Real Estate Investing: Anyone a full time investor? What’s your story? |
- Anyone a full time investor? What’s your story?
- How can I find an ex-tenant’s new address to file a civil judgment against them?
- Targeting Pre-Foreclosures With Assumable Loans (FHA, USDA, & VA) To Avoid Down Payments?
- How much are you losing during this pandemic? Or how are you doing in general?
- Newbie Here - I Buy Houses and Rent them
- What is your gross income from rentals and what's your goal?
- My first flip...what now?
- Finding a lender when you’re not sure where you’ll buy
- How can I tap into equity in a rental house?
- How do you find deals?
- $25 bilion in rental assistance
- Question about cash out refinancing my primary home to purchase a newer primary home and making my current primary a rental.
- Use Leverage or Pay off Each Home?
- Seller being intentionally deceptive or simple mistake?
- Best markets in the US to buy into for short- and long-term residential real estate investments?
- Has anyone negotiated reduced closing costs/lender fees when closing multiple properties at the same time?
- Anyone refinance through Provident Funding? How did it go?
- Is it feasible to rent out a tiny house?
- Room renting - lending - taxes
- SFH should I sell or rent out? Pros vs. Cons to each.
- Good books to learn about investing in your first property?
- Purchasing a property with an existing lease, sort of...
- Question about credit scores in Canada
- FHA Pre-Approval for Chicago House Hack
| Anyone a full time investor? What’s your story? Posted: 21 Dec 2020 10:39 AM PST What is your story, how did you start? Is it hard to make/reach atleast $60,000 a year from your properties? [link] [comments] |
| How can I find an ex-tenant’s new address to file a civil judgment against them? Posted: 21 Dec 2020 04:52 PM PST Basically title. Tenant owed 8.5k, we got him out, and now we want to file a judgement for the money he owes us. To serve him we need his new address.. how can we find this? We've looked into skip tracers but those mainly work knowing the address and needing to find the owner. We're looking for the reverse. We have his email and phone number on file... maybe have someone call and say they're the new tenant at his old house, an Amazon package came for him, where can we drop it off?? It's not perfect, but maybe something along those lines? [link] [comments] |
| Targeting Pre-Foreclosures With Assumable Loans (FHA, USDA, & VA) To Avoid Down Payments? Posted: 21 Dec 2020 02:56 PM PST Most mortgage loans are not assumable, and have not been since the 1980's. There are three big exceptions: USDA loans, VA loans, and FHA loans. These are also the most common home loans in the United States. Would it be a viable strategy to find pre-foreclosure homes on sites like Zillow, find out if it was one of these types of loans, and then simply contact the owner and ask if you could assume their mortgage? In my head it seems like a simple way to avoid making a down payment as an investor. These are all low down payment options for the borrower and are probably more likely to be in default. There is probably a lot less risk of property damage and other problems that come with foreclosures since the owner would be dealing directly with you. The borrower would of course no longer have to deal with a foreclosure going on their record. Is this a viable strategy? Has anyone here ever tried it? [link] [comments] |
| How much are you losing during this pandemic? Or how are you doing in general? Posted: 21 Dec 2020 05:26 AM PST I've seen some commercial properties around me have several stores empty the whole year! They are losing hundreds of thousands. Most of my buddies with residential properties are doing just fine. My Airbnb buddies are taking some decent losses in the six figures range. [link] [comments] |
| Newbie Here - I Buy Houses and Rent them Posted: 21 Dec 2020 10:20 PM PST I just bought my first rentals - 3 SFH on 3 1/2 acres in central NC for $85k. Not having done this before, I paid cash for them. (Honestly, I don't think anyone would have written a loan on them as they are 75 years old and in poor shape.) So I've sunk a good chunk of money in them renovating them and 2 are now rentable but I can't finish the 3rd one. Is it even possible to get a loan on them? The 3 houses are all on 1 parcel. (I have considered splitting one of the houses off the current parcel and selling just that house plus 1 acre.) Just $25k would allow me to finish the 3rd house and not put me in a bad situation if one is vacant. A little larger loan would allow me to buy my next rental. P.S. My FICO dropped as a result of moving from CA to NC in Feb but it's back up to about 680 now. Was 780. [link] [comments] |
| What is your gross income from rentals and what's your goal? Posted: 21 Dec 2020 11:17 AM PST I was recently asked what my goal is for properties, and I wasn't able to say much other than "I'll do another deal when I see it." Wondering if you have specific goals in your real estate ventures that is a bit more specific than mine. I have 10 doors at 110k/gross per year. [link] [comments] |
| Posted: 21 Dec 2020 10:02 PM PST Looking for advice on a property rehab. My first flip and I'm pretty sure I'm biting off more than I can chew. I got the opportunity to wholesale this to professional flippers at $255k, but I can afford to take some risk. THE DEAL Purchase price: $247k ARV $305-320K Closing costs: $5k Inspection $300 Holding costs (about $1300) Time expected...90 days Renovation: <$20k With the upgrades in this house so far, I'm expecting to be able to get away with a $15k rehab. Getting an inspection next week, but assuming nothing major comes back (staying hopeful)... Where would $15k be best used to make this property pop? I apologize for the pics, took them at night when I did a walk through. [link] [comments] |
| Finding a lender when you’re not sure where you’ll buy Posted: 21 Dec 2020 01:43 PM PST Apologies if this is a silly newbie question. I want to get a pre-approval letter for an investment property before I know what state I'll purchase in. This would be my first investment property. Online, I'm referred lenders based on the locality I want to purchase in. Are there lenders who loan in many states based on one application, and provide a pre-approval letter covering those states? If so, where would I find them online? [link] [comments] |
| How can I tap into equity in a rental house? Posted: 21 Dec 2020 01:52 PM PST I have a rental house:
First off, I'm not planning to sell it. I know it's doesn't provide a great ROI based on these numbers (been pointed out to me before), but it is something I have a strong sentimental attachment to. Plus, I've thought about moving into it down the road when kids are grown. So, I'm in the market for another Primary residence, and I'm looking into how I could tap into the equity in the Rental to put toward the Primary. Without touching/combining/considering other personal assets/income, about how much would a bank be willing to loan to me with those numbers? An alternative question might be, if I paid down the mortgage to $0, so I net $2,000 a month, how much would a bank loan me on this rental income? Actually, I'm curious how those answers to the original vs alternative scenario work, meaning where does that $100,000 go the furthest? Straight toward a down-payment or in leveraged form (which seems like it should answer my question right there)? [link] [comments] |
| Posted: 21 Dec 2020 08:15 AM PST Title says it all. How do you get early access to listings or gain some competitive advantage in a competitive market? I just don't see myself getting good deals searching Zillow or Trulia but I could be wrong. [link] [comments] |
| $25 bilion in rental assistance Posted: 21 Dec 2020 02:31 PM PST Anyone have any guesses as far as how state and local govts will divy this up? Will it be like May when my city gov asked renters to apply for relief and my tenant responded by sitting on her ass and continuing to tell me her job cut down her hours while she made no effort to apply for relief to help me pay my bills? [link] [comments] |
| Posted: 21 Dec 2020 05:39 PM PST I want to take advantage of the equity I have in my primary home and also take advantage of these record low interest rates by refinancing. I want to use some of the cash for the down payment towards a newer home as my primary and make my current primary home a rental. I know I cannot purchase another home right away & make it my primary. My question is what is the best strategy to do this so I can benefit on the low interest rates on the new primary home I plan to purchase in the future as well? Will I have to wait a full year before I can purchase a new primary home after refinancing my current one? [link] [comments] |
| Use Leverage or Pay off Each Home? Posted: 21 Dec 2020 02:43 PM PST Hi All, Currently living in my first home that I purchased in August for $325k - 30-Year Fixed at 2.75% My annual income from my job is about $250k and right now I'm at a fork in the road:
OR
One strategy obviously is more risky, but probably more profitable. Wanted to see if folks had experience with either option or could give me some pro's / con's I hadn't considered [link] [comments] |
| Seller being intentionally deceptive or simple mistake? Posted: 21 Dec 2020 12:39 PM PST My relator sent me an income statement for an off-market opportunity for a duplex. It showed last years (2020) NOI of $66k, and a pro forma NOI of $75k. They are asking $1.495MM based on a 5% cap rate of the pro forma NOI. HOWEVER, after digging in I noticed they are are not including vacancy in their NOI calculations. After accounting for vacancy, last years NOI is actually $62.5k and the pro-forma NOI is $72.5k (they are assuming less vacancy next year). At a 5% cap this has a price difference of ~$40k. Is the seller being intentionally deceptive or is it not uncommon to "beef up" income numbers with tricks like this? [link] [comments] |
| Best markets in the US to buy into for short- and long-term residential real estate investments? Posted: 21 Dec 2020 08:01 PM PST What are the best cities/neighborhoods to look into for real estate investing? And why? [link] [comments] |
| Posted: 21 Dec 2020 07:40 PM PST I am closing on 2 investment properties with a lender on the same day. They are also finalizing my cash out refi. I was hoping they would have reduced fees since I am closing multiple homes but they are quoting me at 3.5% with a point, application fee ($1.2K), Validation services ($100), credit report ($100) for each. Has anyone had experience with this? [link] [comments] |
| Anyone refinance through Provident Funding? How did it go? Posted: 21 Dec 2020 02:43 PM PST It's well past time for us to refinance our entire portfolio of investment properties. I checked in with our regular go to broker who moved to Wells Fargo, and he straight up said they can't offer competitive rates on investment properties right now due to high volume. He recommended Provident. Any one have experience with them? [link] [comments] |
| Is it feasible to rent out a tiny house? Posted: 21 Dec 2020 06:23 PM PST Hello. I am in California and have barely enough money to build a tiny home. Is it possible to put the tiny home for lease? [link] [comments] |
| Room renting - lending - taxes Posted: 21 Dec 2020 06:13 PM PST Decided to buy a house this year and have been living in it for two months. I want to scale and somehow get a rental property next year. I have a roommate moving in on the first and my gf lives with me now and insists on paying some rent. Not sure how to ask this without sounding uneducated, but what pros and cons do I have for letting the government and lender know I have two people in the home paying me every month? Fairly confident my lender uses that income when running numbers from the way he was talking when I was looking for a home. Starting to think of creative financial options for the year to come. Thanks [link] [comments] |
| SFH should I sell or rent out? Pros vs. Cons to each. Posted: 21 Dec 2020 05:26 PM PST Two years ago, a family member bought a fixer upper SFH and got a great deal. They have a 30 year mortgage. The home has already appreciated $50k in value (according to Zillow so take that as a grain of salt). They put about $10-15k in repairs / renovation and it looks incredible. Also, completely improved the front/back yard. They asked me for advice and I said to rent it out. (They can rent it out and live some place else not). They are adamant about selling. What would you recommend? I'm open to hearing both sides. I love rentals so I understand am biased. Thank you. [link] [comments] |
| Good books to learn about investing in your first property? Posted: 21 Dec 2020 05:10 PM PST I am 23 and want to learn real estate investing. I have a masters in finance and my one real estate class was not helpful whatsoever. Since i know that investing in the stock market is infinitely complex, i feel like it would be a disservice to go into real estate investing without having in depth knowledge of it. Any recommendations for good books to read and take notes on about real estate investing would be very appreciated. I am looking to invest in a property that is 200-300k due to financial limitations. Thank you in advance. [link] [comments] |
| Purchasing a property with an existing lease, sort of... Posted: 21 Dec 2020 05:06 PM PST I am in the process of purchasing a lot with a small building on it in Texas. The current owner has a lease, signed 6/15/20 for one year, for the lot and building. The tenant has not moved in, and has not paid any rent except for the 1st month. They have done some light remodeling. This is a 1 page word document lease between an 87 year old(owner) and the tenant. There is a second page that was written at a later date, something about not allowing the tenant onto the property after 9/25/20. Then, handwritten below, in the tenants handwriting, it states that 12/16/20 all back rent will be repaid(it has not been paid). Option to purchase at that time. Tenant gets first option to purchase. Signed by the tenant, but not the owner. I do not want the tenant to stay around whether they pay or not, I have different plans for the property. I will try to put the photos of the "lease" in the comments. Does this tenant have any right here? It does not seem like it to me. And yes, I will be contacting a lawyer. [link] [comments] |
| Question about credit scores in Canada Posted: 21 Dec 2020 03:58 PM PST I'm trying to take advantage of the current low interest mortgage rates, and do a cash-out refinance so I can reinvest the cash in other investments and opportunities. However, my credit score has taken a hit due to covid. Interestingly, it's impacted only by my utilization. I spent most of covid working on and building equity in my property, and nearly doubled its value. I've never missed a payment, on any of my accounts. I'm wondering if it's possible to dispute the score, and get it back up to have better options for refinancing. Anyone have any thoughts or advice? [link] [comments] |
| FHA Pre-Approval for Chicago House Hack Posted: 21 Dec 2020 11:42 AM PST Does anyone know how FHA pre-approval works? In 2020, I'll make ~$90k salary (not including ~$15-$20k bonus which I'd receive in Feb'21) and will get a raise to $100k in 2021. I'm looking at house hacking a duplex on the NW side of Chicago, which will most likely run me between $450k-$600k and trying to determine if I'd be pre-approved for an FHA loan based on the above info. What I think it really boils down to is whether underwriters allow me to offset the debt in the DTI calculation w/ expected rents. Is this typically the case? [link] [comments] |
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