Real Estate Investing: Long time mostly lurker wanting to share! |
- Long time mostly lurker wanting to share!
- Buying a Rental Property While Renting Myself.
- Remember to be Human
- Do you use some sort of Business Intelligence Software? (Commercial RE)
- How to get access to capital?
- Denver Metro rental property or sell it
- New Home Buyer- shopping interest rates in NYC
- How to find great Tax Strategy CPA
- Would Utah (Lehi, Tooele,Saratoga Springs) Fort Worth, Texas or Albuquerque, NM be good places for rental properties?
- NJ cash flow investing - alternatives
- First Rental - Check The Numbers
- Should I put my single family home under a LLC to avoid any potential future lawsuits from my tenant?
- Looking for advice: hold & rent, or sell?
- 1st Time Investor Looking for Some Advice!
- Replace carpet with laminate?
- 21yo wanting to get into rental properties
- Do you pay in full or finance properties?
- New to the game
- New investor questions
- Help With Duplex Nightmare
- SFH - Male / Female only space?
- I received Bank of America down payment assistance and now I'm moving, can I buy another house?
- First Time Home Buyer and House Hack or Invest in Cheaper properties?
- First time going solo.
| Long time mostly lurker wanting to share! Posted: 28 Dec 2020 07:38 AM PST After 2.5 years of buying rentals my wife and I hit a big milestone today with our yearly gross rents topping 100k. We are in high cashflow markets buying value add properties. Our PITI and expense ratio come out to right at 50%, so our real cashflow is 50k. We only have mortgage debt attached to rentals, so at 50k passive income levels we hit our fire (financial independence retire early) number. [link] [comments] |
| Buying a Rental Property While Renting Myself. Posted: 28 Dec 2020 07:58 PM PST Currently live with a friend and get along very well, I pay about $600 in rent including all utilities. Looking to buy a place and potentially live in it and maybe rent it to my roommate who would be willing to pay $600 as well. The issue is I may be better off buying the rental property and renting it to someone else and living with my roommate in our current apartment. The rental property mortgage will be about $1100 a month and property taxes would be $300 so at baseline the property would cost me $1400. If my roommate is willing to pay $600 that leaves me paying $800 and any additional costs with the house and repairs. I can cash flow by renting the house to someone else. Does anyone else have experience doing this? First rental property here and would like some insight. [link] [comments] |
| Posted: 28 Dec 2020 09:43 AM PST Hello fellow investors! I just want to share a story as a reminder that on the other end of your investments are human beings and we are all going through a rough time. I've been known to comment on this sub with such words, but the reality is while it may seem like propaganda it's actually not only a great way to conduct business, increase loyalty, but also build a better community. Kindness and respect go a long way. Whether times are tough or great one thing we never fail to do is to give back to our tenants, every year. This usually comes in the form of a gift. It could be monetary or something more thoughtful. This year we doubled down on that notion due to Covid and gave out more than we normally would. I always aim to do it in a way where the tenants don't necessarily have my personal details since at the end of the day I want them to engage with my property managers first and foremost. This year, one of my tenants tracked down my email so she could share how this impacted her. This is the exchange that followed. Tenant: "Thank you so much for both of the gift cards this year. The one at the beginning of the COVID lockdown couldn't have come at a better time! The one for Christmas was a welcome surprise. Thank you so very much! Hope you are well, your Christmas was wonderful, and you New Year amazing." Me: "This is so great to hear! Thank you for taking the time to send this. It's our pleasure and honor to be able to help where we can. We're all in this together and it's the least we can do for the great folks we work with like yourself. I wish you the very best of holidays and the coming year. Best Wishes, My Name" This coming year will mark my 11th year as a real estate investor. In that time I've accumulated a net worth well over $1M, have secured a livelihood for my fiancée and I, and have an average vacancy rate of <0.5%. This is why. I treat all my tenants with respect, kindness, and dignity. New investors, please remember that buying the properties is half the battle. Keeping them occupied and producing is the real winner. It's much easier to do so if your tenants feel valued. Happy holidays, everyone! Keep at it. [link] [comments] |
| Do you use some sort of Business Intelligence Software? (Commercial RE) Posted: 28 Dec 2020 08:23 PM PST We use a Property Management Program to manage our MHP. I have this bug in the back of my mind that I should be using some sort of BI to bring visualization to all of the data that I have, to be able to make better decisions. It can be arduous to bring all the reports and data to bear on a problem. But since giving up the IT business 2 decades ago, I'm wondering if it's just a Shiny Object that I think I should have, or if it adds real value.
