Real Estate Investing: For Landlords with Non-Paying Tenants and an Eviction Moratorium |
- For Landlords with Non-Paying Tenants and an Eviction Moratorium
- How are some developers/investors very successful when they have little to no construction experience?
- Chicago Investors - Thoughts on St Joseph MI
- Is there an easy tool to keep track of the amortization schedule for a mortgage with prepayments applied?
- What to do w/ float -- seasonal rental property
- What is your process before offering on an empty lot (for building a single/multifamily house)
- Should I still be saving in a Roth IRA if I’m saving to buy property very soon?
- Thoughts on Appraisals
- Wouldn't qualify for enough to purchase a multi-family home...
- How to find the right contact for Condo Association
- Changing Lenders
- Can Australian citizens living overseas who are no longer residents purchase a property in Australia?
- Where to start?
- How can I hire a helper legally?
- Laundry Machines: Quarters vs Electronic Payment
- What is the process when moving OUT of your house hack?
- What is your craziest tenant story?
- First year reporting rental income - How does this effect my buying power if I have write offs?
- Loan Consultant/Officer Recommendation NY
- Real estate investing books with actual useful and concrete info?
- What cities have the best real estate appreciation rates.
- New to real estate investing
- 15 year vs 30 year mortgage for investment property
- Anyone here ever bought a demo property and put up multiple rentals in its place?
| For Landlords with Non-Paying Tenants and an Eviction Moratorium Posted: 10 Dec 2020 08:50 AM PST I am not YOUR lawyer. And this is not legal advice. This is landlord advice. I know many landlords are frustrated with non-paying tenants who could pay but are using the COVID moratorium as an excuse. This is not for tenants who truly have no money and can't pay. But for those who are working, have money but don't want to pay, this tactic can be highly effective. And it gives the LL something they can do rather than just be told that you can't evict. Sue them in small claims for breach of contract. State a simple claim for breach of contract: I know from experience that this actually works. Tenants sitting in units paying nothing think that they don't have to pay due to the eviction moratorium. This wakes them up and makes them see that they will owe a judgment at some point. If they are working, you can take the judgement and possibly garnish their wages. You should know where they are working from your screening documents. I had one tenant leave within weeks and they even found some CARES Act funding paid through a local tenant's organization directly to my account.
Now I know some will say that their tenants don't care about a judgment. That may be true. But for tenants who do care or have a credit rating or don't want a judgment against them this can be a game changer. It may even encourage some tenants to leave since they can see they are just running up a larger bill. You may also be able to negotiate an exit with the judgment. [link] [comments] |
| Posted: 10 Dec 2020 07:30 PM PST Deal analysis is one thing. Actually knowing how a structure is supposed to be built & identifying a building code that has been violated is a completely different game. I understand that this is where GCs come into play, but I just can't help but notice that this can put most investors/developers in a vulnerable position as they can easily be fooled by what a GC says. They can suck so much money out of you, and you can't help it because you don't know any better. Just looking to hear from seasoned investors or developers on how you've managed to make the most out of the construction phase with limited knowledge. Thank you in advance. [link] [comments] |
| Chicago Investors - Thoughts on St Joseph MI Posted: 10 Dec 2020 10:14 PM PST I recently invested in a rental spot in St Joseph, MI. St Joseph has a relatively robust economy with the hospital system (IDR name), the nuclear powerplant, and Whirpool headquarters being there. St Joseph is also a solid beach town attracting tourists from all around the midwest during the summer months. Also, my personal belief is that with Covid19 shifting jobs to a remote model, city dwellers may use this as an opportunity to move to suburbs/vacation towns. Especially important is that it is 90 min - 2hrs away from Chicago. What are your thoughts? Has anyone else looked at St Joseph as a possible investment location? [link] [comments] |
| Posted: 10 Dec 2020 05:28 PM PST I have a private mortgage with monthly compound interest through a family member and plan on making prepayments in varying amount each month. I'd like to be able to keep track of the amortization schedule and how much interest is owed each month. [link] [comments] |
| What to do w/ float -- seasonal rental property Posted: 11 Dec 2020 12:22 AM PST We're new property owners and are preparing for our high season. We're already going in with a cash balance and with the high season starting in spring/summer we'll be sitting on lots of cash and fairly low monthly expenses. So at what amount of monthly expenses on hand should we start considering investing the float? Also, any recommendations on what to invest in to balance security with growth with potential need to draw down from it over time. [link] [comments] |
