Real Estate Investing: Would you want to become king of the block? |
- Would you want to become king of the block?
- Cash Flow Investors: Would you pay over market value for a property if the numbers still made sense?
- Shot in the dark: How should I approach the owner of a dilapidated lake home who’s behind on taxes?
- Cost to rent initially? (First time landlord)
- Where to source online data for regional analysis?
- Mortgage Rate and Rent Increase on month-to-month tenant: New Investor, Duplex Purchase, will be Primary Residence
- Thinking about buying a foreclosed property
- Out of state investing
- Question on real estate taxes (example given)
- What property mgmt. software do you use?
- What’s the best way to invest money from a IRA account in a vacation rental without getting killed on taxes?
- When to advertise rental property under contract.
- What type of due diligence do you use when buying at auction?
- Houses that are not on the market nor occupied?
- Is it good time to make investments in real estate land now?
- Advantages of owning a home young
- I want to hear other opinions re: selling my current home, or renting it out.
- How will companies switching to work-from-home affect residential RE?
- Deferred interest mortgage
- Moving to the Idaho-Washington border, which better place for business?
- Looking to buy beach condo at resort
- Answering all phone calls
- Managing purchase leads
- Roughly what percent of your skip traced numbers end up being correct?
| Would you want to become king of the block? Posted: 27 Sep 2020 08:47 PM PDT By that, I mean own most or all of the houses on one block? I recently bought a house in a nice neighborhood. While we were there seeing what needs to be done, an old guy came by and introduced himself. He told me he owned that house, that house, that house, etc. And that I beat him to getting this house. He also said if I ever wanted to sell it, tell him. Further conversation. He currently owns 6 houses in the neighborhood. He is about to retire so he figured being a landlord of a block would be a good idea for retirement. Kudos to him for having a goal and pursuing it. My properties are all over across several cities. I pretty much buy whereever I can find good deals. Never occurred to me to concentrate on one block or neighborhood. What you think? Anything wrong with becoming king of the block? [link] [comments] |
| Cash Flow Investors: Would you pay over market value for a property if the numbers still made sense? Posted: 27 Sep 2020 05:22 PM PDT I'm asking because I'm a wholesaler in Detroit and have a boat load of leads asking for over market price (propstream estimate) but the numbers still make sense. ie Property is valued around $27k however the seller wants $38k. (Property is turnkey btw). Rented at $850/mo (market value rent), which puts the gross roi at around 27%, with the net being closer to 18-20% depending on the investor. Can this still be a deal even though its above market value? Are buy and holders concerned about value or more so just cash flow and ROI? Any and all help is appreciated! [link] [comments] |
| Shot in the dark: How should I approach the owner of a dilapidated lake home who’s behind on taxes? Posted: 27 Sep 2020 07:58 AM PDT I'm 26, newly married, and currently renting. My wife and I have enough saved up for down payment on something. I would like to live in our first place for a few years, build up some equity, then move on. Because I'm foolhardy, young and bold, I'm thinking of approaching the owner of a borderline abandoned lake property in the hopes of getting a deal. The owner (which looks like a trust from an estate?) is two years behind on property taxes. We like the location, but we would be buying with the intention of pretty much bulldozing the cabin and garage and starting over. There is also some junk on the property, and it's overgrown. A few nice mature trees, then scrubby little things that could probably be mowed down pretty easily (if all else fails, I borrow my dad's chainsaw). So my first question is, how much should I assume clean up would cost? This is a about a half acre lot. Second question: the taxable value seems kinda high; certainly more than we would be willing to pay. $289k on a lake in Minnesota is low, but a similar lot might go for $200k, undeveloped. Because of the space they're in, I see those buildings as a liability, not an asset. How would you approach the owner? Just lowball them? Thank you, reading this sub has inspired me! [link] [comments] |
| Cost to rent initially? (First time landlord) Posted: 27 Sep 2020 07:41 PM PDT I'll be renting out my first property and am a little confused. Charging $2600/mo (plus utilities) for a 4bdr house. My thought was that to move in it should be: 1. First months rent ($2,600) 2. Last months rent ($2,600) 3. Security deposit ($2,600) So $7,800 to move in. Seems like a lot but what I thought was industry standard. In NJ. Thoughts? [link] [comments] |
| Where to source online data for regional analysis? Posted: 27 Sep 2020 02:43 PM PDT Hey folks, I'm researching OOS regions for multi-family buy-and-hold. Some of the data points I'm evaluating are:
I'm wondering where to find the best online data sources. I know that a lot of this information is publicly available, but when I go to a place like the Census Bureau website, I don't even know where to start, it's so huge. I would be surprised if there aren't a few online tools that aggregate this kind of data? Thanks! [link] [comments] |
| Posted: 27 Sep 2020 07:18 PM PDT Hello, I am in the process of buying my first duplex. Quick Facts:
Questions:
Thank you!!! [link] [comments] |
| Thinking about buying a foreclosed property Posted: 27 Sep 2020 07:39 AM PDT Thinking about buying a foreclosed property in SC. I've never done this! Any tips? Did you use a broker? Have 30% to put down, + $ for renovations, need mortgage for the rest. Who do you recommend for mortgage? Big company, local bank, mortgage broker, credit union? Contact inspector before offer? Research those building records? TIA [link] [comments] |
