Real Estate Investing: Me: "I'm ready to make an offer." My buyer's agent: "the seller's realtor just told me they had another offer that came in, so bid high." |
- Me: "I'm ready to make an offer." My buyer's agent: "the seller's realtor just told me they had another offer that came in, so bid high."
- Bought first rental property....
- Bought a condo during COVID a lockdown 9 months later do I sell?
- Freedom of location making research too wide and not deep enough?
- How to fire a property manager?
- To sell or not to sell (Southern California)
- Does anyone have any experience directly or through syndication with a hotel conversion to rentals or condos?
- Newbie question - US expat looking to invest back in the US - how often do you physically visit your properties?
- Chicago general contractors Recommendations?
- How have your goals changed over the years?
- Merry Christmas to this sub Reddit
- First Purchase Advice, Newark NJ
- Sell vs Rent: Condo in San Francisco
- Title defects & clearing liens
- Getting tired of manually updating Excel spreadsheets, best alternatives?
- Rent increases 2021
- Zillow GetDeepSearchResults API...gone?
- Buying a home next to power lines: what would you do in my shoes?
- Should there be a thread outlining legislation that helps REInvestors due to covid?
- Addendum request of water hammer fixture by fussy tenant is inaccurate!
- Ever been burned by a wholesaler? Please share your experience!!!
- Property listing databases in your state?
- Is license necessary?
- Anyone know anything about HDF Connecticut first time home buyers program?
| Posted: 24 Dec 2020 02:00 PM PST I had this exchange with my buyer's agent seeking a multi family. Some time later, I reflected on it with my friend and he said it happened to him with all three properties he has bought. Are realtors really going to mess with you like that? I was thinking next time I purchase, if my buyer's agent tells me this, I'm going to ask a friend to anonymously call the seller's realtor, perhaps expressing interest in the property, to confirm if any offers have come in yet. When and where I bought was not a hot market by any means. [link] [comments] |
| Bought first rental property.... Posted: 24 Dec 2020 04:50 AM PST Bought my first rental property over the summer. Info: Purchase price 180k 25% down Repairs and updating 15k Total cash in 67k took a few months to get the place fixed up House across the street in similar condition and smaller just sold for 275k Listed the place over thanksgiving week. Had approx 200 inquiries and had both units rented within 4 days. Upper unit 975 a month Lower unit 1225 Monthly cost taxes insurance and mortgage are currently 870. This will go up significantly when city takes the property out of homestead. About an extra 150 a month. Property has some deferred maintenance so the first few years we will need to save more of the rent towards replacing driveways and siding. Both are functional but at end of appearance life. Approximately 10k total to replace both. I think this property works for us in terms of return on investment, I saw a bunch of rules and other info about how to analyze a deal, but at the end I just ignored all that and looked at it this way am I significantly better off financially. Our 67k would return approximately 500k after 30 years in the stock market with average returns. This place will return around 1.5 million over that same 30 years. This is also assuming reinvesting profit and avg returns in the stock market. We make decent money (around 200k) so don't really need the income, but it's fun to try something new. [link] [comments] |
| Bought a condo during COVID a lockdown 9 months later do I sell? Posted: 25 Dec 2020 12:38 AM PST I bought a condo in Atlanta Georgia, and before the lockdown I had done the math based on the numbers my realtor gave me. Obviously we didn't foresee literally 1 month before COVID shutdown that all of a sudden the rents would go down. I was vacant for 4 months before deciding to bring down the rent and negative cash low about 194 a month. I'm very unhappy with this investment for several reasons.
