Real Estate Investing: My newest BRRR numbers |
- My newest BRRR numbers
- Jersey City is Doomed - thanks nyc
- Can I use a credit card to pay mortgages of my rental properties?
- Developing in a small town?
- If you inherited 50,000.00 and you have a mortgage of 95,000. What would you do?
- House hack two family, but doesn't even touch mortgage.
- First Rental Property
- Refi SFH - Lots of equity, Renter in Place - No Employer Income
- Purchased duplex and now having some issues with the water meter
- Terms on a hard money lender
- "House hacking"
- Does First time homebuyer perks count for investment properties?
- Larger down payment to cashflow?
- Sewer/Water Backup Coverage for Rental Property
- What to do with 350k
- Student Housing Amenities
- What's the downside with cheap NNN properties in midwestern markets?
- good loan programs for 1-4 units in CA
- Background on a foreclosed property up for sale
- How to remain competitive with FHA
- Sourcing large/commercial multi-family complexes
- Ohio city deal.
- How much do you think giving septic and water rights to your neighbor should be sold for?
- Please help wholesaling :)
| Posted: 25 Sep 2020 08:24 PM PDT Recently got a 3BR 1BA on foreclosure auction for $22,575 with $825 in closing costs. Got into the place, ended up spending $1,100 on a few repairs, $1,100 on new appliances, and that's it. Found a tenant to rent it for $675 per month starting October 1. Going to get a mortgage for $26,000ish so I can cash out all of the money I put into it + new closing costs, so I will end up with no money in the property. $675 Rent - $175 mortgage over 20 years at 4.75% -$50 taxes and insurance -$135 maintenance and vacancy reserve = $315 cash profit per month + $65 debt payoff per month. =$380 total profit per month. I love real estate. [link] [comments] |
| Jersey City is Doomed - thanks nyc Posted: 25 Sep 2020 07:10 AM PDT Jersey City appears to be screwed. Countless apartments for rent. Downtown units for as low as 1500/month that used to be over 2k+. Countless for-sale signs on every block. Yet construction is booming on countless new high-rises. This will only lead to more dropping in rents and flight from the area as the supply of units grows with less demand. Jersey City was a commuter city to NYC. NYC is going to be screwed for many years(hopefully it will one day recover but not soon). Now that there is no reason to work in NYC there is no reason to live in Jersey City. We are already seeing fight from JC in mass scale which will only continue as people leave to cheaper states and areas. Why live here when you can keep a 6 figure job and have a nice house with land? All the cultural activities that drew people to cities are closed for foreseeable future and crime is surging in NYC at record numbers. TLDR: WFH, civil unrest, and covid mismanagement by NYC will have a cascade effect bringing down the entire "tri-state" area as people flee for greener pastures. [link] [comments] |
| Can I use a credit card to pay mortgages of my rental properties? Posted: 25 Sep 2020 04:34 PM PDT It seems you can get a lot of cash backs if you can transact several thousands every month. I'm not sure if there are any credit card company let you do that. [link] [comments] |
| Posted: 25 Sep 2020 03:20 PM PDT I live in a small town in the Midwest of about 10,000 people. There are several large manufacturing businesses in and just outside of city limits that draw people in from several neighboring communities and even a larger city less than an hour away. I often see and hear of people looking for 2/1 or 3/2 apartments in town, but they seem to struggle finding a place that doesn't have a waitlist. This leads me to believe there might be demand for more housing options, especially with a new manufacturing facility coming to town in the next year (500+ jobs). My question is, does anyone here have experience with small-scale multi family developments in a small town? Perhaps there isn't the demand I think there is, how do you capture something like that to determine if the demand exists? My evidence is almost entirely anecdotal [link] [comments] |
| If you inherited 50,000.00 and you have a mortgage of 95,000. What would you do? Posted: 25 Sep 2020 09:20 PM PDT This is probably a stupid question considering the community I'm asking, but would you pay 50,000 into the mortgage or would you rent out the house and but a second property as an investment property? I am very much interested in starting to invest in property which probably makes the question more ridiculous, but I'm also very interested in paying off the debt as well. [link] [comments] |
| House hack two family, but doesn't even touch mortgage. Posted: 25 Sep 2020 07:04 PM PDT Purchased an 8 bed two family with 3.5% down FHA. Living in one side and renting the other. Property is ~7/10 for local quality, and rent is competitive. Upstate NY for location reference. Expected 8% to 10% Cap Rate when fully occupied, but the rent while owner occupying just barely pays for utilities, taxes, and maintenance. I'm personally managing the PM and maintenance to limit expenses. Would it be considered normal for house hacking to have zero or negative actual cap rate? and pay for 100% of mortgage personally? There is an unrented attic space with a full bath, partial kitchen, two accesses (stairs and scuttle), and separate electric and hot water. Would it be worth the investment and risk (denied occupancy letter) to compete the attic space into a studio? [link] [comments] |
| Posted: 25 Sep 2020 06:55 PM PDT Hey guys I'm 21 and active duty military, Im going to be moving out of the dorms and buying my first home in about 6 months. Im planning on getting a 3 bed 3 bath house and will have 2 of my friends/ fellow airman rent rooms from me. I do have a couple questions that may sound dumb but I really want to have everything worked out before its too late. 1. If im going to be renting out 2 rooms while also living there, should I be expected to furnish the house like living room and all the common areas? If so what types of things would you consider a necessity? 2. Is it usually better to have a flat rent or have all 3 of us split utilities and whatnot? 3. We are active duty military so should my roommates be expected to pay rent when they deploy for 3 months? Thats all the questions I have right now but im sure. my dumb ass will be back. All comments or questions and or advice are truly helpful and appreciated. Thank you [link] [comments] |
| Refi SFH - Lots of equity, Renter in Place - No Employer Income Posted: 25 Sep 2020 04:30 PM PDT I have a rental worth roughly 330k, old mortgage with a high rate (5.85% I think) for $120k. New tenant just moved in but it has been occupied with rental history for 5+ years. Recently exited a business and so do not currently have a job/income but have cash in the bank and the rent more than covers the existing mortgage. On a refi, rent would cover the mortgage payment x3. I want to refi the house to improve cashflow, at least to just pay off the existing mortgage. Is this a loan I can get somewhere? What should I be looking for, what should I expect to pay, how much would I expect to be able to borrow given the circumstances? [link] [comments] |
| Purchased duplex and now having some issues with the water meter Posted: 25 Sep 2020 11:07 AM PDT So I purchased a duplex in April, the seller told me that the units next door were also on the same meter but he split the meters First month bill seemed normal, two months later the bill was like 6x higher (about 90k gallons a month) than the expected. So I called the water company and they are saying that 6 units a tied to that meter (no just the two I own) What do I do [link] [comments] |
| Posted: 25 Sep 2020 06:38 AM PDT I was talking with a hard money lender and surprised by some of the requirements and terms: Before you get the hard money loan, some of the more interesting requirements:
Funding Process: A. Borrower is responsible for lender's attorney fees, including doc prep, title insurance and recording fees. Lender chooses attorney. B. Points and interest accumulate and are paid when the house sells. C. Interest starts on the entire loan amount from the first day of closing, even if draw funds are not released. D. If closing is delayed, interest will still be charged from the original closing day. E. Work must be completed before funds are released for that work. F. Automatic 2-month extensions. One point for each extension. Total 2 extensions to 10 months. G. At the end of 10 months, another 2-month extension requires borrower to pay all accumulated points and interests. Interest rate goes up to 18%. H. If loan is not paid in full at 12 months, the borrower will sign a deed in lieu of foreclosure. If not signed, they will start foreclosure process. The last one - deed in lieu of foreclosure, caught me by surprise. I guess it makes sense, but can you imagine pouring your own time and money into a property only to walk away from it? I spoke with another hard money lender and he said he has acquired a few properties this way, and he said even experienced rehabbers have walked away from properties. Forget tax sales, this seems to be a better use of money. EDIT: anyone know any you must have a company? Seems like an extra layer if you try to recover your money. [link] [comments] |
| Posted: 25 Sep 2020 09:18 PM PDT Might just see the cup half empty. But can't house hacking really just be misconstrued as overcharging tenants/friends? Doesn't the aggressive rent make it harder to find tenants willing to rent? [link] [comments] |
| Does First time homebuyer perks count for investment properties? Posted: 25 Sep 2020 07:49 PM PDT Live in a HVOL looking to buy a rental in my hometown where I know the market. Do the traditional first time home buyer perks count for someone who isn't planning to live in said property? [link] [comments] |
| Larger down payment to cashflow? Posted: 25 Sep 2020 07:17 PM PDT So I'm trying to decide if I want to purchase my first rental property in the next 6-12 months. I've been crunching theoretical numbers based on actual properties for sale and for rent, and I have found that I can find single family homes in my area that can produce a good gross income, and a fair cash on cash return, but because property taxes are high I'm coming up with about a break even cash flow after factoring in the mortgage and capital expenditures. Is it worth considering a larger down payment (25-30%) on the purchase of the property in order to reduce the monthly mortgage bill, and therefore, create positive cash flow? Or is there another variable I should be focusing on more? I'm using the >1% rule for gross income, and getting ~3.2%, and ~6% cash on cash return. I am an HVAC tech by trade and I used to do siding, windows, painting, etc. so I figure I can save a bit on repairs and maintenance. Also, the vacancy rates for this area are typically about 4%, currently at 2.5%. Any opinions are welcome. I would say that I'm a noob, but I'm not even that, yet! I'm just trying the learn how to analyze and run the numbers. Thanks in advance! [link] [comments] |
| Sewer/Water Backup Coverage for Rental Property Posted: 25 Sep 2020 11:58 AM PDT Is this worth it to add onto the rental property insurance? Additional $90/year. Does this also include covering the plumbing costs if this event were to occur, or is it strictly property damage covered by sewer/water backup? Also, not sure if this matters, but the property is a slab house with no basement. Thank you in advanced! [link] [comments] |
| Posted: 25 Sep 2020 05:36 PM PDT I have 350k in cash and I really want to get investing into real estate. What do you guys recommend I do. I am looking into the area of flipping properties and making quick bucks off like that. Any books I should read? I am a total beginner so thanks for your help. [link] [comments] |
