Real Estate Investing: Big Thanks and Next Steps |
- Big Thanks and Next Steps
- Thinking about buying a condo near my parents to rent out - dumb idea?
- Do I rent or do I sell? Advice needed.
- Tell Me About That Time You Got Hosed
- Random but looking for Freddie’s Single Family Seller/Servicer Guide from 2008
- How to know if I should invest with someone else?
- LLC's Questions for Out of State Investors
- Am I Crazy to Buy a Rental Property With Cash for Income?
- How to find an investment partner
- What kind of percent of return a year are you getting from real estate investing?
- Newbie Question
- Tenants & Stimulus Rental Assistance
- Looking for a lender to do a cash out refi of my Colorado place.
- How does S-Corp factor in when applying for a loan and calculating DTI?
- Did you write a business plan or have someone do it for you?
- When to Have an Attorney (and Other Folks) for Your Team?
- Novice Wholesaler
- Noob Question: Whenever I search for multi-family homes on Zillow it seems like the listing is for only one half of the duplex? I want to search for buying the entire building.
- Would you rather invest in stocks or real estate and why?
| Posted: 22 Dec 2020 06:40 AM PST Hello everyone, I'd like to give a huge thank you to everyone for the information and advice that is constantly flowing out of this sub. I just yesterday closed on my first duplex that I will be owner occupying and I learned a ton about the process from this group, so thanks everyone! I've inherited a tenant on both sides, and I'm hoping to leverage experience in this group to find the best way to start off my relationship with them. Unfortunately I do have to give one tenant a notice of non-renewal because I need to live there, but with the other tenant I do plan on hopefully keeping them there. Any advice, tips, or must-do's would be appreciated! I'm also struggling to understand all of the logistics that go into acquiring a property such as transferring utilities, collecting rent, etc... Thanks again everyone! [link] [comments] |
| Thinking about buying a condo near my parents to rent out - dumb idea? Posted: 22 Dec 2020 01:16 PM PST Hey all, I saw a 1 bedroom condo for sale one block away from where my folks live (I'm in CA - they're in MN twin cities suburb). I was thinking of buying it to try and rent it out as an entry into REI. My parents and brothers think it's a good idea - but frankly, they're maybe not the best financial advice givers. Anyways here's the numbers:
I'm in the very early stages of thinking this over - so please let me know if there's anything else I need to consider. Even if it's to call me an idiot. I just want to diversify my income. [link] [comments] |
| Do I rent or do I sell? Advice needed. Posted: 22 Dec 2020 01:24 PM PST Hey all, My partner and I have moved out of our apartment and are deciding if we want to sell or continue to rent. We currently have a tenant there who is renting for 850 (long story short, we were going to sell to her grandmother at 115k, grandma could not get a loan so she has 1 month left and we either have to renew her lease (which we will increase to 1000, sell (currently listed), or find another tenant). Rookie move by not getting pre-approval prior to doing the month to month for 850, but we live and learn and we are still covering expenses for the PITI. Purchase price: 72k, ~ 68k left on loan. Home value based on recent sales in same building: 115k We have previously rented it for 950, but believe we can at least rent for 1000-1100. Accounting for vacancy and 1k in rent, gross income/month would be 950. Without a management company, operating expenses would be ~420. 95 in repairs, 36 in taxes, 65 insurance, 225 for HOA (includes cable, water, internet, extermination and all the other maintenance of exterior). Should we be charging the tenant a flat fee for water to decrease these costs? (25 a month?) Total annual operating income: 11,400 Total annual expenses: 5,062 Annual NOI: 6,338. Purchase price was 72k (2017), so cap rate would be 8.8%. Initial investment was about 15k (downpayment and upgrades). Monthly cash flow 166.17 a month and a yearly flow of $1,994. Cash on cash return of 13%. What would you do? We do live in another state (3.5 hour drive, but have family that can help in emergencies). Looking at the cash on cash return and the recent jump in value (72k - 115k), it seems to make sense to hold onto it and just keep paying down the mortgage and having some profits monthly to save for the next rental. On the other hand, selling would net ~ 38k give or take (FSBO) and we could find another property closer to invest this money into or pay off some student loans we currently have - interest is < 8% (varying from 3-7) Appreciate any input you all have. [link] [comments] |
| Tell Me About That Time You Got Hosed Posted: 22 Dec 2020 09:17 AM PST On the bright side, I'm making moves to radically improve my cash flow. On the down side, I got hosed and I never should have been as leveraged as I was. Long story, but I moved for a job, buying into a market I didn't know. I got hosed on most of my negotiable utilities, and also to an extent on my mortgage. (The house is a great buy, but I paid fees that I probably would not have paid if I'd had time to negotiate.) I've been home sick all week, so I've been renegotiating everything, and I literally carved off several/many thousand dollars from my mortgages and insurance and...damn near everything. (I also discovered that my husband's employer was hosing me on my health insurance, so I switched and save, no joke, $1,000/month.) So, make me feel better. Tell me about a time you made a major tactical error in RE investing or even just personal finances. What did you learn from your mistakes? Here's my first learning thing: Texas doesn't require insurers to cover a damn thing. So despite our allegedly low taxes, other things can really affect your monthly outlay. [link] [comments] |
| Random but looking for Freddie’s Single Family Seller/Servicer Guide from 2008 Posted: 22 Dec 2020 07:42 PM PST Would be super grateful if anyone either has this and willing to share or any ideas on where to obtain. FHLMC's archive goes back to 2012 but not prior. Having a dispute about a loan originated in 2008. Thank you in advance. [link] [comments] |
| How to know if I should invest with someone else? Posted: 22 Dec 2020 09:52 AM PST I'm 25 years old with about 80k in cash and 20k invested in the stock market. I want to diversify into real estate but right now I'm working on building my own marketing company which takes up about 50-60 hours per week and I really don't have time to be chasing down deals. The other day I happened to walk into a conversation with my friends dad and found out he does a lot of flipping and wholesaling, and he mentioned that he mostly uses outside investors money and gives them a 20% return. He didn't ask if I wanted to invest with him and I doubt he even knows that I have any decent sized cash position, but I was considering asking him if he'd let me in on a deal. A 20% return sounds pretty crazy to me, but then again all of the reading and research I've done around real estate revolves around renting SFH. It seems like 8%-12% coc return is normal for rentals, is 20% returns normal for flipping? Also, what kind of questions should I be asking if he says yes? I want to get started because I've put it off for so long, but I don't want to get burned. Any words of advice? [link] [comments] |
| LLC's Questions for Out of State Investors Posted: 22 Dec 2020 11:20 AM PST Greetings! New investor here with some question on LLC's. My understanding is that LLC's can protect your personal assets (and also all of your rental properties assuming you have an LLC for each property). My question is based on the hypothetical situation: If I live in CA state and I buy rental properties in the midwest and the south, am I able to create just one LLC that can encompass properties in both locations/regions? Or does a single LLC only work for multiple properties if those multiple properties exist in the same state (AKA I need an LLC for the midwest and an LLC for the south; no LLC out of CA state)? Thanks! [link] [comments] |
| Am I Crazy to Buy a Rental Property With Cash for Income? Posted: 22 Dec 2020 02:25 PM PST So, long story short, I'm disabled and my disability income doesn't really cut it. Because of my low income, I can't qualify for mortgage, but I do have enough cash saved to buy a duplex or triplex in my area. After expenses, property management fees, and putting away around 350 a month for maintenance, the properties I'm interested in should still give me between 500-800 a month which would be nice. I was hoping some of the more experienced people on here could tell me if this is a bad idea? Is there anything inherently wrong with my plan? Should I plan to put more away for maintenance since I can't do it myself? Am I crazy to do this to supplement my income? [link] [comments] |
| How to find an investment partner Posted: 22 Dec 2020 11:50 AM PST Hey Guys I was wondering if there were any websites or resources anyone could recommend on finding someone to partner with on an investment. The upfront capital required / down payment is not the reason I'd need a partner because I have enough saved up for my first property. I'm ideally looking to partner with someone that has done this process already and can bring a bit of experience. I'm totally OK with having a lower monthly profit for this first property if it means I can do the process with someone and learn from them so I can be self sufficient next time. Any direction you could point me in would be greatly appreciated! [link] [comments] |
| What kind of percent of return a year are you getting from real estate investing? Posted: 22 Dec 2020 10:08 AM PST Someone said that it's possible to get 80% return on real estate investing? How and in what ways is that possible? I'm assuming leverage is part of it maybe. Can anyone explain to me in detail and break down the numbers? [link] [comments] |
| Posted: 22 Dec 2020 09:36 AM PST Newbie question Alright then, I'm completely new to this whole investing scene from real estate to stocks and the whole industry. I've watched endless hours of videos and just got done listening to Rich Dad, Poor Dad. Been doing a lot of research and looking at my options but I have some questions. Sorry for these questions that's probably been answered but I have searched and searched but can't find these mildy odd answers. Examples from in the book, Rich dad poor dad, and about a million other people investing with little or no money.
