Real Estate Investing: Got my first rent payment! felt awesome!!! |
- Got my first rent payment! felt awesome!!!
- Hey I had a question about loans
- Real Estate Expense Spreadsheet
- Tenants Inquiring About Air Quality Issues
- Update: Unauthorized person (tenant) modified my trash services at apartment building which screwed up my contract and landed a triple bill on my desk.
- Seeking Advice re: Investment in 2nd position
- Non-seasoned refi’s
- Who are you guys using for refi's these days
- Loan quote felt a little high. Advice?
- First Time Buyer. Buying A Section 8 4-Plex In Vegas
- What to do with cash flow?
- Legality of using a Nest door lock on a vacation rental?
- Who's the better multifamily tenant?
- Question about refinancing
- DC Multifamily
- Advice Needed
- American Home Shield Warranties??
- Question about insurance on investment property.
- Cash Out Refi - How Does the Underwriting Work?
- What Is a Good Loan-to-Value (LTV) Ratio?
- What are your thoughts about your tenants knowing you're the landlord if you live with them? Multi family, or renting rooms, etc.
- How Should I Respond? I am beginning talks to buy the piece of land behind my shop.
- Under contract, moving forward
- FHA 203k limitations
| Got my first rent payment! felt awesome!!! Posted: 04 Sep 2020 06:55 AM PDT Well it took me a while, but I finally got my first rent payment from my first tenant! It felt so rewarding to finally get the payment after purchasing the house, getting it ready for rental, and finding a good tenant. [link] [comments] |
| Hey I had a question about loans Posted: 04 Sep 2020 10:11 PM PDT So the FHA loan down minimum is 3.5 percent. How big of a loan can I get with 250,000 down? What are my options? [link] [comments] |
| Real Estate Expense Spreadsheet Posted: 04 Sep 2020 03:16 PM PDT Can someone please post a spread sheet they use to calculate, or figure in expenses, repairs in different areas of the propery, ARV, mortgage, closing, taxes, insurance, rents, a very detailed property analyzer, or what you actually use to execute deals based off of what your calculations come up with [link] [comments] |
| Tenants Inquiring About Air Quality Issues Posted: 04 Sep 2020 05:53 PM PDT We're renting our secondary legal suite to tenants and after spending a few thousands on some plumbing issues for the property (which I also live in, separate unit), they now brought up potentially having an allergic reaction to something. I know there are different laws per state and country, but would it make sense for the landlord to pay a professional to run tests for air quality or mold when it's a brand new renovated house with the basement finished just months ago? If it turns out there is nothing wrong, I would be stuck with the bill. Should I just ask them to pay for a test and only cover the remedial work needed if mold or some type of health concern is found? Thanks [link] [comments] |
| Posted: 04 Sep 2020 12:28 PM PDT From my last post, I decided that if it turns out that the tenant did claim to be the building owner (me) that I would probably evict her, but only if that were actually the case. After I got over my frustration, I decided to wait until I had all the facts, since some of the notes of the call center person could have been wrong (they were.) I finally got the info back from the call center, and she did not actually claim to be me. Why the call notes said my name , I have no idea. She did give them her name on the call, and while she technically did not tell them she was only a tenant, the call center person never verified she was the property owner and just assumed she was, and since she didn't dissuade the call center worker of that notion, the call center allowed the changes to be made. So basically the tenant did not follow procedures, and the call center person was not doing the right thing as some guessed. The call center call notes didn't exactly match what happened on the call so the impersonated-the-owner wasn't quite the actual circumstances that happened. My sales rep hooked me up, as she always has. She set up my account with a flag that will show up any time someone in the call center takes a call, that states the call center is to contact my sales rep if it's anyone except me calling from any number except mine. Not sure why this isn't the default setup, but whatever. She got the account locked down going forward. She also gave me the options for keeping the 6 bins, and going back to 4. Unfortunately a large dumpster was not practical given the parking lot layout. She gave me a really great new contract rate which basically gave me the 6 bin setup for the old price of 4 bins, +/- a couple bucks. I signed that contract instantly and now there will be 6 bins going forward and my bill will be back to what it was. She also said while she could not cancel out an already issued invoice (the $300+ bill) she could issue a credit which would apply to the next billing cycle so she is issuing me a credit for the 6-bins from the time they were ordered until the time I signed the new contract, for the difference, so in a month or two it should all balance out and I should have that money back. She couldn't waive the delivery fee for dropping off the bins as that's I guess not a negotiable fee for them. I was going to keep the plan, have the property manager