Real Estate Investing: 100k to invest in property. |
- 100k to invest in property.
- Property Eval Tool
- Buying real estate in a high crime area? Risks and appreciation?
- Alright, I’m so confused I don’t know what to do. BRRRR or House Hack?
- Hi folks, newbie thinking about it
- Any good property management recommendations? [Michigan, Greater Detroit]
- Using the Direct Offer Approach for a Primary Residence
- Property management company lucrative or not?
- Where can I start?
- Creative 1031?
- Should I buy rental property now with 3% down or wait until I can save for 20%?
- FHA loan requirements/finding my first deal
- Should I sell my condo?
- Investing in Foreign Countries
- Building condos over my mom's house
- Which risk is actually NOT considered a risk? I wouldve assumed its D, but book states that it is C.
- What's the smartest way to come up with a 20% down payment out of the following options?
- Fee needed to be paid before Buyer Bid
- What are the differences in closing costs, if any, between cash out refinance and new mortgage?
- How should I finance?
- Investing Questions
- Time for a cash out refi?
- Off market waterfront vacant land Florida
- Advice on getting started on Rental investments!
| Posted: 25 Oct 2020 10:34 AM PDT So, I have 100k cash to invest. I live in Brooklyn so even with Covid prices aren't dropping enough to get into a new place. I've been looking around the country to find areas to invest now to show good returns in a year or 2. Anyone seen any good areas to take a look at ? I'll do a flip or rental. I've owned server homes and currently have 2 properties. My condo here and a place in Palm Springs. Just looking for ideas Thanks [link] [comments] |
| Posted: 25 Oct 2020 11:48 PM PDT Investors, Below is a link to a project I've been working on for a few months for my own use but figured I'd share it with the community. It's basically a PowerShell script that will do all the heavy lifting of property analysis for you. https://github.com/archer405/Property_Data_Analysis I have hashed it with SHA256 for your safety. 1C82D2FE16B932F6A6C9F49799A65F3D2055A116472D6A5E9D4B4C410D07F22A If you use it please please please read the Read me file because there are 2 important steps in there you need to accomplish for the script to work. Understand I am an investor with moderate programming skills. if someone can improve this please feel free! I'll try to answer questions you might have in the comments but DMing me would probably be faster. [link] [comments] |
| Buying real estate in a high crime area? Risks and appreciation? Posted: 25 Oct 2020 04:59 AM PDT Sorry if ignorant, but ive never bought property before and looking to start. I've been looking in the greater Philly area for homes and due to covid pm everything in the burbs seems priced in or due for correction if rates go up a fraction of a percent. A mentor/friend of mine told me if I am looking to get into flipping and renting, I should target high crime areas because of how well they cash flow and because those areas appreciate greatly if gentrified. Wondering if anyone could give some advice or provide another opinion and weigh in on the risks [link] [comments] |
| Alright, I’m so confused I don’t know what to do. BRRRR or House Hack? Posted: 25 Oct 2020 04:58 PM PDT Alrighty, so I'm about to become a truck driver and will be making decent amount of money while still living at home. I know that I must be in the same field for 2 years when applying for a mortgage. My biggest question: When I move out my dad house in 2 years (I'm 21 yo) I was wondering should I RENT an apartment just for a roof over my head, and try to do a BRRRR strategy ( I have 40k saved right now which will be about 80k in 2 years) and buy a property, fix, rent, refinance and repeat? OR should I try and get an fha loan and buy a property, live in it for 1 or 2 years, move out & put a tenet in it, and repeat this process? Is it possible to try the BRRRR strategy while having a loan from the bank (so two loans) OR should I just to the traditional house hack? Duplex, 3x, or 4x and just rent out the units and live in one for free or minimal payment? I'm just confused on how people do this while having to pay for a roof over their head, that is all. Does that even come into play? Am I overthinking it lol thanks so much guys [link] [comments] |
