Real Estate Investing: Investing in Multifamily Properties Under 100k |
- Investing in Multifamily Properties Under 100k
- Time to buy or wait for bubble to burst?
- Due Diligence Checklist While Looking at Potential Investment Properties
- What Does the Privatization of Fannie Mae and Freddie Mac Mean for REI?
- Should I get an attorney to float the idea of seller financing?
- 3 Days before closing, Mortgage Broker said he cannot give me the deal Promised.
- Cant have rental income unless its a duplex??
- Advice for Spreadsheet/Tracking
- Tax obligations on overseas rental income.
- Buy my parents home as a first time home buyer so they can pay off their debt?
- Benefit of married status and capital gains tax
- Is this a bad idea?
- is now NOT the time to buy SFR?
- Is there a market for selling ITIN Mortgage notes?
- Investor describing the struggle of finding an apartment- is this common?
- Partnership question
- Virtual property manager
- HOA Restrictions When It Comes to Rentals
- Real Estate for a non CPA
- Is there etiquette rules for how you work with real estate agents?
- Ernest money question
- New guy here, question has probably been asked quite a few times, what methods do you guys use to find tenants for your rental properties?
- (Maine, US) First time buyer looking at expensive 3 family
- I’m 18 years old still In Highschool ( online)
- Where to find SFR case studies?
| Investing in Multifamily Properties Under 100k Posted: 19 Nov 2020 02:15 PM PST Respectable people, I own one home, but I'm thinking of getting involved in duplexes/triplexes/etc in cities where there is an abundance of these properties under 100k. Now, I looked on Realtor and Trulia and I see several plexes in the US midwest, in mid-sized cities with at least 1 pro sports team, that are under 100k and that seem to generate great month to month revenue. ($750 per unit per month on average) My question before I get invested in a property like this is: What's the catch? Why are these properties even on the market for more than a few days given the positive cashflow potential? I found a duplex in a decent overal shape that costs 65k and that generates $1500 per month. A no-brainer on paper? What am I missing here? Thanks guys [link] [comments] |
| Time to buy or wait for bubble to burst? Posted: 19 Nov 2020 08:26 PM PST Found a newly remodeled home and want to buy. Problem is, the assessed property value for the whole area has jumped nearly 30% from last year to this year. Interest rates are super low and I qualify for 2.75% 30 year fixed, but I'm concerned that the house is overpriced because the market is inflated. Will the eviction moratoriums have any impact if they continue extensions or are landlords receiving some subsidies so they don't have to foreclose? Or am I way off base? [link] [comments] |
| Due Diligence Checklist While Looking at Potential Investment Properties Posted: 19 Nov 2020 06:27 AM PST Does anyone have a somewhat standardized due diligence checklist they go through when looking at potential investment properties? I'm still extremely new to this, but some things I like to know are how old are big ticket items (ie. roof, hot water tanks, electric, etc.), what are units renting for, why is the seller selling, and so on? I know some of this stuff is extremely basic, but really looking for more nuanced responses so I can improve my process of better identifying properties worth investing in. [link] [comments] |
| What Does the Privatization of Fannie Mae and Freddie Mac Mean for REI? Posted: 19 Nov 2020 03:07 PM PST Several articles have surfaced this year about Fannie Mae and Freddie Mac's plan to exit government conservatorship and go private. So far they have imposed a 0.5% refinancing surcharge to cope with government regulations, such as a 280 billion dollar capital requirement, that will accompany their privatization. It appears this may be the first of many "surcharges" to bolster their reserves. In addition, other rumors have swirled about changes to the 30-year mortgage that would make it more difficult for the average Joe to purchase a home. What do you think will be the impact on real estate investing? [link] [comments] |
| Should I get an attorney to float the idea of seller financing? Posted: 19 Nov 2020 05:22 PM PST Never owned property before I want to buy a duplex that needs repairs and won't qualify for traditional financing. The seller has been listing it with different realtors for a couple of years with no success. I was doing a quick drive by of the neighborhood and caught him outside working on the house. He told me it was under contract (contract has since fallen through). But he gave me his home phone number in just in case. House is listed for $89,900. My income is 28k a year and my down payment would be 10k. Am I aiming too high here? I technically make closer to 38k but the extra 10k is made with temporary part time jobs that won't count towards a traditional loan. [link] [comments] |
| 3 Days before closing, Mortgage Broker said he cannot give me the deal Promised. Posted: 19 Nov 2020 03:42 PM PST Mortgage broker back in September told me he could close fast and with a 30 year mortgage for the investment property I wanted. It was a duplex 228k. It needed about 30k worth of work to make it livable. Broker told me he can give me a 30 Yr (I will include pics). Got it appraised, Inspected, opened new accounts LLC etc to manage it and everything seemed perfect. 3 days before closing (it was 2 months) lender says they didnt know it needed work. They saw the inspection and appraisal and I told them countless times it would need work. I already put in my EMD and the seller is upset because they want to close ASAP. They are giving me a new deal that is all interest? I do not understand it and I am really upset by all of this. Wondering if anyone could offer advice. Should I try to back out? Go forward? Will attach the old and new deals they offered. https://imgur.com/a/PGe1WKk Thanks in advance. [link] [comments] |
| Cant have rental income unless its a duplex?? Posted: 19 Nov 2020 08:56 AM PST Hi, I was planning on buying a 2br/2bath and renting out a room to a friend. Why cant this income be used for the pre-approval? Is this right? This is what the lender said. " If you want to use rental income the only way to do that is to purchase a duplex and live in one unit and rent the other one out. You cannot use rental income if you are simply renting out a room, it needs to be a separate unit. FHA would be the program that will allow this for you." Thanks for the guidance. [link] [comments] |
| Advice for Spreadsheet/Tracking Posted: 19 Nov 2020 02:17 PM PST Hey All, I'm pretty new to real estate investing. Sort of fell into it with one house, but now I'm looking to buy a second (maybe even a third). I think I'm not as organized as I should be, so I want to start tracking everything on a spreadsheet. However, I don't even really know what I should be tracking beyond rent income and expenses. Does anyone have a sample or a template of their spreadsheets? Any tips on what I should be tracking? Would greatly appreciate it! Thanks all! [link] [comments] |
| Tax obligations on overseas rental income. Posted: 19 Nov 2020 05:25 AM PST I don't own rental but I'm in the market to buy a house shortly. I currently live in Japan. I want to get a rental and earn passive income here as I ultimately intend on retiring here. As a US citizen, I know that I am legally obligated to claim income sourced from foreign locations. Disclaimer I am not about to consider committing tax evasion. Given I am US military, it would be entirely unwise and would probably cost me my job. This is entirely hypothetical. I am just wondering. If I purchased a house in a foreign country, collected rent in the local currency, and had all cash flow through a local non US bank, how does the US know I am collecting that income unless I tell them? Like I understand that I am legally required to claim it as income, but how would they even know if I.... just didn't? [link] [comments] |
| Buy my parents home as a first time home buyer so they can pay off their debt? Posted: 20 Nov 2020 12:52 AM PST Okay this is a long one. Is this a feasible option people do? My parents house is worth ~420k in a MCOL. Currently they are ~350k In debt: -CCs: ~130k -home equity loan: 60k -back taxes: 5k -remaining mortgage: 156k I'm thinking of buying the house and pulling out a mortgage for the worth of the house. Which would allow my parents to pay off all their debt and I would just have them still live in the house and pay me the escrow payments as rent. They both still work but between the both of them they only take home $50k a year. Which would cover all the payments + bills. We all want to eventually sell this house within the next 5 years but we aren't ready since my sister is still in college + now the pandemic. As for me I'm 26, 110k salary, and sitting at 150k NW. I've done well for myself and know I'll be approved for the mortgage of the house if I put down a 10% down payment which I have. Dad: 63 Mom:56 And I'm thinking once my parents are done working we can then put in the work on moving and selling their house. I just hate to see them just going further and further in debt. I didn't know it was this bad. They bought this house at 220k in 1998. Values of houses have gone up in my area (45 min from NYC) and I feel like in 5 years I could still sell the house at the same value as it's worth now. Before I get the comments of "your parents should be able to figure it out themselves" Please don't. My parents have done so much for me that I want them to finally enjoy their retirement and I'm trying to see all my options. Which if anyone out there has other ideas I'll take them. [link] [comments] |
| Benefit of married status and capital gains tax Posted: 19 Nov 2020 10:25 AM PST Unmarried couple that jointly owns primary residence. Can someone explain to me the difference between getting a $250K capital gains exemption on your primary residence vs the $500K when married? Assuming you aren't the sole owner of the property, it's literally the same benefit isn't it? [link] [comments] |
| Posted: 19 Nov 2020 10:33 AM PST I want to get started in real estate investing but I'm young, don't make much money, and live on Long Island, NY which has an astronomically high cost of housing. I've managed to save up $55k and have been thinking about moving to the south where housing is much cheaper. So I've got my eye on a house in Raleigh, NC. $215,000, 3 bedrooms, and it's new construction which means lower maintenance costs. If I put the 20% down my parents have agreed to cosign for me. My plan is to take a 15 year mortgage (less interest, higher ROI, build equity faster) and rent out 2 bedrooms for $500 a month each. Total monthly expenditure will be slightly over $1500. What concerns me is that I'll need to rely heavily on the rental income. I only make around $40k a year currently so god forbid I can't find tenants or get crappy tenants, I won't be able to afford the payments. I would still have $10,000 in savings left over after down payment, but I wouldn't want to risk defaulting on a mortgage and ruin my parents credit. [link] [comments] |
| is now NOT the time to buy SFR? Posted: 19 Nov 2020 12:29 PM PST I would like to buy my first property. I am not trying to time the market, however, home prices have been skyrocketing everywhere and I am tempted to wait. With the encouraging news of vaccine development, it seems things might start getting back to normal around late spring. As things turn back to normal, people return to offices, I can't help but think SOME people are going to put their newly acquired houses on the market to move back into XYZ city. Does anyone agree? [link] [comments] |
| Is there a market for selling ITIN Mortgage notes? Posted: 19 Nov 2020 02:33 PM PST This is in California. I have sold & financed a couple home sales and then sold the note on the secondary market. I've done pretty well at it. I will be selling a flip-house in the near future and have considered selling it to someone with an ITIN who is an illegal immigrant. I know she would check all the boxes and qualify for the mortgage, but I would want to sell the mortgage note after that. Does anyone have input as to whether I would be able to sell the note with only an ITIN? [link] [comments] |
| Investor describing the struggle of finding an apartment- is this common? Posted: 19 Nov 2020 01:49 PM PST I own a rental property out of state, so I have a small understanding of the landlord struggle. Currently I live in an apartment in a VHCOL area and am sick of the slum life so I'm searching for something better. Numerous times I have inquired about listings and am very frustrated because:
I'm getting pretty fed up because I'm wasting my time and the agents time. I can almost understand the listing for mid January, but at least specify so I don't call trying to see the unit ASAP. Do any other owners do these type of shady /inaccurate listings? (Inaccurate rent, listing 8 months in advance of vacancy even though says "available now") What gives? Is this just shitty corporate property management showing its incompetence? [link] [comments] |
| Posted: 19 Nov 2020 06:33 PM PST Hello all! My background is in accountant, and I have also been extremely interested and wanting to get involved in real estate since college a couple years back. That being said, I work a full time job and have been building up capital to get started. I have a really good friend who is an extremely talented contractor who wants to partner up. I personally think it would be a great idea because he would be able to compensate in the areas that I lack which is fixing up properties and things of that nature. This would also allow me to keep my full time job in the beginning for a few years until we are able to grow. TALKED ABOUT PARTNERSHIP RESPONSIBILITIES: I would be in charge of the accounting/book keeping, we would both be involved in the acquisition process. He would be mainly responsible for doing work on the properties with me helping out as much as I possibly can which would basically be weekends. (Our goals are to flip in the beginning to build more capital then going to full time owning and renting out) this would be a 50/50 partnership and we would both have skin in the game and both be liable 50-50 for any loans we have to take out. Does this sound like a bad idea? Anybody have anything else to add, or anything I should be cautious about? Than you for you time! [link] [comments] |
| Posted: 19 Nov 2020 02:40 PM PST I recently heard about virtual property management. Managecasa.com and a few others I cant remember the name of. Has anyone used these? How hands off are they when it comes to maintenance and service calls? They seem pretty cheap overall are they worth it? If you have used them how many units have you had them manage and did you notice a difference in service quality at a certain point? [link] [comments] |
| HOA Restrictions When It Comes to Rentals Posted: 19 Nov 2020 01:32 PM PST About to buy my first property, a condo, and I want to live with a friend who will pay me rent. HOA rules state that I can't "rent a portion of the unit out. All units must be rented to the same individual(s)." Is this going to prevent me from living with a friend, or is this more to prevent Airbnb type rentals? I know HOAs can be a pain in the ass and I'm not a lawyer so I'm wondering if I'm about to make a mistake. [link] [comments] |
| Posted: 19 Nov 2020 10:23 AM PST Does anybody have a good book on how to setup your real estate business for the layman? I am getting into multifamily real estate and need a basic guide on what I need to get my foundation up and running for long-term tax incentivized success. [link] [comments] |
| Is there etiquette rules for how you work with real estate agents? Posted: 19 Nov 2020 12:57 PM PST More specifically, if I start talking to an agent, and tell them what im looking for in a rental property and they start sending me emails with listings, but then I find a listing through some other means, it's not rude to just let them know I found something else, right? [link] [comments] |
| Posted: 19 Nov 2020 04:37 PM PST Where would I find information about the laws for earnest money in Georgia. Can I legally sign a purchase agreement with no ernest money deposit or is there a minimum requirement? [link] [comments] |
| Posted: 19 Nov 2020 10:12 AM PST What methods do you guys use to find tenants for your rental properties? [link] [comments] |
| (Maine, US) First time buyer looking at expensive 3 family Posted: 19 Nov 2020 10:04 AM PST Feeling a bit over my head potentially and hoping for some outside input / opinions. I've been browsing properties and torn between SFH in the woods (rent rooms, near trails), something something like this in a small city: https://www.redfin.com/ME/Biddeford/30-Harding-St-04005/home/90067077 I am preapproved for more but I don't think that means anything. I think the rents here will offset the expenses, and I can live for free, cheaply, or possibly profitable! And I can go find my SFH in the woods later.. Curious for your thoughts. Thanks y'all Edit: showing is scheduled for this weekend.. and I am considering moving quickly.. [link] [comments] |
| I’m 18 years old still In Highschool ( online) Posted: 19 Nov 2020 03:14 PM PST I want to get into wholeselling I've watched videos and read up on stuff but still not confident enough to start could anybody recommend I watch something/ someone I think I get the basics You find a house run down per say for 30k you offer 20k if it is agreed you calculate it renovation so say another 30k that puts you at 60k you add a 10k fee ( your profit) which totals out around 70k this is what your selling it for to a buyer correct? Im open to any and all opinions and suggestions Thank you. [link] [comments] |
| Where to find SFR case studies? Posted: 19 Nov 2020 02:44 PM PST I see stories w/numbers on here sometimes, I see them sometimes on Twitter, but is there any way I can find more of them in a central location? In an ideal world a place where I could see
I get so much out of the little narratives I see from time to time that walk you through the numbers of a completed deal, but is there a more efficient way to find them? [link] [comments] |
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