Real Estate Investing: Monthly Motivation Thread: December 21, 2020 |
- Monthly Motivation Thread: December 21, 2020
- Would you buy a house next door or on your own street as an investment property?
- Rental Cashflow Calculator - after getting frustrated with BiggerPocket's and other calculators for analyzing deals, I made my own with extra features to make deal analyzing fast and smarter. Free to use, I hope you find it helpful!
- Save for second or cash out refi on current?
- Current rates for investment property?
- Suggestions for negotiating inspection findings - Windows
- Cincinnati Investors, Help!
- Next multi-family investment.
- Realtor tapping into wholesaling
- Looking to buy my first rental property
- Do Craigslist bandit ads actually work?
- Advice for investing in real estate in ATL (+ surrounding suburbs)
- Potentially buying my first house with a friend..good or bad idea? Pros and cons??
- UC on first investment property. Questions.
- Real Estate Loss Tax Deduction
- Are prices too high to make RE investing worthwhile? I live in AZ and I just don't even think it's worth my time to invest in real estate now. Bought my house in 2010 and now everything is sky high.
- Insurance laundry list email
- Holding a mortgage
- Appraisal gap...
- blindly bid for home property at online auction Pasco county, FL --need help
- BRRRR Partnership Structure
- Lease options
- Start Up Capital
- Multifamily Refinancing Terms/Conditions: What should I look for?
| Monthly Motivation Thread: December 21, 2020 Posted: 21 Dec 2020 12:00 AM PST Monthly Motivation ThreadWelcome to this monthly series. This post will repeat monthly, on the 21st of every month. This is your opportunity to share your successes, accomplishments, as well as provide us with an update on your goals and strategies as they pertain to Real Estate Investing. Example Questions:
Veteran investors feel free to provide useful tips and feedback to other people's goal, as well as some of your recent successes, or failures. [link] [comments] |
| Would you buy a house next door or on your own street as an investment property? Posted: 20 Dec 2020 08:35 AM PST Neighbor about to list home, wanting to buy a rental property. Looking for pros and cons [link] [comments] |
| Posted: 21 Dec 2020 01:16 AM PST Hi all Over the hundreds of deals I've analyzed, I noticed there were certain calculations that I kept wanting to do, but the existing calculators weren't efficient. So I made a new one: https://cashflowcalc.com/ The "About" tab lists a bunch of the features, but one I particularly want to mention is the ability to do a "reverse calctulation": if you know what's your target return, it will tell you what's the max price you should offer. I would warmly welcome any feedback! [link] [comments] |
| Save for second or cash out refi on current? Posted: 20 Dec 2020 08:37 PM PST Which is better? Save for down payment on second home, or do a cash out refi on our current home? We have about 70k in equity. We would need about a 30k down payment for new home, and we could save for that in 2 years or so. 2.75% current rate, va, lived here 5 years, IRRRL refi in March. Roughly 550k budget for new home, in extremely hot market with same day sales. We do not want to sell our current home, we want to keep it as a rental... However, I am open to reccomendations. [link] [comments] |
| Current rates for investment property? Posted: 20 Dec 2020 05:15 PM PST Does anyone know more or less what the rates are now for an investment property? Have the rates lowered for those mortgages as well? [link] [comments] |
| Suggestions for negotiating inspection findings - Windows Posted: 20 Dec 2020 06:53 PM PST Offered full price for a home built around 1990, and seller negotiated with me to pay several thousand over asking, which is fine. Did not ask for any money toward closing or concessions. There where a couple other offers FYI, at least one that was comparable to mine. We are in the inspection period now, and the inspection uncovered that the window frames are shot, the panes and frames are loose and held together by duct tape. We are having a window specialist get some estimates for repair / replacement now. We didn't see the windows when we walked through as the curtains were drawn for the damaged/broken windows and broken frames, and we neglected to pull back the curtains (Lesson learned for next time), Anyhow...
