married couple owning multi family rental property in California??
| Posted: 14 Sep 2020 08:19 AM PDT |
| Is it a bad time to buy an investment property in Utah with tiny cash flow? Posted: 14 Sep 2020 10:25 PM PDT So, Salt Lake county market has been crazy. Off market deals are outside salt lake county and they are mostly beaten up houses that has lot of fixes to do to make it rentable. I am not looking to flip. Just looking to build rental income. Don't really want to deal with fixer uppers (mostly due to inexperience) and not being able to finance I recently refinanced on our current home so can't really buy another primary property for 1 year. I came across a town home for $300K which already has a tenant for $1650 rent. Built in 2002 and in a decent neighborhood (close to a nice mall and freeway). My offer has been verbally accepted but would appreciate some opinion from folks on internet : ) I can get a 30 year FRM (investment mortgage) for 3.25%. I will have to bring in $75K (25%) down payment and around $2K in actual closing costs (ignore escrow for now). Mortgage + Prop Tax + HOA + Insurance will be $1250. With $1650 rent, $400 in positive cash flow (without property management company) for investing $75K. So a 6.4% return but I will have to take care of potential maintenance, break downs, vacancy, etc, etc. My income will allow me to get this loan and still be under 35% DTI including my own home's mortgage. I understand that people can buy a home outright in Ohio for $75K and rent it out for $800 or so and be completely cash flow positive without even increasing their DTI. Its simply not possible here in Utah. Off-market properties are still 220K+ and cannot be financed because they are so bad. Being a newbie, I am not so confident about buying out of state due to the possible complexities that may arise. Even after the down payment, I will still have 1 year worth emergency funds to survive a economy crash or a job loss. If I don't buy now, I am worried I will miss out. But, Salt Lake market has been crazy for a while and I am also worried about buying in the peak. Who knows, this may not be the peak and could simply stabilize. What do I know. That's why I am here. Any input or your thoughts on this will help me make my decision! Thanks for reading my rant! [link] [comments] |
| How do you determine the rent for a SFH in Seattle? Posted: 14 Sep 2020 10:09 PM PDT Hey everyone, What resources do you use to determine the rent for your property in Seattle? I have tried online tools like rentometer, the zillow rental estimate tool, and the redfin rental estimate tool and they all seem to come in lower than what I would think. I was curious if anyone else uses them or knows how accurate these tools are or knows of other free or low cost ways to determine fair market rent. I have also tried browsing the rental websites to get a feel for how much to charge for rent but there aren't a ton of places that match exactly the number of bathrooms/bedrooms i am searching for so that doesn't feel like comparing apples to apples. Is there a way to look up historical data so I can get more data points? Just for context, I am interested in purchasing a house to rent out in Seattle. I have been looking at listings and analyzing the deals and determining rent price is one of the areas of the calculation I am the least confident in. Thanks [link] [comments] |
| Unconventional ways to keep current primary residence as investment property Posted: 15 Sep 2020 12:13 AM PDT I currently have a rental condo, a semi-detached as my primary residence and just purchased a new detached home, which I'll be closing on in a few months - all in Toronto. My intention was always to hang on to the condo, while upgrading my primary residence. Recently someone asked me, why not sell the condo and keep your semi as an investment property and consider making it into a duplex to increase cash flow. I'll admit I haven't thought of this to-date as I was intending on using all of the equity from my current primary residence to fund my upgrade to a detached. If I sold the condo now (which doesn't appear to be a great time as many are up for sale and not moving as quickly - thanks COVID!), I'd only have half the equity I need to put into our primary residence. My debt to asset ratio is also fairly tight at the moment given the purchase of my new property. I have a few potential parties that may be interested in partnering to make up the difference required for me to keep my semi, but that would of course require partnering. I suppose another scenario, but even more outlandish is keeping all 3 properties. I have one week to investigate/decide before my semi needs to go up for sale. My question: What are some unconventional ways you smart people use to finance properties in order to get past that capital 'hump' required for upfront investment? Any advice on who I might speak with to get advice on growing my real estate portfolio here? Banks never seem to be overly creative with solutions.... [link] [comments] |
| Advice on finding a good Attorney Posted: 14 Sep 2020 04:53 PM PDT Hey everyone, Anyone have any tips (or even a referral) on finding a good attorney that understand the business of investing in RE? I am working on starting a business venture with a partner centered around RE investing and every attorney we've spoken to doesn't seem to understand our goals. They all seem to be feeding us high level general info and no real specifics on structuring the business entities in the best manner possible for our goals. I know the best method is a referral from someone you know doing what you would like to be doing, except, I don't know anyone that falls into that category. So I'm turning to the internet! Thanks in advance. [link] [comments] |
| Transferring Property and Mortgage to spouse Posted: 14 Sep 2020 11:44 AM PDT In order to keep qualifying for conventional mortgages, I'm thinking of transferring existing properties to my spouse. Would I be able to transfer existing mortgages as well? Can anybody speak to the process for this and if it works/makes sense? [link] [comments] |
