Real Estate Investing: What do I need to know before I buy a multi-family home? |
- What do I need to know before I buy a multi-family home?
- Any books or resources on rental property investing that are mainly conceptual and technical in nature? I'm looking for something that is as close as possible to being a textbook
- Duplex in the Ft Meade, MD area? Or other beginner properties.
- Debating First Investment Property
- How do I negotiate fee with brokers on a large deal? What is the market rate?
- Hard money /private lending
- Quadplex security cameras
- Expenses not specific to a property, write offs with no LLC.
- Legality of repeated use of FHA loans
- Selling home with active rental lease
- Question on Depreciation and Taxes
- Fixed expenses after property has been paid off
- Thinking about replacing 97yr old Slate Roof with Asphalt Shingles
- Estate sale: sellers disclosure has next to nothing, house built in 40s. What should I do?
- Just starting help.
- heloc vs cash out refi for a airbnb guest house
- County has deferred ditch drainage maintenance.(NC)
- ROI on refinancing
- 1031 exchange -- selling rental property to buy vacant land
- Probate: Non-confirmation states?
- What to do with my rental property?
- Multiple LLCs or One LLC with a giant umbrella policy
| What do I need to know before I buy a multi-family home? Posted: 29 Dec 2020 06:17 PM PST I want to live in one of the units and have the rent cover my mortgage. I looked at a triplex recently in my neighborhood. If I put 20% down, my mortgage would be about $3,500. The other 2 units would bring in about $3,700. It's not ideal, but I can afford the $3,500 with my partner (we both pay around $1700/month right now). I know the obvious risks such as not having a tenant and repairs, but how do I put together a solid plan? What are the less obvious risks and how do I prepare for them? Is it a bad idea in this market? [link] [comments] |
| Posted: 29 Dec 2020 07:49 AM PST I'm a beginner. One of the main books I'm seeing in my google searches is The Book on Rental Property Investing by Brandon Turner. I only previewed a few pages and it doesn't look nearly as technical as what I'm looking for, but I could be wrong. [link] [comments] |
| Duplex in the Ft Meade, MD area? Or other beginner properties. Posted: 29 Dec 2020 05:43 PM PST I recently found out I will be going to Ft Meade, MD. I have about a year to prepare for my move there. I am very interested in investing in real estate. My plan was to ease into it by way of a duplex, but it seems they are almost nonexistent in that area. I have checked Zillow, Redfin, and Realtor.com. It seems like that entire area is expensive. My monthly budget would be around $2,200, to include mortgage, taxes, and insurance. I was hoping to be able to find something that I could afford on my own even of I have to go a few months without a tenant. However, that seems like it won't be the case. I have no debt, and steady income. By the time I move there, I would have enough saved up for the small downpayment needed for the VA loan, plus a small nest egg. The max I could afford on my own would be around $280,000 I'm thinking, and accounting for rent on a duplex would put me around $400k-450k (depending on the rent of course). Has anyone here invested in that area? What other resources could I use to find duplexes? I also tried finding any apartments that would be sold as pairs. Is it even feasible for that area with my budget, or should I just hold off for a while until I'm in a new area? [link] [comments] |
| Debating First Investment Property Posted: 29 Dec 2020 06:47 PM PST Hey guys, I have put in an offer for my first multi family investment property. Its a 2 unit but setup in a duplex style (floors 1+2) is one tenant and 3+4 are the other(s) tenants. Its current up for sale for 245k. It definitely needs a new roof and the upstairs unit floors (3+4) need new ceilings due to leakage. Other than that, it only needs basic fixing which I can do myself. The roof won't be too bad of an expense as its a flat roof (basically tar). Will not run me more than 10 grand. Total repair costs should be around 20k-25k in total. First unit is currently occupied and renting for $1400 and the upstairs can rent up to 1800-2000 (currently vacant). Cash flow is around 1500-2k possibly with a FHA loan. Mortgage will be around 1400. Not too sure if I should jump in as its in a area that's not too hot. Also, I am 20 years old and just a little hesitant. Any help and or advice would be appreciated. [link] [comments] |