| Hi folks, newbie thinking about it Posted: 25 Oct 2020 08:56 PM PDT This is a bit rambly, apologies. Hi! I'm 51 and am thinking about retiring from software. I've always wondered about real estate investing, specifically buying to rent or airbnb. I have good communication skills, not shy about dealing with people, good work ethic, somewhat handy with home repairs, reasonably good at math. My partner and I are thinking about retiring and moving every few years buying a house that needs some work, fixing it up while we live in it, and moving on if we decide we'd like to try another area. I was wondering if real estate investing might be a good way to approach retirement. I was thinking about buying a place that would make an attractive airbnb and perhaps using it to get my feet wet. Either keeping it as an investment property, or using it as sometimes airbnb and sometimes vacation home, or if it falls through just moving there as our first retirement home. Our net worth is pretty comfortable. Freeing up $50k for a downpayment would not be much of a risk to our retirement strategy. We're currently located in Seattle and my partner's eldest is in college in Montana. We were thinking that an investment home in eastern WA or northern Idaho might be good. Not too far, good airbnb upside, and we could possibly move there as a permanent residence at some point. Any thoughts, pointers to resources? [link] [comments] |
| Any good property management recommendations? [Michigan, Greater Detroit] Posted: 25 Oct 2020 07:46 PM PDT Hello friends, I am a young investor trying to get his foot through the door. I'm looking for a recommendations for property management services in the Greater Detroit area. Any help would be appreciated thank you. [link] [comments] |
| Using the Direct Offer Approach for a Primary Residence Posted: 25 Oct 2020 06:18 PM PDT We really want a home in a very specific neighborhood of mostly old homes (1950's) in mostly original condition. Not upscale and varying degrees of owner equity. We want to send out hand written letters with offers for an off-market buy, and in order to make them more appealing than some mass mailers they may have received, we want to offer some flexibility, including using no agents and letting them keep the cash they would be paying on commission. We would hire a real estate attorney to guide the paperwork/process, and escrow/title company will take care of their parts. But I'm wondering about a seller who is not completely familiar with selling, and whether they might be spooked by not having agents involved. Do we try to convince them to each hire our own attorney and suggest to them the benefits of it for commission savings? Or do we go with agents anyways and forget about the savings in order to not come across as sketchy? We want the best shot at getting one of the houses and believe the cash savings is a big opportunity, but not if it scares them away from the sale entirely. [link] [comments] |
| Property management company lucrative or not? Posted: 25 Oct 2020 05:21 AM PDT Since, I'm managing my own properties at the moment, I was wondering if managing properties for others would be lucrative? For investors: What makes a property management company good to you? What are your criteria? How much % and $ would you pay if you find such company? For property manager/management owners: Is it worth it? Profitable? What made you want to become one? What was your background before this? [link] [comments] |
| Posted: 25 Oct 2020 09:02 PM PDT How does one get started in real estate investing? What research, networking, or practical options should I be taking? I know that my first priority in my professional/personal life is to pay off my debt. I know this. My issue is I want to do this in real estate, not in the profession i'm currently in. I'm moving in 6ish months, so I've been told by a friend that wholesaling would be my best bet, especially if my goal isn't to simply just be a realtor and won't be staying in the city i live in right now (no sense in doing the course required for my current state) I'm paying attention to a lot of real estate investing, wholesale deals, and off market real estate facebook groups and am not 100% sure what to look for to find out if something is "a deal" and money can be made on it making it worth my time, or if something is being priced to sell and has wholesalers involved. Does anyone have any direction they can recommend for me? PMs are always welcome, but i'm open to discussion. Thanks in advance for any help, fuck you's, or blunt recommendations. :) [link] [comments] |
| Posted: 25 Oct 2020 08:58 PM PDT Hi all, so I own a piece of land that is 15 acres with a nice home on it already. I have another home that has been an investment property and it has a lot of equity. Is there any way to sell the investment property and use the full proceeds on the 15 acres to build an event center/barn? Like for wedding venue etc. [link] [comments] |
| Should I buy rental property now with 3% down or wait until I can save for 20%? Posted: 25 Oct 2020 08:18 AM PDT Hello everyone. Just wondering what the consensus is on how much you should be able to put down for investing in rental properties. I can start now with 3% down but there would be PMI added to the mortgage of about $80/mo. Alternatively I could just wait a year or two and save the amount needed for the 20%. Thoughts? [link] [comments] |