charge the tenant the fee ($59), retrain the tenants on what steps to take if they have an issue, and move on with life. The PM emailed me a little bit ago stating that the tenant is actually going to move out at the end of this month early, and she will be paying a lease break fee which is +1 month rent plus the balance of her account. She had earlier said she was planning to move out early a month or two ago, but then changed her mind, but now I guess she's leaving for sure. She is taking the kitchen stove with her which she purchased but leaving the fridge which she also purchased. Free fridge! I guess I will write a 3rd post on this if things don't unfold the way it appears they are on track to unfold. But barring that, it seems like this has gone about as well as it possibly could have. I am coming out ahead. [link] [comments] |
| Seeking Advice re: Investment in 2nd position Posted: 04 Sep 2020 04:50 PM PDT As a PML I invested $20K in 2nd position. 1st position is in for $95K. Investment started in Sept 2019. The rehabber/borrower has not made ANY payments to neither myself or 1st position. I received a summons in the mail and basically 1st position is foreclosing on the property, aims to take possession, complete the rehab and sell. From what I have heard the rehab is 90% complete and it stalled due to squatters ruining the property and the borrower being unable to raise any more funds to complete the rehab. With 1st position foreclosing and taking over this basically wipes me out, right? Do I have any claims or expectations (from the 1st position)? The 1st position did say one solution would be for me to buy their $95K out and complete the rehab myself. But I definitely do not have 95K and I don't really know how complete the rehab. 1st position says ARV is $125-135k. So even if there was a universe where I bought them out the margins would be very tight. I did receive this comment from another source which sounds like potential good news.
Any ideas or advice? Thanks for your time. [link] [comments] |
| Posted: 04 Sep 2020 12:54 PM PDT Someone here told me of a bank/lender who refis without a seasoning period and I can't find that info. Anyone know if any? [link] [comments] |
| Who are you guys using for refi's these days Posted: 04 Sep 2020 08:42 AM PDT Hey all, So my local bank has somewhat gone to shit, and I'm wondering what you guys use for refinancing and new mortgages? I've considered using Rocket Mortgage, but it feels a bit more geared towards SFH and owner occupied loans. Anything out there that's more geared towards REI, or is Rocket Mortgage pretty decent? [link] [comments] |
| Loan quote felt a little high. Advice? Posted: 04 Sep 2020 03:32 PM PDT First time homebuyer here. I just got back the quote for my loan and after all the fees it just seemed a little steep. I obviously know nothing about lenders or mortgages, so I'm asking if anyone can give me some feedback as to what is going on with this thing. Thanks in advance. [link] [comments] |
| First Time Buyer. Buying A Section 8 4-Plex In Vegas Posted: 04 Sep 2020 11:30 AM PDT 3 of my friends and I are going to buy a 4-Plex using an S-Corp and Escrow company to handle our money etc for fair distribution of funds. We will have a lawyer and CPA. The property has 4 long-term 6 + year section 8 tenants. The Building was built in 1985. With a mortgage payment, the property will be cash flow positive. Currently, we are set to ask them how much in vouchers each tenant receives from the government. We are going to ask them what professions the tenants have We are going to ask them when their most recent HUD inspection was if we can review the inspection report And we're going to ask if we can talk to the agent that did the inspection However here are questions questions: What question should we ask the seller since it is a section 8 property that he is selling? What should we be aware of or any warnings you have to give? Is there any information that you guys would like to share with us that can help us potentially not lose money as first time 4-plex buyers? Thank you! [link] [comments] |
| Posted: 04 Sep 2020 08:46 AM PDT Recently closed on my first duplex. I found a great deal that gives me a cash flow of $950 a month. Combined with the fact I don't have a mortgage payment due to November 1, I will have $7000 in the first two months of the purchase. I plan on buying another property next fall when I return to the USA from overseas military duty. What would you recommend I do with the cash flow money? I want to make sure my money is continually working for me. Thank you for the feedback [link] [comments] |
| Legality of using a Nest door lock on a vacation rental? Posted: 04 Sep 2020 02:35 PM PDT Before I begin, obviously I'd need to speak to a lawyer to know for sure and this will vary from state to state (Florida in this case). I'm just wondering if anybody has had prior experience with this or knows anything about its legality. My parents own a vacation rental and, with technology advancing, it would be nice to be able to do things like change the codes when guests check in and check out (we live out of state) rather than trust that they're not going to squat in the condo or trust that they'll mail the key back like my parents would do back in the day (before we got a non-smart keyless deadbolt). My concerns are if there's any legal issues regarding actually changing the codes at a certain time and kicking them out and about the fact that many of them (namely the Nest) have cameras. Thanks [link] [comments] |
