Real Estate Investing: State of the Sub - December 2020 Edition |
- State of the Sub - December 2020 Edition
- Weekly Discussion Thread - Week of December 1st, 2020:
- How to end 2020 for a successful 2021
- Best cities with low taxes
- Best way to get into real-estate investing
- How do I beat cash buyers?
- Automatic Water Shutoff System for Rental Properties?
- Re-Fi or throw that $ into Stock Market
- An elderly neighbor died and I am exploring the idea of flipping the house
- Sell or Rent it out?
- Is a professional photographer for Airbnb listing worth it?
- Primary into rental, cashout refi question
- Any blockchain/tech savvy Redditors in /r/realestateinvesting?
- Mortgage consolidation, does it make sense?
- Where do you list your rentals?
- Is it a good idea to get personal loans to buy multiple homes, then transfer them under an LLC later. What impact does having multiple loans have on my credit score?
- First time investors considering buying home in Sonoma County
- New investor looking for proforma advice
- Investment structure for vacation rental properties
- Is it okay to use multiple Realtors?
- How do I find a good contractor?
- Looking to buy first house.
- To refinance or not?
- Looking to rent out my house after I move out, what upgrades should I do to make it more refresh friendly?
- How to cash-out refinance properties under LLC?
- Apartment More Expensive than Townhouse?
| State of the Sub - December 2020 Edition Posted: 01 Dec 2020 08:53 AM PST Happy Holidays everybody! We are (kind of) back with our monthly and weekly stickies. Thanks to the addition this year of /u/|3erny and new Reddit updates we are close to automating these threads as well as setting up various wiki's to reduce commonly asked questions. Upcoming items of interest: End of year awards, a new Mod being named and other adventures. In the meantime... Looking for real time conversation with other sub members? Visit the official /r/realestateinvesting Discord Server: https://discord.gg/n7dxPVd November 2020 Top Posts: (Coming Soon) [link] [comments] |
| Weekly Discussion Thread - Week of December 1st, 2020: Posted: 01 Dec 2020 08:57 AM PST Welcome to the Weekly Question thread at /r/realestateinvesting! (Week of December 1st, 2020 - December 7th, 2020) Discord Server: https://discord.gg/n7dxPVd This is the thread to ask general questions about real estate investing. If you're brand new here, please read the rules in the sidebar before posting.
This Sub is Modded with an IRON FIST when it pertains to spam, attempted SEO, "Guru" Promotion and click bait. Don't do it. Do not begin an AMA without approving it with the moderators first. Do not market deals as a buyer or a seller. This includes lending and syndication. If you catch a comment of somebody attempting to market a deal, service, or product please flag and report the post so a moderator can catch it. (MOST GENERAL QUESTIONS SHOULD BELONG IN THE WEEKLY THREAD) Examples of questions that can be asked here:
IF you believe your question deserves its own post, you may post it as an original question. We will begin to create more clear guidelines on what belongs in this thread and what deserves its own post as time goes on. In other news, we will begin to create a bi-monthly thread (separate from this one) that has rotating topics. To start, these will include things like: Success Stories, Deal Analysis, Motivation Monday. If you have a suggestion for what might be a good topic to add, please comment below. [link] [comments] |
| How to end 2020 for a successful 2021 Posted: 01 Dec 2020 11:10 AM PST What are you doing in December (last month of 2020) to set yourself up for success in 2021? [link] [comments] |
| Posted: 01 Dec 2020 05:12 PM PST I'm beginning to do some research in different areas for my first purchase, which will be for a multi family property & done with an FHA loan. I'm curious to know what smaller to midsize cities are the most tax friendly. I was hoping to look into the PNW, but I haven't found anything within my range, and it seems taxes are fairly high. The Midwest/east coast are seeming more favorable. I'm open to hearing what some of you know EDIT: when I say taxes, I'm referring to all taxes. EDIT #2: all unnecessary lectures/trolling will be blocked & reported. Anyone who has said "you shouldn't be investing in real estate if you're basing your purchase off of taxes" is silly and baseless. Take your micro aggressions out of this thread/subreddit. [link] [comments] |