| Posted: 27 Sep 2020 07:20 PM PDT Over been looking to buy a few 2 family homes out of state. This would be my first time getting involved in real estate. What are your tips for a first time investor? I am looking for cash flow mainly, but low risk homes as well. I am in NYC and can't really invest here since it's far too expensive. Looking in Ohio, Indy, Florida, NC, DE, and Virginia. [link] [comments] |
| Question on real estate taxes (example given) Posted: 28 Sep 2020 01:07 AM PDT So I had a question, here is the scenario: Say you bought a house for $100k, and you sell it for $110k. You originally had 5k in cost of sales and a mortgage, so your actual buy in cost was $25k (20% down). After selling it for $110k, you pay off your mortgage of 80K, pay off your closing costs of 7K leaving you with 23K, meaning you actually lost 2K. For Uncle Sam, do you pay taxes because you sold a house 10K over your original, or do you pay nothing because you actually took a loss due to all those closing costs you paid on both sides? TLDR; In a scenario where you sold a house for more than you paid for, but actually came out negative due to fees and etc, how do you report this on your taxes? [link] [comments] |
| What property mgmt. software do you use? Posted: 27 Sep 2020 03:20 PM PDT For those self-managing their properties, what software, if any, do you use to keep track of all the paperwork, rent collection, repairs, receipts, etc.? What plan do you pay for? I have heard of the following software and would like to know your opinions: Buildium, Cozy, Tenant Cloud, AppFolio [link] [comments] |
| Posted: 27 Sep 2020 08:34 PM PDT Trying to help my father in law invest in a vacation rental. [link] [comments] |
| When to advertise rental property under contract. Posted: 27 Sep 2020 07:15 PM PDT I'm currently under contract on the purchase of an investment property. The property is unoccupied and is an REO property. I expect repairs to take 2 to 4 weeks after close of escrow before it can be occupied. When would you start to advertise the property to prospective tenants? [link] [comments] |
| What type of due diligence do you use when buying at auction? Posted: 27 Sep 2020 11:32 AM PDT I'm loading up on cash to be able to purchase opportunities next year. I feel pretty confident with traditional ways to purchase properties but want to know some tips for buying at auction. Another investor I know found several great deals at auction that helped create his portfolio and he went as far as breaking into the homes and changing the locks before auction day. Obviously that's extreme (at least I think) but how much do you spend on title and lien searches before purchasing? Is that info generally included? What are ways to gather up enough info to analyze the investment opportunity? [link] [comments] |
| Houses that are not on the market nor occupied? Posted: 27 Sep 2020 08:35 PM PDT What is your take on houses that are neither rented, lived in nor for sale? Is someone paying annual taxes? Why don't they go ahead and sell it, or turn it into a rental? [link] [comments] |
| Is it good time to make investments in real estate land now? Posted: 27 Sep 2020 08:03 PM PDT In general is it good time to make investment now in real estate? Planning to buy land in anticipation of price appreciation in 5-6 years. [link] [comments] |
| Advantages of owning a home young Posted: 27 Sep 2020 03:41 PM PDT Hey everyone, I'm 23, zero dept and have been recently approved for a loan at 3% interest (with a $70,000 salar). My mom is selling her home but her renters can't find a place. I was thinking of just buying the home and renting it out (3 bedroom 2 baths) at $1,000 or maybe more to the same people. The thing is I still live in a apartment and saving to buy a home 2-3 years down the line. Will owning a investment property make it impossible to buy a home? I know there's advantages to owning a home like tax write offs but what am I missing? [link] [comments] |
| I want to hear other opinions re: selling my current home, or renting it out. Posted: 27 Sep 2020 02:59 PM PDT I have been going back and forth on this decision for a while, and I'd like to hear some opinions from others, if it's not too much to ask. I do not currently do any RE investing, but am looking to get into it down the road. Me: 40, wife & kids, live in a nice, growing suburb of Kansas City, building a new home just down the road from our existing home. Back in January, I paid off this home (we've been here for 10 years). Based on current comps, if I put 15-20k into it, I could sell it for $350-360k. My initial plan was to keep ownership of this home and rent it out (using a property management company) - I'm pretty aggressive when it comes to saving/investing, and I thought it would be the best long term return. I'd estimate a $1900-$2100/month rent would work well (4 bed, 2 full bath, 2 half bath, finished basement). I have a $189k HELOC at 3.25% at the moment, with no balance. I figured on about $50k in draws on that to get into the new house + updates to this one, so I'd have $139k available. That's clearly a nice cash flow on the rental. That being said, selling it for $350k would put a nice chunk of cash in my pocket (and net 100k in appreciation), and I could probably pick up 2-3 properties over the next year. My concern is that as a newbie....it might be harder to get cash flow out of those than a property I know (and have paid for). My ultimate goal is to get to about $8-10k/month in cash flow in the next 7 years, and sort of semi-retire (I own my own business) to continue to grow my rental portfolio. Anyone have any feelings one way or the other? Because I change multiple times a day....or, I feel like I'm missing some things. I've also considered just selling and putting a bunch into some REITs, but that just doesn't seem as profitable. A few more quick notes: [link] [comments] |
