Real Estate Investing: My BIGGEST pet peeve |
- My BIGGEST pet peeve
- High Cash Purchasing Power in HCOL Area, Is It Worth Buying Less Home to Purchase an Investment Property in a LCOL Area?
- Managing a rental stateside while living overseas
- Do the numbers make sense?
- Strategy: take out HELOC and invest that money in stock market?
- When I've decided on a new city to buy property in, how do I find and choose a reliable contractor to help me rehab when I'm presumably long distance?
- Is real estate the best choice going forward? Looking for advice.
- Best areas for rentals?
- Give me your two cents please.
- FISHY OFFERS
- Get real estate license for investing - worth the costs? (NJ/NY)
- New to the scene - Question on maintenance
- Is anyone here located in Seattle?
- Client wants e-sign tool w/ pre-loaded contracts. Does it exist?
- Looking into purchasing a cheap plot of land in Utah purely for the address, what costs am i missing?
- Newbe Jitters: Need help on whether or not to make an offer.
- Worth it to replace fluorescent lights in kitchen of a rental property?
- Best way to finance investment property using current home equity - and still pay off this house soon?
- How do you vet a contractor?
- Advice/Knowledge drop for a beginner in every sense of the word.
- Buy then rent out question
- Absolute beginner questions - invest in Flint?
- Basics of starting a RE business?
| Posted: 18 Dec 2020 08:01 AM PST My biggest pet peeve: When realtors post a new home and say, "Would make a great investment property!", when in fact, they know NOTHING about investment properties. For example: Home Price: $279k, Avg Rents: $1200/mo. Um, no. Just no. That's all. </rant>. Have a good day, everyone. [link] [comments] |
| Posted: 18 Dec 2020 07:20 PM PST Hello, I live in a HCOL area and had originally been looking at purchasing a home for myself. I have a enough cash on hand and general income to purchase a property in a decent range (anywhere from 450K-750K) with a minimal mortgage. While I could splurge on a higher value property obviously, however I was thinking it might be better instead to save some money and use it towards a down payment on a property in a cheaper area since mortgage rates are so low. For example, if I get a place for the "low" (in the this area haha) end of my budget (450K-550K) as my primary residence, I could reasonably afford up to 75K down payment on another home for investment (for example, 250K outside the area). If I were to purchase my primary residence in the lower range, it seems like I'd get more bang for my buck by purchasing another cheaper place to invest in. In Florida for example I have friends making 200-300 over their mortgage payments from renters near where I used to live in Orlando. With COVID and the housing boom this obviously might change. I assume my primary residence will increase in value as well since the my area is always rising in value and people will always work here. Would it be worth it to stay to the lower end of my primary residence budget and use the savings to purchase another property? If I have 75K in cash on hand, would it be better to just hold it in an investment account with how home prices are going (I already have one so it wouldn't really be diversified)? Or even would it be better to just use that towards my primary residence to get a "nicer" place that will appreciate more in value and wait later to buy an investment property? Thanks, [link] [comments] |
| Managing a rental stateside while living overseas Posted: 18 Dec 2020 07:27 PM PST Hello all, I'm planning on buying a duplex using the VA home loan and living in one unit and renting out the other. However, I'm buying it while transitioning out of the military on active duty and transitioning to the reserves. I was recently notified my reserve unit is sending me on deployment within 2 months of me getting there. So I'll have a 2 month window to move in to my property and deal with any issues I may have regarding renting the other unit. I'll be overseas for a year but I want to maintain my primary residence at the duplex while continuing to rent the other unit out. Is it possible to maintain my property while overseas? Does anyone have any experience with this? Is a rental management company a good idea for me? Any advice would be greatly appreciated! [link] [comments] |
| Posted: 18 Dec 2020 07:23 PM PST I have and live in a home that is worth 300k and I owe 165k on the mortgage. I just refinanced, so my payment with escrow is 900 a month. I could rent this house for about 1600 a month. My wife and I have been saving for our next home and we are wanting to keep this one as a rental. Is that spread good enough to rent it out? I am actually a newbie when it comes to real estate, but it's been kind of a dream of mine to own rental properties ever since I was 18. Is there an equation I should follow when deciding if renting a property makes sense? Books/websites I should check out? I want to make 2021 the year that I get real estate smart and own my first rental. [link] [comments] |
| Strategy: take out HELOC and invest that money in stock market? Posted: 18 Dec 2020 03:49 PM PST Hi, I'm 24 with a good income and rainy day savings. Recently got approved for a HELOC of 80% LTV. The lock in APR promo is 2 yrs at 1.75%, 3yrs at 2.25%, and 4yrs at 2.75%. I have 10 years to pay off the loan but those teaser rates go up after the locked in years. I was thinking, what if I took this out and invested in in the market during that duration (sp500 index) and profited off the spread from return? If so, what duration should I choose for the promo? I understand the risk involved and have sufficient income / rainy day funds to cover all losses. [link] [comments] |
