Real Estate Investing: California measure aims to pay off 80% of most unpaid rent |
- California measure aims to pay off 80% of most unpaid rent
- How big a deal is a missing center beam?
- Possibilities of Living (in a Trailer) on a Property While Slowly Building Home & Connecting Utilities, etc. (CA, USA)
- Looking at buying a mobile home park — what questions should I be asking?
- Commercial loan annual diligence
- First Time Buyer in Raleigh
- Do you file 1099s for contractors?
- Rent or Buy a condo for 2/3 years and turn it to a rental?
- home inspector training. is it worth it?
- Advice and help understanding how to deal with things going bad...
- Getting Started, Real Estate Investing 101
- New to investing? Sign up for Wealthsimple with my referral code to get $10!
- About 50-year-old townhouses and strata insurance
- Liability Protection - What's your strategy?
- Buying First Home, Need Advice
- Residential vs. Commercial property?
- What to do with 1 million?
- Cash offer for rental property
- Skip Tracing Platform?
- Is it safe to assume properties on MLS aggregators (like Zillow) listed for longer than a few weeks are duds?
- How to learn home repair and maintenance?
- Wholesaler Sent me the Deal of the Century (LOL!)
- Getting comps is really frustrating - is there an easier way?
| California measure aims to pay off 80% of most unpaid rent Posted: 27 Jan 2021 09:52 AM PST This looks like a good deal. As a landlord who has a tenant 30,000 in back rent i would love to see this. https://abc7.com/finance/ca-measure-aims-to-pay-off-8025-of-most-unpaid-rent/10036767/ [link] [comments] | ||||||||||||||||||||||||
| How big a deal is a missing center beam? Posted: 27 Jan 2021 06:51 PM PST 100 yr old house. Just flipped. Inspected it today and could not find a center beam underneath it. Explains sagging floors. Unfortunately it's on a 10-12 inch crawl space. How difficult/expensive should I prepare myself to expect estimates to be? Entire house is about 12 ft wide by 40 ft long with 2 stories. [link] [comments] | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 11:19 PM PST I'd like to own property with a log cabin / timber frame style home in a more wilderness type location in Northern California. My two favored areas are Arnold and Sonora, California. The homes and property types that are similar to what interests me range from 275-350k, asking for down payments of 70-80k. For two reasons (I don't have that kind of cash, and I'd like to play a role in designing and building the house) I've thought about the possibility of buying a lot (1-2 acres), pouring a concrete slab that I can park a trailer on for temp living (primarily weekends), and the slowly begin my process of executing the home build and runs for sewage, electrical, gas, etc. I understand that buying would be less expensive in the long run than building from ground up, and in general doing this is a long process (I wouldn't expect a livable space for several years), but I feel like dragging the process a little will allow me to continually make incremental improvements as my income allows. Looking for opinions, thoughts (is the legal/common/dumb?) , especially related to the trailer situation. Cheers [link] [comments] | ||||||||||||||||||||||||
| Looking at buying a mobile home park — what questions should I be asking? Posted: 28 Jan 2021 02:09 AM PST A friend of a friend is looking to sell a mobile home park in the midwest and the offer seems favorable. I have the money to buy it with cash and I'm looking to diversify my holdings, but I've never owned real estate let alone a mobile home park before and would like some tips so I know what I would be getting into. From the research I've done, it seems some aspects of the park are favorable (for example most lots are occupied by tenant owned homes and the cap rate is over 10%) but it seems that the main issues are that the park uses well water and a septic system. What questions specifically should I be asking about these, or in general? Any inputs would be appreciated. [link] [comments] | ||||||||||||||||||||||||
| Commercial loan annual diligence Posted: 27 Jan 2021 08:01 PM PST Is it normal for commercial lenders to request updated diligence every year. Tax returns, personal financial statement, and proof of funds? It feels strange that they are asking for this after multiple years making payments. But this is my first commercial loan, so maybe it is perfectly normal. Thoughts? [link] [comments] | ||||||||||||||||||||||||
| Posted: 28 Jan 2021 01:21 AM PST Is current market too hot for first home buyer in Raleigh area? What do y'all think? [link] [comments] | ||||||||||||||||||||||||
