Real Estate Investing: 21 Year Old with $100k cash, please help |
- 21 Year Old with $100k cash, please help
- Buying in Dumpy Areas
- How do I get started with real estate?
- Purchasing abandoned Property (Texas)
- Bamboo flooring or luxury vinyl flooring for the kitchen?
- I must be doing something right
- Want to buy 4 plex in Vegas
- How to track realtor fees for finding a new tenant on taxes
- Investing in HCOL area with VA Loan, cash flow slightly negative.
- Investing in a college town?
- Absentee Owners
- Do you keep your closing documents package long term?
- Should I put 25% down or 30%?
- Considering a passive investment in a multi family property, what are the questions I should be asking?
- Looking for some guidance on investing in portland with low cap rate but (maybe) decent CoC
- Where is the best place to find Cash Buyers if you are a Virtual Wholesaler?
- Are properties in primary and secondary market differ?
- Buyers backing out because financing fell through
- Property Management Liability
- House I had my eye on got sold to an investor with a Senior note
- Thinking of Renting Out Former Primary Residence (Owned Free & Clear)
- Half Duplex Investment Property
- Need help figuring out my home equity
- Cost of hiring Property Manager
| 21 Year Old with $100k cash, please help Posted: 19 Oct 2020 07:53 AM PDT So the title is kinda click baity, but its true. I came about $100k and right now I am about to graduate college and I am really considering buying a duplex and living in it whiling renting out the other half. I have zero knowledge about real estate or anything in that realm. If anyone could please recommend some tips, or some books that I could read, or even some useful knowledge, that would be much appreciated. Im trying to make the best out of my 20's by making smart financial decisions for my future. [link] [comments] |
| Posted: 19 Oct 2020 07:17 PM PDT I'm looking to buy my first income property, probably a duplex. I'm looking around me, and the best returns are in a kinda dumpy area (slummy, basically tiny home apartments). The returns there are from 12-20 percent! My friend is trying to discourage me, but he's never done rentals before. Is it a bad idea to buy income properties in "dumpy" areas? What are the negatives? What are there benefits? [link] [comments] |
| How do I get started with real estate? Posted: 19 Oct 2020 01:52 PM PDT Hello everyone, I am currently a college student pursuing a degree in marketing. While I do enjoy what I am studying I've always had a love for real estate. I plan on getting my real estate license sometime in the summer for NY, since i live in NYC. I was just wondering if anyone can give me some tips for real estate investing. I currently dont have that much capital to begin with but i have been researching wholesale real estate and plan on investing in a multi family house, living in the main house and renting out the other. I would just like some more tips and strategies to help pursue and hopefully turn real estate from a hobby into a career. And tips or websites to help me, especially with wholesale, will mean a lot. [link] [comments] |
| Purchasing abandoned Property (Texas) Posted: 19 Oct 2020 09:37 PM PDT There are a few areas in my local area that have been looted and abandoned for quite some time. When I saw quite some time, I mean more than 6 years. Recently, I learned how to do my due diligence in finding out who owns the properties and whatnot. My questions are, now that I know how to get a hold of the person(s), what's the best approach when asking if they're interested in selling? If the answers are letter writing, knocks on the door, phone calls, should all these be done at the same time or one by one? What are some examples of letters or open lines when face to face with the individual that has no idea who you are? [link] [comments] |
| Bamboo flooring or luxury vinyl flooring for the kitchen? Posted: 19 Oct 2020 09:09 PM PDT I'm in NJ. I am planning to move out of my house next year to rent my house out. I need to renovate the house. I'm not sure if I should go with bamboo or luxury vinyl plank. The floor specialist in Home Depot said bamboo will stay forever and can handle water and oil that can spill onto it in the kitchen. The price is 1.99 sq ft. The other option I'm thinking of is lifeproof 7mm luxury vinyl plank (LVP). It's 3.69 sq ft. To my understanding LVP is great for kitchen and bathroom. Can I get some advice? I'm new to this. Thanks! [link] [comments] |
