Real Estate Investing: Looking at buying first property (duplex) as an investment. What should I know? |
- Looking at buying first property (duplex) as an investment. What should I know?
- Good RE Podcasts? Are they helpful?
- Existing Homeowner Buying 2nd Property as an Investment - Question
- How do I legally cover my ass in a "rent a room"?
- 1031 exchange
- Any of you invest in property with power lines?
- Has anyone invested as a realtor with a general contractor as a partner?
- Section 8 housing - worth it? Rent limits?
- Order of operations for building a team
- How many % downpayment do you usually have?
- How To Get Started As a 22 Year old incredibly interested in growing a real estate portfolio ?
- Cash out equity /refinance to buy a second home and use refinanced home as rental?
- CRE financing
- Rolling in closing costs
- Good turnkey providers for remote investing
- Manufactured home loans on hold?
- Making Offers Without Pre-Approval Letter
- Crystal Ball into 2021
- How are fellow rehabbers finding their deals?
- Do any of you use roofstock? Any reviews?
- North jersey market too high and very hard to cash flow. invest out of state?
- Newbie Stressing on Buying First Rental
- Handling of shared resources on Utilities (Duplex)
- Window Dressing Suggestions - 2" faux wood blinds are expensive!
| Looking at buying first property (duplex) as an investment. What should I know? Posted: 21 Sep 2020 05:52 PM PDT My wife and I currently live with my parents saving up tons of money (relatively speaking - enough for downpayment and repairs). They like having us there, we like not having to pay rent, and have settled in well for a while. We talked about a first home, but thought we might actually want to buy a duplex or something and rent it out instead whilst living with my parents - that way we don't hVe to stress about house payments if nobody is renting it out as we can afford the payments ourselves if need be. Ultimately the goal would be to continue to build properties over time and rent them all out as long-term investments. We're both relatively young and want to get started soon, but don't really know where to start (and my wife is a bit nervous about it). Any advice and tips? Much appreciated. [link] [comments] |
| Good RE Podcasts? Are they helpful? Posted: 21 Sep 2020 10:59 AM PDT Are there any good RE podcasts to listen to? I've listened to a couple of BP ones but they just seem to be a bunch of success stories which are more entertaining than informative IMO. [link] [comments] |
| Existing Homeowner Buying 2nd Property as an Investment - Question Posted: 21 Sep 2020 11:28 PM PDT My SO and I purchased a home in November. We live in Ontario. House value: $575,000 Outstanding mortgage: $366K. Annual income: $120K. Bi-weekly mtg: $950 prop tax included (5 year fixed 2.39%). Student loan: $17K (prime plus 1% float rate [no other debt]). Cash for down payment + closing costs: $65K. My question is - based on these figures; How much would a lender approve us for in order to buy an investment property? Let's assume I can show the lender that the property would also cash flow 10%. Edit: My SO's grandmother lives with us and pays $1000/month. Would that boost our max approval number enough to where it's worth declaring as income? [link] [comments] |
| How do I legally cover my ass in a "rent a room"? Posted: 21 Sep 2020 11:14 PM PDT I'll be renting a room soon, and I am going to pay for 3 months upfront in cash (She said she would drop the monthly rate down by $100 bucks if I did so. But I Offered this first). I'm not sure what documents I should have to be able to ensure that everything is taken care of legally? So she doesn't just take the money. She seems really nice and she's been renting out this room for 2 years now (She's said) so I do trust her, but I just want to make sure. [link] [comments] |
| Posted: 21 Sep 2020 10:53 PM PDT Any advice for 1031 exchange to make it smooth? Haven't ID'd a repalcement property yet. Read about the rules about the exchange property and wondering is it is possible to exchange for a property over the 200% rule using the pick 3 properties rule. Can I sell a place and buy one for more than 200% of the value? What is the cap? [link] [comments] |
| Any of you invest in property with power lines? Posted: 22 Sep 2020 03:15 AM PDT I found a beautiful property, huge yard, but with pretty big power line. I know there are people scared of them. https://imgur.com/gallery/zpPWfhf [link] [comments] |
