Real Estate Investing: Weekly Discussion Thread: December 7th, 2020. |
- Weekly Discussion Thread: December 7th, 2020.
- Is this Worth a Rental property Deal
- Basta Law Firm
- Got a condo for $79k last year should I sell it for $140k?
- Real Estate Investing Advice
- Regarding Triplex Purchase - Unpermitted Garage Conversion & Unpermitted Studio
- Question about getting your license with a felony
- Paying a mentor, not a seminar guru, to get started
- Property management website or app besides cozy/ appartments.com
- New nurse looking to build a real estate portfolio
- Purchasing a Property w/ Tenants?
- Trying to sell a house where should I advertise?
- When getting a home appraised, is it more valuable with or without tenants?
- Boarder income loan qualification question
- Sell home by myself or have close friend sell it?
- Thoughts on the Chatham-Kent market?
- Duplex vs In-Law Suite: Which is better to live in half and rent out other unit?
- STR vs LTR
- Best resources for a beginner?
- HELP: Property Under An LLC?
- How Much Should I Rent My Home For?
- Ways to increase property value
- 10mo work history, ~$22k saved, $43k salary. (How) Can I obtain a loan for a ~$130k house in <2 months?
- I feel like I made a horrible investment (Condo purchase in HCOL city with now bad rental market)
| Weekly Discussion Thread: December 7th, 2020. Posted: 07 Dec 2020 01:27 PM PST Welcome to the Weekly Question thread at /r/realestateinvesting! (Week of December 7th, 2020 - December 13th, 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] |
| Is this Worth a Rental property Deal Posted: 07 Dec 2020 07:46 PM PST Looking for an advice on a Rental property. So , here are the specs : 1500 sq.ft condo constructed in 2004 . Currently there are tenants living and looks like they wanted to continue to live in there renting about $1800. The loan looks like this : 1100 per month over 30 years , property tax is $4000 per year , HOA is $200 per month and Home Insurance is $300 per year. And top to that the Rental management charges about $150 every month. All in all ; I'd be shelling out about $100 a month from my wallet and not to exclude Home Warranty which is about $500 per year. Wanted to know if its really a deal to really invest in a rental property. A side note ; we are debating if we should continue in stocks or should we divest in RE(don't put all eggs in the same basket). Trying to understand where is the real appreciation coming from? If we see the numbers above; there's not a dime every month that I'm saving rather shelling out from my wallet. Except for the fact that the appreciation over the next couple of years ; I'm not seeing anything. Am I missing anything? [link] [comments] |
| Posted: 07 Dec 2020 04:09 PM PST My tenant has not paid a dime of rent since April. We are in LA county and with eviction moratorium, I could not do anything. I have tried going over, calling and reasoning w tenant to create some kind of dialogue and payment plan. They have not responded and are down right rude. They have also stopped paying water bill (in LA, water is under landlord's name and tenant only given a "copy" of bill). Water bill is now in the thousands, and they owe over $20k in back rent. I hired an attorney to evict, and now they are counter suing using a law firm called Basta. Essentially they are demanding I give them additional X days free rent, plus pay them to leave, and forgive all past debt and not ding their record. WTF. My attorney said Basta are extornists and will lie and cheat to make your property sound uninhabitable, and will drag you back and forth to court to drain you of time and money. Has anyone ever fought Basta in a jury trial and succeeded quickly? My property is a brand new build, these are the first tenants to live there. I know Basta and tenants are lying about conditions of property, bc I used to collect rent in person and I would always ask if everything was ok. So frustrated at this situation. [link] [comments] |
| Got a condo for $79k last year should I sell it for $140k? Posted: 07 Dec 2020 12:19 PM PST Hey guys as you can tell I'm fairly new with real estate investing this is my first official year as investor. I got a condo last year for $79k cash Rehabbed it for about $10k and rented it out for $1500 should I sell the property for $140k or do a cash out refinance. If I do a cash out refi I can use that money to buy a multi family home. To reiterate my question should I accept the cash offer or do cash a out refi and still cash flow a few hundred dollars. Quick info Bought propert for $79k Rehab $10k Renting out for $1500 Hoa + Insurance is $300 Tenant pays bills I take $1200 home Accept the cash offer for $140k? Thanks In advance , glad I ask Reddit! [link] [comments] |
| Posted: 07 Dec 2020 11:16 PM PST Hello, I am looking at various real estate investing options and am trying to weigh which methods I should consider given my circumstances. I live in California and I'm graduating next semester debt-free. Currently I have $30k invested in various assets on Robinhood, $2k in an old 401k, and by the time I graduate, I should also have about $10k or so in savings and some other money in various locations. I'm studying computer science and at my most recent internship made an hourly equivalent of a $85k/year salary, so that's roughly the salary I'm expecting post-graduation. I very much want to get into real estate investing. I've looked into house hacking, flipping, wholesaling, and other methods. I am going to be in California for the foreseeable future, so I also want to know if I should handle stuff locally or consider investing out of state. What would be the best way to get my foot in the door, especially if I want to ramp up and continue growing my equity. Any advice is much appreciated!! [link] [comments] |
