Real Estate Investing: Portland may require landlords to pay tenant relocation fees for any rent increase, extend eviction moratorium to end of 2020 |
- Portland may require landlords to pay tenant relocation fees for any rent increase, extend eviction moratorium to end of 2020
- Has anyone bought a rental property out of state as their 1st property? Recently?
- What are some words of wisdom you could give to a recent college grad looking to invest in Real Estate?
- Any Americans who have sold property in Latin America?
- Ontario, Canada: Having trouble getting a bank to do a commercial loan for student houses.
- Buying house for my kids
- Potentially Messing Up a First Time Buyers Loan
- I need information about buying land.
- High stress job + rental property acquisitions and management
- Should I rush to refinance or take my time?
- All steps needed for Seller Financing
- Refi rates for 3-flats
- Are you loyal to a single bank or do you continuously search and take the best rate available? Why?
- First house/property advice
- With no mortgage is second home/vacation home still a 2nd home mortgage ?
- Best way to build credit
- What am I missing in this 2.2 million RE partnership?
- Those who develop, what has been the hardest part?
- Experience with Real Insight Marketplace Absolute Auctions?
- If you live in a hcol area, would you house hack a duplex and pay a few hundred ? Or what's another option
- Commercial Property Search
- Recommendations for best skip tracing site to use?
- Why do people place their properties into LLC?
| Posted: 11 Sep 2020 08:51 AM PDT |
| Has anyone bought a rental property out of state as their 1st property? Recently? Posted: 11 Sep 2020 03:47 PM PDT What has your experience been like? what problems or cocr did you end up getting or having ? What type rates did you get ? 3.5 -4.5? [link] [comments] |
| Posted: 11 Sep 2020 07:54 PM PDT Hey guys. I'm 24 and Recently graduated college, currently make around 60k a year. I have around 20k in my savings as of now and live in CA. My credit score is very average as I was sent to collections (over $50) when I was 19 but been fixing it since. I want to buy my first property in the next 5 years, after I save some more capital. Hopefully a 3-4 bed home. I will be using the VA Loan or a First Time Buyer loan. At first I wanted to buy in California since that is my home state and would make it easier to manage the place and I could potentially live there while I rent the rest of the rooms out. Also I believe the VA Loan requires me to reside in the home for a while. Though I'm starting to think it might not be a good idea. I was thinking of buying somewhere out of state. Texas? Nevada? Colorado? Any recommendations? Also what are some things I could start doing now to really allow me to make the most out this endeavor. What are some things you wish you did or someone had told you about before you bought your first home? Any advice or criticism would be greatly appreciated!! [link] [comments] |
| Any Americans who have sold property in Latin America? Posted: 11 Sep 2020 04:20 PM PDT Hi, I'm hoping someone with experience can help. My husband has a property in Peru that is under contract. The buyer will be taking a mortgage. Ideally, we would like the money wired to an account here in the US, but my husband's contact in Peru (not sure how on-the-ball he is) is saying that isn't possible. He is telling us that the bank will not allow that because they have no way of knowing that the owner of the American bank account is the same person on the title of the property, even though they have the same name. He is saying that we have to open a Peruvian account where the payment will be wired, and then travel to Peru physically to sign whatever needs to be signed to allow them to wire the money to the US. Does anyone know if this is accurate, or if there is a way to just have the buyer wire the money directly here? [link] [comments] |
| Ontario, Canada: Having trouble getting a bank to do a commercial loan for student houses. Posted: 11 Sep 2020 06:24 PM PDT As the title says, having issues getting a loan. We messed up when we started this process because we didn't think it was going to be more than one or two houses. As a result we never incorporated and just did it through a trust. It was easy peasy to set up and income got split between my parents and siblings as we directed. This worked really well when most of my siblings were in school with limited income. Now we want to get more properties. The bank won't lend us anything more for personal loans because we have reached the limit for number of doors. Also they simply aren't giving personal loans for student rentals anymore. We thought going to the bank with $5 mil in properties and only $1.6 mil in personal loans with a cashflow positive business would be easy to get a commercial loan. It isn't. We wanted to incorporate for tax purposes and so we wanted to kill two birds with one stone and get commercial loans to offset the person mortgages. They want us to incorporate first and put the houses into the corporation (land transfer taxes and lawyers adding to probably 25k) without promising us a dime. They may well say no entirely based on their dislike of student houses but they won't even put their minds to it if we don't incorporate first. Has anyone had any experience with this? What was the solution? Also we are awesome mortgagees and pay on time everytime with sped up payments. We don't want to end up at some 8% rate type place. [link] [comments] |