| Posted: 14 Sep 2020 08:08 PM PDT This is a genuine question and not meant to piss off anyone who wholesales (I know that a lot of people make a ton of money doing it). I have been considering getting started in wholesaling as a side hustle to raise capital to start investing and I see a lot of courses and gurus out there. Especially after I start looking into it, more and more Tai Lopez type characters keep showing up on my feed showing how glamorous it is and all that. For some reason, whenever I start seeing these guys, I lose interest in anything. I bought an Amazon FBA course a few years back and also a digital marketing course that was similar and although I managed to make some money, it eventually gets saturated with all kinds of other people buying the courses and chasing the same thing. I know the age-old advice, "don't let competition bother you......its all mindset" and stuff like that. However as I have seen with Amazon and Digital Marketing gurus and all of that, it becomes overrun and harder and harder to actually make money. I guess my question is whether or not most investors see this slowly happening with wholesaling and what your thoughts might be on this competition and the effect it will have and if it worth it to buy a course or get a mentor in this. I live in Phoenix and almost all of the big guys are out here (Pace Morby, Brent Daniels, Jamil Damji, and others) and I see bandit signs everywhere and I know people who personally get calls constantly from different people about selling their house and how irritated they are by it. Is it worth it? Any successful wholesalers in here who can give their thoughts on the matter? [link] [comments] |
| What is my best option to get financed? Inconsistent income, low six figures of assets, good credit Posted: 14 Sep 2020 06:15 PM PDT I am looking at multi unit buildings in the Hudson Valley region of NY in the 200-600k range. I have about 100-120k available to draw as cash between savings and stock, and another 40k or so I could borrow against a paid off rental property overseen by family in the midwest. Right now I am on unemployment and get inconsistent income from side gigs. Credit is good around 750 score. I could live in one of the units for a year to take advantage of any FHA type loans for live in owners. What types of loan should I be looking at? Where should I go about getting financed? I would like to be prepared to jump on something if I decide to pull the trigger. Any help would be appreciated, thank you! [link] [comments] |
| Posted: 14 Sep 2020 01:39 PM PDT Would it be a good idea for my dad to use retirement to invest in a multifamily rental property? My dad is 67yo and has $0 retirement that I know of. He lives with wife and my 8yo brother. They have a house in California they bought for $450K now assessed at ~900K estimate; still owe $240K. Some back ground about me...about 10 years ago I used to value multifamily properties for a mortgage servicer so I have some background in running proformas, CFs, IRRs etc. Now I deal in corporate SALT/property taxes. I also have an MBA and knowledgeable in retirement investing etc. And I live in Houston, TX where real estate and COL is much cheaper. My main concern now is how my dad will provide for his family with $0 retirement savings:
Other option, He wants to take the $320K of left over cash and buy a rental property:
I've been out-of-of the loop for rental property expenses for a long time, please let me know if my estimates are way off:
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| Renters insurance (newbie question) Posted: 14 Sep 2020 11:13 AM PDT Should you insist your tenant has renters insurance? I'm sure this question varies by state [link] [comments] |
| Using Roth IRA and mortgage questions from potential first time investor. Posted: 14 Sep 2020 05:04 PM PDT After being very excited having gotten partway through a book (The Book on Rental Property Investing by Brandon Turner) and having watched many videos on strategies and tactics, I took a good look at my financial house to see what plays I might be able to make. I've settled on the idea of house hacking. I've got about $3700 in a Roth IRA and another $2700-3700 in savings. The two questions I have are
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| Posted: 14 Sep 2020 08:03 AM PDT I always read about people on here getting 20%+ COCR no problem (and often even that that is the minimum they'll require to go for a deal) My partner & I are recent graduates and new to this and frankly it always seemed like there's no way deals like that would ever pop up. But we're now talking to an agent about a deal with over 20% and now we're left thinking... what gives? Why wouldn't some bigger investor buy it ASAP and just let a property manager deal with it? How could that kind of deal slip all the way down to us newbies? Is it too good to be true? Can anyone recommend important things we should be asking?? So far we've covered recent repairs for big items, vacancy rates, property taxes, current rent rolls, and it all just seems too good. Can't understand why they'd be selling or how it makes sense to sell at the price they are [link] [comments] |
| Structural engineer or foundation repair company? Posted: 14 Sep 2020 04:18 PM PDT Which is better to utilize when purchasing properties? Is it something you do even if you don't see alarming issues? I ask because structural engineers are licensed but do visual inspections and then you have repair companies are not licensed and use tools/lasers to see if the house is sinking/unleveled floors? Any advice on this would be great as I'm looking at a property that seems okay and a very small slight crack in a vaulted second floor ceiling which is probably about 6 inches long and less then half an inch wise(the foundation that's visible in the basement seems fine). [link] [comments] |
