Real Estate Investing: Closing on my first Duplex tomorrow and feeling overwhelmed. Do I have my ducks in a row? |
- Closing on my first Duplex tomorrow and feeling overwhelmed. Do I have my ducks in a row?
- Your REI Mistakes and Lessons
- How do you tenant-proof a property?
- Difference in owning a Duplex vs 3 or 4 unit Multifamily
- Estimating Value of Mid-Rise Project
- To rent or not to rent: Older paid off home vs. New construction
- Any reviews of the executive Master's of Real Estate Development from Auburn?
- What’s it like working for a completely family-owned operation?
- Farm land Investment
- Daytona Beach AirBnB help
- I bought my first place but now what do I do next?
- Need opinions, first time home buyer single house or duplex?
- How much would you estimate for this Remodel?
- Anyone in here ever subdivided property in Arizona? I'd love to pick your brain as I have so many questions about whether or not it's worth it to buy 1.5 acres just outside Tucson for $90k
- Houses sold a month ago are back on market Help
- Looking to buy my first property but I haven’t worked in 6+ months due to covid. Would it be impossible for me to be approved for an FHA loan?
- Thank you to the kind strangers here!
- Let’s says someone starts with $0 net worth and ends w/ $1M net worth, all from their 9-5 job. If they instead put all their dispensable income into decent real estate, how much would their net worth have likely been? (Ballpark estimate.)
- Return on 50k property
- Can I get land for free with no catch?
- What happens if there are outstanding encroachments right before the inspection period ends
| Closing on my first Duplex tomorrow and feeling overwhelmed. Do I have my ducks in a row? Posted: 04 Oct 2020 04:13 PM PDT Hey ya'll. Longtime lurker but I am finally closing on my first property tomorrow. I will be living in one unit and will be inheriting tenants in the other unit. According to my RE agent, title company, lender, etc, closing should go smoothly tomorrow. Assuming it does, this is my plan. Please let me know if I am missing anything.
What else should I be planning to do? Thanks in advance! [link] [comments] |
| Posted: 04 Oct 2020 08:51 AM PDT What mistakes have you made in your REI career? How would you have done it differently knowing what you know now and how far did it set you back? Edit: Thanks for the award! It's actually my first ever :) [link] [comments] |
| How do you tenant-proof a property? Posted: 04 Oct 2020 10:27 PM PDT What are some things you do in your rental property before it hits the rental market? Things I have learned from others include: removing all carpet and installing LVP, adding a vanity (ledge) back splash in the bathroom to minimize water damage to the wall, installing water guard at both ends of the tub, adding door stoppers, wiring bathroom light and fan so that they turn on/off together [link] [comments] |
| Difference in owning a Duplex vs 3 or 4 unit Multifamily Posted: 04 Oct 2020 05:50 PM PDT I've recently been checking out different multifamily homes around my area and was wondering what some of the differences in terms of manageability, pricing, etc. are between 2 unit homes and 3 or 4 unit homes. I'm relatively young and would LIKELY go the FHA route and live in one unit. Any stories, experiences, or advice is much appreciated! [link] [comments] |
| Estimating Value of Mid-Rise Project Posted: 04 Oct 2020 05:21 PM PDT Good evening everyone, I am a real estate agent out here in Massachusetts in a HCOL city. I have recently been in contact of a charity group that owns a historic building in a very nice spot in town. The lot (~30,000 sq/ft) is currently zoned for multi-residences, but in reality it really needs a rezone/SP to mixed-use to make sense. I've held some prelim talks with developers and an elected official, and the general consensus is that putting up 30ish residential units (20ish in a new building, and 10ish in the historic building), with the potential of retail on the first floor, would gather strong community support. I have been told a ballpark figure of 500k is needed to bring it through the rezone/sp process. I don't have that much. The owners of the land trust me, so one way I can play this is to tie up the land with an option and bring it as far as I can through the SP process. Or just flip it. The other is to find someone to partner with (or form a group) who will help me bring it through and then flip the land, or develop it. I do not have development experience, and am wondering what the standard way to estimate construction costs is, so I can start working backwards to determine value after rezone/sp, then present value. Does anyone have any advice / recs off the bat? Any specific ways you would pitch developers? Thank you [link] [comments] |