| Best way to get into real-estate investing Posted: 01 Dec 2020 07:25 PM PST Hi Y'all, I'm curious about the "easiest" way to get into real-estate. My wife and I have decent savings in our retirement funds, mostly in stock, and own a REIT called AMT. I'm curious what the best way to get into real-estate investing is without a huge amount of capital to buy rentals. I guess I'm wondering if a company like Fundrise would do the trick or if I should save more to purchase a real property? Thanks in advance! [link] [comments] |
| Posted: 01 Dec 2020 08:19 PM PST I want to buy a property or two but how do I beat these all cash buyers? [link] [comments] |
| Automatic Water Shutoff System for Rental Properties? Posted: 01 Dec 2020 06:02 PM PST Has anybody had any success with installing & managing automatic water shutoff systems across their rental properties? [link] [comments] |
| Re-Fi or throw that $ into Stock Market Posted: 01 Dec 2020 10:55 PM PST Hi, I've had a primary residence condo for 1 year now with a remainder loan of ~$254k. My current IR is 3.875%, 30yr fixed. My monthly P+I is ~$1,233 After shopping around, the best re-fi rate I can get is 30 yr fixed, 2.75% @ max pts, $1041 P+I, ~$11k closing costs. I'd like to keep this condo long term and ease into renting it out. If rented out after re-fi, I'd break even in regard to cash flow, accounting for all expenses. I'm wondering if it's even worth it to re-fi vs throwing that 11k in an sp500 index and just leaving it? Edit: Looked around different lenders and >$10k closing seems to be the norm. Checked across 5 community banks. Not sure why it's so high but that might be since I'm in Hawaii? $950 (origination fee) + $6,350 (points) + $2k to $3k (escrow fees) + appraisal ($700) Also it seems that this condo is not eligible for a conventional loan, according to most banks. Something about the vacancy rates. They all said it needs to be kept as a portfolio loan. [link] [comments] |
| An elderly neighbor died and I am exploring the idea of flipping the house Posted: 01 Dec 2020 11:58 AM PST From the title, an elderly neighbor I used to do yard work for died and her family, who lives in Alaska, is thinking of selling the house (in Chicago suburbs). With the distance and the virus, the family hasn't visited and it seems like they don't want to keep the house and would sell it at a fair price since I knew the lady well. The house is 2br with an unfinished basement on a 2 acre lot and I could get it for approx 150k. Nothing fancy, but it is cozy and could be a starter house for a couple or something like that. The house could use some work, deep clean, replace some furnishings/appliances, but it is mostly intact. I just graduated college and I've never flipped anything or bought property before. I am currently living at home and have a lot of time and some cash saved up. How much should I be prepared to spend and would taking on a project like this put me in over my head since I have little experience with it? At this point in time, with the virus and recession, would it be a good time to flip? Thanks for your help! [link] [comments] |
| Posted: 01 Dec 2020 10:34 PM PST Help me decide please if it's better to sell my home or keep renting it out. Rental income = $3700 Mortgage = $440,000 @ 2.87% rate Property tax + association = $18,000 [link] [comments] |
| Is a professional photographer for Airbnb listing worth it? Posted: 01 Dec 2020 06:18 AM PST Looking for any examples if anyone had of home taken iPhone pics being replaced with professional photography and having a effect on booking rates. I thought I took good pictures and edited them nicely until my friend roasted a few of them. I used iPhone 10x. [link] [comments] |
| Primary into rental, cashout refi question Posted: 01 Dec 2020 05:39 PM PST Bought a home in 2015 for $184k. Loan amount $174k at 4.125%. Balance sits at $157k. We're thinking of moving to a better school district but retaining this home as a rental property. So, we're thinking about doing a cash out refi, mainly as a way to get enough cash to put down on a new home. We can likely score a slightly better rate with a refi (somewhere around 3.6), and the rental market is solid here. We talked to a realtor who thinks the house value has appreciated to 225k. So my question is about the limit of the cash we can get in this potential refinance. If we owe 157K, but the home is "worth" $225k, then equity we have is $68k. How much of that equity can we likely access? Thanks in advance! [link] [comments] |
| Any blockchain/tech savvy Redditors in /r/realestateinvesting? Posted: 02 Dec 2020 12:56 AM PST Here's a little article to inspire or awake some blockchain passion for those who are in real estate. But, attempted to be different from existing articles. It's very broad, ranging from sustainable city development to meet climate goals and keeping actual track of green certificates, all the way to tokenization of property to make real estate investments accessible to more people. Tokenization (maybe even NFTs) is not only cool, but also enables innovation. A lot more to dive in there, including but not limited to;
