Real Estate Investing: What's the difference between first-time real estate investors and experienced real estate investors (more than 5 years)? |
- What's the difference between first-time real estate investors and experienced real estate investors (more than 5 years)?
- Lead found in tenant's child' blood.
- Best ROI you’ve ever gotten on a property? Were you over leveraged?
- Investing out of state for first time REI
- Out of State Deals
- Advice on what will be easiest for second home purchase: HELOC, lump-sum refinance, or vacation home loan?
- How would I go about buying a property in the places that don't have road access yet?
- Duplex in Las Vegas, “ long-term tenants willing to stay”, $225k
- First property/down payment q
- Representing my parents on my their first House Purchase- California
- Real estate license worth getting for investor?
- Best way to cash out ReFi?
- Bird Dog Rates
- Need help with the basics of making money in real estate
- How do draw requests work with private money?
- Unpermitted Extension on Possible Purchase [King County, WA]
- Do I need a new realtor?
- Ag Investing - Looking for guidance on syndication, etc
- Has anyone developed a subdivision? What’s an acceptable gross margin?
- How would you go about things if you were in my shoes? Just a green stick trying to make their first move!
- Just getting started with 2 single family homes
- Wait out bad deal for future returns?
- How parcel splits affect property taxes?
- FHA Investment Property Rates
| Posted: 22 Oct 2020 05:37 PM PDT Hi, I was wondering what was the difference between a first-time real estate investor (or better yet, how were you as a first-time investor and what were some of the things that you've focused as a first-time investor and how have you changed as a more experienced real estate investor? TL;DR: What are some things that you look for when investing in real estate properties? [link] [comments] |
| Lead found in tenant's child' blood. Posted: 22 Oct 2020 08:54 AM PDT I have a SFH in Cleveland. I just got message from my tenant that the doctor has found some lead in her child's blood. What's a good strategy to be followed here? Of course the child could have got lead from anywhere and the tenant signed the lead paint disclosure but don't also want anything to happen to the child either. Cuyohoga country provides some assistance (https://www.geshercleveland.com/benefits.../housing/763-2/) but it means I have to disclose it when selling the house. Any suggestions on handling this situation? Thank you. Update: An update and also adding some more context. I did not want to take risk here and I did reach out to a lawyer and asked him to speak with the tenant. And as one of the comment below said, it does look like she is freaking out and the lead in the child's body is within the limits. The lawyer expense was an added expense but this is an issue that I didn't want to take risk on. As the next steps, because of the tenant's low income AND also a child less than 5 living in the house, the house qualifies for an inspection and costs that come out of the inspection. The tenant has calmed down since then after being explained by the lawyer and me and agreed that inspection and fixes of what the city can offer is good enough for her. Thank you all. [link] [comments] |
| Best ROI you’ve ever gotten on a property? Were you over leveraged? Posted: 22 Oct 2020 10:13 PM PDT |
| Investing out of state for first time REI Posted: 23 Oct 2020 05:28 AM PDT Hello all, I know first time investors post the same generic questions here all the time , and this may be another one , but I'm very interested in investing in real estate. I have been researching a lot, and reading books. Currently im 25 and renting an apartment here in the Bay Area, CA. My market is pretty tough for cash flowing properties. My original plan was to buy a home, live in it for 2 years with my fiance, and then move and rent it out in hopes of buying something else. Next option Is to house hack with a duplex. There is very little selection in my area for duplexs so I'd have to look outside of town (1.5 hours away) adding a long commute for me. I know if the deal is right the commute would probably be worth it. I'm also interested in investing out of state due to my market being so high. Specifically Missouri, outside Kansas city. My sister lives in this area as well. The Rents seem very strong along with appreciation. I have enough to put 20% down on a property , and I'm willing to put in the work to find a PM, and good realtor. Eventually I plan to leave California but not until later down the road, and I'd like to live near my sister. Is this a wise choice for a first time REI in the Bay Area ? [link] [comments] |
| Posted: 22 Oct 2020 04:23 PM PDT Has anyone done any deals out of state? If so, what are your thoughts about it? It's a little nerve wrecking for me to pull the trigger being so far away on my first deal. The problem is I'm in California and real estate is so expensive it feels like I'll never start. Any tips or tricks would be greatly appreciated. [link] [comments] |
| Posted: 23 Oct 2020 04:42 AM PDT Hello. I fully own my primary residence and have no mortgage on it. I want to purchase a second home. Looking for advice/suggestions on what will be easiest during this covid business. Also suggestions on lenders I should be looking at who can quickly handle most of this virtually. It looks like the 3 main options I have are HELOC, lump-sum mortgage refinance, and vacation home loan. I have the assets and income to handle whatever scenario, so no worries on that end. My finances are also fairly simple, so hopefully underwriting won't be a problem. Really I just want whatever is easiest/quickest. Thank you. [link] [comments] |
