Real Estate Investing: Advice for an 18-year-old |
- Advice for an 18-year-old
- how to identify a good property manager?
- Is connecticut a good place to invest in real estate?
- 631-unit residential development in the making
- Should we all just buy the most expensive rental property we can afford?
- All advise appreciated, but if not that's cool too.
- What would you do in my situation? 3 million dollar investment
- Short Term Rental Construction
- Why is real estate better then the stock market?
- What would you reccomend for new investors in the upcoming year
- How to Select and screen a good real estate agent/broker
- Where do you guys search for investment?
- Seller refuse to move after closing signed
- Lawn care and landscaping options?
- How much money?
- Mortgage/Foreclosure Q
- how do you over come fear and overanalyzing? (north jersey) 2-3 unit
- Sober Living Home Rentals?
- What are some pros and cons of using a hard money lender?
- For the one year minimum stay required for an FHA loan, do you actually need to be physically present for most of the year?
- Best strategy for first house with $180k cash?
- Filing a lien against other investor
- How to do a deal without an agent?
- Condo - Chicago's Goose Island & Cabrini Green
| Posted: 11 Nov 2020 08:57 PM PST Hope everyone's doing well. I've (m18) been working some adhoc jobs for a while now, and have finally amassed about US$10,000 in cash. I was wondering if I could get some advice on where to begin investing? Currently, I'm looking towards either putting the money into property or opening a ROTH IRA, but I'm new, and have no idea which one's better and where to start. If you think I should put the money in property, where and how should I start? Any advice would be great. Thank you so much! [link] [comments] |
| how to identify a good property manager? Posted: 11 Nov 2020 10:00 PM PST i am a resident alien and due to my status in the US I cannot actively participate in managing a property. I am interested in buying 2-3 rentals, but they will all need to be overseen by a property manager, as by law i can only earn income passively outside of my employment. this means I cannot actively spearhead tenant screening, repairs etc. I live in the market where I am planning to buy, so I will be able to have a say, but overall i need to be hands off. I have been building a list of property managers I plan to contact and chat with. I am a new investor and would like to know what you look for in a good property manager. what questions should i ask, what should I be aware of, and what terms should I seek in my agreements with them? [link] [comments] |
| Is connecticut a good place to invest in real estate? Posted: 12 Nov 2020 02:12 AM PST My parents own a couple of homes in connecticut and I was wondering if its okay place to invest in real estate. [link] [comments] |
| 631-unit residential development in the making Posted: 11 Nov 2020 11:18 PM PST I just put in an offer in a 2 family (5 beds 2 baths) in an area that has a couple of new big apartment complexes finishing construction. The one in the attached link is the closest to the property (just two blocks away), it's a 631 unit, which takes the whole block. I was wondering if anyone here knows how this type of new constructions may affect the prices of the homes nearby, or if anyone has experience with having something similar constructed near a property owned. I'm thinking there will be more inventory for rental units, which could make the rental market competitive, and hence decreasing the prices of rentals in the area? I have no clue, I want to see if anyone here has a better idea. Any input would be greatly appreciated. built.](https://jerseydigs.com/84-million-construction-loan-announced-for-631-unit-building-400-claremont-avenue-jersey-city/) [link] [comments] |
| Should we all just buy the most expensive rental property we can afford? Posted: 11 Nov 2020 07:03 PM PST That at least covers debt service/capex. Think about it, rates at record lows, the gov has basically admitted they plan on inflating asset prices to the moon for a long time. Not to mention the principle pay down on the loan. So the bigger the debt the more we have to gain. [link] [comments] |
| All advise appreciated, but if not that's cool too. Posted: 12 Nov 2020 02:59 AM PST Okay guys, I'm new but I'm going to try my best to not be the typical first poster by not wasting your time as much as I can and if I miss something important just let me know. You just don't know what you don't know sometimes but I'm interestedrested and learning so thank you for your valuable advise! Also, I'll add a TLDR at the end because I'm just throwing facts if they matter hoping for intelligent direction from your advise. I got into a 3200ish sqft single livable fixer with my wife and two kids in 2014 at 185K, which was decently low for my area, and very low for the neighborhood. Figure it's perfect, I'm a sparky and am learning carpentry, or really anything else. Always heard the cheapest way to make money is to do it right yourself the first time, and that seems to ring true here as well. Any so plan is fix it up and live while it appreciated. Life and complications happen so it's not 100% project done, but it's closer and since the principal is at 160K and market is at 400K I've got a good bit of equity. I got a HELOC for 50K and I'm in about half of that on updates. Thing is with the 2021 market rumors I'm feeling pressure to get out ASAP so I'm trying to hurry and use my gains toward my first investment property. Okay so all that aside I've thought about dumping and going the land route and building multi and hacking as one idea, maybe even premades for the quick turnaround then live and use those rentals for affordability. There seems to be a good amount of land that's not horrible price wise, but it means time, which means slowing flow. (puts me all in, more than I'd like because I'm super dependant on consistent renters and there's the fam issue too.) A twist on this was to find the worst pile of junk on a tinyish lot that I could doze. Build a prefab single or small multi with the quickness and rent ASAP basically whatever zoning would let me fit on the lot to maximize return. (I've got family in HE and it would be dead easy to flatten and pour concrete, then dump a stick frame on it and rehook for profit!) These types of places seem to be more common in my area. I've thought about trying to find a multi in the area and hack but that seems tapped. (been looking, can't find anything and the numbers look bad but that's probably me plus stil the fam) I've looked at auctions and pre/ foreclosures and government sales. Haven't had much luck yet, but I'm still working this one for a more clear answer. Sell current house, but go bigger and climb the old fashioned way. Maybe use some of the extra if there is any to invest elsewhere and basically do the same thing again and again. Or don't sell, fix it, keep it and wait for the market while hanging onto that HELOC. Market does dive, I can find a place and fix it but I don't get bit on both ends and I'm locked into a cheap line of credit that could save me on my new second place. Stick to my original plan otherwise, sweat equity and then rent one of them when either will occupy us and earn. Probably live and work on the new, then if earnings is enough buy a third with work income and rental to be more permanent and then go more solo so my fam can have stability while I do what I want in life!! Big thing is income flow, net worth, and income neutrality for me. Things that I remembered just in case: In WA state, At 3% on VA loan (planning on using whenever I can,) The neighborhood of current house has common smaller listings at 475K average. Fixed up the old place will have to be rented at well under value. No rental goes for more than 2800 in the city, but that's more than double the mortgage. Okay so I guess that's all I can think to write. I'm really just looking for anyone who's willing to take a few with my junk info here and help me decide if I'm right in my vision, or if I'm a piece of swiss cheese and I've missed so many points along the path that there's no good way. I'll continue to read and watch and maybe even ask a few more in the future depending on how this goes. Like I said, thanks and if you want to know anything please ask any time. TLDR: I'd really love to get into this, but I have no capitol. Already owe fam about 10K so that's coming out of current sale or next lump sum if possible, but I could get more if it was short term and I needed it for turnaround (50K.) I need to use what I've got in equity to invest in the best way to earn, while I'm feeling pressure to use it soon and I don't know the best way. I listed ideas, and I'm hoping you can help sort what's best in your experience. The market has been hard to find anything in, and I've ran values which for me mostly come back less than desirable on both SF and MF homes around here. I just want to work for myself and enjoy my life more, and you all make it seem very appealing from the outside looking in. Thanks! [link] [comments] |
