Real Estate Investing: Buying Land and Building Cabins |
- Buying Land and Building Cabins
- Walk Me Through Closing Without Realtor
- Put an offer in on a 5 unit home. Seller countered with a deal contingent on purchasing a second property that they own in the area
- 1st wholesale lead- inherited from death
- Bay Area Plays this Past Year?
- Are there limits to how many loans you can have & still get financing?
- 1031 Exchange with a Quit Claim afterward
- How to do a tenant background/credit check without SSN
- What is the benefit of scraping Zillow's individual home listings?
- Story of my life
- Profitable Markets in New England that aren’t absurdly expensive
- Do i need to move to a state to get cash flow properties? Vs NJ
- Investing in land
- Legal Structure (LLC, LP, S-Corp) for Flipping Homes
- Software like Lead Sherpa and Batchleads? Or similar SMS campaigns software?
- Daily Newsletter Suggestion?
- Selling home worried about appraisal
- Help/ first Investment Property
- Land leads no responses
- Tenant is refusing for appraiser to take inside pictures. What are my options?
- Realtor in Austin TX?
- How to structure rents - unique situation.
- My situation
| Buying Land and Building Cabins Posted: 06 Jan 2021 07:14 PM PST I am looking for some advice on developing land and building cabins. I am looking at purchasing acred and putting cabins on it. The land is undeveloped so I need to put in electric, well, and a septic syem. I am wondering if someone has ever developed land before and put these components in/on it. I am looking for advice on what to look for when developing land and the cost associated with doing so. Edit: I am trying to do this in western maine. [link] [comments] |
| Walk Me Through Closing Without Realtor Posted: 06 Jan 2021 06:29 AM PST Hello Reddit, I have been trying to get financing on a house for 27.5K in the Chicago area for a while. I finally got a small bank that could do the mortgage. I am sending the bank rep the signed purchase contract today but I'm starting to get nervous. I bought a house a few months ago in a cash deal with just an attorney and no realtor. I am trying to go that route again but obviously it's different due to financing. The seller didn't want to provide an inspection so I asked the bank rep if it would be okay if I paid for the inspection on my end. In short, he said he couldn't give advice and recommended using a realtor. Can someone please tell me all the things I need to do to make sure everything goes well at closing? This is what I have so far (I'm drawing on my knowledge from the last transaction). Home inspection ( will be complete tomorrow) Survey (will be complete Tuesday next week) Title search and insurance (I believe my attorney is handling this but will send email to clarify) If I get the three things above done, and ensure I have the necessary cash to close, am I good to go? [link] [comments] |
| Posted: 07 Jan 2021 03:05 AM PST I put an offer on a home in upstate NY. The seller lives in NYC and owns two properties in the same area upstate. My offer appealed to the seller, however after he was able to mull it over for a little bit he decided that if he was going to sell the one property he might as well sell the second as a package deal. Being it doesn't really make economical sense for him to hire a PM for just one property. The only issue with the deal is that a) the second property is not in that great of a location b) what he wants for it is too much and with the rents that would be collected makes it a terrible return on investment and c) the property sits on a well and septic. Septics are costly to replace when they need to be replaced and I'm not trusting random tenants to always keep the septics best interest in mind. Who knows what they may flush down a toilet/drain. What kind of deal could I offer to sweeten up my end in order to help coerce the seller into selling just the one I'm interested in? The property I want was listed for 275k but needs some work to get the 5th unit liveable again. Because of that I put an offer in at 255k [link] [comments] |
| 1st wholesale lead- inherited from death Posted: 06 Jan 2021 07:01 PM PST I have a mentor who has given me a Lead on a wholesale property. Very first one I have worked on so I'm excited andnervous.The owner has died, and the house has passed on to his kids. From what I have been told they are looking to get it off there hands. How do I approach this without coming off insensitive as they just had a death? Anyone have a script? Side note: I had 2 friends death (one army freind from suicide, other from covid) in the last month [link] [comments] |
| Bay Area Plays this Past Year? Posted: 06 Jan 2021 07:13 PM PST I recently got into real estate investing but also happen to be moving to the Bay Area later this year. I understand that the price-to-rent ratio is absurd there (and probably only getting worse these days due to the pandemic), but I was wondering if anyone has found any good real estate deals within this past year (including the surrounding areas)? What did your COC look like? I tried looking into house-hacking but WOW the numbers are still not working for me. [link] [comments] |
