Real Estate Investing: Making 96k on my first ever house flip |
- Making 96k on my first ever house flip
- What would you do if you were 21 with the knowledge you had now in real estate
- Preventing occupancy fraud
- Below ground pool on a potential rental property
- Where online would you list a hotel for sale?
- Buying and living in a townhouse vs. renting a one bedroom
- If you had 50k...
- When it comes to Airbnb property investing, what are the larger problems that you have to go through when finding property to invest in?
- House hack with family
- Down payment for multifamily home?
- What are some benefits/drawbacks to investing in a market with a high percentage of renters?
- Closed my first wholesale deal at 18, so now what?
- Looking for a critique on a 275k single family rental deal
- Thinking of buying an investment property with a friend. Thoughts?
- Want to do BRRRR, but don’t have required documents to refinance (I think). What steps do I take?
- Wanting to buy my first ever property but for a rental, advice on this opportunity please.
- Any thoughts on the residential market in Los Angeles?
- This duplex deal is keeping me up at night
- Appraisers of Reddit, will adding LVP floors to this space increase my property value?
- What are the best ways to perform diligence on a home builder?
- What decision should I make...
- Need Alternative lender. Underwriting is going to ruin my deal.
- Best book on buying?
- What do you think about these 2 options?
| Making 96k on my first ever house flip Posted: 10 Nov 2020 06:59 PM PST 1600 sq ft 4bed 1.5 ba Bought for 125k. 25k in renovation, 8k in holding costs and 4k in tools. I did all the work myself except for big stuff like carpet, chimney repairs, and HVAC. Was working from home for coronavirus so I would do my work and then go and work on the house Started work on the house 4/1/2020 Finished and listed for sale 9/25/2020 Listed for 225k got an offer next day for 235k. Accepted it and just finished closing today. I attached my spreadsheet. (Hopefully it is accessible) I need a better method of organizing papers. Any tips or anything helps. Ask questions I'm an open book. Thanks a lot. [link] [comments] |
| What would you do if you were 21 with the knowledge you had now in real estate Posted: 10 Nov 2020 06:42 PM PST My end goal for real estate is to live off passive income, I'm currently staying with parents at the moment. I have a decent amount of money saved up from working+ good credit. I plan on investing next year and deciding if I should buy a SFR fixer upper or take advantage of FHA loan and buy a multi family and house hack it. Question is if you were 21 with knowledge you have now + 20k, what would your plan be in real estate? BRRRR? House hack? No wrong answers just curious to see what others plans would be. Thanks! [link] [comments] |
| Posted: 10 Nov 2020 03:50 PM PST I am currently 23 years old with a finance job in NYC and looking to buy a property in North Carolina for 315K. I have enough to put down 40% but will utilize a portfolio backed loan from my brokerage account to finance the 3.5% + closing costs on the FHA loan. My plan is to move back to Charlotte as my job does not expect me to come back into the office until end of 2021. I have the option to WFH indefinitely if need be. I plan to live in the house for 12-18 months but am expecting for my next promotion in 18 months -24 months to accept a role in chicago. From what I've read on investopedia as long as you live in the home for more than a year you can transition it into an investment property afterwards. Can someone confirm the accuracy of this? My parents live in the neighborhood so I can relatively easily turn this into an investment property if I decide to take the promotion in chicago. [link] [comments] |
| Below ground pool on a potential rental property Posted: 10 Nov 2020 06:49 AM PST I'm looking at a property right now that needs a minor amount of rehab (new flooring, bathroom, kitchen, some exterior rotting). What's got me stumped is that it has a below ground pool in the backyard that will need some maintenance to get it back to usable condition. I've never owned a pool before so I don't know what the rehab cost would look like, maintenance, etc. I'm more concerned with ongoing maintenance costs, and whether I can rely on tenants to keep the pool in usable condition. Is this going to be a headache down the line? [link] [comments] |
| Where online would you list a hotel for sale? Posted: 10 Nov 2020 02:41 PM PST -Where would you guys list a local hotel for sale to attract potential buyers? [link] [comments] |
| Buying and living in a townhouse vs. renting a one bedroom Posted: 10 Nov 2020 06:02 PM PST More of personal finance question but appreciate any input from houston area RE investors as well: I'm in Houston, TX. 24 in first job, move from out of state and don't have geographic/family connections to the area. Making $65K base + 30% bonus (depending on company performance). Have about $75K saved invested in the market (not counting 401K but incl. roth). I'm currently renting a 1 bedroom apartment for ~$1800 walking distance to my job (not useful nowadays), which allows me to save $200 per month for parking +$50 gas. Otherwise equivalent one-bedroom apartments would still be $1300-$1500. Long story short I'm tired of paying 50% of my net income on rent despite the nice commute, basically because I hate being in a cramped one bedroom apartment that is also located in a loud/depressing/not entirely safe, downtown location (basically I don't really go out and hate everything about living downtown/not having space for outdoor hobbies etc, basically the only benefit to me is the commute; my lifestyle doesn't match) I have the opportunity to have parents help either buy a ~$350-400K 3br townhouse cash or with mortgage in the coming months. I would pay all the monthly taxes/insurance/hoa (est. $800+150+TBD) and other maintenance. A big reason they're open to do this is because I would leave one of the bedrooms as a guest bedroom, and would be able to have them visit often and stay longer, which is something they've wanted to do. I'd also be able to rent the third bedroom out, if I so choose, to a roommate for $8-$900, which would cover the taxes and insurance. Otherwise, I'd be paying the monthly taxes/insurance/other as my "rent". I also would need to drive to work so $200 parking is necessary, but I write that off as a cost of not having to live in a loud downtown. Commute would be 10-15 min drive. From a personal finance perspective is this a no brainer? There are risks such as not having roots here and if I lose my job I have no reason to stay, unless I find my top choice new job in Houston, would likely sell. But I would have the ability to live in a paid off house while unemployed not having to worry about breaking a lease and paying to move cross-country back to my parent's home before starting the new job search. There are other risks such as not be able to find a roommate that's compatibility (have pretty high standards for roommates) and losing money if I have to sell in 2-3 years [link] [comments] |
| Posted: 10 Nov 2020 10:17 PM PST Would you put 4-5 down-payments on several condos worth ~60k, or would you just put 20% down on a 200k+ house? Why? I've never bought a rental property, and I'm listening/reading bigger pockets, but I just want to understand what someone's thought process is when they make these decisions in terms of cash flow, etc. Roughly speaking, I like the idea of establishing/building positive cash flow steadily, and as quickly as possible. I don't like debt hanging over my head. [link] [comments] |
| Posted: 10 Nov 2020 09:42 AM PST I'm thinking about getting about investing into AirBnB properties. However, I'm trying to find the right place to start investing? So far, I've been looking up certain locations but I am interested in learning what else should I take into consideration? Thanks for taking the time to read this [link] [comments] |
| Posted: 10 Nov 2020 04:42 PM PST I was curious if it would be possible (legally) to go into a "house hack" deal with a family member living on the property that we buy with them. The idea is that I would fund the deal and cosign the mortgage with my family member but they would live in the property in order to trigger the "house hack" and skip paying the 20% down for an investment property. The house is a duplex so we would rent the other unit and have my family member live for "free" for a year and then refinance the loan under our name only. We felt like this was a good idea not only to generate extra income but help a family member get a decent place of their own. I would love to hear some input. Thanks! [link] [comments] |
| Down payment for multifamily home? Posted: 10 Nov 2020 03:01 PM PST So I've always thought that a first time homebuyer purchasing a multifamily home (planing to live in one unit & rent out the other) could still do a 3.5% down payment. I got on the phone with two banks today and one said 15% & the other said 20% down. Are there any banks or lenders that offer a 3.5% down payment for these situations? Thanks in advance! [link] [comments] |
| What are some benefits/drawbacks to investing in a market with a high percentage of renters? Posted: 10 Nov 2020 04:33 PM PST I am looking to invest out of state and am researching potential markets. One variable I am considering is the percentage of people that are renters vs homeowners. The more I think about it the more I wonder how much this metric really matters. For example about 52% of people in the Pittsburgh region are renters while Indianapolis is 34%. As long as the percentage of renters are above a floor of about 30% should this metric really be a factor in where I invest? Also is it safe to assume there are more property management options in metros with a higher percentage of renters? [link] [comments] |
