Real Estate Investing: Is it just me or has BiggerPockets forum gone down the drain? |
- Is it just me or has BiggerPockets forum gone down the drain?
- House hacking
- Do local governments have an incentive to create more housing?
- considering either buying a rental property or investing in a dividend heavy portfolio with fundrise. Recommendations, tips, or experience with fundrise?
- Adding house hack rental income to lower DTI for property #2
- Is this a potentially good idea? Or is it destined to crash and burn?
- Inheriting tenants on house purchase with existing lease
- Under Contract, but Inheriting Tenants
- Tell me it’s worth it
- Sell and 1031? What's my next move?
- What do you look for when picking an agent to work with for house hacking ?
- Multi-Family Home - NJ
- Are vacation rentals considered active or passive income?
- Do RE books add anything?
- How to export properties in a given location with contact information
- Is it better to buy a property in December 2020 or January 2021 to get the most depreciation?
| Is it just me or has BiggerPockets forum gone down the drain? Posted: 29 Nov 2020 07:31 PM PST Every day I see someone who has NO clue what they are talking about regurgetating what they read online and is misinformation. Every single response to my threads now in the last year has been some idiot who posts a link to something that is untrue or peddling their garbage property management software and it's obvious they didn't even read my post. Case in point the realtor who posted a link to a FB group saying eviction moratoriums are not enforceable in WA and that the governor said he wouldn't enforce them. A 30 second google search showed this was all completely untrue and every legal challenge against the governor was thrown out and that he never said that. Some random twit on FB said it and this idiot realtor believed it. In the same thread, another realtor popped up offering to help me sell all of my rentals. He was looking at 300K in commissions. I'm like WTF do I need you for? I sold all of my other houses myself in a day. Then today some idiot comes and posts in my thread, not having read my post at all, just posts a vague it depends on your situation, oh by the way you should get my property management software.... I literally just signed out of my account. That place has become the place for MORONS. [link] [comments] |
| Posted: 29 Nov 2020 02:29 PM PST I have a family member who house hacks. He's asked me about it and I have a few questions. He's asked that I buy a duplex or 4 unit. I would have tinuse a FHA loan because of the lower 3.5% down. I would live rent/payment free and manage the property. In a year he would buy it from me.
Edit in response to questions: I pay down payment and closing. I also manage the property (find tenants etc.). He pays all costs for 1 year (including mortgage). I would be on the title. He lives in another state, and has a couple of mortgages for multiple rental properties. This allows him to get plugged into the local market and gives me the ability to live without any monthly rent for a year. It is possible for me to stay longer than a year if necessary. He would buy it from me to cover the remainder of the mortgage (14 years). [link] [comments] |
| Do local governments have an incentive to create more housing? Posted: 30 Nov 2020 12:49 AM PST I believe that the demand for housing is high because there is not enough supply of homes. Basic economics indicates that when supply is low and demand is high prices rise as a result. For local governments high prices are a blessing because they collect property taxes on home values. If they allow more housing units to be built this would satiate some of the demand and in the process lower the prices on houses (also lower the taxable value of the home). This is just a shower thought I had today and would like somebody more knowledgable in this field to shed some light on (or debunk) this idea. [link] [comments] |
| Posted: 29 Nov 2020 08:27 PM PST hey guys in the next year or so I would like to build a channel of passive income for myself. I am considering either a rental or going with fundrise for a dividend heavy portfolio. I am wondering what considerations i should give and/or if you guys have any experience with fundrise, and if so, how it was. thank you [link] [comments] |
| Adding house hack rental income to lower DTI for property #2 Posted: 29 Nov 2020 06:25 PM PST A year into my first house hack, I am beginning to prepare for house hack #2. While I have great credit and a stable employment, on paper, my Debt-to-income (DTI) ratio might be a bit high for most lenders comfort due to my mortgage. I reality I spent next to nothing on this primary mortgage and I managed to save up substantially for my next down payment. When applying for another conventional loan, will the loan officer accept the rent I've been collecting from my primary home (house hack #1) as part of my income? I heard that they'll allow 75% of rental income regardless of whether it was a primary or investment property so long as the income is noted in 2 years worth of tax returns. Can a loan specialist or someone who has moved onto their second house hack help me out here? [link] [comments] |
| Is this a potentially good idea? Or is it destined to crash and burn? Posted: 29 Nov 2020 06:24 PM PST We're looking to be first time home owners and have been researching real estate investing for quite some time now and a family friend of ours is about to put their 2bd/1ba 6 acre farm that's located in Sonoma County on the market. It's been appraised at around 1.2 million and are willing to let it go for 1 million to us. It has been remodeled, new septic, new plumbing, new airstream, has barn(falling apart), all the bell's and whistles. My wife's mom is a real estate agent so she is gonna cover all fees related to the sale. After breaking everything down we're looking at payments that are possible(~$5400) and also mentioned a few write off opportunities that could help during tax season. It was suggested to get 2 loans for this property one of them being carry-back for 100k. The property has 4 acres of usable land and will come with an airstream, that we were thinking about airbnb-ing and finding usable ways of profiting with the rest of the land, this is of course best case scenario. Initially we were looking at LCOL BRRR, buying multi-family, etc.. Property is also zoned to add an additional house but due to finances don't think that would be possible anytime soon if we did decide to go through with this property. We both currently bring in ~9000 after taxes and would be putting down 10%. Are we too starry-eyed or does this seem like an opportunity for first time home buyers? Thank you for taking the time to read this! [link] [comments] |
| Inheriting tenants on house purchase with existing lease Posted: 29 Nov 2020 05:41 PM PST Hello Reddit colleagues, [link] [comments] |
| Under Contract, but Inheriting Tenants Posted: 29 Nov 2020 05:25 PM PST Appreciate any advice in advance. We're under contract on an off market property that my wife went and walked through this weekend. A lot had changed since the Zillow photos from 4 years ago. Aside from some needed repairs, we have another cherry on top to contend with: a non-ideal tenants situation The original lease had 2 guys and 1 dog included. But since these tenants moved in September, they now have another girl living in the third bedroom, her dog, and a frequenting girlfriend with a cat. Obviously I understand bf/gf staying over and not putting them on the lease. I'm more concerned about the permanent girl living there and a dog/cat who didn't come with a security deposit. It seems the additional animals are already damaging the fence and inside doors. What is the best way to handle this situation? I'm not wanting to kick out someone out necessarily. But I'd definitely want them on the lease and sufficient coverage from a security deposit standpoint. We've already got the original lease and asked for a signed estoppel agreement. But what's the best way to deal with an extra tenant without having to resort to eviction? [link] [comments] |
| Posted: 29 Nov 2020 04:56 PM PST Hi fam, Here are the numbers - $260k, 2.8% interest, 45k for flip (turn from a 4 bedroom into a 3 bedroom 3 bath), mortgage is 1,600 and rent in the area for 3 bedroom is ~$2,500. We will be living in it once the Reno is done. We are just in the dark period of paying for the apartment and house. I am putting half my savings into it and trying hard to stay positive. Any good stories of hustling and it all paying out in the end? [link] [comments] |
| Sell and 1031? What's my next move? Posted: 29 Nov 2020 06:23 PM PST I've done a few 1031 exchanges. I'm considering doing 2 more. Two of my rentals are becoming vacant in 1 and 2 months. They are my lowest performing properties appreciation wise, pretty good rent increases though. I'm considering selling them and repurchasing here in the greater Seattle area (not IN the city though) or out of state such as Tampa. They are NOT currently located in Seattle, just outside in the burbs. Here I get better MUCH appreciation and lower property taxes. In Florida I get more landlord friendly laws and I want to relocate there anyways. That said, I just cash out refinanced 4 of my rentals and am sitting on cash. I wanted to buy more but have not decided whether here or in Florida, and whether I want to move to Florida. Previously I had decided that I would keep properties here due to appreciation. Adding a property manager layer is expensive but helps asset protection wise. Here is a far higher return appreciation and cash flow wise. Another reason I have not bought NEW properties yet is because I'm waiting to see what the market looks like when forbearance ends and foreclosures begin... So what to do? A) Keep renting the properties out at a higher rent? (Rent went up a lot recently). B) Sell and buy a higher performing property with each via 1031? C) Sell and buy in Florida where I MAY want to move? Going on a trip there again soon to evaluate further... D) What else? [link] [comments] |
| What do you look for when picking an agent to work with for house hacking ? Posted: 29 Nov 2020 12:43 PM PST Hello, I plan on working with a agent who has 3 multi family properties, finance degree, 6 years real estate education/ experience. Has the rich dad poor dad mentality. ( a plus to me) has house hacked experience I am wondering what other aspects do you look for when finding an agent to work with when trying to buy a 2 or 3 unit for house hacking purposes. I feel he has everything im looking for and knows what i want but trying to make sure i am not missing anything. Any feedback/ tips? From your experiences? Best wishes [link] [comments] |
| Posted: 29 Nov 2020 12:15 PM PST Hello /realestateinvesting First time home buyer soon to be closing on a two-unit multi family property - each with 2bd/1ba. The upstairs tenant is a long time (4+ yr) tenant willing to stay and my fiance and I would be moving into the first floor and act as property management for the entire residence. Looking for any tips or advice in relation to duplex property investing especially in relation to property management as well. [link] [comments] |
| Are vacation rentals considered active or passive income? Posted: 29 Nov 2020 11:31 AM PST |
| Posted: 29 Nov 2020 06:43 AM PST Is there really any additional information that any RE book can add to the wealth of free information available in the world wide web and podcasts? I listen to so many RE podcasts and they all end up saying the same things. Isn't the idea of BRRR quite simple? Do the math, expect more expenses than you think and budget everything. The only thing that gets complicated is the tax stuff which WWW and a qualified accountant should be able to cover. Am I missing something? [link] [comments] |
| How to export properties in a given location with contact information Posted: 29 Nov 2020 04:13 AM PST Hi - I am a new investor, so please bear with me on this - I am not yet familiar with the data sources that exist in this space and whether or not there are free/easy ways to achieve the below question. I am looking for a way to extract properties based on specific filters that have not been sold within a x amount of years. I would like this export of data to contain the contact information associated with the property. What platforms/data sources exist for finding this information? Do I need to purchase a Reonomy license to access data like this? Thank you in advance. [link] [comments] |
| Is it better to buy a property in December 2020 or January 2021 to get the most depreciation? Posted: 29 Nov 2020 08:25 AM PST I might be answering my own question here, but I want to ensure that I am thinking about this correctly. My understanding is that there are special tax rules for depreciating an asset the first year you bought it. So, if I buy in December, the amount is 0.152%, and if I purchase it in January then that amount is 3.485%. Every year after that, I can depreciate it at a rate of 3.636%. I got those numbers from a website I visited, so I'm not sure if those are the current rates. But regardless, doesn't it make sense to purchase a property in January, as opposed to December? Am I thinking about this correctly? I anticipate that my closing date might be in December and if the above is correct, I might try and push it back to January 2021. Or, can I still get the benefit of the larger depreciation in January even if I close in December, so long as I make the unit available for rent in January? Thoughts? [link] [comments] |
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