Real Estate Investing: Thinking of turning wife's she-shed into a rental property |
- Thinking of turning wife's she-shed into a rental property
- Rent or sell?
- wanting to buy my first rental property at 18
- First time home buyer. Canada ����
- Strategies in an investing scenario?
- Investors: What role does your tax advisor play in minimizing your tax bill?
- Co Own a Property - Other Owner Does nothing - seeking advice
- Help!!! I feel like I’m trapped
- Commercial Real Estate Loan Down Payment
- Financing Question - Math/creative wizs please help!
- New tenants during Covid
- Long Term Lending & Financing Strategy
- Improving credit for a FHA/Rural loan?
- Compass buys Seattle startup Modus in move that boosts competition with Zillow and Redfin
- Home remodel investing website
- Refinancing after deferment
- Is rental income from a multi-member LLC treated as " passive income"?
- Advice on waiting for home prices to drop then purchasing an investment property at current 0% interest rates?
- Bank recommendation? Need an equity loan on my investment property (MI)
- Question for the successful. What changes to your mindset and mental space really helped you achieve where you’re at today?
- Tiny Home STRs?
- How to buy a HUD/Bank-owned (REO) Property before it is listed?
| Thinking of turning wife's she-shed into a rental property Posted: 06 Oct 2020 05:10 PM PDT We have a back unit that's roughly 400 sq ft. with AC, electrical, and some plumbing (hot water heater and washer/dryer are in it). I was talking with my wife about turning it into a rental property and how much it might cost. We'd have to add a shower, toilet, sink, and a small kitchen area. We'd also like to fence off some of the yard for the rental to use. We live in Austin and this kind of unit would appeal to someone in their 20s/30s (abundance here), not a family of 4. Here are my rough estimates: Outdoor rainwater system & shower -- $4k Compost toilet -- $500 Sink & stove -- $1k Plumbing & ventilation for sink & stove -- ??$$ Fence -- $2k Let me know your thoughts or if I'm missing anything. [link] [comments] |
| Posted: 06 Oct 2020 05:37 PM PDT So my wife has a wild hair to move north about an hour from where we currently life. I'm wondering if it's worth it or not to rent out our house we are currently in. It was built in 2018 we are the original owners. We have about $60k in equity. If we sell it we would walk away with between $20k to $25k (selling expenses/pay off solar system) if we rent it I believe we could get about $2700 to $2900 maybe more monthly. Our total monthly expenses would be $2550. So monthly profit would be $150 to $350 a month with no money out of pocket. I fear selling it in the off chance we want to move back and the money we will loose selling it. Also $20k isn't that much of a down payment in our area. Also we will rent where we move to for now possibly buy later if we want to stay. Not sure what other information is needed to evaluate this situation. Is that enough monthly profit to make it worth it? Also the property is in a good area and the houses In the neighborhood range from $400k to $1m. Thanks in advanced!!! [link] [comments] |
| wanting to buy my first rental property at 18 Posted: 06 Oct 2020 03:26 PM PDT Me and my life long friend are saving money investing in the stock market like crazy and we want to get into real estate I'm interested in the brrr method and was wondering what's a good amount of money to have for say a 125,000 dollar home we plan on partnering and going 50/50 we have around 12 grand currently between the both of us we're both 17 working full time and want to get the house by this time next year [link] [comments] |
| First time home buyer. Canada ���� Posted: 06 Oct 2020 07:00 PM PDT I got 2 mortgage offers. Almost same rate. But option #1 with 10% down. While option #2 is6% down. Very confused as the insurance cost is going to be higher. Not sure what to do. [link] [comments] |
| Strategies in an investing scenario? Posted: 06 Oct 2020 07:32 AM PDT I'm in the current situation:
I'm going to ask for an additional $20k price reduction. I know the seller is going to say: "I already gave you a $10k credit." But my response is:
The danger is, of course, that he backs out of the deal. I lose about a grand if he backs out. But it's certainly better than overpaying $20k. Are there any other negotiation points that might help in this situation? THANKS! [link] [comments] |
| Investors: What role does your tax advisor play in minimizing your tax bill? Posted: 06 Oct 2020 01:39 PM PDT How "hands on" do you have to be with your tax advisor? For instance, my current advisor is asking me to categorize all of my expenses. My previous advisor I could just send an excel spreadsheet at the end of the year with "Expense" (i.e. bathroom tile replaced") and the amount, and he would automatically categorize it. My new advisor is asking me to categorize everything myself - even though I feel like that's what I'm paying him to do. I don't want to sit here and try to figure out what's a "repair" vs "maintenance". I don't want to add up my tax bills. I don't want to add up my insurance bills. Am I asking too much to want to be hands off as much as possible? [link] [comments] |
| Co Own a Property - Other Owner Does nothing - seeking advice Posted: 06 Oct 2020 08:53 PM PDT Hi, thanks in advance for your advice. I co-own a property the other owner's done nothing. I've spent a lot of time and money figuring out problems and have paid for all expenses. Am I only eligible for reimbursement for 50% of my expenses? It takes a lot of time to figure this stuff out and he's not been engaged on any level but the expectation is that we split costs 50/50 but since he doesn't want to do anything all of the legwork is ultimately mine since someone has to do it. What can I do? [link] [comments] |
| Help!!! I feel like I’m trapped Posted: 07 Oct 2020 12:36 AM PDT |
| Commercial Real Estate Loan Down Payment Posted: 06 Oct 2020 05:50 PM PDT I have yet to invest in real estate but am in a position to save quite a bit of money yearly to invest. When purchasing multifamily properties with more than four units you need a commercial loan, correct? What is the typical down payment for these? [link] [comments] |
| Financing Question - Math/creative wizs please help! Posted: 06 Oct 2020 07:25 PM PDT Looking to undergo my first rental property and was quoted with a 5.125% rate today. Was pretty shocked with how high it was and my lender told me that my credit came back around 670. He stated that if I paid off my car loan of about $4500 I could get above 680 credit. Supposedly this would give me a 4.5% rate if all goes well. Somehow I was presented with the option to buy points down to 3.625 for only $220 after doing this. My car payment is only around $150 for the next 3 years and doesn't really affect my income. Now my question is, is paying $4500 (pay off car loan) and paying $220 worth taking my rate down from a 5.125% to a 3.625%? I should mention this is only a $100k property, so the rate is only $60 difference. I figured I will save $150 on my car and $60 on interest, so $210 a month transferring basically my car loan to my house down payment. Bad debt for good debt I guess. Is this worth it? Or should I save my money towards my next investment and just eat the higher rate + car payment? I know it's dumb, but I fell like I am paying an extra $5k towards my down payment. Any insight much appreciated. [link] [comments] |
| Posted: 06 Oct 2020 11:56 AM PDT Hi all, I'm about to buy a house and will be moving out of my condo in Allston, MA (Boston). I'll rent out my condo, but I'm curious how you all as landlords are handling the Covid pandemic. Given there is a moratorium on evictions, I don't want to end up in a situation where a new tenant moves in and then doesn't pay rent. I don't know what options I have - is taking a few additional months of deposit legal? I suspect not. Any other ways to protect myself or am I forced to just risk it and hope my tenants pay? Thanks all for your help! [link] [comments] |
| Long Term Lending & Financing Strategy Posted: 06 Oct 2020 10:48 AM PDT So I am currently in the middle of doing my first two deals requiring bank financing, one is on a quadraplex and one is on a duplex. I have financing lined up with the same national bank for both of these, after calling around to MANY different banks (including national, local, and credit unions). I feel that this particular bank offered the best terms. Something that was said by many of the banks outright is that their willingness to lend is contingent upon how many loans are currently in my name. I heard different amounts from different lenders but regardless, I would assume that pretty much every bank would have some sort of limit, correct? I heard as low as a maximum of 5 and as high as a maximum of 10. One thing I want to point out is that, since I'm currently dealing with a quad and a duplex, I've been dealing with the residential lending department for all of these lenders, so I understand that the commercial lending departments might have different standards. At the end of the day though, I would still have to assume that even then there would be SOME limit, right? So then my questions become
I've been thinking about this lately because my long-term strategy in general would be to buy, fix, and hold (and potentially refinance depending on the situation). But then those limits that banks have would make it difficult to grow at some point. If there is no way to get around banks loan limits, then I guess I would have to focus more on other out of the box strategies and/or selling the properties when fixed up. Any thoughts around this subject at all would be greatly appreciated. [link] [comments] |
| Improving credit for a FHA/Rural loan? Posted: 06 Oct 2020 04:24 PM PDT I'm hoping to be in a good place soon to start looking for a reasonably-priced property in Lonoke County, AR, hopefully in the Ward or Austin areas. I make approximately 50,000.00 a year with little new debt outside student loans (35,000.00 so far, still in college for a Masters) and a new car (a cheap one, 2020 Chevy Spark). Perfect find would have 2-4 units on the property. That's not exactly common 'here', but it would be a huge boost for my longer-term goals. The best find is likely an older house in decent shape (probably remodeled forty years ago) with an older mobile home or the like. I have only a rough idea of the current market in the area, and if my salary would even be near enough. I have two properties (a small lot and mobile home that needs work in Lonoke and almost an acre, all utilities, in Hensley that needs bush hogged, septic and a new meter loop) and a major interest in another (my late mother's, half acre in Jacksonville with a double wide, which I rent out, though it was never probated) that could be, potentially, used as funding for part of it. Here's the main glitch: the I've gone through a separation, chapter seven bankruptcy, divorce, and then medical bills over the last ten years. I just now started on two secured cards and a new (cheap) car. The bankruptcy should be removed next September. A few 'new' small collection accounts showed up, most that of they aren't times out, have to be on the very threshold of it. I made an offer through a lawyer to settle, but none of them seem interested. I'm hoping a dozen old medical bills don't show up the same way. Any thoughts on how I can get this successfully navigated? [link] [comments] |
| Compass buys Seattle startup Modus in move that boosts competition with Zillow and Redfin Posted: 06 Oct 2020 07:39 AM PDT Clearly compass is shooting for a national "full service" real estate model that will have more tech then what is being used by the dinosaur brick and mortar real estate firms [link] [comments] |
| Home remodel investing website Posted: 06 Oct 2020 10:55 AM PDT So I came across a website a couple years ago and can't remember what it's called. But basically it was a site where you could invest so much money into a home remodel and get a return in the end. Does anyone know what I'm talking about? [link] [comments] |
| Posted: 06 Oct 2020 01:18 PM PDT A number of months ago I lost my job due to covid and was eligible for mortgage forbearance. I took the option and accrued about 5 months worth of mortgage payments. Thankfully I got a job and later called my mortgage company to take me off forbearance. They generously offered to convert my outstanding balance into a deferment, simply moving the payments to the end of the loan. Meaning I didn't have to pay anything out of pocket and I'm now current on the loan. Very thankful for all this. In the meantime, the investor in me has been dying to refi because of the historic rates. Naturally though, you can't get a refinance if your loan is in forbearance. This makes sense. But now that I'm current, one lender said they can't approve me for a refinance until I pay 3 consecutive mortgage payments since the deferment occurred. This was not made clear to me when the deferment option was presented and I technically could have made the lump sum payment at the time. I'd really like to do a cash out refi ASAP as I have significant equity built up and I'm concerned that housing prices may drop going into Q1 Q2 next year. Is anyone else in this situation? I can't seem to find details about this restriction online. My understanding is that this is a new Fannie Mae restriction due to covid and other banks are following it. But I'm not sure if this is a concrete rule/law. If there are any lenders here, I'd love to hear your thoughts on this! Thanks everyone! [link] [comments] |
| Is rental income from a multi-member LLC treated as " passive income"? Posted: 06 Oct 2020 07:18 AM PDT See title. Questions is specifically asking if rental income from a multi-member LLC is subject to "self-employment tax". [link] [comments] |
| Posted: 06 Oct 2020 11:06 AM PDT Hey everyone, I'm brand new here and wanted to ask for some advice on a plan I have. I'm currently 19, and interested in real estate and real estate investing. I have a lot of plans for the next few years, all which need cash to start up, I'm interested in real estate so I'm starting the 75 hours of required education to get my real estate license. I plan on getting in with a team and getting my foot in the door with real estate, it will be a good way to make a full time income to save up money while also getting experience in a field I'm interested in. One of my plans for the near future is to purchase my first investment property once home prices lower. I know they're high right now due to a high demand because of the 0% interest rates, but low supply because a lot of people aren't listing their homes. Once more people start listing their homes and prices lower I want to purchase my first investment property while the fed keeps interest rates at 0% for the next few years. I guess my question is for those of you who have some experience in real estate, do you see prices lowering in the near future or even the current real estate bubble possibly popping? My long-term goal is to have a portfolio of properties that I rent out, but I would like to buy low as well so if I needed/wanted to sell them in the future, I would be able to make a profit from my initial investment into them. I'm open to criticism of course, thank you all in advance! EDIT: I was incorrect about the 0% interest rates, I was thinking about the feds target rates of 0-.25%. [link] [comments] |
| Bank recommendation? Need an equity loan on my investment property (MI) Posted: 06 Oct 2020 10:02 AM PDT I own a home in full that will appraise around 160-175k. It's a single family home with tenants in it. It is not my primary residence. I would like to take out an equity loan on that property. I found a seller that is selling 5 houses in a bundle for 230k. I was hoping to get an equity loan, use the cash I have, and maybe get a mortgage on 1 of the 5 houses. The houses have a great cap rate of at least 12-16 on the NOI! Not just a cap on the gross. It'll will net me another 40k in cash a year. It's also section 8 housing so the money will be more guaranteed. Banks don't care about that obviously. Anyways.. I've have a bunch of trouble getting a bank to lend to me. Extra information about me: -I live in Michigan - I own two houses and 4 vacant lots in full. The houses have tenants. Vacant lots just sit there. - I have a great job where I bring in 6k a month. - the houses generate about $1500-2000 a month combined - I have 30k cash on hand - I do not have any mortgages or car loans. My only debt is a 15k student loan -credit score 763 My god why won't banks lend to me? I have an Llc. Could I get a small business loan? I understand that 230k is no small chunk of change but I am buying houses that generate income and I seem like an optimal person to lend to otherwise. Here are the banks I've called: -Chase -Huntington -5/3 -TCF -Vibe credit union All of these places say they only do loans on primary residences. Sounds a bit backwards to me but regardless, I am hoping someone on here can give me a bit of advice on how to go about this and if they know of any bank that will lend on an investment property. Again, I own it in full. Great house. Thank you all for reading. [link] [comments] |
| Posted: 06 Oct 2020 06:03 AM PDT Would love to hear so I can hopefully take away and implement these changes into my own life. [link] [comments] |
| Posted: 06 Oct 2020 09:39 AM PDT I have an idea that sounds great and I can't find "the catch". I've been doing this long enough to realize this probably means I'm missing something. I need you guys to burst my bubble.
I know vacation rentals are a lot more work and a lot more risk, but even taking that into account, this sounds too good to be true. Can somebody bring me back down to earth please? Thanks in advance. [link] [comments] |
| How to buy a HUD/Bank-owned (REO) Property before it is listed? Posted: 06 Oct 2020 07:58 AM PDT |
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