| Regarding Triplex Purchase - Unpermitted Garage Conversion & Unpermitted Studio Posted: 07 Dec 2020 07:28 PM PST Hey guys! In a situation and wanted to throw it out there just in case anyone has some input for me! In July, I purchased my first investment property. Listed on the MLS as a triplex. 2,000 sq ft Main house: 2/1 Converted garage(Studio): 1/1 Studio: 1/1 Year built: 1960 Location: Ontario, California (Inland Empire) Here's the problem - The neighbor filed a complaint which brought the city to do a home exterior inspection today. He stated there is no permit in his system since the year 2000 that showcases anything on this property as being built - He says the back two units (converted garage + Studio) should not be here. He let me know that there is a chance that there were permits pulled prior to 1999 but I'll figure that out once I receive the county accessor document that they just mailed me today. I called the seller's agent immediately after. I asked him "Hey, I asked you if they were permitted and you told me they were in a text message. You also have everything listed as a triplex.. Did you know they were unpermitted or did you not disclose that? He stated that the back units were there since the Vietnam war and that the landlord originally had permits to install solar units on the back units in 2016. . The installation of the solar panels were permitted and approved by the city and there would be no way they wouldn't have seen those extra 2 units earlier. They are bullshitting you - I called my buying agent - He did not ask if they were permitted as everything was marketed as a triplex. He had also not been informed by the selling agent and there was nothing on our contract to disclose them not being permitted. I realized I made a HUGE mistake in not verifying this information(noobie mistake) in further detail to ensure what was permitted or not. I also realize that there is a chance that the permits were pulled prior to 1999 and everything is okay here. That's the good news - The bad news is everything was done with out permits and there is no record on file going back to 1960. In this situation, I would imagine that I have to demo the back units, kick out the tenants, and re-do it from scratch? What do you think is the likely outcome here and what can I expect moving forward? [link] [comments] |
| Question about getting your license with a felony Posted: 08 Dec 2020 02:24 AM PST So I have a couple drug charge felonies, and was wondering what the likely chance of me getting my real estate license is? Has anybody had a felony and got there license? How does that work? [link] [comments] |
| Paying a mentor, not a seminar guru, to get started Posted: 07 Dec 2020 08:08 PM PST Im curious if anyone started out by paying a partner-mentor. Essentially, I get on a phone call once a week and talk for an hour--then I look for [currently] unrealistic discounted multifamily deals (75% of as-is or ARV and are 70% occupied or more) and I am also suppose to be looking for people who are seeking funding for real estate investments. In finding these multifamily properties, I have also been tasked with finding a private lender who finance 100% of the ask price (also unrealistic). I am promised a commission or some sort of cut on every deal that happens, which should build wealth for me over time and, if done right, I should get to the point where I can do it all myself and not need the mentor's capital anymore; and voila, I become a full-time real estate investor. This is the desired end state. He only wanted four student partners, so he isn't a seminar guru trying to sell as many programs as possible. The total cost for this "apprenticeship." is $6000. Payment is flexible. I've been paying $250 every other week, and will continue to bleed out until I hit the 6k. Does this kind of program sound familiar to anyone? It is kinda hard to call it a scam, because we communicate daily and are actually doing things for real (looking for deals, contacting sellers, and conference calls with me, the mentor, and the seller). The mentor and I chat, email, text, etc. almost every day--as I continue to find prospective deals. I am the one finding the properties and facilitating the communication. The mentor is not. So it clearly isn't "staged" He does not advertise at all and doesn't seem to want a bunch of heads at $6000 a piece. Something still seems a little odd about it; yet, something seems legit. Has anyone heard of this approach? [link] [comments] |
