Real Estate Investing: Satisfied Section 8 Landlord and here's why... |
- Satisfied Section 8 Landlord and here's why...
- Why am I still paying full price for an appraisal when no appraiser is physically visiting the property?
- Does anyone here have experience investing in vacation homes in other countries (specifically Mexico)?
- Now I am Confused(as a noob)
- How to do a cheap and reliable title search and thorough lien search? How much time should it take?
- Prepaid rent when purchasing turnkey property
- Who is lending under 50k, commercial only? I am in a great market to snap up condos under 50k and have at least 20% to put down and I’m only looking for 10 years or less, perfect credit, but can’t find a lender who is interested.
- Better off going multifamily house hack or cheap single family to rent out?
- Realtor gave potential tenant posession of house without lease or permission of owner, can they do this?
- 10%+ cap rate “turn key” properties in Chicago... real?
- What does inflated rental property supply in a big city mean for the future of the market?
- Concern about entering the market
- 1031 Exchange
- I put a hard cash offer on a 2 bedroom condo for $87,000 with a home inspection waiver. Listing price is $94,900.
- Mortgage Broker Offering Free Refinancing
- What to buy?
- States/cities that tax or limit out of state investment.
- Rental property in high ownership town
- Does my buyer ever see how much I made when I wholesale them a property?
- Another Refinancing Thread. Question about Triplex Refi
- Are there any platforms that let you crowdfund investments in other markets?
- Tax question on selling my primary home
- Anyone using cosigners for new renters since the eviction moratorium?
| Satisfied Section 8 Landlord and here's why... Posted: 01 Oct 2020 10:00 AM PDT I know "Section 8" tends to have a negative connotation amongst Landlords -- we've all heard or read the horror stories. But my experience has been rather positive. We've purchased simple housing, at a very cheap price, located in maybe class C neighborhoods, and run them through our local Section 8 programs. We've had long term tenants (5+ years). In some cases Section 8 pays 100% of their rent and in cases where Section 8 pays a portion, the tenant has always come through with their share of the rent (violating this term will eject them from the program). Knock on wood, we've been rather fortunate as Landlords during the Covid-19 pandemic. Section 8 continues to pay on time and via direct deposit. We've had three tenants whose financial situation has changed due to Covid-19 and they worked with Section 8 to amend their voucher so that it now covers 100% of the rent -- this will be re-visited at the end of this calendar year. We're all quite aware there is an Eviction Moratorium across the country (I just learned FL expired today). And I absolutely believe it's wrong and unfair to us Landlords; as many of us are private, middle-class landlords that cannot shoulder the burden of housing non-paying tenants. Today, I received a copy of the notice that was sent to every Section 8 tenant in my area -- as a Section 8 Landlord, all communications are sent to me as an FYI. Reading through the document, I was pleasantly surprised to see the purpose of this notice was to remind the tenants that they are absolutely still responsible to pay their portion of the tenant rent. AND, if their circumstances are dire due to Covid-19, not only were they instructed to communicate with their Section 8 case worker (in an effort to adjust their portion of rent), but they listed pages and pages of resources from Food Distribution, Public Utilities Assistance, etc. And last, but not least -- right there in black & white -- was this simple statement: EVICTIONS FOR NON-PAYMENT WILL BE PROCESSED ACCORDING TO APPROPRIATE GUIDELINES. I read this to be a gentle reminder for those who might've thought they could take advantage of the eviction moratorium. Yes, we don't quite know what is the "appropriate guideline" at this time (as it seems to change day by day), but at least the verbiage gave all indications that evictions for non-payment can and will be processed. All in all, I've been a satisfied Section 8 Landlord and so I just wanted to share this story. Best wishes to all the LL out there and especially during these stressful times. [link] [comments] |
| Posted: 01 Oct 2020 05:07 PM PDT The last two properties I've bought during Covid times the appraiser hasn't even costed the property, yet I still pay full price for their service. How does this make sense? [link] [comments] |
| Posted: 01 Oct 2020 04:52 PM PDT We are interested in buying something similar to this: We are going to be moving to Mexico next year (but inland) and would like to get a vacation home at one of the beaches there and rent it out whenever we aren't there. Anyone have experience with this? What are some good resources for learning more about thus? We are newbies. [link] [comments] |
| Posted: 01 Oct 2020 02:40 PM PDT I have been following Graham Stephan for a while and had learned a lot from him, especially on real estate. Recently, he had a video with Kevin O'leary and he pointed out about Graham's debt being too much. I think this is a result of the BRRR Strategy that Graham follows. Now, Kevin advises Graham to settle or lessen the debt first before moving on to another purchase. That means in that way, BRRR Strategy won't be applied anymore because to my understanding, refinancing gives you more debt. And by "settling the debt first", as an average income person, how is one able to settle that amount of debt in a shorter time? that also means lesser investments over time because you will not move on to another unit/house without settling your current one first. Sorry. I'm not really sure if I got the whole picture there but that's what I understood and now I am confused. Someone kindly enlighten me, please. Thanks! [link] [comments] |