| Posted: 25 Sep 2020 11:21 AM PDT I'm closing on a house in a neighborhood with a lot of students. I plan on renting bedrooms out. I was wondering what kind of furnishings would be expected and what can I expect a student to bring. I think it would make sense to have it furnished with a bed and mattress (maybe I'll make them buy a foam pad to put on top of the mattress for reuse), and a desk. Anyone with experience in this area have ideas about what students really appreciate to have and don't with off-campus housing? [link] [comments] |
| What's the downside with cheap NNN properties in midwestern markets? Posted: 25 Sep 2020 09:44 AM PDT I've been looking into buying into these markets as an OAS investor. What's the downside of these 6%-7% cap NNN properties going for $400k-$700k with national tenants? I'm specifically looking at Ohio, Springfield and Dayton. [link] [comments] |
| good loan programs for 1-4 units in CA Posted: 25 Sep 2020 12:58 PM PDT Hi, Does anyone know of any good loan programs for properties in CA? Low down payment, low interest rates, non-owner occupied and owner occupied. [link] [comments] |
| Background on a foreclosed property up for sale Posted: 25 Sep 2020 07:21 AM PDT Hi - there's a large single-family home ($1M+ price) in our area, that was never finished by developers and was foreclosed on and now on Zillow the bank is listing it for ~$75K. I know it will take a chunk to finish it off, but still much less that $1M. How can I find out if there were any code violations issued against the property or other issues with that lot, without really getting into becoming an interested buyer? Are there quick FREE ways to find this sort of information out. I found one post on a neighborhood page about there being drainage issues in the lot next door. I mean, there has to be some issues right, why else would nobody snatch it up at that price? [link] [comments] |
| How to remain competitive with FHA Posted: 25 Sep 2020 07:38 AM PDT I am preparing to purchase my first owner occupant triplex or quadplex with a fha 203k loan around one year from now. I will be having a low downpayment around 3.5-5%. I am not able to put down more unless the property turns out to need few repairs and my contingency reserve for the renovation is lower. When i hear about making an offer more competitive i read about offering more earnest money. Ive also heard about personal letters to sellers but it seems this sub has mixed feelings about those. I also plan to use a local lender. Any advice on how i can make my offer stand out without increasing my down payment? I know fha loans are not ideal but it appears to be the only way i can get a 3.5-5% downpayment on a 3-4 unit property. I am not able to put 20% down. From my understanding, the 203k process makes for a longer close but doesnt have some of the nitpickyness of the house condition/ requirements since it we be undergoing a renovation. I will be trying to do what i can connecting with contractors and lenders before the home search to make this process smoother/slightly quicker. [link] [comments] |
| Sourcing large/commercial multi-family complexes Posted: 25 Sep 2020 07:10 AM PDT For those of you who invest in larger multi-family apartment complexes, how do you go about sourcing your properties? It is all local brokers, or do you have online and other resources you tap to find properties as well? [link] [comments] |
| Posted: 25 Sep 2020 09:11 AM PDT Looking at a Ohio city deal in Cleveland ohio It's currently a 3/1 on the outer edge of Ohio city. Home owner wants to net 125k. It has probably anywhere from 40-60k in updates needed. With a seasoning period it's going to tie up cash for six months. A property that touches this one's corner is currently under contract at a listed price of 289k (not sure the price accepted but it got a deal very quick so I would guess close to 300k) I am wondering if getting it and doing the work would be worth the six months of not doing anything else. Worse case getting it and reselling to a out of state investor taking a finder's fee and keep going. The whole area has homes 300k+. [link] [comments] |
| How much do you think giving septic and water rights to your neighbor should be sold for? Posted: 25 Sep 2020 12:25 PM PDT Neighbor has a garage that they want to turn into an apartment. They want to buy water and septic rights. I already looked at septic size and water output and I can easily accommodate. The question is: What will this do to my property value? That's a binding contract, will it affect my resale? They have no water or septic. They want to hook up my mine. They want to build an apartment in the garage. This is a piece of property with just a garage and electricity. It was used for storage of an RV. [link] [comments] |
| Posted: 25 Sep 2020 12:21 PM PDT Ok so I'll explain my situation real quick. I want to get into wholesaling, no real estate experience but plenty of sales. I looked into free contracts from wholesale to millions guy, need to add a contingency for my approval after a 14 day inspection period or whatever. I've also been watching some flipping mastery tv or whatever on yt. So I reached out to a friend in real estate and she said she has cash buyers ready as well, I just need to secure the assignment contract to send to her so we can get the buyers on the property. Now what's my best way to find the property owners and get a hold of them? Skip tracing via propstream? Craigslist? Facebook? Bandit signs?how should I do that and how should I be as professional and confident as possible with those calls? And ensure it all goes smoothly? Also in tampa florida, but not against doing out of state virtual deals as well! Thanks for any help:) [link] [comments] |
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