Real Estate Investing: House hack |
- House hack
- What Is Needed to Go “Full-Time??”
- Starting to think about first property. Is this possible in the NYC area?
- airbnb being used to sublet illegally
- Property Description says " will not pass FHA guidelines because of lower rents" - What does this mean? What FHA Rent guidelines are there?
- Any good books or YouTube videos I should watch?
- John T. Reed Books
- Converting a Mixed Commercial/Residential
- Should I get a lawyer, management company for my first property?
- How will leases be written in a post covid world?
- Need advice on next steps.
- Tax software?
- Home equity loan restrictions
- Comercial property (6-Plex) GST question (canada)
- Investing in flood zone - worth the risk?
- My rental is apparently zoned M1-light industrial and is therefore ineligible for financing
- Worth it (rental/resale value bump) to remove popcorn ceiling
- Have you ever used private financing and do you trust Sprout Financial?
- [CA] Looking for investment property lenders
- Is accounting hard for rentals?
- In your opinion, will the real estate market crash in 2021?
- Ben Mallah is a fraud
- Structure issue basement wall horizontal crack
| Posted: 25 Nov 2020 05:08 PM PST Thinking about trying to find a tri- or fourplex in Chicago to house hack with fha loan for next year. Rough timeframe would be October/November 2021. My current apartment lease ends mid October plus this would give me plenty of time to research and also add some cash reserve. From what I've read online and seen looking at deals I think it would definitely be manageable to at minimum be covering almost all the costs so making it like having a super cheap rent payment (especially if living with someone in my unit who would be paying "half rent"). Maybe even possibly to cover everything plus a tiny amount of cash flow if I get a bit lucky? Would love any tips, advice, opinions on this idea. I'm 24 and just started my first job in October but already have a small bit saved to get me on my way [link] [comments] |
| What Is Needed to Go “Full-Time??” Posted: 25 Nov 2020 10:00 PM PST Through my eyes, real estate is a small business and I like the retirement plan associated with it- cashing out or hiring property management. I feel like for me- 5 years in and 5 units, the business is good, I enjoy it, but it's moving as sloooow as molasses. Thankfully things are running smooth enough to where I'm not running around putting out fires, but that makes me feel like I could handle 2-3x as many units and probably be making full-time income from cashflow at that point. What do I need to do to make that happen? Is it just about being consistent for another 10-15 years? [link] [comments] |
| Starting to think about first property. Is this possible in the NYC area? Posted: 25 Nov 2020 10:11 PM PST I would like to buy my first property (to occupy) within the next 12-18 months. Was anyone's first place in the NYC area (Jersey City, Queens, Brooklyn, Manhattan) ? How did you go about this? I have a few options I could pursue, such as getting a condo, buying a house or duplex with another or even 2 other people. I'm in my early 20s and will have about 30-35k saved up by the time I'm ready to buy. Based on what I'm seeing, I don't see how I could get buy anything for less than 400k at a minimum. I'm not looking for a 1% rule/home run deal, but just something that will give me experience closing on/owning/maintaining a property. Anyone have any guidance as to how to make this work? Is using Trulia/Zillow/Realtor.com not the right strategy if I'm going to try to find a great deal? [link] [comments] |
| airbnb being used to sublet illegally Posted: 25 Nov 2020 03:46 PM PST Any way the owners could have protected themselves from this ? [link] [comments] |
| Posted: 25 Nov 2020 09:14 PM PST I'm looking at properties on Zillow and came across a 3 flat where the last few lines of the description are " BUYER DIDN'T GET THE LOAN. SO IS BACK IN THE MARKET. PROPERTY WILL NOT PASS FHA GUIDELINES BECAUSE OF LOWER RENTS. SO ONLY CONVENTIONAL LOANS OR CASH. PROPERTY APPRAISED THE FHA VALUE ALREADY. BEING YOUR INVESTORS." Does anyone know what guidelines this ad might be referencing? I was aware of the FHA guidelines around debt-to-income, residency length, etc but had never heard of anything tied to current rent prices or the like. Thanks! [link] [comments] |
| Any good books or YouTube videos I should watch? Posted: 25 Nov 2020 09:12 PM PST I'm 17 and know very little about real estate. I'm eager to learn and was wondering what would aid me in doing so. Anything helps! [link] [comments] |
| Posted: 26 Nov 2020 12:22 AM PST I've just stumbled onto John T. Reeds website for the first time tonight and seen that he has written 20 books on the subject. Has anyone here read his books and know if they are worthwhile? Just debating on whether or not to go ahead and buy some of them. I looked into the recommended reading post that came out earlier today and did not see any of them listed. [link] [comments] |
| Converting a Mixed Commercial/Residential Posted: 25 Nov 2020 07:03 PM PST My Father owns a mixed commercial/residential that used to be his office. I was wondering if anyone had any experience in converting a mixed commercial property into a two-family unit. I understand the zoning can be very tricky but the setup is already there. The Electric and gas are already on separate meters and the property is already laid out in a way that makes it very possible. FYI the property is in Long Island. Any Advice? Thanks! in advanced [link] [comments] |
| Should I get a lawyer, management company for my first property? Posted: 25 Nov 2020 02:23 PM PST One of my goals for 2021 is to buy my first rental property. Not sure if I am looking for a multifamily or single family home yet - most likely a duplex or triplex. Would you recommend getting a lawyer and a management company for just one property? I think it would be good to learn what it takes to be a landlord before I delegate that responsibility. But, I think managing the property will be a time suck. Both my wife and I have full-time jobs. [link] [comments] |
| How will leases be written in a post covid world? Posted: 25 Nov 2020 08:02 PM PST Will there be new clauses in leases to prevent tenants not paying or anything like that to protect the landlords? General question, but I would love to hear any thoughts. Thank you. [link] [comments] |
| Posted: 25 Nov 2020 09:00 AM PST Hello! First time post here. We're trying to decide on next steps in our real Estate Investing plan and could use some advice: We own a duplex which we house hack and then 6 other single family properties. So total of 8 units, we just live in one. All have conventional 20% down loans except for the duplex. We did an FHA house hack. Total cashflow is about $4400 a month. Any repairs and maintenance comes out of that, but it's been fairly low for 3 years since we renovated most of the properties very nice before we rented them out. We also just found a partner and purchased 3 more duplexes with them that are next to each other. Currently being renovated to try out some Airbnb. So that will be 6 more units shared with a partner. If Airbnb doesn't work out on the first 2, we will transition them to long term rentals. We both work full time jobs and our future goals are to purchase a lake house worth around $650k (I know it's a bit much, but we would like that lifestyle and we've sacrificed a lot to get where we are now. Want to enjoy it a bit). Our full time jobs combined are about $220k a year, but we'd like to quit those ideally fairly soon. After the lake house we'd like to travel as well. What would you do to get to those goals? Also, how do you guys handle getting more properties with loans once you have so many and you get money from so many different streams? Most mortgage brokers or banks consider vetting our finances as a paperwork nightmare. Most of the loans on our rentals are between $40k-$80k. Would it be worth paying some of these off early to make it easier to purchase more property? Even though they cashflow after the tenant is paying them off for us? I know I'm all over the board with questions, but any opinions or advice would help and I feel a little frozen at the moment with what to do next. Maybe it's just because of the wild Year we're having? Lol [link] [comments] |
| Posted: 25 Nov 2020 07:22 AM PST Purchased my first property this year. As tax time approaches (in the US) In the past I have used TurboTax and had success. Now that I have rental income and expense plus amortization what software should I consider using? I know that Turbo has a deluxe version. Is this adequate? [link] [comments] |
| Posted: 25 Nov 2020 08:10 PM PST Purchased a three unit in march that i am house hacking. it has appreciated roughly 80k since then. i plan on using a home equity loan to purchase my next property but my question is can i use this home equity loan of 80k for a down payment, then take a home equity loan on the next property for the equivalent amount because the down payment is equity? is there a certain period i have to wait? i know with fha's its 6 months... [link] [comments] |
| Comercial property (6-Plex) GST question (canada) Posted: 25 Nov 2020 11:50 AM PST I have an accepted offer on a property (6-Plex). Just going through the cmhc process. Every step of the way it's been classified as commercial property as it's over 5 units. (For the bank application, insurance, Ect) I'm wondering if there will be GST with this sale. Realtor said I could just get a GST number and i won't pay anything when I purchase but will have to deal with it that way. Accountant told me it's used housing so I shouldn't need a GST number. Lawyer told me residential housing doesn't require a GST number but commercial does. So I'm getting conflicting answers and would like some verification Any one have experience with this ? Any insight ? This is being bought personal and not through a company [link] [comments] |
| Investing in flood zone - worth the risk? Posted: 25 Nov 2020 06:26 PM PST River front property in Zone AE (basically highest risk zone). If the numbers make sense, including flood insurance of course, is it worth the risk and headache when (not if) a flood hits? Experience or feedback appreciated. [link] [comments] |
