Real Estate Investing: Blatant Self-Promotion Thread: December 14, 2020 |
- Blatant Self-Promotion Thread: December 14, 2020
- How in the world do I learn more about real estate investing?
- Legal Recourse? Tenet Ruined floors and walls
- Best Carpet for Rental Property
- Advice for renting/house flipping? Should we create an LLC?
- I just can't get excited about becoming a landlord
- Getting a mortgage from my parents at a higher interest rate and then deducting that higher interest amount from my own taxes.
- 21 yr old College student looking to get in to real estate in Detroit.
- [Europe] What are good numbers?
- What are the best fixtures/appliances for every home?
- Would you suggest hard money or a business line of credit?
- For those of you looking to find motivated sellers, is Fiverr a good resource?
- Looking to move in a couple of years but from what I can tell the housing market is worse - Advice?
- Advice on renting my house and buying a new primary
- What would you do with $1,000,000 ?
- Parents take HELOC to fund a 2nd property?
- Commercial real estate investing/ new construction has it declined since covid?
- For those of you who wholesale, how do you text message your leads?
- Bank Appraisal Way Too Low?
- Location to buy single family homes in Dfw
- Are there specialists in multifamily property purchasing?
- HELOC question
- Renting Out My New House
| Blatant Self-Promotion Thread: December 14, 2020 Posted: 14 Dec 2020 12:00 AM PST This is your opportunity to promote a blog you run, a YouTube Channel or additional content that otherwise may be removed from the sub. This thread will be lightly moderated and the Mods do not endorse or condone any information found on content linked within this thread. Perform your due diligence. Caveat emptor! Additional Links: [link] [comments] |
| How in the world do I learn more about real estate investing? Posted: 13 Dec 2020 11:05 PM PST I've spent about a week (17 dedicated hours) to trying to learn about real estate and I'm honestly still so lost. I've read every beginner guide on biggerpockets, some several times. Several rental guides and just really anything I can find. I read about the different types I could get into and I they all sound interesting but I feel like the most intro level for me is just to start renting a small single family home. I'm a covid icu nurse so I have 0 exp in REI. I have about 20k saved up. I was looking to get started on something by March or April but at this point I'm even more confused than when I started and really don't even know what I don't know. Where can I realistically learn this stuff bc everywhere I've been seems like 5% info and 95% motivational bs and fluff. [link] [comments] |
| Legal Recourse? Tenet Ruined floors and walls Posted: 13 Dec 2020 04:39 PM PST My mom has a rental property where the tenet brought in pets and let the living conditions deteriorate. There were problems with water leaks and no heat and she never told my mother. She brought in pets and let urine and feces ruin flooring. Now there is mold and flooring is rotted. The rental property and my mom are in Georgia. This has been going on likely for the past two years. This all happened after my dad passed away and my mom is not experienced in handling rental properties. Does my mom have legal recourse against the tenet? The tenet does have a stable job. Does the fact that my mom never inspected the place or had her renew a lease matter? Is she likely to be successful suing in small claims court? Can she evict during COVID? Thanks for your help! My mom called for advice and while I have had rental properties I have never had problems with tenets. [link] [comments] |
| Best Carpet for Rental Property Posted: 13 Dec 2020 07:58 AM PST Hello all, I'm looking for recommendations on replacing the carpet in one of our rental units. It will be about 900 square feet to cover two bedrooms and living room. We went to Home Depot this weekend and saw they offer free installation when purchasing carpet at > $1.49/sq ft and spend > $599. We will hit these requirements, so think this may be a good way to go. Fellow investors - how do you go about carpet replacement? Places to purchase, who you hire for installation (or do it yourself), etc. Also, looking for favorite brands, face weight, fiber, even colors. Give me all your tips! Trying to strike a balance between durability and choosing something cost-effective / not over investing. We looked into going the laminate route, but find it will be quite a bit more expensive (2-3 times as much), and we like the benefits of carpet for cold Midwest winters and sound dampening effects (the unit is in an up and down duplex). TIA [link] [comments] |