| Are there limits to how many loans you can have & still get financing? Posted: 06 Jan 2021 12:35 PM PST 11 total loans. However only two are through Fannie Mae/Freddie Mac. The others show up on the credit report but are held by a local bank. With interest rates so low, now is the time to buy. However, I was told that 10 loans of any sort are the limit in regards to conventional financing through Fannie Mae/Freddie Mac. Does anyone know the scoop? [link] [comments] |
| 1031 Exchange with a Quit Claim afterward Posted: 06 Jan 2021 05:27 PM PST I have a question for all you real estate experts out there...And this is a little convoluted, so here's the backstory:
The question is, is this legal without voiding the 1031, which would mean that the beneficiaries would have to pay capital gains? [link] [comments] |
| How to do a tenant background/credit check without SSN Posted: 06 Jan 2021 11:20 PM PST I'm a Landlord and I'm trying to do a background check for a student and his cosigner. I usually use mysmartmove.com because its quick, but the cosigner would prefer to keep the SSN private since she has a few businesses and is afraid of giving out her SSN. She's more than happy to give Driver's license and DOB. The question is what service do I use to conduct a background and credit check? The student doesn't care about any of this because he has no credit or criminal history. How do bigger companies do background checks without a SSN? [link] [comments] |
| What is the benefit of scraping Zillow's individual home listings? Posted: 06 Jan 2021 08:56 PM PST What do you primarily use scraped listing data for? I've seen a lot of people talk about using that data, but I'm not sure for what exactly. Are you scraping the actual listings to look for properties of interest? Or doing some sort of aggregation? [link] [comments] |
| Posted: 06 Jan 2021 08:55 PM PST Alright, I'm going to break down my situation. I need some advice on what to do next. I'd really like to get into vacation rentals, developing, or commercial, but I don't know where to start or how to get financed. Everyone says "private lender" but that's bs because idk where anyone is meeting these private lenders or randoms that are just willing to invest in them or dump money into projects. I'm 25, salary of 100k per year. I have 2 properties, both SFH in Las Vegas (Henderson, Vegas suburb). The first was purchased 2 years ago for 250k and now valued ~310k. I feel like I need to ditch this POS anyway. Mortgage is too high and the neighborhood is full of long-time renters or original owners, so the rents are way under market. My property rents at the highest in the neighborhood for ~1800. The lease is up in April and I'm concerned I won't be able to rent it for the same price with COVID. Second property is my primary residence and I bought that in 2019 for 320k and it's currently valued at 340k. This was an emotional purchase, totally messed up my plans, lessons learned, but whatever it's done and now I'm here. I have 20k in savings right now, and access to another 8-10k. I don't want to put money in a 401k, IRA, ETF, Mutal Fund, or anything like that so please none of that. Here for a good time, not a long time. I also want to invest OOS because I plan to move anyway so regardless I'll be managing the property remotely or with PM. Any advice, negativity, sh** talking, connections, whatever greatly appreciated (: [link] [comments] |
| Profitable Markets in New England that aren’t absurdly expensive Posted: 06 Jan 2021 08:36 PM PST I have enough capital saved up to put 20% down on a $300k SFR property but the problem is I live in Boston. $300k can't get you much of anything near the city so I was wondering if there are any profitable markets in New England with lower barriers to entry like Portland, Worcester, etc that anyone would recommend. Or possibly even in a vacation destination for a Vacasa rental. Thanks. [link] [comments] |
| Do i need to move to a state to get cash flow properties? Vs NJ Posted: 06 Jan 2021 08:24 PM PST Hello, Im dying to get into real estate and start investing but the issue is my market doesnt cash flow
Do i need to move or what? What are my options [link] [comments] |
| Posted: 06 Jan 2021 06:47 PM PST So would it make sense for an investor to purchase land and work with a home building company to develop properties that they then sell but you collect lot rent. Example. Say I buy 10 acres of land and can fit about 40 mobile/manufactured homes on it. I would own the land and give the company the right to build and sell homes on said property and then collect lot rent from the homeowners. Is this dumb? What are the pitfalls? Do people do this already? Are home builders in the habit of building homes without a buyer in place? Any feedback is appreciated. [link] [comments] |
| Legal Structure (LLC, LP, S-Corp) for Flipping Homes Posted: 06 Jan 2021 02:42 PM PST Looking for some advice here. I understand many are not lawyers, so I won't take this as exact legal advice. Myself and a real estate agent friend of mine are looking to partner up and flip homes. I have a few questions I am hoping you all can advise on.
