Real Estate Investing: Trying to purchase my first acreage property-Seller wants rights to profits of Timber harvest if i ever choose to do so. |
- Trying to purchase my first acreage property-Seller wants rights to profits of Timber harvest if i ever choose to do so.
- How low is too low for an offer?
- When doing a househack, is there any reason to not put down 5% instead of the traditional 20%?
- Should I get a mortgage through my job?
- Selling rental property - buyer wants to separate oct rent reimbursement from final check
- Making a hard cash offer without buyer’s agent
- Looking to get started
- Chicago Investors - What areas are you focusing on and what do you think about the market?
- Moving manufactured/mobile home onto a vacant lot with electric/water in place
- Question about Refinancing my primary residence, renting it, than purchasing a new primary ("Intent")
- Do I proceed with my realtor?
- How do you manage all your investments?
- Rental Application Form
- Rental Financials Help
- Can I avoid dealer status?
- Distinction between personal/rental property
- Debating taxes of LLC vs owning outright and getting landlord insurance?
- Structuring a partnership - One partner with $ the other manages?
- Making offers on SFH’s w/o a realtor
| Posted: 08 Oct 2020 06:37 PM PDT i sent a letter inquiring about a piece of acreage that boarders my property, the owner wanted me to allow him to have a logger come through my property for an estimate on the timber so he could tell me how much he wanted for the land. i told him no, as the only way he would be able to harvest those trees would be to come through my property with the machinery and i didn't want to or plan on disturbing the land. he than agreed to my offer for the land but on the stipulation that if i were to log the property in the future he would get half. what do you think about this? i would like the property but i don't know how we would legally go forward. i also do not want this as a stipulation that i would legally have to abide by. considering if i were to harvest trees i would be harvesting from both plots at the same time not just the acreage i am about to purchase. what do you think i should do? [link] [comments] |
| How low is too low for an offer? Posted: 08 Oct 2020 05:06 AM PDT I know, I know...before I get a bunch of people telling me there are so many considerations that impact this. Just want a quick gut check. Looking at buying a house, realtor has it listed at 349,900. We aren't using a buyers agent, so saves the seller 3%. Thinking about offering 325k with 7,500 in seller paid closing costs. Think this is too low and will offend? The house was built in 2006 and has original roof, appliances, HVAC etc. Thanks in advance and I will wear my helmet when reading these comments lol EDIT: House has been on the market for only 3 days lol I know! 2ND Edit: To all the HATERS on here. Selling agent just responded and seller accepted terms, selling agent renegotiated their contract with seller and brought their commission down to 3%. All the agents on here saying this isn't how this works and YADADADA HAHAHAHAHAHA SOOOO WRONG. You agents are not helping your case to disprove that many of you are just like a scummy used car salesman with a license 3rd edit: some people are pretty interested in this. We just started a subreddit called r/noagents to discuss this topic in more depth. Let's all talk and compare [link] [comments] |
| When doing a househack, is there any reason to not put down 5% instead of the traditional 20%? Posted: 08 Oct 2020 02:04 PM PDT Getting ready to do my first househack and a lender I've been meeting with has proposed putting %5 down instead of 20% as the house will be my primary residence. Beyond higher monthly payments, I'm wondering if there are other things to be aware of. In my head, this allows me to save up quicker for the next property. [link] [comments] |
| Should I get a mortgage through my job? Posted: 09 Oct 2020 02:59 AM PDT So I (22F) am graduating next December and I want to buy my first property within a year. I'm currently saving up a nest egg for expenses and a down payment while I'm still at home. I'll have enough by the summer and plan to buy late summer /fall 2021. I'm currently working with a pretty big bank this fall and have an internship with another next year. This is pretty speculative since I won't be graduating for a while but I'm confident that I'll receive a full time offer once I graduate from at least one of these major banks. Once I've save enough / completed my internships with these banks, should I attempt to use one for my property mortgage (leveraging the connections I've made through work) or just talk to a broker? I know I won't be graduating until after I plan to buy this property but I'm considering this as an alternative since I'd have a history with these companies and they might be more willing to work with a 22 year old that's worked for them. Since I'm still in school, I don't have much income I can show to other lenders and I want to know what the best approach is for a student looking to buy a property. If it provides more perspective, I do plan to househack near my school where I know there'll be a lot of perspective renters/ friends for roommates and I'm cognizant of how much house I could comfortably afford if I didn't have roommates. Any advice? [link] [comments] |