| FHA loan requirements/finding my first deal Posted: 25 Oct 2020 08:09 PM PDT Hey all, I have been a longtime lurker here and I'm planning on purchasing my first investment property in the next 6-8 months. I am looking at using an FHA loan but I have had trouble finding the full list of requirements to qualify for one (have heard there are reqs. For the property to be of certain age, location reqs. etc) Anybody know where I should be looking? My plan is to buy a duplex and house hack but all the for sales in my area on the usual online listings are overpriced. I haven't found my realtor yet so haven't accessed MLS. My plan is to use the county tax website to find duplexes that aren't for sale and send out a bunch of letters to the property owners with the hope that some are looking to sell. Does anyone have experience finding a deal this way? Any tips/comments would be appreciated. [link] [comments] |
| Posted: 25 Oct 2020 07:34 PM PDT Should I sell my condo? I currently have a condo being rented out to some friends. A mortgage with an HOA is $1100/month, and their rent is $1250. Their lease is up in March, and we could rent the property at $1500. Our biggest debate is if we should continue to rent it out (at market value) or should we sell it. Pros: great location, easy to rent the condo out Cons: I'm worried about the liability of the property, and HOA fees keep going up. We received in the mail they are voting to raise it $50/month this year We are closing on a new house on November 2nd that is a better investment for us. It is a single-family home that has been converted into a triplex. We will be living in one section and rent out the other two. We are receiving advice that we should hold onto the condo because it's a great investment, but I'm nervous if it's worth the risk because I'm not making much profit. TLDR; Mortgage + HOA = $1100 and can rent out for $1500. Should we keep our condo as a rental investment or sell it? [link] [comments] |
| Investing in Foreign Countries Posted: 25 Oct 2020 01:25 PM PDT Currency plays combined with opportunities created by Covid are making markets like Brazil look attractive. Anyone else buying in foreign right now? [link] [comments] |
| Building condos over my mom's house Posted: 25 Oct 2020 05:04 PM PDT Hi, I had a question that I hoped somebody would be willing to answer as nobody i know in real life can answer for me. My mother owns a house in toronto. Its worth about $600k. She has $40k left on her mortgage. She only makes $50k a year. They are building an underground train and the end of my the street to get you across town faster than public transit. In recent years I have been seeing some small condos going up around my area and am assuming eventually one will be built on my block. What does this mean for my mom's property ? Will she be forced to sell? What will the compensation be ? Any imput is greatly appreciated. [link] [comments] |
| Which risk is actually NOT considered a risk? I wouldve assumed its D, but book states that it is C. Posted: 25 Oct 2020 01:00 PM PDT
A. Financial risk refers to increase in interest rates and purchasing power of dollar that may go down in future. [link] [comments] |
| What's the smartest way to come up with a 20% down payment out of the following options? Posted: 25 Oct 2020 04:21 PM PDT What's the smartest way to come up with a 20% down payment out of the following options? Quick back story of my situation: I currently own a small condo that I rent out for $1900 per month in San Diego that costs me around $1500 per month all in including principal, interest, taxes, insurance, and HOA fees. It's currently on a 3.5% 30 year fixed mortgage since it was originally my primary residence. I bought the place back in 2015 so i'm already 5 years into the mortgage. I am currently living in my girlfriend's father's rental house with her and my share of the rent is only $1000 per month which is one of the reasons the math made sense. Unfortunately, our relationship is a little on the rocks and there is a good chance it won't work out much longer so i'll have to move out of the rental :( Since my the tenants just signed a new 1 year lease, moving back into my condo isn't an option. That being the case, I am looking to potentially buy another small condo to make my new primary residence since the rates are so low and I wouldn't ever find a rental for $1000 again since it was almost half of market rent for my area. I'm almost 34 years old and don't really want roommates at this point even though that could save money. I considered a duplex but they are way out of my price range even with a tenant on the other side. The entry level condo's here in San Diego are between $300k-$350k in any of the decent parts of town near my work. That being the case, I will need around $60k-$70k the new down payment. Finally my question, which option is the smartest and why? Option 1: Do a cash out refi of my condo for the down payment since It's worth around $330k-$340k and I currently owe $186k. Downside of this option is I would go from a 3.5% rate to almost 5% or more since it's an investment property now and not my primary anymore. Option 2: Take some of the money out of my retirement accounts which has around $120k between my 401k, 457b, and Roth IRA. Perk of this option is since I tested positive for covid this year, I can avoid the 10% early withdrawal penalty and can also spread the tax burden of the 401k/457b over 3 years. Option 3: Use some of the 30k I have in cash combined with option 1 or 2. This is my emergency fund however and I don't like the idea of draining this below 25k since I will have 2 properties at this point which increases the risk of needing it . Thank you for reading and letting me vent! [link] [comments] |
| Fee needed to be paid before Buyer Bid Posted: 25 Oct 2020 04:51 AM PDT Hi all, Saw a MLS listing that is charging buyers $100 dollars per bid. Would anyone know if this is a RESPA violation? [link] [comments] |
| What are the differences in closing costs, if any, between cash out refinance and new mortgage? Posted: 25 Oct 2020 03:44 PM PDT I am doing a preliminary analysis on whether it makes sense to do a cash out refinance on my first rental property that I got in 2017. I purchased it for 105k - 20% down at 5% with approximately $3.5k and conservatively it's valued at $150k now. I am trying to estimate and chart out the cash out, monthly payments for different rates and appraisal values. My question is about the closing costs, what are the costs from the new mortgages that won't be there while refinancing (or any new costs only for refinancing). It will be of great help for me to come to conclusion. Thank you. Edit: My goal is eventually to use the cash to buy another property but I am not finding any good deals that I am comfortable with. So my plan is to have that in index funds until I can find a good deal. [link] [comments] |
| Posted: 25 Oct 2020 03:33 PM PDT I am a homeowner in a high price area with a large mortgage but with a lot of equity as well (perhaps 1mm). I would like to purchase my neighbors home for approx $900,000. I will then turn it into a rental property. I have assets in excess of that amount but not a ton of income. I'm just starting to research what the best way to finance the transaction and I've done some reading on this sub but I've yet to see a specific comparable situation - appreciate any responses, people pointing me in the right direction. [link] [comments] |
| Posted: 25 Oct 2020 02:21 PM PDT Hey everyone, I'm looking for someone to talk to about getting started with flipping houses in Canada, including startup costs, rules, ect. I am looking to getting into flipping real estate and want to talk to someone with experience on how to do this, any tips or advice would be great but if you are experienced and have the time to chat with me that would be great! Kind of like a mentor. [link] [comments] |
| Posted: 25 Oct 2020 08:20 AM PDT I am 99.99% confident I will receive a job offer, with my same company for a new position (promotion) in January. It will be in a new city. I want to keep my current home, and rent it out. 6 months after the move, i will likely want to buy another house in the new city. I would need capital to put in an upstairs wood floor in my current home, or a new upstairs carpet, and to generally pay for whatever the rental management company needs me to do to make my current primary residency move in ready for a tenant. Im considering a cash out refi, or a heloc, or a loan. My home is valued at 308k and my loan is for $199,430. Id like to get at least $38,000 dollars out. If i do a cash out refi now, it would still be on my primary residence. If i dont buy a new house and just rent, i have other investment opportunities for the remaining funds. Im thinking of doing the refi now, while the home is still my primary. Whats the best way to proceed here? [link] [comments] |
| Off market waterfront vacant land Florida Posted: 25 Oct 2020 11:29 AM PDT Hi All, I have some experience with vacation rental management and residential sales but have never flipped vacant land. I found a premium off market vacant lot in Port Charlotte, FL near Ft Myers, FL for 14k and I'm being told by a realtor who has sold 50 lots in the community this year that the lot is worth 18k-20k. It is ready to be developed and is 2 doors down from a house that just sold for 530k. I would like to flip this lot but don't have access to cash buyers. Can anyone provide some guidance or suggestions on how I can make this happen ? [link] [comments] |
| Advice on getting started on Rental investments! Posted: 25 Oct 2020 10:54 AM PDT First post here I hope you guys can help! I own a home I bought for 160k and has been valued at 320k. Moved to Alaska and rented that one out for good cash flow. I would like to buy a triplex here in alaska. How would you guys recommend I do that? I used FHA loan to purchase that first home. Current triplex I'm looking is 250k. The area is a military town so the rental market is good. Amy help is appreciated. Thank you! [link] [comments] |
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