Give it a read, share with your real estate friends. And do let me know your comments, thoughts or feedback right here in the sub. [link] [comments] |
| Mortgage consolidation, does it make sense? Posted: 01 Dec 2020 06:51 PM PST I have 5 properties 3 of which have mortgages. I was thinking of doing a cash out refi on one to pay off the other. The goal would be to have the property free and clear. Interest rates are 5.375 with 27 years left and 3.375 with 10 year left. Does it make sense to do this? [link] [comments] |
| Where do you list your rentals? Posted: 01 Dec 2020 10:59 AM PST I'm new to the game. I am listing my primary residence for rent on Zillow, however it us is being really buggy. As soon as I list, it pulls it off market immediately. I have contacted Zillow about this but have not received a reply (anyone else dealt with this?). So...I'd like to know what else you all use to list your rental properties. I've heard Facebook Market Place is a good option. If you do that, what do you use to conduct background and credit checks? Do any of you use PM software like Buildium to list? Sorry if these questions are repetitive. A quick search in this sub didn't point me to any good threads. [link] [comments] |
| Posted: 01 Dec 2020 11:33 AM PST Many conventional lenders won't loan money directly to my LLC unless the property is 5+ units. To work around this I want to get personal loans for a few single/multi fam homes then later move these under LLCs. What are some issues or things I should keep in mind with this? Any additional links to learn more would be appreciated. [link] [comments] |
| First time investors considering buying home in Sonoma County Posted: 01 Dec 2020 09:51 PM PST We're looking to invest in our first property and have been researching for quite some time now and a family friend of ours is about to put their 2bd/1ba 6 acre farm that's located in Freestone, CA on the market. It's been estimated at around 1.3 million before renovations and are willing to let it go for 1 million to us. It has been remodeled, new septic, new plumbing, new airstream, has barn(falling apart), all the bell's and whistles. My wife's mom is a real estate agent so she is gonna cover all fees related to the sale. After breaking everything down we're looking at payments that are possible(~$5400) and also mentioned a few write off opportunities that could help during tax season. It was suggested to get 2 loans for this property one of them being carry-back for 100k which seller has agreed. The property has 4 acres of usable land and will come with an airstream, which we were thinking about airbnb-ing and finding usable ways of profiting with the rest of the land, this is of course best case scenario. Initially we were looking at LCOL BRRR, buying multi-family, etc.. Property is also zoned to add an additional house but due to finances don't think that would be possible anytime soon if we did decide to go through with this property. We both currently bring in ~9000 after taxes and would be putting down 10%. Are we too starry-eyed or does this seem like an opportunity for first time investors? Would love to hear all of your thoughts on this. Thank you for taking the time to read this! [link] [comments] |
| New investor looking for proforma advice Posted: 01 Dec 2020 09:38 PM PST New investor here - I've been working on getting my proforma ready to analyze deals, but wanted to get another pair of eyes on it and was hoping someone with some success in RE investing can take a look at this and let me know if anything should be changed or added. Deals I'm looking at are 2-4 units, so I didn't add anything too fancy to the model. Any help would be very much appreciated! [link] [comments] |
| Investment structure for vacation rental properties Posted: 01 Dec 2020 08:10 PM PST Hi Reddit fam, I need some input in regards to a client I'm working with in AZ. We're trying to expand the business and opening it to investors who have high liquidity want to invest in vacation rental homes. If anyone who has experience structuring this, were definitely open to suggestions. For example: A house for $1,000,000. I bring in 4 investors for $250,000 each. The house generates $120,000 a year in rental income. Providing a good return on their investment. [link] [comments] |
| Is it okay to use multiple Realtors? Posted: 01 Dec 2020 03:43 PM PST I'm a new investor. I have one property and I'm beginning to look for a second property. I'm still feeling out different realtors. Is it better to have multiple people looking for you or is it considered taboo to use more than one realtor? [link] [comments] |