Purchased the property for 126k it's a 1 bd and 1 bath. The appraisal is at 130k. My realtor is saying we could probably sell it quickly if listed at 137k. I'm just not sure if this issue is really just a Covid thing and I should just hold on, and raise the rent after my tenants lease is up. But I noticed an apartment in the same building (not as nice as mine) is renting at 1400/month. But in all honesty even if I got that number I'd be cash flowing 100 dollars. That just doesn't seem worth it to me. My location is in the heart of down town. I just worry to give up this spot next to stadiums and universities and breweries. It's a cool spot, tbh I wouldn't mind living there myself. However, I don't want to be emotionally attached if something is just obviously a bad investment. I do want to add that I put 10% down on this and I think that's also part of why I won't be able to have a good cash flow. Had I put in 20% I think I may have been cash flowing during Covid, but I don't want to throw more money into it because I'm uncertain this unit will work. The other thing that is bothering me is when I bought the condo, my realtor told me that condos are very popular in that market and sell rather quickly. But in a call with him yesterday he told me the exact opposite that condos are difficult to sell. So now I'm very concerned that even if I listed it for sale it might be on the market for a long time. In which case I'd have to do a month to month lease with the tenant and let them know we are up for sale. I feel really lost and confused. Another part of me is saying well if I can at least cash flow anything I have someone else paying the mortgage and the HOA fees. But then again if things need to get fixed I'm on the hook to cover all that myself out of pocket. I need guidance, I'm a novice. My first condo deal is going really well but this second one is so bad, I can't even believe I made this mistake. I'm really kicking myself for this. [link] [comments] |
| Freedom of location making research too wide and not deep enough? Posted: 24 Dec 2020 05:18 PM PST Hey y'all, so I'm very new to REI as something I'm jumping in to learn about while I save up enough to get pre-approved and start making offers. I'm in a good situation to work towards that goal, though, so I'm looking at mid to late 2021 as my decision point. That being said, I'm very very lucky to be able to work 100% remote. I know this is gives me flexibility that is great for real estate. That being said, I'm getting pretty overwhelmed with the options of location and am finding it hard to figure out what kind of numbers I should be looking for to decide on an area that would be a good place to start building up a portfolio. I'm very interested in the east coast for personal reasons but that's not a hard and fast rule. I would say the overarching question is, what is the right way to research what region optimizes the efficiency of my move and my first step into real estate since I have the freedom of remote work at my W2? As a specific note, I feel as though there is a problem with people not willing to put work into education or going through the steps of acquiring knowledge and that makes more knowledgeable people jaded to providing advice - I want to say that I'm happy, willing, and already pursuing working on this by learning thoroughly, dedicating time, and putting in the work. I appreciate advice in every form but I wouldn't expect nor want anyone to guide me all the way through beginning to end of course. [link] [comments] |
| How to fire a property manager? Posted: 24 Dec 2020 03:47 PM PST I've had the worst property manager for the past year. She made an amazing impression but from the beginning has been very lazy. Moving tenants into a unit that she was supposed to have cleaned, but didn't. Selling a top unit to a tenant but then selling the same unit to a different tenant and tenant 1 had to move into the bottom unit. She offered to take care of utilities from the beginning but during the winter she neglected to pay the gas bill and they shut it off, leaving me raiding my family of their space heaters to heat the place... There is many other little things I could go on about but I just want to get some advice on how I should go about firing her, I plan on taking over the job myself and 100% can do a better job. Just wondering if anyone else has a good strategy on how to fire a PM without getting burned. She's loud and scary! (I'm paranoid)
[link] [comments] |
| To sell or not to sell (Southern California) Posted: 24 Dec 2020 07:38 PM PST Could really use the advice. Not sure if this the appropriate sub but thought I'd post anyway. House value range: 1.4 - 1.6 million A little background: we bought our house in Southern California at the height of the housing bubble right before the crash. We saw the house value drop 500K. With savings and decent income we were able to weather the crash and find ourselves in a position to sell again now. Just for giggles we requested a quote from Zillow and they came back to us with a really competitive (market value) offer to buy the house at a price that breaks even after nearly 10+ years… To clarify, we never formally put the house on sale so Zillow is the only offer we've seen. That said, we confirmed that at this time, their offer is as competitive as we've seen in the local market and we feel like we won't get a better offer right now. So I guess the question is: do we sell? Is the housing market really going to crash in the near future? If so, why is Zillow so eager to buy the house now? What questions should we be asking ourselves right now? Paying the mortgage has been really rough for us so breaking even is a win but I wonder if we're so blinded by the struggle, we're letting go of a great property without a second opinion. [link] [comments] |
