Real Estate Investing: Las Vegas Market |
- Las Vegas Market
- What is the likely future of the state of California? Is it on a long-term path of decline compared to other states like Texas and Idaho?
- $800 water bill is no fun
- Stalemate in contract negotiations on my first investment property
- Canadian looking to get into US market in a few years few questions.
- Signed papers/provided funds but no keys ?
- 1031 into SFH vs Apartment vs Mobile Home Parks?
- Partner contracts?
- Using HELOC to finance acquisition of investment property (intra family loan)
- What’s my next jump from house hacking
- Texas duplex
- Best way to verify rental income, especially in a time like this?
- Seller Finance City Code Violation
- Little to breakeven on cash flow in a very up and coming city? Or goodcash flow in a small town?
- Section 8 friendly online management
- Buying first property- how do I get the best loan rate?
- CAP EX Question
- Thoughts on Columbus OH for cash flow?
- Buying a property with fire damage - how to transition/assign insurance claim?
- Any Bay Area / NorCal experts here?
- Using HELOC to buy additional propertied
- Are your tenants no longer paying rent? Once eviction moratoriums expire, how will you collect?
| Posted: 10 Oct 2020 11:27 AM PDT I'm currently living in Las Vegas and considering starting real estate investing. It seems that nearly every article and news source I come across tells me that Las Vegas is a hot market. For instance, this article on Las Vegas Real Estate Market Outlook 2020 provides a seemingly well researched, data driven analysis on the market. They point to the fact that Las Vegas population is growing, property is appreciating, etc.. However, that analysis is being performed by a turnkey investment company who has a financial interest in getting me to spend my money with them. A lot of other news sources are biased in the same way. I fear they might be leaving out a lot of important details that might discourage the average investor. For example, Las Vegas unemployment rate is around 13.2 and mortgage and rental delinquency rates are among the highest in the nation. This problem is compounded by the fact there is a current eviction moratorium and our governor seems to model a lot of his legislative policies off of California which is fairly notorious for not being a landlord friendly state. What do you guys think? [link] [comments] |
| Posted: 11 Oct 2020 12:36 AM PDT |
| Posted: 10 Oct 2020 01:01 PM PDT I have multiple rental properties and I'v seen families use small amounts of water and higher amounts. The people that did a lot of laundry would use the most. Now I have a $800 water bill. It's nearly 3 times their normal usage. They don't have a pool or hot tub once in a while I see the guy watering the lawn but that's nothing. I asked if any of their toilets are leaking water (like when you flush it and the upper tank has to fill up) they said "no it's good no problem" I'm suspecting something is leaking big time but theres no signs of water or maybe they're using the water for secret stuff? I know landlord is responsible for water and I'm stuck with it but what could be the reason for 3x water usage? What could I do? Family has been here 6 months not sure if meter reader had to catch up or something. [link] [comments] |
| Stalemate in contract negotiations on my first investment property Posted: 10 Oct 2020 02:13 PM PDT I am buying my first investment property, it's a duplex with both units currently occupied on month to month leases. One unit is in pretty good shape with tenants paying $1400 and the other unit is gross and needs a lot of renovations, with the current tenant paying $1000 even though it is a bigger unit. I made the offer to my realtor with the condition that I want the unit that needs work vacant at time of closing. My plan is to move into the unit myself and renovate it while keeping the other tenants paying $1400 which will just cover my mortgage payment and taxes. Well, now that we are in contract negotiations, I asked my attorney to include in the rider that that unit needs to be vacant at time of closing. The seller said no and that they never agreed to that as a term of the sale. It turns out his realtor didn't present the offer to him with that as a contingency. So now the seller is saying due to the current COVID eviction moratorium they are refusing to include that in the contract. They also don't want to be out a tenant if the sale doesn't go through. They are also saying that the tenant has verbally agreed to leave if I want them out but won't put anything in writing. I do not want to have to deal with possibly having to evict