Real Estate Investing: Residential Real Estate in 2021 |
- Residential Real Estate in 2021
- AIRBNB TAKES LEGAL ACTION AGAINST A GUEST FOR THE 1ST TIME
- Any of you transfer a property from your name to LLC?
- Buying and management low-income properties (slum lord as opposed to land lord)
- Bank loan pointers for land purchase
- Noob with a rough plan. Looking for advice.
- How Do I Decide What Renovations to Do With a House After Getting the Keys?
- What happens to your mortgage after the 5-year term ends? Do bankers always renew your mortgage.
- For a person starting out, how do you structure a deal with the goal of producing rental income?
- How many of you own a property management company?
- Stupid Anon LLC Question
- Class A single family home investors, what’s your strategy and how does real estate fit into your overall portfolio?
- Have you volunteered for the board of directors in the neighborhood, condo, or homeowners association for any of your investment properties?
- Back out of closing due to finding Unpermitted additions
- Article: Risk looms for losing the 1031 Exchange as a tax planning option
- Is it worth it to hire someone to negotiate purchase costs and contractual agreements?
- Bought my first deal! Ended up being a bad idea ��. Now what are my options?
- Considering Investing 13 Hours Away
- How much triplex/4-plex can I afford?
- Destressed seller
- At a crossroads with Refi
- Bought my first home, now what? (Sask, Canada)
- Can I do real estate part time
| Residential Real Estate in 2021 Posted: 12 Oct 2020 05:15 PM PDT Since there is a hold on evictions and mortgage payments (on Fannie and Freddie backed mortgages) yet people are still losing jobs. Landlords cannot make payments and won't be able to make payments even after evictions. Unemployment will also raise issues for regular SFH owners. Are we really going to see something much worse than 2008? Or will it not be so bad? Employment did bounce back last few months and the banks may extent or modify the mortgages to avoid foreclosures. I'd like to hear what you guy think may happen in 2021-22 with residential real estate. I understand it is all speculation at this point. [link] [comments] |
| AIRBNB TAKES LEGAL ACTION AGAINST A GUEST FOR THE 1ST TIME Posted: 12 Oct 2020 02:37 PM PDT This is old news from August but I couldn't find where it had been posted here before. Just saw the article today looking for something else. I thought it was interesting: [link] [comments] |
| Any of you transfer a property from your name to LLC? Posted: 12 Oct 2020 05:19 AM PDT |
| Buying and management low-income properties (slum lord as opposed to land lord) Posted: 12 Oct 2020 11:38 AM PDT I bought my first property about 4.5 years ago. Being a little timid and brand new to REI, I bought cheap ($60k) with the intent to repair and grow over time. This particular building is in a bad part of town. The street level has 2 commercial spots. Upstairs there's 3 apartments. When I started this building, it was not habitable. I have invested a lot of time and money into bringing it up to code. I now have the building fully rented and am passing the keys off to a property manager next month to handle the day-to-day management. The building now has just under $2700/month in gross rents. I've looked at a lot of other deals and read about what you guys have done with your properties in this sub. I know my property is insane in terms of ROI, and it seems like ROI is commonly much higher on lower-priced properties. I'm guessing this is because lower-priced properties have more headaches/repairs, worse tenants, and the properties will not appreciate as much (or even depreciate) over time. In some of the properties I'm looking at now, because of much higher mortgages on more expensive properties, I would actually make less profit than buying older, run-down properties in worse parts of town. By letting the PM deal with the tenant headaches, and by writing off appreciation of the property and instead just focusing on the additional income, what am I missing about these low-priced units? What benefits am I missing vs. buying newer/more expensive units in better neighborhoods? [link] [comments] |
| Bank loan pointers for land purchase Posted: 12 Oct 2020 05:10 PM PDT I am planning to buying raw land for future development for residential lots. Any bank that would help loaning amount? Land value about 1M seeking 50% loan. Place: Suburbs of Tampa, FL / Near Plant city *New investor Thanks [link] [comments] |