| Who's the better multifamily tenant? Posted: 04 Sep 2020 08:00 AM PDT Class B, maybe upper Class C duplex. Nicely maintained, decent neighborhood. Got application from high-earning young white collar professional couple. No kids. Ok credit, could be better. Then another application from family with two kids. Decent blue collar income (sufficient for sure). No real credit history. My preference for the the first one is the strong steady professional income. But I'm afraid as a result they will leave after a year. I'm guessing the second one is more likely to stay longer, which is desirable for me. Anchored by kids and school. Also they might be more hands on fixing small issues around the house, which is also desirable. Is there an easy answer here? Or is it the good old 'it depends'? Obviously there are unknowns to both but all else equal I'm assuming there's an easy answer here. This is my first multifamily. Until now I've only done SFH and condos. [link] [comments] |
| Posted: 04 Sep 2020 12:13 PM PDT So im planning to refinance on my first investment and im a bit confused about how the debt works here Assume i have an equity of 100k on my property then i use it for another investment which means that i have 2 properties right? And i have to pay another mortgage for the refinance debt? So basically i have 3 debts? ( first property, refinance interest debt, and 2nd property) ? Or just 2 debts? Thank you in advance [link] [comments] |
| Posted: 04 Sep 2020 12:10 PM PDT Hey all- I'm in the learning phase of real estate investing, currently living in the NCR. Active duty, and renting for $1,500 between DC and Baltimore. I'm PCSing to Florida for 7 months and heading straight back here, and I'd like to take the opportunity to house hack in a duplex-fourplex, to get my feet wet in this biz. I only have a few thousand saved right now, and once I return, I should (but might not) have a re-enlistment bonus of ~35k. I see people on here living in DC but wanting to invest elsewhere. It really seems that the bulk of multi families are in DC/Baltimore though, and I've read that good tenants are hard to find in BMore. Should I not be looking in DC? My idea, likely flawed, would be to purchase a 3-4 family home for 600k-1m in DC, turn-key- and of course having done the market math to make sure that the units will, combined, rent for what my mortgage/expenses are, so I can pocket or re-invest my BAH. This is all of course contingent on me being approved for those high loan amounts- which is another question on its own. I've read that VA lenders will consider the amount made from rent, and will approve people for higher loan amounts than they would usually be able to afford on a single family. However, I spoke to a loan officer at VeteransUnited who said that was not true, and that they won't lend that much to someone without 2 years of landlord experience. Is there anything majorly wrong with me wanting to purchase in DC? Should I look elsewhere in the area? And, anyone have experience with my last question? Thanks y'all if you read this and sorry for the long ass post [link] [comments] |
| Posted: 04 Sep 2020 12:01 PM PDT Hello, A brief introduction: I am an 18 year old from the UK who recently completed my A-levels (high school) in Maths, Physics and Chemistry. I have opted to take at least a one year break before going to university so that I can decide my future. My ultimate goal is to get into the property industry so that I can obtain financial freedom through property investment. I'm considering doing a finance degree in order to boost my knowledge and qualifications. However, I am still looking for work and experience this year. I'm not yet ready (or convinced) to become a trainee 'real estate agent' or 'lettings negotiator' but would ideally like to find a job within the property industry that can give me experience and also a nice income for a year or two. I planned on visiting Miami this summer to meet investors and get some experience. Sadly that has been delayed until next summer due to lockdown restrictions. I think most people on this sub are from the US. So, I'm here to ask if you have any suggestions for what I could do? Do I go and find some work experience in estate agency? Or is there another sector of property where I could find a job and get some good experience? Perhaps maybe property development? And if anyone does live in the UK, do you happen to know a company in London or the South East who might be of interest to me. Thanks for taking your time to read this. [link] [comments] |
| American Home Shield Warranties?? Posted: 04 Sep 2020 10:57 AM PDT What are yalls thoughts on getting an AHS home warranty? I'm considering getting one for my current rental. [link] [comments] |
| Question about insurance on investment property. Posted: 04 Sep 2020 10:20 AM PDT Question First: Do I need to insure my investment property and if so, with what? I am a new investor currently doing analysis to plan for my first investment. I'm assuming I would need to insure the property and should include this cost as part of my monthly expenses (including Mortgage, Taxes, Maintenance, etc). I'm asking b/c in the research I've done to this point, there is really no mention of property insurance as a part of the net expenses to keep in mind when calculating net income from the property itself (unless it is being lumped into "maintenance")...i.e. Rental Income - Mortgage - Taxes - Maintenance = Net Income. [link] [comments] |