| Selling rental property - buyer wants to separate oct rent reimbursement from final check Posted: 08 Oct 2020 05:16 PM PDT Tenants have already paid oct rent, closing is next week so I owe prorated rent (+security deposits) to buyer. They've asked to separate this rent + deposit check from the overall sale settlement (they requested I pay them same day, just separate of closing). This would essentially make my overall check from the sale a little bigger, as I would be cutting a small check to the buyer. Tax implications for me? If not, I don't care. [link] [comments] |
| Making a hard cash offer without buyer’s agent Posted: 08 Oct 2020 11:43 PM PDT The listing is $100k. I have no buyer's agent, so if I make an offer for $97,000, am I essentially making a full offer for what the seller is asking for because I have no buyer's agent to pay the 3% towards? Can the seller's agent object to this and ask for the whole 6%? Idk how this works as this is my first property (NH). [link] [comments] |
| Posted: 08 Oct 2020 10:14 PM PDT My husband and I relocated to the east coast with career changes. We've been considering purchasing our first home next year and have been saving for our down payment though we're not in a huge hurry as we aren't certain that this is where we want to stay as we aren't sure where careers might take us. In the area where we currently are houses are 250k-300k for what we'd be going for to personally live in. But now I'm wondering if I would like to rent a bit longer and invest in something in my hometown on the other side of the country and hire a property manager. I can find duplexes and quadplexes for $115k-135k in a college town where rents for these would bring anywhere from $950-1200 a month per unit for the area. We have never been homeowners so maybe it's too soon to be thinking about real estate investing and I dunno all the ins and outs of buying a property where you won't be living, etc. But we both come from poverty and we're getting a bit of a late start in life (late 30's) and we're finally in a better place financially to consider something like this. We have two little girls and I wanna give them the best life that we can. [link] [comments] |
| Chicago Investors - What areas are you focusing on and what do you think about the market? Posted: 08 Oct 2020 02:24 PM PDT Just finished my first live-in flip and plan on purchasing a 3 unit house-hack in Bridgeport, Bronzville, Avondale, Humboldt. Feel like the inventory the past 6 months has been absolute shit (which makes sense given the market conditions). Curious as to what areas in Chicago/Chicago-land you're all looking to buy? What do you think about the market and how do you think it'll look in 3, 6, 12 months? FHA delinquencies are outrageous right now so part of me is optimistic about the coming year. [link] [comments] |
| Moving manufactured/mobile home onto a vacant lot with electric/water in place Posted: 08 Oct 2020 10:13 AM PDT Does anybody here have experience with doing so? And if so: 1) What was the permitting process like with your building department? 2) Did you work with an electrician and plumber to tie into services? Costs? 3) Any idea how to deal with a preexisting septic system where sewer is not available? Tie in? Replace? Approximate costs? 4) Did you seek zoning approval from the planning department? How did that process look? 5) What was the process for moving the mobile home? 6) Did you do any site work? Traditional foundation? Sand pad? Thank you! [link] [comments] |
| Posted: 08 Oct 2020 01:52 PM PDT My goal is to refinance my currrent primary residence, so that it will cash flow better once I rent it out. I also pretty much IMMEDIATELY want to rent out my primary residence after the refinance closes, and IMMEDIATELY find a new primary to buy as well. ....... I spoke to 2 lenders about these goals. - Lender #1 pretty much said "Yes, we will be able to do the REFI and immediately get you a new loan if you want to". "You intended to live in the house during and after the REFI, so after that it doesn't matter at all - Lender #2 was a little more iffy about it and pointed out that it's a bit of a grey area, and that I'm supposed to "intend" on living in the house for a year after doing the primary REFI. ....... Anyone else refinanced a primary residence, and immediately bought a new primary right after? Did you run into any issues? [link] [comments] |
| Posted: 08 Oct 2020 06:40 AM PDT So, I've been looking for my first multi-unit property since about March. With the way the market has been I had zero luck. I've been outbid, seller not accepting my loan, lost a 10k grant from the city, etc. it's been a hell of a ride and nothing to show for it yet. My realtor has stuck with me through the whole process. This is important to me because I've been ghosted by 4 realtors. Now, I spoke to my moms landlord about purchasing his duplex. (This is the house I grew up in). I've heard in most situations where you buy from someone you know or it's a deal that was never listed on MLS, you don't typically work with a realtor. I really want to work with my realtor because she's stuck with me through this tough journey for my first property. But I'm also afraid of scaring off the potential seller because I'll now need sellers assist (even though I plan to add that amount to the total amount offered, I.e. if we agree on 200k and I need 7k for seller assist, I'll offer 207k). My thinking is, if I have a realtor it will cut into his profits and he'll walk. Am I overthinking this? If not please advise. i know this seems trivial, but I've lost bids because small things like this [link] [comments] |
