Real Estate Investing: Removing PMI through Loan to value appreciation |
- Removing PMI through Loan to value appreciation
- Keep saving for multifamily or buy a single family?
- Is it worth hiring a property manager for a commercial building?
- Is anyone (who currently lives in the US) looking to purchase outside the US?
- Negotiating in today's market
- Buying a duplex with my sister, anything I’m missing on my details and planning?
- I am 25 years old with 400k in savings
- Other holding options besides LLC?
- Does every county tax assessor website offer property owner details?
- Help me understand refinancing
- Those of you who started by renting your starter home...
- Apartments and Prepping a Down Payment
- Any thoughts on how much (if any) cheaper it will be per square foot to build a 4plex as opposed to single family?
- Investing out of state (CA), attempting to refinance with a local bank in Indiana
- How to Dispute a HIGH Appraisal
- Look at Occupied MultiFamily, What can I ask/do before buying?
- Should I rent or sell my townhouse?
- Negative initial rental cash flow but overall 7% ROI
- Beginner
- Are real estate rental investment properties getting too common? Market over saturated in the near future?
- I saw foreclosure house go for very cheap in cities like Detroit. Under 40k too! What do people do after buying this, sell, rent ? Is it a good investment opportunity ?
| Removing PMI through Loan to value appreciation Posted: 29 Sep 2020 12:49 PM PDT I originally got a SFH house hack loan through through Fairway Mortgage company (a mortgage house) about a year ago. Since then, my property has appreciated substantially. I have a friend who bought their home around the same time, who was able to remove PMI simply through appreciation. I'm very interested in this. My lender has since sold the mortgage, and is now a typical Freddie Mac Loan. Has anyone had experience with this? What's the best approach to getting a reappraisal to remove PMI in this situation? Please, ask questions if you need more info. [link] [comments] |
| Keep saving for multifamily or buy a single family? Posted: 30 Sep 2020 01:06 AM PDT After saving for a few years, I'm finally ready to purchase my first investment property. I have $100k for a down payment, and I'm not sure if I should save more and aim for a multifamily property or SFH. I'm 27 and single so nothing holding me back, but the costs of a multifamily in my city in a decent area is about 5-600k for 3-4 units. What would you do, hold off and save more or go SFH? [link] [comments] |
| Is it worth hiring a property manager for a commercial building? Posted: 29 Sep 2020 06:27 AM PDT The current commercial building I'm looking at is being managed by a 3rd party PM company. The lease says the tenant does the maintenance and repairs of the building, the landlord handles the maintenance of the parking lot and lawn/garden. What is the property manager used for in this case to be worth the 3%? I'm trying to understand why the landlord has been paying them for the last 10 years. [link] [comments] |
| Is anyone (who currently lives in the US) looking to purchase outside the US? Posted: 29 Sep 2020 07:25 AM PDT What are your experiences? Considerations? What is your reasoning and where are you looking? [link] [comments] |
| Posted: 29 Sep 2020 02:47 PM PDT In today's hot real estate market, it seems like you have to act fast on a deal and minimize contingencies/negotiation, otherwise you risk losing the deal to someone else. That being said, what points are you still negotiating on? What contingencies are you requesting? [link] [comments] |
| Buying a duplex with my sister, anything I’m missing on my details and planning? Posted: 30 Sep 2020 02:06 AM PDT Sister and I have decided to partner up for a duplex (or possibly a triplex if the opportunity rises) We have already been pre-approved for an FHA loan of up to $628k, our aim is for something right around the 500k mark. We're looking for something with 2-3 BR on each side. Plan is that we would own it 50/50 and each would have ownership responsibilities of one unit. What I mean by this is if I decide to move elsewhere it is my responsibility to find and manage a tenant and pay my half of the mortgage. Most general house related stuff like plumbing and roof would be paid for 50/50 but unit specific stuff (like if a tenant breaks the washer) is the responsibility of the owner of that unit. We intend to write up a little contract for ourselves that goes more in detail with this kind of thing. Haven't found a property yet (only been a few weeks) but from calculators I've seen online, at 500k property with a 3.5-5% down payment we're looking at about 3k monthly mortgage (including taxes, insurance, etc). We figure at some point we will both move out of our units and move on to our own separate projects, (my fiancé and I would like a condo downtown or some other form of rental property after this one) and based on rent in our area, we can easily rent each unit out to cover the mortgage and possibly even get a bit of monthly cash flow. Suffice to say we're looking to buy and hold forever, but who knows if it appreciates enough, and I assume it will looking at the history of our city, we might sell 5-10 years or so from now to use for more lucrative opportunities. Between the two of us I believe we would have enough capital for a down payment on a conventional loan but we like the idea of having extra cash as a safety net (especially with this uncertain economy) and to more quickly save up for additional investments a few years from now. We may use some of it to renovate a bit as well. I am currently looking into that whole thing where you can renovate, get an appraisal, refinance and get some cash in hand type of thing but I figure I got plenty of time to learn those details.. Anything I'm missing? Any major flaw in our plan? Any red flags? Thanks for your input/advice! [link] [comments] |
| I am 25 years old with 400k in savings Posted: 29 Sep 2020 06:42 PM PDT I am 25 with 400k currently in savings. Whats the best way for me to make 7k/mo passively through real estate by the time I turn 35? Or is this not possible? [link] [comments] |
| Other holding options besides LLC? Posted: 29 Sep 2020 10:25 PM PDT Hi folks, Wowwww I am so pissed at my home state of California right now: I am planning out of state investments in buy-and-hold multi-family properties. (Insert standard California refrain: "It's too expensive here") I was planning to form an out of state LLC to avoid California's annual $800 LLC fee. However, California law requires that if an out-of-state LLC is managed from within California, it still has to pay the $800 annual fee! This will hurt CoC return. And it means that I have to hold all my properties under the same LLC unless I want to pay the $800 fee for each of them. Are there other options I can consider besides an LLC, which would avoid this fee? Thanks! [link] [comments] |
| Does every county tax assessor website offer property owner details? Posted: 29 Sep 2020 09:40 PM PDT San Diego County here. I've tried searching for a property I own and, while my name comes up, no details about the property owner's address. I am simply offered to electronically pay the bill. I could just be making an embarrassing administrative error and feel free to publicly shame me. [link] [comments] |
| Help me understand refinancing Posted: 29 Sep 2020 08:04 AM PDT I bought a owner occupied duplex in June on a FHA loan with 3.5% down. My purchase price was 185,000 with a 178,000 mortgage @ 2.75%. Seller paid all closing cost and I bought the rate down because I had a credit from the seller and they paid closing costs, long story short I either had to buy the rate down with seller credit or lose the money because my lender described I'd be getting "paid for the loan" so I couldn't really get cash for the credit. Anyway the house appraised at 215,000. I totally remodeled the top unit minus the bathroom which I'm starting soon, and did some other upgrades (moved water heaters and got new ones others were minor). I obviously have FHA PMI and would like to get rid of it and buy a new property, possibly FHA sometime next year so would like to switch to conventional. So for conventional I would need a 20% LTV ratio, so if my loan is, let's say at 175,000 when I refinance, does that mean if the house appraised at 220,000 at least when I went to refinance I would be fine from an LTV perspective or is there something I'm missing? Edit: I wanted to clarify house appraised for 215,000 at the time of purchase haven't had a reappraisal, still need to remodel bathroom [link] [comments] |
| Those of you who started by renting your starter home... Posted: 29 Sep 2020 08:48 AM PDT Just looking for some advice... Hopefully this doesn't get flamed since its part personal finance part REI. Our family is growing and we plan on moving out of our starter home at some point in the next year. In the 4 years we've been here we've been very fortunate to have improved the hell out of the home and seen great market appreciation. Our equity in the home is 150-200k, appraised earlier this year for $435k, although current market conditions, if listed its prob 460-470k, considering we started with like 15k of down, 4.5 years have served us well in this home. We're now in a much better financial situation to buy our next home, and I would like to keep this one as a rental. But, we need to access the equity in order to come up with 20% down. Really looking for best advice on how to do that, currently our mortgage is 3.375%, refied at the beginning of this year when I thought rates were their lowest (they're weren't), 30 yr fixed. Monthly payment $1257 + T&I (~$300/mo paid outside of mortgage), I think the home could rent for $2,400-2,600. Next home will be in the 6-700k range, so we ideally would be need to be able to access 1-150k of our equity. Realistically on a cash out I could prob only get ~80k leaving 20% in with a favorable appraisal. Or go with a 90% LTV HELOC at ~4%+ (get LOC 1-125k) This seems like the most logical way to do this (if we do it), albeit high leverage. Why do this? Why not just sell? Why am I here and not r/pf? Well I have always wanted to try my hand at REI, this might be the baby step that shows, we can do this and leads to other investment properties. We've redone basically all the systems in our home, meaning there would be very few big ticket items over the next ~5 years, sure this improves resell, but it also helps us keep maintenance down (although still planning on keeping 10-15% of rent in maintenance set aside) we love the area and will prob stay close (currently looking at a home <1mi away), I'm super handy and would be able to handle 80% of maintenance myself, keeping costs low. Our current home is 4/2, in a great neighborhood with top schools. So what advice can you give me? Mostly looking for financing advice at this point, we can come to the table with more cash to make a purchase, but ideally looking to use as much equity as possible. Numbers are tighter than I would like, I'd like to be more conservative, but given our market and what a "next step" home looks like in our area it is what it is. [link] [comments] |
| Apartments and Prepping a Down Payment Posted: 29 Sep 2020 07:09 PM PDT I hope this can provide a distraction from this debate. I'm currently 25 looking ahead a bit to where I wanna be in 5 or so years. I'm in DC, but researching the Northern VA area. I'm generally trying to follow "standard" real estate guidelines. Property around 4x my annual income, 20% down, and house hack ~2bd/2bath something along those lines. It seems all I can find in my range are old apartments in very large buildings, and that doesn't sound super appealing to me. (Not trying to talk bad about those if that's where you're at right, just not my cup of tea) Do y'all have any suggestions or knowledge besides the kind of obvious, "look somewhere else?" In addition, since I'm not looking to move on this for 3+ years, and I'm fairly flexible, How do you guys feel about a down payment in a brokerage account? I just feel like I can get a better return than a slowly dwindling rate over at Ally. Thanks guys, hope this finds y'all well, and I appreciate any advice. [link] [comments] |
| Posted: 29 Sep 2020 08:17 AM PDT We have a good handle on cost per square foot costs for building single family in my area, but just wondering what kind of gap we should expect to see on a four Plex project we are working on. We will be doing 3 4 plexes side by side with small gaps in between. [link] [comments] |
| Investing out of state (CA), attempting to refinance with a local bank in Indiana Posted: 29 Sep 2020 10:25 AM PDT Apologies if this is a dumb question. I have an investment property in Indiana that I am looking to refinance. Shopping around, I found a local bank there which has fantastic rates and low fees, but they don't work with those out of state. Is there anyway to get around this, short of moving there..? I am doubtful this is possible, but wanted to ask you all. The current rates and fees of the lender I have been working with don't seem to be worth refinancing. What have been your experiences refinancing investment properties during the pandemic? [link] [comments] |
| How to Dispute a HIGH Appraisal Posted: 29 Sep 2020 01:44 PM PDT I am purchasing a home at the lower of $275,000 or the appraise value of the home +$10,000 which is clearly stated in the contract. Naturally I want the lowest appraisal possible. Part of me is worried the appraiser will base the home on my offer of $275,000. Comps in the area have consistently sold between $210k-$230k max within the past few months. I am comfortable paying $275k but know the house is not worth this much. What can I do to dispute the appraisal with the appraiser should they say $275k is reasonable? I don't think they'll be able to justify that number at all, but I could be very wrong. Thanks in advance. [link] [comments] |