| How to do a cheap and reliable title search and thorough lien search? How much time should it take? Posted: 02 Oct 2020 02:29 AM PDT I am interested in investing in bank-owned properties or properties at auction. I am also outside of US and am a beginner in real estate investment. I am aware that it may not be such a low-risk move for a beginner non US citizen to want to do so. So to minimize my risk, how can I do as much due-diligence as possible, particularly in title search and lien search? Tax lien search is relatively easy - how do I find out any other hidden liens possible though? Title search is confusing to me to conduct online - is the cheapest way to visit the assessor's office? Any companies doing that which provide cheap and reliable service though, for person like me not physically in US? Any other high risk areas I should be aware of? As a beginner investor and as someone outside of US? (frankly I haven't got tax part figured out yet..) I have started using PropSearch recently too - any suggestions where I should start as a beginner investor? I have 170,000usd cash on hand now assuming I cannot apply for any mortgage - I want to reserve half of it for any rennovation possible - so budget for 80,000-100,000usd cash for the property purchase I would like to maximize my return on investment, which is the primary reason for going for distressed properties - but I want to have my risk clearly calculated and controlled. Any reliable online resources/ books I can be using too? Thanks for any advice in advance! [link] [comments] |
| Prepaid rent when purchasing turnkey property Posted: 01 Oct 2020 08:20 AM PDT Hi, I have questions for those who have purchased a turnkey property. I'm under contract to purchase a duplex, hopefully closing 10/30. One unit was rented as of 9/21. The tenant paid sellers a security deposit, first + last month's rent, and two additional months' rent. On closing date, tenant will have occupied the property for a little over a month but have paid four months' rent to the sellers. How does this work? Am I entitled to collect prorated rent from the sellers, payable from date of closing? Or am I out of luck on almost three months' worth of rent? Also, any advice on peaceful transition of a property is helpful. Should I expect a fight with transferring security deposit, etc? [link] [comments] |
| Posted: 01 Oct 2020 03:52 PM PDT Title says it all, this is my only hold up! I'm in SC. I want to hold on to my cash as down payments rather than cash purchase. [link] [comments] |
| Better off going multifamily house hack or cheap single family to rent out? Posted: 01 Oct 2020 09:55 PM PDT Which would you rather do and why? In my area multi family's are overpriced and outdated. Single family homes seem appropriately priced with nicer remodels [link] [comments] |
| Posted: 01 Oct 2020 07:49 PM PDT I gave permission to a realtor to show the house to potential tenants and she collected deposit from a tenant and let him move into the house without any lease and or first months rent.And without my permission Appartment is still not complete and is not ready to move in . No utilities or appliances in the appartment. Can a realtor do this , in NY suffolk county? [link] [comments] |
| 10%+ cap rate “turn key” properties in Chicago... real? Posted: 01 Oct 2020 10:47 AM PDT Looking around the multifamily market (loop net dot com) in Chicago, i see multiple buildings with 9-13% in-place cap rates. being marketed as turnkey investments with room to improve if desired. A lot of them seem like they are being sold by reputable people. Example: 500k building, 70k rent, 20k expenses(garbage, water, tax, insurance, saving for future repairs) 50k in profit.... So if you have 500k, i can literally make 40-50k a year, while The building appreciates...? Is this too good to be true? What is the risk? Wouldn't a 50% occupancy rate still cover expenses...? Worst case scenario you break even? And if you have a lot of free time, is managing less Than 10 units that much work? [link] [comments] |
| What does inflated rental property supply in a big city mean for the future of the market? Posted: 01 Oct 2020 06:50 PM PDT I live in a 2mln capital city and I'm considering investing in real estate in not that near future but from what I've heard there's quite little demand for rentals (probably cause of the pandemic too since it's a major college center, but still). And my question, as a relatively new to the topic is, what does that mean for the near and more distant future of the market; is pursuing real estate investments going to be any lucrative? [link] [comments] |
| Concern about entering the market Posted: 01 Oct 2020 02:30 PM PDT Hi everyone Been looking for an alternate investment vehicle to diversify out of stocks/index funds. My family is in RE and has encouraged me to begin looking for rental properties. My expectations are very reasonable, I've done my due diligence, etc...I'm aware of what my returns should be, and am actively looking at deals. I'm not looking for a quick buck, just want to beat my stock market investments and build my net worth What I'm running into some issues with, is the current state of the market and external factors that may play out. I am in southern CA, which is ultimately extremely tenant friendly, and is a very expensive market. I am concerned that if I enter the market now, one of the following scenarios will play out.
In any of these scenarios, my concern is that I'll buy a property now that ultimately winds up being overpriced, and wind up severely underwater on it if the market pulls back. The properties I'm looking at all fall into the "affordable housing"(lol, nothing is affordable here) category, so around $100-$200k with rents around $950-$1500 depending on location etc. If you were in my position would you:
Look forward to everyone's input! [link] [comments] |
| Posted: 01 Oct 2020 05:38 PM PDT Hi I am currently selling my first rental, settlement end of October. I am planning on using a 1031 Exchange and i am browsing for multifamilies to "identify" now before the due date after settlement. Generally my requirements for a rental is 10% cap rate, currently occupied, no major updates required. Im wondering if I cant find properties that fall into that requirement, would it be better to just buy something "subpar" or just take the tax hit and wait for something better. I currently have reached out to several agents in different areas and two wholesalers. So far im not getting any promising results but i still have the 45 days plus this month. Thanks [link] [comments] |
| Posted: 01 Oct 2020 05:07 PM PDT Do any of you have input on what I should expect as a counter offer? Was my offer insulting or reasonable? This is my first home purchase (if it goes through) so I am quite nervous about this process. Thank you all for your input and advice. [link] [comments] |
| Mortgage Broker Offering Free Refinancing Posted: 01 Oct 2020 06:08 AM PDT I financed my mortgage via a Mortgage Broker who offered me free refinancing. I'm going to engage him now considering where rates are, but was curious whether there are any catches to this or things I should clarify/verify ahead of time? Thanks very much. [link] [comments] |
| Posted: 01 Oct 2020 09:10 AM PDT Hello Everyone, I am considering moving for a career and the area I would be moving is much more expensive than the one I live in currently. I have been looking at my options to rent vs buy a home. If I rent, the cost of living will practically ruin my savings options and yet, buying is only slightly better. I'm not in a great position to be buying, but I will be able to swing it on a first home loan buyers mortgage. Here's my question. I've never been a flashy person, and I am loving the idea of a manufactured home or something in a good trailer park. I would love to move into a tiny home, but land is my issue. With the mobile home and space fee., my mortgage would be manageable. My dad keeps telling me this is an awful idea. I feel like it would be good because I don't know if I will move long term, and I would sell it when/if I want to move in 3ish years. At least I would make my money back and not just watch that money go to someone else's mortgage. This way, I'd have a bigger down payment in the future when I want to buy an actual home? Ideas? Opinions? Is my Dad right? [link] [comments] |
| States/cities that tax or limit out of state investment. Posted: 01 Oct 2020 04:13 PM PDT Inspired by the rant post, but also something that's been on my mind. Wanted to know peoples thoughts/opinions about cities/states putting roadblocks up to make it a bit harder for OOS investors to come in. Pros/cons? I'd personally like to see some limitations put up in my area to keep OOS'ers out. [link] [comments] |
| Rental property in high ownership town Posted: 01 Oct 2020 11:38 AM PDT Hello, I'm looking at purchasing a new house in the next few months to a year and debating renting my current home instead of selling it. The town I live in is considered one of the wealthier areas in my state and has only a 5% rental rate. There are actually no single family homes available for rent at the moment. The school district is also considered the best in the area. My current home is on the smaller/more affordable side compared to many others which makes me believe it would be a good rental candidate for someone who is interested in the school system but may not be able to afford a down payment yet. It also has a 30x30 attached garage with automotive lift which is desirable to some and difficult to find. Does anyone have experience renting a single family home in a very high home ownership area? How did it work out? I'm not sure if this will make the property more or less desirable vs areas with a more average number of renters. Thanks! [link] [comments] |