| What is your process before offering on an empty lot (for building a single/multifamily house) Posted: 10 Dec 2020 06:09 PM PST Basically want to know what due diligence needs to be done. Obvious things that come to mind are calling township to verify its buildable. But what else would you tell your less experienced self to check for? [link] [comments] |
| Should I still be saving in a Roth IRA if I’m saving to buy property very soon? Posted: 10 Dec 2020 11:27 PM PST Hi. Currently making 65k a year, living with mom, only expenses are car payments, gas, and occasionally food. If I'm good, I'm able to save about $3300 a month, give or take. I keep hearing about the importance of opening up and maxing out a Roth IRA account, but I want to buy property in the next three years. Is there any point in starting a Roth and putting some savings in there now? Or should I just continue putting all my savings in a reliably high APY savings account until I need to take it out for the downpayment? (I use Ally.) Please let me know if you have any advice. Thank you in advance! [link] [comments] |
| Posted: 10 Dec 2020 02:56 PM PST Does anyone else think appraisals are somewhat of a joke? I have three different properties and each time the appraisal came in conveniently a couple percent above the asking price. I've also never known anyone to have an appraisal below the purchase price. I understand why they're needed, but I don't think they really hold much weight. [link] [comments] |
| Wouldn't qualify for enough to purchase a multi-family home... Posted: 10 Dec 2020 08:01 AM PST Could the potential/expected income from the other unit(s) on the property be counted as income to help me qualify for more and maybe be able to purchase the home? I'd like to buy a multi-family home, but my income just isn't close to what the purchase price would be. Any ideas if this would work or possibly other ways to get the funding? [link] [comments] |
| How to find the right contact for Condo Association Posted: 10 Dec 2020 08:53 PM PST I am trying to get shared access from a private road which is owned by a 130 unit condo complex. I am willing to pay them for usage I went to their office but the staff seemed clueless. Are there any public records or some other way to find or talk to the Condo Board? What and how would you guys suggest I go about doing this? [link] [comments] |
| Posted: 10 Dec 2020 08:35 PM PST Been looking for a few months at multi units and have put in multiple offers. Each time I put in an offer my realtor as the loan officers for a new preapproval letter. Though I feel unnecessary. Anyways got a couple offers accepted and then cancelled for various reasons. Started loan process and cancelled. Well I'm under contract now for a property that I think could work out. A friend suggested I look at their lender. So I just decided to get a quote. The new lender has lower rates and points for the same deal. My dilemma is that I've worked with my original lender for a while and he has done a good amount of work and made no money off me. However I'd be leaving money on the table if I went with him in the long run due to higher rate and higher upfront closing costs. I don't want to burn bridges or anything but I can't stand going with a higher rate and closings costs just because I feel bad leading this along. Thoughts? What would you do? [link] [comments] |
| Posted: 10 Dec 2020 08:19 PM PST So my parents want to move back to Aus next year after living in the US for 5 years - however they were looking to purchase an apartment asap which I can be living in (I never moved there with them) as it seems like the sensible thing to do: they have over a million in the bank here earning no interest, I'm paying too much rent to a random landlord when I could be paying it to them, they can live in it when they move back while they look for another property - or by that point I can move out and they can just live in it themselves. However, I understand there are some serious tax and legal considerations. I did get some advice on this once but I've forgotten what it was. Should I purchase it in my name? Can they still buy property without being residents here? I know it's a very specific question but if anyone has any advice that would be great. [link] [comments] |
| Posted: 10 Dec 2020 06:20 AM PST I want to get into investing in real estate, I actually work in the field, but mainly deal with 50 million + properties so I'm not sure about how regular folks start. I have about 50k liquid but access to more, partner and I make over 200k but in an extremely HCOL area so I'm not sure if makes more sense to look out of state? [link] [comments] |
| How can I hire a helper legally? Posted: 10 Dec 2020 07:48 PM PST Newbie here! So we're renovating our rental house ourselves, and a guy has been helping us. We pay him hourly. He doesn't have any insurance, liability or WSIB. That's why we don't let him to do the more risky stuff such as working with an electric saw. I am wondering if we can hire him somehow to get insurance for him and have a peace a mind. We are not a business or company, can I hire as an individual? And insure him as a helper? Do we have to follow work hazard environment rules? I'm basically looking for the easiest/safest way. [link] [comments] |