| How do you manage all your investments? Posted: 08 Oct 2020 08:13 AM PDT My friends family will be passing on multiple properties to him. Theyre old school and keep everything on Excel sheets. He wants to streamline this. How do you manage all your investments and all the details of your properties? [link] [comments] |
| Posted: 08 Oct 2020 05:44 PM PDT Anyone have a rental application form? Was reading Mike Butler's book and wanted to get his application but realized I gotta pay $5 for it. Anyone have something similar? [link] [comments] |
| Posted: 08 Oct 2020 04:35 PM PDT Hi, I am thinking of renting my 1bd condo once I move instead of selling, and I'm struggling with the math a bit. Laying out yearly costs below and assuming I do pay all of these: Insurance: $500 Taxes: $4200 HOA: $3252 Maint. (1%): $2800 Interest: $500 mo Total: $1396/mo Lets say on the low end I can rent my place for $1800/mo, I am able to cover my expenses plus $404 is going to equity. To cover the rest of my mortgage payment, I would need to pay $600/mo that goes to equity. I don't have an income issue paying that and another house. In this scenario my income outweighs my expenses, I'm growing my net worth each month, why is this a bad scenario? Does it boil down to I could be using that $600/mo I'm putting in to equity in the house in to the S&P and getting X% return which is most likely higher than the appreciation on the house? I understand that, but if there are good years with maint. and interest goes down more quickly over the 15 year mortgage I have, I'm still having someone else build equity for me, almost at an equal rate to what I am putting in, so in that case its a 100% return for me. Am I thinking about this correctly? [link] [comments] |
| Posted: 08 Oct 2020 04:28 PM PDT I bought a house with a commercial loan with the intent of fixing it up and selling. The loan is for 15 months and my plan was to try and sell it after 1 year to avoid short term CG taxes. I have ab iget as is on the house right now and I'm wondering if it makes more sense to sell it now befor the renovation, and take the short term capital gains tax, or still fix it up and try and sell it after a year has passed. I don't know if I'd still be considered a dealer if I wait over 1 year or not though, which is what would influence my decision. Bc if I wait a year and can sell it and would only get hit with long term capital gains, and wouldn't be considered a dealer, I'd potentially make much more money on the sale. However, if im considered a dealer either way, it would seemingly make mor sense to not sink the money and time into fixing it and just sell out as is right now. Additionally, I lost my job bc of covid and could fo the renovation myself (not sure if this plays into the equation or not either). Does anyone happen to know, would I ber consider a dealer given the situation if I sold after 1 year of owning? [link] [comments] |
| Distinction between personal/rental property Posted: 08 Oct 2020 04:19 PM PDT Asking for a friend: My parents are considering buying a home to rent to me. We read that if this is done as a business, they can claim deductions off the mortgage interest, property tax, etc. We read that we need to be careful that it does not get classified as personal property to them otherwise they may be unable to claim the deductions. What else do we have to be careful about to not get it classified as personal property? If they stay over at my home when visiting, is there a limit on the number of days they can be here? Here is the article we read: https://www.cbsnews.com/news/when-renting-property-to-relatives-know-the-tax-rules/ [link] [comments] |
| Debating taxes of LLC vs owning outright and getting landlord insurance? Posted: 08 Oct 2020 03:26 PM PDT What are all the taxes associated with owning it outright? Don't want to miss anything [link] [comments] |
| Structuring a partnership - One partner with $ the other manages? Posted: 08 Oct 2020 11:52 AM PDT I have been discussing a possible partnership for real estate investing. Instead of a investor/property manager type relationship, we have been tossing around different ideas for structuring the relationship as partners in the ownership. One partner is essentially the investor-backer, and the other does the managing. Structure as if they are a property management company, and use the going rate for the area? (~8-10% of rent) A percentage share of cash flow after PITI, vacancy, cap ex, repairs, etc? "Investor-backer" partner gets a set % return, and then return beyond that is split? Just wondering what any of you have seen/experienced. [link] [comments] |
| Making offers on SFH’s w/o a realtor Posted: 08 Oct 2020 09:52 AM PDT Is it possible to make offers on SFHs without retaining a real estate agent? I see different properties on Zillow, etc...that I want to make offers on. But I don't want to work with an agent at this stage. I own my primary residence and my realtor was useless. I'd like to avoid the middleman, for now, if possible. Can this be done and, if yes, is it even advisable? [link] [comments] |
| You are subscribed to email updates from Real Estate Investing. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment