Real Estate Investing: I’m 19, currently studying at college, and am looking into getting a real estate license, is it worth it? |
- I’m 19, currently studying at college, and am looking into getting a real estate license, is it worth it?
- If you could do it all over again
- What are the trade-offs for rentals in cities that have little cash flow?
- Which option would you choose?
- Rate this deal
- How is the depreciable portion (structure) of the cost basis determined?
- Leaving One House Hack for Another | Notify Insurance Company?
- How to finance a income property for an LLC?
- What to do with bad investment
- Purchasing an "as is" property through bankruptcy court?
- Buy 2 Duplexes in C neighborhood vs 1 Duplex in A neighborhod.
- Finding private lenders and investors
- have you noticed commercial real estate being slaughtered in your area?
- First investment property
- Will I have two depreciation schedules for a partial gift partial sale rental property?
- Not cleaning shower
- Partnership Question
- Refinance Advice
- NY/NJ Area Investing in Real Estate
- State income tax under Biden
- Trying to break into commercial RE investing. Should I go with a coaching program? Need your advice.
- Looking to invest in a less affluent city
- Wholesale Houses
| Posted: 08 Dec 2020 05:17 PM PST As the title states, I'm looking to begin investing in real estate, but I'm currently enrolled in college. I've heard that a real estate license helps with investing because you do not have to pay a commission fee, and also I could begin working at a brokerage if I wanted to. Is it worth it? [link] [comments] |
| If you could do it all over again Posted: 08 Dec 2020 07:09 PM PST What would be your first investment property of choice (apartment, condo, townhome, multiplex, SF)? Older or newer build, LLC or not, biggest mistake.... [link] [comments] |
| What are the trade-offs for rentals in cities that have little cash flow? Posted: 08 Dec 2020 03:55 AM PST We've all heard the 1% rule. But almost every major city I see doesn't get 1%. Often nowhere close to that. I've calculated some areas as cash flowing maybe .5% if that. But there's obviously tons of people buying the properties to rent them out. Surely they're not just bad investors and have a different goal? What is their thinking, and why isn't that mentioned more as a strategy? I often hear from some on Reddit that 1% is pretty much the minimum they'd do. I suspect appreciation is the answer, but that's just my guess. [link] [comments] |
| Which option would you choose? Posted: 08 Dec 2020 02:59 PM PST Hypothetical(ish) scenario. You have $600k saved and are looking to buy 2 fourplex buildings for a total of eight rental units. They are approximately $250k apiece and each unit will rent for about $750/month ($6k/month total). Here are your two choices:
Note: These are the only properties you are currently looking to buy. If you end up purchasing another property it won't be for at least another 12 months. Which option would you choose and why? [link] [comments] |
| Posted: 08 Dec 2020 09:28 PM PST Today I closed on my first investment property, which is a duplex in a small town in the Midwest. The house is the ugliest one in the 2 block radius and is located near a small liberal arts college. I can not rent to students, because the college requires them to live on campus all 4 years. However, the area around the university is really well kept The closing price was $83K, so my monthly payment (principle and escrow) is right under $500. I plan to do a lot of work to the house ($15,000 worth of improvements) and bring it up to a "good rental product" status, as I believe a well kept property will attract better tenants. The house came with a tenant on one side, who pays $650 every month. They are occupying a 4 bedroom, 1 bathroom side of the house. The tenant is C+, because during the Inspection their side of the house smelled like cigarets, the carpet was distorted, and their dog ate bathroom laminate. Their lease ends at the end of the month, but they expressed interest of staying longer. The old owner said the tenant is some times few days late on the rent and is not taking a good care of the property. Talking to local real estate investor, he believes the 4 bed/1 bath unit can rent for $800-850 after few cosmetic repairs. The other unit(currently unoccupied) is a very spacious 2 bed/1 bath and can rent for $700-750. All in all if everything goes right I plan to collect $1300-1500 a month in gross rent. My dilemma is whether I should keep the current tenant, and ask them for a drastic rent increase while fixing up their side, in the meanwhile. Or not resign their lease and fix up their side, while no one lives there and put it on the market with hopes of attracting a better quality tenant. Lastly, I am a "long distance" investor, as my job is located on the other side of the country, but my family lives about 45 minutes away and I expect to keep working from home at least till late spring. So I will need to set up property management process to keep the place in a good shape. Please let me know what you think about the deal, and what should I do with the current tenant. Any advice is welcomed Thank you all. [link] [comments] |
| How is the depreciable portion (structure) of the cost basis determined? Posted: 09 Dec 2020 01:00 AM PST First, is the depreciable portion of the cost basis determined by the tax assessment or the appraisal? Next, I'm wondering how it might change through fluctuations in the tax assessed value, change of ownership to surviving spouse, and then a partial sale/partial gift to child. When property was first purchased, the structure was roughly 40% of total tax assessed value. The property went through owner transfer to surviving spouse when husband passed away and converted into a rental. A step up in cost basis was done. Then it was transferred via partial sale/partial gift tx. Do these events change the depreciable cost basis and how? [link] [comments] |
