Real Estate Investing: Start small or go big? |
- Start small or go big?
- Tenant tried to replace toilet lid and resulted in a leak. Who should be responsible for the bill?
- I'm interested in buying a storage unit -- now what?
- Mobile Home Park Deal - Looking for Advice
- 1031 - when do I get a QI and Lender involved
- Properties Owned by LLC
- Switching from Sole Prop to LLC - Business Credit
- Anyone solely flip properties?
- Real Estate License in America
- Implications for purchasing a condo at an older beach resort hotel
- Investing in Real-Estate through a Solo 401k??
- How soon should I start talking to a real estate agent before I want to buy?
- Is there a way for me to 'get out' of this FHA loan in order to buy a good deal that just came up?
- Deducting purchase and rehab costs into new year
- [Landlord][US, NC] Does anyone rent to housing assistance programs other than Section 8?
- Avoid California Prop 19 Tax Reassessment?
- What’s the fastest path to rehabs and doing my own development projects?
- Group Real Estate deals structuring?
- Closing on House - Alaska, 16 yr old Boiler - floor heat
| Posted: 11 Dec 2020 07:23 PM PST Start small or go big? Hello everyone! First time poster. I am about ready to jump on my real estate journey. I have the chance to start small with a solid turnkey property probably 300/month after all expenses and maybe 8% COC. I'm a new investor so ideally I'd love to get into BRRR strategies otherwise it would be a slow process to find one property a year. Should I hold off on the small property or dive into a bigger project? I'm unfamiliar with rehab costs and have not worked with a GC before. So would there be a good way to familiarize myself with those things? Sorry for rambling! [link] [comments] |
| Tenant tried to replace toilet lid and resulted in a leak. Who should be responsible for the bill? Posted: 11 Dec 2020 09:41 PM PST Closed on a property late Nov and moved a tenant in the first of December. After about a week and a half my tenant contacted me saying the toilet was leaking. He mentioned he went to change the lid as it was old and crusty, and I guess it resulted in a lose screw or gauge/whatever they're called. After sending a plumber out there, he mentioned the toilet seemed old and underneath was corroded. Ended up replacing the toilet for $400. From his eyes the toilet was old and needing replaced and didn't look like any negligence. It was an emergency type plumber so honestly no clue if he was landlord friendly or what Now my question is, should I put this bill on my tenant? This is my first rental so I'm honestly not too familiar with how long toilets last. I believe it was no more than 4 years old. Should I just eat the 400 and move on? Or should I put the bill on him as the toilet was working property until he decided to change the lid. My biggest concern is him being a new tenant he is looking to see what he can get away with etc.. [link] [comments] |
| I'm interested in buying a storage unit -- now what? Posted: 11 Dec 2020 02:35 PM PST So I've done a ton of research and have determined that I'm interested in getting a storage unit. The problem is that it's difficult to find ones to buy. I've tried all the online websites but it seems like there's 2-3 per large city. I know what city I'm interested in buying in (near me). Do I just go on bigger pockets and say I'm looking for an agent? Does anyone have good advice on how to find an agent for storage units besides posting on FB, BiggerPockets, or Googling? [link] [comments] |
| Mobile Home Park Deal - Looking for Advice Posted: 11 Dec 2020 08:09 AM PST I am currently analyzing a mobile home park and I wanted to see if anyone on here has any experience. Specifically regarding running the park, maintenance, tenant turnover, star rating, and lending. I'll drop the stats below. I currently have 5 properties that are all SFH and I am looking to make a bigger leap regarding cash flow. I have a few deals that have made it through my filtering process but this park keeps me interested for its high cash flow (relative to my other deals). By the Numbers (using 2020 YTD): [link] [comments] |
| 1031 - when do I get a QI and Lender involved Posted: 11 Dec 2020 03:55 PM PST I have several properties for sale. They are being sold as a portfolio but am willing to sell them individually. I intend to 1031 all proceeds. I have three questions.
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| Posted: 11 Dec 2020 03:47 PM PST Two of the properties that I am interested in are currently owned by an LLC with a single member. The LLC has a single loan for both properties. The two properties are the only assets owned by the LLC. I have enough cash to pay the member of the LLC their equity to transfer the LLC to me and they are interested in the deal. It may be difficult for me to qualify for lending if I tried to purchase the assets alone and seems like purchasing the LLC may possibly save some fees. Is this a good idea? What are the possible downsides of this transaction? [link] [comments] |
| Switching from Sole Prop to LLC - Business Credit Posted: 11 Dec 2020 11:22 AM PST I have a EIN for a Sole Prop with its own business credit. If I created a LLC, which I need to create a new EIN for, is there anyway to "transfer" the business credit from one EIN (sole prop) to another EIN (new LLC)? Or do I basically have to start over building credit? Was wondering in the future if I wanna transfer my properties into its own LLCs how it would affect me. Curious on how this works. Thanks for the help [link] [comments] |
| Anyone solely flip properties? Posted: 11 Dec 2020 01:33 PM PST It is very common to hear of people building a portfolio of properties to rent out, usually through some type of BRRRR strategy. However, I was wondering if there is anyone in here who solely flips properties?
Overall, just looking to learn more about the experiences of those who solely flip properties as it seems to get overlooked as a real estate investment strategy. Thanks! [link] [comments] |
| Real Estate License in America Posted: 11 Dec 2020 03:58 AM PST If I have a British passport, and I've lived in the middle east my entire life, could I, by just getting a high school diploma, travel to America and take the real estate exam to become an agent? Or should I be an American citizen? [link] [comments] |
| Implications for purchasing a condo at an older beach resort hotel Posted: 11 Dec 2020 09:56 PM PST There is a condo that I would like to purchase at a beach resort condo built in the 1920s. It's at a touristy location but the hotel is very old and run down. There's apparently drainage issues and an abandoned mall apart of the hotel. I haven't went to visit yet (it's roughly 5 hours away), but the reviews of this place from people staying at the hotel are saying that the place should be torn down and rebuilt. The perks of this place is that there are no restrictions to use this as a rental/airbnb, and there are great views of the water. What are the implications for purchasing this studio unit in an older building that may possibly need to be stripped and rebuilt? [link] [comments] |
| Investing in Real-Estate through a Solo 401k?? Posted: 11 Dec 2020 08:30 PM PST Anybody do this? I'm a small business owner looking to open a solo 401(k) and down the road would like to be able to invest in real estate. Vacation rental properties and what not. From the research I've done the account needs to be a "self-directed" account and after several phone calls today it seems like none of the large brokerage firms offer this. I spoke with Vanguard, TD Ameritrade and Etrade today. TD Ameritrade did tell me they had a special "non-custodial" account that is unlisted on the website that could help me accomplish my goals but in the end I just got confused. So for anyone who's managed to do this, which firm are you using? [link] [comments] |
| How soon should I start talking to a real estate agent before I want to buy? Posted: 11 Dec 2020 04:41 PM PST Hello everyone. I am new to RE and do not own any properties yet. I am currently renting in SoCal and I would like to try to purchase a condo when my lease is up in September 2021. How long does it usually take to find a property, and how early should I start talking to an agent? Should I also talk to multiple agents at the same time? [link] [comments] |
| Is there a way for me to 'get out' of this FHA loan in order to buy a good deal that just came up? Posted: 11 Dec 2020 08:51 AM PST Hello everyone. I am guessing I'm not going to be able to swing this but thought i'd ask the question because this deal seems to good to pass up. Two houses next to each which per listing is owned by the same person, just went up for sale on my block each for 150,000 with tenants in place (said you could buy both but no requirement to). The houses are probably worth at least 180,000 at a minimum and fixed up could be 200-220,000. From pictures and just a drive by they look in good shape. Built in 1980 roofs are metal and look fine. I purchased my first property, a duplex, for 185,000 that appraised at 215,000 in July. Cost me 10k out of pocket to buy, seller covered all closing costs and did FHA 3.5% down at 2.75% interest. I spent the last 6 months doing a bunch of repairs, completely remodeled the unit im living in, new water heaters which involved a plumbing redirect (biggest expense and only non-diy) due to the old water heaters being in the attic and inaccessible (they put them in when re-doing the roof). If the appraisal was accurate then with the upgrades could be worth even more than the 215,000. Current duplex has the tenants below paying $865, current mortgage+taxes+insurance is $1,100. My unit is nicer so I should be able to rent it for at a minimum lets say $900 so it'd be $665 cash flow before Capex etc. Tenants below have expressed they want to stay "forever" and they are great tenants so I'm not concerned there. So I am required for FHA to stay here for another 6 months, however like I said these single families are a good deal and I only want one. I don't have enough cash on hand to do 20-25% down payment for an investment loan to just hold onto the house for 6 months until I can have the tenant leave and then fix-up/move-in. Spent most of my savings on remodel and repair right now I have 15k in crypto I could pull out (don't want to), 5k in cash, $9,000 in a roth ($4,000 non gain), and 8k in company stock they offer loans against if needed. Therefore I'm not too concerned coming up with enough to cover a 5% down mortgage. However like I said I have this remaining 6 months on the FHA so I don't think I could get owner occupancy. I think Owner occupancy requires 60 day to move in, is there any exception to that say if the tenant currently in place had a lease that extended past that? So I could look into refinancing my duplex? Idk, I may just need to be patient and wait 6 months and another deal will come up but thought I should ask the question at least or i'd be going crazy. Thanks for any insight! [link] [comments] |
| Deducting purchase and rehab costs into new year Posted: 11 Dec 2020 10:22 AM PST Have a scenario I need some help with. Purchase a home at auction in November and I do not anticipate it to be rent or sell ready by March of 2021. When doing my taxes will I be able to put all those costs on 2020 taxes or do I need to save the expenses record for 2021 until the following year's taxes? I tend to do the few rentals I have on TurboTax typically it asks for your purchase price and all rehab expenses occurred before the home is ready, so I am unsure if I can include expenses that carry over. This is in the United States [link] [comments] |
| [Landlord][US, NC] Does anyone rent to housing assistance programs other than Section 8? Posted: 11 Dec 2020 05:42 PM PST |
| Avoid California Prop 19 Tax Reassessment? Posted: 11 Dec 2020 02:19 PM PST Hello All! My mom lives and owns her home in California and is in the later stages of her life. She has a very low property tax rate as she has owned the home for close to 40 years. I was hoping to keep the home as a rental property to help provide my family and I with some additional income during our retirement years. Because Prop 19 just passed and would take effect on 2/16/21 next year, I was wondering if there are any ways that I could avoid being subject to a tax reassessment once I inherit the home after that date. The house is currently in a living trust between my mom and I but I was advised that would not affect Prop 19. Initial thoughts were either add my name to the deed before 2/16/21 or if necessary, transfer full ownership of the house to my name. Was planning on contacting a tax lawyer but if anyone has any insight, it would be greatly appreciated! [link] [comments] |
| What’s the fastest path to rehabs and doing my own development projects? Posted: 11 Dec 2020 01:29 PM PST I'm a new investor in RE. Same as everyone, been educating myself and all that, don't wanna bore with the same stuff. :-) After giving a lot of thought into what I want my investment strategy to be I've decided on RE development of SFH & Multi-families. The size and scope? Sky's the limit, but I'm old enough to understand it might not be my thing after a certain scale. However, I'm aiming for 20-100 units development, because why not? And that will set my sights higher. If I don't reach that goal because turns out it's not for me that's totally fine. (Gotta be realistic here I understand some people are better for some tasks than others) I also have cash to do my first 1 or 2 lower cost SFH rehab deals. With that understanding my goal is to reverse engineer and figure out what the best path to getting there as fast as possible might be? Some of the things I've thought about:
On this point I see Helocs, hard money lenders and partnerships as a way to accelerate experience thru deals. The trick will be finding the deals, and partnering for the first ones because by myself I can only handle 1 house - I hope! :-) - due to my inexperience.
The idea is to get really good a rehabs, learn the ins and outs, slowly move into my first SFH development and take it from there. tl;dr new investor. I recognize I have no practical exp yet. How do I change that in the fastest way possible without crashing and burning, and eventually get into my own developments? I'd like to get feedback from experienced investors as to what you think of my plan. Is there anything wrong with any parts of my approach? Do you completely agree/disagree? Thank you! Edit: Another question that came to mind. Is becoming a DYIer or becoming skilled in any trade something that would be worth investing my time on? (For myself Id love to, but keeping the goal in mind...) [link] [comments] |
| Group Real Estate deals structuring? Posted: 11 Dec 2020 08:51 AM PST |
| Closing on House - Alaska, 16 yr old Boiler - floor heat Posted: 11 Dec 2020 12:04 PM PST Situation: I had a home inspection done on a house I am buying. The seller agreed to fix these items:
The contractor installed tiger loop combi, air intake, and other things, as well as moved the oil tank further from the house (for the loan requirement). Apparently the floor heating tubing extends 1000 feet (recommended 300 feet max) and the return pipes return at room temperature which is leaving the house is around 59-60 degrees. The thermostat has been set to 72-74 degrees. The floors are all cold except the hallway, bathroom and bedroom closest to the boiler. The contractor has been swapping out pumps, replaced the thermostat, and lots of troubleshooting to get the floor heating to work. My realtor and contractor is trying to persuade me to agree for the seller to install baseboard heating in the living room and dining room and says it is too expensive to tear out the flooring (wood floor and concrete above pipes) to reroute the piping. The pipes are said to be unreachable above the plywood on top of the foundation. She says that the floor heating will work again if baseboard heating is installed to supplement the in-floor heating. Question: I really don't want baseboard heat, and want the already installed floor heating to work, are there options to get the floor heat operational? The seller will pay for baseboard but not to tear out the flooring and replace it. Based of what I agreed for him to fix, is he responsible to fix it, and if he is and still wont, is my only recourse to walk away from the house? I am currently in early occupancy, not closed yet. *If there are missing information you need to help, I will add it as requested. Thank you for any advice I can get! [link] [comments] |
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