| How do I negotiate fee with brokers on a large deal? What is the market rate? Posted: 30 Dec 2020 01:25 AM PST I am potentially selling a property which is worth around low 8 figures in the NYC area. The properties value is based on location and would be demolished by a developer. Ive been approached by developers in the past. One particular developer (Joe) has been buying up property adjacent to me and has approached me before with no offer value in mind. I have his contact info. I contemplated going through a broker to cast a wider net. The broker wants to present to Joe a value 20pct higher than recent comps. He wants a 4% commission. Does that mean 4 is going to him? What if the buyer has a broker also? What is the sliding scale for broker fee on high value property? what can I negotiate it down to? Is something like 2% with 1/2 pct for each million fair? What are the pros and cons of using a broker instead of going to the developer directly? How long does exclusivity with the broker last? Lets say Joe refuses the deal now but 1 year later he wants it, do I still have to pay the broker fee even if I am no longer using them? thanks [link] [comments] |
| Posted: 30 Dec 2020 01:24 AM PST I'm in the central Florida region and really want to tap into the renting market. There is a high demand for rentals right now in florida. I want to buy and hold, but I do see that most applications ask for a lot of the property info thar I am looking at. Can I contact the seller before having a lender secured? Or can I have a lender secured and then contact the seller about their property? [link] [comments] |
| Posted: 29 Dec 2020 01:45 PM PST So I am looking to install security cameras on the exterior of a quadplex. The area has a high crime rate and looking to protect my tenants and my investment. The quadplex does not have any common areas so a video server is out of the question. Can I hook up the cameras to the tenants internet and have the feed run through there? It seems like it would be a hassle to re-setup the camera everytime I get a new tenant. Does anyone have a recommended brand or other ideas? [link] [comments] |
| Expenses not specific to a property, write offs with no LLC. Posted: 30 Dec 2020 12:33 AM PST |
| Legality of repeated use of FHA loans Posted: 29 Dec 2020 03:33 AM PST I can't seem to determine whether or not it would be legal for me to purchase a house using an FHA loan, live in it for one year, then purchasing another home using an FHA loan, and so on. FHA website says that you cannot use these loans to build an investment portfolio, but yet I hear, or at least I thought I heard about people doing this quite frequently. Could someone who has gone through this process weigh in for me? I'm in Georgia, north of Atlanta. [link] [comments] |
| Selling home with active rental lease Posted: 29 Dec 2020 09:20 PM PST I own a townhome(constructed 2016) in Delaware that is currently rented to really good tenants who want to continue the lease as long as possible. I moved out of the country and want to avoid dealing with taxes each year so looking to sell the home. Is it best to sell it as investment property or wait for the lease to expire and sell the home? Are there any websites where I can list the home to potential investors who are looking for properties with active lease? Zillow estimated 313k but more likely to sell a bit lower. Rent has been 1600 for the last 4 years (did not increase as they are great tenants). Cash flow around 500-600. Any inputs are greatly appreciated! [link] [comments] |
| Question on Depreciation and Taxes Posted: 29 Dec 2020 10:14 AM PST I apologize if this is a silly question, but depreciation always seems to confuse me so I wanted to clarification: I have 7 rental properties with a combined tax liability of $14,000 or so after deductions (not including depreciation), but my combined deprecation for those same properties is around $22,000. Does the $22,000 in depreciation wipe out my remaining tax liability, with the leftover $8,000 carrying over to the next tax year? [link] [comments] |
| Fixed expenses after property has been paid off Posted: 29 Dec 2020 03:42 PM PST What would be your fixed expenses after a property has been paid off and how can you estimate these expenses? Property tax being one of these can easily be estimated property tax, are there any others out there as well? [link] [comments] |
| Thinking about replacing 97yr old Slate Roof with Asphalt Shingles Posted: 29 Dec 2020 05:23 PM PST I posted this question in home improvement but i wanted to see what you guys thought as well. I'm thinking about replacing my 97yr old slate roof with asphalt shingles. My roof started leaking during a recent rain storm and the cost of repair was quoted at $4,500. That same contractor quoted an entire roof replacement of ~$10,000. Can anyone think of a reason not to do this? Think this will most likely safe me money in the long run since the roofs age and a lot of the nails are beginning to fail. Also anyone know if this would reduce the value of the house? I'm unsure if an investor would care if its a slate roof or a new asphalt roof when I go to sell, especially if the roof at that point would be 100+ years old, could be seen as more of a liability. [link] [comments] |