| Cash Out Refi - How Does the Underwriting Work? Posted: 04 Sep 2020 09:45 AM PDT I've started a cash out refi. Basically took a outdated house and completely fixed it (new roof, added a bed and bath (4/2 now, when 3/1.5 prior, insulation, walls, stairs, ect.). I did this with two renovation loans that I'm going to consolidate with the house mortgage. My question is how does this work? I assumed an appraisal was going to let me know how much I could pull out, but the agents at my bank kept asking for what I thought my house would appraise for. I told them 130k, as an educated but conservative guess. Now all of the loan paperwork I'm receiving is based off me getting a 130k loan at 80 LTV (so a 104k loan). Is this just the start of the process and that amount can change after the appraisal, or is this the max that's going to be loaned regardless of what the home appraises for? Thanks [link] [comments] |
| What Is a Good Loan-to-Value (LTV) Ratio? Posted: 04 Sep 2020 09:28 AM PDT When doing refinance what LTV Ratio do you guys think is good? I've heard 70% is the norm but my realtor suggested 60% LTV to be more risk averse. I'm thinking with 70% LTV it will give me more money to buy more real estate which ultimately provides similar safety as my portfolio grows and accomplishes the same thing as a 60% LTV ? EDIT: This is for Residential Multi-Family Investment Properties [link] [comments] |
| Posted: 04 Sep 2020 09:18 AM PDT I am not looking for advice to my situation specifically, but would be interested in hearing opinions or experiences on this matter. I can see pros and cons to both sides. [link] [comments] |
| How Should I Respond? I am beginning talks to buy the piece of land behind my shop. Posted: 04 Sep 2020 08:58 AM PDT I currently rent, and want to buy the empty lot behind my shop and put a building on it. It appears that and investor and/or broker owns it, and realizes that the rezoning makes it more valuable. I just emailed him that I want to put in an offer. His response was "Tell me about your offer. Thank you!" My vibe is that he is feeling me out. He did not respond with "the price is X" or "Submit this offer form." (The property is a former single family that last sold for $22k according to zillow. He knocked the building down and cleared the lot. This area of town is called "town center" and has zoning for commercial as well as residential. He also bought a building around the corner and cleared that lot. I have $68k cash. The last time we talked he threw a $100k price at me. Residential lots in the area go for $30-$50) So, what is the best response to get the lowest price? Tell the truth and say I want to put a commercial building on it? Keep my cards close to my chest and respond with something short and to the point? Lie? He is trying to get the most he can, I want to send signals that I cannot/will not pay that much. [link] [comments] |
| Under contract, moving forward Posted: 04 Sep 2020 07:39 AM PDT Been a long search with some hiccups in the road but we have finally gone under contract for our first 2 family. Financing is secured and we are moving forward with inspections. Closing in 6 weeks. What are some things you all are doing during this time while preparing for the closing. We have some fixes we want to make so getting some lists together on that end. We are self managing both units, any good app recommendations? Heard Zillow might be the way to do it all, screening etc. Also do you write your own leases or recommend getting a real estate attorney to draft? We already have insight from the team we are working with...figured I would get your input! [link] [comments] |
| Posted: 04 Sep 2020 07:26 AM PDT Are there any limitations to how much you can borrow when using an FHA 203k loan? I really want to buy this house. But it needs a ton of work. New roof, new flooring, kitchen and bathroom updates, the workers. It's a duplex, and it actually has tenants so,as there may be plumbing and electrical issues, they are at least on and can be tested by the inspector and then the contractor once renovations start. Let me be clear, this is an unsafe environment and if the tenants were more informed they wouldn't be paying rent and they would be suing. But that's neither here nor there. I understand the work this will need and have showed my lender. With the loan amount I'm approved for and with the amount I offered on the property I'd have a little over 100k for renovations. But for some reason, this listing agent won't present my offer to the owner because it's FHA and not conventional. He's said "the seller cannot accept FHA because of the condition of the property". How does that make sense? I know it's in bad condition, that's why my offer was contingent on the tenants being moved out before closing and why I got a FHA 203k loan. Is there something I am missing? Are FHA 203k loans limited to certain conditions? [link] [comments] |
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