| Property management website or app besides cozy/ appartments.com Posted: 07 Dec 2020 11:35 PM PST I'm having trouble with cozy, well apartment.com now. I'm trying to make a listing and it says i am not authorized to view the page. Im just trying to get a listing up and see how it works. I was interested in the rental payment options as it looks like it is free for both tenant and owner. The site looks broken. I make an account and it looks like it is set up for me to be a renter. Tried with another link and same thing. Do i need to call thier headquarters to verify if i own the property? What other web apps are there for collecting rent and overall management? Free would be nice but im willing to pay about 5 bucks a month for some features or else I will back to old school paper collections and applications. I have an lease document so I do not need a boiler plate. I have a generic rental application but one online would be nice. I would like to use a rent collection app online. I would like a credit check or background check more detailed than a b c d or good / bad. I mean give me some details please! What kind of misdemeanor are we talking about? What are you guys using besides cozy/ appartments.com? Im located in California fyi. Thanks in advance, AA [link] [comments] |
| New nurse looking to build a real estate portfolio Posted: 07 Dec 2020 10:48 PM PST Hello y'all I'm looking for a mentor or anyone who can help me out from A-Z. I just started nursing and I will be making a decent amount of money I'm in Tampa, Florida. I still need to work on my credit. I also have older family who no longer can take care of their property in a prime loca in Tampa (Ybor City) and I'm working on trying to acquire them. [link] [comments] |
| Purchasing a Property w/ Tenants? Posted: 07 Dec 2020 04:09 PM PST So I'm looking to purchase an investment property that already has tenants. It's a single family home with a good deal of cosmetic work to be done (nothing too extreme) but with the price it's at, it's far below market value and I thought it was too good to pass up. I spoke with some realtors and was told it's foreclosed and bank owned w/ tenants living in the basement illegally (not paying for rent). The purchase of the house would mean that issue of the tenants would get passed down to the new owner. My question is: do you guys think it's worth it going through the trouble of evicting the tenant? I'm worried the tenant may trash the entire place before leaving if I do decide to purchase this. Has anyone had any experience purchasing a foreclosed property with illegal tenants that they had to ultimately deal with? How was that and would you recommend it if the property is below market value? [link] [comments] |
| Trying to sell a house where should I advertise? Posted: 07 Dec 2020 05:27 PM PST I have a great property I just finished paying off. Listed on Zillow but haven't received too much interest just a few calls that never panned out. Its a great investment property. Anyone had success using specific websites? Property is in Decatur, Illinois and I'm from LA so definitely not interested in going over there to flip myself. [link] [comments] |
| When getting a home appraised, is it more valuable with or without tenants? Posted: 07 Dec 2020 06:10 PM PST I'm rehabbing a home that I plan on getting refinanced with a mortgage. They will need to appraise it to decide it's value. I am wondering if the value would be higher brand new, no tenants or with tenants already moved in with signed leases? [link] [comments] |
| Boarder income loan qualification question Posted: 07 Dec 2020 05:31 PM PST I'm about to buy my first house and immediately have roommates. I plan to buy another property within a year or two of that purchase. I'm under the impression that boarder income is not taken into account by lenders, while of course it still is by the IRS. Is there a way I can structure the lease or do anything else to present a healthier DTI to lenders? [link] [comments] |
| Sell home by myself or have close friend sell it? Posted: 07 Dec 2020 05:01 PM PST Hey guys. Amateur to real estate and looking for advice on what I should do if you were in my position. I own a single family home and I am looking to put it on the market while it's hot right now and capitalize on some profits. I have a couple really close friends who are real estate agents that could do the sale for 4%, but after talking to them about what it would entail to do the sale by self and just list on the MLS, I feel like I could do it and pocket more of the profit. I put about 25 grand into the house and I can make a decent amount of profit in this current market. Am I stupid to think this lol ? Also wondering how common people do this type of thing? I have a very laid back job and can take calls and make appointments myself and can set up an open house on weekends. Appreciate any help :) [link] [comments] |
| Thoughts on the Chatham-Kent market? Posted: 07 Dec 2020 04:54 PM PST Looking to invest in my first rental property and Chatham is the only place I can afford in Ontario. Was wondering if anyone here had any experience or thoughts on the Chatham market? Looking to brrrr while also keeping cash flow in mind. Thanks for your help. [link] [comments] |
| Duplex vs In-Law Suite: Which is better to live in half and rent out other unit? Posted: 07 Dec 2020 12:08 PM PST I'm several years away from being able to buy a house, but I figure I should start researching now. I live in the SF Bay Area (South Bay / Lower Peninsula to be specific), which obviously has a notoriously expensive housing market. That's why I'm considering my first home to be either a duplex OR a house with an in-law unit, so I can pay off a portion of the mortgage with the income of renting out the other unit. I'm here to ask about the differences (terminology, rules, zoning laws, pros/cons) between those 2 different types of properties. And just to be clear, in BOTH scenarios I plan on living in 1 unit while renting out the other. My current "idea" uses property dimensions of a lot of bay area multi-family homes. Pretend that the property is narrow and deep and anywhere from 6000-8000 square feet. My plan is to have a 2 story main house in the front (with attached 1 car garage) and a fenced backyard behind it. Left side of property has a driveway which leads to a detached 1 car garage as close to the property line as possible. The secondary 1-story unit (similar footprint as main house) has a private backyard touching the rear perimeter fence. The rear unit would be completely separate from the main house because of the main house's private backyard. Since I don't really have structure to this post, I'll just start by listing my questions:
I'm sure I have more questions, but this is a good start. Thanks in advance! [link] [comments] |
| Posted: 07 Dec 2020 09:48 AM PST We have a duplex in a great city, great location-close to restaurants/clubs etc. As we are finishing up our reno we are looking at STR vs a long term tenant. We will be living in the property until we finish up everything, prob about a year. Any thoughts on a STR vs a LTR? We are new to both but have bought, renovated and sold before and managed (other peoples) rentals before as well. [link] [comments] |
| Best resources for a beginner? Posted: 07 Dec 2020 03:39 PM PST I've become interested in real estate investing through watching some videos on YouTube. I want to know what you all would recommend to gain a better understanding of real estate investing. I have a PDF of a textbook from my class this summer and I think that might be good to read, but I also wanted to know if there are other books, websites, youtube channels, etc. that could get me a well-rounded perspective on investing without too much fluff. Thanks! [link] [comments] |
| Posted: 07 Dec 2020 03:37 PM PST I currently have a rental property with a mortgage under my name and I want to move it to an LLC to give myself protections against litigation and also to move the liability of the mortgage off myself. However, the bank that I have the mortgage through says they do not transfer titles to LLCs nor does Fannie/Freddie allow mortgages to be generated for LLCs. So what am I missing here? How do I do this? [link] [comments] |
| How Much Should I Rent My Home For? Posted: 07 Dec 2020 02:25 PM PST Total newbie investor. I am in the process of purchasing a unit in new development as an investment property. If I close I may be the first unit to be offered as a rental. Meaning I may set the precedent for the community for rent if that's even a thing. I've heard of the 1% rule, where rent is 1% of purchase price, but that's wayyy too high for a 2 bedroom unit in the area. I looked at other communities in the area but they are all much older communities (30+ year old units) with none of the amenities my complex has. Any advice on how to figure out the right price for my unit? I want to ensure this is a good investment before pulling the trigger. Thank you in advance! [link] [comments] |
| Ways to increase property value Posted: 07 Dec 2020 02:16 PM PST As a current homeowner, there are a few home improvements I would like to make. I do not plan on staying in this house for more than 5 years, but my plan is to rent this property out. Later down the road I would like to make the most of my current improvements for a possible cash-out refinance for another rental property down payment. What are the big ticket items that will increase my value and what are some that you have seen not make too much of a difference in the new appraisals after improvements? [link] [comments] |
| Posted: 07 Dec 2020 06:14 AM PST As the title says, I'd like to purchase a currently off-market house that per my research should cost max ~$130k(or at least, that's how much I'm willing to pay.). The seller is looking to sell in the next 2 months. I'm concerned that I may not have enough work history to obtain a loan? And if that's not the case, what steps do I take to actually get a loan, put in an offer, etc? Also, House is a SF with a tenant. Hypothetically, would acquiring an FHA loan be easier/higher chance of approval? I don't mind the added payments. Numbers would still work. And hypothetically, if I got along with the tenant, trusted them enough, had enough space, etc. could I use the FHA loan to live there and have the tenant as a roommate? Additional question: Due to current loan rates, on paper, would a conventional loan be better? Thanks. [link] [comments] |
| I feel like I made a horrible investment (Condo purchase in HCOL city with now bad rental market) Posted: 07 Dec 2020 09:34 AM PST Long story short, I spent around $800K on a 1 bedroom condo in a high cost of living area hoping to live in it for a while then rent out for $3,400 or so per month (which is what I expect the apartment to usually rent out for in normal times). Mortgage monthly payments and maintenance all in is around $3,800. Yes, I know I should not generally buy an apartment for an investment at negative cash flow, but in a HCOL area I thought it was inevitable. The rental market has taken a sharp dip since I signed the contract because of COVID. Now an apartment like this would rent for $2,000 if at all. I'm really upset and have lost my faith in going ahead. How do I feel better about this decision? Would it be better to pull out of the contract and lose my deposit? [link] [comments] |
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