[link] [comments] |
| Tenants & Stimulus Rental Assistance Posted: 22 Dec 2020 08:55 AM PST Hello all. How can our tenants get access to the federal rental assistance program? Referring the the new stimulus waiting to be signed by the president. This thread will help not just myself, but many others who will be wondering the same in the next few weeks. [link] [comments] |
| Looking for a lender to do a cash out refi of my Colorado place. Posted: 22 Dec 2020 08:54 AM PST Just got a rate from Security Service Credit Union but want to look at some more. Anyone know of a good lender for cash out refis? [link] [comments] |
| How does S-Corp factor in when applying for a loan and calculating DTI? Posted: 22 Dec 2020 08:46 AM PST If someone started working self-employed and started an S-Corp in the summer of 2019, with the following year-end incomes, how would their DTI be calculated for a loan? Is the W2 income only taken account from the 2nd year, or is the business profit? And is it averaged over 2 years? Year 1: -$10,000 business loss Year 2: $180,000 business profit ($70k paid as W2 wages and $110k in distribution) Any general thoughts or tips would be super helpful. Thanks in advance. [link] [comments] |
| Did you write a business plan or have someone do it for you? Posted: 22 Dec 2020 08:45 AM PST Do you have any tips for a new guy? Recently found funding, but of course they want a plan and I'm a little nervous about messing something up. [link] [comments] |
| When to Have an Attorney (and Other Folks) for Your Team? Posted: 22 Dec 2020 08:38 AM PST Hi Redditors, New real estate investor here. I've done a lot of reading and research on real estate investing for quite a bit of time now. I have a couple of final questions that I imagine are pretty important.
Thanks in advance! [link] [comments] |
| Posted: 22 Dec 2020 08:07 AM PST Hey rei peeps! 21 yo noob here trying to get my foot in the door to financial freedom. I have heard wholesaling is the way to go for beginners. To get to the point I have some questions- How do you find properties that can be put under contract? Should I look for homes that are not listed on the market or represented by an agent? How are you able to find cash buyers? And is it possible someone here with experience can mentor me through my first deal? Thank you for taking the time to at least read this! [link] [comments] |
| Posted: 22 Dec 2020 11:00 AM PST Post says it all. Where can I search for buying entire duplex/triplex buildings, not just one unit apart of the building? [link] [comments] |
| Would you rather invest in stocks or real estate and why? Posted: 22 Dec 2020 09:58 AM PST Would you rather invest in real estate or stocks and why? Here are some examples of stocks and how they did this year of 2020. Apple (88% past year) PLTR (139% last 3 months) ROKU (155% Past Year) SNAPCHAT (231% Past Year) PTON (460% Past Year) Shopify (222% Past Year) Netflix (55% Past Year) Microsoft (41% Past Year). So again, which do you prefer (stocks or real estate) and what % of return are you getting realistically this year? And what kinds of real estate? [link] [comments] |
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