| Posted: 18 Dec 2020 08:50 PM PST New investor here. Let's say I was eying city X to buy my first property. I think my preferable route is to go for foreclosures that need work. I find a deal and I purchase. Now I need to give it a major rehab before renting. How do I begin to find a reliable contractor to do this job, especially when I'm living 2.5 hours away? How do you not fuck up your enterprise by choosing the wrong contractor? How do you know who to talk to and who to hire? [link] [comments] |
| Is real estate the best choice going forward? Looking for advice. Posted: 18 Dec 2020 01:09 PM PST My mom and I own two single family homes and three rental units. We also have a condo for sale that wasn't profitable any more. We've had a few problems here and there but currently everything is rented and running smoothly. Also there are no mortgages. I had always intended to keep these properties as a source of passive income once I retire but I am becoming more unsure. One tenant is kinda crazy and is always bothering my mom about nonsense. Is it worth the stress? (my mother adamantly won't consider a property management company). Of course there are intermittent repairs and normal upkeep. The issue that I keep coming back to is instead of buying that last house, if I had put that money in an index fund it would have grown quite a lot more with less effort. Are rental properties still worth it in today's economy? What are the positives in sticking to the original plan? [link] [comments] |
| Posted: 18 Dec 2020 03:55 PM PST From what I've noticed and from some personal experience, the best areas to own rentals seem to be near a military base or a university. Military base seems to keep rents higher than surrounding areas because of their housing allowance and there's a steady supply of renters. University students always need a place to live and often rent will be paid by their parents or student loans. What are your thoughts? [link] [comments] |
| Give me your two cents please. Posted: 18 Dec 2020 07:01 PM PST Hey y'all, Here's the gist - I'm extremely driven very good at sales and good at talking. I also enjoy all of the above. (Super humble too ;) bear with me) I've been going to college for 3 years now and due to interest changes and major swaps likely have 2-3 years left. (I swapped to marketing) That being said I honestly can not afford to go to college, in state or not. So I have devised a new plan for myself. I plan on getting my real estate license, which utilizes my passions for money, sales, people, and hard work all in one. And I have a strong interest in real estate as it is. On top of that I have a family friend already in real estate that makes well into the six figure range that has already offered to mentor me and is urging me to move near her and work for her brokerage. My question for y'all is, am I shooting myself in the foot by not finishing my degree, I really have no desire to finish it. I destroyed in retail and sales when I did it and feel with my drive I can do the same in real estate. Let me know what approach y'all would take! Thanks y'all Edit: I'm 22 btw! Edit 2: I should clarify, I have no desire to take out private loans to FUND my degree. I have a desire to obtain my degree when I can pay for it [link] [comments] |
| Posted: 18 Dec 2020 10:38 AM PST Hi all, I am not sure if this is the right place to put this post. So I have two parcels of land in a pretty undeveloped area. I put these prices of land up for sale. This investor contacts me, puts in an offer, we write up a sales contract. And decide to go with my title company. They then tried to renegotiate for a lower price. I said no, then they said that was okay but in order to close the deal they would need to use a different title company due to funds being held up in that company. I feel like something fishy is going on? [link] [comments] |
| Get real estate license for investing - worth the costs? (NJ/NY) Posted: 18 Dec 2020 06:08 PM PST Is it ever worth it? Having a full time job, is it even possible to register as a real estate agent after passing the exam? I hear MLS fee and overall fees can be 2k a year. Where can we find the exact numbers? [link] [comments] |
| New to the scene - Question on maintenance Posted: 18 Dec 2020 01:18 PM PST I'm new to the real estate scene and recently purchased a duplex! I found my realtor through BP and he has guided me through the purchase process and it has been great so far. With purchasing the property, I knew there were some minor maintenance tasks that needed to be done such as:
My realtor advised me that he has a maintenance tech who can do everything, and I trusted him with these tasks. I sent my realtor a list of items, and he passed them along to the maintenance tech. With the first job, 2/6 of the items were not complete and he charged me 12 hours for labor (split into 4 days) + parts. I asked him about these unfinished tasks and he said he will go back. Since he was going back anyways, I asked him to take a look at the lights in the back yard. He went back and completed all the tasks, but also ended up doing some additional things I didn't ask for (like fixing the smoke detectors, fixing cabinets and doors in other rooms) and said that the tenants had asked him to do those (and charged additional 8 hrs). Being new to this, I'm trying to understand the cost of doing business. It doesn't seem right that he did additional work without talking to me about it - but maybe this is the cost of doing business. What do you think? [link] [comments] |
