Real Estate Investing: 14k in savings. 28k in annual income. Credit score around 720. Zero debts. Can I afford to buy a duplex between 80-110k? |
- 14k in savings. 28k in annual income. Credit score around 720. Zero debts. Can I afford to buy a duplex between 80-110k?
- Equity partnership - Does anyone have any experience?
- Investing in Detroit suburbs
- Guide to buying first investment property?
- Contractors
- Termites? Worst Case Scenario...how much damage/cost are we talking?
- Property checks all my boxes but I was wondering if there is anything in particular I should be asking from the owner they have no disclosures and they are placing the inspection report responsibility on the buyer.
- I’m considering buying 400-1000 acres of undeveloped land within an hour or so of some pretty well known sport fishing areas and recreational lake areas.
- What to do if you need quick cash in a crisis
- What are your biggest frustrations/headaches/pain points of real estate investing? [2020 Edition]
- Florida "snowbird" rentals
- How many calls is too many?
- Hey guys me again
- Gen Z (18 yrs) wanting to learn more about real estate investing. What resources do you guys use to see if a neighborhood or area is up and coming ?
- Using Stocks As Collateral
- How to get best price for insurance on 8 investment properties?
- Property different country - am I nuts?
- Is a Condo a Good Investment?
- Anyone with experience dealing with a property manager (or owning properties out of state?)
- 1% Rule: Anyone using it?
- Is FHA loan worth it? Due to having to pay mortgage insurance on under 20% downpayment.
- How do I remove Auction.com listings from zillow?
- Newbie! Best way to start? wholesale?
| Posted: 01 Nov 2020 05:57 PM PST Taxes in my area would likely be 2-3k annually on a property like this. I would be a first time home buyer hoping to househack. Is this crazy? I've dreamed of doing something like this for a decade but always thought it was impossible for people like me until I finally had a 5 figure savings account. [link] [comments] |
| Equity partnership - Does anyone have any experience? Posted: 01 Nov 2020 07:25 PM PST Have an opportunity to invest in a new development. It's the first time we're looking into something like this and can't decide if it's a good deal, or if it's risky given everything that's happening these days. - Total project cost: $34M - Expected revenue based on today's prices $40.3M - Expected profit: $6.3M - Developer is trying to raise $6.8M through private investors (silent partners) - Developer is committing $1.7M of their own funds - Remaining 75% funded through construction loans from banks - Expected return over 2.5 yrs is 39% Developer has a good track record. Last project returned 53% to investors over 3.25 yrs. Family owned and in business since 2004 The project is in Canada (Coquitlam a city that's part of Metro Vancouver and has seen rapid development over the past few years). If you need any more details, I'm happy to provide. I just don't know if these numbers are average, good or bad for these types of projects. Also, how risky is something like this? Has anyone done anything similar? Any pitfalls to lookout for? [link] [comments] |
| Posted: 01 Nov 2020 06:19 AM PST In 2011-2012, I invested in 14 properties in the Detroit suburbs. Buy, rehab, rent. Long story short, amazing investment for about 2 years and then everything fell apart as my property manager was a crook. I exited the properties over a one year period. It was a nightmare. Despite everything, I ended up making a 97% profit on my initial investment after 2.5 years despite making a TON of mistakes. I've always thought about how well this investment could have done if I knew more. Am I crazy to think about investing again in Detroit (or a similar area with low property values)? I should mention I have a sizable portfolio of REITS and private real estate investments that have in general performed very well. [link] [comments] |
| Guide to buying first investment property? Posted: 01 Nov 2020 06:08 PM PST Is there a guide or step by step instructions on purchasing your first investment property? I want to make sure I'm financially sound before doing it and also want to ensure I get a property that will cash flow positive. Thanks! [link] [comments] |
| Posted: 01 Nov 2020 05:29 PM PST I am looking to get into using the BRRR method and want to know what are some good resources for finding good general contractors to hopefully have a continuing relationship. Would angjeslist/home advisor be a good source? [link] [comments] |
| Termites? Worst Case Scenario...how much damage/cost are we talking? Posted: 01 Nov 2020 07:50 PM PST Looking at a potential flip (vacant for a year & poorly maintained for many more). Noticed what could be potential termite damage. Worst Case Scenario...how much damage can they cause & how much money could I be looking at spending to remedy? Curious what other's have dealt with & spent regarding termites. Pictures: https://imgur.com/a/91b3gqG [link] [comments] |
| Posted: 01 Nov 2020 04:30 PM PST I'm a first time home buyer and I've been looking for a place for the last 6 months in a HCOL area where the market for SFH homes has been red hot. Homes are closing within days at well above asking. However due to the pandemic there is no interest in multi family units to my advantage. I'm planning on placing an offer on this duplex that's been sitting on the market for 200+ days - I have been preapproved from the bank and have the down payment. I plan to live in one unit and rent out the other. The deal is very enticing, I've visited the property and checks all my boxes but I have some concerns. The original owner was a 106 year old woman and the property is now in possession of her 80 year old daughter. There is a chance that the 106 year old woman passed in the home but there is no disclosures and no detail of that. Is that a problem? Also, the trust is making the buyer do all inspections as they have no inspection reports which is understandable but is there anything I need to be concerned about in the home? I know the inspections I bring in will only be able to uncover so much but with no disclosures on the home should I check anything else or ask them to at least confirm anything they can reveal? Thanks much in advance [link] [comments] |
| Posted: 01 Nov 2020 10:06 AM PST I feel like this area could explode in the coming years. have a few questions. I'd like to build some higher end vacation homes to rent out. Do you guys and gals think that an hour away is too far to travel to well known spots? Also, this will be my first time buying completely undeveloped land. Do you guys/gals have any tips for me? [link] [comments] |
| What to do if you need quick cash in a crisis Posted: 01 Nov 2020 11:34 PM PST If your credit rating is south of stellar, you may be able to apply for something called a bad credit loan. These credit plans are loans that have been designed specifically for people with a poor credit history. Bad credit loans are perfect for rebuilding creditand if you need a cash loan quickly. [link] [comments] |
| What are your biggest frustrations/headaches/pain points of real estate investing? [2020 Edition] Posted: 01 Nov 2020 11:18 PM PST I stumbled on an older thread here and wanted to re-ask the question! I have been managing properties for a few years now (for family properties), but finally picked up 5 units of my own this year in the midwest. I mostly wanted to see if my biggest painpoints were pretty common problems with other investors / landords.
There's a wealth of resources for REI and landlording, which I am thoroughly thankful for... so I'd like to think I have made some better decisions regarding my own properties relative to my family's older properties. A lot of those lessons have come from people who had "learned it the hard way," so I appreciate whatever you can share! [link] [comments] |
| Posted: 01 Nov 2020 07:12 PM PST I'm interested in Florida snowbird rentals. $55k in a 1031, 2 weeks left to find a place. 3br-3ba condo in SW Florida resort-style neighborhood listed in mid $300s. Projected rents $4k/mo for a 5-mo lease. (HOA requires minimum 4-mo rental period.) For those with experience with this type of market, is it reasonable to expect to get 2 tenants per year, for at least 8 months rented per year? 10 months per year? Projections for 10 months per year are eye-poppin'. (https://imgur.com/2dvCsnZ) [link] [comments] |
| Posted: 01 Nov 2020 05:28 PM PST Between good tenants and bad ones how often do you get calls? How often are they worth addressing? For all the people who stopped self managing and moved to a property manager, how much of your time was it taking that you hit the limit and had someone else manage? On average how often do you get calls from your average tenant? [link] [comments] |
| Posted: 01 Nov 2020 08:46 PM PST Interested to know how wholesaling is in Florida and any tips or things I should make sure to do to not get in any legal trouble [link] [comments] |
| Posted: 01 Nov 2020 08:15 AM PST |
| Posted: 01 Nov 2020 06:21 PM PST Has anyone ever used stocks as collateral for buying a home? I am new to real estate investing and would like to know personal stories about it. [link] [comments] |
| How to get best price for insurance on 8 investment properties? Posted: 01 Nov 2020 12:07 PM PST We've been just adding on insurance as we buy the property, the only thing is not all of them are one owner. My parents own 4, I own 2, my brother owns 2 so they are all under various personal names or LLC. I was thinking of going to an insurance company and say, listen, I'll buy coverage for all 8 properties if you cam give me a group discount/deal. Has anyone done that? Is it cheaper to go directly or use an agent? Do agents get a cut from us or from the insurance company? Currently, my parents just use one agent they been using since they bought their first property 20 years ago. [link] [comments] |
| Property different country - am I nuts? Posted: 01 Nov 2020 07:08 AM PST Canadian RE investor here. In the past few years our home values have skyrocketed. A townhome that sells for $400K will roughly rent for $2K in my city. The #'s just don't make sense to cashflow. Looking at properties in Midwest US seem very attractive in comparison. Good cashflow, and I'm not too concerned about appreciation. I'm wondering if anyone here could share experience investing this far away from "home"? Am I nuts to consider this? I obviously understand the importance of finding a really solid PM to manage these, but what am I missing other than the same issues we have here, but father away? A bit more info: 1. Have cash, no need for mortgage 2. I'm about a 10HR drive from Midwest US. Not close, but close enough if really needed. 3. Not super concerned with appreciation, primarily looking for cashflow. Would love some input! [link] [comments] |