| Noob with a rough plan. Looking for advice. Posted: 12 Oct 2020 03:02 PM PDT Hey all, I've yet to take the plunge but my wife and I feel like we're in a good spot to buy our first rental property. Background: We live in Canada, in a medium to low cost of living area. Our primary residence is paid off, we lucked out and bought before the real estate in our area jumped about 30-40% over the past 5 years. I have a stable engineering job making about $80K per year. Financials: We plan to use our HELOC for our down payment. The current rate on it is 3.5% but I know I can get a better rate as we've recently paid off the primary mortgage. I'm aware that this will put us in a pure debt situation for the house but since our primary home is paid off I'm less worried about this. Do you think I should do a full 20% down payment to avoid CMHC fees? Target market: I'm thinking a young family or military. There's a base in our area and many of the younger troops rent in the area (I'm ex military too). Therefore, 2 bedroom 1-2 bathrooms. Rough Plan: 1) I think I need to find out what rents are for my target market. Beyond creeping listings does anyone have any advice in this regard? 2) Property Management. I don't have time to manage the property. I've been told that 5% of gross rental income is standard for property managers. Any tips on filtering out the good ones from the bad? 3) Realtor. I need a good realtor that knows what to look for in an investment property. Real estate in our area is insane right now with bidding wars and everything and Toronto boomers sell and then move into the area. By the time you see the property online it has an offer in it seems. 4) Good tenant. Does property management help with this? 5) Upkeep I'm thinking 2% per year maintenance costs is a good ballpark. Thoughts? 6) Business structure. Is it better to just manage it personally as it's only one property or should I create a business for tax purposes? My wife is a homemaker so I'd like a way to put any net income in her name, but I don't know the best structure to do this. Thank you all in advance for helping a noob! [link] [comments] |
| How Do I Decide What Renovations to Do With a House After Getting the Keys? Posted: 12 Oct 2020 05:18 PM PDT I've been looking at several REO properties over the past few weeks and am ready to start making offers. My plan is to buy the house cash, make some minor upgrades and renovations, rent it out for a year (so it's a long-term capital gain), then sell for a profit. I work in finance so most of this I can handle without help, but the thing I don't understand is how to decide what kind of renovations I should be making. Is there a specific process that some of you use? Are the certain renovations that I should always do regardless (ie backsplash, tile floors, etc)? I'd also like to meet with a mentor in the Phoenix, Az area if anybody wants a "free" lunch. EDIT: I will have the homes inspected prior to purchase to ensure there are no major issues and will adjust my offer if I feel it's worth fixing. [link] [comments] |
| What happens to your mortgage after the 5-year term ends? Do bankers always renew your mortgage. Posted: 12 Oct 2020 01:10 PM PDT Hi Guys, I am from Canada. I have 3 rental properties (7 units)..I plan on getting around 20 properties in the next 5 years. My mortgages have a fixed 5 year term with 25year amortization period. Here is my question: Do banks always renew a mortgage after the term has ended. If I get enough cash flow, I might consider quitting my 9 to 5 job. Will the bank see this as a negative and possibly not renew my mortgage? [link] [comments] |
| For a person starting out, how do you structure a deal with the goal of producing rental income? Posted: 12 Oct 2020 03:10 PM PDT Who is the first person you approach,and what subsequent steps do you take? What kind of preparation is required? [link] [comments] |
| How many of you own a property management company? Posted: 12 Oct 2020 10:20 AM PDT How many of you that own numerous rental properties have gone down the route of starting your own property management company? It seems like there would be obvious benefits of scale but at the same time property management is very people-intensive and comes with its own headaches. Would love to hear how other people view this or weight the benefits/cons. [link] [comments] |
| Posted: 12 Oct 2020 01:06 PM PDT Hey all - Question I should know the answer to. Say I set up an "anonymous" LLC through an attorney in Nevada or Wyoming — nothing is publicly in my name. The articles of organization etc only list the attorney. How do I prove ownership? What's stopping my attorney (should he turn crooked) from running away with the properties held by the LLC? Thanks! [link] [comments] |
| Posted: 12 Oct 2020 02:22 PM PDT I understand the differences between classes of properties/tenant selection, and that class A homes generally produce lower returns. I only buy class A homes (focus on good school zones) in MCOL cities, mainly for appreciation and ease of tenant management. I plan to rely on rental income as supplemental income to my W-2 job which commands the majority of my time and energy. At the same time, I'm well aware that the returns on these homes are not optimized, and appreciation will only be realized when I sell, which I don't currently have plans to. I'm curious if there are others doing something similar, what is your strategy, and how that fits in regards to your other assets or sources of income. Interested in all opinions. [link] [comments] |
| Posted: 12 Oct 2020 12:41 PM PDT I very seriously considered volunteering for the board for the homeowners association. This is a new construction about 2 years and about 85 units in building 1, a bit fewer in building 2, and 3 total associations 1,2,and master. This will be the first board of the HOA as oversight is being handed off by the property manager and developer. I do not live in this property but I do have a tenant there. I dropped after receiving over 40 emails this weekend in a mass thread with the property manager and the other tenants. Anyone have experience here as an investor? [link] [comments] |
| Back out of closing due to finding Unpermitted additions Posted: 12 Oct 2020 02:30 PM PDT First time home buyer here, I was planning to buy a house with 3bd 2ba and a finished basement, with the additional bath located in basement. I completed the inspection and appraisal and about a week from closing. I recently came to know from the city council records, that they have on file a 3bd 1ba and unfinished basement. Checking their website, I found they were no permits pulled for finishing the basement or adding the additional bath. Now I'm not sure if I would want to carry these unpermitted additions , given that I am paying full asking price for a 3bd 2ba in my area. When the seller was questioned why this wasn't mentioned in the disclosure, they say that this was done by previous owner and they had no knowledge, while I argued that since they should be knowing it since they are paying tax for a 3bd 1ba while listing it as 3bd 2ba. Is my thinking correct ? Am I obligated to move with the prurchase, what options do I have here ? [link] [comments] |
| Article: Risk looms for losing the 1031 Exchange as a tax planning option Posted: 12 Oct 2020 06:00 AM PDT This useful planning tool may be in jeopardy going forward. [link] [comments] |
| Is it worth it to hire someone to negotiate purchase costs and contractual agreements? Posted: 12 Oct 2020 08:05 AM PDT Or do you do it yourself? I thought about deploying https://www.ioptimizerealty.com/ to do this. Contact the property owner, negotiate a selling price and the contractual agreements. Edit: speaking about property that is not on the market for sale but I want to make the owner an offer. [link] [comments] |
| Bought my first deal! Ended up being a bad idea ��. Now what are my options? Posted: 12 Oct 2020 09:48 AM PDT So 10 months ago I bought my first investment property. It has been a bit of a nightmare so far. The numbers looked good at the start but there has been major issues from the get go. I've spent about $15,000 on some repairs to do with electrical and also putting in a new laundry room. The house is a duplex with a 1 bedroom and a 3 bedroom. The 1 bedroom unit has been rented out and rents for $745. The three bedroom will not rent out. But should rent for $900. It would be in a lower income area. I'm using a property management company as I am an out of province/ state investor but they have not been able to fill the unit. The house is in Winnipeg Canada and has a low vacancy rate for the area. The numbers. Purchase price $130,000 Money put in $15,000 Rent 1 bed $745 currently rented. Rent 3 bed $900 unable to get a renter. Currently I'm loosing about $400 a month after all expenses. I know I've made some mistakes. So not really looking for advice on that. But more what you think my best options are now. I know now that I should have not tried out of state investment for my first. I only did it bc I live in Vancouver and you can't find a cash flow property here. Also you really can't find a duplex for $130,000. I trusted to many people when I should have trusted no one. But I'm here now. So here are my options as I see them.
4 list the house and cut my losses. I feel I would loose around $20,000 if I take this route. What would you do if you where in my shoes. You own a "investment" property that is currently making you loose money monthly. [link] [comments] |
| Considering Investing 13 Hours Away Posted: 12 Oct 2020 11:25 AM PDT Hi everyone! I know there is always a big push to invest where you live, but I am in So Cal, and doing 20% down on $1m properties doesn't sound as appealing as doing 20% down on $200k properties in Idaho. Plus lower priced areas seem to really be skyrocketing compared to CA. Is there any really significant reason I should avoid investing so far away? I get that it's a long drive, but I figure most issues can be resolved with a good handyman and property management company. [link] [comments] |
| How much triplex/4-plex can I afford? Posted: 12 Oct 2020 07:29 AM PDT I'm thinking about house-hacking a small multifamily in my area (3-4 units) and want to make sure I'm not taking on too much debt. At first glance, I'd want to make sure I can afford the monthly PITI if the entire place is vacant. With 2 or 3 other units I'm renting out, though, it seems like I can be pretty confident that at least one of them will be rented at all times. Is it generally safe to factor in some rental income when figuring out how much MF I can afford? Does this just depend on market vacancy rates? e.g. $5.5k PITI is too much for me, but with $3k rent from one of the other units, I could afford $2.5k even if 1 or 2 of the others are vacant. [link] [comments] |
| Posted: 12 Oct 2020 09:25 AM PDT How do I find distressed seller in Chicagoland area? I live in the west suburbs, and bought my townhome from a distressed seller (mom died and kids were grown and out of state - just wanted it sold, so was able to negotiate down) Does just looking every single day for new homes on the market end up working? Have to get lucky that way. Marketing campaigns like signs saying "we buy homes" "find homes and send offer letters? I'm entertaining getting my real estate license on the side to improve my knowledge and network (and MLS) Being in the construction management industry and finished completely refacing my current townhome gives me the confidence to finally start my RE investment journey. [link] [comments] |
| Posted: 12 Oct 2020 03:48 AM PDT I've been researching REI for a a few months looking into multifamily. My market is very competitive and it definitely seems to be a sellers market currently. I'm about to refi my home for a better rate and I'm considering cash out refi. This will create a larger down payment for REI (I also have savings and emergency). I've also been researching the VTSAX and budget route for FI. My idea was to create more monthly cash flow with real estate plus my W2 income to invest for the future. I realize real estate is starting a small business and I'm not looking at it as passive. My crossroad is...would I be better served financially to go from a 15 year to a 30 year and invest the extra cash in an index or cash out refi on a 15 year and invest in real estate? [link] [comments] |
| Bought my first home, now what? (Sask, Canada) Posted: 12 Oct 2020 05:29 AM PDT In August, I bought my first property. It is a bungalow that needed updating on the main floor, so I put new flooring, paint, spotlights, baseboards, kitchen cabinets, etc. The house was purchased for $300,000 and comparables in the neighborhood are valued at roughly $350,000 (after the upgrades I've done). I live on the main floor and the basement suite is rented for $950/mo. Current expenses are around $1700/mo. I want to invest in another property as soon as possible, however, I'm unsure where to go from here. Obviously, my expenses are greater than the income from my rental, considering I live upstairs. At what point does one consider a HELOC? Do lenders consider rental suite as income towards another mortgage? [link] [comments] |
| Can I do real estate part time Posted: 12 Oct 2020 11:00 AM PDT Hi guys! I'm a health care professional and work on average for 3 days a week. I love real estate and the thought of investing into properties in the future. I want to become a real estate agent and do it part time on my days off so I can dedicate about 2 to 4 days a week (depends on my schedule). Is that doable and worth it [link] [comments] |
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