Real Estate Investing: 400K net profit from sale or 25K net rental income? |
- 400K net profit from sale or 25K net rental income?
- Looking for real estate lawyer & pm to help with squatters (New Jersey)
- Any landlord accepting Bitcoin for rent payments? Anything to consider or best way to collect- besides the price fluctuations?
- Young home owner looking to invest in my first rental property
- Is it more tax advantageous for appraised value of real estate to be high in order to pay less capital gains in future or lower in order to lower property tax for one year? Partial sale partial gift real estate transfer.
- Structuring deals with investors
- How much did you guys make/loose on first investment in real estate?
- Convert primary residence to a rental. Mortgage implications?
- (Canada) Converting principal residence to a rental. What expenses can I claim?
- Washer Dryer Recommendations for Rentals
- Is my lender going to help keep me from committing mortgage fraud?
- Please evaluate this Deal - First Time Investor
- Will I be denied a first time homebuyer’s mortgage if the property is in another state?
- Are we obligated to disclose all "old" inspection reports while selling property?
- 21 with 130k saved up
- Has anyone ever used realestateinvestor.com’s services?
- Which is more passive for a digital nomad...commercial real estate or residential real estate?
- COVID and Lost of Rent Insurance
- Model/template needed for rental AND sales proforma integrated
- Important Inquiries on a Rental Property Contract?
- Best bank to open a HELOC with?
- Novice Question on Avoiding Commingling Assets
- Washer/Dryer, value added?
- Insight on a SFH with a lien
| 400K net profit from sale or 25K net rental income? Posted: 01 Jan 2021 09:26 PM PST Without any more info, which do you choose and why? [link] [comments] |
| Looking for real estate lawyer & pm to help with squatters (New Jersey) Posted: 01 Jan 2021 01:04 PM PST If you saw my other post (since deleted) my in laws have a condo in New Jersey and there is a squatter who has been there for a while. They are living 1000 miles away and will need some good legal and/or PM help to fix their situation. If anyone knows good RE lawyer or managers especially if they handle the Little Egg Harbor area of New Jersey please comment or DM me the info. I will be forwarding it all to them to try and help then out. Unfortunately for all the jokesters out there, most of the other ideas were funny but impractical and/or illegal. :) [link] [comments] |
| Posted: 01 Jan 2021 09:46 PM PST What's the best way to process bitcoins for payment and include in lease? [link] [comments] |
| Young home owner looking to invest in my first rental property Posted: 01 Jan 2021 11:29 PM PST I have owned a house for 3 years, and I want to work on my rental property portfolio. Unfortunately I have absolutely no idea where to start or if this would even be a good idea. I have friends and colleagues that seem overly ambitious with their goals in rental property investment. So it's hard make a decision based off this. The goal would be passive income and/or equity growth.
There is condo complex that has peaked my interest. -The unit is worth 398k -i need to put 30k down as soon as the decision is made. -2 weeks later a pre approval is needed. -i have till December 2021 to come up with the 20% downpayment (30k immediately, then 50k at closing. Total 80k) The real estate market in my city is stable and has a high growth rate. It has been much more stable historically than Toronto or Vancouver. -Where do I start? -Can I afford this? -If yes, how can i get access to 30k for the deposit? -How can I get access to 50k for the down payment? Thanks alot to everyone in advance. [link] [comments] |
| Posted: 01 Jan 2021 04:16 PM PST I did a partial gift/partial sale of real estate to my child. side note: Tax assessors valued the building extremely low (much lower than the depreciation schedule which I've been on) which means that the government would be stealing money/depreciable value we put into improving the property. Appraiser says he can value building so it follows my depreciation schedule assuming nothing else on the home has drastically deteriorated. Now my question is. Would it be more advantageous for the total assessed value to be higher? or lower for my child? [link] [comments] |
| Structuring deals with investors Posted: 01 Jan 2021 02:53 PM PST I recently started networking with investors, and I found a couple that want to jump on deals with me. I need two different structures. One for investors who will just be investing money (no operations) and one for investors who want to be active in the management of the properties. (Rehab etc) not the actual hands on work, but they want to be more of a partner. [link] [comments] |
| How much did you guys make/loose on first investment in real estate? Posted: 01 Jan 2021 04:42 PM PST Title says it all, just looking to hear feedback on what people have gained or loss on their first investment. Thank you in advance! [link] [comments] |
| Convert primary residence to a rental. Mortgage implications? Posted: 01 Jan 2021 05:09 PM PST General question. Asking here as I thought may help others. I own my primary residence with a standard 30-year mortgage. No rental properties yet. My eventual plan (~5 years?) is to turn my primary residence into a rental property. I originally purchased this home, as it fit well with what I was looking for to live in for a few years AND knew it would be an attractive rental property down the road. My question is around mortgage implications when converting it to a rental. What do I need to look out for? I'm planning to refinance soon to lower my interest rate. Is there something I should do now to ease the transition to a rental later on? Would I need to refinance a mortgage with different terms at that point? I may have enough cash to pay down the mortgage balance in full at that time. I would rather keep that in liquid investments, but it is another option to use here if necessary. [link] [comments] |
| (Canada) Converting principal residence to a rental. What expenses can I claim? Posted: 01 Jan 2021 09:57 PM PST Wondering if I can claim my moving expenses to the new place, seeing as those are going toward me making it rentable. Anything else I should be looking at? [link] [comments] |
| Washer Dryer Recommendations for Rentals Posted: 01 Jan 2021 01:54 PM PST I am going to have 6 people renting from one of my SFHs. What brands do you recommend that won't brake after a year? I've been using the cheapest ones for other rentals and the dryer broke 1.5 years after buying it. [link] [comments] |
| Is my lender going to help keep me from committing mortgage fraud? Posted: 01 Jan 2021 08:57 AM PST I am renting out a sfh due to getting called to active duty (I'm a navy reservist) and now that I'm out of the house I plan on keeping it as a rental permanently. I reached out to a few mortgage companies to see what the possibilities were for refinancing, and most of them flat out turned me down due to low DTI (I bought the house with 5% down conventional). I finally spoke with a loan officer at Homefinity who said he could file the refinance as a second home at a pretty good rate. I brought up to him several times the fact that this house was actively rented out and he continually stated this wasn't an issue. So, is a mortgage company's loan officer a reliable way to vet the legitimacy of my mortgage application? Or does he just want the commission and not care if it's fraud? I've tried doing research on second home vs investment property but there seems to be a lot of loopholes and I also don't know how/if my military status effects things. I just really don't want to do anything illegal. Thanks for any insight! [link] [comments] |
| Please evaluate this Deal - First Time Investor Posted: 01 Jan 2021 06:28 AM PST Hello All, First time investor and hoping to gain some insight from folks here. The deal is for a three family house (triplex) in Worcester Area of Massachusetts. Deal analysis can be found here: The Cash on Cash ROI isn't coming out great at this time (I was conservative with my numbers though). The property is in good shape and is in a desirable area of the community. Some of the main issues I found are the landlord is paying for all bills (electricity, heat, water, sewage, trash). Hence, the bills are insane (Average $450 for electricity/ month; $580 for gas/month; $200/ month for water/sewage/trash). The tenants have laundry and dryer hookups and each set of tenant has their own washer/ dryer installed. Also, during December, some tenants had ACs installed. The heat setup is a single natural gas boiler. Some of the things I am thinking of working on to increase the cashflow is: - Get an energy audit (Mass Save) and get any insulation/ air sealing work done to help with reducing the heat/ electricity bills. - See if I can get the tenants to start paying electricity bills. Some electrical work is required to get this done (as there is no landlord meter at this time but there are 3 sub-panels and one main panel) but at least I can start with at least one/ two of the apartments. - Change the heat boiler (water based) to a higher efficiency one. Currently, its a 1960s oil boiler that was converted to natural gas. I am sure the efficiency of the boiler is low compared to today's boilers. Look into splitting one boiler into three and make tenants pay the heat bill but this will probably be too costly. - Currently all tenants have dryer/ washer hookups in the basement and hence, water bills are probably high. Change it to coin-op washer/ dryer to make tenants more accountable/ reduce water usage. I would probably have to wait until current tenants leave as I am sure they won't be happy if I change it now. - Currently, tenants are at will (no lease). Create a new lease where I state fines for having ACs in the house during Nov-March and if windows are found open. - This is a buy and hold property. I am hoping above changes will improve the cashflow. Please let me know your thoughts and any other recommendations. [link] [comments] |
| Will I be denied a first time homebuyer’s mortgage if the property is in another state? Posted: 01 Jan 2021 02:38 PM PST I'd like to buy a 2 bed 2 bath in a cheaper state, and I'm currently saving up for it with my current job, but I live somewhere else. I will be renting out the other room to help pay for a fraction of the mortgage. The long term intention for the property is for me to move out and to turn it into a rental. I know I have to have two years of tax returns from the same (?) employer, and I have a decent employer now that I can see myself working two years for, but won't there be complications when applying for a mortgage because the property I want is in another state? Please help. Thank you in advance. [link] [comments] |
| Are we obligated to disclose all "old" inspection reports while selling property? Posted: 01 Jan 2021 07:33 AM PST We are looking to purchase an old property (Canada, 1950 build). It had UFFI insulation which was removed it 1980s, and has certificate, photos for that. We did inspection on property which revealed air having high level of formaldehydes. The current owner said it could be due to candles she burnt there hours before testing. So, she did her own specialized air quality test of the house, which revealed air being clean. Question is: If I buy this house and sell it 5 or 10 years down the line, would I be obligated to reveal all these different inspection reports. [link] [comments] |
| Posted: 01 Jan 2021 09:48 PM PST I'm 21 and have a little over 130k saved and want to buy my first duplex/triplex. I would be living in one unit for 1-2 years. Where do I start? What are my options? [link] [comments] |
| Has anyone ever used realestateinvestor.com’s services? Posted: 01 Jan 2021 03:37 PM PST Either the software or the REIvault? What was your experience? [link] [comments] |
| Which is more passive for a digital nomad...commercial real estate or residential real estate? Posted: 01 Jan 2021 09:11 AM PST And is it even possible to actually being profitable after hiring a property manager? I have heard the classic "4 am at night plumbing issues" a lot - Can a digital nomad actually be a real estate investor? [link] [comments] |
| COVID and Lost of Rent Insurance Posted: 01 Jan 2021 02:59 PM PST Has anyone claimed lost of rent (due to COVID) from their insurance company? I have one tenant that haven't paid for months. We're not able to evict them due to the moratorium set by the county. So can I claim lost of rent from my insurance company? If so, what are the draw backs? Will my monthly premium go up? [link] [comments] |
| Model/template needed for rental AND sales proforma integrated Posted: 01 Jan 2021 11:49 AM PST Hi all, Hoping someone can help me. I have a large scale new construction development deal under consideration and can't find a model/template that considers both townhouse sales in phase 1 and multi family rentals in phase 2. Can anyone hook me up or point me in the right direction for a specific resource online? I keep coming up short with my searches. Thanks in advance! [link] [comments] |
| Important Inquiries on a Rental Property Contract? Posted: 01 Jan 2021 09:52 AM PST I recently got an inspection done on a rental property I'm looking to purchase and should be hearing back from one of the agents in a few days with a contract. It comes with the tenants and I was told they have been living there for a while now and pay rent on time each month. I'm a new home buyer so I just didn't know what I should be asking for during this phase in the deal. Should I ask for proof of tenant payments? Credit reports? Start a new contract with the tenants? [link] [comments] |
| Best bank to open a HELOC with? Posted: 01 Jan 2021 01:36 PM PST Hey everyone, I have one of my rental properties paid off and would like to open a home equity line of credit on it. I want to use the funds for the stock market. The money would be used for anywhere from 6 months - 2 years (so ill be paying interest on it for that amount of time) then i should be able to fully pay it back. The property is valued at $290k would like to get anywhere from $150k - $200k if possible. Does anyone have any recommendations for the best place to open a line of credit that would fit this criteria best? or cheapest rates? Any tips would be much appreciated [link] [comments] |
| Novice Question on Avoiding Commingling Assets Posted: 01 Jan 2021 11:06 AM PST Looking to start investing in rentals and would be holding in an LLC, and know it's best to keep from commingling assets. The question is how to handle credit cards - if we are lucky to acquire (or acquire interests) in multiple properties, wouldn't opening multiple separate credit cards ding credit pretty hard? Seems like even if you have perfect payment histories, it would bring down the average age of your accounts... What are best practices? [link] [comments] |
| Posted: 01 Jan 2021 10:36 AM PST Not sure if this is the proper sub to post this in but I'm flirting with the idea of adding two washers and dryers in the basement of my quadplex. From anyone's experience is this something that would add value in the tenants eyes and allow me to raise the rent say $50-$75/month? [link] [comments] |
| Posted: 01 Jan 2021 07:35 AM PST My best friends father is looking to sell a SFH he purchased last year. My friend was going to fix it up and live in it after the renovations were complete. Well, he bit off more than he can chew. I told the father I was interested to purchase it as another rental property. When we starting closing procedures, it was found to have a lien on the property from a previous owners deadbeat boyfriend in the amount of $35k. It is a very shaky lien and I don't think he would have any proof of what he did to the house. He basically gutted the house that is about it. I trust my friends dad as I have known him for 20+ years. We are both trying to find a financial option for me to purchase. I don't have the cash to pay all upfront and complete renovations. We are kicking around this scenario on financing since a bank would want the lien taken off. Lease purchase with 8 year term (Lien began 2 years ago and evidently after 10 years if not renewed it gets taken off). $500 per month with 100% of the money going to principal At the end of year 8 we would need to pay off or refi to a bank. The lien will be on there until the end of year 8 or he could renew the lien before then. (This is where I need options) What can I do to protect myself in case the lien gets renewed or he wants to come after me later. Is there a contract that would have this all spelled out? Would a typical Lease purchase have stipulations like this? Could there be language that states after the 8 years the lien will be required to be fulfilled and if not then I get the property with the $35k taken off. He even mentioned putting the $35k in escrow just in case I received financing elsewhere. I am concerned about the lien but willing to work a mutual beneficial deal. [link] [comments] |
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