| Posted: 01 Nov 2020 08:18 AM PST Hello there, First time home owner seeking some advice on if this condo is a good investment. Our offer on a foreclosure condo was accepted. $145,000 3br 2 full bath. Price is low to offset the high HOA+assesment I believe. Putting down 20% down at $29,0000. Its a foreclosure and we are first time home owners so we qualified with the bank to receive 3% cash back on the total purchase price so we are getting about $4500 back. Total closing costs will be about 9k before the $4500 credit back. Monthly payment: HOA Fee $500 + $160 Assessment (10 Years) = $660 Principle & Interest $480 Property Taxes $440 Total - $1580 My concern is that the HOA fee and taxes are a bit high but the monthly payment is still lower than what I pay in rent for a 1 br 1 bath. I live in a high cost of living area. Plan is to stay for a few years and eventually rent it out. HOA does allow renting and rental rate for the place is about $2300 a month, possibly more as the current rentals dont have the amenities my place does. Place is completely renovated with new appliances and requires no work. HOA covers snow, garbage, water, grounds maintenance for the pool and lake access etc... and the assessment was for new roofs and the repavement of the roads in the complex. Any advice would be appreciated! [link] [comments] |
| Anyone with experience dealing with a property manager (or owning properties out of state?) Posted: 01 Nov 2020 05:53 AM PST First time real estate investor (I'm from New York, temporarily living in North Carolina for work as a lawyer). Found a nice property (if it works out i plan to add to the portfolio). With that said, i don't plan on living in North Carolina long term so if i follow through i will obviously have to hire a property manager. What are the typical ballpark fees taken out by a property manager (might be specific to NC)? Any hidden costs associated? I've heard from a few friends that property managers "bang you" when it comes to repairs. I currently live in a nice building and befriended one of the maintenance guys who apparently can fix everything. Would it be a good idea to give him the responsibility of overseeing my properties and pay him a fee? What would a property management group do for me that he wouldn't be able to do? I would likely be renting out to college students so I'm prepared for the worst and hoping for the best. Thanks for your help :) [link] [comments] |
| Posted: 01 Nov 2020 07:01 AM PST I am a Realtor who listed and sold mostly residential. Over my 20 years in the business, I listed about 450 REO properties. My clients were the big banks and Fannie Mae, usually through a management company. Years ago I read up on Red Brick Partners based East Coast. At the time Red Brick was the largest owner of SFRs in the USA. This alone was odd. They used the "1% Rule" which was their go/no-go on looking deeper into a property. 1% Rule: Will the property return 1% per month of Cost of Capital (purchase price plus acquisition expense plus immediate refurbishment expenses). Example: will a $100,000 CofC earn $1,000 per month? If so, buy it if not don't. Of course, meeting the 1% Rule was only the first decision metric. If met, then more detailed analysis was done including (probably):
In my practice, nearly every time I worked up a Market Analysis for a seller or a buyer, I did MOI calculations to help in their decisions on list price and offers. MOI provide great value. If it was an investor buyer, we would often used the 1% Rule (or as close to it as reasonable). [link] [comments] |
| Is FHA loan worth it? Due to having to pay mortgage insurance on under 20% downpayment. Posted: 01 Nov 2020 03:27 AM PST 3.5% FHA loan worth it even though you have to pay mortgage insurance because it's under 20% downpayment. Or is it better to pay the 20% and not have to pay the mortgage insurance. So get the FHA loan or not? [link] [comments] |
| How do I remove Auction.com listings from zillow? Posted: 01 Nov 2020 03:46 PM PST Cluttering up my search criteria. Is there any way to remove? IE I tried -Auction.com in the search results but it did not work. [link] [comments] |
| Newbie! Best way to start? wholesale? Posted: 01 Nov 2020 07:37 AM PST I'm new to real estate investing.. I've heard the best way to start is to wholesale? Yes or No? I've done my research into wholesale real estate seems easy enough to get started.. but hey it's easier said then done. What were the steps you took to land and secure your first deal? Once you got the purchase and sale agreement signed, what did you do next? People said to file a memorandum of affidavit with your county, or just take the signed contract to the title company/attorney? What would the best practice be for a complete newbie? Do you need to have a business? Sole proprietor or llc for your first deal? Or is it recommended but not completely necessary? I just want to understand cause there is so much information on the web and I would like to hear your particular first ever deal and what you did. Thanks! [link] [comments] |
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