| Posted: 25 Dec 2020 01:30 AM PST I'm looking to learn what about factors to consider that would be pertinent to this type of deal. [link] [comments] |
| Posted: 25 Dec 2020 01:20 AM PST I am hoping to make my first real estate investment once COVID has settled down and it's safe to travel again. I'm a US citizen so I'm looking to buy in the US, but I live in the UK on a marriage visa so I would hardly ever have the ability to actually go to the property. Is this still feasible? I know it's not uncommon for people in the US to invest in properties across the country from them, so I can't imagine that it's a huge deal, but I'm sure that this adds a lot of hurdles. [link] [comments] |
| Chicago general contractors Recommendations? Posted: 24 Dec 2020 06:53 PM PST Anyone have any recommendations on a general contractor crew for small multifamily properties (1-5, units) that are willing to work in South and West Chicago? Thank you! [link] [comments] |
| How have your goals changed over the years? Posted: 24 Dec 2020 12:11 PM PST What has changed and what caused it? For example: how many units you aspired to have, type of units to started pushing vs what you go after now. Feel free to explain why you changed, how you've benefited etc [link] [comments] |
| Merry Christmas to this sub Reddit Posted: 24 Dec 2020 05:51 AM PST Merry Christmas to everybody here. I post in this channel with a ton of questions and cannot thank you enough for the help. Every post and comment in here is an archive of value for all future investors. Just wanted to say thank you! [link] [comments] |
| First Purchase Advice, Newark NJ Posted: 24 Dec 2020 06:40 PM PST I'm living in New Jersey by Perth Amboy, and looking to purchase a duplex+ in Newark or the Oranges within the next year. This would be my first home / mortgage. This is definitely not my first choice of location, but with a budget of around 150-200k, it's the best I'm going to get in NJ. I've been able to find quite a few for under 200k. I'd be looking to do a 3.5% FHA with a 203k loan for renovations, or a 3% conventional loan with a renovation loan (not sure if there's a specific one) mainly to avoid PMI. Either this or I'd consider looking at neighboring states like Philly, PA but if possible I'd like to do this in Newark / Oranges because it's very close to home. I'd only stay in the property for the first year as per the FHA requirements, and rent out my unit when I move back home for another year or so while I save up to buy my next property. I considered a cash-out-refinance to buy my next property, but I saw somewhere you'd need 40%+ equity to even take out a decent amount. I am also seriously considering doing this house hack with a SFH but I feel like I may enjoy my privacy too much to do so. I'm 23, single and only plan on living there for a year so it might make more sense to. Now hear me out, I'd be looking to purchase as close as possible to University Heights (Rutgers, NJIT, ECC) and probably cater to college students (short term leases). On Zillow the average home value is about 300k so I feel like after a "cheap" renovation, my appraisal could sky rocket? Compared to Philly where I'm seeing properties sell for 140k, with the area only averaging 180k home value, this seems like a good deal objectively. I am completely new to this and will admit I do not know what I am doing. I make about 55k a year right now, and I'm 2 years away from finishing a degree that should pay 70-80k starting. I have a 700 credit score. I understand my DTI may not qualify me for a 200k house but I've read in a few places that you can offset that with about 70% of the potential rent from the other unit / rooms. Any constructive criticism, as well as resources to research would be appreciated. TIA. [link] [comments] |
| Sell vs Rent: Condo in San Francisco Posted: 24 Dec 2020 05:44 PM PST We bought a 2bd/2ba condo (new construction.) in SF in 2018. It's a great location. However, with wfh situation, toddler needing more space and planning a second kid, we feel like we would want to expand to a SFH with more space and outdoor yard. Also with interest rates being historically low, we want to start looking in the next year. Thinking of whether to hold on to this condo and rent it or sell it outright. Our original strategy was to keep this for 5+ years and rent it out but the pandemic changed a lot of things and rents dropping over 30%, we are wondering if it's worth the investment to hold onto this piece of property. Also our HOA also jumped quite a bit this year. Monthly Cost: $5500 (Mortgage + HOA + Prop Tax + Insurance) What we think this would rent for: $3800. Pre-pandemic we could have rented it for $4500. Thoughts? [link] [comments] |
| Title defects & clearing liens Posted: 24 Dec 2020 05:33 PM PST What is the best resource for learning how to cure title defects and strip liens? Don't care how big the learning curve is. Honestly the bigger the better. Just want to know the best way to learn, what I believe to be, an extremely valuable skill set. Thank you for any insight you're willing to provide. Happy Holidays. [link] [comments] |
| Getting tired of manually updating Excel spreadsheets, best alternatives? Posted: 24 Dec 2020 12:38 PM PST I use a property manager so I don't need any fancy tools that allow me to send tenants invoices or screen applicants. Just looking for a simple program that will track my income/expenses and reflect my profit. EDIT: I have 30 doors mixed between duplexes and SFH, I need something streamlined [link] [comments] |
| Posted: 24 Dec 2020 11:33 AM PST Is anyone planning to do any rent increases this Spring / Summer on tenants (i.e $25, $50, $100, etc...) with lease renewals or is that taboo right now? [link] [comments] |