| Has anyone invested as a realtor with a general contractor as a partner? Posted: 21 Sep 2020 04:38 AM PDT Yo! So I have an opportunity to get into an investment property. A person is known for quite some time has shown interest in these things as well. We ran into each other and chatted for a minute and realized we have these similar interests. We got lunch and conversed about possibly going in together to buy this property. Now I only have enough liquid to buy the place but that will tap me pretty much. He would then put down the money to rehab the property then we would sell and each of us would get our money we put into the property then split the profit. My questions are: Should I find a way to do this myself and hire him as a GC and pay him to do the work and get all the profit? (The value I see him bringing is more clients for me and added capital) What is the best way to contractually put a number on labor? Is this something you have done or heard of working well? [link] [comments] |
| Section 8 housing - worth it? Rent limits? Posted: 21 Sep 2020 03:24 PM PDT Hi, I heard about section 8 a couple of days ago. I got interested and did a search on this but couldn't find any real or useful info. What I'm looking for -
Basically for a first time landlord where can I get the basics of section 8 housing. Thank you in advance. Sorry for any reposts. EDIT: You guys have been great. Thank you for all the inputs. Please keen them coming. Will be talking to people and looking into this in more detail. Your inputs really help. Thanks again. [link] [comments] |
| Order of operations for building a team Posted: 21 Sep 2020 04:53 PM PDT Hi All, I'm actively building my team and trying to figure out when I can/should look for contractors. The area I'm looking to invest in is roughly 2.5 hours away by car, so before I start actively placing offers it's important for me to feel comfortable with my team. This puts me in a dilemma since contractors are typically hired after purchasing a home. I'm concerned about the prospect of purchasing a home and not being able to find a suitable contractor afterwards. How have others in this subreddit dealt with this situation? [link] [comments] |
| How many % downpayment do you usually have? Posted: 21 Sep 2020 10:46 PM PDT Like the title states im wondering how big of a downpayment i should have. I've looked around and it seems you need atleast 20% in the uk for a buy to let mortage, but 25% seems more normal. [link] [comments] |
| How To Get Started As a 22 Year old incredibly interested in growing a real estate portfolio ? Posted: 21 Sep 2020 10:04 PM PDT I'm finishing my last year in uni and have future aspirations of having a few properties and creating a growing property portfolio. How would anyone with experience suggest I go about getting onto the property ladder with limited funds? I've heard of the BRRR method but it seems to always leave you with a chunk of unpaid debt/loans? Any advice would be appreciated! [link] [comments] |
| Cash out equity /refinance to buy a second home and use refinanced home as rental? Posted: 21 Sep 2020 09:25 PM PDT So we've been wanting to get a bigger home but rather than sell the home we live in now, we are considering refinancing it to cash in on the current market value of our home. Then with that money use part of it as a down payment and the rest for setting up this house as a proper rental property. Good idea? Bad idea? Wait? [link] [comments] |
| Posted: 21 Sep 2020 05:22 PM PDT I'd like to purchase the building my business is in and am looking for financing options. Purchase price is 200k, I can pay for it cash but like to keep pretty liquid... Are any of you aware of possibilities or terms on a CELOC where I could pay cash for the building and get a longer term interest only line of credit for my business with the building as collateral? I was offered 4% amortizatized for 25 years with a balloon at 5. Does anyone know of anything better eg fixed for 30 on CRE? [link] [comments] |
| Posted: 21 Sep 2020 08:19 PM PDT Do banks let you roll in closing costs into the loan for investment properties ? My local bank wouldn't let me for a commercial loan in my llc, but what if its in your own name? Also, do they allow cash back at closing if the seller agrees? [link] [comments] |
| Good turnkey providers for remote investing Posted: 21 Sep 2020 10:19 AM PDT Do any of you have any recommendations on turnkeys they worked with and really liked them?? The ones I looked at are having bit phony estimates on rentals and have premium on price and property management (which I actually don't mind much if the numbers didn't look suspicious) [link] [comments] |
| Manufactured home loans on hold? Posted: 21 Sep 2020 07:03 PM PDT Hi all, I'm trying to put together an offer on 5 acres of land in a HCOL area with a crappy manufactured home on it for 775k. One of the mortgage agents I'm talking with says that my numbers can work, but that manufactured home loans are on hold for right now. Can anyone confirm this is the case? What options do I have, to get things to move forward or to get around this? I've been told by other that a land loan could potentially be on the table if I can do 30%. [link] [comments] |
| Making Offers Without Pre-Approval Letter Posted: 21 Sep 2020 06:37 PM PDT Have any of you made offers without a pre-approval letter? I am set for a raise in a few weeks, at which point I would more than qualify for the price tag I am shopping. But where I am at right now I wouldn't qualify. My Mortgage broker can't supply a pre-approval letter since my new salary isn't 'active' right now. Any advice on how to show my offers are legit? Anyone have experience navigating this? [link] [comments] |
| Posted: 21 Sep 2020 06:13 PM PDT I listen to all the Podcasts and read all the blogs and as you know everyone has different thoughts on what the real estate world will look like now into the next year or two. What are your thoughts? What are you already seeing in your area? [link] [comments] |
| How are fellow rehabbers finding their deals? Posted: 21 Sep 2020 08:06 AM PDT Hi all. Curious as to how fellow rehabbers are finding their deals and still getting decent margins. I flip in St Louis, and it feels like stuff is drying up. I used to be able to find several deals a day through networking and Facebook. Recently it's hard to find a single deal that works. I've looked into other methods, but it requires a large marketing budget for SEO, website, etc. I've looked into short sales, but I can't figure out if they're even a valid way to actually find a deal anymore, seeing as short sales are such a small percentage of sales. How are you all finding your deals? [link] [comments] |
| Do any of you use roofstock? Any reviews? Posted: 21 Sep 2020 09:22 AM PDT |
| North jersey market too high and very hard to cash flow. invest out of state? Posted: 21 Sep 2020 03:38 PM PDT i am checking daily nonstop and prices are just too high 500k for a duplex? that needs 30k work? its just too much and i don't see how rents can justify it. a.) my family ( mom and sis) are willing to pay each 900 to 1k for a floor they will share with there own room. I don't like this cause if they ever wanna move out, it won't cash flow at all but they might not move out for a long time. 5 years plus B.) been thinking out of state cause i want to invest my savings in rentals for 10% cocr or anything above 7% which would be best? option A or B? [link] [comments] |
| Newbie Stressing on Buying First Rental Posted: 21 Sep 2020 09:08 AM PDT Hey guys! Could use some help making a decision today on buying my first home that I want to make a rental in a few years (1-3 years). It's a 3 bedroom 2 bathroom single family home in a moderately nice area (great school district). The outside and bones of the home are GREAT (new roof, HVAC, and water heater) but the inside is straight out of the 1970s. I'm in Upstate, SC so Im thinking the rent could fall between $900-1500. The home costs $150k and I'd spend about $20-25k fixing it up. $5-10k as a down payment. 30 year fixed mortgage. Would I be spending way too much for this to be a rental? Not seeing any better deals right now. [link] [comments] |
| Handling of shared resources on Utilities (Duplex) Posted: 21 Sep 2020 11:07 AM PDT I bought a duplex and live in one of the Units in the basement we have a shared washer and dryer and am wondering how people manage which unit the appliance is plugged into. Same for things like outdoor lighting and security cameras, etc. Possible in the future this would be two renters so not sure what is standard. [link] [comments] |
| Window Dressing Suggestions - 2" faux wood blinds are expensive! Posted: 21 Sep 2020 10:13 AM PDT Hello! I have 15 windows I need to cover - been looking at options and am curious what you put in your rentals and where youre sourcing them from. New $40 up to $70 each is steep! I plan on keeping the house 10 or 15 years. The windows have mildew and lead chipping paint on them currently. I am about to repaint them. Any advice on doing that quickly to where it will last are welcome too! Thought about spraying it down with Killz - has anyone had luck with that freshening up old paint on panes? Thank you, Be Well! 🏚🕷🏠 [link] [comments] |
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