| How would I go about buying a property in the places that don't have road access yet? Posted: 22 Oct 2020 11:31 PM PDT Short Version of the question. How do I "invest" in raw land that doesn't even have road access yet. I know its a terrible investment but you can read below to understand what I'm trying to do. ________________________________________ I'd like to buy a parcel of land in the woods that doesn't have road access left and so I would have to walk along the road allowance to get there. I would like to build an offgrid cabin on it from the materials I find on the property. The city of Ottawa is the product of a thing Ontario did called "amalgamation" where the city center is located in the same municipality as vast stretches of forest without roads, so when I say within the city of Ottawa, what I'm talking about is like an entire eighth of south-eastern Ontario This isn't the type of thing people put on listing sites I assume because no one other than me would have any use for it. I have found properties you need to walk to but they are hours from Ottawa and are exceedingly large. Ideally I'd find a 1 acre or so property just not on a road. I know where these places are because I have a map of the parcels but I don't know how to contact the owner. On the Quebec side of the river there is property tax roll assessment that is publicly accessible which would have their contact information as well as their address so that you could compare to see if it differs from the parcel address as that can indicate if they live somewhere else and thus the property is vacant. I'm also open to off-road properties in the surrounding towns of Carleton Place or Mississippi Mills in Lanark County, it just needs to be within biking distance of Ottawa as having to drive to an offroad property defeats the purpose. I'm a crazy person who wants to build everything themselves by hand without any machinery. (in fact my overall interest in investing has been primarily due to the fact that I want to buy land and I need more money than I have been able to collect to do that. Due to the fact that I'm crazy and willing to do things no one else will I was hoping that maybe the amount I have saved will be sufficient) I'd also want to ideally grow all my own food using an idea known as permaculture and only bring in what I can carry by hand. This is a terrible idea for a normal person, but so long as I have the right to walk there occasionally lugging an odd solar panel. I don't need any access to any city services but I'd also like to be able to visit my family without needing a car. (Which again defeats the purpose of a sustainable lifestyle). I'm setting out to prove something so usually those things you need to prove sound like terrible ideas. TL;DR I'm a radical anti-road libertarian. Where we are going we don't need roads. [link] [comments] |
| Duplex in Las Vegas, “ long-term tenants willing to stay”, $225k Posted: 22 Oct 2020 08:53 PM PDT I just came across this listing on Zillow for a duplex in Las Vegas while browsing and considering investing in real estate to rent and make a small passive income/build some equity. Sitting on about $50k in savings and credit score of 750, also qualify for FHA if that helps explain my situation a little more. I in no way claim to know that much about real estate, but I also hear about what a competitive market we are in. When I was doing the math and seeing if this made sense to me I stopped and thought, "if it's not selling to investors, why wouldn't you try to sell this property to one of the long term tenants?" It's only $220k, you would think their rental history alone could be vouched for some kinda credit/loan right? Maybe I'm missing something but is this a thing? Please explain like I'm 5. [link] [comments] |
| Posted: 22 Oct 2020 09:04 AM PDT As an investor in real estate, do you ever get hung up on how long it will take to re-coup your down payment? I'm new to this. Do you just look at it as the home building equity? Tax write offs? Etc. For those of you that had a high down payment on a property, how did you do? Tell me it'll all be okay! Thanks! [link] [comments] |
| Representing my parents on my their first House Purchase- California Posted: 22 Oct 2020 11:04 PM PDT Im 20 Years old and I am currently in the process of getting licensed to receive my California Real Estate Sales License. Would I have to have my licensed hung with a brokerage in order to represent my parents when they purchase a house? If I do need to be with a broker how much of a commission split would I be expecting from the sale? Any advice will be greatly appreciated thank you [link] [comments] |
| Real estate license worth getting for investor? Posted: 22 Oct 2020 10:33 PM PDT I m thinking about diversifying into real estate (i live is SoCal). I m looking at maybe investing in one property at a time every 2-3 years. To make it more attractive and convenient, as well as gain better knowledge about how things work in real estate, i m thinking about getting real estate license. The way i see it will help: - avoid agent fee on one side of a deal (2.5%?); - allow me to independently enter homes without being bound to agent schedule; - first hand access to mls; - potentially spend more time at homes and see more homes without feeling pressured; - potentially ask about other offers? - potentially show other people properties (being their agent) and gaining first hand insight on what people like/dislike or looking for; - knowledge how property is apprised; - more various valuable knowledge; Downside is it will take time (4-6 months at a pace i m willing to keep) and negligible amount of money. Also it seems there will be some membership fees if i want access to mls etc. And i will need a broker. My questions are: - are expectations above valid? - what is the situation with brokers? I take it they will want some fee even if i represent myself? - can i be on-and-off agent that maybe active couple months a year? - generally worth it? or at my pace it s easier to just have acquainted realtor that will cut fee (does this even happen?) ? Thanks [link] [comments] |
| Posted: 22 Oct 2020 04:24 PM PDT Hello All, Long story short - parents got divorced. Only asset to the family is a 600k house with a 200k mortgage left. Mom left and wants half the value of the house. Dad wants to stay. I'm really in a pickle because I keep getting thrown in the middle of this. I told father the best option is to cash out refi and pay her off..(he doesn't wanna sell)...Is this possible? Does it raise the monthly mortgage payment? I'm very lost and would love help/opinions Thank you [link] [comments] |
| Posted: 22 Oct 2020 09:35 PM PDT Hello, I'm a relatively new investor and have never really worked with anyone else when looking for deals, but was recently contacted by someone looking to be a bird dog for a fee. I was wondering if anyone else has used a bird dog and if so, how much you pay for a closed deal? [link] [comments] |
| Need help with the basics of making money in real estate Posted: 22 Oct 2020 09:17 PM PDT Ways to make money in RE (imo?)
Just trying to wrap my head around the basics and see which scenarios are better than the rest and which apply to which markets. I keep hearing people saying - "It'S a GrEaT WaY tO BuIlD PaSSivE InCoMe" but if you are in a city where everything is CF negative... then what the heck?? Am I missing something here? [link] [comments] |
| How do draw requests work with private money? Posted: 22 Oct 2020 09:13 PM PDT There's a lot of info online about draw requests with hard money, but I'm not finding anything about draws with private money. I'm sure it can be structured in any way since it's private, but I'm curious if there are significant differences from hard money. [link] [comments] |
| Unpermitted Extension on Possible Purchase [King County, WA] Posted: 22 Oct 2020 08:23 PM PDT I'm looking buying at a fixer-upper for a rental property. It's a 2bd place with an unpermitted extension. This deal works out *really* well if I can make the extended space into a 3rd bedroom. I pulled county records, and the extension used to be an open patio, a previous owner enclosed the patio to use as an office/bonus room. The rest of the remodelling for the house would not require a full permit (only a "Subject to field inspection"). I'm having a hard time gauging the risk on this aspect of the deal. The rest of the house would be a pretty straight forward flip, but I fear this patio-to-bedroom situation can turn sour quickly. Any experience with similar situations? House is sold as-is. [link] [comments] |
| Posted: 22 Oct 2020 07:49 PM PDT Hi everyone! I'm a new investor and as Iv been analyzing deals Iv been sending the good ones to my realtor so they can schedule a showing. HOWEVER I recently found out that they are sending these listing to their other buyers who are all more seasoned investors than me and who are coming in with better offers. Is this normal for realtors to do? I feel like I'll never get a good deal as they're always being shared. [link] [comments] |
| Ag Investing - Looking for guidance on syndication, etc Posted: 22 Oct 2020 08:18 AM PDT My family (specifically my dad) has expertise in investing and operating agricultural assets (he is a third-generation large scale industrial farmer, though he mostly is a landlord these days; also has experiences investing in, owning, and operating ancillary ag businesses like grain elevators, semi-perishable vegetable cold storage, etc). Together, we'd like to raise a fund to acquire and operate additional agricultural assets. We are very bullish on the long-term strength of ag, and we are aware that is it hard for investors to get direct exposure to the sector. It's fairly illiquid, and often requires a deep personal network and experience. As I said, we are experienced investor/operators, but we are not experienced asset managers. Meaning, we've never syndicated a real estate transaction or managed other people's money. Additionally, I am a finance professional, but my expertise is primarily in operating finance, not acquisition finance. I'm hoping this community can help me with the following: 1) sample excel models for real estate syndication. The more detailed the better (I'm very comfortable with complex modeling). I'd love to see the specifics about how sample deals work. 2) Guidance on how to structure the fees. We would put the deal together and manage the asset. I've seen recommendations of 1-3% of the deal value up front, plus 1-3% of NOI, but I'd like input on how you've seen these funds structured. 3) Any other advice on the most streamlined way to execute a syndicated deal, as well as references for attorneys and other professional services firms you have found indispensable in this process. Thanks so much! [link] [comments] |
| Has anyone developed a subdivision? What’s an acceptable gross margin? Posted: 22 Oct 2020 01:28 PM PDT I own a property that I am looking at selling to a developer. I do have a couple developer friends who I would normally ask such questions but I would like to approach those same people with this property for sale. I've been looking into developing it and have decided that it would be better for me to just quickly sell the opportunity than to be involved for the next few years. It would be a small to medium size subdivision. 40 lots would sell for approx. 85k each. So a doable project for a small or medium size developer. I have already estimated development costs but want to calculate a land price. What would be an acceptable gross margin to use to calculate an asking price on the land? There are of course comps in the area but I have something that's prepackaged and properly zoned and ready to go. [link] [comments] |
| Posted: 22 Oct 2020 06:02 PM PDT Hope everyone is staying healthy! New guy here! I just started running numbers seriously because I finally saved up enough capital to consider looking. I'm in IL trying to set up a house hack kind of deal. I probably won't buy it in IL. Ideally, I'd pick up a 3-4 unit multifamily property in a neighboring state and do the whole BRRR thing (I'm so tired of IL and the property tax is too dang high!!!). I'm reaching out to all you brilliant minds and experts who have done this stuff 10 times over. I really want to nail this one out of the park so I'm reading up on everything and listening to all the podcasts that are even a little relevant. My goal is to eliminate living expenses, but some good cashflow wouldn't hurt. Now that you know my situation for the most part, here are my questions:
If you can throw any advice my way, I'd be very appreciative! [link] [comments] |
| Just getting started with 2 single family homes Posted: 22 Oct 2020 09:14 AM PDT Hey Reddit, Looking for some feedback on my real estate investment plan. First off my wife and I take home after taxes, 401k, and all of that a little over $8,000 a month. We recently purchased a condo (our primary residence) for $450,000. We put 5% down. Our mortgage with HOA, insurance, taxes, and all of that is $2,500 a month. Our normal monthly expenses including the mortgage, food, utilities, and anything else come to about $4,500 - $5,000 a month. We are planning to buy a second single-family home with my mom anywhere from $200k - $400k. My mom will co-sign on the loan and that will be her primary residence. She will quit claim the house over to us at signing and the dead will be set up to go to me if she dies. This is to prevent any family from inheriting part of the property. The only reason she is even on the loan is so that I can put 5% down instead of 20% and also if the home is owner-occupied the property tax is half. She can afford to pay $1,200 a month and is on a fixed government retirement. My wife and I plan to pay up to $1,000 a month on the house payment to cover whatever her $1,200 a month doesn't. This will allow her to live in a nicer home that she couldn't afford and it also allows us to get a second property. After 1 year in our condo we plan to buy another place and put 5% down on that, then rent out our current condo. I know the property with my mom will not make a positive cash flow but in my mind, my wife and I don't need positive cash flow right now. We need a positive cash flow in about 20 years when we retire. Our goal is by the time we retire all our properties are paid off and make us about $6k a month. I know this is not the most efficient way to invest but it's nice to be able to invest and help my mom out. What are your thoughts and or concerns on my strategy? [link] [comments] |
| Wait out bad deal for future returns? Posted: 22 Oct 2020 07:11 AM PDT In the process of purchasing a 3-unit MFH on an FHA loan. As the rents are currently structured (month to month), the numbers are horrible: (Cap: 4.95%, Monthly CashFlow: $13, Debt Coverage: 1.01) This house is in a prime market for short-term rentals, and will rake money in with that type of structure. Being conservative: (Cap: 26%, Monthly CashFlow: $5,230, Debt Coverage: 5.24) However with the FHA loan we would not be permitted to use the units as "transient hotels". My question is, is it worth surviving some lean years until we're able to refinance out of the FHA loan? We would also be occupying a unit for a year+ and I'm not sure how to incorporate that benefit into the monthly rental structure. Any help or advice is greatly appreciated. I feel like I'm pulling my hair out. EDIT - Pulled the plug on this property. Sincerely appreciate all the advice. [link] [comments] |
| How parcel splits affect property taxes? Posted: 22 Oct 2020 04:57 PM PDT This seems like such a basic question, but I can't find the answer anywhere. I just bought a 10 acre property which can be divided into two 5 acre parcels, and the previous owners even provided me with a survey drawn up for the split. I like the idea of taking the split simply because the survey is already drawn up, and there's a non-zero chance regulations could change and prevent splitting in the future. But I'm not sure what net effect this would generally have on my property taxes. I plan to build a house there (for myself), which would be on one 5 acre parcel while leaving the other vacant. In this case, would it be better to keep the whole 10 acres together until I actually want to do something with it? [link] [comments] |
| Posted: 22 Oct 2020 04:32 PM PDT Wondering if anyone has any recent data points on FHA rates on an investment property? Would be something like 3.5% down, 760 FICO with around a year of employment history; looking in the tri-state area (CT, NJ, NY). Thanks in advance! [link] [comments] |
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