| Zillow GetDeepSearchResults API...gone? Posted: 24 Dec 2020 11:32 AM PST Zillow used to have an API called GetDeepSearchResults, which I *swear* I was able to access for free a few years ago. After a long hiatus, I tried to find/access it again, but could only find their GetSearchResults API, which doesn't have the detailed information I want. Specifically, I'm looking for the TotalActualRent field that displays under some properties' "Other facts and figures" information. I did some digging on the web, and found a site called Bridge Interactive that I think now hosts Zillow's data. They are super vague on pricing, and when I reached out to them they asked me for an MLS. I'm not a realtor so I don't think I can get access to one? Does anyone know where I can get detailed information on a property from an API? Either Zillow or otherwise? Apologies if this is not the correct place for my question, this is my first post here! [link] [comments] |
| Buying a home next to power lines: what would you do in my shoes? Posted: 24 Dec 2020 07:12 AM PST I signed a purchase contract to buy a single family rental home that I later found out is next to some transmission lines: the backyard is fenced off but faces these transmission lines. These aren't the towers with the lattice structure, but are the "steel pole" transmission lines like these. I know, rookie mistake, should've done better due diligence. The house is in Central Texas. How much would you estimate this would hurt resale and rentability? Aside from the power lines, the location's great with decent schools and close to lots of growing employers/jobs. I'm leaning towards trying to negotiate a discount from the seller (even though I've already signed a purchase contract). But also, can I also just walk away at this point? What would you advise I do in this situation? [link] [comments] |
| Should there be a thread outlining legislation that helps REInvestors due to covid? Posted: 24 Dec 2020 10:51 AM PST Mods? I was wondering about all of the recent covid related legislation and if or how it benefits real estate investors. It would be nice if we had a thread focused on gathering up the best links and articles covering this topic. I'm seriously thinking about the $100K withdrawal that allows for payback with no penalty and taxes it across 3 yrs. Here's a tax article as an example: [link] [comments] |
| Addendum request of water hammer fixture by fussy tenant is inaccurate! Posted: 24 Dec 2020 10:44 AM PST Single family home. I have a tenant of 3 months upset about a loud banging noise that sometimes occurs when the hot water valve is turned. On the addendum, the tenant wrote: "Repair as needed: water hammer (Hot Water)". This is important because I did not know about the loud banging noise since the tenant did not note it in the addendum. I want the tenant to enjoy living in this property and besides going out of my way to hire a handyman to do fixtures around the house (not noted in the addendum), I also hired a plumber to inspect and diagnosis the issue in the bathroom. We discovered that the issue is not with a water hammer, but rather a valve. I told the tenant I'm not sure if this issue is in our hands or yours because of the inaccurate and lack of description of the addendum. The tenant became visibly emotional and I didn't appreciate the tone and manner in which he spoke to me. How should I handle this situation with this fussy tenant? Am I required to fix the valve (plumber quoted $1000)? Can they legally withhold the rent even if the water pressure is fine and everything is in working, habitable, order? What can I do to get respect as a young homeowner? Any advice for me moving forward? Thank you real r/realstateinvesting community. [link] [comments] |
| Ever been burned by a wholesaler? Please share your experience!!! Posted: 24 Dec 2020 02:11 PM PST I currently own two houses, both bank financed that has great equity. I've joined a few groups and is getting familiar with the concept of attaining property via wholesalers. However, how do you know if a wholesaler deal is really a deal within 3 days (usually the time you get to do your own deligence). Do you need a contract on speed dial who you can pay a small amount to be available immediately for an estimate on repairs? Even so, I recalled estimated taking over a week to get returned from my past experience. When a property is listed in a group with 20-30 comments requesting more info. Seems like a rat race at this point. My success in the past came from taking my time finding a deal I'm confident about. But that's the expensive route since I'm buying at market price or little below. I guess my concern is getting into a much faster pace transaction type where I could potentially get burned because I'm rushing. I thought about start attending courthouse auction whenever covid is under control. Does anyone favor one over the other would the second part of my question. [link] [comments] |
| Property listing databases in your state? Posted: 24 Dec 2020 06:38 AM PST Louisiana has LACDB, which, imo, is better than Loopnet or Costar here if you're still in the browsing stage of your search. Looking for other similar state- or region-specific resources. [link] [comments] |
| Posted: 24 Dec 2020 10:09 AM PST If I have multiple properties that I have decided to rent it out to tenants in a different state or country. It is legal to hire a worker/manager to help me collect the rental fee WITHOUT a real estate license. [link] [comments] |
| Anyone know anything about HDF Connecticut first time home buyers program? Posted: 24 Dec 2020 09:22 AM PST |
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