| Closed my first wholesale deal at 18, so now what? Posted: 10 Nov 2020 10:23 PM PST Details first for anyone interested: Found the lead virtually on Trulia, believe it or not. Listed for 91k, ARV was around 100k north of that. Ran the numbers like good old Jerry taught me, and got the agent on board with me by using the double-dip strategy. Got it under contract at 70k and wholesaled it for to an investor I found from one of the active comps, again, on Trulia for 83k. Whole process was cut and dry really. Not to many hiccups. This was actually my fourth offer so far and I had only known wholesaling existed for like 4-5 months prior to closing. I worked at a Target for about 2 months to save 1k and I spent maybe $800 of that including the EMD and contractors lockbox and for someone to go take pictures. Closed in 32 days. Now my question: What should I do? Prior to this check I received yesterday I literally only had that 1K to my name (played sports all of high school and never had time for a job or to save up for anything), and because I'm 18 and I graduated my mom has been talking about kicking me out. I'm super eager to go out and build capital so I can achieve my dreams of investing early on, but life is hitting me so fast. I don't have a car yet and it looks like I'm gonna have to find an apartment soon. If you were in my situation, would you focus on figuring out a living situation with 13k to work with or take a risk and focus on using that check to pay for the cost of finding more deals? I don't really have anyone I know that I can rely on to help me with adult decisions so I figured the best place to turn would be here. [link] [comments] |
| Looking for a critique on a 275k single family rental deal Posted: 10 Nov 2020 04:18 PM PST So, first things first, by most conventional standards on this sub I don't think this meets the criteria of a good deal. However I don't operate in a market like those in the Midwest where you can get $1000 rent on a $90k house, and the renter somehow hasn't figured out he can own the house for a quarter of his rent payment. Instead, I'm buying in Florida, where there's plenty of rental housing supply and everyone also wants to own, so property values are expensive. I accept the fact that it's not an extremely high return because, well, ultimately someone else is paying the mortgage. These are very conservative assumptions, I could in theory get a couple hundred more in rent, but I don't want to count on it. Here is what I would like a critique on:
Here are the numbers: https://i.imgur.com/4kisgce.png [link] [comments] |
| Thinking of buying an investment property with a friend. Thoughts? Posted: 10 Nov 2020 04:12 PM PST Me and a friend have been thinking for a while of investing in a rental property. We wanted to split the ownership where he has ~10% of the equity and I have ~15%. I would take out the remaining amount as a mortgage Does anyone have any experience with something like this? Are lenders open to this sort of structure where one of the owners isn't on the mortgage? Any red flags to be aware of? Any/all comments welcome! [link] [comments] |
| Want to do BRRRR, but don’t have required documents to refinance (I think). What steps do I take? Posted: 10 Nov 2020 09:54 PM PST I am interested in buying a distressed home on a hard money loan. Once I repair the home, I'd like to refinance so I can move on to another property. Problem is I've only been operating my business for a year so I won't have the necessary tax returns to refinance. Do I have options? [link] [comments] |
| Wanting to buy my first ever property but for a rental, advice on this opportunity please. Posted: 10 Nov 2020 03:25 PM PST My family and I currently live in a apartment. We went and looked at a home for 90k. Well below our price range actually. Corner lot, 3 bed, attached 2 car garage, double stall aged shed in back (also rentable). We went looking at this house as a place we would live in for our family but we passed on it. The more ive been thinking of it the more I want to buy this house to rent out for passive income. 2 years ago I was paying $750/month for a very similar house but without any garages in the same area. Using my first time homeowners loan on this place, girlfriend will still have hers down the road when we buy for ourselves. Biggest red flag is I only have 5k saved up in the bank. House will need a new furnace and roof within 2 years thats the only upfront work that it needs. Which I figured could be payed for by saving profits on the house. Ive always had entrepreneur ambitions in life im 23 years old,for me to get to where alot of you guys are at I have to shoot my shot somewhere. Please any advice would be awesome. I know its hard to answer straight forward if this is a good idea or not. Thank you guys in advance. [link] [comments] |
| Any thoughts on the residential market in Los Angeles? Posted: 10 Nov 2020 09:55 AM PST I'm thinking of buying a condo on the east side of Los Angeles and wondering what the market is like now and what your thoughts are about the near future with people telecommuting, hardship in the entertainment industry, and if the moratorium on evictions continues. I feel like these all mean that prices will go down in the next few months But I'm not sure. Thoughts? Also are there other reddit groups or websites that are good for getting a sense of where the market is now? [link] [comments] |
| This duplex deal is keeping me up at night Posted: 10 Nov 2020 08:07 PM PST So I closed recently on a wall to wall renovated duplex that looks amazing and about 10/15 minutes from the city center and downtown. It was purchased for 140K in Jan 2020, extremely beaten up as a single family home and convereted to an over-under 2000 sq of space within 8000sq of land. 80% of this property is literally new... my accepter offer was 360K and I've put 20% down as downpayment. Comps around the area are selling for 280-330 but nothing as renovated and nice. Some have sold for much less before Covid. Before Covid was a different real estate market all together anyways. I was able to rent both units for $36,500 just last week and my expenses are $18,200 mortgage included. So I make 17K cash flow positive. Btw this is in Canada..land of the high rent and high property costs. Anyways.. The location isnt the best, it is surrounded by mostly empty industrial zoned land.. and I'm worried if i overpaid for it in terms of this area will never be an area to be desired by a family to settle for good..etc or new developments near it ..it will always be a rental neighborhood...does this suck?? Would it appreciate quickly or im in for a really slow ride?... the main reason why i bought this place is for the amazing cash flow potential that i saw. But im worried id get screwed when I want to sell day.. Also the appraisal came in at 395K. But I'm always unsure of those appraisal guys and how accurate they are. What're your thoughts on this? [link] [comments] |
| Appraisers of Reddit, will adding LVP floors to this space increase my property value? Posted: 10 Nov 2020 07:35 PM PST I have a three unit building I recently bought that was lip stick flipped (if you could even call it that) about ten years ago. I am going through making my updates prior to renting it out and had it in my head from back in July when I bought this place that I was going to cover these tile floors with LVP. The more I look at this space the more I am wondering it it'll even do anything to the ARV in the eyes of the appraiser/bank. Can anyone weigh in? For reference, the property is in a nice neighborhood with a lot of new "luxury" development and renovated buildings. [link] [comments] |
| What are the best ways to perform diligence on a home builder? Posted: 10 Nov 2020 03:47 PM PST The company has a number of online reviews (FB, etc...). But internet reviews seem, by themselves, sub optimal for assessing the quality of a company doing new home construction. I'm sure I can ask for referrals. But what other methods do you use? Background: considering buying a vacation rental in the poconos and new home build seems like a viable option. [link] [comments] |
| What decision should I make... Posted: 10 Nov 2020 06:33 PM PST Say I have 220.000 Euros liquid cash. A. Should I buy myself a (very) nice 3 bedroom appartment next to the 'hottest' park in the city (Bucharest) in a top area, using up all the money or B. buy three 70.000 € 2-3 room appartments which I could rent out for 400-500 €/month grouped in the south part of the city, and get a credit for my own(same nice appartment), which would have the monthly payments covered by the revenue from the rent [link] [comments] |
| Need Alternative lender. Underwriting is going to ruin my deal. Posted: 10 Nov 2020 04:29 PM PST I am in underwriting with a major bank and they are so busy and disorganized, asking for all kinds of extra information last second and they still can't seem to get it together and the communication is terrible. I am very concerned that they are going to ruin this deal for me. Can people please post some legit alternative lenders? My closing date was extended to 12/1 so I have some time. Edit: Boston metro area, MA [link] [comments] |
| Posted: 10 Nov 2020 08:57 AM PST New real estate investor here. I've read a few great books so far and am contemplating either Brandon Turner's "Investing in Real Estate with No or Low Money Down" (read his other book and loved it) or Robert Irwin's "Tips & Traps for Negotiating Real Estate". Anyone read either or both and have recommendations? [link] [comments] |
| What do you think about these 2 options? Posted: 10 Nov 2020 03:48 PM PST 1- a great unit right next to the train station in a great neighborhood in the city. Building is well built (concrete). Unblocked skyline views, pool, gym. Sound proofing is pretty good too. The unit is in a well architected building (9th floor). Unblocked skyline views from every room. 2 bed 2 baths 1 parking space in garage ~1,350 sqft. HOA: $900/mo price: $1.12 2- this unit is not in an apartment complex but rather the second unit of a condo. (Wood). Sound proofing is not as good as 1. Not much views or amenities. Newer kitchen appliances than 1. Altho 1 is pretty good too. 10 min away from the train station (the one that's right in front of 1) 2 bed, 2 baths and 1 very tiny office space, tiny porch. 1 parking (garage). ~1,350 sqft HOA: $250/mo Price: $1.05 [link] [comments] |
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