Am well aware of my inspection period deadline FYI [link] [comments] |
| Posted: 20 Dec 2020 02:10 PM PST Investors in Cincinnati -- what are you currently seeing in the markets? I'm looking to get started in the city come summer time and doing my research, but I'm interested to hear where y'all are putting your capital and why? Some areas I'm hopeful for: - Price Hill - East Walnut Hills - Evanston - Clifton (student housing) Additionally, what are your thoughts on Mt. Auburn? Thanks! [link] [comments] |
| Posted: 20 Dec 2020 06:29 PM PST My goal is to buy 1-2 multi family investments out of state next year and I'm between Austin, TX, Indianapolis, IN & Dayton, OH. My friend is pushing me towards AZ (he's down there). Where are you looking for your next MFH? [link] [comments] |
| Realtor tapping into wholesaling Posted: 20 Dec 2020 11:06 PM PST I'm about ready to send these yellow letters out. As a realtor are there any rules with this? I have a partner who is not licensed. How should we approach this? What's a good list to target and should i hand write anything? Please share some templates. I'm in Northern California [link] [comments] |
| Looking to buy my first rental property Posted: 20 Dec 2020 09:23 PM PST I'd like to start this off by saying I've only been doing research on this topic for a few weeks. I want to live in one of the units I'll be purchasing for a while to get out of renting myself. Ideally I would like a duplex to avoid having to deal with too many tenants. I'm having a bit of confusion between what I hear on the internet and what I see on Zillow. The internet says 80% of rental properties are not going to bring a cash flow while all the math I do on these properties says I'll basically live for free. If I wasn't planning on living in one of these units it seems like every property I look at could easily have a $1000 cash flow monthly. For instance I'll use an example that I thought would be the least ideal property to buy but still would bring positive revenue. $489,000 2 units that would easily rent for 2k a piece. 20% down would equal about a $1,573 mortgage Property taxes - $539 Home insurance - $171 Total that's $2,284 on a property that can bring in $4,000 a month. Even if you put away $700 a month for future issues, you'll still be in the green $1,000. Am I missing anything or is this just the norm? Everything I'm looking at is in Massachusetts. I'm sure there's things I'm missing but that's why I'm here asking. [link] [comments] |
| Do Craigslist bandit ads actually work? Posted: 20 Dec 2020 08:07 PM PST I browse Craigslist for sale by owner for houses and I see a lot of bandit ads of people saying they will buy your house for cash. I'd be interested in putting up one of those ads and am wondering if anyone has actually had success with it. Thoughts? [link] [comments] |
| Advice for investing in real estate in ATL (+ surrounding suburbs) Posted: 20 Dec 2020 07:15 PM PST Hi everyone! I moved to Cobb County outside of ATL, GA last year. I am currently looking at the prospects of buying a home or multi family home for house hacking purposes in the area. Does anyone have any insights into the atlanta market and key things i should look out for as I begin my research? I haven't been in the area long enough to be fully comfortable in my knowledge of the area. [link] [comments] |
| Potentially buying my first house with a friend..good or bad idea? Pros and cons?? Posted: 20 Dec 2020 06:58 PM PST I'm getting ready to move in a few months, and my buddy and I are looking to get a place together. Reason being we are in a band together and moving to a new city. House would be for living and jam/recording space. We're both 27 and single w 750+ credit. He has a good moral compass, great job, finances on point etc. Ideally the perfect candidate to purchase a property with. Ideal price range is $200-300k. 20% down payment so $40-60k. Still discussing mortgage options but 15yr seems most likely. This is where it gets interesting. Based on available funds, I would only be able to cover $10k of the down payment due to financial constraints. He would cover the remainder. This essentially would give me anywhere from ~16-25% ownership initially, which I'm fine with because as we pay off our mortgage equally, my ownership % will increase to a certain extent. My goal here is to start building some equity, instead of just paying him rent monthly (he is buying regardless and my extra $10k for the dp bumps up our price range giving us more/nicer houses to choose from). I'm looking to stay in this situation anywhere from 3-7 years as I eventually want to start building a portfolio of investment properties and feel like based on my current financial situation this gives me the best chance to get started on that journey. On paper this seems like a sweet deal but I'm wary of what could happen after a few years as so much could change between now and then. We both realize the 3-7 year timeframe makes sense for both of us, but I'm curious as to what this looks like on the back end if one of us wanted to move out sooner than the other, or other unforeseen circumstances. Has anyone ever gone through something like this? What did you learn? Any recommendations for how to approach and deal with the endless possibilities of things that could happen? Any input would be greatly appreciated. Thanks all!! [link] [comments] |
| UC on first investment property. Questions. Posted: 20 Dec 2020 06:23 PM PST UC on my first investment property, it's a duplex. I'm excited, nervous, all the above... We will most likely set it up as an LLC. That being said, what do you guys do with net profits each month?? Are you putting back into the house? Escrow account? Thank you! [link] [comments] |
