Real Estate Investing: The Trump administration is moving to implement a 4-month eviction moratorium for tenants earning under $99,000 a year |
- The Trump administration is moving to implement a 4-month eviction moratorium for tenants earning under $99,000 a year
- Closed on my second duplex last month: My numbers
- St. Louis Extends Eviction Ban
- Has anyone had experience with buying land and plotting a pre-fab home on it? If so, what were your specific struggles?
- Unconventional idea feedback: Investing in Small Campgrounds?
- Ideas for incentivizing tenant to run dehumidifier?
- Talk to me about Capital Expenditures
- Wholesale offered to share a method to get leads before Notice of Sale from bank for a percentage of the sale price -- am I getting screwed?
- Use Leverage or Buy Cash right now?
- would you move to a lower cost of state for real estate investing?
- Additional Income Streams
- Legal to provide discount for electronic rent payment in California?
- Timing the market with supposed upcoming foreclosures?
- Separate Bank Account Question?
- Condo Investment?
- Is it better to buy a home in cash and then get a mortgage on it or get a mortgage first and keep your cash free?
- Subdividing my house’s land for new construction
- Any problem if putting master bedroom on rent in California?
- Help a young lad
- Where to start REI (Newbie)
- Can I Accept Section 8?
- Househacking - Approved for more money due to rental income?
- Keeping emotions out of it
| Posted: 01 Sep 2020 04:26 PM PDT |
| Closed on my second duplex last month: My numbers Posted: 01 Sep 2020 07:34 PM PDT Hey all - Just excited about the numbers on my new duplex and wanted to share. I live in LCOL area in the south. Purchase price: $42k Downpayment is 15%. 4.75 interest rate for 20 years. Downpayment + closing costs = $7082 Total rent is $825 per month Mortgage - $235 Property Taxes - $60 Insurance - $60 Vacancy and maintenance - $165 Cash flow = $305 per month - 51.6% ROI Debt payoff around $90 per month, increasing over time. 15.2% ROI [link] [comments] |
| St. Louis Extends Eviction Ban Posted: 01 Sep 2020 06:16 AM PDT I'm planning on buying my first property, a SFH in the Florissant area. I saw that St. Louis just extended the ban on evictions for at least another month. Has anyone had any serious issues with tenants due to these laws? I would be finding new tenants to fill the place in the this instance, so guess I can screen them well. Part of me feels crazy for getting in this game now. [link] [comments] |
| Posted: 01 Sep 2020 03:55 PM PDT I know this question gets asked a lot, but I'll dive into my specific plan and would love for you all to poke holes in it. With the current market the way it is right now, I am looking for unconventional ways to make money in real estate. As a first time investor, I don't feel comfortable buying at the current prices and am looking for cash flow. My idea is to buy land in Joshua Tree, a popular camping site in Southern California (which in my opinion is only getting more popular). I can probably get a couple acres for 20k. Then I would get a pre-fab home, something like Boxabl (https://www.boxabl.com/) for 50k, and plot it on the land. Then I would list the property on AirBnB and hopefully cash flow. I understand that plumbing and electricity are common issues with pre-fab homes, so I was wondering how much that would cost to get that installed in a camping location like Joshua Tree. Could I just get a generator? Also, for a property manager I would have to find someone to come and clean the place but that might be hard in the middle of no-where. Lastly, I have no idea how to predict earnings. How do I estimate how often it would be rented? That could be anywhere from 5% to 95% -- is there a way to safely determine that? [link] [comments] |
| Unconventional idea feedback: Investing in Small Campgrounds? Posted: 01 Sep 2020 05:49 AM PDT Hello everyone, first time poster here. I'm looking to get into REI and saw an idea shared in a FB group. Just wanting to get some feedback from the people in here who may be more knowledgeable. It goes like this.. Buy a piece of land to use as a campground. Ideally near some larger wood state land. Near me (upstate NY) you can get a few acres for around $15k. Turn it into a campsite. Maybe install an electrical hookup for RV's and an outhouse. I think I would also throw a Yurt on it (another $15k). Put the property on Airbnb, VRBO, and Himpcamp. With the Yurt, you're probably looking at $75-100/night. If you can get a 50% occupancy (I don't have any Airbnb experience but have heard that's a decent baseline estimate), that's around $15k annually in revenue. So after a few years, theoretically you've made your money back (I know there are taxes and fees I'm not accounting for here, I'm just kinda using rough ball-park numbers). My question(s) for this group.. has anyone heard of this strategy, or even tried it? It sounds like a decent low-cost way to get into rental properties.. what am I not accounting for? [link] [comments] |
| Ideas for incentivizing tenant to run dehumidifier? Posted: 01 Sep 2020 11:18 PM PDT My property has a history of mold issues, and I would like the tenant to consistently run a dehumidifier. Besides simply asking them to run it - how can I incentivize them to run the dehumidifier? If I provide a simple financial incentive, I am afraid they will say they are running it without doing so (since running it costs electricity they pay for). Ideas? [link] [comments] |
| Talk to me about Capital Expenditures Posted: 01 Sep 2020 07:24 PM PDT I know a more experienced investor and landlord who'll try to keep the 20 year old AC that's on it's last leg going for another 20 years and just pay for the repairs as they come up. I have a 20 year old AC at a place and I was quoted $4800 to replace it. I said, screw it let's do it. Replace it now. Save the headache of having to get continuous maintenance on it. I feel like I'm not a real deal landlord bc I'm just dropping the cash. On the new unit. I have 20+ year old roof I'm wanting to do the same thing on. Just pay, get a 30 year shingle, not have to worry about it for a good while. What is your philosophy on cap ex and am I doing it all wrong by not pinching every penny?! (Still have a w2 job and am not full time investor. Have 5 units) [link] [comments] |
| Posted: 01 Sep 2020 10:53 PM PDT I have been talking to a wholesaler in a market that I am about to start wholesaling in. He does not wholesale in the area anymore because he thinks it's too saturated, but I had a long conversation with him and he was extremely helpful. I reached out to him based on his Facebook group posts, and just asked for advice and he was more than happy to talk. During the conversation he gave me a lot of advice, and did not try to sell anything to me the whole time, he was just happy to answer my questions. I was pushing him on how he gets leads and after giving some generic advice, he mentioned that he has a method to get leads before the NOS (Notice of Sale for foreclosures) but he doesn't like sharing, however he is willing to share the method if I cut him in on some of the deals. Again, he wasn't pushy about it at all, it just sounded like he didn't want to give out all this info. I thought about it and a week later I reached out to him that I would be interested in cutting him in. We agreed to a 1% of the royalty cost for the sale of the home (when I'm wholesaling). He wrote up a very short contract and sent it to me. The one clause that concerns me is the Penalties section.
Is there a small chance he just wants me to sign the document in order to try to sue me? He said it's a draft and I can make any edits I want so I want to add a clause that if he tries to sue us and is wrong, he has to pay all the legal fees. The guy seems legit, I just want to be careful. Also, how can he verify I bought the properties using his method? Is there an easy way of doing this or is it more of a trust agreement. [link] [comments] |
| Use Leverage or Buy Cash right now? Posted: 01 Sep 2020 10:46 PM PDT Investor in MO with $500k to spend. Should I use leverage to maximize my purchase power with everything happening via moratorium from CDC ... or ... just buy a couple smaller properties with cash and sleep easy? [link] [comments] |
| would you move to a lower cost of state for real estate investing? Posted: 01 Sep 2020 06:16 PM PDT let's say you're in NY or NJ or Cali would you move elsewhere to buy and invest? [link] [comments] |
| Posted: 01 Sep 2020 09:47 AM PDT What are your ideas for increasing income from a property? I'm talking about things like tenants paying extra for shed storage, allowing pets, renting furniture. What ideas have been major money makers for you? [link] [comments] |
| Legal to provide discount for electronic rent payment in California? Posted: 01 Sep 2020 05:45 PM PDT I am trying to motivate my tenants to use an electronic rent payment system. Is it legal in CA to give them a discount for using the electronic payment system? [link] [comments] |
| Timing the market with supposed upcoming foreclosures? Posted: 01 Sep 2020 09:21 PM PDT Hi! Been researching and reading as much as i can about when i can expect eviction bans to be lifted and foreclosures to start hitting the market. I've been looking to invest in STL however any single family home worth its salt is FLYING off the market within 2-3 days often selling $20k+ over asking... Thinking i should just continue to wait till next spring when the market should hopefully cool off with foreclosures hitting the market dragging down neighboring values. Anyone have any thoughts or advice on buying my first SFH in this crazy market?? [link] [comments] |
| Separate Bank Account Question? Posted: 01 Sep 2020 04:22 PM PDT Hello, I am a relative newbie still in the education phase but plan to do my first deal within the next few months. I have heard several people recommend using a separate bank account for their investment properties to make the money easier to track. A couple questions about this and seeking some advice.
Thank you and I appreciate your advice [link] [comments] |
| Posted: 01 Sep 2020 03:59 PM PDT https://docs.google.com/spreadsheets/d/1HIKgT-FPrJR4kz98dl9Xw2vnRF6vHhakV_JdLWoMCTM/edit?usp=sharing Someone explain to me why this doesn't make financial sense? I live in a HCOL city and my lease is up Dec 31. Just started my first out of school job this May making $70K. Won't find a place to rent under $1,000 in this city. Thinking of buying a condo I found for $379,000 using FHA loan (maybe not this exact condo but for arguments sake. this one is also on the cheap side, nice enough to live in but a bit outdated). Instead of paying out of pocket $1,000 for rent and have it doing nothing, using this specific condo as an example, I will be paying ~$2,600 a month. I have many friends in the city so assuming I find one to live with me and pay half, I am paying $1,300 / month - more than what I'd want to pay if i rented. However taking away the equity i am gaining I am out of pocket about $700. See spreadsheet for more detail and tell me why I am wrong/this is a bad idea? I am also 23 and a Civil Engineer. Have about $30k in debt. Secure job - as much as it could be right now anyway. [link] [comments] |
| Posted: 01 Sep 2020 10:33 AM PDT Is there any advantage to either case? At the end of the day, you have a mortgage with 80% LTV or whatever you do. I guess for the initial purchase is all i can think of [link] [comments] |
| Subdividing my house’s land for new construction Posted: 01 Sep 2020 07:07 PM PDT I recently bought a house with 3 acres of land that I use as my primary residence in Florida. In the near future, I am seriously considering building a few duplexes on two acres to use as rental income while keeping one acre for myself. The zoning permits up to 8 units/acre but it looks like I need to subdivide the land in order to build multiple duplexes. I am wondering if anyone has experience in subdividing land for development and how this would work with achieving financing? I assume I would need to take out a different loan over my current conventional mortgage in order to accomplish this. [link] [comments] |
| Any problem if putting master bedroom on rent in California? Posted: 01 Sep 2020 06:52 PM PDT Hi there, as my title says, I'm putting my master bedroom on rent in California. I'm pretty new at this and hear vaguely that CA is pretty tenant-friendly. Is there anything I should concern about in case my tenant doesn't pay rent? I can block them out (i.e., lock the gate) in the worst-case scenario but not sure if that is illegal. Thanks a lot! [link] [comments] |
| Posted: 01 Sep 2020 10:36 AM PDT I've been putting together a presentation on an analysis for a property in Philadelphia. I was hoping to have some one with some experience (preferably in the area) look over it and let me know if I'm over looking any grand details. Any help would be great! [link] [comments] |
| Posted: 01 Sep 2020 07:17 AM PDT Background: I am a 19 year old working in finance, have 40k Cash on hand, and a 730 credit score. No debt. Currently live in a low cost of living area, in Michigan. I have been stalking this sub for a while, and would love to get your opinions on what you would do if you were in my shoes, trying to get invested in real estate. I am also open to mentorship in any capacity, I would love to learn and work with a more experienced investor to gain hands on and practical experience. Apologies if this is not the appropriate flair or place to post this. Thank you in advance for all your comments and patience. [link] [comments] |
| Posted: 01 Sep 2020 05:39 PM PDT Hello, I recently had a tenant move out and I am taking applications. One woman reached out to me saying her elderly mother lived near my unit but is being evicted as her old condo was sold. Her mother is on section 8 and she is saying all I have to do is pass an inspection that is provided for me through her mother and I can receive section 8 vouchers. This does not seem correct at all. I was under the impression I had to apply and have the inspection done myself. Is this the beginning of a scam? I am in Michigan. I am not opposed to receiving her mother on section 8, but the rental market here is very strong and I usually have dozens of candidates apply so it's something I never considered. [link] [comments] |
| Househacking - Approved for more money due to rental income? Posted: 01 Sep 2020 01:41 PM PDT I like the idea of househacking. Is there a rule of thumb to follow when calculating the purchase price for your first home with the intent to rent out a room/basement/duplex unit. If the approval amount and down payment isn't an issue, and I make 40k for simplicity take home a year. 30 percent of my income would be $1000 a month all in for a mortgage including taxes, insurance, etc. Say the bank doesn't care what my income is and I can qualify for any amount. If I wanted to purchase a home that costs $1500 a month which is 45% of my take home but I'll be renting out a portion of the house taking home at least $500 dollars in rental income a month most likely more. This brings my out of pocket to $1000 or less a month and I have the opportunity to build equity faster. I could definitely afford the 1500 even if it wasn't rented, just as an example though what should the max percentage be if getting approved isn't the issue? [link] [comments] |
| Posted: 01 Sep 2020 06:32 AM PDT We all know this market has been very difficult to navigate as a buyer the past few months. Even though it's business, this can be a tough thing to weather emotionally; I'm sure the lot of you have seen recent "rant" and "I give up" posts. I had a seller reject my initial offer, only to come back to me after realizing they were asking for too much (the house needs a lot of work). After I signed the contract and submitted it, before the buyer could sign he got a better offer and took it in the 11th hour (some of you may have read this story as I've commented on other posts about it). Well, that deal fell through and I saw the house back on the market. This cycle happened 3 total times, where I submitted an offer, and got turned down. They were all the same price of 150k. One being flat out rejected and 2 being better offers. I am scrolling on Redfin and low and behold the same property listed a 3rd time. They didn't reach out me but I want to reach out again. Idky the first deal fell through, but apparently the latest buyer didn't get approval for his loan. My pride is telling me offer something lower (or just move on altogether) just for wasting my time and getting my hopes up on more than one occasion. My brain is telling me it's a business and "don't cut you nose, to spite your face". This would be my 4th offer to them. Having 2 buyers fall through raised red flags, but if renovation cost projections are still lower than my budget I'm going to take it.... I think..... [link] [comments] |
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