- My rental was used to scam somebody on Craigslist. Scammer copied my post from months ago, collected a deposit and 1st months rent. Victim came to my house. Anyone else dealt with this?
- To LLC or not to LLC, that is the question
- Trust vs. LLC - opinions, considerations
- Looking for First Project - Is this way too ambitious?
- Your rational for investing in real estate
- House Hack a SFH or Purchase as Rental
- Can Private Lenders refinance property?
- Investment Property Bookkeeping app
- What to do with a property I now own?
- Renting a primary home during the first year
- What are the benefits of depreciation on a rental if depreciation is more than money coming in?
- Where to "market deals"?
- Buy house to rent out in ~ 1.5 years?
- Seller financing or not?
- Disabled Vets on a VA loan
- Will lenders count my rental income when considering me for a mortgage? I show no rental income on tax returns because of depreciation.
- Any suggestions on sources for participating in multi-family syndication deals?
- How to take hard money and then refinance into a conventional loan at the lowest cost?
- Do you improve rental properties?
- Any advice for first time investor in the GTA?
- Is it possible to add too much value?
- Do I Need a License to Mail to Prospective Clients?
- Buying our rental.
- Analyzing the deal
- Long term to short term.
| Posted: 06 Dec 2020 10:03 PM PST We have notified Craigslist and filed a non-emergency report with the local PD. Anything else we can do? I feel really bad for the victim as they were heart broken. [link] [comments] |
| To LLC or not to LLC, that is the question Posted: 06 Dec 2020 05:53 PM PST I have my first income property under contract and should be closing in a few weeks. I've done a few flips (http://imgur.com/gallery/zK6YHPS and https://imgur.com/gallery/dg1swl5) so I'm fairly familiar with real estate. This will be my first long term investment. I have a good paying W2 job that I expect to keep until I'm 55 so real estate investing is more to build wealth and passive income. I have an umbrella policy at $500k that I plan to up to $1mill. The building I'm buying is a 3 unit with a positive cash flow of ~$600-800/month after expenses (mortgage, insurance, taxes, vacancy 10%, maintenance 10%, PM 10%) even with 2 units already rented with long term renters just a little below market rent rates. I'll raise those rents a little bit each year. I plan to renovate the units as they become vacant and raise rents to market rates. I will be working with a property management company. I plan to own this property for the long haul and use it's revenue to buy more properties. Is it worth setting up an LLC now, later, at all? Why? What about tax advantages? Business advantages? Building business credit? I'm very clueless in this business side of things. So I'm asking, what works well? Any good books/AMAs/ articles to read? I recently purchased weekend millionaire and an half way through. [link] [comments] |
| Trust vs. LLC - opinions, considerations Posted: 06 Dec 2020 02:18 PM PST Hi I'm in my 20s. I own my home and am looking to split a rental with a business partner. Could someone please educate the advantages of trusts vs LLC? Thanks everyone [link] [comments] |
| Looking for First Project - Is this way too ambitious? Posted: 06 Dec 2020 09:38 PM PST Hey Everyone, I'm looking to do a first project (rehab) and just wondering if this is just too ambitious for project #1. https://www.zillow.com/homedetails/2743-N-Ridgeway-Ave-Chicago-IL-60647/2085841467_zpid/? Any thoughts/opinions on how the framing looks? Any thoughts/opinions on what needs to be done in what order? Any major red flags (including that this is too ambitious for a first project)? Thanks! [link] [comments] |
| Your rational for investing in real estate Posted: 06 Dec 2020 06:57 AM PST What's your rationale for investing in real estate? Sometimes I go back and forth on whether to buy more properties or just invest the money in passive index funds and not even think about it. On one hand the monthly rental income is nice. However, it seems like more returns most years in the stock market than waiting for the value of a house to go up, I don't have to deal with annoying tenants, costs to reno/repair, or closing costs to sell. I know some of these things can be written off but is the tax benefit worth it? Couldn't one just withdraw from their brokerage account to get the same monthly income if necessary? What's your rationale? What am I missing here? [link] [comments] |
| House Hack a SFH or Purchase as Rental Posted: 06 Dec 2020 02:03 PM PST Single (Mid 20's M) with a good paying W-2 job and more than enough to put a 20% downpayment if needed. I need advice on the two options for my 1st real estate investment. Duplexes in my area is out of the picture. Option 1: Purchase an investment property for long term rental. This will cash flow approximately $350/month. Continue to live with my parents for another year and then move out and purchase a SFH to house hack a year from closing. Option 2: Purchase a SFH to house hack and rent one of the rooms to a coworker. My monthly mortgage payment after renting one room will be approximately $550. Move out after 1 year and house hack another property. If I can rent the additional room I could get the two roommates to pay for the mortgage, but I am not counting on a third person just in case I can't find someone I can trust. Is there an advantage from one to the other? Any tax/business advantages from one to the other. Anybody have a 3rd option? [link] [comments] |
| Can Private Lenders refinance property? Posted: 07 Dec 2020 01:14 AM PST Google seems hesitant to give a straight answer on this matter so I thought I'd try my luck out here. I'm looking to invest in American Real Estate from Japan, and heard that refinancing my property would be a good way to go. However, being from Japan, I've got absolutely nothing in the way of a credit score which makes me hesitant to take on what I heard are massive interest rates from the institutions usually involved with refinancing. That said, I'm not even sure if refinancing via private lenders is a possibility so I'm hoping for a straight answer in regards to this question. [link] [comments] |
