Real Estate Investing: Why invest in RE vs Stocks? |
- Why invest in RE vs Stocks?
- What will my cost basis and depreciation schedule be if I'm gifted real estate vs. buy it but for way below FMV?
- Seeking advice. Back apartment built w/o permits.
- Made good money last 6 months but no proof of income for loan. Help.
- Unsure How To Get Lake Land
- To foreclose or not?
- Why would anyone ever want to buy a single family home instead of a multi family home (duplex, triplex)??
- Best intro to real estate investment book to start?
- Intended usage of funds from an asset based LOC or portfolio LOC - key factor in lender interest?
- 20% down or 5% down
- Would it make sense to payoff the mortgage on the current rental property?.
- Investing in a Condo
- Swap/ARC Loan?
- How long did it take you to find a decent priced duplex?
- Buying to live for a year and then rent out
- Question on Mortgages for Early Properties
- I am about to close on my first property, the property did not appraise as the appraiser is a novice who didnt take into account the comps.My realtor mentioned that the additional cash i bring to close can be a write off on my taxes ( i have other business income on my other LLC), is this possible?
- Refinance on 2 family home possible now?
- Opinion on refi and taking equity
- Who to talk to about rental property?
- Landing a tenant during the Holidays
- How is IRR and other rates of return predicted for 5-10 years into the future?
- File Storage for property related documents.
| Posted: 03 Dec 2020 08:25 AM PST Are the returns worth it over stocks, which are the most part completely passive. I really want to get into RE but are the returns that attractive to learn the craft and dedicate a few hours of week to managing property? I hope to make 3k a month net one day. One last thing, are some states just terrible for RE or does every state have its own attractive RE? Thanks everyone! [link] [comments] |
| Posted: 04 Dec 2020 12:36 AM PST I learned that when inheriting property, the cost basis becomes the fmv at time of death of donor and the depreciation schedule resets. Let's pretend the property was purchased for 500K and all depreciation on structure has been used up. Then, the property is transferred to child for 1)100% gift or 2) partial sale but at a price below 500K minus depreciation taken to not trigger capital gain. 3) 2 but price above the line and triggers capital gain What would the child's cost basis and depreciation schedule be? [link] [comments] |
| Seeking advice. Back apartment built w/o permits. Posted: 04 Dec 2020 04:00 AM PST So there is a Property I am Interested in which consists of a main house and a back apartment that was added on. Turns out the apartment was built w/o permits. I was previously told on here to back away from the property because of this & also because I didn't know if it was even zoned for multifamily (turns out it is. its rm4, which in San Antonio is mixed residential). Well before thinking to seek advice here (silly me) I had signed a "executed contract", which my realtor said gives me time to get an inspector and contractor to check out the house & apartment. She said during this time (10days) if they find any issues I can back out if I want to (I know I can back out now, but I'm very drawn to the property so I want to go a step further and get it inspected). I'm going to get the city inspector and a reliable contractor to check it out this coming week. My main question is, if they find no issues with the property should I go forward? I guess I'm just wondering if I can trust these two opinions? Also, the seller said that a previous buyer got an inspector and contractor out there and they found no issues, but buyer had to back out do to other reasons. Idk if this is a good sign, or could the seller be lying?.. Oh another question, the current owners recently found tenets for the apartment. is it illegal to have people live there if it doesn't have permits?? Again, thanks in advance. All input is greatly appreciated since this is all new to me. [link] [comments] |
| Made good money last 6 months but no proof of income for loan. Help. Posted: 03 Dec 2020 07:26 PM PST Hello all, I am a relatively new realtor (18 months in) and have started to make some good money. Last year I made about $25k. This year I'm looking at around $250k before taxes, with the majority of that in the last 6 months. Prior to selling real estate I work in the service industry and would probably make around $25k with a w2. For my real estate business I have an LLC designated as S-corp with a business account that I created 6 months ago. I want to immediately get into real estate investing. The thing I'm worried about is I don't have a lot of "proof" of the income I've made this year. How would I go about getting a reasonable loan without a couple years proof of solid income? The median home price where I live is $600k, so getting into the investment side here cost a requires more capital. Any suggestions would be helpful - or if I need to provide additional details. [link] [comments] |
| Posted: 03 Dec 2020 07:09 AM PST I really need some help. My dad passed away this March and owned a lake lot in TX (he, my mom, and I live in PA). It took my mom months and several attorneys to figure out how to get it in her name since he didn't have a will. She filed something called an affidavit of Heirship and now it is in her name I believe (let's work from that assumption). We both wanted it in my name but multiple attorneys said it was way too complicated and would cost more than the land is worth. So now she has it listed for sale with a local realtor there for $8,900 (.22 acres). My question is, can I now buy it from her? Why did these attorneys make this seem so complicated. The PA attorneys say we need a TX attorney and the TX attorneys say the opposite. Any advice is appreciated. It is a wooded, unimproved lot with water views and a small annual HOA fee. I want it mostly for sentimental reasons but maybe it has future personal use or investment opportunity. [link] [comments] |
| Posted: 03 Dec 2020 06:06 PM PST Hello Fellow Redditors! Long time lurker, first time posted. Location: MD My mom bought a house in the mid-2000s right before the financial crisis for around $300k. The house has two loans on it. But, due to the financial crisis, she lost her job and dad did as well. Both parents also had health issues which drained their savings and now the house is worth around $200k. My parents thought it would be a good idea to not go under and continued paying the mortgage by renting out the house and moving into a much smaller accommodation. However, the tenant that was staying there completely wrecked the place and because the house doesn't have equity and they don't have any savings, what are their options? The house has two loans on moms name but both parents are on the title. Can they simply walk away from the house and let it foreclose? What happens with the second (smaller) loan? If mom files bankruptcy, does it affect dads credit too? [link] [comments] |
| Posted: 03 Dec 2020 08:06 AM PST I am young and still live with my parents but I may be moving out soon. My plan was to buy a multi family property, perhaps a duplex or triplex. That way, I can rent out the other living spaces and have my tenants pay my mortgage for me. With that being said, why would anyone ever want to buy a single family home instead of a duplex or triplex? Are there any advantages to buying a single family home over a duplex? Because I simply can't see any good reasons as to why this would be superior over buying a duplex/triplex. Yet, everyone I know (family) all have bought single family homes instead of duplexes and I have no idea why. A duplex is cash flowing while a single family home is not. So why would anyone ever want to buy a single family home? [link] [comments] |
| Best intro to real estate investment book to start? Posted: 03 Dec 2020 02:53 PM PST Little background: 3rd year college student. My mom has an apartment she rents out and has always advised me to invest in real estate, and although she knows a little, she isnt experienced enough I would like to learn as much as possible before i start off my journey (once im done college). I read posts in this subreddit that talk about CoC, 1023 forms, how to not pay taxes and all that good stuff, but i never know what any of that means to be honest... I want a good book, one that really focuses on basic stuff like explaining all that stuff i just talked about but also talks about more advanced stuff as well. Ive read rich dad poor dad, but that doesnt go into detail about how to invest. I appreciate any help! [link] [comments] |
| Intended usage of funds from an asset based LOC or portfolio LOC - key factor in lender interest? Posted: 03 Dec 2020 04:00 PM PST We're seeking ways to draw funds from the equity of our rental SFR properties in Texas without refinancing to expand our online business (completely unrelated to real estate). I forgot what it was but something about Texas makes it near impossible to get a HELOC from the conventional lenders who've funded our 1st mortgages on these properties. We started shopping around for alternative lending options to see if an asset based or portfolio LOC makes sense. Admittedly I'm a newb regard this, and while completing a few underwriting questionnaires, one question that stands out is what our intended use of the funds from the LOC would be. And while digging further, I realize that funds from LOC's is one of the popular ways to fund BRRRR. I'm getting the sense though that lenders strongly prefer LOC's to be used for real estate purposes (rehab, acquisitions, etc.) than for anything not related to real estate. Are we off track? [link] [comments] |
| Posted: 03 Dec 2020 04:59 PM PST Is it best to buy an investment property with 5% down (+PMI) or 20% down which lowers the monthly payments. If the answer is the 5% down, would you buy another investment property when you have enough for another 5% down? (I assume there is worry about tenants missing payments, which now makes you responsible for potentially a months payment for 2 houses if you would buy another investment property) Thanks [link] [comments] |
