Real Estate Investing: Death in the family, where do I go with $5M? |
- Death in the family, where do I go with $5M?
- Your favorite and best cities for real estate investing looking forward in the next 10 years.
- What's with the continual, unsolicited calls/texts about buying my property?
- Should I get started in real estate investing in my college town?
- Finishing first house hack
- When do you know it's time to redo kitchen cabinets for a SFH rental?
- What to Do With $200,000
- Start now or wait until later?
- Where to Start?!
- New Wholesaler looking for advice and connections
- S Corp or llc
- Passive Income Netting On Taxes -- what's eligible?
- BRRRR in Texas
- First time investor: Condo or Duplex
- Invest in current city or future city?
- Anyone here gone in on an investment property with a friend?
- Building your own
- Paid or free data sources for rental rate/market research?
- Investment Property Leaking Roof Repair Costs?
- New Landlords here, question!
- I completed a cash-out refinance on an existing rental property, how do I update the cost basis (used for depreciation) with the closing costs from the refi?
- Was just offered a Fix & Flip LOC
- Rent or Buy?
- Switching your house to a LLC
| Death in the family, where do I go with $5M? Posted: 14 Dec 2020 12:42 PM PST Hi guys, sorry for the clickbait title, but it's an honest question. I really don't want to make this post too personal, but my dad was just diagnosed with terminal cancer. We think he might have only a few months left. I've helped him run his real estate business for the last 4 years, which he started 30 years ago. We own and operate multifamily apartments in LA. He's urging me to look to the future, and he sees the sale of the properties for estate tax purposes as an opportunity for my brother and I to move into a less expensive, more cash flow oriented market. We expect to have around $5M from the sale after taxes. I have some ideas that I'll outline here but I'd love feedback and advice. Multifamily is what we know so preferable I'd like to do that in whatever market we agree on.
Cons: popular with investors, isolated geographically if market slows down, would be a big lifestyle change for my wife who grew up in a snowy country
Cons: I'm worried about housing availability in places like Charlotte, where there's plenty of land to expand as demand continues to grow Honorable mention: Texas. Texas worries me due to high property taxes and the fact that everyone and their mom knows Austin is the hot shit right now. I don't doubt there's money to be made but as a first acquisition for myself I'm a little intimidated to get into bidding wars with larger, more established investment companies, but maybe this is unfounded? Im wary of population growth in much of the Midwest, but I'd be open to having my mind changed. Would love new suggestions or critiques of my choices, this might be the biggest decision of my life so any help would be greatly appreciated. I'm not looking for syndicators or passive investment strategies — multifamily real estate is all I know at this point. [link] [comments] |
| Your favorite and best cities for real estate investing looking forward in the next 10 years. Posted: 14 Dec 2020 12:04 PM PST I would like to hear everyone's favorite town for real estate growth for the next 10 years plus. [link] [comments] |
| What's with the continual, unsolicited calls/texts about buying my property? Posted: 14 Dec 2020 04:40 PM PST I'm a small-time landlord. Own a few houses that I used to live in, break even on them, and work a normal day job. I'm getting 4 or 5 calls/texts a DAY right now from random people looking to buy my house. None of my properties are for sale, nor have they been in the last several years. Is this normal? Short of changing my phone number, is there any way I can stop these? Every one gets blocked, but the calls still just won't stop. [link] [comments] |
| Should I get started in real estate investing in my college town? Posted: 14 Dec 2020 09:39 PM PST So I'm a college student and a noob when it comes to real estate investing. If I sold all my stock I'd have enough money to buy a 400,000 house using FHA financing. 400,000 could not get me very much here as a 3 bed 2 bath 1000-1500 sqft house is selling for around that price in outskirts of town. Housing prices are on average 450,000 here. Median household income is below the national average but housing is 8% above the national average. The county it's in also has an extremely high growth rate so prices should continue to rise. I would rely on tenants to help pay of the mortgage but am probably going to move away from Bozeman when I graduate. I'm thinking of doing this but wanted some second opinions. This would be my first real estate investment(besides Fundrise) Also I'm curious what would happen if I wasn't able to keep up my mortgage payments, would my credit score be forever ruined? [link] [comments] |
| Posted: 14 Dec 2020 02:32 PM PST I'm coming up on one year living in my first house hack (triplex) purchased with 3.5 percent down FHA. Since I bought, the market in my area is doing exceedingly well. A triplex a few streets over from my just sold for almost double what I paid. I have also made improvements to the house, mainly to my unit, and was able to slowly bring rents up closer to market on the other two. My initial plan was to buy another multi family at the end of this first year. Recently, I have been thinking of doing a 1031 exchange of my current property into 2 or 3 cheaper properties. This would allow me to reuse the FHA loan down the road for another house hack. I believe I could potentially cash out 50k and in my LCOL market could go pretty far as there are decent houses around 70k. Thoughts on this? [link] [comments] |
| When do you know it's time to redo kitchen cabinets for a SFH rental? Posted: 14 Dec 2020 10:55 AM PST My cabinets haven't been changed since before my parents and I moved into the home in 1986. Recently one of the cabinets is damaged. When do you know it's time to redo the kitchen or if I should even redo it? I'm planning to move out next year and renting the house. I'm giving myself a window of 1 yr to finish anything in the house that needs work. [link] [comments] |
| Posted: 14 Dec 2020 09:11 PM PST Through a previous post 1 year ago, I have asked you guys your thoughts on what I should do with some money (200k Post-tax) that I have received from an accident. I would like to invest most of it in real estate, in addition to some ETF stocks and dividend paying stocks. What are your opinions and recommendations for a soon to be 18 year old kid. I have biased my research towards, becoming a landlord, and living off passive income one day. I would love to jump right in when I am 18, but I want to have a solid plan. [link] [comments] |
| Start now or wait until later? Posted: 14 Dec 2020 09:00 PM PST I am graduating from college this upcoming semester and my original plan was to house hack a duplex. However, I ended up taking a rotational role where I will be switching cities every 6 months for the next 2 years making that not possible. My question is... should I buy a sfh now in my hometown (I have a location picked out and now I'm trying to find the right property) and rent it out? I would have pretty significant help from other members of my family. Or should I wait until after my rotations are finished and buy a duplex to house hack then? If I started now, I am a little concerned about not being in town along with being shallow in the cash department. I am also concerned that I'll have my hands full adjusting to new life in full time work and in a new city. Overall, I'm leaning towards not starting my real estate investing until I'm done with my rotations unless I find a deal on a sfh I simply couldn't pass up. What do you guys/gals think? Thanks for any advice! [link] [comments] |
| Posted: 14 Dec 2020 07:38 PM PST Hey guys, I'd love to get some advice on where to start learning about the ins and outs of realestate. I live in Washington state and am about to graduate and will be making a little money soon. Are there specific books I should read? I'm interested in Multifamily homes and flips. [link] [comments] |
| New Wholesaler looking for advice and connections Posted: 14 Dec 2020 03:50 PM PST Hello everyone! I am a new wholesaler looking for connections and advice to begin my journey. I am in New York but am looking to the Carolinas, Pennsylvania, and Connecticut markets to be investing. Any advice or stories you have to help me would be greatly appreciated! Thank you! [link] [comments] |
| Posted: 14 Dec 2020 12:54 PM PST Going to try and refinance my rental house to get my ex wife off of the tital. I would like to use this Opportunity to make it an official business and buy more realestate.. should I create an s corp or an llc? And what are the main differences? What protections and tax difference are there. I know that an LLC is easy to pierce. Near term plans are to go at it by myself, but I have several investor friends that we may want to partner up later. No immediate plans to go international ( but would be cool to get into Victoria BC in 10 or 15 years) so no need for a C Corp. And the IRS let's you easily switch from S to C if needed down the road. Thanks guys [link] [comments] |
| Passive Income Netting On Taxes -- what's eligible? Posted: 14 Dec 2020 06:27 PM PST |
| Posted: 14 Dec 2020 08:55 AM PST I am planning on expanding my business to Texas and I have some questions. I have experience flipping apartments in NYC, as well as being a real estate agent and property manager.
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| First time investor: Condo or Duplex Posted: 14 Dec 2020 05:13 PM PST Hello, Just graduated college and going to have to work from home here in Florida until COVID is in a better state and then I will be moving up to the Northeast. Till then, rather than living at home, I want to get my own place and rent a room or two out. When I have to move up north, I'll rent my vacancy out. Knowing what you all know as investors now, would yall make your first investment a duplex or a condo. Build your case. Thanks! [link] [comments] |
| Invest in current city or future city? Posted: 14 Dec 2020 04:51 AM PST Context is that I'm working a temporary job in a city I don't plan on staying long term, probably no more than a year. I have a huge itch to get into the real estate game and would like to househack for my first property as I'm renting right now. I'm currently in the central Florida Orlando area and would like to end up in either Tampa or South Florida. I want to save money by doing the property management myself in the beginning but should I look into getting a property where I am now and house hack, invest in a long distance rental with a property manager, or wait entirely? [link] [comments] |
| Anyone here gone in on an investment property with a friend? Posted: 14 Dec 2020 04:47 PM PST A friend and I are thinking about going in on a rental property together. I would live there and rent out the extra rooms (3-4 br /2+ ba). He might actually live there too, but he already owns a house so might stay where he is - that part is up in the air. I've heard some good things and some horror stories about teaming up with a friend, so I just wanted to see if anyone here has experience doing that. [link] [comments] |
| Posted: 14 Dec 2020 12:38 PM PST Would love to hear some thoughts/experiences from those of you that have built your own dup/tri/quadplex. Why or why not? Thanks. [link] [comments] |
| Paid or free data sources for rental rate/market research? Posted: 14 Dec 2020 07:33 AM PST What are the go to sources for this sort of data to see how a rental market looks? I imagine there are more sophisticated sources than zillow's rental estimate. [link] [comments] |
| Investment Property Leaking Roof Repair Costs? Posted: 14 Dec 2020 04:13 PM PST So recently I came across an investment property that had a leaking roof to the best of my knowledge (first floor ceiling had black mold spots and 2nd floor parts of the ceiling were bulging down and soggy). I don't think the whole roof had an issue but the agent notified us that it's been 10 or 15 years since work was done on it. My question is, what would an average repair cost come out to per square foot? I was thinking if there's sogging/moldy drywall ceilings then the framing behind it may also be rotting and the whole thing would need to be replaced. Anyone have experience with this before. [link] [comments] |
| Posted: 14 Dec 2020 06:30 AM PST We purchased our first investment property in October, it was built in 1982. On Saturday, our tenant calls us and says the toilet in the master is leaking. So we got a plumber to go out yesterday and my husband met him at the house. Apparently, our tenants put that blue stuff in the tank of the toilet which ended up "eating the gaskets or bolts" (per the plumber) which caused the leak. We will have to replace the toilet. My husband pointed out that we should deduct this from their deposit when the time comes because it isn't considered "normal wear and tear". So our question is for you seasoned landlords, would you deduct from deposit or just pay for it since it was likely going to need to be replaced at some point anyway? Forgive me if this is a stupid question, like I said we are new landlords and are learning how to think about this stuff! ETA: Thanks for the input, I appreciate it! We won't charge them for the toilet, they used it per the box but the plumber said it is not safe to use. I think the issue is just this is an old toilet, it was bound to need replacement at some point anyway, and maybe the "blue stuff" caused it to break sooner but it was inevitable. [link] [comments] |
| Posted: 14 Dec 2020 01:49 PM PST I own a rental property and completed a cash-out refinance. I used that cash to buy 3 rental properties. I understand that the closing costs from the refinance can be added to my cost basis, but I am already 10 years into the depreciation life. I am having a hard time online finding out how to add the closing costs to the cost basis for depreciation. Any tips or suggestions on how to do this? Let's use some numbers as an example: I bought the property for $150k, I deduct $3k a year in depreciation (cost basis of $3000*27.5 years would give me $82,500). Let's say I am 10 years into depreciation, so I have already depreciated $30,000. Then with the cash-out refinance, let's say closing costs are $5k. How do I add that $5k to my $82,500 cost basis? EDIT I think I would amortize the costs over the life of the loan and then deduct them each year. So since the loan is 30 years, I deduct $167 every year ($5k in closing costs divided by 30 years). What would happen if I sell the property after only 20 years into the loan, am I not able to deduct the closing costs expenses from those remaining 10 years ? [link] [comments] |
| Was just offered a Fix & Flip LOC Posted: 14 Dec 2020 01:37 PM PST Was just on the phone talking to a lender about a cashout refinance and he told me that I am a good candidate to recieve a fix & flip line of credit for future ventures. I'm a buy, fix & rent out person. I don't have much interest in selling houses because of short term capital gains tax. I focus on yearly ROI and long term growth. I haven't received the terms of it yet-- but I'm just wondering if this is something you guys would recommend I explore aggressively, steer away from completely, or somewhere inbetween. Any advice or wisdom appreciated [link] [comments] |
| Posted: 14 Dec 2020 11:07 AM PST I plan to move to NC next year. Should I rent or sell my home in FL? 3/2 quadplex bought for $200k back in 2016. It is probably worth about 240/250 now. I am leaning towards renting but want to hear some opinions. If you answer please tell me why you would or would not. I do not want to and can't do vacation rentals in my neighborhood... FYI Thx! [link] [comments] |
| Posted: 14 Dec 2020 10:36 AM PST I have ownership of my house but I want to switch my house over to a limit liability company. How would I do this without costing to much money? [link] [comments] |
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