| Advice for renting/house flipping? Should we create an LLC? Posted: 13 Dec 2020 08:04 PM PST So my fiancé and I are looking into getting into real estate investing. We are hoping to buy our first investment property sometime in the new year. We would like to house flip, but read it better for taxes if we rent it out for a year before selling. We would like to make this a long term job, and eventually flip/rent out many houses a year. We figured it would be best to create an LLC (we are in FL), but I have read that it has no real benefit since most banks won't lend to an LLC and transferring will have legal repercussions. Is this true? Also, since we are hoping for our house flipping "business" to grow, at what point would it be smart to create an LLC, if at all? We would only be renting these out for about a year and then selling. Separately, if we do not create an LLC can we still deduct our expenses for flipping/renting such as tools, gas, upgrades, etc.? Any additional advice would be appreciated, as we have just started learning about this. Thanks! [link] [comments] |
| I just can't get excited about becoming a landlord Posted: 13 Dec 2020 07:15 PM PST I've always been really motivated to build wealth and save for retirement and I've maxed out my investment accounts and tax deferred accounts. I have a friend who recently got into rentals and normally I would not have given rentals a second thought. However after looking into it I do see the depreciation benefits offsetting my income, the tax benefits, and of course the cash flow could eventually act as a nice pension. However I just can't get excited about the thought of becoming a landlord and dealing with property Management issues. From what I've heard property management is not a silver bullet to turn key. Furthermore I am not a DIY type person at all. I would worry about hanging a picture incorrectly and putting a hole through the drywall. It makes me wonder whether someone like me belongs in this kind of endeavor. I'm good with analyzing things and I can oversee the property management company but other than that I'm just not sure if I should be getting into something that I'm not that excited about. real estate investing seems to be all the rage these days with everyone talking about it. I guess I just want to find out if anyone else out there started like me with little to no DIY experience and doesn't really like dealing with people? [link] [comments] |
| Posted: 13 Dec 2020 03:00 PM PST Hypothetically, if I were to get a mortgage from my parents at 5% when I could technically get a similar mortgage from a bank at 3%, could I deduct all 5% of my interest payment from taxes? Obviously, I'd rather pay interest to family than let a bank make money off of me even if the interest is higher. It would be a bonus though if I could deduct more off my taxes as a result. Just wanted to see if this is something that someone here has done. Thanks in advance for you help! [link] [comments] |
| 21 yr old College student looking to get in to real estate in Detroit. Posted: 13 Dec 2020 09:50 PM PST So I watch Graham Stephen and I have watched a lot of videos of how he started and stuff. So I have recently been thinking about dining my toe in to real estate investing or at least trying to. I dont really have an questions but just more of what could I do to start this can include money, things to know, etc. Also if anyone wants to connect or mentor we could discuss that. Simply a college kid trying to make more of himself. Thank You [link] [comments] |
| [Europe] What are good numbers? Posted: 13 Dec 2020 07:24 PM PST Hey guys. I am really new in real estate, student, without stable income and with some savings. However, I am seriously thinking about investing in real estate once I get in good position (now I am investing in some other things) and now I am learning and trying to get as much information as possible. So, what are some good numbers on real estate? In my country real estates are cheap (compared to US and some other EU countries), both for sale and rent. If you want to buy a real estate and rent it so you make profit, what are some good numbers, in your opinion? How long should it take to earn enough to have your property "for free"? I was doing some math and realised it could be possible to buy here some small appartments for under 50.000€ and rent it out for 300€/month. Probably even better deal could be made, but lets keep it like this for now. So, lets say that I have 10.000€ for deposit. This would leave a debt of 40.000€ + interest rate. Now, we have subventions from government for young people like me, that offer 30% lower interest for the first 5 years. Lets say I get a loan of 15 years, monthly I would have to pay bank 222€ + 3% interest rate = 230€. For first 5 years I would have to pay 30% lower which is 160€. Okay, there would be some cost of maintanence and taxes (which are also really cheap here where we live). However this sounds like it could provide some nice cash flow, especially for the first 5 years. For the rest of 10 years it would all probably come to just rent covering the monthly debt, and after 15 years the property would "completely paid". Sorry for my english. All those are still just rough estimations and numbers, but my question is, could things possibly work that way? Or is real estate something way more complicated? [link] [comments] |
| What are the best fixtures/appliances for every home? Posted: 13 Dec 2020 09:28 AM PST When I first bought a house to rehab and turn into a rental, I made an off hand comment to another investor— "why do they even have Wi-Fi enabled washers? Sounds like something that can break" and the investor said, "oh, you should always buy THIS washer and dryer set, we all* use them and we have a guy who is great at fixing them." *all = group of about 20 landlords I'm part of. So I did, sure enough, 3y later and 3 rentals later, still no problems with any of them, and if I do, I know the guy to call. Saw that recent post about a tenant "breaking" a toilet— nbd, but on my current rehab I am adding a bathroom and it got me thinking, what toilet is the best toilet for a bathroom? I'm looking for the most durable stuff, right now I just have a washer and dryer and was told to use LVP flooring. Was hoping to build a list of the most durable items. [link] [comments] |
| Would you suggest hard money or a business line of credit? Posted: 13 Dec 2020 06:19 PM PST Looking to get back into flipping but need cash flow. What do you think would be the better rout to take. Also with a line of credit, would they not allow you to use that money for the purchase of the property? [link] [comments] |
| For those of you looking to find motivated sellers, is Fiverr a good resource? Posted: 13 Dec 2020 05:09 PM PST I am looking at using Fiverr to provide lists of motivated sellers -- does anyone have experience doing this? I am just worried that the data they provide may be 'low barrier to entry' basically meaning everyone will have access to the same data and therefor there may be high competition among those leads. Thoughts? [link] [comments] |
| Looking to move in a couple of years but from what I can tell the housing market is worse - Advice? Posted: 13 Dec 2020 05:06 PM PST All; As a little background, I graduated in May in engineering. Due to C19 I did not have a ton of job options, and am just happy that I have a job at all. I got a job with a really great aerospace company that has a lot of room to grown and the ability to move around a lot if I want to. The only bad thing about this job is that I am a long way away from home. Like 1800 away. My plan has been to be be here for 2 years (been here 6 months now), then move back closer to home at a different location while paying off debt and saving (also renting). Then go there and buy a home and get into real estate. Right now I am in western Ohio where houses are really cheap. Like really cheap. Investing in realestate here seems perfect. The place I am looking to go is to North Salt Lake City where houses are a lot more expensive. There doesn't seem to be a lot of building and from my quick searches there's a large gap in the market between cheap (200k) and expensive (500k) houses with not a lot inbetween. A house that would be 250-300 here looks like 450-500 there. And when putting in the two places into a COL calculator they come out close, the housing is more expensive but it thinks everything else is cheaper so it balances out. Meaning I won't probably get much of a COL adjustment to my salary if I were to move. Does anyone have some advice for me here on what to do in this situation? Is it a power through and still plan to own there or do I look into being a more remote landlord in other places? [link] [comments] |
| Advice on renting my house and buying a new primary Posted: 13 Dec 2020 09:33 AM PST I bought my house for 260k and paid it off. I put roughly 31k into my home including a 16k solar system (post rebate) and my home is valued at about 385k now. I'm looking into a different neighborhood where my ideal home would be between 350-500k depending on the condition. With money down my house could rent at my new property's mortgage if I bought on my high end. My current home has a pool and solar (as i mentioned). My solar needs another 2 years to break even, and if I were to have it reinstalled on a new property it would take me 7 years total to break even. The pool adds liability and maintenance. My home is very nicely remodeled, and with the pool as a liability is this something that would pay higher dividends selling and buying a cheaper house to rent out that isn't in as good of condition for a few hundred less in rent? I would have roughly 80k in savings after down payment for new property. [link] [comments] |
| What would you do with $1,000,000 ? Posted: 13 Dec 2020 01:15 PM PST This is a crazy time in real estate. If you had $1,000,000 to invest, how do you deploy it into real estate? a. You cannot sit on the cash b. must be invested in real estate [link] [comments] |
| Parents take HELOC to fund a 2nd property? Posted: 13 Dec 2020 04:27 PM PST My parents looking for a new home. They found something they like, it is 1.2X the cost of their current paid off home. They live in a fully paid house. I already own primary and live there. I don't have much balance sheet left to take a mortgage that would cover the full cost of the home. I want to buy a secondary home and that's in contract. Parents willing to take out a heloc and they would eventually live in this new home. I can still contribute 20% of the home cost, but I have 80% left to go. How can I buy a new home for them with their heloc and at what rates? My parents plan on selling their primary in 1-2 years. [link] [comments] |
| Commercial real estate investing/ new construction has it declined since covid? Posted: 13 Dec 2020 10:22 AM PST I work for a company that is linked to New Construction and Retrofit work. After speaking with my boss about financials, he said there was a major decline in future sold work. A number close to 50% or so... Is anyone in the commercial space seeing a similar decline? I would imagine covid having ramifications for the commercial construction industry. [link] [comments] |
| For those of you who wholesale, how do you text message your leads? Posted: 13 Dec 2020 03:52 PM PST I've gotten into wholesaling recently and have run into a scaling problem when it comes to texting leads. My old method was having a Google Voice phone number where I would individually text each lead, but as you could guess Google did not like that and has limited my text message capabilities. I have found some mass SMS messaging services online but they have 2 main issues:
Has anyone found a good method for texting leads? Any advice is appreciated! [link] [comments] |
| Posted: 13 Dec 2020 11:33 AM PST Last year I had my rental appraised for a line of credit. The appraisal came in at $185k I have since renovated the property and am considering a refinance. The property was appraised at $190k ... a whopping $5k higher. So what was the point? I know I drastically increased the value. Market value was probably $200k last year and $225k now that I renovated. Why does the bank appraise so low? [link] [comments] |
| Location to buy single family homes in Dfw Posted: 13 Dec 2020 11:19 AM PST Hello I'm new to the area I'm looking at single family homes for investment Single storey homes What are some areas that I should look at prices under 250k [link] [comments] |
| Are there specialists in multifamily property purchasing? Posted: 13 Dec 2020 10:44 AM PST My father passed recently and I'm in contract on selling one of his rental homes. I have another rental home of my own that has done quite well. I am myself currently renting in my new location as I figure out the area and strongly leaning towards buying an owner occupied multifamily unit. I plan to continue in my dad's footprints as his retirement income was all from rental property he bought from a 1031 on his dad's property. (I don't have to 1031 myself in this case. He waited ten years to sell). I had a realtor when I first moved here, and he's fine but he doesn't seem to know much about this type of situation. Because I'm not looking beyond a fourplex at most, it's still residential, but there are differences to buying a single family home. I'm at attorney, not in this area, but I have a bit of knowledge from school and the single family home I rent elsewhere, but I'd like someone well versed in, and with their finger on the pulse of, the multi-family market. Someone who watches that specific inventory well and knows where to rent. Is there such a thing? Or do I just need to plan on doing more of the footwork? Location: Socal, LA county beach area but can go further south or north. [link] [comments] |
| Posted: 13 Dec 2020 10:34 AM PST Hi, Quick question. Does a HELOC come with a card (like a credit card) or do you have to specify what you're using it for upfront? [link] [comments] |
| Posted: 13 Dec 2020 08:44 AM PST I am buying, in 30 days, a 4/2 in a great neighborhood that I think can rent for way more than it has, historically. However, I'm feeling a bit uninspired about the work I would do to position it to get top dollar. It's in great shape, and has a nice kitchen and bath, in a rapidly-appreciating market. But it's a little drab. So...this is not about replacing systems. We are doing some basic work on a cracked tub surround and replacing some electrical. Otherwise the mechanical systems are solid. But if you're trying to make your rental stand out and get top dollar, what would you do to make it show wonderfully? How would you market it? And how long would you leave between acquisition and occupation, ideally? [link] [comments] |
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