Real Estate Investing: Is $400 a month positive cash flow worth the investment |
- Is $400 a month positive cash flow worth the investment
- Looking for tips for someone who wants to get into rental property
- Price of $700k 4 unit in a good location fully rented with bonuses. Need help with a good offer
- Managing Small (6-10 unit) Apartment Complex Remotely
- Full-time real estate investors (if any out there)
- Selling my primary residence in an overvalued market. Rent and buy a later? Buy new build now? Buy multiple properties?
- Should I sell the rental property to buy a house?
- What is the best lender rate right now with preapproval information? Excellent credit and solid income (820 score), stable job
- Cash out refi for a new home purchase
- My first wholesale deal. Need help
- Tenant Mold Property Management Issue
- Cancelling selling contract as the seller
- Where are the low vacancy cash flowing properties in Canada?
- 500K for a 750K house.
- Getting dad's name off investment property before 1031
- Quadplex questions
- Who else loves the calls from the Filipina remote assistants for guys trying to find deals?
- CA Property tax bill is 4% increase over last year..? Isn't this illegal due to prop 13?
- Airbnb for second/third investment - Narrowing down location? Where to start for STR Newb?
- Any good online resources to find deals?
- Just payed off first rental and wondering were to go from here... any advice welcome.
- Can you get multiple 30 year (primary residence) loans?
- Home warranty: worth it or not?
- What are your cashflow goals? When is it "enough"?
| Is $400 a month positive cash flow worth the investment Posted: 14 Oct 2020 11:29 AM PDT Considering investing in a duplex with $400 positive cash flow. It it rented now but would keep the option to live in it later and refinance. I understand that regardless of the cash flow it is still building equity. But, does it make sense as an investment when weighing down payment, interest, cost of maintenance etc? It seems like it would take a long time to recoup even then down payment. Am I looking at this wrong? [link] [comments] |
| Looking for tips for someone who wants to get into rental property Posted: 14 Oct 2020 07:41 PM PDT hello. can someone give me some tips on how to start off making money from rental properties or maybe tell me how they started and how they are doing now. this path month i've been trying to buy my very first home and i've made offers on 3 different places so far and every time it feels like i'm a the craps table lol it's exciting! i do have the capital to do something like this if i wanted to but i feel like it would be a ballsy decision to plunge myself into the world of real estate. any wise words or advice would be appreciated! thanks. i want to make passive income and not work LOL [link] [comments] |
| Price of $700k 4 unit in a good location fully rented with bonuses. Need help with a good offer Posted: 14 Oct 2020 04:20 PM PDT So I'm looking for some insight on this off market deal I've been pursuing. Market price for it would be in the $700k range, I'm going to try negotiating down considering the hefty commissions that would come with it if it were to be on market. Current rents: $1500 $1050 $1150 $1250 Total $4950 Potential rents $1800 $1600 $1600 $1500 Bonus storage / commercial space $600+ Total $7100-7200/month Taxes are about $7300/yr Not sure what rates are right now for good borrowers (700 credit score) The property itself is a 3-family with a commercial store front street side (450sqft) and a 3bd2ba cottage. Room for 3-4 small cars out back and 3-4 cars up front. Location is good, walking distance to hospital/school, bigger city, and lots of development. I am currently pursuing a conventional mortgage for first time home buyers. Hoping to get in to the 5% non-owner occupied category. But we'll see. The commercial space is not active, so I do not think they will flag me for it, it's just a future option/opportunity if this pans out. What should my offer be? considering I offered 600k and that was too low for them, not saying what they really want however. They say it needs nothing but want an offer before showing the place due to covid and the potential of me wasting their time if they don't get a good offer back. Thanks for reading and any input! [link] [comments] |
| Managing Small (6-10 unit) Apartment Complex Remotely Posted: 14 Oct 2020 08:46 PM PDT I am thinking of buying an apartment complex out of state. I am on the other end of the country but the numbers seem to make sense. The building is from 1980s Do any of you guys have experience managing an apartments remotely with a property? What do you dislike the most about the experience? How much does PM eat into your revenues? [link] [comments] |
| Full-time real estate investors (if any out there) Posted: 14 Oct 2020 07:27 AM PDT Are there any Real Estate Investors who left careers to work full time for themselves focusing on real estate? If so, what is your story and how did you get to the point where you committed fully to just real estate investing? I am a part-time mba student hoping to get into real estate. Thank you. [link] [comments] |
| Posted: 14 Oct 2020 06:03 AM PDT Ok so houses are mostly going for $50-$100 over asking in my city. My wife and I have great credit and are sitting on a small mortgage so we're looking to sell and free up some investment capital. We're in southern Ontario. My wife has experience with interior design and I am able to do repairs and medium renovations. We did really well with our current house and would like to repeat the process. We are also interested in keeping rental properties. Notes: - Our house is in an area that any further upgrades will have very little effect on the overall value.
I have a question about our options, any help is appreciated.
I've been told that a 6+ unit building that has tenants qualifies for its own mortgage or something like that? Is that a thing in Canada? We should have enough for a 30-40% downpayment, but there's no way we'd qualify for the debt load on a building like that. Unless that's the point... We'll have enough for a large down payment on whatever we want, I just don't know how to carry the debt load of a cash positive property. Maybe that's not a thing. Sorry for my ignorance, any help is greatly appreciated. [link] [comments] |
| Should I sell the rental property to buy a house? Posted: 14 Oct 2020 10:48 PM PDT My wife and I have a condo that has been paid off and used as rental property. We are renting in a nearby city with much better schools where our kids go to. The income from the rental offsets our rental. Our property is worth about $600,000. We want to move to a house with backyard and more space since our kids have grown just started middle school. The house in the area averages $1.2 million. Despite we are pre-approved for $700,000, we don't have enough money for the down payment. We do not want to sell our condo since it provides a good source of income. However, we don't know how we would come up with the down-pay without selling it. What would you suggest in our situation? Should we sell or continue to rent or renting a bigger place instead? Any other options that we should look into? [link] [comments] |
| Posted: 14 Oct 2020 03:43 PM PDT As title - is there a good/best lender to work with regarding loans? I plan on buying single or multifamily putting 20% down and working on the lowest interest rate I can get from a credible lender. Also looking to do 30 yr mortgages. Thanks in advance [link] [comments] |
| Cash out refi for a new home purchase Posted: 14 Oct 2020 08:31 PM PDT I purchased a new construction for 750k and I can 14% down payment which brings the loan amount to 650k and so I can only get a jumbo loan for approx 4% interest. Planning to get a loan on my wife's name. She never had a loan on her name. So here we are paying high interest rates and about 250$ per month PMI Our current home is on my name and have about 80k equity. It's a 15 year loan with 2.8% I can take a cash out and still have the same rate if not less And I can take another loan later on my 401k account for 40k So I can source about 120k towards my new house, which brings the loan amount down to 525k. It would still be a jumbo loan but I'm assuming the interest rate would be much lower let's say 3% and no PMI The new construction will be available next October So I can manage to avoid mortgage fraud I am planning to rent out my current home after we move in to the new house What would you do? 1. Would you Cash out refi to lower Interest rate and PMI? 2. No cash out and Just pay higher interest rate given the uncertainty in the pandemic? 3. Separate topic- Can my wife withdraw 10k from her 401k without any penalty since this is her first home? 4. Once I rent my current home next year, will I have to pay more interest rate since it's not my primary home [link] [comments] |
| My first wholesale deal. Need help Posted: 14 Oct 2020 06:09 PM PDT I already did all the research on steps on the process and will start looking for my first deal officially on Monday (virtually). How long did it take you guys to get your first wholesale deal? Top 3 things you wish you knew when you first started? Places to find a legit mentor instead of a guru trying to sell bs classes? How do deals compare from state to state? Looking for best methods to make the process most time efficient. Any feedback helps. Thank you! [link] [comments] |
| Tenant Mold Property Management Issue Posted: 14 Oct 2020 11:50 PM PDT Headline: Long story short, a tenant of mine is requesting to cover the cost of their move after they ended their 1 year lease after only 2 months due to a mold issue after a water heater broke. Mind you, the water heater is in their bedroom and for some reason this unit didn't have a water trough to catch the leaking water. The story: The water heater was leaking for weeks before the tenant noticed water and then discovered that the leak was the water heater (they also travel a lot not really home much) as the water seeped far enough for it to wet their feet on their bedroom carpet from their bedroom closet. Once they figured it out they immediately shut off the water heater and notified the landlord through their service portal for emergency service. Here's were the situation gets ugly: The management company had the water heater replaced before having the restoration done. The next day the restoration company shows up and gets started with the dehumidifier and drying fans. The fans have to stay on for days to complete the process. The tenants below this unit complained about the noise and the landlord told the tenants above with the water damage to turn off the fans overnight. Note, that's 12 hours of the fans not working and interfering with the restoration process... causing more damage and time until the mold can get taken care of appropriately. The tenants told the landlord that they will not interfere with the process as the water restoration company told them, "do not mess with the equipment as this would pose a health risk because the mold will get worse and prolong the restoration process so you can start using your room again". The landlord and tenant got into an altercation on the phone and the landlord said, "well if you don't like what I'm telling you to do then put in your notice to move". Well, now that this landlord has put my property into financial jeopardy because they actually put in their notice because of the mold. As a landlord, you have to understand given that there is an evection moratorium it's really hard to find tenants like them who have good cash savings good jobs and pay on time. Now, I'm going to have a third vacant unit because of this... and I'm already weary about who I make as a tenant Giving there's so many ways tenants can screw me over by not paying rent. These tenants were really good people. Now, they want us to pay for their unexpected moving costs and break their lease due to the mold and this situation. What should I do? Who's in the wrong here? Thanks! [link] [comments] |
| Cancelling selling contract as the seller Posted: 14 Oct 2020 07:26 PM PDT I'm selling my property in Fl. The closing date was supposed to be Sep 23rd, but the buyer has delayed closing like 3 times til this Friday 10/16. I'm doubt that it'll be closed this week because I, my realtor and the escrow company haven't heard anything from the lender/buyer. I'm thinking to cancel the contract. I wanna receive the deposit money for the wasted time I lost, but my realtor said i might not get the money. I'm upset at my shitty realtor for the service he provided so I'm posting here for help. Please give me advice/suggestions about what I should do and how to get the deposit money. Thank you. [link] [comments] |
| Where are the low vacancy cash flowing properties in Canada? Posted: 14 Oct 2020 11:08 PM PDT It seems that everywhere around Vancouver is low cap rate and negative cash flow. Is there an B class cities like Calgary where we can get the returns this forum strives for at a palatable risk? [link] [comments] |
| Posted: 14 Oct 2020 02:14 PM PDT My best friend's mom is trying to sell her home. Her mom bought it in the 40s for about $4,000. Her son has been living in it and it is a dump. She just wants to get rid of it for 500K There are so many problems from just a visual side. I haven't even gotten a house inspector there yet but I'm estimating 6 months of work and like 100K in repairs and renovation. Still, the houses nearby are going for 700-800K in this area. I've never flipped a house before. Would you take this? [link] [comments] |
| Getting dad's name off investment property before 1031 Posted: 14 Oct 2020 01:09 PM PDT I'm working toward selling my existing duplex to do a 1031 exchange for a larger commercial property. However, my father's name is on the deed/note/mortgage for my existing duplex. He's never been involved in the property, but I needed him to cosign the loan since I had no credit at the time. My lawyer tells me whatever name is on the deed for the duplex must be the same name on the new property for the 1031 exchange, and I don't want his name on the new property. I went through a bunch of hoops with US Bank to try to assume the remaining mortgage on the duplex (there's only a $21k balance left), but they apparently have a strict policy against assumptions if the house isn't a primary residence. So, I'm left with either paying off or refinancing the duplex just to get my dad's name off it. I have enough cash in savings to pay it off, but if I do that I'd like to replenish my savings once I sell the duplex- but wouldn't that make my savings considered boot and subject to gains tax if I pull it back out? Is there a way to refinance this (short term) without closing costs? It seems silly to pay closing costs just for this, when I plan to sell in the next 6-12 mo. [link] [comments] |
| Posted: 14 Oct 2020 06:49 PM PDT Background: I have a SFH and a 2 family home(primary residence) right now. I've been looking at a few quadplexes in the 250k-300k range and looking to expand. I've seen downpayments of 25% for Fannie mae backed loans. Is this standard or does it depend on lender? I'm hoping to buy with as little cash as possible. Any other creative finance options I may have available? [link] [comments] |
| Who else loves the calls from the Filipina remote assistants for guys trying to find deals? Posted: 14 Oct 2020 07:27 PM PDT I got one of these today. A sweet young lady from the Phillipines with a spoofed Philly number asking me if I want to sell one of my properties. Of course I quote her a ridiculous number but we had a nice chat for a few minutes. Who else loves these calls? [link] [comments] |
| CA Property tax bill is 4% increase over last year..? Isn't this illegal due to prop 13? Posted: 14 Oct 2020 07:04 PM PDT CA Property tax bill is 4% increase over last year..? Isn't this illegal due to prop 13? Anyone else get their bill on single family home raised over 2%? [link] [comments] |
| Airbnb for second/third investment - Narrowing down location? Where to start for STR Newb? Posted: 14 Oct 2020 05:47 PM PDT Hi, all! Over the next couple weeks I'll be closing on a HELOC for my primary ( a duplex I house hack) and have been preparing on how I want to use it for my next investment or two. I did well for my first househack, having amazing tenants and cash flow very nicely, even though I'm occupying one unit on my side. With that being said the most obvious plan for the HELOC is doing another househack, as well as use the rest to buy a few more properties throughout 2021. Over the past year and half or so I've become and expert for my market and feel like I can confidently pick deals that cashflow or give me a solid equity position. Although I did plan on continuing my portfolio here since I know it so well (Capital region, NY), I'm looking to diversify my portfolio by doing something out of state as well. Although this was something I planned on not doing for another few years, the idea of using a 10% downpayment for a second residence and using it as an Airbnb/Vrbo while vacationing there a few times a year has become appealing to me. My thought process is this would allow me to get into a new market earlier and generate some cash flow, while I can decide over the next few years if I want to continue in this new market or maybe look else where. The problem is I've done very little research on STRs over the past few years compared to the amount of knowledge I gained on LTR's. Is the process for selecting market/analyzing the property the same? (areas that show growth long term and cash flow after all expenses). I do understand there is higher vacancy, managing fees, and so on. I have a lot of family in the Jacksonville area so I've thought about something around St Augustine, and have also looked a bit into Idaho ski markets. The latter seems to have fairly hands off Airbnb regulations and looks to continue appreciating, with properties being cheaper than their Utah/Colorado counter parts, but then again I do have connections family wise in the North Florida market which I know can be crucial to success in an Area. Any thoughts on either of these markets from other STR investors? Does my thought process/plan sound okay or am I jumping into something I shouldn't tread into quite yet? Sorry for the barrage of info and questions, I guess I'm just trying to organize my thoughts on how I should approach this and whether it makes sense or not. I want to establish a plan and market and really haven't looked at it from vacation rental POV before, so I wanted to get some other eyes on my brainstorming and see what they think. Thanks! [link] [comments] |
| Any good online resources to find deals? Posted: 14 Oct 2020 04:48 PM PDT I've been lurking in Roofstock.com for a while now and find their listings and services extremely valuable but somewhat limited in breadth. Any other places you guys regularly find good deals in? Thanks. [link] [comments] |
| Just payed off first rental and wondering were to go from here... any advice welcome. Posted: 14 Oct 2020 04:15 PM PDT My wife and I recently paid off a 2 bed 1 bath that used to be our primary residence. Currently I work and she stays home with the 3 kids. We want to add to another rental within the next 6 months and I am just now beginning to read up on ways to use the equity in the first rental to purchase another one. The house we have paid off on only worth about 60k and we draw $900 a month rent on it, with renters that I do not expect to move. How would you pull money from the first home to use as a down payment for a second? Any advice is welcome and if you need more info please let me know. Thanks. [link] [comments] |
| Can you get multiple 30 year (primary residence) loans? Posted: 14 Oct 2020 03:51 AM PDT I was wondering if it's possible to get multiple 30 year loans? Example: I cashout refinance a 30 year loan for my primary residence. I live in this residence for 6 months - 1 year. Use the cash to buy another home, move out my current residence and refi-the new home as my primary residence and get another 30 year loan. Is this possible? [link] [comments] |
| Home warranty: worth it or not? Posted: 14 Oct 2020 03:03 PM PDT I've been quoted $480/year for a duplex I just purchased. Seemingly covers just about everything that can and will go wrong. This is my first experience with warranties, looking for any input good or bad on you experiences with warranties on your properties. Thanks in advance! [link] [comments] |
| What are your cashflow goals? When is it "enough"? Posted: 14 Oct 2020 03:39 AM PDT Real estate seems to be drying up in my area. How much cashflow a month will you start to slow down and diversify into other markets/other investment opportunities (stocks,crypto,businesses). What are you goals right now? If you're cashflowing 10k/100k/1m a month, what would you do? How would you reinvest or how would your spending change? [link] [comments] |
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