Real Estate Investing: How do I get to the next level? |
- How do I get to the next level?
- [NJ] I’m in a hot market right now, I bought my 2 fam that cash flows $12,000 a year for $340,000 in a shifty part of town. If you were in my shoes, if you could sell the house for $450,000 and pocket about $70k, would you?
- Website that tells you what units actually rent for?
- Moving to a new house, but want to keep old house. Is it possible?
- [Beginner Question] Bounced Cheque from Tenant
- (Canada) First investment property mortgage
- VAT on purchasing land.
- I have been looking in WI, OK and MS and found 8 properties that meet the 1% rule according to Zillow
- Help request on adding a 3rd unit to my duplex.
- Advice for first-time investor purchasing a house using a jumbo mortgage?
- Gradually Investing in Real Estate
- New Jersey Rental Assistance Program
- Ideas on companies that need storage for vehicles?
- Reimbursing a tenant/roommate in a rooming house
- Interested in BRRRR - Options for financing?
- How much money do I need to save before purchasing my first investment property?
- Tenants and covid, how long do you hang on?
- Remote closing
- 6% Appreciation Washington State $800K 4Plex Building
- Borrowing Against IRA - Real Estate Investing
- How do I determine adequate insurance coverage from investing standpoint?
- Conservation easement + cc&rs
| How do I get to the next level? Posted: 19 Jan 2021 08:19 PM PST Hi all - Current real estate investor here with 3 properties (1 SFH, 2 triplexes), 2 have a mortgage, 1 is fully paid off. Net cashflow is a little over $4k/month. My intention is to keep growing my real estate holdings in the next 10 years. But ultimately I want to get into larger commercial buildings. Maybe even luxury condos. I'm involved in a a couple commercial deals as an LP. But what steps should I be taking to get to a 10+ unit building? Should I look into positioning myself as a future sponsor in these commercial deals? Does it make sense to go the "build" route and create an LLC, round up investors, hire a GC, etc.? (I constantly see advice on this sub dissuading people from building: "buy instead," is what they always say.) Or if I don't build. Should I just apply my same model (looking for deals, applying the 1%+ rule, rehabbing, forcing appreciation, etc.) but just for a building 10x the size? Sorry if this sounds very theoretical. But I'm just wondering how to get from where I am now to where I want to be in 10 years - owning 10+ unit up-scale or mid-market buildings. Maybe even a reduced number of buildings but with more cashflow. [link] [comments] |
| Posted: 19 Jan 2021 06:07 AM PST Thinking of doing this and doing a 1031 deal. Or if I keep the profits after taxes, the money will go back to a better multi (maybe 3-4 fam) in a better area. [link] [comments] |
| Website that tells you what units actually rent for? Posted: 19 Jan 2021 01:35 PM PST I thought someone once posted about a site that tells you rents in an area. Not just listings but what is actually leased. I'm looking to purchase an investment property but not sure how to determine rental value with so few listings. Thank you. [link] [comments] |
| Moving to a new house, but want to keep old house. Is it possible? Posted: 19 Jan 2021 09:16 PM PST I'm wondering if there is any way I can keep my current house after I move in to my new house? Current home: owe 138,000, hope to sell for 380,000. New home: 678,000, will use proceeds from sale Of current home for down payment (about 210k after closing). The more I think about it, the more I want to keep my current home as a rental. Mortgage/taxes/insurance are about 1800 (never refinanced, could get it to 1400), and it would rent at about 2200. Not only would it be good cash flow, but property in my area keep going up every year. And of course inventory in my area is super low like other desirable areas. The only thing I can think of is use money out of pocket to put the down payment on the new home while keeping the current home as a rental. Thanks for any help! [link] [comments] |
| [Beginner Question] Bounced Cheque from Tenant Posted: 19 Jan 2021 09:03 PM PST Hey all, Just wondering, sorry for the lame question as this is my first time to encounter bounced cheque from tenant. What can I do? On our lease agreement states that there should be within 3 days he must be able to fund his account or I can terminate the lease without the need of court action. Is it proper to send him a first notice right now or after 3 days? [link] [comments] |
| (Canada) First investment property mortgage Posted: 19 Jan 2021 11:58 PM PST Hi all, I currently have a SFH under mortgage, the mortgage is under my dad and I. I plan to buy my first condo as an investment under MY name only. Question is, my dad is currently unemployed (he was employed when we qualified for the SFH mortgage a few years back). My current bank where I have the SFH mortgage at is asking me for my dads income information before they can approve me the investment mortgage. If I go to a different bank, do I have to disclose to them that my dad is unemployed, will they care? Thanks! [link] [comments] |
| Posted: 19 Jan 2021 07:06 PM PST Hi all, As far as I understand VAT, it's applied to the products that have been processed/manufacture, say electronics and so on. But why, as in some areas, does VAT apply to buying a piece of land/estate? Thank you. [link] [comments] |
| Posted: 19 Jan 2021 06:07 PM PST I'm sure something is terribly wrong with these but they can be found. https://www.zillow.com/homedetails/2030-N-25th-St-Milwaukee-WI-53205/68919718_zpid/ https://www.zillow.com/homedetails/2531-N-19th-St-Milwaukee-WI-53206/55529403_zpid/ https://www.zillow.com/homedetails/3112-SW-18th-St-Oklahoma-City-OK-73108/21878803_zpid/ https://www.zillow.com/homedetails/3529-N-1st-St-Milwaukee-WI-53212/110757799_zpid/ https://www.zillow.com/homedetails/3716-NW-Liberty-St-Oklahoma-City-OK-73107/21863187_zpid/ https://www.zillow.com/homedetails/5102-Old-Canton-Rd-Jackson-MS-39211/3058618_zpid/ https://www.zillow.com/homedetails/5125-Old-Canton-Rd-APT-221-Jackson-MS-39211/3058981_zpid/ https://www.zillow.com/homedetails/820-Greenvale-Rd-Oklahoma-City-OK-73127/21970727_zpid/ [link] [comments] |
| Help request on adding a 3rd unit to my duplex. Posted: 19 Jan 2021 09:26 PM PST I own a 2 family duplex and I checked the zoning and saw it's in a R-3 (3 family) zone. The basement has a separate entrance and 4 windows, with the utility meters in the basement. Any tips on how to finish it?? Average costs? Best way to pay for it? I assume that it would need a sump pump since the backyard drains towards the basement. Thank you in advance. [link] [comments] |
| Advice for first-time investor purchasing a house using a jumbo mortgage? Posted: 19 Jan 2021 03:43 PM PST My partner and I (both 29years old) are first time home buyers and looking to buy a large waterfront property with three separate living spaces in a popular vacation spot (it is classified as single-family, not triplex). We plan on living in the top unit and renting out the bottom two through AirBnB. The property also has two covered RV hookups, 2.5 acres, and over 100 feet of waterfront in a very popular spot. (Please don't comment on the amount of work- we are well aware, experienced, and excited.) We can afford the mortgage easily even without factoring in rental income. We plan on using this as a primary residence, investment, and a hub for our family and friends. After a few years, we would consider purchasing a second property back in our HCOL city 1.5 hours away and either renting this out, selling, or having my parents live there and manage. The price is above both the FHA and conventional loan limits, so it appears we will need a jumbo mortgage. We can afford the 10%-15% minimum down but it's all a bit overwhelming as it's our first purchase and we were hoping to use an FHA loan. Does anyone have advice for finding a jumbo mortgage with only 10% down? Is this a reasonable investment for a first property? [link] [comments] |
| Gradually Investing in Real Estate Posted: 19 Jan 2021 01:09 PM PST Hey Guys, Is there any way that I can gradually get more equity in real estate without putting a lot of cash (that I don't have) in advance? I heard about REITS but their return is like 2%-3% per year! I like to diversify but they don't look good enough! Any tips you have for me? [link] [comments] |
| New Jersey Rental Assistance Program Posted: 19 Jan 2021 07:21 AM PST Hey Everyone, One of my tenants negatively impacted by COVID-19 just received their rental assistance from the State of NJ. The good thing is the check is made out and addressed to my LLC and the amount is SIGNIFICANT (4 months of rent). The tenant was making partial payments and fell a little behind, but now with this rental assistance, she's paid about a month and a half in advance. Here's the phone number on the check: 609 - 292 - 4080 Please forward this information to your NJ tenants that are behind due to COVID-19. If you want to make it REALLY easy on your tenant (& ultimately yourself), call the number yourself and figure out what all needs to be done and hold your tenant's hand while doing it. Good luck. [link] [comments] |
| Ideas on companies that need storage for vehicles? Posted: 19 Jan 2021 08:41 AM PST Currently have 2 flat lots with about 200 spaces on parking each. I'm currently renting one out to Lyft to store their vehicles due to low volume in the pandemic. Any ideas of other companies to reach out to that may need this? Can be generalizations for local companies that I can reach out to. thanks [link] [comments] |