| Do you file 1099s for contractors? Posted: 27 Jan 2021 04:19 PM PST I engaged several contractors this year for turnover work on a SFH property. Deep carpet cleaning due to extensive pet damage and whole house painting and drywall repair. One contractor was a business the other an individual painter. Do you prepare 1099s and report the payments? Both were well in excess of $600. Curious how you handle reporting of payments to vendors. We usually do all of our own work but in this case had to hire it out. Thanks! [link] [comments] | ||||||||||||||||||||||||
| Rent or Buy a condo for 2/3 years and turn it to a rental? Posted: 27 Jan 2021 11:18 PM PST Hey all, I am an engineer on work-visa from SanDiego. I've been renting and sharing a 2b2b for 1100$+utilities for a year and a half. I am aiming for my first venture into real estate this year. I am thinking of buying a 2b2b condo around 450K$ this fall, live there in one room while house hack the other room. My idea is to direct my rent to an asset instead of draining it. However, I do not have 20% downpayment. I'd be able to set aside, 5% for downpayment (~25k$) + 10k$ closing costs, while keeping 10k$ in emergency funds at the time of closing. So mortgage cost comes close to 2600-2800$ including PMI and HOA. I am planning to rent one room for 1200$ and pay rest of mortgage(1600$) as of 2021. Also, I'd like to move out after 2 years, if needed (anticipating job change or marriage), and be able to rent it out for about 3 more years before considering to sell it. I also plan to keep saving around 1%(every year for maintenance) + anticipate 15,000$ worth of HOA assessments or such emergencies over the 5 year period and keep saving for it. I've personally tried to run some numbers including the downpayment, closing costs, selling costs for selling after 2/5 years. Worst case, after 2 years, I might incur a loss of 20-30k, which I would anyways lose when renting. Best-case, I get back 30-40k$ tax-free due to using my house as primary residence for 2 years, and even more if favorable appreciation. So, given I find a condo with a good HOA, should I go with my plan ? [link] [comments] | ||||||||||||||||||||||||
| home inspector training. is it worth it? Posted: 27 Jan 2021 06:51 AM PST I am a new RE investor, I've been reading a lot, and I am ready to make the move to invest in my first rental. I've been thinking about BRRRR, but I am a little concerned because of my lack of general knowledge when it comes to what is needed for a rehab, it occurred to me the other day that taking a class to be certified as a home inspector might be a good option. I've seen basic courses for about $600-$700 which I think will be a good investment. I'm not necessarily planning to get certified, it is just for my knowledge. any thought on it? [link] [comments] | ||||||||||||||||||||||||
| Advice and help understanding how to deal with things going bad... Posted: 27 Jan 2021 10:28 PM PST Hey folks- this might suffer a bit from ramble-syndrome so I apologize in advance. Also let me say that I want to understand the legal aspects- but also the moral ones. I am really off my center here. Situation: Used hard money a year ago to buy a bunch of income properties. Finished seasoning and went to refinance RIGHT when the banks all shut down their programs. I figure I will eat the extra few months I need to keep the expensive money and then dig my way out. Then, shortly before things started to open up I had a few personal issues hit my world. By the time banks were lending my credit had taken a dive and my reserves were nearly wiped out. To make matters worse these are short term rentals and the income drops to about 25% from Nov-Feb. Finally found a bank that would work with me if I jumped through some hoops- which I did- but they managed to drag things out for almost 4 months and then decided to only lend me about half the money I needed. So now I am missing interest payments, didn't pay renewal fees, and do not have a clear path to a refinance out of the hard money interest. The properties have appreciated quite a bit. Selling them for a decent price will take a little time- but should cover most of the back interest and fees. I am not sure if that will be true if I am continuing to pay the 18% for however many months though. Now I *WANT* the HML guy to get all of his money. I want him to be successful as a person- there isn't bad blood. BUT he is trying to get me to put liens on my other properties (there are only a couple) to cover the back interest. This feels wrong? On the one hand I want to see him come out as cleanly as possible. On the other hand we entered into the relationship together and both parties accepted risk- I feel like that risk should be limited to those agreements. But I don't know and am torn. Share some wisdom reddit. :/ [link] [comments] | ||||||||||||||||||||||||