| I must be doing something right Posted: 20 Oct 2020 12:53 AM PDT So I have plans on joining the Air Force and as I'm serving my six years, I plan on buying properties and renting them out. I have a classic plan of putting a 10% down on cheaper houses, learn how to fix em up(not handy at all, but want to get great at it) rent them out for two to three times mortgage(hopefully) and just repeat the process until I am making enough money to pay for my living and have more after. I understand that nothing is perfect and there are bumps thats come in my way, thats life. I have a lot more to learn and read, I plan on reading a lot more when I get into the military. So as I was discussing this plan with someone on my buddies discord, they were telling me how dumb that is and how I'll go in bankruptcy and all that stuff. That really made me think, I doing something right if people who have knowledge about something is telling me what I am doing is a terrible idea that's good. I heard so many stories of very finically successful people get so much hate and so many downers, so when people are downing my idea, it just solidifies that I'm doing something right! [link] [comments] |
| Posted: 20 Oct 2020 12:18 AM PDT The seller wants $529k. All 4 units currently rented out with long termers. Two of them are 2BR units and both are paying $700/mo. The other two units are 3BR. One tenant pays $800/mo, the other tenant pays $700/mo. I plan to live in one of the units so I can qualify for the 3.5% down FHA loan. Unlike most ppl, I'm not looking for positive cash flow right off the bat. I don't mind paying some money because at this point, it's a learning experience. At some point in the future, the plan is to increase rents and slowly upgrade as I go along. All tenants are month to month. No HOA. Unit built in 1987. Property looks like it's in decent condition according to pictures. I plan to pay someone to manage the property at 10% of rent. The plan is to not tell the other tenants that I'm the owner. Can anyone give me advice? Am I in over my head? I'm a dental hygienist making $45/hr working 3 days per week. [link] [comments] |
| How to track realtor fees for finding a new tenant on taxes Posted: 19 Oct 2020 01:35 PM PDT If I use a real estate agent to find a new tenant for a vacant property how to I track this on my taxes? Say the contract is structured so that the realtor receives the first month's rent directly, and I never see the cash. Would I omit both the income and expense or include them both? I know this will have no affect on my cash flow or tax return/liability, but I'm not sure if there are any legal implications doing it one way or another. [link] [comments] |
| Investing in HCOL area with VA Loan, cash flow slightly negative. Posted: 19 Oct 2020 11:44 AM PDT My SO and I have been looking to invest in the Boston area for a while now. Our primary goal is to buy with a VA loan in the suburbs of the city and after a year so move into another investment property (with conventional or fha) and rent out all the units on the first place. However, with the Boston area prices and a 0% down with the VA loan it's hard to get anything that cash flows well in comparison to the Midwest. We have recently found a 2-family that cash flows a net 0 after principle, interest, vacancy, repairs, taxes, insurance, and mgmt. We figured that with 0% down this wouldn't be a bad deal since the house is in a good neighborhood with a good school system. We can also self manage for the first few years to get some cash flow positive. We figure that we will be building equity in the long run and be living there while we look for our next property. We put in an offer that made sense with our numbers but the seller came back with a counter offer that will net is a -$90 cash flow with property mgmt. so it would cash flow positive only while we self manage. Are we crazy to buy a place that doesn't net positive casfhlow in a hcol/mcol area with a 12% mgmt fee? Especially if we are only paying closing costs to buy it? Thanks in advance! [link] [comments] |
| Posted: 19 Oct 2020 11:42 AM PDT New to investing and am checking out surrounding cities. I live in Austin where the bar to entry is becoming higher. I could buy another house in Austin but all of the gains are in appreciation. I started looking at a college town an hour and a half away, Waco. The appreciation is lousy there but the potential cash flows are great. I'm wondering, though, if college towns will ever come back fully after going virtual for the pandemic. Thoughts? Also, are repair bills in general higher when renting to college kids? [link] [comments] |
| Posted: 19 Oct 2020 06:20 AM PDT I've been driving for dollars and writing down the addresses the old fashion way, but how do you guys find absentee owners? [link] [comments] |
| Do you keep your closing documents package long term? Posted: 19 Oct 2020 02:22 PM PDT It's going on 10 years this month since I bought my first house. Since then I've accumulated a file cabinet drawer full of those big 11x17 closing documents folders, and am trying to clean out our office. Is there any reason to keep them, or maybe just keep parts of them like the HUD and title insurance. Ones that were later refinanced should definitely go I think. [link] [comments] |