| Investment Property Bookkeeping app Posted: 07 Dec 2020 01:11 AM PST So I was looking for an electronic ledger App to keep track of the finances of and investment property, I found this App call Landlordy 2 that charges you a 1 time fee instead of monthly or annual subscriptions kind of like buying a software for your computer and not using an online service. But I wanted to hear from more people is there better apps or cheaper or even if you pay monthly what do you guys use? [link] [comments] |
| What to do with a property I now own? Posted: 06 Dec 2020 04:25 PM PST I'm looking for a bit of advice on what I should do with a property in Terra Haute, IN that I now own. I live in Oregon. I apologize for the wall of text but trying to give as many details as possible. A bit of backstory. I initially got into real estate investing a couple of years ago using an SDIRA and notes because I wanted something fairly easy. I bought two notes which were actually working well and paying out 9%/month in interest. The property in question was a $65,000 note but several months ago the owner of the property stopped paying the interest payments. After quite a long time working through a lawyer, the owner finally signed a quitclaim deed so at this point the house is mine. Now to my questions of what to do. The property itself is a 3 family property. According to Zillow, it's worth ~$100,000K. I'm not sure of the state of the property as far as needed repairs. When I went through the process of getting the note the owner went through and fixed it up but it's been a couple of years. I'm also not sure what each unit rents for or even if there are tenants in the units. The company I purchased the note through actually does quite a bit of real estate lending in the area so they have a good network of realtors and property managers in the area. They are willing to help me out and I think at this point I basically have a couple of options. 1) is the easiest option where I sell the property and reinvest in one or two more notes. 2) I keep the property and get into the game of owning a multi-family rental. I am fairly new to real estate investing but with my limited understanding, there are a few things I think I need to know to make sense of this. Firstly I need to get an actual value from a realtor of what the property is worth. From there I need to work with a property manager to inspect the property to determine any costs I might need to put into it to fix it up and also determine if there are tenants and what, if anything, they are paying for rent. Does this sound like the right first course of action? The nice thing is I have a fairly good amount of money sitting in my SDIRA's checking account so I could afford some repairs as well as some vacancy as long as it didn't last for an extended period. Taking all this into account what advice would folks here give me? If anyone wants any other details let me know and I'll share what I know. Thanks in advance for the guidance. [link] [comments] |
| Renting a primary home during the first year Posted: 07 Dec 2020 01:05 AM PST So I bought a house I gave 20% down on a conventional loan, but is basically to big and lonely for my self so I wanted to rent the rooms and maybe in a year or two make it a rental but would it be better to stay quite about it and in a year just move out and get it under a lease contract or can I make contracts now with these 3 people renting the 3 rooms and use that in a year as income covering my mortgage to be able to get my next primary home? Do I get in trouble for doing that even though I paid 20% down payment? [link] [comments] |
| What are the benefits of depreciation on a rental if depreciation is more than money coming in? Posted: 06 Dec 2020 02:56 PM PST What does it mean if depreciation on a rental property I own is more than the profit before accounting depreciation? [link] [comments] |
| Posted: 06 Dec 2020 08:40 PM PST Delete if not allowed (and, sorry). Aside from posting on Realtor, fsbo, craigslist? lol etc, is there an active place someone could propose or solicit independent financing deals? Thanks! [link] [comments] |
| Buy house to rent out in ~ 1.5 years? Posted: 06 Dec 2020 04:38 PM PST Hello everyone! This is my first post here, so hopefully it makes sense in this community. I'm currently renting an apartment and I'm thinking I want to buy a SFH for when my lease ends in mid March of next year. Planning to stay within the $130K range and I've got enough in savings for 20%+ down. From a financial standpoint, I have no concern about buying. The reason I'm looking for opinions is that my girlfriend is currently in school and will finish up within the next two years (lives about an hour away). Once finished we will likely move in together, and that could be in a completely different area depending on her job prospects. My thought is I could buy a house now, and worst case, I would live there for about a year and half, while increasing my equity in the home, maybe make some improvements, and rent it out if I end up moving/ buying a new house with my girlfriend. Does this seem like a reasonable plan or should I just continue to rent until my girlfriend is done with school and invest my money in the stock market? Let me know your thoughts! Thanks! [link] [comments] |
| Posted: 06 Dec 2020 02:04 PM PST Hi All - I was passed down some vacant land after a death in the family. 7 acres in CA - zoned commercial. We are in the middle of what was supposed to be an all cash transaction - but the buyer has requested seller financing for 40% of it. Return wise, obviously that's great, but we intended on an all cash transaction. Our priority is not making a return, but potential risks/headaches with carrying a note. How risky is this? Headaches with possible foreclosure? If we are in a senior position, can we be pushed down? We really do not want to take on any risks. [link] [comments] |