| Leaving One House Hack for Another | Notify Insurance Company? Posted: 08 Dec 2020 03:11 PM PST I am set to close on my second house hack house next month. Do I legally have to tell my insurance company that I am moving out and turning it into a rental? If I don't legally have to, should I? Any recommendations for bundling multiple homes under one insurance policy? Is it worth it? [link] [comments] |
| How to finance a income property for an LLC? Posted: 08 Dec 2020 11:12 PM PST I am struggling to find the cheapest/best way to finance an income property for an existing 2 member LLC. I am looking at either buying a duplex or commercial property. How do I finance and place it in an LLC for personal protections from renters or other potential litigation? We have current assets in the LLC but prefer not to finance against them. [link] [comments] |
| What to do with bad investment Posted: 08 Dec 2020 07:25 PM PST I say it's bad. Maybe it's just bad for me because I don't have the proper vision. I have an office building that nobody wants to rent or buy. It's been for lease/sale for three years. We've cut price and are asking below market rent. We've had three brokers. This mortgage is rating us up. [link] [comments] |
| Purchasing an "as is" property through bankruptcy court? Posted: 08 Dec 2020 06:24 PM PST This is probably a basic question for most people on this thread, but I'm a real estate investment newbie and would appreciate some advice! I have purchased two homes so far in my life - one which I turned over quickly selling to my sister, and the other that now serves as my first rental property, (I'm in the middle of the BRRRR process with that one). My fiancé and I are about to move to a new city and are shopping for a new property that will probably serve as our primary residence for a while before eventually turning into another rental property. Today, I found a end-unit single-level townhouse in the area we're looking in at a great price. It seemed a bit too good to be true, and I just found out from the realtor that it is being sold "as-is" through bankruptcy court. This is not something I have experience in as I have only participated in traditional sales, and the phrase "as is" makes me a little nervous... (I'm comfortable with some basic upgrades and repairs, but I'm worried about getting caught in a death trap that someone is trying to offload.) I understand that its likely being sold this way because, since they are filing bankruptcy, the seller likely does not have the funds to pay for repairs before selling. But this seems to be a precarious high-risk, *potentially* high-reward situation that I'm not sure I'm confident betting on. Any thoughts? Thanks in advance! (Also, if it is helpful, it is a 2BR/2BA single-level townhouse, around 1,000 sq ft., for just over $100K - about $40-$50K less than we were expecting to pay for a single family house in the area.) [link] [comments] |
| Buy 2 Duplexes in C neighborhood vs 1 Duplex in A neighborhod. Posted: 08 Dec 2020 04:09 PM PST Buy 2 duplexes for 160 K each in B/C-neighborhood ? Or 1 Duplex for 260k A-neighborhood? 2 BC- Duplexes gets 48000 annual rent. A-Duplex gets 31200 annual rent. [link] [comments] |
| Finding private lenders and investors Posted: 08 Dec 2020 12:54 PM PST Hi all! aside from family and friends, what sort of places do you go to find new potential investors in your deals? One issue that I've run into is that almost everyone I know is also a real estate investor. At least the ones with money. [link] [comments] |
| have you noticed commercial real estate being slaughtered in your area? Posted: 08 Dec 2020 09:12 PM PST There are so many "for lease" signs popping up from long established restaurant and retail spaces. If the previous occupants couldn't make their business work during this pandemic, I don't understand why the space owners would think that maintaining the same lease terms for another business to move in is feasible. If landlords "have" to come down to get someone in, wouldn't it make sense to drop it for the existing tenants? [link] [comments] |
| Posted: 08 Dec 2020 08:49 AM PST Hi team, I am looking at purchasing my first investment property. It will be a single family home or a townhome. My question is, does anyone know a way to have a lower down payment? I can't live in the property so that isn't an option but I was wondering if there was another way to find a loan with a smaller down payment percentage? Any advice is appreciate!! [link] [comments] |
| Will I have two depreciation schedules for a partial gift partial sale rental property? Posted: 08 Dec 2020 07:18 PM PST If family member sells me a rental property as a partial gift/partial sale (it's mostly gift), will I end up with two depreciation schedules? [link] [comments] |
| Posted: 08 Dec 2020 05:43 AM PST I just had my first tenant move out and most things were ok, but they seemingly never cleaned the shower. The entire shower was covered in black mold. My wife and I spent several hours scrubbing it, using various cleaners and even used a drill scrubbing attachment. Its finally back to normalish, but my God it looked disgusting before. My property management company said they did a move out inspwction and everything looked fine. The shower certainly did not look fine. How common is this? [link] [comments] |
