Real Estate Investing: Blatant Self-Promotion Thread: January 14, 2021 |
- Blatant Self-Promotion Thread: January 14, 2021
- First real estate investment 4-Plex
- Purchased my first property, thinking about a second...
- If the money flow is good are buying into bad tenants worth it?
- Beyond the 1% Rule
- TRANSUNION: Best Tenant Screening Articles of 2020
- What's the best way to find multi-family in the 3-8 unit range?
- Thoughts on buying rental properties away from where you live?
- Refinance help
- How to Fund your Deals
- Having hard time finding rehab homes for target price. Where should I be looking?
- What tools do you use to tracking and analyzing potential deals in the search phase?
- What do you think? (LA County)
- How do you factor in paying off your investor and what is a typical pay off time frame and interest rate?
- I’m looking for a good real estate wholesaling course that’s LEGIT, anyone know any good courses?
- What happens after your first multi family unit in the 1st month? 3rd month? 6th month? 1ye?
- Scaling up
- Real estate course
- Very Novice BRRRR question
- Handyman Recommendation/Tips
- When is the best time to buy a home?
- HELOC for down payment?
- Building a new home in an expensive city: rent it out or sell?
- In North jersey, with 150k for real estate investing, stay here or invest else where?
- Can I move out of my house hack before 1 full year?
- Wholesale jv question
| Blatant Self-Promotion Thread: January 14, 2021 Posted: 14 Jan 2021 12:00 AM PST Monthly Blatant Self-Promotion Thread (Within Reason)Welcome to this monthly series. This post will repeat monthly, on the 14th of every month. This is your opportunity to promote a blog you run, a YouTube Channel, real estate related business, or additional content that otherwise may be removed from the sub. This thread will be lightly moderated and the Mods do not endorse or condone any information found on content linked within this thread. Perform your due diligence. Caveat emptor! Rules
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| First real estate investment 4-Plex Posted: 13 Jan 2021 01:50 PM PST I am currently in the process of making an offer and starting my real estate investment journey. I (M26) currently own my own house, and I am looking at purchasing a 4-plex (2 bed, 1 bath each) that also has 5 storage units in a separate building. I am having a sit down meeting to discuss everything with the current owner. I am trying to compile a list of questions I should ask him. What advice does everyone have? what should I ask him? This will be my first experience with renting. What does everyone think? [link] [comments] |
| Purchased my first property, thinking about a second... Posted: 14 Jan 2021 01:03 AM PST Hi everyone, I recently purchased my first investment property in all-cash $55k, currently going to be renovating it for $20k, cash. $1.5k was for insurance upfront, so all in $76.5k. It's in a LCOL area and the rent per month would be about $1,000 and after expenses would be $700 net into my pocket. I currently live at home and make $4,000 net per month from my current job. So total NET income is $4,700 per month. I have no debt, only expenses ie. car gas, food, gym etc. In other words, my DTI is low. I am considering financing a second one since I do have a credit score above 800, however my current cash on hand now is around $3k. I wanted to know what kind of options would I have for purchasing a second home? Should I go for something more higher valued? Say 2-4plex (assume property management is no issue)? Stay with SFHs? What would you do in my situation and these numbers? [link] [comments] |
| If the money flow is good are buying into bad tenants worth it? Posted: 13 Jan 2021 06:58 PM PST I made a post yesterday about trying to close on 3 unit house that has a really bad tenant and didn't want to go through without them removed. After sleeping on it I am thinking the deal is too good to pass up even if I have to take on bad tenants initially. The seller was trying to remove the really bad tenant before my interest. The other two apartments are rented as well with not exactly the most desirable tenants either,but all three need to be renovated. The cash flow already is really good and will obviously be even better after renovations with better tenants moved in. The verbal agreement on the house currently is $120k and the mortgage with taxes and insurance will come to around $840 a month. All three apartments plus detached garage are being rented at $2360 total currently. It is in a good area probably a B+. After renovations I should be able to get close $3,000 total a month for just the apartments which is a really good return imo. Is taking on the bad tenants now worth the headache for a deal like this? [link] [comments] |
| Posted: 13 Jan 2021 04:38 PM PST While I think the 1% rule is a great starting point, I want to hear from some of the more experienced people here if you then use a margin/net profit metric to determine if a deal is worth your time. Let's ignore appreciation and focus on cashflow. Since annual expenses such as property taxes and insurance rates (such as special policies required in certain areas like flood insurance) can vary widely even within the same city, do you use a margin metric for yes/no if a deal is worth your time? E.g. net cashflow after everything paid/maintenance reserve divided by gross cashflow? If so, what's your "1%" number for this? 50%? 25%? 75%? Obviously, this leads into discussion on property/tenant grades and the difference in margins, so if you do have some rules you live by, like say "C Class properties must give me 75% net profit margin to be worth the headache" I'd love to hear those. On the topic of metrics for cashflow analysis, what are some other hard or soft rules or metrics you have found successful or you stick to? For say first year COC returns, do you have a percentage floor you stick to? Thanks!! [link] [comments] |
| TRANSUNION: Best Tenant Screening Articles of 2020 Posted: 13 Jan 2021 07:13 AM PST TRANSUNION: Best Tenant Screening Articles of 2020 I don't do much rental work in my practice, but when I do, I use TransUnion to run the credit and criminal checks on prospective tenants. This allows the following process points:
I would still need to call to verify employment and current landlord comments. I've found the TransUnion algorithms to be robust and reliable. For security, I never see the SSN of prospective tenants which is one less piece of data I need to protect. I do see SSNs on accepted tenants on their rental application once they are chosen. Anyone have anything better? [link] [comments] |
| What's the best way to find multi-family in the 3-8 unit range? Posted: 13 Jan 2021 07:15 PM PST The broker I hired made me sign a contract (already seeing that was a mistake) and unfortunately they don't send along virtually any properties, week after week. Perhaps fortunately, I know this broker well and they've said plainly that the contract can be voided if they can't help me. The roles have seemed to reverse a bit and now I'm actually scanning Google Maps for large roofs in key areas of my town (located in Southeast). Then I verify whether this large roof is in fact a multi-family property (there's GOT to be a better way?!). I send along addresses and the broker has said they will call the owners and even send out letters. So, they are motivated to find willing sellers, I think. Am I going about this incorrectly? I'm under the impression the only way to find good multi deals is to make dozens of calls like this. Thanks for any insights at all! [link] [comments] |
| Thoughts on buying rental properties away from where you live? Posted: 13 Jan 2021 02:23 PM PST Is it feasible to buy properties to rent in other states? I live in one of the most expensive areas of the country, and buying a condo here would be equivalent to four or five elsewhere. Is it a reasonable thought to try and purchase elsewhere, or is managing property from distance too much hassle to handle? [link] [comments] |
| Posted: 13 Jan 2021 03:15 PM PST I have a condo with positive cash flow. 195 months left on the loan and I would pay $31k left in interest if I see the loan to maturity. I can refi the condo, lower my monthly payment by $222, thus further increasing cash flow, but extending the life of the loan to 360 months and over that time I would pay $52k in interest if I see the loan to maturity. What should I do? Refi and take more positive cash flow now, but extend the life of the loan and pay more interest? Or stay as is, and pay less interest in comparison? Thanks for the help. [link] [comments] |
| Posted: 13 Jan 2021 11:56 AM PST Hello Everyone, Rookie real estate investor here looking to make my first deal this year. I've been studying up on strategies, have read a couple books, mother is a realtor and I work full time in a mortgages department, so all in all I'm immersed in this industry. I'm having a hard time coming up with ways to fund deals, to give you and idea I'm a college grad and don't have anything I could put up as collateral. The obvious ways are family friends or other investors who would have funds to cover a purchase, but what about hard money? I know HML need collateral, and personal loans won't go that high so how do I come up with funding if I don't have many wealthy individuals in my network? [link] [comments] |
| Having hard time finding rehab homes for target price. Where should I be looking? Posted: 13 Jan 2021 05:46 PM PST I've been trying to find some homes that need to be rehabbed but everything I'm finding is 100% livable with no real work needed. I've been looking on foreclosure websites, real estate websites, bank websites. No success. Are these listings only realtors have access to or are they just unlisted that you have to stumble upon by chance? [link] [comments] |
| What tools do you use to tracking and analyzing potential deals in the search phase? Posted: 13 Jan 2021 09:26 PM PST Assuming you've got the lending/capital figured out and is looking for good deals", how do you actually go about doing so? What tools do you use? I currently use a combination of MLS listing, simple spreadsheet, and some simple CAP and cash on cash calculators. But I was wondering if there's a tool with a better integrated tool. [link] [comments] |
| What do you think? (LA County) Posted: 13 Jan 2021 08:55 PM PST Need opinions on what might be goin on Single family house with a guest unit over the garage came on the market this week in my area; located in a very nice neighborhood, listed as a significant fixer upper with showings limited. I got my realtor to inquire on a showtime to see the property and he got back to me saying in order to view the property you need to sign a covid release form along with providing proof of funds/preapproval letter, which I had no problem providing. My realtor sends these materials to the listing agent and now they got back to us saying that they want "interested buyers to submit an offer subject to inspection" sight unseen. I feel like this is sort of strange since they did not lead with this new requirement and only brought it up after submission of the proof of funds/preapproval letter. Not sure what to think of this here; should I just lowball an offer subject to inspection in the hopes that I can at least view the property in person? (I understand there are covid regulations and people are sketched out with showing their homes and opening themselves up to getting infected thus having some requirements to filter out buyers, but something seems off) [link] [comments] |
| Posted: 13 Jan 2021 08:32 PM PST |
| I’m looking for a good real estate wholesaling course that’s LEGIT, anyone know any good courses? Posted: 13 Jan 2021 04:47 PM PST I see a lot of scammers and all that, wondering if anyone can help me out or guide me in the right direction [link] [comments] |
| What happens after your first multi family unit in the 1st month? 3rd month? 6th month? 1ye? Posted: 13 Jan 2021 08:32 PM PST I'm wondering what happens after you purchase. What do you do when a renter leaves? What should I expect? Phone calls at 2am with water leaks? Non payment problems? [link] [comments] |
| Posted: 13 Jan 2021 08:20 PM PST Hello everyone, my goal for this year is to buy my first investment property . And since I'm very new, I was thinking of starting my journey with a turnkey investment. However, I'm not exactly sure how I would scale up with this route. Can anyone educate me? Thank you in advance [link] [comments] |
| Posted: 13 Jan 2021 02:21 AM PST Hello all. I have come across several "courses" to learn how to flip properties using other people's money. My question is are these courses real and is worth taking the course to someone with no real estate experience? [link] [comments] |
| Posted: 13 Jan 2021 10:44 AM PST Hi everyone! I am just now learning about real estate investing with a long term goal of owning/managing rental properties as my main source of income (make enough to surpass my current job). I have some equity in my current home but we will not be selling for about a year or two. So, I wanted to take this time to learn as much as I could about real estate investing/managing (starting from nothing) and start when we sell this house and get some cash in hand for investing/rehabbing. I do have one questions about BRRRR, if you do the cash out equity refinance and use that for another property, aren't you stuck with the full mortgage on the original property thereby decreasing/breaking even your cash flow? Hopefully that makes sense, but I'm getting a little hung up on that part of the process. Any advice is appreciated! edit: I know this is probably elementary for a lot of people so please bear with me! [link] [comments] |
| Posted: 13 Jan 2021 05:10 PM PST I bought my first duplex in Cuayhoga Falls, Ohio a small but nice suburb of Akron, Ohio. I have a property manager but have found it easier if I contact the contractors, explain what I want/expectations, and pass them off to the property manager for estimates and processing payments. I get roughly 3 estimates for all the work and pick who I like before authorizing the PM to schedule and oversee the work. I know the property manager could handle this independently, but I feel better being more involved at least right now. His handyman gave me a quote to do some work before the new tenants move in. The price seems a little bloated and a few things we never discussed were added. In his defense, the duplex does need a little work so I don't totally disagree with all of the recommendations, but it's also money that might not need to be spent right now (new renters already turned in the security deposit). Does anyone have a handyman or local company they can recommend in this area? Any tips for finding a solid handyman for my investment property? The desired work is pretty basic, mostly touch up paint in a few spots, bathroom caulking, toilet seal ect. Thanks! [link] [comments] |
| When is the best time to buy a home? Posted: 13 Jan 2021 03:31 PM PST |
| Posted: 13 Jan 2021 09:16 AM PST Can I use my primary homes HELOC as a down payment on an investment property? [link] [comments] |
| Building a new home in an expensive city: rent it out or sell? Posted: 13 Jan 2021 11:25 AM PST My parents bought a parcel of land in a suburb of Vancouver (a very overpriced market), and have recently subdivided it. They are currently facing the dilemma of whether to build and sell, versus build and rent it out long term. On paper, both seem like they will be profitable, but with different time frames in mind and different tax implications. My question is: has anyone here built a home from scratch with the intention of renting it long term? What was your experience? My personal opinion is that I have never met anyone building a new house that wanted to rent it once they were done building... there must be a reason for this. [link] [comments] |
| In North jersey, with 150k for real estate investing, stay here or invest else where? Posted: 13 Jan 2021 08:10 AM PST Hello, 28 and looking to invest for cash flow. I dont care about appreciation only cash flow. Im in north jersey market which is one of the worst in the country. What steps would you do to get good cash flow from this amount to invest? Any suggestions or tips would be greatly appreciated. [link] [comments] |
| Can I move out of my house hack before 1 full year? Posted: 13 Jan 2021 01:19 PM PST I'll be closing on a duplex in about a week, which I arranged financing for through a 5% down house-hacking situation. I wanted to know if it's legal/possible to move out of my duplex before one full year? All the house hacking guides mention you must reside in the property for a full year? Is this necessary? I'm asking because I'm a financial analyst, and have recently been seeing a TON of better job opportunities in another city. If I end up getting a job in a different city in the next few months... can I move?? [link] [comments] |
| Posted: 13 Jan 2021 09:21 AM PST When I make an offer and I want the reassignment fee to be split 50/50 between me and another wholesaler. Do I put them down as a buyer in the first offer or do I just do the contract solo and the give them their cut later manually? [link] [comments] |
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