Real Estate Investing: If I buy an investment property as my first purchase, am I still eligible for first time home buying loans for my primary residence even if it's not my first home? |
- If I buy an investment property as my first purchase, am I still eligible for first time home buying loans for my primary residence even if it's not my first home?
- Interested in buying a MHP. Purchase price 250k. 75k down. Payments are 1800 a month. Brings in a total of 3800 a month. Tax value is 80k. Could just be for the land. Zillow only describes the land. How would you guys start to value this? I know the money sounds great. Its my first time. Very nervou
- Should I buy a hotel unit?
- Checking my work — First time MFH purchase
- Is this a serious foundation issue? (Crossposted)
- Appraisal being affected by Septic in NJ
- Has anyone successfully implemented a profit share property management agreement?
- Is it possible to get a mortgage without a W2 or self-income?
- Equity Partner has a Bankruptcy
- Refi options (4 unit, commercially zoned)
- Tenants issues -New investor. I need some guidance
- Does anyone have any experience with probate sale (in CA)?
- Learning resources for commercial multifamily
- Renting out a house in FL
- Anyone Into Mobile Homes?
- What ROI should I aim for
- Walk Away From Deposit NYC New Construction Condo
- What are the steps to change a residential to an investment property?
- Foreclosure Books
- Mover Recommendations in Denver
| Posted: 04 Nov 2020 01:56 PM PST |
| Posted: 04 Nov 2020 08:32 PM PST Meeting tomorrow to check out the trailers. 16-18 space park We own 8 trailers 5 homes @ $400 monthly with one empty right now 3 homes @ $450 monthly all rented with one being evicted (one of these homes is a 3 bedroom and the other two have heat pumps) Total monthly trailer rent is $3,350 Tenants own 3 trailers 3 @ $150 monthly Total monthly on lot rent is $450 Expenses for park Real estate and personal property taxes: $632.04 per year ODP for sewer pumps system is $37 monthly [link] [comments] |
| Posted: 04 Nov 2020 10:29 PM PST Hey everyone, I'm looking at potentially buying a unit in a hotel in a destination location. Mainly because it is undervalued due to covid. What are your thoughts and has anyone explored this? Financials: 2019 Purchase price: 210k Net revenue last year: 25k Mortgage rate: 1.8% This year. July 2020: July 2020 net rev: 1k YTD Jan-July: 7K 2018 also net 25k I can ride out covid and pay the mortgage, royalty fees, commissions, and also management fees are 45% of adjusted gross revenue. This cannot be negotiated. This unit is part of a big name hotel franchise. I can't get returns like this in my HCOL city. What are your thoughts? Please grill me because I want to look at this in all angles. [link] [comments] |
| Checking my work — First time MFH purchase Posted: 04 Nov 2020 09:28 PM PST Looking to use first time home-buyer loan to buy my first investment property (house-hack). Found a 4-unit in a suburb of a major city for $650k. Newly renovated and should bring in 5k/month. After running the numbers, I should cash flow about 1k/month with a cap rate of 7.5%. I'm not anticipating major repairs to start, but I will always keep significant cash on hand throughout my entire real estate journey. Is this the decent deal that I think it is? Do those numbers sound off at all? I'm thinking about keeping around 30-40k in cash reserve. [link] [comments] |
| Is this a serious foundation issue? (Crossposted) Posted: 04 Nov 2020 10:49 PM PST |
| Appraisal being affected by Septic in NJ Posted: 04 Nov 2020 06:36 PM PST I have a question on an upcoming appraisal for my, hopeful, primary residence. I was hoping others may have some knowledge that I can't seem to find on the Google. The home is a Bilevel and has 3Br upstairs and 1 downstairs. It's listed as a 3Br currently. My offer is contingent on an appraisal. Is there a reason why the house wouldn't be considered 4Br? Someone mentioned it could be because of the septic and the septic field not being large enough to be considered a 4Br, something to do with the allowable occupants with a septic etc? The whole downstairs is finished and in the large room(think second living room) has a walkout door to the backyard. The room in question (that I want them to consider the 4th Br)has 2 closets and 2 windows. It has a door into the larger room, and typically everything else that a bedroom would have. You do not have to walk through this room to get to another room etc. Also, this room is taken into consideration for the total Square footage of the house. Thanks for reading through my wall of text I hope someone can help shed some light on this for me. [link] [comments] |
| Has anyone successfully implemented a profit share property management agreement? Posted: 04 Nov 2020 01:24 PM PST That is, rather than accept a flat fee for management, negotiate a sliding payment based on EBITDA. Even simpler, the less vacancy and the less repairs, the greater the PM fee, exceeding 200% of the standard fee on a 0% vacancy with reasonable repair costs. I am thinking this would incentivize PMs to place better tenants and control price gouging on repair costs to increase their bottom line in a Section 8 type property. Tear this apart please! P.S. I think a flaw of this plan would be PMs deferring maintenance. I think tying capex in could mitigate this. [link] [comments] |
| Is it possible to get a mortgage without a W2 or self-income? Posted: 04 Nov 2020 08:31 PM PST I retired 2 years ago and am looking to buy property to live in and rent out half of it. My net worth in cash/stocks is significantly higher than the value of the property, but I have not worked in 2 years so I don't have a W2 or any personal income... I am guessing it's pretty hard to get a good, fixed rate mortgage in this scenario? [link] [comments] |
| Equity Partner has a Bankruptcy Posted: 04 Nov 2020 11:44 AM PST I'm planning on getting a small balance Freddie Mac loan on a Multifamily property. One of my equity partners declared bankruptcy around 6 years ago. She'll likely make up 30-50% of the equity. Wondering if this is going to be a red flag for agency debt? How about for a bank or life company? Thanks! [link] [comments] |