| Posted: 08 Dec 2020 06:16 PM PST Hello fellow investors! I'm in the process of researching partnership agreements and could use some insight/experience from other investors that have utilized a partnership for RE investing. Here's the situation: - I am in the process of purchasing my 3rd rental property for the purpose of AirBnB with 20% down using my credit/DTI and liquidity as I have done with my other 2 - My mother (close to retirement age) approached me and asked if she could invest as she could use some additional income in retirement and would even consider managing the property as I currently pay a property manager 20% of gross rents as I'm busy with my day job My initial thoughts are to not do it because in my experience business and family are a tough mix but my mom is very business oriented, professional and sees things objectively. She has around 300k in a 401k another 300k in home equity and would be using a HELOC to invest in this endeavor. My question is, if we decide to partner up is a typical 50/50 fair since it's using my credit/DTI? What have you done or seen that has worked for a partnership when 1 party simply isn't absolutely needed (as in I am buying this home with or without her and executing my plan). Thanks for your sharing your thoughts! [link] [comments] |
| Posted: 08 Dec 2020 01:57 PM PST Looking for any advice or feedback on an investment property refinance I'm about to undertake. Have two offers for rates - 3.625 with no points or 3.0 with ~.75 points on a 400k loan. Breakeven period is just over two years, so I'm leaning towards paying the points and taking the lower rate for long term. Second decision to make is the length of the loan. I'm five years into a 30 year; should I reset to 30 years or proceed with a 25 year loan to keep the payoff schedule the same? Recap the Qs: -Is a two year payoff period worth it for the points? -Is monthly cashflow or shorter payoff better? Thanks in advance! [link] [comments] |
| NY/NJ Area Investing in Real Estate Posted: 08 Dec 2020 08:54 AM PST Hello guys. I currently have two rental houses one located in Brooklyn and another one is in Woodridge, NJ. Cash flow is fine, appreciation is huge plus but I got these properties about 3.5 years ago. Now, I would like to get back into it but I really can't find anything that can cash flow in positive. Most of deals are negative cash flow. I understand that so many people are moving out of NYC to NJ and this inflated the costs in NJ but I also can't find anything in NY market, either. Just wanted to reach out to you guys to see what you are doing if you are located in these markets. Thank you! [link] [comments] |
| Posted: 08 Dec 2020 02:37 PM PST Anyone think Biden is guaranteed to repeal Trump's changes to the way state income tax deductions work? Does he need senate approval for something like that? This is regarding a real estate purchase which is why I'm posting here. [link] [comments] |
| Trying to break into commercial RE investing. Should I go with a coaching program? Need your advice. Posted: 08 Dec 2020 01:37 PM PST Hello everyone, I need advice on how to make the transition to commercial real estate investing. As of today, I am considering signing up in a coaching program like the ones led by Mark Kenney, Jake&Gino, Neal Bawa, and Michael Blank. Yes, I know those programs cost around $25K. My goal is to accelerate my growth and eventually work on larger deals where I can leverage other people's money. I have a network of high earning individuals who are interested in diversifying their investments. I'm a tech professional in the Seattle area. Over the past few years I have acquired 5 single family rentals: 1 in the suburbs of Seattle (first rental - house hacked it) and 4 out of state in cashflow states. My strategy so far has been to find a local realtor, a property manager, an inspector, and a general contractor. I'll fly there to meet them in person and to get familiar with the area. Eventually the rest of the business is conducted via email and phone calls. I view the homes via video calls or recordings. The problem with this approach is that it is difficult to scale. If a big ticket item breaks, then there goes the cashflow for the year. One thing to take into account is that I'm in my 30s, I have no kids, and I don't have big expenses. This is the time to go big and take some risk. I can realistically commit 10 hours a week to my real estate learning and investing without compromising my social life and mental health. Some weeks I can spend a bit more time if required (15-20hrs per week), but I wouldn't want to make it a habit, for my own sanity. Although I live in the Seattle area, I don't necessarily have to invest in this area. Cap rates are low and there is high regulation. I have a preference for landlord friendly states. I think I need a mentor because I don't want to learn from stupid rookie mistakes. My first out of state deal was a bit of a nightmare. I didn't have processes in place, and took some hits. I've learned from that experience, but I wouldn't want to go through the same in a commercial deal. I have $100K to invest, and while that is not a huge sum of money, I know it is enough to play in some parts of the US. I have not decided which asset class to go with; however, most of the coaching programs I have seen focus on multifamily units and mobile home parks. Based on the information I have provided, do you think going with one of the coaching programs listed above is my best option? Can you suggest an alternative? What would you do if you were in my shoes? Thanks in advance. [link] [comments] |
| Looking to invest in a less affluent city Posted: 08 Dec 2020 11:08 AM PST I live in Colorado Springs, which is just south of Denver. Our real estate market is very comparable to Denver, and it is highly inflated. There's a city an hour south of me where the home values are 50% of what it is here. So the median household price is around 300k and in Pueblo, Co it's around $150k. I'm just starting in real estate, and my money would go a lot farther in that city. Is there anyway to figure out how the market is there. I know sites like rentometer to figure out the monthly rent. But how long do houses sit vacant? And what other info can I find out? [link] [comments] |
| Posted: 08 Dec 2020 09:50 AM PST Can someone explain how Wholesale websites work? Where do those people get the houses? Why arent they listed on the mls? [link] [comments] |
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