| How do I find a good contractor? Posted: 01 Dec 2020 07:18 PM PST So I've gone under contract for a multi family home (house with an apartment built on in the back). I guess the current owners were unable to get permits for the apartment (not sure why). So my realtor said I'll need to find a contractor who will handle the permits and make sure inspectors come out to close them. So what is the best way to find a contractor? (I live in San Antonio, TX if if anybody knows someone). Also about how much should I be looking to spend on the contractor & inspection & permits? I'm a first time home buyer, so I am feeling a bit lost in process. Thanks in advance. [link] [comments] |
| Posted: 01 Dec 2020 06:56 PM PST Can anyone explain the process of applying for a mortgage and probably the best lender to use? I am thinking about quicken loans and SoFi. Has anyone use them before? (I am pretty sure people have used quicken loans before). I am a little hesitant about the fees, I have no clue what their fees look like or when and what things do you get charge for? Also, can you add your closing costs to the mortgage or they need to be paid? A little background, House price - 300-400k Down payment - 40-50k Credit - 750+ Thank you so much in advance!! [link] [comments] |
| Posted: 01 Dec 2020 06:20 PM PST We have a rental in Southern California that doesn't cash flow but has appreciated almost $5k a month since we bought it in 2016. Our monthly mortgage is $3300 and we rent it out for $3200. Our interest rate is 4.25%. We owe $475k and is worth appx $820k. We were quoted today at 2.875% and would lower our payment to $2680 month, giving us a cash flow if appx $520/month. Would be paying 1.5 points so total cost would be around $10k to do it. The catch is that we were planning to sell in the next year or two anyway. Crunching the numbers we would need to hold 20 months to break even on the refinance costs. Should we refinance or is it not even worth it? [link] [comments] |
| Posted: 01 Dec 2020 09:12 AM PST Like the title says, I am planning on renting my house out when I move in a few years, so what upgrades would y'all suggest (flooring, appliances, landscaping, etc)? Also, is there anything you would suggest staying away from? For reference, I am in Arizona, my house is worth about $180k in an area where the median home price is almost $300k. It was built about 15 years ago. Small dirt yard in the back and rock up front. The flooring was terrible when we moved in (mostly carpet, with some linoleum and tile), but we haven't replaced it yet because we have three children 5 and under and they are hard on it. We will probably replace it with some laminate here in the next year or two. Nothing else in the house has really been replaced since it was built, the counters, cabinets, hardware, and vanities are all original and they are your basic, cheaper stuff that is common in cookie cutter homes . My wife and I talked about getting new countertops and refinishing the cabinets, but a friend who landlords cautioned against making anything you want to rent out "too nice" as it makes it more of pain of you have to fix any damage they might do. But I kind of feel like if it's something we would appreciate, then maybe we would be able to find renters who also appreciate it. Would it make more sense to do the upgrades after I have turned it into a rental so as to write the cost off as a business expense? [link] [comments] |
| How to cash-out refinance properties under LLC? Posted: 01 Dec 2020 05:32 PM PST I am having a hard time finding a lender that will cash out refi SFH portfolio in Pennsylvania. All houses are owned outright by the LLC. We had some offers from "brokers" with 5 year balloons and 7% rates. Is this the norm? I am not expecting to get 3% APR for LLC, but at least a 30 year fixed loan so we don't have to worry about refinancing later on. Can anyone help? [link] [comments] |
| Apartment More Expensive than Townhouse? Posted: 01 Dec 2020 01:07 PM PST I recently purchased my first investment property (I'm from Canada) but am extremely precarious about the situation I purchased a townhouse in a condo housing complex. The complex is made up of apartments and townhouses, with an assortment of 1, 2 and 3 bedroom units When I was researching the area and previous sold units, I noticed that apartments consistently sell for 20% more than townhouses on comparable units (same number of bedrooms and bathrooms) Why is this? I've always known townhouses to cost more than apartments. Property taxes and condo fees are similar on units as it is based off of square footage [link] [comments] |
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