| What would you do in my situation? 3 million dollar investment Posted: 12 Nov 2020 01:37 AM PST Hi. I got a 3 million dollar inheritance and want to invest in real estate. I've done a lot of reading and studying and have friends that own 3-4 single family homes. My uncle is a landlord as well. So I kinda have some knowledge of real estate but haven't invested my money yet. I'm willing to invest anywhere in the United States. What would you guys suggest is the best investments that I can pull off with the amount of capital that I have? I'm looking to generate a 15%+ ROI. I was thinking of purchasing a combination of single family homes, multi-families, and an apartment building. I'd want to buy rent ready homes and mix that up with renovating broken down properties. I don't mind doing this full time. What is the best thing I can invest in? [link] [comments] |
| Short Term Rental Construction Posted: 11 Nov 2020 05:40 PM PST I'm looking into buying land in a somewhat private/remote area and building a property to be eventually rented out on Airbnb as a remote getaway. At the moment, I have 50k+ cash and can use the property as a primary residence for a year if that will help with loan options. Would it be possible to secure financing to BOTH buy land and build a first time home with a 700+ credit score and 50k+ cash? I'm getting confused regarding FHA, FHA construction, construction, HML, etc. Anybody have experience doing something similar? [link] [comments] |
| Why is real estate better then the stock market? Posted: 11 Nov 2020 11:26 PM PST So completely new to this. I'm looking at a property with a down payment of about $18,000. I'm thinking it will need around $60,000 in rehab cost. So $78,000 total getting started. I can probably make $600 a month once it's rented. So $7,200 a year. Or I keep that $78,000 in stock and not have to do anything and make around the same. So where does it start making sense to invest in real estate? [link] [comments] |
| What would you reccomend for new investors in the upcoming year Posted: 11 Nov 2020 11:48 AM PST Me and my investment partner are new to real estate, both working full time jobs in unrelated feilds. Each of us making under 40k/ year. Both from pittsburgh Pa. what are the best resources for getting to know our market? What common mistakes should we be looking out for? Is the talk about a potential housing crash going to have a big impact on how we should make our decisions? Reading material and resources are most helpful. Thank you! [link] [comments] |
| How to Select and screen a good real estate agent/broker Posted: 11 Nov 2020 09:04 PM PST I'm looking into starting my first BRRRR and have come to realize I need to work with an investor focused agent that Probably has there own investment property or two and can analyze good deal structures with investor focused calculators. What would be the most effective way of selecting a good Agent with this in mind? [link] [comments] |
| Where do you guys search for investment? Posted: 11 Nov 2020 02:42 PM PST Hey everyone! Im searching for properties but its so dang hard to find anything decent.. where do you guys do your purchase? Any sites you recommend? Anything you can provide for multiplex and flippable properties? Also is there a site anyone would recommend for foreclosures? Thank you as always! [link] [comments] |
| Seller refuse to move after closing signed Posted: 11 Nov 2020 08:40 AM PST Hi any advice for a condo purchase in brooklyn? Father and daughter on the deed, mother passed away. Father occupies condo. Daughter sells and the contract is signed.(Feb 2020) Daughter get another rental For father but come closing date (July 2020) he refuses to move. There have been adjustment in price to my favor, but so far no closing date in sight. Father just doesn't want to move. My down is in escrow but we're stuck. Any advice? I want this property to live in. [link] [comments] |
| Lawn care and landscaping options? Posted: 11 Nov 2020 08:19 PM PST Any tips for handling yard work on investment properties? I currently have 3 single family properties that I self manage remotely and pay a small local landscaper between $120-150/month per property for general lawn care and routine yard maintenance. He does decent work and is reliable. This is obviously a necessary expense but cuts into my cash flow significantly. Not sure that I'd even be able to get it done for much less but curious what others are doing. Does anyone leave lawn care to the tenants responsibility? [link] [comments] |
| Posted: 11 Nov 2020 10:04 AM PST I was listening to BP podcast, and heard you could lend to people you meat at RIAs. Question is, how much would be a good amount to have to have before you consider offering it up to lend? How would this process work? You lend it, do paper work and then what? Do do get any interest paid back to you? [link] [comments] |
| Posted: 11 Nov 2020 06:37 PM PST Hey there, I just had a quick question. Let's say I already bought a house for $900K using a down payment of $100K, but then the value of the house went up to $1,100,000. Because of this, I borrow another $100K by using a second mortgage. Unfortunately, due to unforseen circumstances, I can't pay the mortgage payments and the debt, so I go default on the debt. On the bright side, I have a stash of $100K in money market fund. Due to this, my house is going into foreclosure through an auction. I'm just wondering who would be entitled to what and what in this situation if this were to occur in California and Colorado. If the sale price was to change, then what would happen if the sale price was $500K, $700K, or even $900K or $1,100,000 I'm having trouble with this and I need some insight. I'm thinking that both CA and CO are both nonjudicial when it comes to foreclosure, and this might play a role. [link] [comments] |
| how do you over come fear and overanalyzing? (north jersey) 2-3 unit Posted: 11 Nov 2020 02:43 PM PST hello, I've been stuck for a couple of years now and im so disappointed in myself, i feel like every book i ever read makes it sound possible but just not in a high tax/cost state like mine, and moving is the only way to do so. im working from home now for another year so i am thinking of moving to a nearby state but I'm still afraid of buying something and it doesn't cash flow. i know how to analyze a deal but idk why im afraid to do so. i have the funds ready and preapproved but even knowing where i wanna buy im still blank. I'm thinking CliftonI'm NJ and any other safe areas. Then people tell me to buy in PA Philly cause it's easier to cash flow than others tell me south jersey is better etc. i want to finally pull the trigger and not be afraid and take a risk. [link] [comments] |
| Posted: 11 Nov 2020 05:52 PM PST Any have rent to a sober living home business? Besides higher market rent, are there any major pros or cons to this? Feel like its almost a glorified section 8 housing. [link] [comments] |
| What are some pros and cons of using a hard money lender? Posted: 11 Nov 2020 07:39 AM PST Just looking at different ways to finance and looking at my options. [link] [comments] |
| Posted: 11 Nov 2020 09:03 AM PST For instance, say I wanted to purchase my first property and I make it a multi family, but I want to put down a minimal amount for the down payment so I use an FHA loan. My question is, is it considered mortgage fraud if I don't actually live there the whole year but instead am traveling around the country/globe? I wouldn't have a separate primary residence that I'm "actually" living at, I just wouldn't be spending much time at all at home so I'm not sure if that constitutes fraud. Any info would be helpful! [link] [comments] |
| Best strategy for first house with $180k cash? Posted: 11 Nov 2020 06:13 AM PST First of all, thank you to anyone who responds. I appreciate that you've taken the time to answer my post. I am 26 years old and have been preparing to invest in real estate for a few years now. I am trying to decide on the best route to take as a novice. I'm located in the USA. My annual income is $105k/yr, I have $180k in cash ready to go and my FICO is around 760. The market I live in is quite hot although I'm sure I could find some good deals off-market if I hustle hard enough. I am willing and able to uproot my life and move somewhere else to start if I need to. I don't really have any commitments where I live. If I could choose, I would prefer to live nearby to one of the American coasts, but I'm open to thinking about all options right now. If any of you were in my position, what would you do? Do you think buying something small to learn the ropes first makes more sense, or to go all out and find a fourplex? What about finding a fixer upper? I'm all ears! Thanks. [link] [comments] |
| Filing a lien against other investor Posted: 11 Nov 2020 01:46 PM PST Anyone ever filed a lien against an investor you co-own a property with? [link] [comments] |
| How to do a deal without an agent? Posted: 11 Nov 2020 01:41 PM PST As the title states I'm trying to figure out how to do a real estate deal without an agent. I found a property off market, I talked with the owner and he prefers to not use an agent as he doesn't want to pay them commission. What should I be prepared with? How do I proceed? I know I will need a home inspection do I need an appraiser? Thanks for any and all help [link] [comments] |
| Condo - Chicago's Goose Island & Cabrini Green Posted: 11 Nov 2020 12:32 PM PST Hi All - I wanted to get your thoughts on the new developments in Goose Island & Cabrini Green area. With the housing projects demolished there's been a uptick in new development since 2011; they also have a Target & Jewel near by. Seems like construction is geared toward families (most are 2+ bedroom).
Any comments are much appreciated!! Thank you. [link] [comments] |
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