Real Estate Investing: Sharing some small wins - I think I’ve found a rockstar team. |
- Sharing some small wins - I think I’ve found a rockstar team.
- buying a duplex
- Where is everyone getting these low Refinance rates from?
- Deducting taxes
- What do you think of laundromats? What insights or tips do you have for new operators?
- If you could recommend only a single book on MFH investing...
- Are lenders doing cash out refi's on investment properties right?
- Oregon Extends Ban on Evictions but not Foreclosures
- BRRRR Investors
- Bank Requires Property to Be My Main Property
- Let's hear those success stories
- Talking to references
- Please help analyze this duplex deal
- Alternatives to Conventional or Owner Financing
- Permit, but doing most the work myself?
- Which comes first, the offer or the loan?
- Time between purchasing properties
- Advice needed on this 10 property package deal
- Seeking Advice - Should I try maximizing W2 income to buy more real estate or ride out job to retirement?
- Curious if anyone has tried and been successful with land investing; purchasing raw/vacant land for cheap and selling for profit.
- Investint with friends. LLC or not?
- Adding sqft to a condo?
- Looking for a certain type of tenant for a commercial space.
| Sharing some small wins - I think I’ve found a rockstar team. Posted: 05 Jan 2021 01:17 PM PST I started reading about real estate since July last year and finally feel confident enough making moves and interviewing people for my team. My impression was that as a new investor who has zero properties under her belt, no one would actively try to find deals for me or work with me and any good real estate agent probably wouldn't have time for me. Well today I am elated because I think I've found a rockstar lender, agent, and property management team. My agent is tech savvy and through their platform I am able to indicate whether or not I'm interested in something. Through this platform I showed that I was interested in a property that went on the market today . I had no expectations that I would get a call or any contact from my agent but that I would just keep it in mind for later. Well turns out my agent called ME , looked at the property already, ran comps, and gave me rental and rehab estimates .... and I didn't even have to ask him to! And if that weren't enough I interviewed a lender today who discussed with me based on my current situation I may not qualify for loans due to my DTI. But instead of leaving it at that , they stayed on the phone with me for 40 min to creatively problem solve and now we have an action plan to get me pre approved ! Like what? I thought it was going to take me a lot longer to find great people to work with. I'm just so happy but have no one to share these wins with because no one I know loves this stuff as much as I do so, alas, I thought I would share with the internet. If anything I hope my experience encourages some new investors out there that you CAN find some great people to work with even without a ton of experience or track record. Thank you for reading. TLDR: new investor, found a rockstar team to work with when I didn't think it was possible. Time for take off! [link] [comments] | ||||||||||||||||||||||||
| Posted: 05 Jan 2021 11:29 PM PST Hi! I'm a student in college with no full-time work experience. I've had part-time jobs in the past and saved $20,000. A family member also loaned me $15K for a total of $35K which I've invested in Bitcoin, which is currently at $35K. I bought 10 BTC at $3,400 which is now valued at $350K. I want to sell 3 BTC for $105K and rent out the other unit to help me pay the mortgage. I graduate in Fall 2020 and already have a full-time once I graduate and will be able to pay the mortgage 100%. How can I go about buying real estate property without income? Is that possible? [link] [comments] | ||||||||||||||||||||||||
| Where is everyone getting these low Refinance rates from? Posted: 05 Jan 2021 12:30 PM PST As the title asks, where is everyone getting these low refinance rates on investment properties? I am looking to refinance my property and all I can find is 3.5- 4% for investment properties. Thanks for the help I appreciate it. [link] [comments] | ||||||||||||||||||||||||
| Posted: 05 Jan 2021 08:42 PM PST I'm looking at investing into my first piece of property and had a few questions about tax deductions. What would happen if I deduct more taxes then I actually owe. For example I've heard that a lot of expenses are tax deductible when owning a rental property would I be credited the amount I deduct or would I just end up paying 0 dollars in taxes. [link] [comments] | ||||||||||||||||||||||||
| What do you think of laundromats? What insights or tips do you have for new operators? Posted: 05 Jan 2021 03:10 PM PST I have heard they can be a great source of cash flow. Anyone out there with experience operating laundromat(s)? What is the worst part of the business that no one tells you before going in? [link] [comments] | ||||||||||||||||||||||||
| If you could recommend only a single book on MFH investing... Posted: 05 Jan 2021 07:12 PM PST My significant other and I intend to purchase a 2-4 unit investment property this year. We will live in one of the units for the first year or two. We'll likely do this with an FHA loan. My SO is not a big reader, but I want us to be on the same page for expectations, terminology, valuations, considerations, etc. That is why I'm looking for the most comprehensive, single book. I'll try to read most of your suggestions and will pick the most recommended one or two for my partner. Any help will be greatly appreciated! [link] [comments] | ||||||||||||||||||||||||
| Are lenders doing cash out refi's on investment properties right? Posted: 05 Jan 2021 04:55 PM PST I had asked my lender a few months ago, and I think he said they are getting more stringent and requiring high(er) relative interest rates. I have a duplex investment property (don't live in it) That would appraise for $315K and I owe $160K. Could pull a lot of money out. Could pull even more out if I moved back into it. Anyways... what terms are you seeing with cash out refi's on investments currently? [link] [comments] | ||||||||||||||||||||||||
| Oregon Extends Ban on Evictions but not Foreclosures Posted: 05 Jan 2021 06:44 PM PST It seems this country is moving into the direction where renters have more rights than property owners, even regular homeowners. Are there any organizations that landlords are putting together to fight back? We have all these tenant unions and rights groups, where are the pro-landlord groups? [link] [comments] | ||||||||||||||||||||||||
| Posted: 05 Jan 2021 06:40 PM PST When investing in a Brrrr LLC, what are the term and conditions of the investment contract...interest rate, duration until return on investment, etc. [link] [comments] | ||||||||||||||||||||||||
| Bank Requires Property to Be My Main Property Posted: 05 Jan 2021 05:55 PM PST I'm trying to get a loan from a bank to purchase my first property to rent it out. However, the bank says that the property must be my primary property and cannot be rented out. I'm wondering, what happens if I claim the property is my primary residence but lease it out instead? [link] [comments] | ||||||||||||||||||||||||
| Let's hear those success stories Posted: 05 Jan 2021 08:23 PM PST Hey REI guys (and girls), Would love to hear any success stories that you people have had in the world of REI! I'm a 20-year-old finance major that plans on entering the commercial real estate world after college. I probably see myself working for a development company after college in order to dip my toes in the water. I don't want to sound naive but I know that one day I will have my own REI Empire. I'm sure your stories will inspire many people lurking on this sub too. I'd also love to hear some advice/tips or things that you would tell your past-self before you started REI. [link] [comments] | ||||||||||||||||||||||||
| Posted: 05 Jan 2021 08:10 PM PST I'm interviewing tenants for the first time. I wanted to keep the tenants I inherited when I bought the place. He knows how to fix things and usually lets me know after he's already taken care of problems. I've gotten the application, background check, and credit report. I'm calling references tomorrow. What should I ask references and it's there anything I'm not allowed to ask? (other than fair housing stuff of course) Anything else I should be thinking about? What are some things that newbies often miss? [link] [comments] | ||||||||||||||||||||||||
| Please help analyze this duplex deal Posted: 05 Jan 2021 07:29 AM PST 3000 sq Ft duplex Newly build from ground up 3 years old - two 3br/2ba units with custom kitchen and bath Price: $300K Rents: $1250 per unit ($2500 total) PITI: $1550 for 30 year note with $75K down My concerns are tying up a huge chunk of my cash reserves for down payment and also there's zero comparable MFH so we're just basing off of $ per sq ft of nearby home sales. My alternative option is to scale with multiple small SFHs which go for $80-$100K and rent for $800-$900 so we're looking at $300-500 cash flow. Of course these are much older homes with a lot of maintenance costs and lower quality tenants. Any inputs are appreciated! [link] [comments] | ||||||||||||||||||||||||
| Alternatives to Conventional or Owner Financing Posted: 05 Jan 2021 03:41 PM PST Found a duplex I really like but don't have enough for the entire 25% down payment. Seller is a full-time flipper so he likes getting paid and then moving onto the next deal, so he won't seller finance. Are there any other financing alternatives out there for me that allow me to retain all of the future equity ownership? Understand that finding a partner is a potential option but unless it's some type of loan that I would pay back (+ interest) on top of the mortgage, I'd probably need to forfeit some of the equity. EDIT: FHA is off the table as I'm investing OOS [link] [comments] | ||||||||||||||||||||||||
| Permit, but doing most the work myself? Posted: 05 Jan 2021 03:35 PM PST Vacant two unit brownstone in a municipal area. It has a shared boiler (heat & hot water) but separate electric. Basement unit is small. I'd like to separate the heat and hot water out between units. I wouldn't be able to get it permitted myself, so I need to bring in professionals. Thing is, I have experience doing this and it would be a fairly easy job (studs already exposed in many areas). I can mount the on-demand hot water unit and run the lines for it dry. The plumber would then have to cut, cap, connect and do the paperwork. (Similar process with electric baseboard) Anyone have any success with something similar? Tips? (Obviously I could leave as is and charge higher rents. That is the default option. Just crowd sourcing ideas here) [link] [comments] | ||||||||||||||||||||||||
| Which comes first, the offer or the loan? Posted: 05 Jan 2021 06:29 PM PST I think this is a fairly simple and straightforward question. BACKGROUND: I'm trying to get into real estate investing and I'm starting small and slow. I'm looking at a condo that is listed for $35,000 with plans to buy and rent out. It appears that I'm going to need a personal loan because I've learned today that mortgage loans aren't granted for less than $50,000 and that's after closing costs, down payment, and all that shit. QUESTION: Should I secure a loan first and then make an offer so that I'll have money ready to pay and maybe have some for the reserves? Or do I make an offer and then get the loan for the amount agreed upon? Little chicken and the egg situation. 🤪 [link] [comments] | ||||||||||||||||||||||||
| Time between purchasing properties Posted: 05 Jan 2021 04:39 PM PST What's up peeps, Total newb here with a question. What do you guys with your time in between purchasing properties? The reason I ask is because I'm getting ready to buy a SFH this year that I plan to house hack so I'm looking at the MLS constantly throughout the day as my Realtor sends me the new listings. I've already gone to see a few properties but I'm still looking around. I do have a full time W2 job and I'm kind of burned out from listening to Podcasts. I do read a lot to keep educating myself on the topic and just generally to keep up with the world but I don't know if there's something more productive that I could be doing while I keep looking for properties. [link] [comments] | ||||||||||||||||||||||||
| Advice needed on this 10 property package deal Posted: 05 Jan 2021 12:36 PM PST Long time lurker, first time poster. My wife and I have been dedicated to learning real estate investing recently (3 months) and have been in our current area (LCOL) for about 2 years. We have not purchased our first investment but have an opportunity to get a 10 property package deal now! The deal is as follows:
We ran the comps and these properties are priced ~15% lower than surrounding properties (some lower, some higher). These have been light rehabbed but have potential for higher ARV. The owner wants to liquidate for another project. We do not have enough capital to put a downpayment on even 3 of these, much less all 10. All 10 are currently occupied. We have been looking into getting a private money loan because cash offers/ offers without contingencies and ability to close quick are the best offers. I am reaching out to you guys seeking guidance for a way to structure this deal to maximize gains and keep all parties happy. What other information do you need from me to help you give advice? I am open to all criticism and willing to learn! [link] [comments] | ||||||||||||||||||||||||
| Posted: 05 Jan 2021 10:06 AM PST Stats: I am 31 years old, own 3 properties that produce ~ $1400 in net monthly income, 250k in equity. $58k salary. Goals: I would like to purchase at least 1 property per year offmarket and stop W2 work in the next 5 years. After 5 years, I'd like to Barista FIRE - so flips, part time work, or brokerage work to fill my time. I can do this on my current trajectory/salary. More background: I'm currently a property manager at an investment firm on the West Coast making $58k/year. I'm good at my job but I loathe it. Just celebrated my third anniversary at this company (~7 years total in Property Management). The company I work for provides a lot of education/guidance on personal REI, so there are large intagible benefits - but the W2 income is a hinderance on qualifying for more properties. Company is operating in the red and will likely never provide a serious bump in pay. I was offered a job at $75k in commercial PM recently and turned it down, but it got me thinking. My question: Looking for general guidance here. Is it worth trying to jump fields to obtain higher W2 income or focus on real estate to improve income (via flips, equity acquisitions, etc) and ride out the next 5 years? [link] [comments] | ||||||||||||||||||||||||
| Posted: 05 Jan 2021 03:00 PM PST Curious if anyone has tried and been successful with land investing; purchasing raw vacant land for cheap and selling for profit. I've been attempting to do it for about two months now. I started after i found out about it from someone on Facebook; who mentioned "purchase vacant land for cheap and selling for profit all through publicly available information. In the months that I have been trying to do it; what i have come across is; 1. People want top dollar/crazy amounts of money for vacant land regardless of what the land is assessed at, market value or the fact they aren't doing anything with it and have owned it for 10+ years 2. People obviously don't like to be low balled 3. You probably have less than a 1% chance of actually purchasing land (Between 5 different counties - I have sent out 700-1000+ text/voicemails and get about less than a 5% response rate. 4 I was looking for a new side hustle for the year and i don't really see me continuing with land investing. [link] [comments] | ||||||||||||||||||||||||
| Investint with friends. LLC or not? Posted: 05 Jan 2021 02:19 PM PST Hey Everyone, I've been learning and reading a lot about real estate investing from this sub and podcasts! Me and two other friends have been talking about going in on a rental property in hopes of owning multiple in the future! Should we make an LLC? Why or why not? Thank you [link] [comments] | ||||||||||||||||||||||||
| Posted: 05 Jan 2021 01:56 PM PST Is it possible to add 234 sqft to a condo? Own one that's 1916 sqft. [link] [comments] | ||||||||||||||||||||||||
| Looking for a certain type of tenant for a commercial space. Posted: 05 Jan 2021 01:26 PM PST I am on a commercial building with seven units. It's in a downtown area with a good location but one of the units is on the backside of the building, facing the parking lot. It's about 900 ft.² and rents for $600 per month, utilities included. There's been a couple different tenants in there over the years, before I owned the building. But there's always been a lot of vacancy. I'm interested in finding the right type of tenant for the space and would like to get a couple ideas about what type of business might be a good fit there. So far I've been able to come up with companies that handle logistics, insurance, outside sales reps, or other small businesses with 2 to 3 employees that mainly just need a desk and a phone and a computer, with no walk in traffic. Also, I've considered small plumbing and electrical contractors that might need to receive shipments and have a central location for payroll and accounting but otherwise work out of the vans. I'm not able to come up with much else though. Any fresh ideas would be entertained. I have gigabit Internet available and the power is relatively cheap here. Are there companies out there that need space for data servers or remote back up? [link] [comments] |
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