| Posted: 06 Dec 2020 05:19 PM PST Any chance a disabled vet here has ever gotten a four-plex? The math looks good but I have never seen it done in the real world. (For anyone who does not know a 30% disabled vet can get a 100% LTV loan on up to 4 units) It "can" be done but I am a disabled vet who has lots of vet friends, and even I have NEVER seen it done) [link] [comments] |
| Posted: 06 Dec 2020 11:05 PM PST Let's pretend that I have a rental property which I purchased from family and they provided the mortgage privately. Now I want to refinance with a bank. I know there are various things they look at such as monthly income, type of job (full time vs self employed), how long I've had my job, etc. But will lenders count my rental income as income even if on paper I don't have any because of depreciation? [link] [comments] |
| Any suggestions on sources for participating in multi-family syndication deals? Posted: 06 Dec 2020 01:12 PM PST |
| How to take hard money and then refinance into a conventional loan at the lowest cost? Posted: 06 Dec 2020 04:22 AM PST To preface - I am really a new investor. From my understanding, if you want to purchase off-market, oftentimes you are dealing with wholesalers or people who need cash now. Unfortunately, conventional and commercial loans are not an option, because of the processing times it takes to deliver the cash to wholesaler or owner who are looking for cash buyers/ Hard Money and then refinancing into a conventional loan seems to be the strategy to stay competitive with cash buyers. What is the standard operating procedure to make this successful? I would imagine that I would want to hold the hard money for as short as possible because of its higher rates. Then receive better financing terms on a commercial or conventional loan. [link] [comments] |
| Do you improve rental properties? Posted: 06 Dec 2020 07:20 AM PST Is it common or recommended to make improvements on a rental property while it's rented? I was thinking about adding a garage, while I know it has an ROI from the increased value of the property - is it wise to do that while it's rented? Pt 2 - if I built an in law suite above the garage and rented that out, is that common and would that be worth doing or influence your opinion These are upgraded I'm going to make, it's just timing that I'm wondering about as it relates to the best return of my money [link] [comments] |
| Any advice for first time investor in the GTA? Posted: 06 Dec 2020 05:42 PM PST Hey all. Just like the title says, I am hoping to start a REI career. I am a little confused by how people are doing it these days in the Greater Toronto Area, and would appreciate any suggestions. A little info about me: -100k annual salary -30k savings -currently renting -only have to work two days per week (24 hour shifts) -prior trades experience -wife will be in college in the GTA 1 year from now So, what I'm thinking, is that I should start looking elsewhere to buy a primary. We could relocate and but a SFH to convert into a multi. Some place like Quinte West, London, Windsor, Peterborough, etc etc. After a year, we would have to move back and rent while she finishes college. Anybody have any general advice, or good resources for me to look at? [link] [comments] |
| Is it possible to add too much value? Posted: 06 Dec 2020 08:51 PM PST I'm planning a renovation project and trying to figure out if it's possible to add too much to the point where it stops adding to the value of the home. Is that a thing that can happen? [link] [comments] |
| Do I Need a License to Mail to Prospective Clients? Posted: 06 Dec 2020 07:21 PM PST I own an LLC in Maryland and currently started looking at the Atlanta metro market. I was speaking to a real estate attorney who made it sound like I would need a real estate license to mail to prospective clients. I had an agent mail on my behalf while in Maryland, but would like to do this myself in Georgia if possible. The attorney admitted that he wasn't 100% sure of this, and was going to check with a client. I feel like all those folks out there trying to flip etc. aren't actually licensed agents, so I'm skeptical of this statement. Anyone have any input? Any insight is much appreciated. Thanks! [link] [comments] |
| Posted: 06 Dec 2020 07:06 PM PST Hi. So me and my husband plan on buying our current rental. We are about to put a deposit down under contract w certain surveying things still pending. But do we have to pay rent still if we're under contract to purchase? [link] [comments] |
| Posted: 06 Dec 2020 04:58 PM PST Hi, I am semi new to real estate investing, but I know that I want to get into it to build financial independence. I struggle with determining the math behind looking at the deal to determine if it's good or not. I understand that "good" is dependent upon the person, but are there calculators/spreadsheets that you guys rely on to look at a deal? I am particularly interested in the math behind short term rentals - ie beach rentals as I live in that area. But any spreadsheet would be worth looking at. Thanks In advance!!! [link] [comments] |
| Posted: 06 Dec 2020 06:27 AM PST I just purchased for 350k a unique four family right near our local hospital medical center. The building is an old 1930s barn structure built in a slab with a long row of four connected ranch apartments 2 bedrooms/ 1 bath. Not updated since the 70s and tentants are paying 775, 650 and 750 monthly rents. Local rent for 2/1 apartments in this location should be closer to 950 to 1150. With the last vacant apartment my partner and I wanted to rehab, update, furnish and term into a short term or monthly rental for visiting travel nurses or doctors. Then as the long term tentants leave we would do the same to the others. We are estimating 50k in rehab costs per unit. And probably another 25k in common area/outdoors rehab. Please poke holes and help me see what might be potential issues. Thanks [link] [comments] |
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