Thanks in advance. [link] [comments] |
| Posted: 28 Dec 2020 03:03 PM PST Hi all, I'm a semi-experienced investor (own 3 multi-families). At my salary, I basically need to wait 2 years before being able to afford the 60k (25% down) for another MF. I'm wondering if there are any creative financing or capital access solutions you all have found to speed up this wait time, other than the usual "get another job, get a promotion, save more" which I'm already trying. [link] [comments] |
| Denver Metro rental property or sell it Posted: 28 Dec 2020 11:28 PM PST Worried we're passing up on a great investment and need some advice/suggestions. We currently have a three story condo in Denver Metro, in a great location with views of the foothills. $120,000 is left on my in-laws mortgage, my husband is on the title. Monthly payment is currently $1,300, $380 of that is HOA. This is also at an interest rate of 5%. According to a realtor, it looks like we can sell for $380,000, possibly up to $400,000. We will be using the profit for a down payment on a house. Here's where we're having a hard time. A similar unit was renting out for $3,500/month. The realtor said we could probably get about the same per month if we rented it out. We don't want to pass up having a great investment property, but we also need the money for a down payment on a house. We really need more room for our family. Are there options out there to keep the condo as a rental property and pull money out of it for a down payment? Are we passing up a great opportunity if we just sell? What's the best move here? [link] [comments] |
| New Home Buyer- shopping interest rates in NYC Posted: 28 Dec 2020 06:48 PM PST Hi Guys! I will be closing a deal soon, hopefully, in a home I am interested in for which I offered 875,000. I will be paying 25% down payment. I do have a well paying stable job and a good credit score. I reached out to chase for a preapproval letter. they offered me 2.99 % for a 30 year loan. Just wanted to get advice on how I can get the best interest rate possible; any tips and tricks that you guys know. it is multifamily home and this will be my first home- primary residence thanks in advance! [link] [comments] |
| How to find great Tax Strategy CPA Posted: 28 Dec 2020 09:00 PM PST As the title says, I'm looking to file my income taxes with a CPA this year. Is there any things you guys usually look for when finding a CPA? [link] [comments] |
| Posted: 28 Dec 2020 06:04 PM PST Hello Everyone, I am looking to purchase my first deal. I have $20K / $30K max for a down payment. I am thinking that my max budget on home is $120K-$130K I currently live in a very high cost of living area in California where finding a rental property seems impossible. I have family in the areas listed in the title of this post and wanted to know if anyone has rental properties there, or would recommend these areas because I would definitely be able to lean on thos family members to check up on the property and I am able to visit these places easily. Let's say it is. Any resources for analyzing a deal and estimating rehab costs? After this ...How does one go about finding tenants? I know there is a lot to this post, but looking forward to the responses! [link] [comments] |
| NJ cash flow investing - alternatives Posted: 28 Dec 2020 10:41 PM PST I live in NJ and would like to buy some rental properties for cash flow. The goal is to replace the income from my job eventually. Problem is, prices have outpaced rents by a lot and I'm having trouble finding properties with ROI above 5%. Are any NJ investors having the same problem? And what are you doing about it....investing in other areas? [link] [comments] |
| First Rental - Check The Numbers Posted: 28 Dec 2020 11:53 AM PST Purchase Price: $184k Gross Rent (monthly): $2,085 Tax(annual): $2,301 Maintenance assumption: 5% Utilities: $150 Vacancy: 0 2 units, 7 bedroom set Bank Offered 30 year fixed at 3% with 25% down Assumes $5k for repairs for startup (unspecified general buffer here) Assumes $8k for closing costs COCR: 19.5% Cash flow annually: 11.4k Am I missing anything? From my math the only issue I see is that even with depreciation and home office deduction it is showing a gain instead of a loss.... So much for sheltering my w2 income [link] [comments] |
| Posted: 28 Dec 2020 03:04 PM PST I live in California and I have owned a home in Texas for a little over a year now. However, my tenant pays me rent directly to my personal bank account. I have been reading about how this could potentially be a problem for my personal assets in case the tenant decided to sue me in the future. I have read that some people simply just create a separate bank account to manage the rent payments but that still does not protect my personal assets. Another option I have read is to create a LLC and transfer the property to this entity. Now, my lender may or may not let me do this since I purchased this property with only 10% down instead of the 20%. What are the pros and cons of this? Is this worth doing? Last option I have read is to create a separate account for managing the proper rent and expenses. And also get an umbrella policy to protect my assets. What are my other options? What is the best option in your experience? Anything else I should know about owning a property and protecting myself and my personal assets? Hopefully this is the right place to ask these questions. [link] [comments] |