| Structuring a partnership for Property Management Posted: 14 Sep 2020 12:06 PM PDT My real estate agency doesn't possess a property management team yet. I have experience with PMing, even out of state. I'm fully capable of building the infrastructure and systems needed to get it off the ground and stay running smoothly. My question is; does anyone have experience with protecting yourself to not be fired immediately after building that kind of a business for a company/franchise? What's a fair split? [link] [comments] |
| Posted: 14 Sep 2020 03:17 PM PDT After going over the various low downpayment loan products available for 2-4 units, I've zeroed it down to FHA, Home Possible and Portfolio Loans with local banks/CUs. FHA is undesirable especially since I'll be buying in a sellers' market. Home Possible seems like the Holy Grail but since there is an income limit, I want to be prepared just in case I don't qualify. Are portfolio loans (5% down with local credit union etc) a good loan for house hacking? [link] [comments] |
| Virtual Assistant Property Management? Posted: 14 Sep 2020 03:06 PM PDT Has anyone used a Virtual Assistant (VA)or similar to serve as their Property Manager, partnered with a handyman and more specialized contractors? I am re-reading 4-Hour Work Week, and pondered if this could apply to Real Estate Investors. It could be an option for those with portfolios between 5 and 40 doors, where it starts to be difficult fielding calls from tenants while maintaining a 9-5. The VA would have certain criteria for approving handyman projects based on cost and severity, and if outside that criteria could escalate to the Investor. They would also have criteria for handling late rent, screening tenants, etc. I haven't put too much thought into it, and the savings over a property mgr may not be worth the hassle. Thoughts? [link] [comments] |
| Question about net income from previous deals used to qualify for new loans. Posted: 14 Sep 2020 03:02 PM PDT When is net income from a previous deal available to DTI to qualify for a new loan? Does the net income need to appear on a tax form or can you provide lease and proof of payment to the mortgage company for the new loan? I'm about to close on my first property and I'm looking for the next. I know my DTI is going to go up based on the new mortgage, so when do I get to count the income from this first property to offset that? [link] [comments] |
| Posted: 14 Sep 2020 02:33 PM PDT I have 15k cash. 5k is a gift from parents. I am trying to get a loan to cover the other 35k needed to buy property from my grandfathers estate. This package will include a duplex, single family home, and 4 vacant lots. I can't find a mortgage lender who will do it! Two have told me minimum amount for investment properties are 200,000 Land contract isn't an option and neither is a personal loan Property is in Illinois [link] [comments] |
| Where / how to look for a loan for us? Posted: 14 Sep 2020 12:00 PM PDT Hello, tl;dr is that I have a small group of long time friends that has always wanted to start investing together as early as possible. We're all 1-3 years out of college and want to get a couple properties. Some things first: - Our combined incomes are well over what we'd need for the mortgage we want, but we don't have quite enough saved for the down payment ATM because we're still freshly out of college - Credit scores are: 2 people 720-730, 1 person ~710, 1 person ~690 So here's the deal. We found a landlord wanting to sell their whole portfolio to just get out of the game for $450k. It consists of 6 properties - 5 SFH and 1 duplex. We have the rent rolls and all the other info we need and it looks to be a great investment so far. The one thing we don't know is... can we possibly afford it? There's also an option to not buy all the properties at once.. but there is a fairly big discount to take them all off the seller's hands at once. Questions: 1) Would we need separate mortgages for each property? 2) Is there any way in fuck we'd be able to find a place to let us go for something leveraged super high? We figure we'd need 100k+ for everything if we're assuming 20% down payment and closing costs but we only have about $50k ready to go ATM. Is there any possible way to make it work? 3) What would be the best way to get the remaining money if theres no lower down options? Bring more people into the deal? Just don't buy the package? [link] [comments] |
| Posted: 14 Sep 2020 07:14 PM PDT |
| Does it make sense to refinance my rate just to save $30 per month? Posted: 14 Sep 2020 11:35 AM PDT I have a current interest rate of 4.9% on a duplex I'm living in w the payment being $884/m My lender said if I refinance my new rate would be 4.3% and my payment would be $850. Is it worth it to do this? She said I wouldn't pay closing costs [link] [comments] |
| Best way to learn how to fix up a house? Posted: 14 Sep 2020 07:50 AM PDT I'd like buy a multifamily that needs repairs and then fix it up and then 'house hack' it (barring that I get a SFH and just get roommates). I know you don't really learn how to do anything until you actually do it but I'd like to have some theoretical knowledge before going in so I have some idea of what needs to be done and how to do it and what to look out for. [link] [comments] |
| Best title vesting method for married couple owning multi family rental property in California?? Posted: 14 Sep 2020 11:26 AM PDT Would appreciate your help as we are in escrow for our first multi family rental. I have heard that in CA, best title vesting is - 'Husband and wife as Community property with right to survivorship' as it offers double step up in basis and no probate required. Is there any additional asset protection in title as 'joint tenants by entirety' ?? Thanks for your help [link] [comments] |
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