| Estate sale: sellers disclosure has next to nothing, house built in 40s. What should I do? Posted: 29 Dec 2020 06:03 AM PST Looking at a property to buy, renovate, and live in for a period of time before renting out. The house was built in the 40s, and is being sold by their estate. The sellers disclosure has barley anything filled out, most of it is blank or "unknown". What's the best was to handle this? [link] [comments] |
| Posted: 29 Dec 2020 05:02 PM PST Good evening everybody, I am new to all of this and will be getting my real estates license in 2021 and I plan on selling, flipping, and doing rentals. My question is, because i am brand new what books do you recommend I read before starting off. I appreciate all the help guys and early Happy New Years! [link] [comments] |
| heloc vs cash out refi for a airbnb guest house Posted: 29 Dec 2020 04:28 PM PST Ive done a bit of research but am looking for some advice based on my specific situation. owe $270k on a house that is worth easily 500k on appraisal with the current crazy prices. I have a second lot on my property that would be perfect to build a guest house to airbnb. I have 50k in cash if that matters. I'm thinking its gonna take 150k to build a 1000 sq ft house. Im thinking cash out refi w these current rates would be the best plan but wanted to get any input or advice/ Thanks in advance. [link] [comments] |
| County has deferred ditch drainage maintenance.(NC) Posted: 29 Dec 2020 04:09 PM PST I'm having a problem with the county deferring ditch drainage maintenance causing my driveway to never fully dry out and be a muddy mess. Standing water sets 10" below the roadway. I've left 5 messages for the county engineer but never heard any thing back. Am I even contacting the right people? How do I get some agency to act? This is in Alamance county North Carolina [link] [comments] |
| Posted: 29 Dec 2020 03:46 PM PST Can someone help me think through how to find my ROI on refinancing? I'm not looking for the "break-even point" that is easy to find on refinance calculators, but the actual return on the closing costs I would pay. For example, I have a loan right at 80,000 at 4.5%. I can refinance at a cost of about $2100 to get it to 2.75%. How do I calculate my ROI on that $2100 to determine if I should refinance or put it in other investments? I feel like this is easy. What am I missing? [link] [comments] |
| 1031 exchange -- selling rental property to buy vacant land Posted: 29 Dec 2020 03:40 PM PST Hello, a few quick questions. Thank you in advance for your help -- I really appreciate it!
Thank you! [link] [comments] |
| Probate: Non-confirmation states? Posted: 29 Dec 2020 02:19 PM PST Hi, Which states do you guys know of that have non-confirmation (eg regular, non-auction) sales of probate property? Preferably also in the lower half in terms of median house price. [link] [comments] |
| What to do with my rental property? Posted: 29 Dec 2020 11:23 AM PST I own a rental house in a nearby town. I own it outright & it rents for $1150, 10% of which goes to the property management company. In a typical year it will gross between $10k-$11k, usually closer to 11k. In the nearly 7 years since I bought it, the market price of the house has more than doubled (based on what my preferred realtor believes she can get for it). I'm thinking of either selling it & using the proceeds to fund multiple other properties (or 1 multi-family property), or maybe taking out a HELOC on the property and funding fewer and/or less valuable properties that way. EDIT: can I even get a HELOC on my rental property? I thought that was only for your primary residence. What are the pros & cons of selling the house vs. going the HELOC route? And is there another way to use my rental to get money for down payments I've not considered? TIA! [link] [comments] |
| Multiple LLCs or One LLC with a giant umbrella policy Posted: 29 Dec 2020 09:52 AM PST Dealing with Florida properties. I know for maximum protection each property should be in its own multi-member LLC, but that sounds like a headache come tax time or dealing with multiple accounts. Would it make sense to just have all of them under 1 LLC and have, for example, a $10M umbrella policy so there is no way I could lose some of the other rentals? [link] [comments] |
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