Real Estate Investing: In your opinion, why do you think most people are afraid to do anything out of the norm? |
- In your opinion, why do you think most people are afraid to do anything out of the norm?
- Opportunity to buy a Mobile Home Park
- How do you account rental properties when calculating net worth / planning for retirement?
- Questions for a mentor.
- Show myself property
- Should I invest in the house I rent?
- if your market doesnt cash flow or even neg cash flow, would you instead invest out of state or move to a state where it does cash flow ?
- Wholesaling properties while having a real estate license? (Illinois)
- What are the key things you look for in your contractor when building a multi-family home property to rent?
- LOA? Should I sign up for a class
- Quick numbers check on a house hack
- Purchasing First Investment Property
- Convert commercial to residential?
- Real estate webinar/seminar recommendations in the U.K.
- Ready for my first buy and looking for a little help.
- Market Watch: Opinion: The COVID-19 lockdown is squeezing real estate from all sides and threatens to burst the housing and mortgage bubble
- Can you depreciate all in one year?
- Should I ditch the idea of retirement accounts and build rental houses instead?
- Moving out of Los Angeles, but where to?
- Where can I find auctions
| In your opinion, why do you think most people are afraid to do anything out of the norm? Posted: 26 Sep 2020 08:10 PM PDT I understand that most people don't want to take any risk. Get a safe job. Get a safe car. Get a safe house. The end. What I'm wondering is I have observed that most people go beyond just being afraid of taking any risk. They are afraid to do anything out of the norm. Disclaimer: I'm not insulting anyone. i don't think there is anything wrong with following the norm. I recently had a young couple approach me and ask for some mentorship on how to dip their toes in real estate investing. After having talked to them about their finances and whatnot, I realized that the best way they could start was house hacking. So, I told them all about house hacking. Buy a duplex. Live on one side and rent out the other. Make the other people pay your mortgage for you. They were genuinely excited because only a couple years back they were living in a duplex where they were paying the owner's mortgage who lived on the other side. And it just happened that were ready to buy their first house. They spent months looking for the right duplex for their first house hacking. They finally found one and asked me to look at it for them. So, I did. My background is structural engineering. PE, actually. So, I inspected the property for them and it was actually pretty good. A few minor things here and there which could have been easily done via DIY. Fresh coat of paint. And voila they will have their first house hacking. Suffice it to say, they ended up buying a single family home. When I asked them why they didn't go through with the duplex, they said they felt they weren't ready for it. This story isn't unique at all. I have found that most people are very unwilling to do anything outside of the norm. Why do you think people are so reluctant to do something different than what's considered normal? Again, I don't think there is anything wrong with being normal. Hell, I'm a dude and I have a husband, so obviously I'm not normal. This is just idle curiosity of people's opinion. [link] [comments] |
| Opportunity to buy a Mobile Home Park Posted: 26 Sep 2020 11:07 AM PDT I've just turned 21, and I'm tired of working my 9-5 job and need something more stable than my side hustle in the stock market. I live in a Mobile Home in Colorado and recently, the landlord sent us a letter stating that he was going to sell the property but we have 90 days to make an offer if we want to buy it. Other tenants are interested on working with an affordable housing company that is non-profit to help us buy the land. But this is my opportunity to get in real estate and buy it as my own company. I noticed that the old landlord had the property in a Trust Deed. Is there anyway I could do the same? The property is valued at 3-4M, there are 50 Lots, and the rent is currently $715 (before he purchased the land. In 2016 the rent was $380). There's some work that needs to be done around but mostly the residents are 55+. So steady and reliable rent. If you could post any tips or advise. Please let me know. I know that I can ask my county to help me purchase as well. P.S he is selling a second property which is a house with a horse farm, next to the mobile home park that is valued at $750k which I was thinking of selling to bring down the loan/mortgage. Or it might be better to keep renting it out (current occupants are paying 3.5k-3-7k/mo.) Thanks! [link] [comments] |