| Looking for advice: hold & rent, or sell? Posted: 28 Dec 2020 07:41 PM PST I bought a two-bedroom home in 1994 for $68k and have lived in it ever since. I paid it off ten years ago. My wife and I have stable, well-paying jobs. I'm 50, she's 40, and we have 2 kids. We need more space, so we're moving in February. Our current house would sell for around $230k, or rent for around $1500/mo (I'm basing that on the house next door, which is a 3 bdrm and rents for $2000/mo). We can afford our new house regardless of what we do with the current house. I know this house inside and out, but have no experience managing rental property. My wife does, but hers was a condo with a long-term tenant. The house is located in a solidly working-class neighborhood that has seen some price appreciation, but remains affordable - lots of first-time buyers and young families, plus long term folks like me. So, what do you think: should I sell and invest the profits in a mutual fund, or keep it and rent it out? Are there other considerations or factors I need to consider? I'm open to all perspectives. Thanks! [link] [comments] |
| 1st Time Investor Looking for Some Advice! Posted: 28 Dec 2020 07:21 PM PST First timer here! Just hoping to get some insight, thoughts, or opinions to consider in a potential first SFR rental property project. I've been researching/lurking for a bit and have came across an off market opportunity in TX (DFW). Some details:
I guess my question really is -- would it be worth the hassle to learn the process of a full rehab with a relatively small property and have insight and direction from my friend (and his network) and breakeven (or minimally gain) some equity value. Or would I be better off just waiting and looking for a better deal with an outside connection? Sorry, hopefully I explained the situation well. Thanks for any insight! [link] [comments] |
| Posted: 28 Dec 2020 07:14 PM PST Hi I'm closing soon on a 1800sft sfh in south Texas. It currently has carpet downstairs, and upstairs; and tile in the kitchen. My RE agent recommended me to look into replacing the carpet with laminate. I researched there's also something called LVP. What do you guys think? Should I replace carpet with laminate / LVP, or leave as is? Gross rent in area is around $1600. I'm looking to rent it out to a nice family; school district is also relatively good according to GreatSchools. [link] [comments] |
| 21yo wanting to get into rental properties Posted: 28 Dec 2020 11:40 AM PST Hi All! Sorry if these questions have already been asked, I couldn't find it when searching. I'm doing research to try and get into rental properties in an effort to hit a fully self-sustainable income supplementary to my standard salary (engineer). I live in Silicon Valley (CA) so investing locally isn't feasible due to the high property costs here (I can't even comfortably afford a downpayment). I've been looking into several areas, including but not limited to:
I haven't been able to pin-point a set of reasons that an area is ideal for purchasing rental properties. So I've been looking at macro economics to figure out if a local is in an ideal environment with multiple metrics.
I'm a fairly hands-on person and can fix just about anything which has allowed to live frugally and save a decent chunk of money to invest with (almost $100k) while still living a fun life (motorcycles, cars, etc.). My fear with out-of-state investments are that the smallest things (IE: changing a light bulb, fixing up small electrical stuff, small plumbing stuff with a toilet, etc.) will cause me to be in the red. How do folks find affordable & reliable handymen in a remote area? How do you find properties that are affordable for out-of-state? I want to get started asap and COVID makes it difficult to travel and visit. What companies do y'all use for home/landlord insurance? What sort of mortgage rates are y'all getting? I got pre-approved for 5%/5.240% with the lowest being 4.5%/4.79% ($3k points) through Better.com which seems super high considering the non-investment property rates right now... My goal is to get 10 properties within 5 years & 15 properties within 10 years. [link] [comments] |
| Do you pay in full or finance properties? Posted: 28 Dec 2020 06:32 PM PST My parents have a few rental properties already, paid in full. Would it be smarter to put 50% down on multiple properties or pay in full on less properties? Which do you do and why? We're leaning towards putting 25-50% down and financing the rest so that we can get more property than what we could by paying in full. People that finance: Are you worried about another recession or something happening and the house is vacant but you still have a mortgage to pay? [link] [comments] |
| Posted: 28 Dec 2020 06:16 PM PST I'm 22 & I'm starting grad school in the fall (3 years), but when I graduate & start earning money I really want to start investing in real estate. I'm currently reading a book by Brandon turner on real-estate investing, & I've watched a decent amount of graham Stephan, but I'm obviously still not nearly as knowledgeable about the real-estate game as I am hoping to be in the future. Is there anybody out there whose been in the game & wants to become friends & talk about their journey's & give advice to a beginner like me? If so feel free to add me so we can talk [link] [comments] |
| Posted: 28 Dec 2020 10:30 AM PST Hey y'all I'm new to real estate investing. Just have a couple question regarding how y'all look for properties or steps y'all take. I found a couple properties via Trulia/Zillow, I ran the number (GRM,Cap Rate,Cash on Cash return) and everything seem to check out, but I feel like I'm missing something. How do y'all looking for properties? What are things you look for in the neighborhood or zip code y'all trying to investing in for rentals ? How much y'all take out (percentage wise)for vacancies and operating expenses? If investing out of your state do y'all every go see the properties or y'all do virtual tours ? Thanks for y'all time. Happy holiday to all. [link] [comments] |
| Posted: 28 Dec 2020 01:21 PM PST I bought a duplex recently for 8K in an outskirt of Chicago. I live 600 miles away. To make a long story short I bought it from a family member that was going through some troubles where they needed cash. I purchased the property in as-is condition. Initially I thought the rehab would be ~60K max...and I hoped I could save myself some money by doing some of the rehab myself. A day after closing I had a property preservation company change locks and secure the property. I also had them take pictures as I had never viewed the property in-person and wanted more in-depth photos now that the place was mine. I have put some of those photos on this post here https://imgur.com/a/SbKrQ0a I had another company come out and bid the property. I told them it would be used as an investment property and that I just needed to bring the property to a rentable condition. They provided me a scope with $185,000 worth of rehabs. Here is the spreadsheet they provided https://imgur.com/EOY64PN How do I make this work? Can anyone see from the pictures if this company is just bidding extremely high? Can I rehab some of this myself? This is my first investment property but I have done drywall and other miscellaneous construction jobs [link] [comments] |
| SFH - Male / Female only space? Posted: 28 Dec 2020 05:02 PM PST So I'm on Craigslist checking out the prices I could possibly rent out a room, and I'm seeing a lot of postings say "looking for men only" and "female only living space," etc. Say I was looking to rent out 3 rooms, should I limit myself by accepting only one gender / sex or interview co-ed applicants? What if I accept one applicant who is a female, and she tells me she'd only feel comfortable with other female roommates; or vice versa? I should probably mention I'd be looking into doing an FHA loan which would require me to live there for a year, and I'm a male, but I'd hope to find a property with a basement I could renovate and live in. I'd likely only be there on weekends and just stay at my parents house during the week since the area I'm shopping in is close by. Would I be the creepy landlord who lives in the basement if I end up with all female "roommates?" lol. I'd personally feel comfortable with either, or a co-ed situation. [link] [comments] |
| I received Bank of America down payment assistance and now I'm moving, can I buy another house? Posted: 28 Dec 2020 04:52 PM PST Hello, As the title states. I bought a house that closed in early September. I received down payment assistance from Bank of America totaling 10k. I also received closing cost assistance totaling 7.5k. The sale took place in California. Part of the fine print is that the home remain my primary residence for a year. I recently accepted a job offer that requires me to leave the area (300 miles away). I applied for the job after the close of sale. I will be renting the house now that I am leaving the area (still in CA). This is my only property. My question to this group is, would I be able to buy another house prior to September 2021 without being penalized? Do I need to inform Bank of America? I apologize if this is the wrong sub, I felt like this might be the most relevant but if someone knows of a better sub, please let me know. I also thought I'd give Reddit a shot first. I didn't want to out myself unnecessarily to BofA. Link to program - https://www.bankofamerica.com/mortgage/affordable-housing-programs/ [link] [comments] |
| First Time Home Buyer and House Hack or Invest in Cheaper properties? Posted: 28 Dec 2020 10:27 AM PST Hi All - new to this forum and Reddit in general. I'm a recent college grad with a decent paying job in Charlotte, NC. I'm currently renting a 2x2 for $1800 and have about 20k saved in cash. I have a long term goal of getting into real estate and am not really sure where to start. My current plan is to buy a 3/4 bedroom 3+ bathroom house sometime this year and then house hack with a couple buddies to reduce living expenses (I can get something this size for $1200-2200 a month, if I rent each room for 650 I can basically live for free). A few questions:
Thanks in advance! [link] [comments] |
| Posted: 28 Dec 2020 06:31 AM PST I'm 37. Have a good state job in Connecticut. I've been working on my credit since a divorce and foreclosure for quite a few years now. The foreclosure is off the report and I'm proud to say that my score is over 800. I'd like to use my score to invest in myself regarding real estate. Right now in my area it's a seller's market in regard to housing. Commercial is not as good. The only downfall I see that I have is my savings. Currently I only have just under $10k. But I've been selling and saving a lot more than in my past. So a decent down payment would be very difficult. Plus I'd need some extra to put into the buildings. A window here or there. Some paint. I'm capable of doing the work myself, so that'll help. I've been toying around the idea of starting my own retail/repair business. I have a the state and federal tax papers already established for over a year now. I'm just foggy on how to go about a building (actually two being sold in one sale) that I've found. One building is a storefront with an apartment on top, and the one next to it only have electricity and heat. No plumbing. I'm curious if it is possible to purchase the properties and live in the apartment, and go with a normal home mortgage? I'd like to run my business out of the other areas. Or do I get a business loan of some sort to cover the properties and rent out the apartment? I have a home established that is already paid off. So my debts are basically zero. I own my cars and my bills are paid up to date. Any guidance is greatly appreciated. Thanks. [link] [comments] |
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