| Refi options (4 unit, commercially zoned) Posted: 04 Nov 2020 11:32 AM PST Hi All - trying to refi a 4 unit used as a long term rental. The tricky part here is the property is C1 commercial zoning. Thus, it's making it near impossible to find comps (my area doesn't have much multifamily to begin with). Any options here? I've gone thru my existing mortgage lender and they require an appraisal. A local bank would do portfolio, but again need an appraisal. Not sure what my other options are at this point. FWIW, I have a 30yr 4.75% on it currently. [link] [comments] |
| Tenants issues -New investor. I need some guidance Posted: 04 Nov 2020 04:14 PM PST Hello, I closed on my first multi-unit last month. I delivered notice of new ownership. Most tenants have been great getting me to new month to month leases (same terms as previous owner). However, one tenant hasn't signed the agreement. It's been a few weeks and reminded her several times. I called her, she says she is out of town and will get it back to me when she is back plus the rent. What should I do? I feel like it's a liability having her there without it, now, rent is past due. [link] [comments] |
| Does anyone have any experience with probate sale (in CA)? Posted: 04 Nov 2020 07:37 PM PST I am interested in purchasing a probate SFH in California. The disclosures stated that the sale is subject to Notice of Proposed Action and/or Court Confirmation. I read a bit about the process and my understanding is that it will be lengthy process, to say the least. The house is old and in extremely poor condition, I plan to do extensive renovations after buying the property. The house is listed at least 25% below market price, but still is too expensive for me to buy all cash ($1M+). My questions are mainly regarding financing the deal:
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| Learning resources for commercial multifamily Posted: 04 Nov 2020 07:09 PM PST Hey all, I'm curious and generally uninformed on apartment buildings. I've attended a few talks in the past, and read a bit on what constitutes class A, B. and C properties, so I'm not totally ignorant, but close to it, and interested in learning. For those that have done it, any recommended reading? Any wisdom you wish you knew before you started? Any particular areas of the USA you'd invest in (or avoid)? Thanks. [link] [comments] |
| Posted: 04 Nov 2020 06:39 PM PST My husband and I own a home in Fl, our mortgage is about $700 a month and it seems like rent in our area has really gone up over the past few years, homes in the same neighborhood and in the same condition are going for $1800 on average. We are thinking of renting our home out, and renting a place closer to our jobs. I really just wanted to see if anyone had any advice for renting out your home in FL. Do you recommend a property manager? Also, looking to rent a home of our own for about $1500 ideally keeping our monthly expenditures about the same (since we will be profiting about $1000 a month from the rental) how's my math? What costs do I need to a count for monthly. Definitely going to have a cushion for gaps or repairs. Just want to get my head wrapped around the process so I can understand it and figure out if I can do it myself. Any advice at all is appreciated!! [link] [comments] |
| Posted: 04 Nov 2020 12:13 PM PST Specifically mobile homes on land where you sell the home and rent the land? I'm well aware of the negatives of mobile homes- so I'm not looking to hear the gloom and doom. I'm more interested in hearing about winning strategies with them if you know if any. TIA [link] [comments] |
| Posted: 04 Nov 2020 02:14 PM PST I am looking to invest in the London ontario market in canada. I am interested in buying a a property with 5 bedrooms and 5.5 bathrooms (a bathroom for each room). When I calculate my total return in investment (excluding appreciation) I make a 15.37% return on investment. That 15.37% is including the profits that I can keep plus the principle pay down of the loan. With that return I can expect to double my money in 4.75 years. Is this good ROI? Or should I look for a property to receive a greater return, such as 25% where i can double my money in 3 years? I'm new to this and not sure, thanks. And one more thing to mention is that the lot size is actually really big so maybe I can someday in the future add more units? [link] [comments] |
| Walk Away From Deposit NYC New Construction Condo Posted: 04 Nov 2020 12:06 PM PST Bought a 1br pre-covid. Put 10% down. New construction condo. Covid happened and now prices/rent down hard. My math suggests I'm buying at a 2% cap rate. Bank is also only willing to lend at 75% LTV. I'm considering walking away from my 10% deposit vs. putting in the extra 15% equity to close the deal. Think the opportunity cost is too high. What would you do? [link] [comments] |
| What are the steps to change a residential to an investment property? Posted: 04 Nov 2020 03:43 PM PST I currently live in a house purchased under FHA, which means it can't be an investment property and I need to live in it, but I'm wondering how this can be changed? I heard somewhere that a FHA can become an investment property after two years, is that true? Also would i need to refinance to do that? [link] [comments] |
| Posted: 04 Nov 2020 05:20 AM PST Hi All, What books would you recommend to be prepared for whatever might happen in the next few years? With forebearance/evictions/this crazy bubble ending at some point in the future I want to be prepared for whatever may come. I've done a few flips, sales, and holds, but want to learn more about the Foreclosure/Forebearance market and whatever other topic may be related. What are some of the best books you've read in this category? [link] [comments] |
| Mover Recommendations in Denver Posted: 04 Nov 2020 08:36 AM PST Hey everyone, I am looking for a moving company to initially store furniture then perform several apartment moves and installation / white glove services in the Denver area. Initial project will be a 5 studio / 1 bedroom apartments' furniture move and installation late Nov-early Dec, to be followed by more in 2021. Does anybody have experience working with a local mover in Denver, CO that you would recommend? Thanks! [link] [comments] |
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