| Getting Started, Real Estate Investing 101 Posted: 27 Jan 2021 09:03 AM PST Long time lurker, big time fan of the group. I'll apologize in advance for heavy content, but I'm hoping today, is day 1 of my journey in real estate investing. I've come to the point in my life where I'm 37, make a good living ($100k salary/$180k household, live in San Diego), but I feel as though I have zero purpose. I work at a job that doesn't stimulate me at all. I can do it with my eyes shut most days. For more than 10 years I've been interested in real estate and real estate investment, but I've never taken the plunge. I need that to change or I'm going to drift further into depression. Short story, one of my best friends and I, we want to start a vacation rental or short term leasing company. We would either buy the land outright and build or buy older homes and if needed, fix them up. We're both relatively handy, but could use some more experience there. Neither of us would be responsible for the outright build of any home, but we are working on that. My questions to all of you are: -how should we setup our new business (llc, partnership, corp, etc) -can I use a first-time home buyer and VA loan both in a lifetime? -what educational resources should we get familiarized with? Are there any certifications we should focus in on? Should I go back to school? -what other things should I research? Learn about? Factor? Sorry for the long post! Thanks in advance. [link] [comments] | ||||||||||||||||||||||||
| New to investing? Sign up for Wealthsimple with my referral code to get $10! Posted: 28 Jan 2021 01:33 AM PST You have 30 days to add a referral code after you created a WS account. Click the gift icon on the top right and add my code: SA5MAQ We'll both get $10 after you deposit $100. Wealthsimple Trade is Canada's first $0 commission stock trading app – sign up now and get a bonus $10 to trade. https://my.wealthsimple.com/app/public/trade-referral-signup?code=SA5MAQ [link] [comments] | ||||||||||||||||||||||||
| About 50-year-old townhouses and strata insurance Posted: 27 Jan 2021 09:37 PM PST I am currently looking at buying a 2 bedroom townhouse built-in 1973 in Cloverdale, Surrey, BC. The strata fee is $515. The strata fee includes: hot water heat, natural gas & hot water are included in the monthly strata fee. (Not Hydro). The townhouse comes at a price that I am able to make a 20% downpayment which is not possible in other townhouses in the area. According to comparables, The townhouse in this area was sold for about the same amount 6 months ago. Other units in the same complex are being sold at a relatively higher number as they have been renovated. I have not had a chance to look at Strata documents yet but I have been told by the realtor that the Strata insurance was charged higher last year. About $2500 annual additional for each townhouse which must have brought the strata fee to a crazy number. It is paid for until May by the seller and the realtor mentioned that is now better and the govt. has enforced some regulations now regarding the increase in Strata insurance. -> The contingency fund is about $300,000 for 111 units so comes down to $2700 per unit. -> I would like to understand things I should look for in the Strata documents to ensure the strata fee isn't likely to go up. $515 is an insane number already. -> Do you recommend getting it? -> Are regulations made by the govt actually effective? I did read on the news how strata insurance went completely crazy in 2019/2020. Are we expecting it to continue? -> Has your strata fee come down since? If not, how did you manage it? -> I am a first-time homebuyer. Anything I should be aware of as far as Strata and strata fee/insurance is concerned? [link] [comments] | ||||||||||||||||||||||||
| Liability Protection - What's your strategy? Posted: 27 Jan 2021 04:05 PM PST Hello, In talking to an advisor, he mentioned that every flip and rental property should be put into it's own Wyoming-based LLC, then dissolved once the property is sold. The strategy makes sense to me, but seeing as I'm not a lawyer (and this advisor was trying to sell me a service), I'm wondering if there are any drawbacks to this strategy. It is a little pricey at ~$2k per property, though I understand it's cheaper than getting sued. I'm leaning towards going with this strategy, but I'd love to hear if anyone else has some tips for protecting themselves legally. Thanks! [link] [comments] | ||||||||||||||||||||||||
| Buying First Home, Need Advice Posted: 27 Jan 2021 03:56 PM PST I am in the process of buying the house that I've lived in for the past 18 months under a contract for deed. This means that I haven't been paying rent but have made significant improvements to a house that was basically a trap house when I moved in. There was no running water or power and mold and rot were everywhere, roof leaked, etc. I've put about $20,000 worth of work into the place (inc. parts and labor). I replaced the roof, all the plumbing, most of the electrical, drywall, paint, I even lifted a sinking part of the house. The owner was going to hold the loan for us while we paid him directly. We agreed on $5000 down and 500/month for 10 years. He wanted to do this without a legal contract (family friend) so I haven't paid yet. I don't want him to do something like take the money as back rent instead of a down payment. He's now threatening eviction. I live in Montana. What would be the best course of action for me to take to keep the house? [link] [comments] | ||||||||||||||||||||||||