| To rent or not to rent: Older paid off home vs. New construction Posted: 04 Oct 2020 11:49 AM PDT My parents are currently living in an older fully paid off home. I am in a position to buy a new property, and am trying to determine what a better investment is: 1) Buy the new property for my parents, then rent out their old one. The old home would need a good amount of renovation as the "master" is a poorly converted garage, kitchen is outdated, etc. 2) Buy the new property as an investment and rent it out. Use any proceeds to help renovate the old home while my parents continue to live there. I'm using the following information to make a decision - Please let me know if I'm missing anything! - Estimated profit if renting older home vs. Estimated profit if renting newer home - Cost of repairs to old home and maintenance of old home vs. cost of maintenance for new home - Neighborhoods. Which area is more likely to get rented, etc. - Living in the new property for two years = less capital gains - Comfort! my family has been living in the old home for some time and I would like to get them something new / nicer. However, if it's a clearly better investment to rent out the new property, I don't mind doing that for a while slowly updating the old home. Is there anything else that I should consider that I haven't? Has anyone been in a similar situation - if so what did you do? [link] [comments] |
| Any reviews of the executive Master's of Real Estate Development from Auburn? Posted: 04 Oct 2020 06:48 PM PDT I am looking for some reviews or insights into the executive MRED from Auburn. There isn't a whole lot I can find about it, and unfortunately that may be telling. I am considering University of Arizona's and Georgetown's as well. It would have to be something online or an executive style due to family constraints. We have been value add multifamily investors and are looking to build our business and take on more, so this would mostly be an entrepreneurial consideration instead of landing a job. [link] [comments] |
| What’s it like working for a completely family-owned operation? Posted: 04 Oct 2020 12:16 PM PDT |
| Posted: 04 Oct 2020 06:13 PM PDT I was wondering if farm land investing was a good business idea. An acre around the place I live could be anywhere from 7,000 to 11,000. It usually rents for 200 a year. If you have any advice or experience. It would be appreciated. [link] [comments] |
| Posted: 04 Oct 2020 05:53 PM PDT I am trying to purchase a property in Daytona Beach, Fl and turn it into an airBnB. It is a single family on a residentially zoned lot. Are there any loop holes or any ways to get around the no residential short term rental laws in Daytona Beach? Any suggestions are appreciated! [link] [comments] |
| I bought my first place but now what do I do next? Posted: 04 Oct 2020 08:00 AM PDT So I bought my first place. It's the condo that I have been living in for a long time. I was only able to put 3 percent down. I got a 2.875 interest rate. It's a 2 bedroom 1 bathroom place. Everyone says just get some property and start controlling it. So next how do I get into another place to start making cash flow? [link] [comments] |
| Need opinions, first time home buyer single house or duplex? Posted: 04 Oct 2020 11:38 AM PDT 27M, first time home buyer here. I'm looking at buying a home and I have two options the first is a nicer 2/1 single family home for about $450k in a nice outskirts area, would have no rental income or a duplex for $600k(second unit currently being built add $40k after purchase) in the a larger city college area, when completed rental income around $2-2200k/month. Both properties are being offered to me by people I know so it will be off market. Right now I'm just working crazy hours saving for a property, about $4k/month and will have 20% to put down soon. Clearly I want the lowest monthly cost to own, the duplex I can rent out the other unit and second bedroom easily, but not sure how much longer I personally would like to have a roommate, but also would like to stop working these crazy hours. What are your thoughts or opinions? I have always been interested in rei and would hope to continue buying rentals after this property. [link] [comments] |
| How much would you estimate for this Remodel? Posted: 04 Oct 2020 01:41 PM PDT Looking for what you would ballpark estimate (your opinion). This is for a HCOL area, 2200 sq ft 4 bedroom rental made in the 80s: -Complete remodel of kitchen with overhead lighting (medium sized) -Mold issue in 1 family room and 2 bedrooms (it may have impacted the siding and still investigating) -Replace deck and stairs to 2nd floor -Repaint entire house exterior -Repaint 3 bedrooms -Remodel 2 bathrooms Would love to hear what you guys think a HCOL range low to high would be. [link] [comments] |
| Posted: 04 Oct 2020 11:44 AM PDT I'm going to be relocating to Tucson early spring next year for work. I intend to buy a home and/or buy a lot and build a home. Unfortunately as you might imagine it's difficult to find a decent home with curb appeal for under $175,000 and even more difficult to find a suitable lot in the city to build on for less than $50,000. However, I did find several plots of land just outside of town where there's multiple acres for under $100,000. So I'm wondering if it's worth it to buy one of these plots, in this case the 1.5 acres, and split off/subdivide into a handful of .25 acre plots so that I could recoup a good chunk of that 90 grand. I know there's a lot of expenses involved in subdividing such as building street access and utilities etc, I was just wondering if anyone had done this in AZ (or specifically Pima County) and if I should entertain the idea or just forget it and keep looking for affordable land or homes. [link] [comments] |
| Houses sold a month ago are back on market Help Posted: 04 Oct 2020 07:54 AM PDT So, I am 1st time home buyer but due to cheap money and low inventory in FL people jacked up prices up to 70k in just past few months. Houses were selling like hot cakes until last month and now those deals are back on market. Maybe people backing out coming to their senses or Are the lenders not giving them the loan at last minute? What is different in the market? [link] [comments] |
| Posted: 04 Oct 2020 02:28 PM PDT Quick background: I'm a 31 year old bartender living in Miami. I have no debt, and about $130k between savings, and investments — 30k-40k which I'm willing to use for purchasing the property, plus any rehab. Prior to covid I was netting about $8k a month from my primary bar job, plus some additional revenue from consulting/events. But now due to covid, I have not worked since March so I don't have much income to show for this year. Between January 1st and March 15 I made about $32k (thanks in part to the Super Bowl being in Miami, food & wine festival, and a couple consulting gigs). Besides that, I've received about $13k in government help, which I would assume would count towards my income, and I've made an additional $80k in capital gains thanks to the covid bull run. So although I haven't worked, I've still managed to maintain a similar revenue base, however I still fear that a bank won't loan me the money since my income is scattered all over the place. I've never applied for a loan before, and since I haven't worked in months it almost feels like a waste of time to run my credit just to be denied. Any suggestions would be greatly appreciated, thank you. Edit: Miami lifted the ban on bars so I'll be going back to work this week. Plus I foresee new ownership to take over a lot of the bars that went under, so I expect an uptick in consulting work. So I plan to be fine financially, as I've been during the whole shutdown, I just rather not have to wait another year to purchase a property. [link] [comments] |
| Thank you to the kind strangers here! Posted: 04 Oct 2020 10:35 AM PDT I just wanted to say thanks to how nice and kind everyone is here. I won't say the name but someone from this Reddit gave me really good advice on how to screen and not to do favors because they typically always end up being a mistake. This person also recommended using a real estate attorney for my lease and questioned why I wanted to pay a property manager. Well. Now I have officially a 18 month leases signed, the best qualified tenants you could ask for, and I managed to do it myself before I'm even moved in to my new place so I literally only have a week of vacancy after close to ensure everything is in tip top shape. Property managers estimated rent at $1800-$1850, I listed it at $1950 and had a TON of interest. It'll cash flow about $600/month plus pay about $450 in principle each month. (Of course some of that willgo to repairs and stuff) but overall I'm happy, excited, thankful, and scared because now it's just starting and I know their is a lot more to learn/work ahead. Anyway, y'all are the best💕 [link] [comments] |
| Posted: 04 Oct 2020 01:33 PM PDT Obviously many variables could change things, but I'm asking just generally and for a ballpark. [link] [comments] |
| Posted: 04 Oct 2020 01:04 PM PDT I was thinking into buying a property for an average of 50k and make it more decent (let's say I'll put 10k). However, what will be the average monthly return ? I've heard people saying that they bought a property for 45k and rent it monthly for 1000 which I think it's extremely good Payback period is less than 5 years but I think it's too good to be true (I'm not a US citizen but I lived in California for 5 years and RE there was expensive ) so what do you think [link] [comments] |
| Can I get land for free with no catch? Posted: 04 Oct 2020 05:08 PM PDT Just an abandoned house or empty land in the middle of nowhere. Just to say I own land [link] [comments] |
| What happens if there are outstanding encroachments right before the inspection period ends Posted: 04 Oct 2020 09:17 AM PDT Hey guys - I just wanted to start off by thanking you all for giving me the advice last time and I was able to convince the other real estate agent to give up 1% for me to find a real estate agent to represent me. Another issue is coming up and I hope you guys can give me some insights. So in the commercial real estate contract that we signed, if the buyer (us) decides to back out of the contract after the inspection period (tomorrow), then we have to compensate $10,000 to the seller. If the seller backs out of the contract, then he compensates the buyer $3,000. The situation is that there were two areas of encroachments from the neighbors on each side and we mentioned this to the seller since the beginning. The encroaching fencing has still not been removed and tomorrow is the last day of the inspection period. We have asked the seller to extend the inspection period + closing date to accommodate the neighbors removing the encroachments. He has refused to do so. In this case, we the buyer is ready to close the deal and have everything ready on our end. The seller refuses to extend the inspection period. If the encroachments is not removed by the end of the inspection period, would the seller be implicitly backing out of the contract (not giving us a clear title)? Would we be compensated for the $3000? Thank you! [link] [comments] |
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