| Posted: 19 Oct 2020 02:27 PM PDT Buying a duplex and trying to figure out if I ought to put 25% down or more? 25% down raises my monthly mortgage by $50 but also saves me $10,000. I don't want to be over leveraged since I plan on buying a lot more rentals but I don't see why anyone would put down more cash. Thanks [link] [comments] |
| Posted: 19 Oct 2020 07:03 PM PDT 15-16% targeted IRR 10-11% Projected annual COC 5-10 year holding period As is typical I will be getting shares of ownership of a multifamily property. I am new to this so I'm not sure what questions I should be asking the active investor team. Thanks! [link] [comments] |
| Looking for some guidance on investing in portland with low cap rate but (maybe) decent CoC Posted: 19 Oct 2020 12:49 PM PDT Hi, still trying to figure out how to make the right decision a duplex in portland oregon. I am moving there soon and so reluctant to rent, but prices are very high right now. So now I'm looking at a duplex. Price is 650k, about 3300 total SF. I'd live in one of the two and rent the other, probably for about 2100, so I am using 4200 for the rent calculations. I could also use a small place i'm selling as part of a 1031 but not sure if that's worth the effort. Putting 20% down seems to give me a CoC return of about 7.4%. Cap rate is very low at 1.5%. How do I interpret this in this type of market? Is this what a bubble looks like? Are you all avoiding purchasing rental properties right now? Thanks [link] [comments] |
| Where is the best place to find Cash Buyers if you are a Virtual Wholesaler? Posted: 19 Oct 2020 02:47 PM PDT Hi, I currently have 3 contracts in Cleveland Ohio and I'm looking for cash buyers. Does anyone have any resources other than Facebook groups to advertise and find cash buyers? I am usually able to find buyers through Facebook groups but would like to find people who are more serious. Thanks! [link] [comments] |
| Are properties in primary and secondary market differ? Posted: 19 Oct 2020 06:15 PM PDT In general in terms of cap rates or pros and cons. Or they are just the same. Also, I dont think I understand their differences, if someone could explain more I would really be appreciated. These terms came to me when I was reading about portfolio loan. [link] [comments] |
| Buyers backing out because financing fell through Posted: 19 Oct 2020 06:14 PM PDT I'm selling my apt and the buyers were going to put down 51% and finance the other 49%. Contract provides for 45 days to get financing, which I think is a lot. Buyers say they need more time now. I have no idea why. The contract states that the deposit is refundable if the financing doesn't go through in 45 days. Is that normal? Should the contract not generally state that some deposit is left with the seller? My realtor change the listing to "pending" which can't look good if it goes back to normal/available again. And the showings have basically stopped or slowed down significantly since it went to "pending." I'm pretty livid at the prospect that 45 days will go by not really showing the apt, potentially losing out on more serious buyers, and then the current potential buyers backing out because of financing issues with the bank and then I'll have NOTHING to show for it all. Add injury to insult, or vice versa, these buyers had previously made an offer and backed out before. I didn't know this but before they did not have a prequalification letter from the bank. My realtor didn't mention it. This second time around they do have a prequalification letter and my realtor said it'd be smooth sailing. She also said that I'd keep the deposits if they backed out but is now saying that's only the case if they back out for any reason other than the bank doesn't give them the financing in 45 days. She then nonchanlantly said we'll just give them another 45 days if we need to. That nonchanlant comment is really what flipped a switch for me and sent me thinking I'm getting screwed. I'm livid. I'm in Miami if it matters. Buyers are citizens, are local, and have W2 paying jobs at the University of Miami. This is my first property ever and, frankly, maybe my last. Any advice is appreciated. [link] [comments] |
| Posted: 19 Oct 2020 02:17 PM PDT I own a few houses, each in a separate LLC in the same city. Looking to secure a property manager. We've selected one that fits nicely with our business model, but I'm concerned with the limitation of liability they're trying to impose with their contract. I've spoken with my insurance broker and attorney, both had the same reaction: not a great idea. Wondering if this blanket elimination of liability on the part of the property manager is normal? Here's what's in the contract (bold is my addition, pending approval of current draft):
I handle contracts as an employee of a large corporation, and we establish limits on liability, but I have never come across an instance where a vendor (property manager) completely defers the responsibility to carry insurance to the customer (property owner). [link] [comments] |
| House I had my eye on got sold to an investor with a Senior note Posted: 19 Oct 2020 05:22 PM PDT Hello all.. a house I had my eye on for a long (neighbors) time got sold to an investor (forclosure sale) unbeknownst to me until a maintenance crew showed up and started work... I had thought I knew what the existing note was because the previous owner preformed a reverse mortgage and had a note against the property upon passing. When the owner passed away she left no will or estate planning in place the daughter wanted nothing to do with the house because of a poor relationship and distance...I had thought this was an opportunity to track the house until it went to a public auction but this didn't happen. I contacted the trustee assigned to the Subject house only to discover the note I knew about was the secondary note and not a senior note.. I had no reason believe another note existed...my question is where could I have found out about any notes that existed on the property? 2) was an auction ever held for the mysterious senior note if so where? I'm in Southern California. 3) since I I was able to confirm that the title is not clean is there anything I could do about being to purchase the property before it gets on the market? I assume it's going to be rehabbed but I'm still interested in purchasing it. [link] [comments] |
| Thinking of Renting Out Former Primary Residence (Owned Free & Clear) Posted: 19 Oct 2020 05:13 PM PDT Within the past year I purchased a new home in the same metro area as my former primary residence (Charlotte, NC). I had every intention of selling that house and investing the cash in a multifamily property, however, MF properties are very difficult to find at the moment. Moreover, since this would be my first venture in REI, I've been thinking it might be better to start off smaller with something I already own free and clear. I've been told that lenders would probably not fund the sale of the home to an LLC owned by me. Any suggestions on how I can unlock 80% or more of the value of the home without "selling" and reap the same tax benefits as if I had sold? [link] [comments] |
| Half Duplex Investment Property Posted: 19 Oct 2020 06:37 AM PDT I'm wanting to know what everybody thinks about purchasing a half duplex. Obviously I'd prefer to own the whole building but that is not in the cards for this particular property. It's in a pretty desirable zip code and is listed at around $115/sq ft which would be an insane deal in great condition but this one definitely needs work. I'd be purchasing it as a rental. I can afford this purchase and I can afford the renovations (assuming it doesn't have major underlying issues). I'd like to know what y'all think of dealing with a half duplex and if it was worth the purchase or not. It's 1600 sq ft and I'd like to rent it out for $1/sq ft. My number one question is if $1600 per month would be an attractive price for a rental in a shared building. In this area, you can rent a single family home for about the same, sometimes a little more. If y'all have any experience with this I'd be happy to know. Just want to reiterate that this zip code is a highly competitive and sought after area. Edit: forgot to mention that it's also a 3/2. [link] [comments] |
| Need help figuring out my home equity Posted: 19 Oct 2020 03:57 PM PDT I'm struggling to understand what my home's value is post-remodel and if I should refinance. Purchased in 2019 for $645k for 30% down at 3.375% interest. Remodeled in 2020 to raise home value to $725k and would refinance to keep 25% equity at 3% interest. This doesn't include the fees to refinance from a lender. Does anyone think this would be worth it and can tell me what I stand to get back in cash? I don't grasp the math involved [link] [comments] |
| Cost of hiring Property Manager Posted: 19 Oct 2020 07:33 AM PDT Hi folks! I am wanting to rent out my personal home once I move out, ie, use it as a rental property. It is a 3 bed, 2 full bath, 850sqft bungalow with single car garage, in a good neighbourhood, with 3 schools in walking distance, close to transit, financial institutions and grocery stores. I wouldn't be living in the same city and therefore unable to manage the property myself. I am wondering - what is the average cost to hire a third party property management company? What services do these agencies typically provide to the property owner? EDIT: living in Canada, central prairies for reference of that helps Thanks! [link] [comments] |
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