| Posted: 11 Sep 2020 10:46 AM PDT I am thinking that I will buy a home for each of my kids. They're both under 5. Looking for advice on financing, ownership, and keeping it fair. I would put down enough money on each house so that renting them out (most likely long term rentals, not airbnb) would cover expenses (management, taxes, insurance, etc...). Probably going to be a condo or a strong HOA so that they do the maintenance, they will be a plane flight away. My question is structure. Do I put it in my name or theirs? I'm going to put mortgages on them, so I'm sure that will affect things. What kind of financing should I expect? I don't do much residential. I'm kind of hoping that with cash flow and the amount of time they have to compound the interest this will cover college for them. We are thinking to buy in 2 markets, since we will occasionally use them, we like to go on month long trips. But then if one house is in each kids name, you have a very good chance of unequal appreciation (or depreciation). I could see that causing a problem down the road despite the best intentions. My parents did that crap my entire life and I refuse to put my kids through it. Any advice on this? [link] [comments] |
| Potentially Messing Up a First Time Buyers Loan Posted: 11 Sep 2020 05:06 PM PDT Hi Everyone, Hoping to get some insight with my situation. My mom passed away in March and I have now inherited her house that resides in Arizona. Currently I am the executor of her estate, and have intentions of renting out the house. After looking through most of her documents/loan paperwork/finances/etc. it looks like there was a clause in her loan where "if it sold or transferred to another person", then the bank "will not allow assumption of this loan on the original terms." This brings me to my first question - Does this mean that I would need to apply for the loan of the house myself if I want to get it in my name officially e.g. new interest rate, monthly payment, etc? I currently live in California, and my partner and I were planning on buying our own house in a year or two with money that we have saved, as well as the eventual extra cash flow from the AZ rental. At this time, we were also thinking about refinancing the AZ house and add/pull out extra funds to maximize our down payment. We were also planning on tapping into the First Time Home Buyer program to enjoy those perks. This brings me to my second question - If I apply for the Arizona home loan to get it in my name, will that forfeit my 'right' to be able to apply for a First Time Home Buyer program when I want to buy a house later in California, even if I don't use the First Time Home Buyer program to 'purchase' the house in Arizona? Will the California bank see that I've already 'purchased' my first house in AZ, disqualifying me from the First Time Home Buyer program? If so, another option I was told I could do, would be to stay as the executor of her estate (instead of getting it in my name), whilst also renting out the house "In the name of Jane Doe's Estate", essentially being in limbo. Then, when ready, we'll use the First Time Home Buyer Program to get the house in California, AND THEN contact my mom's lender to apply for her loan. Hopefully someone out there has had some experience with this and can provide some insight. The last 6 months have been the toughest months of my life and this train is not stopping any time soon. Any information is greatly appreciated. [link] [comments] |
| I need information about buying land. Posted: 11 Sep 2020 01:19 PM PDT Looking for a piece of land in the 100-200k range that is in an industrial building zone. The location is okay as long as it's 20-40 miles away from Sarasota FL. Looked all over can't seem to find a reliable website to look at. Anyone have any suggestions on a website I could use. [link] [comments] |
| High stress job + rental property acquisitions and management Posted: 11 Sep 2020 09:19 AM PDT Howdy folks, I'm trying to get some input from those who have 5+ units and work 50+ hour weeks in a high stress environment. How do you find the time to get shit done? Time for rehabs, tenant selection/management, etc. What systems do you have in place to manage your real estate investing hustle? About to close on my first live in flip and looking to house-hack a 3/4 unit. Plan on buying a value add property, rehabbing it, renting it, and cash out refi once ready to get leverage to purchase another property. I will likely do A LOT of the rehab work, but need to figure out how to find reliable handymen/contractors to assist. Just looking for some advice on how y'all managed REI with a W2 role that requires time and travel. [link] [comments] |
| Should I rush to refinance or take my time? Posted: 11 Sep 2020 11:28 AM PDT I'm about to do a 1031 exchange in the next 45 days of upward of 1.5million (30% downpayment) with financing. I also have about 4 duplex's that I own outright that I wanted to cash out refinance which could boost my purchase power to basically 3million but I don't want to put myself in a position of being over leveraged I figure maybe it makes sense to do the 1031 exchange, use my other properties as a safety net against my debt, and then in 6-8 months proceed with the refinances of my duplexes and buy more real estate. I can't tell if I'm being smart and conservative or just being a pussy. Someone let me know [link] [comments] |