| Look at Occupied MultiFamily, What can I ask/do before buying? Posted: 29 Sep 2020 07:44 AM PDT Hello, I am currently looking at a multifamily unit, 4plex. The unit is currently fully occupied, and I wanted to know what questions, and how many, I can ask before buying? I am nervous as I wouldn't be able to screen the tenants myself. I understand that if they were all recently signed, that it could be occupied just to selloff. I have only ever purchased sfh, so this is a bit different for me. Is there a way to show proof/ a sell lie about on time payments? Am I allowed to rescreen the tenants at my own cost? Can I have it be contigent on tenants resigning a new lease? Can I force my tenants to sign up through Cozy.co like I have my other units? If someone has a link to other similar posts/guide to buying occupied I appreciate it. [link] [comments] |
| Should I rent or sell my townhouse? Posted: 29 Sep 2020 01:27 PM PDT This is the townhouse that has been my primary for 2 years, so If I sold it I won't owe cap gains taxes. City: Raleigh Cost to purchase: 3% down, $155K price ($8K total to buy house) Total monthly payment: $1130 Projected Rent: $1400 Projected Cash flow: $100/month ROI: Idk, but ROI is still really good since I basically put no money down. ***It's in a B area in a popular part of the city. I would never have trouble renting it*** If I sold it, it would sell for $190,000, and I would net $35,000 after all expenses. So, basically if I rent it it will offer meager cash flow, but it will probably continue to appreciate since it's in a booming city. If I sell it, I'll have $35,000 cash. But I wouldn't be able to buy anything similar and get a better return in the same city. Prices have gone up way too much to the point that it's extremely difficult to cash flow at all. I would need to be very creative with how to deploy it in my current market/city, or deploy it elsewhere. [link] [comments] |
| Negative initial rental cash flow but overall 7% ROI Posted: 29 Sep 2020 09:35 AM PDT Investing in a high property tax area (NJ) Wanted to bounce a potential rental property here. Purchase: $370,000 Gross monthly income: $2,000 Operating expense (prop tax, HOA, insurance, vacancy factor) = $880 Mortgage: $1,200 ($400 interest/$800 principal) Simple return (gross annual income-gross annual operating expense)/purchase =3.6% But if I factor in either full mortgage I now have negative monthly cash flow. Should I just be calc the interest payment as part of my monthly expense? Plugging into online calc I'm getting a ~7% ROI with negative cash monthly flow initial years Thanks in advance [link] [comments] |
| Posted: 29 Sep 2020 12:24 PM PDT Hi everyone, I am 22 years old and really new to finance and investing and real estate. I just wanted to know how can I learn about real estate and start investing. How much money do I need. I live in Montreal, Canada. And I have no debt Thank you. [link] [comments] |
| Posted: 29 Sep 2020 12:05 PM PDT I feel like the hype around real estate has been growing exponentially and everyone's been pushing to invest into a rental property lately. A ton of people I know who used to rent are now buying rental properties and house hacking due to the popularity of this topic. It's mainly due to the gurus and investors mainly off TikTok and youtube pushing these ideas. Literally every other teenage kid you ask nowadays know about people making millions off of rental properties and many are planning to do it in the future. Is the market going to get over saturated? Any thoughts on this? [link] [comments] |
| Posted: 29 Sep 2020 10:21 AM PDT I am newbie by the way. I saw this house 6bd 2bh go for around 27k in Detroit. I am guessing the area is not good, and you can't rent it out easily. And same with selling no one wants to buy the house in that area. So what's the deal with these house, good investment or nah. I have pretty much saved good 15k as a 19 year old. And wanted to make the smallest investment in real estate. I can't get a loan as I have only worked part time. But In a year or so I am expecting to save upto 20k-ish. So I could afford houses like these but well if they are a liability rather an asset then it's sad. People who have started real state with less money please help me where I should be putting my money. I want to own something physical. Thanks [link] [comments] |
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