| Real Estate Loss Tax Deduction Posted: 20 Dec 2020 07:36 AM PST We will be selling one of our investment properties at a loss after all costs. Given that we are real estate professionals, I'm under the impression that we can deduct this loss from our income. Has anyone had any experience with this? Here's the scenario: purchased the home for 185k then put 50k into it. We will likely have to sell at 200-225k. Would the loss be tax deductible or is it only based on the initial purchase price? [link] [comments] |
| Posted: 20 Dec 2020 05:37 PM PST So I have always wanted to get into investing in real estate. Primarily in 2010 I wanted to get into it but did not have a lot of money or a high paying job. I did quit a commission only sales job so I could get a 30k a year w2 job that would suffice for a FHA loan up to $1100 a month payment which was $155k or so with 3.5% down. Got a house for 150k in Scottsdale AZ. Rented out the extra rooms to cover the mortgage and got free rent. Roommates have left and now it's me and the fiancé in the house which is now probably worth 450 to 500k now. The house also allowed me to quit my shitty job that got me the loan to buy the house lol. Which then led to me buying storage lockers and then starting an eBay/Amazon resale business. So long story short I'm now older and worth more than $1 million and trying to find ways to make passive income with real estate but it just seems like everything is too expensive to even be worth my while. If you had 500k in cash how would you leverage it right now in real estate given that the markets are red hot in many areas... [link] [comments] |
| Posted: 20 Dec 2020 04:19 PM PST Almost exactly one month to the day into ownership of my newest property, my insurance agent emails me a small list of things stating he knows I'm working on them and implying they should be done. Now I'm very proactive with my properties and have a good amount of improvements and upgrades done to other properties. I fully intend to address some of the issues as some are safety/health related. They are not large liability type issues but issues that I will be addressing sooner rather than later nonetheless. But one month in, receiving an email asking if they are done kind of rubs me the wrong way. Nothing was ever discussed up front and to think they would already be fixed 30 days after closing is ridiculous. What power do they truly hold? I'll be talking to my agent tmro. I'll be addressing the issues but wtf. [link] [comments] |
| Posted: 20 Dec 2020 11:40 AM PST I have a tenant who wants to buy the house he rents from me and I'd like to sell it. Problem is he owns his own business that is pretty successful, yet a bank won't give him a mortgage because he doesn't have W-2. I am very familiar with his business and know it isn't going anywhere and is expanding due to ridiculous demand for the product. I'd be willing to hold back a mortgage, but how does that work since I also currently have a mortgage? How do I pay off my mortgage or otherwise structure this? House is worth 415k and I owe about 305k on it. Any advice? [link] [comments] |
| Posted: 20 Dec 2020 03:06 PM PST A property I have under contract unfortunately under appraised and I'll have to come up with the appraisal gap money I put into the contract in order to secure the deal. Is this money "lost" or does the appraisal gap money go towards my equity in the house? I believe it is lost. Thanks! [link] [comments] |
| blindly bid for home property at online auction Pasco county, FL --need help Posted: 20 Dec 2020 08:20 AM PST I got excited and bid a home for 45K at county online auction site last week without much of ground work except that I physically checked from out site and the home value of it was showing up for about 200K in zillow. I thought I kind of won a lottery deal, but now I am worried of what kind of issues and cost I need to through and why my bid won for such a low price of home value? Any guidance on next steps greatly appreciated. Thanks. [link] [comments] |
| Posted: 20 Dec 2020 12:30 PM PST I am working with one other guy on BRRRR's. I will come with cash payment to buy house ($80K) and he will take care of rehab ($60k) Once it is rented, I will most likely manage. Has anyone gone through this before and come up with a structure? Ideally when we refinance we pull out all of our money. [link] [comments] |
| Posted: 20 Dec 2020 08:13 AM PST Just a quick question. Property in looking at has good potential. I like rentals and this has a pool so it's not really something I'd want to own for a long time. Exploring different ways to profit off it and lease options interested me. Can anyone share experience in FINDING candidates for rent to own situations? I'm wondering how difficult it is to find people who'd be interested in that type of setup. Also, what are some of the key pieces you need in those contracts to attract buyers but also protect your investment? [link] [comments] |
| Posted: 20 Dec 2020 11:08 AM PST I'm sure this has been asked before, but how did you all get your start up capital? I'm wanting to invest through an LLC. start up but I don't have the 20% required for most investment homes, are there small business grants available or will I have to find an investor? How did you guys do it? I'm just beginning so any advice or direction is appreciated. [link] [comments] |
| Multifamily Refinancing Terms/Conditions: What should I look for? Posted: 20 Dec 2020 04:37 AM PST I will be utilizing the BRRRR strategy of Buy Rehab Rent Refinance Repeat to grow the portfolio. We are looking for a delayed financing loan product that fits this strategy and mainly trying to avoid products that have high fees, a long seasoning period, and prepayment penalties. Once we renovate the property to add value (Equity), we want to refinance once the property increased in value. My question is around the questions, products, terms, & conditions I should be directionally aware of when having conversations with lenders. Below are some notes that I wrote to get the ball rolling on this: Refinance Financial Products
Refinancing Financial Terms To Look At
[link] [comments] |
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