| Does my buyer ever see how much I made when I wholesale them a property? Posted: 01 Oct 2020 01:43 PM PDT And do I need to write up my own contract for my buyer to sign? Then I do the exchange of contracts with the seller? Which fund does my payment come out of in terms of the accounting? [link] [comments] |
| Another Refinancing Thread. Question about Triplex Refi Posted: 01 Oct 2020 07:01 AM PDT Hi all, sorry for posting yet another refi thread. This is my first time going through this process so I could use some advice. I own a multifamily rental property in Rhode Island, where I live in one unit and rent out the other two. I purchased this property in Feb of last year using an FHA loan with 3.5% down for $269,000 at 4.125%. My current monthly payment is roughly $1925/month including PMI, property taxes, and insurance, and I pay a little extra towards principal for a total payment of roughly $2k/month. After purchasing the property, we completely renovated the third floor unit (new hardwoods, completely new kitchen and bathroom, etc), and made several updates/improvements to the first and second floor units (new flooring in kitchen, painted cabinets, new bathroom vanities, paint, light fixtures, hardware, etc) as well. I have not had the property reappraised, but I've spent around $30k in renovations and expect to have added at least that in property value (hopefully more). I'm considering refinancing my property since rates are low. I've contacted the same broker that originated my loan, who has offered me another FHA loan at 2.75%. I'm not sure that I have enough equity to drop PMI, but the broker stated that this would be a different type of PMI that drops by 10%/year and falls off entirely after 10 years. I've never heard of this but it seems more attractive than what I have now. I currently owe about $256,000 on the property, and after wrapping closing costs back into the mortgage (should I do this?), they've got $263,000 at a $1,800 monthly payment including insurance, taxes, and PMI. I'm assuming these figures are all based on the old value of the property since I have not had a reappraisal yet, and they're using ballpark numbers. This seems like a no brainer to me, but is there anything that I'm missing or should look out for? If the house were to appraise for, say, 310k, how might that impact my payment and some of the other numbers? Anything else I should be aware of or ask about? Thanks in advance! [link] [comments] |
| Are there any platforms that let you crowdfund investments in other markets? Posted: 01 Oct 2020 12:36 PM PDT I'm looking to put some money into other real estate markets but don't have the capital to make it worth it to pay management or deal with the risks associated with owning from afar. Ideally, I'd be looking for a place where there are specific properties for sale and I can go in with others to purchase the property. Does this even exist? [link] [comments] |
| Tax question on selling my primary home Posted: 01 Oct 2020 06:08 AM PDT Selling my primary home after a year and a half of ownership. Bought for 300K, selling for 340K. Quick research tells me I'm going to be paying 20% on the 40K profit. Is there any way to avoid this? I am planning on buying another primary home for 200K. I'm getting divorced if the tax code cares about that. [link] [comments] |
| Anyone using cosigners for new renters since the eviction moratorium? Posted: 01 Oct 2020 10:39 AM PDT I see threads daily about renters not paying rent and landlords taking the hit for it. When I was a bailbondsman, we simply had the defendant have someone that had a reliable job they've been at for at least 3 years cosign for their bond. If the person skipped town we would go to court to garnish the cosigner's wages. Sometimes we had multiple people cosign for one person and if the bail was $10,000+ we would have the cosigner be a property owner who would sign a lien for the property. The paperwork was single page two sided for garnishment and a property deed (one-sided) for the lien. Courts aren't hearing eviction hearings but they'll hear a wage-garnishment case. Does anyone here ever get a cosigner for a renter? [link] [comments] |
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