Thank you all for any info! [link] [comments] |
| Software like Lead Sherpa and Batchleads? Or similar SMS campaigns software? Posted: 06 Jan 2021 02:24 PM PST Been using Batchleads and a big fan but curious if there are any cheaper better options other there. Curious what people have used [link] [comments] |
| Posted: 06 Jan 2021 10:32 AM PST Hi All, I live in NY and I am looking for a daily Newsletter that I can sign up and get daily. Something like the Morning Brew (for those familiar) but specifically geared towards real estate investing. Something that gives you general information of the biggest topics. Any suggestions? [link] [comments] |
| Selling home worried about appraisal Posted: 06 Jan 2021 05:04 PM PST We're selling our home that we bought a year ago due to job relocation. The house appraised for the listing price of the home. Now that we're selling it the listing agent gave us the price we should price it at based on homes in our area (which was over 30k higher than what we bought it for) we decided on selling for 20k more to cover the closing costs, and it sold same day. I looked on the market for even the price range we priced it at and it is highly competitive with that price range. I'm a bit worried that since it appraised for 20k less last year that it might not appraise for that much. I've noticed the square footage price has gone up a crazy amount since our appraisal. Is this something I should worry about? [link] [comments] |
| Help/ first Investment Property Posted: 06 Jan 2021 04:57 PM PST Hey guys, So I just graduated college this past summer and have been working for a small construction company in my area. I'm full time and they have been paying me really well. As a result, I'm using my W-2/college history to use the FHA loan. My realtor and I found a nice duplex in the city and all my docs look great for the loan. However for the month of Nov and December, I didn't get paid because the job site closed down because of Covid and other complications. As a result, my boss is paying me and all other employees for this month and the past two months for the month of January. I say all this because when I give my lender my bank statements tomorrow, I'm afraid they won't approve me because I didn't get paid the past two months. Can anyone help clarify my situation? Thanks! [link] [comments] |
| Posted: 06 Jan 2021 04:06 PM PST Hey all. I've got several leads for land development and my list is continuing to grow. However, I am having a difficult time getting in contact with these landowners. I have tried to send consistent letters with my contact info on it. They have all been more professional rather than the yellow letter stuff we see everywhere. I am an agent and have to disclose that but I have tried to position myself as a buyer rather than someone who is trying to list (which is true). Does anyone have good suggestions on how to get a decent response rate? [link] [comments] |
| Tenant is refusing for appraiser to take inside pictures. What are my options? Posted: 06 Jan 2021 11:59 AM PST I'm currently refinancing my SFH and doing it for the first time. The appraiser mentioned that he needs inside pictures to complete the appraisal process. Tenant is refusing to let him take pictures of inside the house and brings up privacy concerns. What are my options now? Is there any way appraisers can finish the appraisal without inside pictures? Is this common issue when refinancing with tenants in place? Edit: My lease section on this. "RIGHT OF ENTRY: The Landlord shall have the right to enter the Premises during normal working hours by providing notice in accordance with the minimum State requirement in order for inspection, make necessary repairs, alterations or improvements, to supply services as agreed or for any reasonable purpose. The Landlord may exhibit the Premises to prospective purchasers, mortgagees, or lessees upon reasonable notice." I gave her a verbal (an text) notice of more than a week about this. She was fine with it at first and just an hour before she calls and says she has privacy concerns. As someone said in the comments, it feels very sketchy to me. My situation is the lease ends on May 31 ( I am definitely not going to extend the lease) and I am not sure any legal is worth because of the number of months remaining in the lease. [link] [comments] |
| Posted: 06 Jan 2021 06:59 AM PST I currently have a realtor but it doesn't seem like he can help me find what I'm looking for. Him and the lender he works with kind of told me to give up looking for a multi family but I'm stubborn so I'm not going to. Does anyone have a realtor they can recommend? I'm a first time investor and I've been looking through Zillow and MLS for about 3 months and still haven't found the Duplex I'm looking for. My main goals are to create wealth little by little. Any help is appreciated. Thanks! Edit: Thank you for the help. It seems that what I'm looking for might not be realistic. To change the initial question, what should someone in my shoes do? Should I focus on making more money? Should I become a real estate agent to make more money and get discounts on property? I work in construction management and I'm early in my career so I'm not making a lot of money but I'm expected to make more in 3 months or so. My goal is to own multi family properties and make more money and build wealth. [link] [comments] |
| How to structure rents - unique situation. Posted: 06 Jan 2021 03:31 PM PST Hello there, I own an up/down legal duplex and am starting to look into the possibility of purchasing and moving to another one. I owner occupy one unit with family in the other. I would be looking to move, along with family and do the same. There are separate electrical meters but only one furnace and central air, which feeds both units. Additionally, the waste water is central. My question is this: how would you structure this in your rents, when renting to new tenants? Who pays what? I can see including waste water in the rents, but the furnace and ac are expensive items. If I have a tenant who knows they arent paying either, what's to stop them from just blasting them 24/7? I could use my Ecobee to set parameters, but still. On the other side, if I make the lower unit, where the furnace control is located, pay for the heat - what is to stop them from letting the tenant upstairs freeze to save $? Thoughts? [link] [comments] |
| Posted: 06 Jan 2021 11:31 AM PST Here goes: I am in the national guard full time right now, but my position with them is about to turn into a part time job. I got approved for a home loan in December for $225k. I live in Minneapolis so it's a pricey market & $225k doesn't get you much plus the market is slow right now cause of winter & the holidays. I've been saving for a house for YEARS now. I have about $95k saved up. I'm not comfortable putting down a down payment more than $50k because I want a safety net & I'm about to start flight training (which is an average of $15k-$20k in this area). Anyways.. I want ideas of what I should be doing so my money isn't rotting away in my savings accounts anymore. I really want to buy a SFH & house hack it for at least a year. I'd rather get a duplex but its not realistic with the prices in this area. I'm also afraid that when I go part time with the guard, I'm not sure I'll get approved for the same loan amount even though I plan to get another job to supplement the income. I've thought about being a hard money lender in the meantime but I don't know if I have enough to lend/ how to find trustworthy people to lend to. Any advice is helpful! Thanks! [link] [comments] |
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