| All steps needed for Seller Financing Posted: 11 Sep 2020 03:11 PM PDT Hello reddit, I come to you with a difficult question, so lets get right to it! First, I want to sell a duplex to my son via seller financing. I own the property outright and will like to avoid a real estate lawyer/ title company if at all possible. Also, I live in Oregon. Second, I have been researching the process for a little over a month now, and I feel like I'm only missing a few steps. I have a written dead of trust and a promissory note. I have the property description and all the terms of the loan worked out. Getting the deed notarized next week. Finally, for my questions. I'm curious if there is any paperwork that I'm missing? If so, what are they? Additionally, I have to record the sale with the county and I was wondering exactly what paperwork the counties' record department would need. If there is anything else that you feel like I should know feel free to give advice. Thanks for any help and I would greatly appreciate it! [link] [comments] |
| Posted: 11 Sep 2020 03:03 PM PDT What are you guys seeing for refi rates currently on multi family houses (non owner occupant) these days? I was just quoted 3.5% with a $2100 lender credit, no points, <75% LTV, ~$420K loan balance in Illinois. [link] [comments] |
| Are you loyal to a single bank or do you continuously search and take the best rate available? Why? Posted: 11 Sep 2020 11:09 AM PDT I have 6 properties, single family and multi-family, looking to acquire more. I have a bank I like that often has the best rate but not always. I'm looking for any benefits that may be worthwhile building a relationship at one or two banks vs simply taking the best rate available anywhere. The main advantage I can see is having all the loans in one place, assuming the bank doesn't sell the servicing rights. [link] [comments] |
| Posted: 11 Sep 2020 08:37 AM PDT Hey guys. Newer user to this community but I am a 24 year old with around 20k in my bank account. Looking for advice. I am planning on living in apartments the next year or two, but I am considering buying a decent 2 or 3bedroom condo, and then begin renting that out and maybe living in it. Would it be smarter to get a house after I save a little more capital instead? I'm thinking that first time homeowners stuff would help me out more. I'm also not sure if condos would qualify for the first time homeowners stuff. My plan is to have 2-3 houses/properties in the next 10 or 15 years that I rent out completely. I have a pretty good job, and living in my state is pretty cheap so I think this could be feasible with not a large amount of effort. [link] [comments] |
| With no mortgage is second home/vacation home still a 2nd home mortgage ? Posted: 11 Sep 2020 02:20 PM PDT Have about 18 grand on current mortgage I will pay that off with yearly bonus. Question is we want to get a vacation cabin. Will the loan be under the 2nd home mortgage situation rules and interest or can I finance it like a regular first home loan. Yes it will be rented majority of time too and NO will NOT be primary residence and will be out of state. [link] [comments] |
| Posted: 11 Sep 2020 01:54 PM PDT I am 18 years old and don't have a credit score I'm wondering what the best way to build a credit score would be. I've heard people say get a credit card and only use it for gas and pay it off on time. Any advice? [link] [comments] |
| What am I missing in this 2.2 million RE partnership? Posted: 11 Sep 2020 07:45 AM PDT What am I missing? I want to purchase an apartment complex(2.2 million) or build 5 4-plexes. I've got 300k verbally committed so far and I can get more. Since I'm the a General Partner/Manager I would get 1% to acquire and then 15% from the sale in 3-5 years. The remaining 85% would be split among the investors when sold. Rental profits would be divided at years end by 30% going to reserves and the rest paid out in distributions. What should I prepare for? [link] [comments] |
| Those who develop, what has been the hardest part? Posted: 11 Sep 2020 09:07 AM PDT When developing, how tough has managing and putting together a team been vs the actual construction? How hands off are you? [link] [comments] |
| Experience with Real Insight Marketplace Absolute Auctions? Posted: 11 Sep 2020 11:48 AM PDT https://rimarketplace.com/auction/590/4-94-ac-home-depot-outparcels-atlanta-msa They seem to have a bunch of these 'no reserve' auctions going on. Does anyone have experience or any info on these? Thx [link] [comments] |
| Posted: 11 Sep 2020 11:36 AM PDT Im in north jersey and it seems like instead of waiting 2 more to years on the side lines, i should buy a duplex that will cost a few hundred out of pocket to live in or what other property can i buy that makes sense? Wanna buy in my backyard before investing out of state [link] [comments] |
| Posted: 11 Sep 2020 11:07 AM PDT Those in CRE, do you sign exclusive with a broker? What are ways about it? [link] [comments] |
| Recommendations for best skip tracing site to use? Posted: 11 Sep 2020 02:51 PM PDT Hey all! I am a new wholesaler who is starting to wholesale in the Phoenix area (I know I know, Phoenix is already saturated -- however I've thought this through and it's the best place to start my journey). Anyways I was wondering what the best skip tracing site to use is (primarily in AZ). I have the addresses and names of people, however the site my and my partner currently use is giving us pretty bad results (most of the phone numbers are wrong). This is most likely because we are using a free service. We don't mind shelling out some cash as long as the phone numbers we get are accurate. Thanks again! [link] [comments] |
| Why do people place their properties into LLC? Posted: 11 Sep 2020 10:43 AM PDT Can someone please explain the benefits of placing your home into an LLC. I recently just bought my first home in Dallas and am curious what are the benefits of placing your property into an LLC [link] [comments] |
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