| Would it make sense to payoff the mortgage on the current rental property?. Posted: 03 Dec 2020 03:37 PM PST Hi y'all, I hope all is well. I am looking to buy another rental property(don't know where as yet) but I was thinking to payoff my current rental property and used the rent and equity to get another property. Thanks in advance for all your help. God bless. [link] [comments] |
| Posted: 03 Dec 2020 02:44 PM PST First time investing. I just got approved for a one bedroom condo but I hear that one bedroom properties are difficult to rent out. Should I keep looking until I find a bigger space? I also am wary about having roommate due to being an introvert and enjoying my space. But also having additional cash flow for renting out a second, maybe third bedroom will be nice. Curious on your thoughts. [link] [comments] |
| Posted: 03 Dec 2020 07:05 AM PST Have a banker willing to do a 7 or 10 year Swap/ARC Loan on a property with a note of $3,325,000. Seems like a no-brainer to do this but we've never used it before and seems like this type of product is not offered a lot. Can someone ELI5 or link some articles explaining? I've searched Google but I continually come up with residential loan products and this is commercial/industrial property. [link] [comments] |
| How long did it take you to find a decent priced duplex? Posted: 03 Dec 2020 09:25 AM PST Im a first time buyer and I've been looking for weeks for a not so expensive duplex. Plan is to live in one unit and rent out the other. I live in Austin and real estate is expensive as hell but it doesn't seem that I'll ever get a good deal. I mainly look through Zillow and I have 2 realtors helping me but no luck. Am I looking at the wrong website? Is there a better way to search? What was your experience like? Any advice you have will be appreciated! [link] [comments] |
| Buying to live for a year and then rent out Posted: 03 Dec 2020 08:52 AM PST I haven't crunched the numbers yet, but I'm thinking is it worth it to buy a SFH and live in it for a year so I would only need to pay 5% down payment? And then rent it out after the year with the overall intention of buying an investment property. Or should I just wait and save up 20% down payment and rent it out immediately? I'm not sure if losing one year of rental income is worth the hassle tbh. Let me know if any of you guys have done this and your thoughts. Cheers. [link] [comments] |
| Question on Mortgages for Early Properties Posted: 03 Dec 2020 12:34 PM PST Hello, I am a 25-year-old looking to enter into the housing market for the first time, however I have some questions about loans. I have desired to enter real estate and use it as a tool to one day achieve financial independence. I am in a position where I am looking to purchase a property, but I do not have a sizeable down payment. I planned on purchasing a relatively cheap house which I would live in for the next 6 months to a year and make some changes to it in order to increase the value. While living in the first property I also plan to set cash aside for a down payment for my next property and turn the first into a rental. I contacted my senior home lending advisor, this is with a big bank and I'm not sure if this is a good direction either; she said that they would issue me an "investment loan" if I planned for a property to be a rental form the beginning. The "investment loan" would require at least a 30% down payment and a higher interest rate. I asked her if I bought the first property using a conventional loan, how long would I need to live at said property before the bank would issue me another conventional loan. The answer I received in return was an idk, more accurately she told me there is not specific amount of time associated with the conventional loan it just requires it to be the primary residence at the time of the purchase. I confronted my lending advisor about my concerns of finding my self in a situation where in 6 to 12 months no one will offer me a conventional loan to purchase my next property. She had no good answer. Next, I asked her if I could refinance my first property into an investment loan and if so, would I need a certain amount of the conventional mortgage paid off. She responded saying no to having a specific percentage of the property paid for, but said the interest would increase. However, she could not give me a ball park estimate on the new interest because she said too much could change between now and when I would need to refinance. I guess, I'm looking for advise or knowledge as to the likely hood of me being able to have two conventional loans if I wait to buy the second property 6 to 12 months after I buy the first. Better yet, does anyone know if I am required to live at the property, I use a conventional loan on for a certain amount of time. I believe I read online an FHA requires the property owner to live there for 12 months. Thanks in advance! [link] [comments] |
| Posted: 03 Dec 2020 12:16 PM PST I have Income from my business from precorona that had to be stopped due to COvid. I then decided to move into RE investing and buy a Short term rental. After searching like crazy found a deal and unfortunately did not appraise. Now i am looking to offset my taxes by renovations, buying supplies etc before the year ends. Can i also include the additional cash i bring to close above and beyond what the downpayment is for a write off ? MY Agent says so. [link] [comments] |
| Refinance on 2 family home possible now? Posted: 03 Dec 2020 06:08 AM PST I've been trying to take advantage of the lower interest rates and refinance since April 2020. My mortgage is currently with Wells Fargo. My lender said the refi rates for a 2 family are different and right now the low rates are for single family homes or condos. I tried Quicken Loans (awful service) and they also said they couldn't do it because the house is deeded to my single member LLC even though I personally guarantee it. I tried one other smaller bank and have not heard back in a few months after calling the agent back several times. Is it worth it to keep pursuing this? My current rate is 3.625% for a 30 year. I purchased 3.5 years ago and have been renting one unit out, living in the other. My tenant moved out due to loss of employment from Covid a few months ago but I have been making the mortgage payments no problem. I'm not sure if I will continue to rent it out if that makes a difference (the extra space is nice) but I would get a new tenant if it helps the refi. I also had a 15% paycut at work for 5 months because of Covid but am back to regular pay as of 3 months ago. Finally, I got married recently and wasn't planning on putting my partner on the loan, but would if it helps. Just not sure if it's possible since the home is deeded to an LLC currently. It's been frustrating dealing with the banks, but I'll keep at it if it makes sense. Any advice appreciated. [link] [comments] |
| Opinion on refi and taking equity Posted: 03 Dec 2020 11:48 AM PST So I'll try to sum this up as best as I can. I'm 5 years into a 30 year mortgage and have the option to refi to a lower rate. I can do this with the remaining term or I can do it for 30 years and take cash out on top. The house is used as a rental property and I'm still waiting since September for insurance to give me, or even tell me, however much they are going to give me from the hurricane claim. I was thinking about taking about 30k from it and make the repairs then just put it back into the mortgage. Or perhaps put a little towards paying down my truck payment and the rest back into the mortgage? Any advice from anyone? [link] [comments] |
| Who to talk to about rental property? Posted: 03 Dec 2020 10:53 AM PST We are considering getting into rental property. Our city is relatively nicer and up-and-coming compared to surrounding areas. We both have full time jobs and like the apartment lifestyle (for now). We know a couple people looking to move in the near future, so we have some potential ins on properties to buy. The only problem is, we're not entirely sure where to start. We have considered talking to realtors, lawyers, and financial advisors for some guidance but we're feeling overwhelmed [link] [comments] |
| Landing a tenant during the Holidays Posted: 03 Dec 2020 10:51 AM PST So I'm new to real estate investing, just got into it in Sept when I leased out my condo that I had been living in but moved out of. I live in Austin, TX which is a hot real estate market. I ended up buying another investment property, a house in Bastrop, TX in late October. I spent most of Nov getting the place renovated and the contractors finished the day before Thanksgiving. I have a real estate agent who I gave pictures to and she has listed it on all the major real estate rental websites in my area and I got nothing after 7 days. Anyone else trying to rent out a place right now or have experience trying to find a tenant during this period? Am I SOL and I just need to wait till after the the New Year to start getting some activity? [link] [comments] |
| How is IRR and other rates of return predicted for 5-10 years into the future? Posted: 03 Dec 2020 10:15 AM PST If a project specific real estate fund talks about having a certain IRR, and the hold time is 5-10 years.. how is this determined for such a long time into the future with many unknowns? Is it all just an estimate? [link] [comments] |
| File Storage for property related documents. Posted: 03 Dec 2020 08:59 AM PST How do you all store your hard documents as well as digital docs? I have been looking into some cloud services but also considering just getting a nice portable hard drive. I hate subscription based apps. I got a nice scanner and am planning on scanning and storing rather than maintaining hard file storage. Also keep my reference docs here as well. Any input is appreciated! [link] [comments] |
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