a problem tenant. The tenant is obviously not a good tenant, the apt is in poor condition and he smokes in the apt violating the lease. I have also received a copy of both leases and the good tenants lease has information on their employment, contact info, ss#, rental history and 3 references. The lease for the tenant I want out has none of that. I don't think my request is unreasonable, they can give that tenant notice after we have signed the contract and after I have the mortgage commitment and they will have my 10% down as security. I need advice on if there is a compromise we can come up with that will leave us both legally protected or is this something I should walk away from? [link] [comments] |
| Canadian looking to get into US market in a few years few questions. Posted: 10 Oct 2020 08:06 PM PDT How hard would financing setting up LLP/LLCs be to do it there? What kind of rates would I be looking at? Up here in Canada it's dirt cheap maybe 2-2.5% tops however the cap rates are trash. How easy are financing available ? In Canada rentals by most lenders are offset by 20% or so and you can barely leverage in addition that most places have close to negative cash flow it becomes bit of an aggressive move to try and ride appreciation. Can any other fellow Canadians that have started buying US can point me in the right direction? [link] [comments] |
| Signed papers/provided funds but no keys ? Posted: 11 Oct 2020 12:15 AM PDT I purchased a SFH recently and closed on the 9th. I had a meeting with my lawyer and provided the necessary funds. He advised he just had to contact the bank and have them send over the balance of the mortgage and I'd get my keys that day. Ultimately, he said he was unable to get his call returned that day and now due to thanksgiving I'm waiting till Tuesday to get keys. Is this anything to be concerned about? I don't mind waiting a few more days .. but feels weird that I handed over tens of thousands of dollars and still can't we get the house.. Should I be worrried or does this sometimes happen? Edit: this is in Ontario, Canada Thanks [link] [comments] |
| 1031 into SFH vs Apartment vs Mobile Home Parks? Posted: 10 Oct 2020 05:02 PM PDT Hi guys - I'm selling one of my investment properties (because the cash flow was only $100/mo, but now I have 200k equity in it), and wanting to do a 1031 and was wondering - what are the pros/cons of getting an Apartment vs multiple SFH? More specifically: What are the differences in the mortgage/loan qualifications and process with an Apartment vs SFH? What should I know about the pros/cons of owning/managing an Apartment vs multiple SFH (including management skillsets or any other legal requirements)? FYI: I currently have 5 SFH (3 townhomes, 2 SFH) that I self-manage locally, and just recently purchased 2 more SFH further away (and hiring a property manager - trying it out for the first time and already having bad experiences) Also - for my 1031, should I also look at Mobile Home Parks? (again, knowing my experience of only owning and managing SFHs and the same questions above) Thanks! [link] [comments] |
| Posted: 10 Oct 2020 02:14 PM PDT I've been looking into some properties to invest in. Most of these properties Are cash sales but I don't have enough for most of them. A friend contacted me about investing and I let him know that I was doing the same thing and we are interested in partnering up. Most of what we will be looking at is rehabbing/flipping. I have no problem doing a lot of the DIY but he isn't as skilled. Let's say if we put in 50/50 of cost to purchase but I do a large amount of the repairs how would we split profits? Do any of you have contracts with your partner that explains all this? [link] [comments] |
| Using HELOC to finance acquisition of investment property (intra family loan) Posted: 10 Oct 2020 05:40 PM PDT TLDR: Loan HELOC money to children in order for them to buy investment property; after acquisition children refinance and pay off the HELOC--good idea? Specific questions at the end of the post. What do you all think of my idea of a family member loaning money from a HELOC to finance acquisition of investment property? Background: Mom owns two houses (primary residence and a second residence that is used by family) in CA free and clear. One is worth ~$2m and the other is worth ~$1.25m. Mom has good income and no debt. Mom wishes to provide financing to children who wish to invest in residential RE (children have experience managing residential investments). Children have some cash, equity in investment properties, no debt, but not much income. All parties are on good terms and have the same goals, always