Real Estate Investing: I’m finally an actual real estate investor |
- I’m finally an actual real estate investor
- Lessons learned after renting 2 rentals this week.
- Lost my job in the middle of a refi
- Newbie thinking about getting into the RE Game
- Ideas for what to do with land and home we are inheriting?
- How do I find reliable contractors ?
- Evicting tenant to move into a multifamily unit after new purchase
- Lender sending pre-approval letters to agent and not me
- Refinance or Get Out?
- Cold feet for next deal
- Making multi-family pencil
- Best methods/resources to learn Real Estate Investing
- Rentals in Tampa Bay area
- How to determine SFH rental demand?
- Conventional Loans
- How to assess how much real estate comprises of your investment portfolio
- Research Methods: What are yours?
- My question is how I can leverage the 401K for Real estate.
- Cost to dig ditch & install culvert? - Vacant lot flip help
- Started REI, to be specific fix&flip single family homes. I know how to analyze a deal, find contractors & find hard money lenders no problem. I’m not liquid rn, Having a tough time trying to find a gap funder or pl, preferable with the option for deferred payments. Any advice would be appreciated
- Can an 18 year old get approved for an FHA loan? Are FHA loans available just in the USA or Canada as well? Can you buy multi-family homes with an FHA loan?
- Buying SFH in college area
- What neighborhood trends are most important to you?
- Stuck Not Wanting to Make Improvements Because of Potential Rebuild in the Future
| I’m finally an actual real estate investor Posted: 07 Jan 2021 06:16 AM PST I finally did it! As of Tuesday, I now own two homes in Idaho, one of which is a full time cash flowing, appreciating rental. After blood, sweat, tears, and other bodily fluids, it's done. I'm no longer just a scummy house hacker, but a real estate investor. That's all, just wanted to celebrate. [link] [comments] |
| Lessons learned after renting 2 rentals this week. Posted: 07 Jan 2021 08:44 PM PST Price it higher. But not too high. On one house I got 50 calls, 5 showings, leased within 24 hours. On another I got 3 calls, but all 3 wanted a lease within 24 hours. One was likely too high, and the other probably just right. Price out the wrong tenants, but not the right ones. Take multiple appointments and show in blocks. Don't sign the first lease just because it's the first one, take a few apps in. Don't negotiate price, give a price to reflect factors, you'll never remember which numbers you told people. Build in commission - 30% of one month's rent or a full month if you're represented. It's not rented til cash is in hand. Make sure tenants can afford it, but the ideal tenant is fringe, they'll in many ways be dependent on you and unable to afford their own house (sounds harsh but it's true) Any other lessons you learned? [link] [comments] |
| Lost my job in the middle of a refi Posted: 07 Jan 2021 10:22 PM PST Just got let go by my employer. Holding a very expensive (hard money) note on my primary and have a few weeks left on a refi to a traditional rate. Afraid loss of income might put me in a bind. Has anyone dealt with this before or have any advice on how to navigate. FWIW I should be able to land a job reasonably quickly and have decently strong assets. [link] [comments] |
| Newbie thinking about getting into the RE Game Posted: 07 Jan 2021 06:07 PM PST What's up guys? If you can't tell already I'm a first time poster but I've been following this sub for a while. I just had a few questions I was hoping y'all could help me out. Here's a little background on my situation: -22 year old college grad making 70k. Been working for about 7-8 months now -Minimal student debt ($500) and no other debts -Liquid Cash at the moment is only 10k but planning to bump that up ASAP plus have 5k in a brokerage account and 3k in IRA -Currently living at home rent free for the time being. May possibly move in July-August depending on COVID/work I have two properties that I'm interested Property 1: A 1x1 condo located in a major city 20 minutes away from me. 230k asking price. The city is booming and it's in a great location right next to downtown I think can be great for appreciation. With this property I would consider moving there as well but primarily looking to it as an investment. Mortgage calculators have the monthly payment coming out to around 1700-1800 (that's including everything HOA, taxes etc) which I can afford Property 2: A 3x3 condo located in the town I went to college about 3 hours away. 130k asking pricing and it's located in a popular complex for student so I don't think finding tenants would be difficult. Monthly payment would come out to ~900 and the normal rent is 1100/month. Here are my questions: 1. Would my lack of time working really affect my loan application? Most places I've read say you need at least 2 years of pay stubs but can maybe get away depending on certifications/degrees you may have
If there's anything I forgot or any advice you can give please let me know or DM me. Since I am living at home I always have the option to wait but I just want to explore options Thanks again for all your help!! [link] [comments] |
| Ideas for what to do with land and home we are inheriting? Posted: 07 Jan 2021 11:40 PM PST So the wife and I will be inheriting some land with her mom's house on it. It's a substantial parcel (a few hundred acres) and we are trying to figure out what to do with it. Of note, it is on a native american reservation, so we'll be tax free but we are still looking at upkeep on the house (it is an older HUD home so the maintenance is starting to become significant). We are looking for ideas in general on what to do with the house, the land or both. I am opposed to renting it out due to the headaches associated with being a landlord, plus the property is several hours away from us. Some things I'm just spitballing that we can do with this land...
What other ideas do folks here have for us? What can we do to maximize this opportunity? Above all else (even if we don't make any money) my wife's biggest desire is to retain some connection with her reservation so ideas such as just selling everything would not work for us. Look forward to any suggestions you might have. [link] [comments] |
| How do I find reliable contractors ? Posted: 07 Jan 2021 07:49 PM PST I'm having a hard time finding contractors that come to work on time and stay on the job... I am trying to build a solid crew of contractors / handy men that I can rely on before I buy more houses to fix and flip. Can I get any pointers on how to find reliable contractors ... advice, websites, etc? I have used Craigslist and have got the worst results from that site. Thank you very much ! [link] [comments] |
| Evicting tenant to move into a multifamily unit after new purchase Posted: 07 Jan 2021 10:21 PM PST If you have 4 nearly identical units in a fourplex that is fully occupied, and you are buying the building to live in it - are you able to pick which tenant to evict? How does it work? [link] [comments] |
| Lender sending pre-approval letters to agent and not me Posted: 07 Jan 2021 02:40 PM PST Hi everyone, is this typical? My agent connected me with my lender, who I like working with. The agent, not so much. But I just found out that the lender has been sending pre-approval letters directly to the agent for every listing we've visited. Is this commonplace? I want the lender to send them to me. Your experienced insight is appreciated! [link] [comments] |
| Posted: 07 Jan 2021 11:58 AM PST My wife and I are involuntary RE investors. She owns a condo in Atlanta in a high rise that 17 years later is just now getting back to the crazy at the time $145k she paid for it before we married. We've rented it for maybe 15 years now. We have a stable tenant, but we barely break even each year. We have passive losses piled up. Mortgage rate is at 6% with $75k left on the loan. I like the idea of having RE income, but am wondering if we will ever make a profit. Does it make sense to refi given the mortgage balance? Or should we just sell it and be done with it and invest elsewhere? We would probably lose money on the sale after agent commissions and might get $140k. Thoughts? What else can I share to help get your advice? Thanks. [link] [comments] |
| Posted: 07 Jan 2021 09:02 PM PST Hi folks!! Background: I have four properties, 1 sfh, 1 1bd condo, 1 2bd condo, and a 3 bedroom townhouse. They are all good earners, and I've built a lot of equity for the last 10 years. They are safe and earn us a decent income and safety net. We manage them all ourselves and they are very close. I've always wanted to play in the big league, and the next option is a 5 micro unit property about an hour away. The numbers work, but would require a refi of an existing property. Year one, we cashflow about the same as if we didn't make the deal, but after that, things just go up and up and up. The difference between doing the deal and not doing the deal is considerable like 300k in cash flow over 20 years, and 1.4 mil in 20 years in equity growth. No brainer right? Then why do I have cold feet? Its a considerably larger property, liability, risk, etc. Were you nervous to make the plunge into the next step? What advice can you give regarding getting through the nerves? Thanks in advance. [link] [comments] |
| Posted: 07 Jan 2021 08:26 PM PST Hey all, wondering if anyone has thoughts on an opportunity I'm considering. I bought a half-acre piece of land a few years ago for a (relatively) low price, $70k. It's a half acre, in a downtown-y area of Lake Tahoe. I originally was going to build a single-family home on the property and Airbnb it, but the town banned short-term rentals recently. I've been trying to decide what to do with the lot, and my friend is a pre-fab manufacturer and we've been talking about doing something together. He's new to it, but looking for some people interested in being his early customers. He put together a pro-forma, and we could build 7 units (mix of 1 bds, 2bds and 3bds) and expects rents of around $18k/mo from all the units. But he was predicting, after all costs, it's going to take about $4m to build it. While I have more than $1m saved up, I don't want to put $1.2m down into this one project. I'm also a little underwhelmed by the cap rate of a over 4%. Seems like I'd be a lot better off just selling the lot (which I could do for a good profit I bet), and keeping that money and my other money in the stock market. At the same time, I would really like some passive income. Any thoughts on what I should do? We did talk about the FHA loans and downsizing to a quadplex to qualify, but you seem to only qualify for that if you live in the property for a year, and my wife's job isn't worth leaving our current home to do that. Though maybe I could live in the 1bd for enough of one year (we live 3 hours away) to make it work? I'd like to own some passive real estate that we could live in for a few months here and there, and this would certainly for that — just not long term. Cap rate calculation: https://www.omnicalculator.com/finance/cap-rate?c=USD&v=property_value:4000000,percent_operating_expenses:15!perc,gross_rental_income:225000,percent_vacancy_rate:10!perc [link] [comments] |
| Best methods/resources to learn Real Estate Investing Posted: 07 Jan 2021 07:43 PM PST Hello everyone! I'm new to RE investing, so I'd like to know how you guys learned/studied about investing in RE before your first investment - such as books, podcasts, articles, etc etc. Thanks guys! Happy investing 😁 [link] [comments] |
| Posted: 07 Jan 2021 07:02 PM PST Anyone here been successful in finding rentals with solid ROI in Tampa Bay area? I've been search for good 9 month and found just 1 reasonable property that was gone before I picked up the phone to call the agent. [link] [comments] |
| How to determine SFH rental demand? Posted: 07 Jan 2021 09:01 AM PST How do you determine single family home rental demand? I frequently look on different listing sites and in my area there are typically very few SFH available for rent, what are ways to determine whether there is a demand in an area? To me just bc there aren't any available doesn't mean demand is met. There are a couple properties out there that the numbers are good to BRRRR but I'm worried I could renovate and not find a tenant. Any recommendations? [link] [comments] |
| Posted: 07 Jan 2021 02:59 PM PST I have been planning on purchasing a condo in a different state as my first property but I do not plan on moving in there permanently so I can't use the FHA loan. I've been stressing about buying a first home but with every year the prices go up so do the more I have to save for 20% down payment. Talking to someone they said I actually can just get a low downpayment conventional loan due to my high credit score and large savings. I didn't realize private loans can have an offer to be a low downpayment. I understand PMI will probably show up just like a FHA loan. But how often do people use these to purchase properties? Any other downsides? I imagine interest rates are probably higher as well too and that banks don't grant these too much to a single person. [link] [comments] |
| How to assess how much real estate comprises of your investment portfolio Posted: 07 Jan 2021 12:26 PM PST As the title states, how do you investors assess how much real estate comprises of your investment portfolio? Is it based on the total equity in each property? Pardon the simple question, I just couldn't find a straight answer online. Thanks in advance. [link] [comments] |
| Research Methods: What are yours? Posted: 07 Jan 2021 01:36 PM PST I've been dipping my toes into real estate investing research methods and I'm curious to hear how others do it. Specifically, what's out there that is capable of compiling listing data? What are your favorite sites to cruise MLS listings? Do you use any automation (software, crawlers, etc) Or do you find that the best deals are not on MLS at all, and somewhere else? I've been reading up a bit, but most of the books I've picked up are pre-proliferation of mass data crunching and don't cover it. If it helps - what I'm looking for is cash flow, so I'm interested in things like #of units, bedrooms, bathrooms, Rent (if available), etc. Obviously these numbers don't tell the whole picture. BUT - It would be a heck of a lot easier to filter a spreadsheet than flip through hundreds of listings on Zillow as a 'first pass' on a market. [link] [comments] |
| My question is how I can leverage the 401K for Real estate. Posted: 07 Jan 2021 04:32 PM PST I have $30,000 to put down cash for Real Estate and $10,000 in a 401K. My question is how I can leverage the 401K for Real estate. As far as I am concerned, there are three types of retirement accounts:
I read in a book that there is a way to move the money in the 401K to an IRA in a tax-free/penalty-free manner.
Does anybody know how this works and what would be a good custodian? [link] [comments] |
| Cost to dig ditch & install culvert? - Vacant lot flip help Posted: 07 Jan 2021 04:28 PM PST All speculation at the moment - I've come into two vacant lots (0.37 acres each) in the city limits in my small hometown (6,000 people) and they need some brush cleared. Realtor said cost to tap into utilities will be $1,000 per lot. How much more would it cost if I want to have the ditch dug out and install a culvert on each of them? Both have 75' of frontage. The grass/yard is currently flat all the way to the street with just a slight slope where a ditch used to be years ago. All unimproved. Any recommendations what I should do with these lots to flip them for cheap? Will have immediate equity once they are mine, seller is desperate to get it off their tax roll apparently. [link] [comments] |
| Posted: 07 Jan 2021 12:32 PM PST |
| Posted: 07 Jan 2021 04:01 PM PST |
| Posted: 07 Jan 2021 02:21 PM PST I am new to RE investment properties and have a friend that is going in with me on the property. We are in the process of forming an LLC for the property, but had a question regarding your experience in college towns. To preface this, I went to school at this college for my degree and know the area well. A large portion of the school is commuter and almost all classes other than freshman live off campus. This is a nice city and on the up and coming so I believe the properties will appreciate well. Average rent is looking like $500-$550 per person and I'm looking at a 2 or 3 bdrm house that is practically ready to rent. I have 2 renters that I know that are interested in renting the property if I can have it ready for them in July. If I buy the 3 bdrm then I'll pretty much break even for that lease, or cash flow slightly. On the next lease of students I hope to get 3 people and will cash flow $250+ monthly. I make right at 6 figures and do not have any debt. I'm maxing out my Roth IRA, HSA, and contributing 10% to my 401k. Is jumping into this with the renters pretty much locked in a good decision or are college towns that much more difficult to operate in that I should consider again? I've ran the numbers and they don't look bad even leaving out the appreciation. Any and all advice is appreciated! [link] [comments] |
| What neighborhood trends are most important to you? Posted: 07 Jan 2021 10:27 AM PST Hi everyone, What trends do you find most valuable that will help you determine what neighborhood to invest in? For example Sales Volume, Average Gross incomes of residents, Home values increase/decrease, new construction, cost per sf, home sale rate... Because I live in So Cal, it seems impossible to invest here but then again, I am new. Since I am looking at different neighborhood, possibly out of state I am wondering what I need to be looking for. [link] [comments] |
| Stuck Not Wanting to Make Improvements Because of Potential Rebuild in the Future Posted: 07 Jan 2021 01:30 PM PST I am a first time homeowner in Boise, Idaho. My home is just outside of downtown so my plan is to hold it for quite some time as I expect it to raise in value considerably. Even if I move elsewhere, I plan on renting it out. Here's the thing though. The home was built in 1938 and has several oddities and old components. It is totally livable and functional at this time but some of these things include, cast iron plumbing, some knob and tube wiring (modern beaker box though), lath and plaster walls, odd basement with no egress window and stairs with very low head clearance, and, although there are two bedroom sized rooms, only one bedroom because the second room was a later addition that can only be accessed thorough the main bedroom. My conundrum is the following. Any time I think about paying for an update or fix to any of these issues, I'm concerned I'm just wasting my money if a tear down (or at least significant remodel) would be the wisest decision in the future. If I eventually want to turn this into a rental I have the feeling I may need to eventually ditch the old components anyway and rebuild the house into something more traditional and less of a hodgepodge oddity that it currently is. Does anyone share this issue or have thoughts on it? As I mentioned above, I'm pretty new to this so I'd appreciate input. [link] [comments] |
| You are subscribed to email updates from Real Estate Investing. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment