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    Real Estate Investing: California lawmakers vote to extend eviction moratorium. Cover 80% of back rent for tenants with verifiable lost income.

    January 29, 2021

    Real Estate Investing: California lawmakers vote to extend eviction moratorium. Cover 80% of back rent for tenants with verifiable lost income.

    California lawmakers vote to extend eviction moratorium. Cover 80% of back rent for tenants with verifiable lost income.

    Posted: 28 Jan 2021 04:34 PM PST

    Did I make a mistake?

    Posted: 28 Jan 2021 06:52 PM PST

    I've been considering buying (my first) property for some time now, and have had my eye on a couple of homes for several weeks. Earlier this week I checked my credit score (soft inquiry) and today, got in touch with a lender to get a letter of pre-approval, which of course involved a hard inquiry. My credit is better than I expected (801), but I know it'll now drop after the hard inquiry.

    Now, however, I'm second guessing whether this is the right time for me to move forward with the process, and am debating holding off for a year, or at least waiting to see how things in the housing market change throughout/after the pandemic. My question now, is whether or not having the hard inquiry done is going to negatively impact me in the long run? Will it look bad if I stop seeking a loan to then return to this a year or two from now? Is it bad that I jumped the gun in getting pre-approved before I was really confident about buying?

    Thanks in advance.

    submitted by /u/Chance-Comfort8788
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    Inherited a home that is paid for, what are some options?

    Posted: 28 Jan 2021 05:04 AM PST

    Hey guys,

    ​

    I'm 28 and I inherited a townhouse that is paid off. My goal is to get into real estate investing to generate income that can eventually help me retire earlier. What are some strategies I can employ to make the most of this ? I am very new to investing

    ​

    ​

    Thanks for reading

    submitted by /u/jetlife0047
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    I’m interning at a firm next month, what can I expect?

    Posted: 28 Jan 2021 08:03 PM PST

    I'm a high school senior and have my final semester to intern. Most Seniors pick low effort jobs or stay where they work, some even work for their parents. I am attending CU Boulder next Fall to get a real estate major (not sure if necessary but I have opportunity to get degree with minimal debt.) I want to gain insight on what the job is really like and see if I can see myself doing this full time.I My counselor is setting me up with a successful residential brokerage firm in a neighboring upper-middle class town.

    What can I expect from this experience? Is the experience worthwhile

    Edit: I welcome anybody to reach out if they have any recommendations or would like to connect. Thank you for all the helpful comments.

    TL;DR: High school senior interning at firm, what can I expect?

    submitted by /u/RedArms219
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    I am preparing to find my first real estate investment in Las Vegas (out of state but within driving distance) and this is my plan -- please poke holes in my plan

    Posted: 28 Jan 2021 03:33 PM PST

    I have been looking at investing for 2+ years and am finally just gonna pull the trigger. I am from California and as everyone mentions, the prices don't make sense anywhere in driving distance from where I'm from unless you're banking on appreciation and are ok losing $1k a month. However, I have finally made the decision to invest in Las Vegas -- it's in driving distance, I know the area somewhat, and I believe the city will continue to grow with all the companies moving out of California.

    Since this is my first RE investment I have to be particularly careful, and would like to walk through my plan. Please let me know if I'm missing anything major.

    ​

    1. Find an agent: I plan to do through through two means, bigger pockets and facebook. I am going to make posts on both those platforms letting people know I am looking for a property around 200k (apartment or multifamily), and will have phone calls with anyone interested. My criteria is going to see if they have worked with any investors before and do they own any property (if they say no, I will dig into why not). My goal is to find an agent who's familiar with RE investing and knows what to look for.
    2. Determine a location p1: Since I am not as familiar with the area, I will use time with my agent to go over the best areas to invest. Obviously the agent has an incentive here, so I will also discuss with my friends who live in the area if they agree on the areas me and my agent come up with.
    3. Determine a location p2: This is the part I need the most help for. I was wondering what your process is to determine the 'growth potential' of an area. I am looking for websites/resources that provide information on median income, vacancy rate, school quality, neighborhood quality, etc. Does anyone have useful information on that?
    4. Determine a lender and property manager: Before making an offer on a property, I will have to be reaching out to lenders in order to get pre-approved. I will ask my agent for recommendations on lenders and property managers -- is that a bad idea?
    5. Find a property and make an offer: I think it's pretty straightforward from here. I think i have a good understanding on how to analyze a property and will be sure to be asking for the profit/loss statements from the previous owner (I plan to buy something that is occupied).
    6. Party: woohoo I'm a property owner!

    ​

    Thoughts?

    submitted by /u/freebird348
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    Advice for New Investor Looking at Using a Property Manager

    Posted: 28 Jan 2021 06:55 AM PST

    Would welcome general advice on choosing a property manager.

    One thing that struck me in particular is that a potential property manager told me, the homeowner, I don't get to see the property manager's background check for legal reasons. I was a bit surprised that I'm not able to verify / feel comfortable with the tenant myself.

    What have you all done in these situations?

    Also how many of you generally have real estates lawyers?

    submitted by /u/Thpanth
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    First Time Buyer - Rental property

    Posted: 28 Jan 2021 04:35 PM PST

    I am looking into buying a single family home in the coming months solely as an investment/rental property. I'm kind of in a unique situation because I am planning on buying my first home probably closer to the end of this year. So my question is, would taking a mortgage out for this property have an impact on the rate I will get for my future home down the line? I know I have plenty of research to do before making any decisions I just wanted to see what you all have to say. Thanks in advance!

    submitted by /u/Beastunleashed4
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    Parents have 4 acres of land outside of San Diego - what should they do with it ?

    Posted: 28 Jan 2021 08:16 PM PST

    I don't really know much when it comes to land investing but I just found out my parents have 4 acres of land that was passed down to them by my grandparents somewhere outside of San Diego. They claim it's in a non-developed area . Probably with nothing around it.

    What would be a good income generating project for this land ?

    submitted by /u/moscowmulemind
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    Question about your Apartment Managers (10+ units)

    Posted: 28 Jan 2021 04:29 PM PST

    Hi folks, I'm gathering info on moving to the 'next level' of real estate. I'm a SFH investor with 4 properties, but i'm looking at a potential 12 unit MFH. These questions are more for out of state properties, but I suppose I'm asking about close to home properties as well.

    • How often do you deal with your Apartment Managers?
    • Do they call you and and tell you when your units are vacant, who they get etc?
    • What is the business relationship like?
    • Do they just sort of 'do' everything or do you have to go assess... Like, Do they make sure that the units are cleaned, the hallways are cleaned, etc?
    • Do they make recommendations on expenditures (new carpet, or just a good cleaning)
    • As an owner, will I tour the units and building few times a year and pass the handling of those jobs off to the manager?
    • How often do you go to the property itself?

    Thanks a bunch!

    submitted by /u/MrAnonymousForNow
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    What's would you do in this situation?

    Posted: 28 Jan 2021 08:03 PM PST

    When analyzing a new potential market what are the key things you're looking for?

    Posted: 28 Jan 2021 07:08 PM PST

    Question in title

    submitted by /u/terminal_laziness
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    Leasing Land For Land Fill

    Posted: 28 Jan 2021 01:36 PM PST

    Hi everybody. I recently came across an ad for a company looking for people to come pick up garbage and bring it to an on-site compactor. It got me thinking about owning land and having my own compactors (which essentially would lead into starting a garbage disposal company), but after talking to a few people, I came to the idea of buying land with intentions of turning it into a landfill (Ex. Buying an Empty quarry). Has anybody done anything of this nature? I can see it being an extremely lucrative long term play, in the sense that after the land is filled up, you can build or lease buildings on there too. Also, if anybody has done this, how would you go about leasing the "pit" to become a land full?

    submitted by /u/tractor_trace
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    Who do you use for umbrella insurance?

    Posted: 28 Jan 2021 12:23 PM PST

    Looking to get some inputs from the group on which carrier you use for umbrella insurance and what your coverage/cost looks like.

    Anyone willing to share? And also, why did you pick that particular carrier for umbrella insurance?

    submitted by /u/ospreyintokyo
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    Trying to secure real estate assets for my family

    Posted: 28 Jan 2021 04:00 PM PST

    Hey everyone. I really need some help about making some decision on real estate. My father recently passed away and my mother is 74 and can't really handle decisions. My parents have 2 properties in PA and 2 in South Carolina. 3 of the properties are totally free and clear with no mortgages. They have HOA fees though. I am trying to set up LLCs and want to rent all the properties out. I have no idea where to begin. Any advice would most appreciated!

    submitted by /u/KCE22
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    MORTGAGE RECORDING TAX?

    Posted: 28 Jan 2021 03:52 PM PST

    hi guys!

    so i am buying a home for the first time. I got an estimated closing cost sheet which included my title costs, origination fees.. etc. it included a transfer tax but i was told the seller pays the transfer tax

    i was reading more about mortgages, and came across the mortgage recording tax. that was never included in my closing costs breakdown estimate. when do i pay it?? it makes me feel stressed out because i heard that's an extra 1-2% and my closing cost is already quite high.. :( it's just something that i was not expecting

    submitted by /u/dreaming10
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    Getting conflicting info about LLCs

    Posted: 28 Jan 2021 10:52 AM PST

    Can a married couple both be in an LLC and file a schedule C for each person? I have gotten both answers for this... is this a community property thing by state? If I make my wife 51% owner does that change anything for taxes? The thought behind this would be that it would be a woman owned business.

    submitted by /u/imissyourmusk
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    How does one get started in Real Estate Development?

    Posted: 28 Jan 2021 02:25 PM PST

    So, I'm coming out of college with a finance degree, and the biggest thing I hear people suggest when entering into real estate development is to work for another developer. OK. How? Like, what is a developer looking for? How can I add value to that person's business? What role would I fulfill? What job are they looking for me to fulfill?

    I just want to know what I can do to help developers in their job so that I can learn more about the industry and hopefully find a role for myself in real estate development.

    submitted by /u/TroyBehave
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    Any experienced investors in the Austin area who can give advice?

    Posted: 28 Jan 2021 02:19 PM PST

    If you know a lot about the Austin market, please message me! I just have some questions and need a little advice. I feel like my realtor is mostly interested in selling me whatever crap we find so I can make them money.

    submitted by /u/Parkin_Wafer
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    Amenities that you find add value to rent prices?

    Posted: 28 Jan 2021 12:44 PM PST

    Looking to get opinions on what amenities or "extras" add value to your rental prices. Dishwashers or off street parking are a significant plus in my market. What are major factors in your areas?

    submitted by /u/Jopso13
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    Negative Points (Lender Credits) on Mortgage refinance. Broker says I cannot go with the option I want due to "anti-steering laws".

    Posted: 28 Jan 2021 09:59 AM PST

    I am in the process of refinancing my primary residence. I rent out rooms, and file taxes accordingly, so I'm "house hacking". The mortgage broker's site showed loan options with very large negative points/lender credits. Here's a screenshot.

    I told the broker I wanted to go with the 2.99% option as it has -2.8% worth of lender credits (I get $7k at closing). Mortgage broker said sure, does a hard pull on my credit, then calls me up and says that to adhere to "anti-steering laws", Quicken will only let me take out a mortgage with the minimum rate that has no cost to me. He then proceeded to steer me towards the 2.69% option with only -1.4% worth of lender credits (I get $2k at closing).

    His justification was that it is illegal to give me a mortgage for a higher rate if there is no cost to me for the lower rate. I told him that the break even point for me is years in the future, and I was willing to pay the 0.3% spread for the extra $5k.

    I looked up what I assume to be the law he was citing and saw nothing prohibiting this transaction:

    PDF page 188 (page 780)

    1. Creditor's flexibility in setting loan terms. Section 226.36(d)(1) does not limit a creditor's ability to offer a higher interest rate in a transaction as a means for the consumer to finance the payment of the loan originator's compensation or other costs that the consumer would otherwise be required to pay directly (either in cash or out of the loan proceeds). Thus, a creditor may charge a higher interest rate to a consumer who will pay fewer of the costs of the transaction directly...

    I checked out Fannie May, and they explicitly allow lender credits to be used towards principal reduction:

    Lender credit may only be used as a credit towards the Borrower's Closing Costs. In the event the lender credit exceeds the amount of the Borrower's Closing Costs, the following requirements apply:

    • The lender credit must be reduced so it does not exceed the amount of the Borrower's Closing Costs, or
    • The amount of the lender credit that exceeds the Borrower's Closing Costs must be applied as a principal curtailment to the Mortgage, and must be clearly reflected on the Settlement/Closing Disclosure Statement. (See Section 6302.32 for delivery requirements for Mortgages with principal curtailments.)

    I'm sitting on the loan disclosures now and have a bad taste in my mouth as I feel he used the bait-and-switch on me. I had explicitly asked him about the negative points prior to starting the refi process and he said there is no catch, first thing he does after doing a hard-pull is tell me about the catch and proceed to steer me away from the loan I want to avoid breaking anti-steering laws.

    So, is my mortgage broker just wrong? Intentionally lying to me? Or am I misunderstanding the law. Is there any way I can get the 2.99% loan I actually want?

    TL;DR: Mortgage Broker says I cannot get a loan that has too large of a lender credit if there is a lower interest option with less credit. He says too large is legally defined as credits that eclipse the costs due at closing. I can find no such law. Is he right?

    submitted by /u/ApoIIoCreed
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    Where are the four plexes at??

    Posted: 28 Jan 2021 09:28 AM PST

    I own one in Alaska and it was a solid investment but I'm looking out of state and have no clue what cities to start in

    submitted by /u/randy-lahey96
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    Househacking Query: Do I factor in my paying rent?

    Posted: 28 Jan 2021 09:03 AM PST

    Hi all! I'm brand new to this community and look forward to learning (and, in time, giving) as much as possible! I'm located out of Baltimore, MD.

    When running the numbers on a house hack opportunity, do you factor in how much you'll be "giving" in rent? I'm renting my apt. right now for $1700. I intend to move to a duplex and rent out the other unit. When I run the numbers do I factor in that I'm paying $1700?

    On one hand, I'm trying to take advantage the "live for free" (which presupposes that I'm not paying rent). On the other hand, when I run the numbers, unless I factor in a second rent (i.e., me), the numbers look terrible, leading me to suppose this means it's not a great deal.

    What do you think?

    submitted by /u/Gladukame
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    NYC condos - still a good time to buy?

    Posted: 28 Jan 2021 05:14 AM PST

    I'm not familiar with long-term NYC real estate prices, but from what I've seen, everyone fleeing the city because of the coronavirus has caused the real estate market to significantly drop. Is it still worth picking up a condo to rent out and hold on to as an investment, or did I already miss the window? Anyone familiar with NYC real estate have any advice for picking up a 1 bedroom condo to use as a rental?

    submitted by /u/asshole-newyorker
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    Looking for a UK based Investor or Realtor!

    Posted: 28 Jan 2021 08:51 AM PST

    Hey guys!

    Im a 19 year old University student in London. Over the last few years I have become interested in investing, particularly in Real Estate. I want to start my journey in Real Estate as soon as I have the knowledge and funds to do so. I have been doing research and reading but everything I seem to come across is mainly applicable in the US.

    Recently, I had the idea of getting a Real estate license and working as a realtor in order to gain knowledge at the same time I earn money to eventually put into a deposit on a unit.

    I was wondering if anyone based in the UK could point me in the right direction as well as give me some useful tips and insights!

    Thank you for your time!

    submitted by /u/Afonso0072001
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