| Residential vs. Commercial property? Posted: 27 Jan 2021 03:56 PM PST Hello all. Selling a residential property and thinking of rolling that into a commercial property in Florida through a 1031 exchange. Does anyone have experience doing this? In particular in florida? Appreciate the help! [link] [comments] | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 06:57 PM PST Hello everyone, I'm in Canada and have a duplex that I rent out. I'm pretty new to real estate investing. Besides house hacking my basement and the duplex I don't have much experience. I'm going to inherit just over 1 million and would like to invest it in rental property. Would it make sense to just buy a unit for cash if cash flow is my end goal? Any advice is greatly appreciated! [link] [comments] | ||||||||||||||||||||||||
| Cash offer for rental property Posted: 27 Jan 2021 12:25 PM PST I have a small rental house (1000 sq ft) in the Midwest that I've had rented for about 10 years. I spoke to a representative from an investment company that flips houses, rents them or wholesales them depending on the property. We spoke on the phone about the property approximate worth rental income repair done repairs needed. Obviously they are a company and need to make money so I won't be getting top dollar but I live out of state my renters have 18 months left on lease, the market is good right now so maybe selling to this company would make sense. Comparable houses are 155k-160k list on MLS and home valuation sites. Rent is currently $1025 House would need a new roof. 1000 sqft house around $5000? more? Kitchen could use modest remodel. 5k? Bathroom modest remodel 5K? I have good tenants it's cash flow positive but I'm tired of landlording several states away. I have a management company that takes care of most stuff but honestly they aren't that great. Band aid repairs that require multiple fixes and are to slow to repair item. Getting rid of them would be great. The representative asked me to talk to my wife and see what we would consider for a cash offer and he would look at the numbers and be back to use in a day or so. Any advice on what kind of offer I should expect? Or pitfalls to look out for in this situation? End of the day if the offer doesn't look good I can always decline. [link] [comments] | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 02:12 PM PST What platforms do you use to skip trace? I've been using Batch Leads but at $.15 a skip it adds up. Found someone off Fiverr who can do it for $.07, but who knows how legit those numbers are. Please let me know!! [link] [comments] | ||||||||||||||||||||||||
| Posted: 27 Jan 2021 04:56 PM PST Question in title. I'm in a HCOL area where halfway decent properties have been snapped up in hours since the pandemic began, but the impression I get reading online is it's like this in most markets. Is the title a reasonable assumption or am I missing out on potential deals by only filtering the last 7 days listings? Thanks! [link] [comments] | ||||||||||||||||||||||||
| How to learn home repair and maintenance? Posted: 27 Jan 2021 09:17 AM PST I am currently a renter and preparing to buy my first property by the end of this year. My home maintenance knowledge is extremely lacking. I would like to be able to handle common smaller-medium sized repairs for my tenants and myself before hiring out for larger repairs. I dont want to have to rely on a handyman for tasks that are common and not difficult to learn especially since I will be living on-site. How can I learn home maintenance and repairs as a current renter? Are there hands on classes I can take to learn these things and practice before buying my first property? I have been following the home improvement subreddit and have watched some youtube videos about specific repairs. This has been helpful but I want to get hands on experience before buying property and get a head start instead of learning repairs and maintenance slowly over time. If this isnt the right place for this post please let me know [link] [comments] | ||||||||||||||||||||||||
| Wholesaler Sent me the Deal of the Century (LOL!) Posted: 27 Jan 2021 01:00 PM PST
Gotta love it.
Just because a Niche is hot, and it's an off-market deal, doesn't mean it makes sense. [link] [comments] | ||||||||||||||||||||||||
| Getting comps is really frustrating - is there an easier way? Posted: 27 Jan 2021 03:16 PM PST |
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