| How do you account rental properties when calculating net worth / planning for retirement? Posted: 26 Sep 2020 11:46 PM PDT Basically title. Is the assumption that rent will increase by 3% per year - eg if rent in 2020 is $3k/month, in 2050 rent will be about $7k per month so we can assume an annual income of $84k less operating costs/repairs/vacancies/etc when planning our savings goals? Since we plan to keep the home for the rental income in retirement, it doesn't make sense to me to consider the value/appreciation of the home. Is that 3% assumption correct? Because $7k per month for rent for a 3/2.5 condo, even in 30 years, feels like robbery. [link] [comments] |
| Posted: 26 Sep 2020 04:45 PM PDT When you found someone who you know is worthy of becoming your mentor. What are strong appropriate questions to ask them besides the obvious "so you're wealthy and successful how'd you get there." [link] [comments] |
| Posted: 26 Sep 2020 10:13 PM PDT Hello Real Estate Team, I am a California licensed real estate agent living in California. I have never hung my license. I wanted to be informed, prepared and enabled, so I thought having this in my back pocket was reasonable. I have a full time job that pays well and I invest in real estate on the side. One of my strengths is appraising property to determine renovation cost and value against the market. I want to use my license to show myself property in my area. I would be acting as my own client, representing myself as I see property.. Without needing to schedule time on someone else's calendar. Ultimately I may choose to represent myself in a transaction, but I want to focus this post on simply becoming enabled to legally enter listed homes I'm interested in. My question to this sub is: What is the most simple and cost effective path to viewing property legally alone? I assume I need access to the MLS but I actually don't know what is considered necessary against what is truly required. Do I need to hang my license? Do I need to pay MLS? Is there a limit on my freedoms while acting as my own client? I would love nothing more than to spend a day on my weekend alone viewing property without feeling the looming shadow and time ticking on someone else's watch. This would be with intent to buy, not as a hobby. [link] [comments] |
| Should I invest in the house I rent? Posted: 26 Sep 2020 08:30 AM PDT My ex (and best friend of over 20 years) owns the 3-unit converted Victorian that I've rented for seven years now (I rent one unit). He co-owns with his mother, and he's commented that she would like to "turn over her share", and that maybe I might want to buy in. It's also in need of some expensive repairs. My questions are: 1. Even though I completely trust him as my best friend, is this just a bad idea? 2. How would/should it be structured? 3. Would a bank even accommodate such an arrangement? Thanks in advance for any advice! [link] [comments] |
| Posted: 26 Sep 2020 11:48 AM PDT im in north jersey and for jobs i rather buy a duplex house hack around but here cash flow is very hard to do. With that, would it make sense to buy a duplex and have to neg cash flow or move to a state where there is a possible chance of cash flow? buying a property is a big step and i want to ensure it benefits me 5 plus years down the road. either 1. i have to buy a duplex here and live in the basement and rent both units out for it to break even best
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| Wholesaling properties while having a real estate license? (Illinois) Posted: 26 Sep 2020 02:40 PM PDT I'm currently taking a real estate licensing course. I know that wholesaling while being a Realtor is frowned upon, but I don't plan on joining NAR for the next few years because I want to get started with wholesaling. Any potential conflicts that may arise? Any legal loopholes available? [link] [comments] |
| Posted: 26 Sep 2020 05:35 PM PDT I already went through the zoning laws next I need to find what to build via blueprints. After that I need to decide what companys are going to build it. Just I'm curious on the matter of what do people look for when it comes to getting the best deal and best quality of a home. [link] [comments] |
| LOA? Should I sign up for a class Posted: 26 Sep 2020 09:26 AM PDT Do you guys use scripts or just wing it? Is there something specific you say/ look for to lock in the deal? I keep getting ads for these classes, (they are mostly paid) but I have heard that many people have been doing this without taking any paid classes and just using online resources. I am just a little hesitant to sign up for anything paid unless I have seen someone for results/ many of the companies I have looked into are MLMS. Any good youtube videos/ websites that could potentially help in the way to speak to future investing partners/ people open for LOAs? [link] [comments] |
| Quick numbers check on a house hack Posted: 26 Sep 2020 04:23 PM PDT Looking for a little insight and feedback on my first house hack to be sure I'm considering all the angles.
Questions:
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| Purchasing First Investment Property Posted: 26 Sep 2020 08:14 AM PDT My husband and I are buying our first investment property. We have put in an offer that has been accepted and we are about 3 weeks out from closing date. This means we have gotten the inspection and appraisal complete, but are waiting to see what the house actually has appraised for, which we believe will be lower than our offer. We asked for 2 "big ticket" items to be fixed and a 3rd which is a safety concern (my thought process is why would you live here that long with it not being fixed? But maybe that's just me.) Overall, this will not cost more than 3k and we offered above asking price without any expectation that they would cover closing costs. They came back saying thay would do a $1k credit for closing costs and they will give us the fridge (they were asking $250 for) in lieu of repair credit or fixing things. One thing we need fixed directly affects the foundation, they need to take care of it. Our realtor keeps telling us people just aren't giving in or fixing things right now because of "the way the market is". I'm just wondering how true this is and what others might think about it? Are we about to blow the sale because we won't let go of expectations? Should we have lower expectations right now? Are people really not doing anything to homes and selling as is, EVEN when they get a premium, above asking price offer? I trust my realtor but my husband feels like maybe she's just looking out for herself and playing both sides of the fence, even though she shouldn't be (there is no actual proof she is). [link] [comments] |
| Convert commercial to residential? Posted: 26 Sep 2020 07:57 AM PDT Located in PA What's the process to convert commercial to residential property? Is it generally worth it? (Broad question I know) My family has a 4 unit commercial property. Really it's one store front that has been sitting empty for sometime and 3 apartments that are rented out. We are thinking of converting the storefront into an apartment, or possible two apartments (pretty big store front). I'm pondering the idea of purchasing the entire property as my first real estate investment. However, I'm quite new to the field. I would get a bit of a deal on it as it's family owned and I own a % of the property at the moment. The big kicker is converting the storefront to an apartment(s). Does anyone have any tips/success/failure stories to relate? Thanks for any provided information. N [link] [comments] |
| Real estate webinar/seminar recommendations in the U.K. Posted: 26 Sep 2020 07:56 AM PDT Just looking for seminars or webinars which people have tried and tested with positive feedback, any suggestions? [link] [comments] |
| Ready for my first buy and looking for a little help. Posted: 26 Sep 2020 05:04 AM PDT Thank you in advance for all the help, you all are an amazing resource and I truly appreciate the help. It's such a big life step so I'm definitely a little nervous about it. My situation: I'm 35 living in the suburbs of Boston. I have been living with my parents for most of my life in order to save money for a house and investments. I currently have $180,000 net worth, all in liquid assets. I currently make $50,000/year as a therapist and I am renting a room for $800/month. I have great credit and have the ability to use my parents as co-signers if need be. In about three years I plan to start my own practice which I hope will eventually double my salary, but that I might need some start up capital for. My parents have always owned some type of small rental property as an investment and from what I've learned real-estate is one of the best ways to invest personal capital. However, I know next to nothing about how to start this process. Where should I start? What information am I leaving out? Is a multi-family a good idea? Should I wait for the market to drop? And if so, is that worth the money in lost revenue and rent I will have to pay? What should I look for when picking an area to buy? Are there any other questions I'm missing? Thank you again. [link] [comments] |
| Posted: 26 Sep 2020 04:14 PM PDT |
| Can you depreciate all in one year? Posted: 26 Sep 2020 07:54 AM PDT Hi guys, Rookie question...I'm wondering if it's possible to depreciate the entire cost of a rental property in one year (as opposed to 27.5?) [link] [comments] |
| Should I ditch the idea of retirement accounts and build rental houses instead? Posted: 26 Sep 2020 04:01 AM PDT I'm in a rather unique situation. First, I plan to be financially independent before the age of 50. Second, I want to use my time building rental houses mostly with my own labor instead of working at a job I don't like in order to pay contractors to do the entire job. In this scenario, should I ignore IRAs and ROTH IRAs and instead invest each pay period's savings in the stock market without a retirement vehicle in order to save up as much as possible as quickly as possible for the house? Just a couple pother considerations: 1. I'm anti-debt. I don't sleep well owing someone something so this is out of the question. I'll retire just fine without leverage. 2. I want all my rental property in one place and built to last which is why I'm not looking to buy scattered houses all over the county. 3. Using my time to build my retirement rental house portfolio sounds like something that would work well. The government can't tax time invested. Only money. So by building a house in a year my income is low (tax savings) even though my net worth goes up significantly. Plus I enjoy building instead of clocking in at my job. 4. I AM investing enough through my 401(k) plan to retire in case I can never replace my income with passive rental income. Sure I could improve my tax situation by investing in an IRA but if I invest $6,000 to save $2,000 in taxes now I only have $2,000 to put towards my house instead of the $6,000 minus taxes. Thoughts? [link] [comments] |
| Moving out of Los Angeles, but where to? Posted: 26 Sep 2020 07:10 AM PDT Hi all, I've been doing research online on which cities would be viable to move to? I am 23 years old, and I am a year or two from finishing college. After that, I would be better suited to move wherever I want. Now my question is, which city or state do you guys think has enough tech industry and low enough cost of living that it is viable for me to actually invest in real estate. I live in LA and I barely make enough to even have my own apartment. I really want to start investing and I know deep in my heart that no matter how beautiful Cali is, it is not a place to build wealth through real estate. [link] [comments] |
| Posted: 26 Sep 2020 06:42 AM PDT In the state of New Mexico, specifically bernallio county/Albuquerque? I called the courts but the lady did not know. [link] [comments] |
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