Real Estate Investing: [Landlord Alabama] Paid parking at a rental. Parking fee unpaid and towing vehicles |
- [Landlord Alabama] Paid parking at a rental. Parking fee unpaid and towing vehicles
- Month to Month Leases
- Can losses on a rental be deducted from capital gains on sale of stock?
- Discord for the subreddit
- OOS investor looking for some connections
- Any suggested books for beginners?
- First time buying "Subject to Probate Court Approval" (Michigan)
- Remote investing in Dayton, OH?
- Cash out refi questions
- Wrong Sq Ft on tax Documents
- What age were you when you bought your first house?
- Looking for beginner advice.
- Commercial Lending Question
- Considering buying current home to turn into an investment property in 6-12 months
- Looking to buy a place in Salt Lake City, Utah. Bad time to buy?
- where to park money between investments
- Is it possible in the US to get a 30 million dollar net worth in real estate starting with 100k in a 30 year period?
- What are the most important things you look for when you are investing?
- How fo I find contacts for REO/bank owned properties??
- Refi, HELOC, or sit?
- Evaluating First Commercial Loan Terms
- Does landlord insurance typically cover the house itself as well?
| [Landlord Alabama] Paid parking at a rental. Parking fee unpaid and towing vehicles Posted: 23 Oct 2020 10:15 AM PDT In our lease we have paid parking. The parking fee is $20 a month. I have a tenant who hasn't paid their rent in two months and thus not paid for parking. Property manager finally got around to towing vehicle. The tenant is raising threats of suing for unlawful evection. But we towing in illegally parked car rather than preventing them from accessing their home. They came by to pay the $20 parking fee. And My manager informed them that their lease also states that they agreed to apply any payment received to outstanding late fees first, then damages, then rent, then parking fees. Thoughts? They have no right to parking written into the lease without paying the parking fee. They did not pay the parking fee so they are parking illegally. [link] [comments] |
| Posted: 23 Oct 2020 08:05 PM PDT What are the pro and cons of month to month rental leases? Would you recommend month to month over 1 year+ leases? Do tenants typically sign a lease at the beginning stipulating that the lease is month-to-month and that there would be no penalty for early termination when proper notice is provided? [link] [comments] |
| Can losses on a rental be deducted from capital gains on sale of stock? Posted: 23 Oct 2020 05:16 PM PDT I'm going to have about a $20,000 operating loss on my rental this year and want to use it to offset some of the $85,000 in capital gains from selling company stock [link] [comments] |
| Posted: 23 Oct 2020 05:38 PM PDT Do we have a discord . New to real estate investing About me No debt 25 years old Willing to learn I'm from la More interested in multi family property [link] [comments] |
| OOS investor looking for some connections Posted: 23 Oct 2020 07:11 PM PDT Hi I'm from NY and I've invested in Georgia with some success but it's become a bit saturated. I'm looking to spread out a bit and was thinking maybe Alabama, particularly the Montgomery area. Anyone have some connections there? Looking for a good agent who is used to working with out of state investors and a reliable PM. Thanks! Edit - as mentioned in the other post, I'm looking for investors who may know people I can get referred to and not looking directly for agents or PMs.... sorry for the confusing wording [link] [comments] |
| Any suggested books for beginners? Posted: 23 Oct 2020 10:03 AM PDT Looking into buying my first unit as a rental. Any Suggested books I should read? [link] [comments] |
| First time buying "Subject to Probate Court Approval" (Michigan) Posted: 23 Oct 2020 08:37 PM PDT I'm about to put an offer on a SFH rental property where the sale is subject to probate court approval. I've never purchased a property this way before - neither has my realtor - so I'm a little confused about the process. I've read that an "accepted offer" is simply treated as an opening bid in an approval hearing auction. I'd happily pay something close to the listing price for the property, but why would I start there if I can open low then attend the hearing and keep on bidding as needed? Sources:From BlownMortgage.com:
From homelight.com:
[link] [comments] |
| Remote investing in Dayton, OH? Posted: 23 Oct 2020 08:26 PM PDT I'm closing on a flip this Monday and trying to find a place to invest in rental property. My local real estate is pretty tough to find something with a decent cash flow, inflated market. Looking into remote rentals, and had an opportunity in Dayton, OH where the numbers look great on a property with existing tenants. I know the area isn't necessarily the ideal location for a happy home with great population growth however. Looking for any advice or input? Thanks [link] [comments] |
