Real Estate Investing: Just had a tenant die |
- Just had a tenant die
- I don't think /r/politics understands real estate
- Need advice on how to ask information
- Florida - I’m looking to buy a 4bd/4ba home with a studio apartment behind it. It’s zoned as a SFH not a multi family.
- Closing on first property next week
- How do I do an FHA to Conventional home refinance on my primary residence
- Colleague asked me to join him and few other people to create LLC for real estate investing. What to do?
- Why can't I find a damn duplex in my area
- Private/Public Partnership for Commercial Project
- Adding a partner to help with financing
- Is this a good deal?
- Problem with using a separate PERSONAL checking account for rentals?
- Buying properties to Airbnb in college towns
- Morality over profit?
- Options for capitalizing on 3 acres in Southern California?
- Shotgun Clause Strategy?
- Lease to buy
- Seller's Agent Showed Me a Home—Should I Make an Offer Directly or Through Another Agent?
- What happens if I buy a multi-family zones as single family home?
- Anyone have any experience with leasing billboards on their property?
- WHAT IS YOUR PREFERRED RETURN?
- Novice Question -- Ideal Leverage
| Posted: 27 Oct 2020 01:57 PM PDT As post says. I'm shocked, sickened. In between PMs currently so I'm having to do a lot of the juggling with both PMs, the police, tenant's supportive housing who are impossible to contact given COVID, and getting their family contacted. Sounds like we'll need to do hazmat cleaning, which is backed up for weeks. No point to this post, just needed to post. Dealt with a lot of problems in <2yrs of doing REI, but this one is just about breaking me. We sometimes forget about the human element of this business. Ugh, I feel sick. EDIT: Thank you all for the kind works and support, it's been very encouraging dealing with this situation. Thank you. [link] [comments] |
| I don't think /r/politics understands real estate Posted: 27 Oct 2020 05:05 PM PDT https://www.reddit.com/r/politics/comments/jj86yk/donald_trump_has_real_estate_debts_of_11b_with/ awarded 44 times: "Donald Trump has real estate debts of $1.1B with $900m owed in next four years, report says" One of the top comments: "How does this not disqualify him from being president? If I even had a small debt, poor credit, delinquencies etc...I could not get a basic job that requires security clearance" [link] [comments] |
| Need advice on how to ask information Posted: 27 Oct 2020 11:43 PM PDT I am considering buying a house and am looking to ask some questions about the house that I don't know would be discussed or even disclosed. I want to ask if there have been any deaths in the house ( natural or unnatural). Is there a way to sensitively ask this? I am in san diego if that matters. [link] [comments] |
| Posted: 27 Oct 2020 09:00 PM PDT Florida - I'm looking to buy a 4bd/4ba home with a studio apartment behind it. It's zoned as a SFH not a multi family. Am I allowed to take out an FHA Loan, rent out the house, and live in the studio? I read that as a primary residence I need to occupy 51% of the property. Is this true? [link] [comments] |
| Closing on first property next week Posted: 27 Oct 2020 03:22 PM PDT 23 years of age and closing on my first property next week. Super excited! I am House hacking a duplex I'll be living in one unit and having my other unit cover my mortgage. I have a tenant lined up and just need to close and sign all the documents on closing and have him sign the lease. What are some of the first things that you do to the property when you first buy it? Changing the locks, cleaning it, etc...but what else? Thank you all in advance. [link] [comments] |
| How do I do an FHA to Conventional home refinance on my primary residence Posted: 27 Oct 2020 08:17 AM PDT Firstly I'm new to real estate investing and would like to know how I can refinance my current FHA loan into a conventional loan. Can I use equity on my residence for the 20% down? I've read some online articles but I only become confused. I have this understanding, but I'm sure I'm wrong. Say my current home has an appraised value of 150k and my current balance on the mortgage is 115k. Can I use the equity I have to get a conventional loan? If so will my new mortgage remain at 115k? Thanks to anyone willing to clarify this for me! [link] [comments] |
| Posted: 27 Oct 2020 03:35 PM PDT A friend/coworker from work has some knowledge in investing. I've known him for about 5 years now from previous job and also to the new one. I'm not sure how much knowledge he has when it comes to investing or what his portfolio is like. However, he and I have talked about investing several times over the years and he has told me several ways to invest such as stock, real estate, etc. A week ago, he invited me to a zoom meeting along with 2 other friends of him who is looking to invest as well. Basically, it consists of my friend and his wife, his two other friends, and myself, total of 5 people. The goal of the meeting is to start a LLC, get a small business loan from a bank, put up everybody's money in the bucket, buy a local real estate property, fix it, flip it for a quick money, split the profit and repeat. Here's some more info:
A total of $50,000 that is supposed to be use to buy out a real estate property, renovate it, pay for license fee, contractor fee, legal fees , etc for the business and to put it back in the market to sell it, split the profit and repeat. It all sounds good theoretically, but there are so many unknowns that we don't know. This is my first time getting asked to be a part of LLC, invest in real estate, and the money that I was thinking of using is in my savings that I was thinking of using to buy my first house as a down payment so I'm still thinking whether I should use it or not for this situation. Below are some of my questions:
Thank you guys for all your input! [link] [comments] |
| Why can't I find a damn duplex in my area Posted: 27 Oct 2020 03:22 PM PDT I've been searching everywhere in my trying to find a good multi family unit in my area and it seems like every seller is trying to sell it for way too much to some investor who has no clue what they are doing. I'm talkin 450k for a two bedroom duplex that rents for maybe 900 a piece. How do you go about finding good multifamilies to invest in? [link] [comments] |
| Private/Public Partnership for Commercial Project Posted: 27 Oct 2020 06:45 PM PDT As the title suggests, a city has contacted me for a joint venture into a commercial project. The project is oriented around sports membership inside an indoor facility. The facility will likely look like a warehouse, at least that's how I'm envisioning it, in case the venture doesn't work and I can repurpose the space. I haven't done a joint venture before with a municipality so wondering if there's advise or deal structure that I should be mindful of. A few details. In this city the land is located downtown near the most prominent park and most prominent business in town (employs 2,000 people). The city population is 30,000 and there's a smaller city next door with 13,000. To the south twenty minutes is another city with 150,000. The city has five acres of land. The said commercial space can be built on two acres. When I talked with the city stakeholder she told me the city council is open to a proposal from my group on how to structure the deal/partnership. Two questions for this group. If you were in my shoes what questions would you be asking? And how would you structure the partnership/deal? [link] [comments] |
| Adding a partner to help with financing Posted: 27 Oct 2020 05:20 PM PDT Hey guys- we are trying to do a big finance and our overall lendability isn't what I would like it to be. Quick lesson- if you buy a new car and somehow the autopay doesn't get setup correctly and you get a 90 day late before you realize your credit score drops 100 points... so try to avoid that. Anyway, to get out of a big cost of hardmoney and into something amortizing and single digit we are going to bring in another partner to bolster our image. I would like to get your thoughts on this in general- but also a specific question which is: how much ownership does the new partner need for the bank to look at him as part of the package? [link] [comments] |
| Posted: 27 Oct 2020 05:29 AM PDT Home price is $110,000. Needs $10,000 in repairs. Once fixed up, can rent for $1100-$1200. Annual taxes: $1700 Annual insurance: $650 [link] [comments] |
| Problem with using a separate PERSONAL checking account for rentals? Posted: 27 Oct 2020 08:51 PM PDT Context: I own a condo in California and have two rental properties under contract, also in California. (duplex & fourplex) I bought the condo as a primary residence one year ago and rent out two rooms. I am about to close on the duplex and am in the middle of closing on the fourplex. I am considering using a separate personal checking account to handle income and expenses for rental operations. (Bank 1) And to use another separate personal checking account for my personal expenses. (Bank 2) 1) Does anybody else do this? 2) Would you instead go through the process of forming an LLC / pay the $800 California annual franchise tax and run rental operations out of a business checking account? California landlords, how do you structure your financial accounts for your rentals? [link] [comments] |
| Buying properties to Airbnb in college towns Posted: 27 Oct 2020 05:02 PM PDT Hi everyone, I am thinking of buying a duplex in a college town (Big Ten public state school) that has previously been used as an Airbnb. There are a few properties for sale in the area that are former Airbnbs and they all have been able to get very high rents for the price (45k annual rents on a 250k property). Even though a lot of people aren't visiting college towns now due to travel restrictions, I believe things will return to normal over the long-term. Does anyone have any experience with this and would be able to provide any advice? Thank you! Just for some background, I work at a hedge fund in NYC and have experience investing. Also, the college town would be where I went to school. [link] [comments] |
| Posted: 27 Oct 2020 07:40 PM PDT I came across a potential tri-plex deal that would net me a possible $250+ per unit in cash flow after all expenses are factored in (this includes me adding a property management fee even though I'd self manage), but the part that's making me hesitate is the current tenants are paying way under market rent in each unit and I seriously doubt they'd be able to afford the rent if I brought it up to anywhere close to market rent. I really am struggling with the thought of 3 different families losing their homes, but I can't make the numbers work given the current rents. Should I just try and find a more suitable deal that won't displace 3 families or would you attempt to move forward with the deal? Has anyone ever dealt with this situation and if so, how did you manage? [link] [comments] |
| Options for capitalizing on 3 acres in Southern California? Posted: 27 Oct 2020 07:39 PM PDT Friend owns 3 acres of real estate in Southern California (Ventura County). Property is located in the center of a residential neighborhood. Currently there are 3 small units on the back .5 acre of the lot, while the front 2.5 acres are completely empty. They want to develop or sell the front 2.5 acres as it's currently under utilized. The issue(s): 1. The 3 existing units are on a septic system, and in order to re-zone and/or sell the front 2.5 acres into smaller lots, water & sewer lines must first be installed. 2. Friend does not have the extra $250k required to fund installation of said water & sewer lines. 3. The land is currently zoned as "agricultural" - rezoning doesn't seem to be an issue (assuming water & sewer installed), but seems relevant. What options exist for funding the water & sewer install? Is leveraging a portion of the prospective lots as payment towards new water & sewer install a viable option? Zero experience here, any insight/feedback would be greatly appreciated. [link] [comments] |
| Posted: 27 Oct 2020 10:59 AM PDT Hi all, Has anyone enacted a shotgun clause (i.e. buy-sell clause) to dissolve a real estate partnership? Interested in hearing strategic tips and how it worked out for you? [link] [comments] |
| Posted: 27 Oct 2020 12:23 PM PDT Hello I am new to the Columbus area and am looking to buy a home. My current home will be rented out shortly and I also own 5 other rentals. On paper my DTI is way to high to afford another mortgage until after my current residence is rented out and I sell a few of my rentals. I found a home for $369,000 and it's everything I want! I wanted to offer the seller a lease to buy term. I know his current mortgage is $1700 and I'm trying to put together the best contract that would entice him. Any help? [link] [comments] |
| Seller's Agent Showed Me a Home—Should I Make an Offer Directly or Through Another Agent? Posted: 27 Oct 2020 03:21 PM PDT I drove past a home that I'm interested in and the seller's agent happened to be outside. She showed me the house but already had several offers and the house was under contract before I made an offer. I talked with her about representing me as a buyer. Now, I'm working with a different buyer's agent, who I had not yet met when I first toured the home. She let me know the home is back on the market, and I'm thinking of making an offer. Mine won't be the only offer. Would I make my offer through the agent I'm working with, or the seller's agent, who was the first to show me the home? [link] [comments] |
| What happens if I buy a multi-family zones as single family home? Posted: 27 Oct 2020 01:30 PM PDT Just found a great deal on the MLS. Meets the 1% rule and is in a great location. Very undervalued. Just looked at the assessor history and it appears this home is zoned as a single family home. What does this mean for me if I move forward, househack and rent out the other unit, and eventually rent out both units? Tax implications, legal implications, etc? What type of issues can this zoning lead to? [link] [comments] |
| Anyone have any experience with leasing billboards on their property? Posted: 27 Oct 2020 01:24 PM PDT So my family was just asked by our tenant for a reduction in rent going forward. With billboards the Average Daily traffic of the freeway is usually our biggest factor in pricing their rent. The only traffic data we have to go off of is from 2019 though, and they're asking for a 21% reduction in rent. Does anyone know where I can find an up to date assessment of the traffic flow? The property is in Las Vegas, right next to the cities main freeway and like I said, I can only find 2019 data. Any guidance would help tremendously. [link] [comments] |
| WHAT IS YOUR PREFERRED RETURN? Posted: 27 Oct 2020 05:49 AM PDT Hi! I am a developer for a few NNN Lease tenants. I've recently done a couple of syndications and brought in capital partners to help fund some of our projects. I know what kind of return they're going to make having invested in the development side of the project. I would like to know, what is YOUR preferred return when investing in Commercial Real Estate. Please be specific as to what type or category you invest in and the return you must have to do make a deal happen. Thanks! [link] [comments] |
| Novice Question -- Ideal Leverage Posted: 27 Oct 2020 12:08 PM PDT Can someone explain the point at which leverage is no longer an advantage? To illustrate, let's just say hypothetically someone has 300k in cash and that the bank has approved the investor to only put down 50k for as many $500k units as the investor wants. At one end of the spectrum, the investor can spread $300k across 6 units with 10% down. At the other extreme, the investor can concentrate his funds and invest in 1 unit with 60% down. It's not clear to me that going for 6 highly-leveraged units is the optimal choice (vs. going for 2-5 units) because if the investor goes for 2 or 3 units, he/she can pay off the mortgage in half the time and take the full rental income from those units to go after more. It seems like the incremental approach gets you to the same destination (e.g., ownership of 6 units), but exposes you to less risk in the short term (e.g., if you face vacancy your mortgage payments shortfall are lower). For that reason, I don't fully understand why more leverage is universally pitched as better. It seems like there is some optimal point in the middle which allows you to let leverage work while mitigating your personal risk. Does anyone have a rule or framework to guide decisions around this in a low interest environment? Is the bank basically communicating that optimal point to investors based how much it's willing to lend? [link] [comments] |
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