| My rental is apparently zoned M1-light industrial and is therefore ineligible for financing Posted: 25 Nov 2020 01:37 PM PST First of all, I bought the place for cash at a fairly good price. Had I known it was M1 and ineligible for financing I would have low balled the shit out of the agent. It was on the market for a few months, probably because it was zoned like that. Anyways... now I want to get a HELOC or a cash out mortgage on the place and the bank is saying they can't lend on an industrial plot. It's honestly not industrial at all. I am on a main road but all adjacent/touching properties are also single family homes. It's just the houses on the main road that are zoned M-1. The actual subdivision (directly behind me) is all residential. The main road is mostly single family homes so I understand now why some of them appear to be in rough condition- they can't get financing to do any remodels. It's honestly a shame and my heart sank looking at the zoning map and seeing how many other SFHs are in my predicament. My property even won a beautification award a few years back. I sent an email to the zoning commission. Any other advice? [link] [comments] |
| Worth it (rental/resale value bump) to remove popcorn ceiling Posted: 25 Nov 2020 10:25 AM PST Home ($600K) is 3200 sq ft on the luxury side (avg for greater metro area ~$300K) of a booming MCOL area. Tests for asbestos came back negative. Heard the going rate was ~ $2/sqft for removal. About ~2900 sqft is popcorn ceiling so was expecting somewhere in the 6K range. Getting multiple quotes now but first one came back at $11K to wet the ceiling down, scrape off all of the popcorn, fully oil base prime, apply 2 finished coats. Living room does have a 20 foot ceiling. Will this project justify the price in a rental/resale value bump? Does that project make more or less sense for a luxury home vs a typical home? Parents just bought the house and haven't moved any furniture in yet so figured it may be easier to do it now rather than later. Thank you all! [link] [comments] |
| Have you ever used private financing and do you trust Sprout Financial? Posted: 25 Nov 2020 03:57 PM PST New to the group - I'm in the process of getting my fourth rental property and am slowly trying to get to a point where I can begin to replace my income. I have only recently heard of private financing and have looked into Sprout. Is it legit? Seems kinda suspect, I don't know why exactly. Thanks in advance for any advice you have. [link] [comments] |
| [CA] Looking for investment property lenders Posted: 25 Nov 2020 11:51 AM PST Hi all, Wanted to see if you could recommend any lenders who are still doing non-QM or DCSR loans for investment properties during this time. The lenders I generally use have stopped those types of loans for now. This is for a 4plex property located in CA. Thanks in advance! [link] [comments] |
| Is accounting hard for rentals? Posted: 25 Nov 2020 11:24 AM PST Basically, I have a log of where all my money went for the year. Nice and easy, column A is the property, column B is they type (miles/expense/capex/income), column C is the amount, column D is notes column E is an image of the receipt/deposit slip/odometer. I just went on FreeTaxUSA (which I used for 2019 taxes) and did my tax return straight through. The only hiccup I had in the entire process was trying to figure out how to amortize the $4k in refinance closing costs (2 refinances) or if it should be expensed. Am I crazy for not getting an accountant? Everyone is telling me to get one, but this all just seems so simple and straightforward. In addition, is there any software for rental income taxes? [link] [comments] |
| In your opinion, will the real estate market crash in 2021? Posted: 25 Nov 2020 05:21 AM PST The eviction moratorium ends 12/31/20. If there is a mass exodus from evictions / foreclosures, it seems likely that we'll see a real estate crash. But will there actually be a mass exodus? Or will Biden bail out those behind on their rent and mortgage? Or will it be up to Trump since he'll still be in office January 1st? Any input is greatly appreciated. TIA. [link] [comments] |
| Posted: 25 Nov 2020 10:23 PM PST In Ben's most recent video, someone asked why he didn't pay cash for his properties. His response was that he doesn't have to money to do that. He says he only has 20% of his money in his portfolio. It's funny how he goes around telling everyone he's worth $200 million but he's in debt up to his eyeballs and is only worth $40 million. The mansion he lives in is on interest only. This is not a great guy to get investment advice from. [link] [comments] |
| Structure issue basement wall horizontal crack Posted: 25 Nov 2020 07:32 AM PST I found a house that seems like a good deal. Below market price, great school, big house, family oriented neighborhood, excellent rent potentials. It listing said needs TLC & I saw lots of wall paper & dated fixtures. I was getting excited about our first real estate project. We were planning on living there 1-2 years and slowly fix it. Then decide whether to rent or sell. Then we got to the basement & saw horizontal and vertical cracks in front and back wall. The front wall was bad and had few bulging spots. I know horizontal crack is bad, structural issue, but google search says on average most people spent $10k on fixing basement structure. Could be more. But if it's ~10000 range, I am thinking I could offer 20-25k discount & take care of this. since the house is already below budget, this will still be great deal. Considering we don't have much experience on renovation, is this too much risk I am looking into? Do you have experience with structure issue? I am in midwest where we have snow and rain in same day. Is it as scary as it sounds [link] [comments] |
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