| Posted: 23 Oct 2020 06:57 PM PDT I owe about $205k on 30 yr @ 4.75%... Obviously need to get that lower. My property value has also gone up drastically and should appraise around $400k, maybe more. I'd like to refi in a way where my monthly payment stays the same and extract the cash difference that results from the new lower rate. Lender says he can only go down to 3.625%, and that I would be able to extract about $40k. That sounds pretty good to me, but could I do better? I keep hearing about these sub 3% rates but I'm not seeing them anywhere without paying points and that kinda works against what I'm trying to accomplish with cash out. FWIW my credit score is 750 and my income is high enough to cover the loan. I'm exhausted from shopping this around and planning to take this deal Monday unless I can figure something out before then. $40k cash out for same monthly payment sounds pretty great, but I wonder if there's a deal out there where I could get $50k... Anyone have experience doing something similar or advice? Thanks in advance for you help! [link] [comments] |
| Posted: 23 Oct 2020 12:20 PM PDT I have a deal I'm working on. The actual square footage on the county documents is wrong. The house is 150 sq larger than what's documented. I'm not positive how to get this adjusted for when I flip the property. During the title work? [link] [comments] |
| What age were you when you bought your first house? Posted: 23 Oct 2020 12:09 PM PDT I've recently been thinking about buy a house in Europe, somewhere like Lisbon, Just curious what age were you? Im 25 and been investing in stocks and cryptocurrency slong with saving, I would like to move that into property at some point. [link] [comments] |
| Posted: 23 Oct 2020 10:22 AM PDT Backstory: My friend and I are both 19 with a combined income of about $25,000-$30,000. This is going to increase to around $60,000 by the end of 2021. We have $15,000 saved up in cash, no monthly debts and our credit scores are about 680 average. Current Strategy: Our current plan is to buy a single family unit in a lower income city near where we live. The price range I've found on Zillow and Redfin is $50,000-$70,000. According to online loan calculators we could qualify for a mortgage at these price points. These units would cash flow in the range of $500-$550 a month (Cash on cash 50%-55%) if we were to put 20% down. I don't expect things to work this smoothly, so realistically the first few months will probably be a lot lower than that. Where we're at now: We are having trouble finding good priced properties in this range as there are only about 3-4 listed at this price point in good condition at a time. I know that our best bet is to look for off market deals through a broker and other methods, but I'm confused as to when we should start contacting one about deals and if/when I find one (if it needs some face lifting) whether or not the bank will loan us the money to make the repairs inside of the mortgage? General Questions: I have seen multiple times in this sub that the best way to start is by using an FHA on a duplex, but I feel like single family is more manageable for a new investor. Which is the better option? If I find a property that needs some rehab, can I have the bank loan me that money through the mortgage? How hard/risky is it to manage a property yourself with no experience and little knowledge? What are the best resources for everything property management? [link] [comments] |
| Posted: 23 Oct 2020 10:13 AM PDT Looking more into smaller commercial properties. Question for those who have been through the loan process - are commercial loans given more so on income potential and debt service coverage of the property or more similar to residential single family home loans where they want 20-25% down no matter what? The property is listed at $300k. If it's a loan of 300k at 4% over 25 years (likely a balloon payment after 7 years but that doesn't affect the math here) then that's monthly payments of $1584 which is ~$19k per year in annual mortgage debt service. NOI = $27k Debt Service Coverage Ratio = 27/19 = 1.42 This shows there is clearly great cash flow, even if we make some of the expenses and rents more conservative numbers. If this was a single family home they would still have me put down a large down payment. For a commercial loan would they make me do the same even if the math checks out for a larger loan? For obvious reason I want to keep as much cash in my pocket as possible. Follow up questions would be if you guys have any advice on negotiating or getting creative on commercial loans to help secure funding. For example, first year being all interest payments is one I've heard of before. [link] [comments] |
| Considering buying current home to turn into an investment property in 6-12 months Posted: 23 Oct 2020 05:43 PM PDT We live in a single family 3bd/2ba in a far western suburb of the twin cities (30 minutes from Minneapolis). The town is very safe and has a good school district. The home we live in is my parents' investment property. The deal was: we'd pay expenses and do the remodeling and they'd be the bank. Then whenever we were ready to move we'd split the profits (25% to us). For reasons I don't want to get into, I know longer feel comfortable living in a house that I don't own. Since nothing decent is on the market for us to buy, I want to ask my parents to sell me the home at appraisal value ($260k) and gift us 25% of the profits for our down payment ($20k). Then when the housing market improves, we'll buy a different home for our primary residence and keep this home as a rental (should have a $30k down payment by then). The goal is to make some monthly income and then sell in 30 years to help fund retirement. I have never done anything like this. What things should I be researching? What questions should I answer? What risks do I run? If there's key info missing let me know and I'll add it in an edit. Thank you! [link] [comments] |