| Reimbursing a tenant/roommate in a rooming house Posted: 19 Jan 2021 03:44 PM PST Hi all My tenant/roommate had his tires slashed. Should I reimburse him... because I can? It was presumably done by another roommate who was having an argument with him. [link] [comments] |
| Interested in BRRRR - Options for financing? Posted: 19 Jan 2021 03:23 PM PST Hello, I am looking to get into BRRRR (buy, renovate, rent, refinance, repeat) to acquire multiple rental properties. I've been researching it, and had some questions about finding financing. About 6 months ago, I established an s-corp in California to conduct my real estate transactions. While talking to another investor, they told me I would not be able to get traditional financing for a rental since my s-corp was under 2 years old. I'm not doubting this investor, but I would like to know how accurate that statement is. I've also heard of lenders and small banks who will work with investors looking to BRRRR, does anyone have any experience with situations like that? Are there any other financial avenues I should be pursuing to make BRRRR work? Thanks! [link] [comments] |
| How much money do I need to save before purchasing my first investment property? Posted: 19 Jan 2021 01:14 PM PST I understand that the answer will vary depending on the type of property, location, and a number of other factors But in general, say a multifamily worth 500k - how much cash would you recommend one should have in the bank? Trying to get an estimate/understanding of overall expenses to take into account in addition to the down payment [link] [comments] |
| Tenants and covid, how long do you hang on? Posted: 19 Jan 2021 06:52 AM PST I feel fortunate that my tenant has been paying during this time. However, past couple months he p been late paying and this month still hasn't paid rent. I am concerned that he may resort to taking advantge of the tenant protection implemented by the federal govt. I can handle a few months of no rent but honestly don't want to cover his rent for months on end. What is the solution? Are banks working with you or would the best thing be to just sell your property and get out? [link] [comments] |
| Posted: 19 Jan 2021 10:05 AM PST How is closing done these days? Previously it was easy to meet up in person and exchange keys/check, sign the documents etc. If someone did a remote closing could they share their experience? Is it through zoom and you sign on DocuSign? [link] [comments] |
| 6% Appreciation Washington State $800K 4Plex Building Posted: 19 Jan 2021 09:38 AM PST Appreciation in Washington State it's a solid 6% or 70% every 10 years based on online data for king county or Clark county pierce county WA. What is a safe estimate to place a 4Plex value at in 40 years? I'm 25 now. The building value is $800K I used an appreciation calculator online and it calculate it out to be about $8.2 million in 40 years. Just found this hard to believe. Thanks everyone. [link] [comments] |
| Borrowing Against IRA - Real Estate Investing Posted: 19 Jan 2021 09:32 AM PST G'day, Reddit, Anyone ever borrow against their self directed IRA to invest in real estate? What were your experiences like? Would you do it again? For context, I'm interested in purchasing a property to flip. Appreciate your comments! [link] [comments] |
| How do I determine adequate insurance coverage from investing standpoint? Posted: 19 Jan 2021 08:30 AM PST I am in the process of switching insurance agents, and the new guy is bringing down my costs on all policies except for one group of properties. These he says are dangerously under-insured. To give an example: Property X is a 4plex, Class C, market value about $300-350k. Mortgage is bundled but allocation approx. $100k. With my old agent, X was insured at $140k (!!), the new guy wants to insure it at full replacement which is $625k, with a correspondingly higher premium. (Replacement based on $125/sf would be $500-550k). I kicked a bit at my overhead going up that much (even though I see some of the need), and new guy tells me I can insure at whatever level I feel comfortable. So my question to you guys is, faced with this how do I determine what is a "safe" number to be insured at for residential investments? [link] [comments] |
| Posted: 19 Jan 2021 03:31 AM PST Hi Reddit. I'm looking to buy a home w some land and put it into a conservation easement. Will a land trust accept a donation of property is within a community? The community does not have an HOA but has CC&Rs. [link] [comments] |
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