have. I respectfully ask that you not post about how it's not advisable to loan money to family, etc. Idea: Mom secures a $1m line of credit via HELOC(s) (I think two HELOCs would be necessary to achieve $1m because as far as I can tell most lenders limit HELOCs to $500k). When children come across a good investment opportunity, mom uses her HELOC to obtain cash which she lends to children who purchase the investment in their (children's) name. Children might augment borrowed money by putting their own $100k - $200k towards the purchase. The purchase would thus be made with cash. To keep the IRS happy: Mom and children sign a promissory note documenting the terms of the loan, which would be interest-only and with monthly payments being equal to those that mom would be paying her lender. Children make monthly payments to mom according to the terms of the loan. Mom reports those interest payments she receives to the IRS. Children refinance the investment property with a conventional loan at 70-80% LTV, thus paying off most or all of their loan with mom. Reasons why the family wishes to go this route (compared to something more conventional): Mom doesn't have any interest in managing investment properties but is happy to loan money to children for them to invest. In order to minimize the growth of her net worth (for estate tax purposes), mom does NOT want to be on title to any more RE. There is a preference for a LOC instead of a loan for the following reasons: don't have to pay anything while waiting / looking for a deal; then when the deal is found, money is available basically right away and can thus buy for cash. Questions:
Any other input is also welcome. [link] [comments] |
| What’s my next jump from house hacking Posted: 10 Oct 2020 08:55 AM PDT 1) Bought my first SFH in '07 ($0 down and no closing, bought in the beginning/middle of the crash, so it went further down but came back again). Slowly fixed it up and moved 5 years later, renting it out, after weathering the Great Recession. 2) Saved up and bought my next SFH to live in 2015. (5% down). 3) Bought a small condo in 2016 (all cash) 4) Bought my current house in 2019 (5% down, rented out the previous SFH (see #2). I've done a lot of upgrades on this one too. - My issue is that the return on 5% down from appreciation alone is awesome. Cash flow is good for South Florida as well. But this last house I really, really like and I don't feel like moving, besides my savings rate is still healthy. The others I just thought were pretty good and I could see their potential. With 20% down a lot of the return diminishes. What would you do? [link] [comments] |
| Posted: 10 Oct 2020 06:25 AM PDT I'm looking to Buy a duplex in Texas, open to any of the larger metropolitan areas. Looking for suggestions on which ones are the best areas towns? My plan would be to live in one of the units part time. [link] [comments] |
| Best way to verify rental income, especially in a time like this? Posted: 10 Oct 2020 06:21 AM PDT Total newbie here, looking to buy my first rental property in the next 6 months. What are the best ways to verify rental income? Like how much it is, and if the tenant(s) has paid on time recently? Can I straight up ask sellers to send me pictures of their bank account statements, rent checks, etc.? With the eviction moratorium I bet some sellers want out where their tenants aren't paying rent and eviction is hard, and I want to check to see if this is true with the deals I come across. [link] [comments] |
| Seller Finance City Code Violation Posted: 10 Oct 2020 10:49 AM PDT Hey guys, could use a little guidance here. About 3 years ago, I sold (seller financed so I am lien holder ) to someone my duplex in North Carolina. He has been on time with his payments, but I received a notice of a plethora of things violating City code as did he as the current owner. Aka, he hasn't been keeping up w the property. What role do I play in this or am subject to as the lienholder since I have to appear in "virtual" court with him as the lienholder? [link] [comments] |
| Little to breakeven on cash flow in a very up and coming city? Or goodcash flow in a small town? Posted: 10 Oct 2020 12:16 PM PDT Hey guys, id like to invest in property however im stuck between the two choices. Part of me would like to buy property in the very upcoming city though, kind of like a place holder in case i want to retire there. It has appreciated to the point where theres little postive cash flow. But i figure i can use a little of my own cash for vacancies/repairs. I dont think itd be big financial burden on me. My other choice is to buy property in a remote town that had decent cash flow. Enough to pay PM, repair and vacancies and still have a lot leftover. Problem is i dont see myself living there once i retire (very boring). Also, unloading the property might be difficult because its a small market. Even 10 years from now i dont see much growth. What are your thoughts? Appreciate anything [link] [comments] |
| Section 8 friendly online management Posted: 10 Oct 2020 08:13 AM PDT Are there any online management software like cozy / tenant cloud that can be inclusive of housing voucher payments ? Or any workarounds? [link] [comments] |
| Buying first property- how do I get the best loan rate? Posted: 10 Oct 2020 02:00 PM PDT Credit Score: 810 House cost: 420,000 Location: Denver suburbs Percent down: want to stay around 20% Ideally want 30 year fixed loan. Goal: get the lowest possible rate on the loan and pay least amount of money Please let me know if there any good resources as I go about finding a loan. What is the lowest rate you were able to get and how did you go about getting it? Edit: 1st investment property, no first house [link] [comments] |
| Posted: 10 Oct 2020 09:52 AM PDT Have three different properties. Two six-plexes ... newly built. Duplex 15 years old. Is there are a challenge with having just one cap ex. fund that could be used over the three properties,$150,000 lets say. I mean what are the chances that there is a problem with three different structures simultaneously? [link] [comments] |
| Thoughts on Columbus OH for cash flow? Posted: 10 Oct 2020 01:02 PM PDT Found a duplex in the Clintonville neighborhood near Route 71. Anyone familiar with rents in that section of town? I lived in Columbus for a couple of years but wasn't interested in real estate investing then so didn't really pay attention. Anyone have any opinions on that area ? I'm guessing a 2br/1ba maybe goes for $650 a month ? Thanks. Thanks. [link] [comments] |
| Buying a property with fire damage - how to transition/assign insurance claim? Posted: 10 Oct 2020 11:22 AM PDT I'm looking at a commercial property that has had a fire. Much of the damage has been repaired but it won't be completed for a while. The insurance company has been making progress payments. How do we take over that situation and ensure the insurance company pays to finish the work? I hope there is some clear way to assign the remaining obligation to the new buyer (me). Thanks. [link] [comments] |
| Any Bay Area / NorCal experts here? Posted: 10 Oct 2020 07:15 AM PDT I would like to pay cash (no more than $600k) on a sfh or townhome rental in the Bay Area. I would like to cash flow $4k per month (which may require a rent of around $4500 before expenses). Is there anywhere in the bay / NorCal that would satisfy this? [link] [comments] |
| Using HELOC to buy additional propertied Posted: 10 Oct 2020 03:26 AM PDT Can someone clarify in layman's terms how this would work. I have about 100k in equity that I can take out to buy and investment property. Properties are pricey in the 275-350 range. So I would definitely be required to take out a mortgage on the property. Do I then have to wait years for that property to increase in value before I can either sell or refinance in order to pay back my 100k? Or is it best to take the 100k and find an investment property outside my city that is worth exactly 100k so I can then mortgage it out and pay myself back immediately? [link] [comments] |
| Are your tenants no longer paying rent? Once eviction moratoriums expire, how will you collect? Posted: 10 Oct 2020 11:09 AM PDT Once the eviction moratoriums expire the landlords will need to collect on their back rent. I recently inherited a multi family home and one of the tenants are not paying. Unless states decided to wipe that debt free from the tenants and screw over landlords (which will never happen) the landlord will need to take the tenant to court. More likely than not a judgement will be applied stating the tenant owes X and has to pay X. However GETTING A JUDGEMENT DOES NOT AUTOMATICALLY LEAD TO GETTING PAID. You, as the landlord that is owed $$$ need to be able to have their accounts or wages marshaled. The police will not track accounts or assets for you. The police will not locate their place of work for you. My firm - DataFinderInc.com - will locate all back accounts, assets, and places of work for you. From there you can submit the legal documents to the sherif to have the assets/accounts/wages garnished. Send me a pm, an email info@datafinderinc.com , or submit a ticket on our site and I'll call you within 30 mins and provide you a free consultation. [link] [comments] |
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