Real Estate Investing: What career would build skills required for REI? |
- What career would build skills required for REI?
- A cautionary tale about investing and why most so-called "Gurus" aren't what they claim
- Where Do I Go For 40K Mortgage?
- Sell or rent primary residence?
- Financing
- Pretty pumped about 2 refinancings.
- How do you figure out the repair costs for a fixer upper?
- Multi family properties
- Commercial Loan needed?
- How do you all think the incoming 4th Industrial Revolution will affect real estate?
- Need help! 30k to buy a new house.
- How are you tracking expenses and Mileage?
- Owner financing questions
- FHFA 2021 Purchase Caps Released - New Guidelines for Agencies
- Quick Question on Capital Gains
- Lending from an IRA for real estate -recommendations for a trustee?
- How can I find the listing agent on a property if all I have is the address? (New York City Coop apartment)
- Unlocking Equity
- SFH tenants during COVID?
- Does death of life estate trigger a reassessment in California for Property taxes?
- Converting Your Primary Residence into Your First Investment Property
- Refinancers
- New Landlord, do I need an LLC for write offs
- Is there any benefit to being a real estate agent when buying property?
| What career would build skills required for REI? Posted: 18 Nov 2020 01:54 PM PST Pandemic has hit me in a strange way. I've moved states (CA->Seattle, WA) and out of my network and I'm looking for ideas for careers that would provide important skills or experience that would be useful to an REI career. I'm 26, partway through an MBA program (online, WGU) right now, have some experience as a Real Estate Agent (years ago, wasn't a good fit) and as a key holder for a student housing building. Currently temping as a leasing agent for some apartment complexes while I try to finish the MBA early. I'm short on ideas for jobs or careers that would provide enough income to start investing. My RE license is back in California. Are there RE companies that would hire general (Not RE specific) MBA students? I'm interested in any and all ideas beyond leasing or working as an RE agent. [link] [comments] |
| A cautionary tale about investing and why most so-called "Gurus" aren't what they claim Posted: 18 Nov 2020 06:15 AM PST I came across a property where some so-called note buying "Gurus" called Aerial Funding that sell online courses about note trading got themselves into a pickle and thought it is a good lesson for others out there They look to be some husband and wife that are trying to cash in on the RE investing educational craze that don't have.a full grasp of what they are doing. Long story short, they purchased a 2nd note on a property that had modified the original mortgage after the last recession absorbing the 2nd note they purchased, which significantly increased the 1st mortgage balance, so was supposed to have been canceled however neither the cancelation of the 2nd note, nor the modification of the 1st were ever recorded. They tried to strong arm the owner into signing a new 2nd mortgage rather than waiting to get it straightened out and when they refused, the "Gurus" foreclosed on the 2nd note only to find out the 1st mortgage they now have to pay off is $20,000 more than the property just appraised for and there is over $100k in repairs needed to get the home up to market value. Basically these genius "gurus" just bought themselves a very expensive problem in which there is no way they will not lose a lot of money. I guess this is karma for trying to do this kind of BS during a pandemic. [link] [comments] |
| Where Do I Go For 40K Mortgage? Posted: 18 Nov 2020 04:40 PM PST Looking for a mortgage to purchase 2 single family homes for a combined 40k. I just took out a 6k personal loan to buy a duplex in cash from the same seller. Every bank I've tried to go to has a 50k mortgage minimum. (Illinois) [link] [comments] |
| Sell or rent primary residence? Posted: 18 Nov 2020 05:40 PM PST My husband and I purchased a SFH for $197,000 about 1.5 years ago. We have done some work on the home and our realtor believes we could sell for $235,000 in it's current state. Similar homes in this area and condition rent for $1,700-$1,900. PITI is $1,330/month. We are under contract for a new build (closing April 2021 which puts us just over 2 years with this as our primary residence) and not sure if we should rent or sell. If we choose to sell, we will eliminate PMI on our new house ($97/month) from using the additional $$ from selling this house. If we rent, that's an added expense, in addition to not reducing our new mortgage further, although we could afford it. We have a 6 month emergency fund. Any vacancies and/or major expenses would be taken out of the emergency fund until we can get a separate account funded well enough from rental income. I think it's worth noting that while this home was built in 1962, the roof, HVAC units, water heater, kitchen, one of two bathrooms, are all new (within the last 1.5 years) and we don't foresee any major expenses in the near future. We also know this house from top to bottom, unfortunately, given the long list of unexpected hiccups from rehabbing the property, and have a pretty solid rapport with the plumber, electrician, and HVAC guy. Our new home should in theory be relatively maintenance free given the fact that it's a new build. Our ultimate goal would be to have some cash flow while building equity and dipping our toes in the REI world. From all of the calculations I've tried, it seems that we would be cash-flowing approximately $370/month (after a few 5% reductions for vacancy, capital expenses, etc.) before taking into account income taxes on rental income. We aren't in a high tax bracket and we're in this position due to an inheritance and don't want to squander the potential for passive income and building wealth. No other debts and our son's 529 is funded well, as are our retirement accounts. There is another family property we'd eventually like to buy out, rehab, and rent, and we are hoping that hanging onto this property may help with that goal. If not that specific property, maybe another one down the road. I'm not sure that the monthly rental value is enough to warrant keeping it, but other properties in the area are expensive and we'd lose equity for realtor's fees and closing costs if we were to sell and reinvest in another property. I think there's also something to be said for knowing the bones of a home - the good, the bad, and the ugly. All of that said, I'm sure there are things I'm not thinking of. Any thoughts are appreciated! [link] [comments] |
| Posted: 18 Nov 2020 05:43 PM PST I have an opportunity to purchase a single-family home at foreclosure at substantially less than its market value. About the property: it was originally land owned by my parents. They gave it to my sister and her then-husband to build a house. Parents still own parcels on 3 sides. My sister and her husband split. His name was on the note. He abandoned the property and defaulted on the note. The bank took it to a sheriff's sale and there were no bidders (my attorney found out what the bank's max bid was going to be and I wasn't going to pay that so I didn't go). The bank is now auctioning it. The septic to the house was on my parents' adjacent parcel, and there was never an easement given. My father cut the connection to the septic (under a judge's order). I had my attorney do the due diligence on the property and it's clear. The house was appraised at $210k and I believe I can get it for $65k. The auction is cash-only. I don't have income (was furloughed in March due to the pandemic) but I DO have substantial equity in a commercial property in another state. I am told by the bank that holds that note that it will take time to access the funds and that they will need to pull all new financials - as I said, I'm currently furloughed because of the pandemic. I know my monthly expenses on the property will be half or better than what I can rent it for. And my father will grant me the easement to reconnect the septic system, whereas someone else will have to spend a substantial amount for a new system. Traditional banks won't work with me because I had a bankruptcy 5 years ago (due to the 2008 crash). My credit score is good. I have no credit card debt. I want to purchase the property as a means to make an income, and will immediately have equity if I am the winning bidder. What non-traditional financial borrowing options do I have to find the cash for the purpose, short of anything illegal? [link] [comments] |
| Pretty pumped about 2 refinancings. Posted: 18 Nov 2020 09:42 AM PST Bringing a 2017 vintage triplex purchase from 5.25 down to 3.125 and a 2018 vintage triplex purchase from 4.875 down to 3.65. Pretty amazing rates for non owner occupied multifamily. They were nice investments but now they are REALLY nice investments. [link] [comments] |
| How do you figure out the repair costs for a fixer upper? Posted: 18 Nov 2020 10:49 PM PST I don't have my own construction crew or a contractor that I know well enough to attend the showing and give me precise estimates. I could only think of three: 1) I can get ballpark numbers that that varies so much per property and it's not gonna be accurate enough when analyzing a deal, which factor in repair costs. 2) I can try to call some contractors in for estimates like I would ask bids for projects. This might burn bridges if I do this often enough in an area with limited contractors. 3) Or have an offer first with ballpark numbers, and then do more inspection + estimates if my offer is picked. In the long run, I know I'll have to become an expert estimating repair costs. But as a new investor, what's my best option right now? [link] [comments] |
| Posted: 18 Nov 2020 10:01 PM PST Only familiar with Saint Cloud Florida, anyone has suggestions of areas to look for a Multifamily. Any insights on other markets that would be a good investment to look into. Preferably east coast. Anyone information you can give beginner would be appreciated. Thoughts on multifamily vs Single Family [link] [comments] |
| Posted: 18 Nov 2020 03:58 PM PST Hi All, As posted earlier I am looking at a property. There are 3 duplex buildings 6 units total. My Realtor got back to me and told me that due to the property set up i will need to acquire a commercial loan. This is something I am not familiar with at all. Can someone give me an idea of how this works? it would be for 400 - 450k. What is the process? What is different? [link] [comments] |
| How do you all think the incoming 4th Industrial Revolution will affect real estate? Posted: 18 Nov 2020 08:45 PM PST For those that aren't familiar, here Will we see a price consolidation as everything becomes "as a service" or will housing prices go up as people want larger private spaces and spend less on other things? [link] [comments] |
| Need help! 30k to buy a new house. Posted: 18 Nov 2020 08:25 PM PST So, I have 30k in savings (after rainy day money), I have a 250k mortgage on a house valued at ~350k. No other bills, cars paid off, ect. I have full VA benifits but that 250k mortgage is using part of it? Idk how that piece works. It's a VA loan. I'd like to move out to a bit more land but it's looking like the minimum price is ~250k - 275k. The hang up is that I'd like to keep this house and rent it out. Also, we're looking to maximize our new house by buying something that needs heavier cosmetic work. This would mean a larger overlap on our closing vs moving in. Is it possible to fanagle this somehow? Dual income provides about $7500 a month. Both credit score are around 800-810. [link] [comments] |
| How are you tracking expenses and Mileage? Posted: 18 Nov 2020 04:38 PM PST I'm looking for an easy app to use for my expenses, including mileage. I know there have been some posts, but I am trying to get some updated info. So far I have seen: Expensify What would everyone recommend? I am sure there are others, but would love a little insight into those above. [link] [comments] |
| Posted: 18 Nov 2020 08:18 AM PST Investors with experience in owner financing: how do you find those deals and how do you structure them? This seems like a great opportunity but I don't know where to start. [link] [comments] |
| FHFA 2021 Purchase Caps Released - New Guidelines for Agencies Posted: 18 Nov 2020 04:16 PM PST FHFA just released 2021 Purchase Caps for Fannie & Freddie. Some interesting changes from this past year:
BUT
[link] [comments] |
| Quick Question on Capital Gains Posted: 18 Nov 2020 02:00 PM PST Hi Real Estate Investing, I am not sure if I am in the correct sub; however I have a few questions on capital gains / income tax as a result of real estate profits. My family (5 partners in total) own a small business where they've purchased commercial real estate many years ago. The real estate is technically owned by the family business, which has nothing to do with real estate investing. Now as they get older, they are looking to exit the business and as such sell the associated real estate. Based on the current offers, the potential gain will be significant. My question is, besides for the capital gains tax would there be any associated income tax that gets paid? I understand if the Company dividends out the respective proceeds to the various partners, each individual will have to pay their share of income tax but wanted to get a sense of how this works. I don't know much about real estate but understand the concept of rolling capital gains; however, I think everyone is at the age where they want the money to do their own things. Am I missing anything as well? Appreciate any help or insight in advance! [link] [comments] |
| Lending from an IRA for real estate -recommendations for a trustee? Posted: 18 Nov 2020 01:14 PM PST I have never done this before. My 401k is with an employer I left and I want to move it to a self directed IRA. Any thoughts on process or trustee would be appreciated. Thank you [link] [comments] |
| Posted: 18 Nov 2020 07:00 PM PST How can I find the listing agent on a property if all I have is the address? I know this property has been listed for sale with a broker. [link] [comments] |
| Posted: 18 Nov 2020 06:54 PM PST I have a handful of investment properties where I live valued at ~$1.5M. The mortgage on these properties is about 900k, leaving me with about 40% equity invested. However, that means that I have a lot of equity sitting in the houses (1,500,000 X 0.8 - 900,000 = 300,000) that I would like to leverage. I feel comfortable with my current salary (outside of real estate investing) to take the risk but I'm having trouble getting HELOCs opened/approved because of the absolute value of my total debt, even though the aggregate real estate portfolio is cash flow positive by tax time. What do I do in this situation: 1) Look for other banks that will finance this? This means more credit checks and fees to terminate mortgages and get home appraisals. 2) Sell the property/properties that have the highest equity percent build (and thus the lowest rate of return due to reduced leverage)? This means realizing taxable profits (no 1031 exchange in Canada) when I'd rather hold on to the property. 3) Accept that the equity is locked in and look to other forms of investment until I build up my income or cash reserves? Do you guys have any recommendations here? Many thanks! [link] [comments] |
| Posted: 18 Nov 2020 06:16 PM PST I'm planning out a potential house hack/room renting strategy. I have two questions:
Of course there's the whole very real possibility someone in the house gets sick.... [link] [comments] |
| Does death of life estate trigger a reassessment in California for Property taxes? Posted: 18 Nov 2020 02:19 PM PST Hello all, wondering if anyone may have knowledge on this topic. Scenario: Parent transfers property to child with Parent keeping a life estate (the 1st Transfer). When the Parent dies in the future and the child receives full ownership of the property (2nd Transfer), will this be considered a change in ownership for property tax reassessment purposes (now that there's no parent-child exclusion after Prop 19)? Do both the 1st and 2nd Transfer trigger reassessment, or just the 1st? Thank you. This article seems to suggest the former: https://www.boe.ca.gov/proptaxes/pdf/493_0076.pdf [link] [comments] |
| Converting Your Primary Residence into Your First Investment Property Posted: 18 Nov 2020 07:56 AM PST Hey all! Long time lurker, happy to be here. My husband and I's current primary residence is not our forever home, but we plan on living here for the next 3-5ish years. While we both continue to build savings, would it make sense to hold our current primary home and turn it into an investment property when we are ready to move into a different home. Here are the specs of our current and future prospective home: CURRENT PRIMARY: VHCOL Area PROSPECTIVE HOME: HCOL Area I know this is a strategy, but I am looking for other's experiences, especially in a V/HCOL of living area. I don't have any interest in investing in other out of state markets that are cheaper. [link] [comments] |
| Posted: 18 Nov 2020 01:10 PM PST Who do you guys use to refinance? Mortgage guy at big bank? Rocket? Credit Union? [link] [comments] |
| New Landlord, do I need an LLC for write offs Posted: 18 Nov 2020 07:12 PM PST Hi everyone, I may have asked a similar question before. But does anyone know if I need to have a business to qualify for tax write offs? Or just just being a landlord count. The property i am purchasing is a 3 hour flight away from my residence. Here are the things I would like to write off: travel expenses, accommodations for my stay while I get it "tenant ready", furniture purchased for rental, legal fees, CPA fees, I need to purchase a printer, quickbooks fees, etc. I basically want to know if I can even write these off. I've paid a decent amount in start up costs, but do not have an LLC at this time. What can I write off without one? I am hiring a CPA stat, but in the meantime looking for some general answers! Thanks so much! [link] [comments] |
| Is there any benefit to being a real estate agent when buying property? Posted: 18 Nov 2020 03:23 PM PST Is there any Benefit to being a real estate agent when buying a personal investment property? [link] [comments] |
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