| Is anyone here located in Seattle? Posted: 18 Dec 2020 10:13 AM PST What are your thoughts on the rental market for SFHs in Seattle? I wonder if all the new apartment high rises going up all over town will make it difficult to turn a profit on a rental due to all the competing inventory? Or on the flip side, maybe SFH rentals are increasing in desirability since most of the inventory are apartments without yards? I'd love to get the thoughts of someone who's been here awhile and knows more about the history of the market. [link] [comments] |
| Client wants e-sign tool w/ pre-loaded contracts. Does it exist? Posted: 18 Dec 2020 08:27 AM PST I have client with a unique request. They do off-market transactions all over the US. They want an system that's pre-loaded with contracts for each state that are legally approved for use by individuals who aren't realtors. We have an e-signature platform he could enter the contracts into once he has them, but he wants it bundled. I've never heard of anything like that. Does it exist? Or is there at least a resource I can guide him to for the contracts? I don't think BiggerPockets has purchase agreements for all 50 states, just leases. Or am I mistaken? TIA! [link] [comments] |
| Posted: 18 Dec 2020 02:37 PM PST As the title states im looking at a plot of land in Utah, very low 4 figures and money isnt an issue. I have a fleet of cars that i want to register at the address. Im a CA resident, if that gives you any insight as to "why". The land has power, internet, and a county maintained road (only thing that mattered really). The land is in Iron County, im wondering what taxes would look like on an unbuilt plot of land, and any other fees i would be responsible for (aside from the buying process). Thanks [link] [comments] |
| Newbe Jitters: Need help on whether or not to make an offer. Posted: 18 Dec 2020 01:38 PM PST The house next to where I rent is up for sale. It is within my price range, and if need be, I could rent it out, but I am having such a difficult time bringing myself to make an offer because of the commitment (no saying that I would even get it). I have my pre-approval letter that goes above the asking price. The house is 275K in NJ close to the beach and I would be willing to go up to 315K. I wasn't exactly looking for a place to buy, but I'm wrestling with if this is a compulsive idea, or something that will be worth the investment in the long run since I have to be out of where I rent in April, and the timing could potentially work out in my favor. Can anyone help get me out of this fearful mind frame to come from a place of strength or power? Is there anything I should look into before even considering making a purchase besides the taxes? [link] [comments] |
| Worth it to replace fluorescent lights in kitchen of a rental property? Posted: 18 Dec 2020 01:28 PM PST Quick question for r/realestateinvesting folks, is it worth it to replace the fluorescent lights in the kitchen with something more modern? The context is a rental property in a lower-middle class neighborhood. This is a picture of what the lights are like (this is not my kitchen): https://blog.recessedlighting.com/wp-content/uploads/2014/09/Kitchen-soffit-ceiling-before.jpg [link] [comments] |
| Posted: 18 Dec 2020 01:16 PM PST My current property probably has about $900k of equity in it and I'd like to be able to purchase a second property to rent out. We refinced about 5 years ago to a 15 year mortgage and I'd like to keep this house on the path to being paid off in 10 years. I'd like the new rental property to have a 30 year mortgage. Our debt to income ratio doesn't leave much room with our current mortgage (approx 25%) until we have income from the rental. I'm looking at homes in the $300-400k range. Should I refi at 30 years and pull out all the cash i need to make the purchase then refi both homes (rental at 30 years and my home at 10)? Should I refi my home for 10 years and just pull the minimum I'd need for the down payment? Should I do a HELOC (don't know much about this)? Should I speak to my current mortgage holder? Or is there some type of financial planner who could advise me? Other ideas? Thank you [link] [comments] |
| Posted: 18 Dec 2020 12:45 PM PST Weird question, I know. I posted on my local real estate investor website that I needed a recommendation. I guy messages me. Says all the right things, is licensed, will pull permits, is an investor himself, has a big crew and and can work fast. But how do you know if they are good or not? Do you ask for pictures? Check references? Hope and a prayer and if they do a crap job use someone else next time? [link] [comments] |