| Looking to buy a place in Salt Lake City, Utah. Bad time to buy? Posted: 23 Oct 2020 04:25 PM PDT Some background on me, I'm 21, still living with parents rent free and I live in California. I work a sales job selling solar in Texas (I work 14 days on / and 14 days off) and have been doing pretty good I have amassed over $55k already this year. I want to get an apartment in Salt Lake City to live in... also to maybe rent out a few rooms. I have seen some 3 bedrooms selling for around $220 on the low end but still in nice condition. Is it a bad time to buy real estate now or would you guys say go for it? My plan is to put a 20% down payment down on a new property every year and rent them out and I was wondering if it would be smart to buy or wait at this moment? Thanks [link] [comments] |
| where to park money between investments Posted: 23 Oct 2020 09:42 AM PDT I have about 85k that I am planning to use in the next few months on R.E. With CDs paying next to nothing, I was wondering if there are better alternatives out there to park my money for a few months and make a little in the process. I have no experience with REITs will they be a good idea? thanks for your help. [link] [comments] |
| Posted: 23 Oct 2020 02:59 PM PDT |
| What are the most important things you look for when you are investing? Posted: 23 Oct 2020 02:24 PM PDT Hi, everyone, I've came across a database of real estate properties that are listed in Spain, Italy, and Portugal. I'm trying to find the best way to organize them based on a prioritized criteria. My question is: what are the most important things that you look for when it comes to real estate investing? [link] [comments] |
| How fo I find contacts for REO/bank owned properties?? Posted: 23 Oct 2020 09:05 AM PDT I'm looking for leads on properties to rehab or wholesale. I found one owned by WF, how do I reach their reo office?? [link] [comments] |
| Posted: 23 Oct 2020 11:54 AM PDT Hey all. I am in the middle of a 75% LTV cash-out-refi on an investment property out of state. I owe $118k, home is worth ~200k. The difference is about 30k and the lender is quoting me at $9,000 in closing costs (albeit about $900 are prepaids for escrow). This is an expensive way to get my money! I will walk away with about 21k. I no longer want to follow through with this refi and might still order the appraisal before canceling. In order to do this refi, I am co-signing with my dad because my DTI is shot. If I try and get a HELOC, can I co-sign with someone who is not an owner of the house (its solely in my name)? Please help me figure out what to do. Will banks even offer this HELOC? The current mortgage is 4.625% 120k note 30yr. The new would be 150k 3.625% 30yr. The PITI is actually similar due to the rate cute along with borrowing more. The interest is better with the new loan, but it wont pay for the closing costs until near the end of the 30 year loan. I doubt I will have this same loan in 30 years and so I don't think that makes it worth it. I want the cash to have a better reserve account and to do some other investments that are planned. I don't particularly need that cash and it will just create more ease and less risk. Sitting on my current mortgage might be an option I have to take. Any questions are welcome. The home cashflows $300, and $200 if we are being very conservative (old home with things wearing out). $1200 in rent, $711 current PITI, $790 new PITI. Would selling be a good option? My basis is around $110k and the sell price would be 200-210k. The house is in Idaho and I am not sure how much I would owe in taxes. I also would lose income from the $1200/mo rent which makes me want to keep it. I am open to the idea of 1031, but I don't know where I would park my money-- it would have to be somewhere that cashflows already because I would need to claim the income to qualify. [link] [comments] |
| Evaluating First Commercial Loan Terms Posted: 23 Oct 2020 10:46 AM PDT In the process of buying a pretty good office building in a state different from where I live and I've been advised to go with a local lender in case I buy more properties there. Just a little bit confused by the lending rate. 5% fixed for 3 years and then adjusting to Prime + 2% with a floor of 5% and 0.5% origination fee. Does that seem reasonable these days? Any addtl info I can provide? [link] [comments] |
| Does landlord insurance typically cover the house itself as well? Posted: 23 Oct 2020 07:29 AM PDT In other words, does it replace homeowners insurance? This is in am email I got from them A quick estimate for insurance on a frame home built 1997 valued at $220,000 would have an estimated insurance premium of $1050 annually. Below is a quick list of coverages for the home: Deductible: $1000 Loss of Rent: $22,000 Liability: $300,000 Personal Property: $5,000 Replacement Cost Applies [link] [comments] |
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