| How will companies switching to work-from-home affect residential RE? Posted: 27 Sep 2020 06:11 AM PDT Many big companies are signaling they are seeing positive results from employees working at home. Apple announced they see permanent changes allowing many positions to work from home (link below). A friend of mine is moving from the Bay Area to Colorado, but still retaining his high paying job that has been working from home since the Covid shutdowns. It's a safe bet commercial RE as a whole is going to take a hit in central business districts or areas with large office populations, but how do others see this affecting residential RE? [link] [comments] |
| Posted: 27 Sep 2020 05:41 PM PDT I've tried to look up a bit about deferred interest mortgage but I can't find much due to all of the deferred payments from covid, that's all I get for results. What are the common terms with deferred interest loans? Can we expect low interest or higher? I understand the rate is adjustable but I'm not sure how it adjusts. How long is the interest deferred? If after 3 years I decide to sell the home how would that work? What are the benefits of a deferred interest mortgage as opposed to a traditional fixed 30-year mortgage? Why would anyone be advised against taking a deferred interest mortgage? [link] [comments] |
| Moving to the Idaho-Washington border, which better place for business? Posted: 27 Sep 2020 04:18 PM PDT Keeping it brief: I live in Oregon and am in the process of shutting down business, and I am moving to a border area where there are cities on both sides of the Idaho-Washington border. This is very specific, but I think this is a similar question with lots of border cities. My business (in order of profitability): flipping, buy and hold rentals, building houses. I plan on working in both states. I would like to start collecting rentals primarily on the Idaho side, but am open to anything good. Washington pros: No state income tax Idaho pros: Probably better landlord laws in future, future laws closer to my ideology (probably). Questions: What state should my primary residence be? What state should my business be? Does it significantly matter on which side my LLC or corporation is located? What pros and cons am I overlooking (outside of family considerations)? [link] [comments] |
| Looking to buy beach condo at resort Posted: 27 Sep 2020 11:23 AM PDT I am looking to buy a condo at a beach and tennis resort and will be staying there next week for 8 nights to check the place out. On site is a sports bar, beach bar and restaurant as well as as USTA tennis facility. The island also has a golf course that hosts a PGA golf tournament, fine dining restaurants and upscale shopping. The average high is over 70 degrees 8 months out of the year. Property taxes are low and condo fees are not too bad at about $400 per month for the 1 bedroom. AirBNB/VRBO is allowed. The resort owned rooms are $109 per night plus tax and vehicle emissions fees. All in I am paying about $1000 for the 8 nights through AirBNB. Not sure if the resort owned rooms have kitchen amenities like the converted condos do. Anybody have experience with beach condos? Anything to watch out for? I am looking at a 1 bedroom and would have a pullout bed in the living room for kids or another guest to sleep on. 2 bedrooms are double what the 1 bedrooms cost. I will be looking to buy this time next year. I need about another year of income to show as I am a business owner(Business not affected by covid). I do not pay rent or have a mortgage as I am on the road most of the year for work. This would be an investment and a retreat to go to when I have some downtime. Looking from a business standpoint, does anyone expect properties like these to become more available next year due to the covid? Any expectations of property values going down? [link] [comments] |
| Posted: 27 Sep 2020 09:03 AM PDT I've read on this sub, and I was told by my mentor that I need to answer all calls, and not let them go to voice mail since they won't leave a voice message. Well, I soon found my google voice being called every couple of hours by a robo caller. This grew tiring quickly (maybe it's a competitor?) so I now enabled "screen calls", which asks them to say their name before being passed onto me. Well, good news, no more robo calls, but I'm curious if that's the best solution. I'm curious how others have handled this, and whether screening calls will be to my detriment. [link] [comments] |
| Posted: 27 Sep 2020 08:52 AM PDT I'm curious to see what systems folks use who are juggling the acquisition of multiple properties. I need to scale up from my "browse MLS, reach out, take some notes in OneNote" process to something that will help me better track and manage who I have/have not contacted, when I last attempted contact, notes on our conversation, etc. I was thinking maybe a CRM system would do the job but it seems like those are more geared towards sales vs. purchases. Any thoughts or input is appreciated. [link] [comments] |
| Roughly what percent of your skip traced numbers end up being correct? Posted: 27 Sep 2020 02:30 PM PDT I started getting into wholesaling and I'm having a pretty tough time reaching homeowners using skip tracing. My primary method has been using TruePeopleSearch.com once I have a name and address, however the numbers on there hit about 15% of the time (meaning that 85% of the time, none of the numbers listed are the correct numbers of the homeowners). I have heard that True People Search is the best source for numbers, but are there better paid services? Do you guys have success when using pay in bulk skip tracing where you provide and excel sheet and you get results back for numbers at around 10% per lead? If so, what percentage of numbers are correct? I'm mostly asking for advice on better ways to contact homeowners once I have their name and address (I have done a good amount of driving to their doors but it's a significant time sink and lots of times the house is abandoned). Thanks again! [link] [comments] |
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