| Advice/Knowledge drop for a beginner in every sense of the word. Posted: 18 Dec 2020 05:32 AM PST I'd like to start off by saying, this is not the first place I've come looking for knowledge or advice. I promise you I'm doing my due diligence and studying what I can. However, being that this is the very first time I or even anyone in my family has had an opportunity to even consider buying real estate, I get overwhelmed sometimes. So I've come to you guys. I appreciate any and all responses, and the time you take to help me out. A little about myself so you guys have an idea where I sit. - 26 years old - Medically discharged Vet - 120-130k yearly income - 1.5k-2k monthly expenses - 680 credit score last I checked - 10k in my stock portfolio - No debt - Currently in iraq for the foreseeable future. - Mother has Power of Attorney and would handle most of the business on her end. If you'd like anymore information let me know. I plan on using my VA home loan to buy my first property, and im exclusively looking at Multi family homes. Then expanding from there. My general plan is to put the renters money towards my mortgage and putting the rest in a bank account in case I need it for repairs, vacancies, or any other emergencies. Once again, I appreciate any and all responses. I'd like to sincerely thank anyone who takes the time out of their day to help provide some insight. Hope you guys have a good day. Edit: Book suggestions would be really cool. [link] [comments] |
| Posted: 18 Dec 2020 08:49 AM PST Looking for a place to buy, live in one room, and rent out the other room(s). Eventually renting out all the rooms. What kind of metrics do people look at to make sure that buying then renting will make sense financially? Is it smarter to get something I need to fix up a bit first? Or something that's move in ready for a higher cost? Just trying to get some ideas from people who have experience in it. Current places I am looking at are -Denver general area -Salt Lake City -Houston What other places would someone recommend for a strategy like this? [link] [comments] |
| Absolute beginner questions - invest in Flint? Posted: 18 Dec 2020 07:36 AM PST I know the idea of investing in Flint, MI sounds like a terrible idea, but I have a few points/questions. I'm an absolute beginner in real estate investing, owning no properties, just looking at the idea. Flint isn't too terribly far from me. Property there is cheap, dirt cheap. You can easily find homes for 30k-40k, and I'm not talking about some of the run down/abandoned homes, I'm talking move in ready. Granted they aren't super nice, newly renovated, or very big (many are 800-1000 sq ft), but they are habitable, and with a little TLC they could actually be nice. Flint's real estate obviously took a big hit with the contaminated water issue, but that's almost entirely fixed now. Property values for different zip codes around Flint have gone up anywhere from 6%-12% over the last year depending on the area, and are forecast to go up another 10% or so in the next year. Let's say you find a home for 35k that you're interested in. 10% down is only 3.5k, and with interest rates so low right now it's a great time to buy. Considering the mortgage/interest (on a 30 year loan), property taxes, insurance, etc, the total monthly cost to own the home would only come out around $225-$250, and this is for a move-in ready space. People in Flint aren't looking for luxury, as long as it's clean and safe it would be good enough for most. I am fortunate enough through my day job income that $250/month wouldn't be a huge cost to cover if I am unable to find tenants for the property. I would consider renting out this hypothetical property for $550 a month (although realistically it could go for $700). The cash flow isn't huge at $300 a month, but it is on a percentage basis, at over 100% monthly return. Looking at rental properties in Flint, there are very few properties at that price, and basically none that are 2 or more bedrooms. Michigan's minimum wage is $9.65 an hour. If someone is full time at the minimum wage, they'll make $1544 a month, just a hair under 3X the rent. And in a two bedroom house like that, they could have a roommate to split costs if they felt like they needed to. Obviously I'm not expecting the best tenants if I'm offering an extremely low rent in a rough town like Flint. But for a first time investment it seems like the numbers look good. Even if I charge below what I could realistically get and get a tenant only making minimum wage, I could make more than double the monthly costs of owning the property. What am I missing? Am I overlooking anything or are there red flags I haven't mentioned? As I said, I don't own any investment properties - I'm only in my 20's and looking at this as a step towards learning more/getting more involved in real estate investment. Thanks for your time and responses [link] [comments] |
| Basics of starting a RE business? Posted: 18 Dec 2020 06:20 AM PST We have a target area and a general plan. We are looking at ways to find deals. What little things did you do or would you suggest be done for someone new to starting a REI business? The standards: build a team, network, make lots of offers, etc are great and I would still love the advice. But generally what have you done to start your business. I plan on self managing and Im looking at setting up a Google Voice number, basic website, looking into ways of tenent contact, checks, requests etc. What am I missing? What are the best systems out there that you have used? [link] [comments] |
| You are subscribed to email updates from Real Estate Investing. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment