- I’m not a realtor and my tenant wants to buy. The problem is she is a REALTOR AND FRIEND. I feel like I’m walking a tightrope. Looking for advice from professionals to get the best price.
- Are Biggerpockets books helpful?
- Does your property manager pay your mortgage?
- Should I even bother with RE?
- What is the best way to find wholesalers in your market?
- Is it good time to invest in commercial estate?
- Neighbor concerned about a new rental
- Can't Find Anything That Cash Flows - Central NJ
- MA renter agreement/ forum?
- Neighborhood Selection Methodology (Columbus, OH)
- How to Identify Good Real Estate Syndicators?
- Sell vs Rent Out Our House When Market is Smoking Hot
- How much can I reasonably charge in rent for a room and free access to the whole house?
- What is the best way to structure loans when buying an old home to renovate?
- What do you take into consideration on a leaseback property?
- How do you insure a vacation home?
- How to invest a windfall in real estate
- I’m 18, I have $2k saved and I’m interested in real estate.
| Posted: 19 Sep 2020 12:14 PM PDT Background. We live in California. Recently we have decided to sell the house. The market is hot and the interest rate I believe is down to 2.5% give or take a few on a 30 year fixed. I offered to give her the listing and she came back stating that she would like to buy. Obviously now she no longer has my best interests at heart. In general a buyer wants the lowest price and a seller wants the best price putting us at a conflict of interest. The bright side is we wouldn't have to pay realtor fees. The house itself is 1259 square feet, 3 bedroom, 2 bath, built 1985. Another thing to consider is there is 1/3 of the houses that are typically available in the area, around just 4%, causing people to overbid a decent amount. Here's where I am at, there are things that need to be fixed that we can spend pennies on the dollar to increase the value by several thousand, an example is we sanded down the cabinets and we now need to buy new doors and paint. To which they are proposing that we don't fix those things and let them do it. (Obviously their benefit). I have no problem spending 1k to make 4K more. Also, a house similar to ours sold for 390,000 on the street directly behind ours at the beginning of July, to which interest rates have dropped further since. Fun exercise for thought- I realize that if we somehow reached an agreement that would potentially save me 22k in realtor fees if the house was priced at 390k. (Not saying that's the price, but for sake of discussion) MY TENTATIVE GAME PLAN We are going ahead as if they are not the buyer and getting the house ready for the market to make sure the house gets the most bang for the buck. I'm thinking that the best way is to put it on the market and give them first priority to match the highest bid, because if we didn't put it on the market then we would be missing out on the potential of people overbidding. Then if they did want to match it then that's when we could figure out the best way to meet at a fair price. (SUGGESTION???) My questions are essentially
Add on- To be clear I would not be saving 6%. They want to take that number off the top and buy the house at that price. market 390k She wants to pay 366,700 She wants to essentially gain 24k equity because she is still doing all of the work. Edit-add on [link] [comments] |
| Are Biggerpockets books helpful? Posted: 19 Sep 2020 05:34 AM PDT I'm currently reading the BRRRR book, and being the first book on real estate investing, it has a lot of what seems to me great information. I was looking into getting two of their other books, Rental Property Investing and The Book on Estimating Rehab Costs, but I would like an opinion on if they are worth it. Obviously, BP is a business that needs to make money, but I just want to make sure i'm not paying money for repeated information without more substance. If there other non BP that you think would be helpful feel free to lmk [link] [comments] |
| Does your property manager pay your mortgage? Posted: 19 Sep 2020 12:37 PM PDT I met with a property manager this last week and they encouraged me to have them pay my mortgage on my quadplex that I close on in October. They would take money from the rents I collect and then pay the mortgage/insurance/taxes on my behalf. Is this a bad or good idea? The property manager explained that they encourage this because it makes it easier to file my taxes at the end of the year because they will create a document with all my income and expenses for me. [link] [comments] |
| Posted: 19 Sep 2020 11:52 AM PDT Hello! I know I'm probably going to get an answer here that I could predict, but I am curious. In my head, I have this discussion with myself a lot. And I think at some point in the next 5-10 years the topic of real estate investing is going to be important, either whether/if we buy a home as a personal residence or just outright buying a property. (We've considered house-hacking). So, I keep up with some YouTube stuff about the sort of "millennial real estate investing." You know the names - MeetKevin, Graham Stephan, BiggerPockets, all that jazz. And I understand the math behind how and why the usage of real estate can allow for wealth accumulation. Here's the thing - I understand financial markets pretty well. I make decent money with stocks/options. My wife and I, if you add up our savings and investments, we're well over $100,000. I'm 28, she's 27. I have been working for 14 years (mostly in restaurants), and so I've been pretty good about saving and investing for the future. We have very little debt left at this point, probably within the next 2 years or less it will be all paid off. I am not a handy person. I had to watch a few YouTube videos just to spackle holes in the wall from hooks in the last apartment and have it look ok before we moved out (with owner permission, don't worry :D). In many of these videos, especially the ones for beginners, I see these guys coming home from work and making their own cabinets, doing tile work...if I were to attempt any of this, it would look like trash and potentially be dangerous (you don't know what you don't know type of thing). And not just dangerous for a tenant, but also dangerous for me (tenant injured, sues me, who knows). And then of course there is the old stereotype of, nobody wants to go run to an overflowing toilet at 2 in the morning. I originally thought, maybe someday I'll get $100,000 together and get a fixer-upper and hire a property manager. They should know all about screening tenants, help me find leads to get tenants, do repairs, manage contracts, etc. I figured that the money I pay a PMC would be the price of inexperience and I'll just learn what I can with training wheels and maybe someday not use one. But I've also read that if you don't have at least 4-5 properties you won't get much interest from property managers who will see you as not worth their time. I know my previous rental was an investment property, because I rented from a realty company and I know they represented the owner who was anonymous. But I don't know how many other properties she may have had. Any thoughts here? Like I said, we're late 20s, no kids yet. I like the idea of RE for wealth accumulation but it has some core, fundamental differences when compared with the style of investing that is already intuitive to me. I think I could realistically do both in the right circumstances but taking an informed leap will be a challenge. Many thanks for any thoughts. [link] [comments] |
| What is the best way to find wholesalers in your market? Posted: 19 Sep 2020 08:11 PM PDT Besides in-person marketing at REIAs and google, are there any other methods you can recommend to get a good list of wholesalers in any given locality? Thanks for any advice! [link] [comments] |
| Is it good time to invest in commercial estate? Posted: 19 Sep 2020 10:53 PM PDT I'm talking about small store fronts, perhaps in a downtown location, in major cities like NYC or SF [link] [comments] |
| Neighbor concerned about a new rental Posted: 19 Sep 2020 09:54 PM PDT TL;DR - neighborhood had bad renters in my house many years ago, giving "advice/requests" on how I run my rental... tactful ways to say "thanks, but we're on it"? Feel free to give advice, commiserate, or share your horror stories. Here's mine. My wife and I (in our 30's) are signing our first rentals ever next weekend (boo-ya!), have done our homework, have a solid contract, and solidly-vetted renters. We lived in the neighborhood for several years and have gotten to know the neighbors, have improved the house, etc. We've been good neighbors, in short. Apparently, two or more owners ago, our house was lived in by some rough renters - we've found evidence to support this, but the house is in excellent shape, now, and is signing for high rent to some highly-qualified tenants. One neighbor has shared that "some of us" are concerned about negative effects of a renter on the neighborhood. I replied with gratitude and understanding, made assurances, and shared a bit about how we will keep the house in great shape... but to be honest, I was a bit triggered by this. I don't feel like I need to answer to my neighbor - our house, our business. Not to mention - this neighbor assumes so many things: that we can't enforce a solid contract, that renters are some sort of second-class citizens, that we suddenly don't care about a $350k house... My reply was in two parts: one was assurance, the other was to give people a chance. I want to be understanding, but I also don't want to open the door to have a neighbor thinking they're the watchdog, possibly harassing our tenants - that's not OK. Any advice? We love our old neighborhood and want to be great landlords. BUT - it's a bit confederations I be looked down on as ignorant "young people" (relatively) who can't handle their business. Any horror stories to share and laugh at? [link] [comments] |
| Can't Find Anything That Cash Flows - Central NJ Posted: 19 Sep 2020 03:25 PM PDT I have about $40k to put towards a downpayment. This will increase to around $70k if i hold off for another year. I'd like to house hack for a year or two until I can afford to get a second property. Ideally, I would like a multifamily somewhere in central NJ but it seems impossible to find something that will cash flow. I haven't gotten an agent or anything yet, but just been looking on my own. Plan was to get serious after Christmas and going into 2021 and get an agent then. Any suggestions when It comes to running the numbers? Going into this without anyone guiding me is kind of nerve wrecking and I want to make sure I do it right and find a deal that'll actually cash flow. Would appreciate any input, suggestions, or wisdom from those who are successfully doing this in NJ. Thanks! [link] [comments] |
| Posted: 19 Sep 2020 07:06 PM PDT Anyone has a MA renter agreement/ forum. I would like to see the difference of an agent one and a landlord simple version one. Thanks in advance. [link] [comments] |
| Neighborhood Selection Methodology (Columbus, OH) Posted: 19 Sep 2020 09:15 AM PDT Columbus, OH is a growing city with lots of real estate appreciation potential. But how does someone who's new to the market, or someone who's looking for value, find the right neighborhoods to invest? I breakdown my methodology in this quick 7-minute video: https://www.youtube.com/watch?v=5NGAsXI97f4&t We're ultimately left with seven zip codes in Columbus that match the criteria on income, millennials, growth, and affordability. 43004 43081 43240 43235 43026 43040 43015 I'd love to get some feedback from other, more experienced investors out there. Are there any other variables I should include in this methodology? Would also love to hear from some Columbus locals. [link] [comments] |
| How to Identify Good Real Estate Syndicators? Posted: 19 Sep 2020 06:57 PM PDT Hi folks, I am planning to invest more through real estate syndications than doing deals myself. Wondering for those who went down this path, how did you all identify good real estate syndicators? [link] [comments] |
| Sell vs Rent Out Our House When Market is Smoking Hot Posted: 19 Sep 2020 03:07 PM PDT The market in our area is smoking hot. We're moving soon and could sell our $200k house for at least $300k. We're also considering renting it out instead of selling. Our mortgage payment is $900 and we could rent for ~$1500/month. We could afford both house payments but aren't sure if the hassle would justify the income. We're also not sure if we should keep the house when the market is so hot. Any recommendations? [link] [comments] |
| How much can I reasonably charge in rent for a room and free access to the whole house? Posted: 19 Sep 2020 03:56 PM PDT I'm thinking about buying a house. I would have a roommate (or a couple) rent the second bedroom. They would have pretty much free access to the whole house and yard. I would cap the amount of people they could have over in shared space though- at least for right now. I'm hoping for a two bathroom so they can have their own but I'm not sure on that yet. Could I reasonably charge them half or more of the mortgage? If it's a single person can I charge half? It's it's a couple can I split it 3 ways? I know I can technically do it however I want but I just don't want to expect too much. [link] [comments] |
| What is the best way to structure loans when buying an old home to renovate? Posted: 19 Sep 2020 08:16 AM PDT When buying an older home to renovate what is the best way to structure my loans. For example is it better to have two loans, one for the old property and one for the construction? Or is it better to buy the older home in cash and have less down payment for the home equity loan (which may have higher interest). [link] [comments] |
| What do you take into consideration on a leaseback property? Posted: 19 Sep 2020 08:53 AM PDT Considering a leaseback model home as an investment property. Things that come to mind to negotiate include: an extension of the warranty, ensuring the builder agrees to pay any fines, damages or repairs while they occupy it. Obviously the contract is going to favor the builder. What should I make sure I negotiate in the contract? Looking for general advice/glaring red flags here. Thank you for reading. [link] [comments] |
| How do you insure a vacation home? Posted: 19 Sep 2020 07:17 AM PDT How do you insure a home that is not your primary residence since some companies are unwilling to insure a vacant property? [link] [comments] |
| How to invest a windfall in real estate Posted: 19 Sep 2020 06:00 AM PDT Looking from some advise from the more experienced real estate investors. The long and short of it is I run a small investment group that deals in other investment types and we are considering a pivot to real estate. Currently we have 300k to invest, but we have the opportunity to sell off another asset that would give us ~1,000k after taxes. I guess my main question is how would you allocate this amount of cash? Many individual properties, a large complex, build new? [link] [comments] |
| I’m 18, I have $2k saved and I’m interested in real estate. Posted: 19 Sep 2020 08:35 AM PDT I have absolutely no idea where to start. Is $2,000 even enough to get into real estate investing? Does anyone have any advice to point me in the right direction? [link] [comments] |
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