| Laundry Machines: Quarters vs Electronic Payment Posted: 10 Dec 2020 07:45 PM PST I'm taking ownership of a building that has laundry washers/dryers that take quarters. The current owner has everything set to $1 per wash and $1 per dry. The standard rate is actually $1.75 per wash and dry but who can be bothered to carry all those quarters? Long story short: The building needs some upgrades and I'd ultimately like to turn it into a classy joint. However In order to get electronic payment onto the laundry units I'd need to buy brand new machines since the existing ones are non-compatible. That's probably like $10,000. I figure maybe it's better to handle this last and instead upgrade the apartments since the budget is limited and I'm assuming people care more about what their unit looks like and not whether or not their laundry is coin operated or electronic. Any thoughts? [link] [comments] |
| What is the process when moving OUT of your house hack? Posted: 10 Dec 2020 01:42 PM PST I'm currently closing on my first duplex which I'll be house hacking. I was able to get a 5% down conventional mortgage (with the HomePossible program thru Freddie Mac). I plan on living there for the next year, until I finish the CFA program next November, and start applying for different jobs in other cities. I have tried to dig pretty deep into this question. What is the process I follow when I want to move out of my house hacking situation next year? I understand you have to change your insurance policy to landlord insurance instead of homeowner's insurance. What else? Do you tell the bank you're moving out and will be collecting rent from both sides of the duplex? Do you finally transfer the title over to an LLC? I don't have time to dig through a bunch of Youtube videos to find the answer to this question. I'm surprised I couldn't find any information on this by simply Googling it. If you have house hacked before, and are currently NOT living in your house hacking situation, can you please explain to me (step by step) the process you followed to successfully, and LEGALLY, move out? [link] [comments] |
| What is your craziest tenant story? Posted: 10 Dec 2020 07:34 PM PST When people talk about crazy tenants what story leaps to mind that you have dealt with? [link] [comments] |
| First year reporting rental income - How does this effect my buying power if I have write offs? Posted: 10 Dec 2020 01:31 PM PST [link] [comments] |
| Loan Consultant/Officer Recommendation NY Posted: 10 Dec 2020 06:10 PM PST I'm looking to cash out refi my current condo located in NY. Anyone have any contacts/recommendations I could use? Cash out is to be able to jump on a rental property. [link] [comments] |
| Real estate investing books with actual useful and concrete info? Posted: 10 Dec 2020 05:23 PM PST I think I'm on my fifth or sixth real estate investing book that was recommended on this sub or bigger pockets that follows the same recipe - 80% motivational BS and 20% actual useful info (specific techniques, resources, models, etc). Can anyone recommend books or other resources that don't read like something from a self help seminar for desperate wannabes? [link] [comments] |
| What cities have the best real estate appreciation rates. Posted: 10 Dec 2020 03:56 PM PST Cant find any solid websites so going to reddit for this one [link] [comments] |
| Posted: 10 Dec 2020 03:16 PM PST Good evening everybody! My mother is selling her rental and me and my sister are getting 40k to play with. Me and my sister want to get into real estate investing and we are still undecided how we will proceed and we would like some pointers. We are planning to network at local real estate clubs ( whenever there available because of Covid). We are also exploring options using hard money loans. Does anybody have any advice or ideas of how we can proceed? Thank you [link] [comments] |
| 15 year vs 30 year mortgage for investment property Posted: 10 Dec 2020 12:16 PM PST So with a 30 year mortgage you have a lower monthly mortgage payment, which leads to a greater monthly profit, at the cost of paying a bit more in interest and having a mortgage payment for longer. With a 15 year mortgage, you have a higher mortgage payment, but you'll pay the house off faster, have a lower interest payment, and gain equity on your house faster which you can refinance later to buy another property. For that reason, a lot of people seem to prefer shorter mortgages. What I'm wondering though, is aren't there fees you have to pay whenever you do refinance? And the additional cashflow you earn from a 30 year mortgage could be put into the stock market going to work earning more money for you until you're ready for your next property where you can liquidate it almost instantly and pay very minimal fees. For this reason, I feel I'd prefer a 30 year mortgage. That said, I'm just a college student and I've never owned a house. I'm wondering if I'm missing something here, I've always been told that cash is king. Is it a matter of personal preference, or has one been shown to yield higher returns or to be riskier? [link] [comments] |
| Anyone here ever bought a demo property and put up multiple rentals in its place? Posted: 10 Dec 2020 11:31 AM PST There is a property for sale that looks to me to be beyond renovating. I'm not even sure the bones are good. I don't think it'll happen, but has anyone ever bought something like that, torn it down and put up something like a multiplex? If so how has it gone for you? [link] [comments] |
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