Real Estate Investing: State of the Sub - January 2021 Edition: Best of 2020 Awards, New Mod and More! |
- State of the Sub - January 2021 Edition: Best of 2020 Awards, New Mod and More!
- First Property (Duplex) - First Year Results
- Am I misreading things?
- UPDATE: The Reason The Numbers Were So Good
- Is it worth buying this car wash (and other car wash related queries?
- Can I invest in real estate if I'm not a handy person?
- How to buy a home with multiple people legally obligated to pay mortgage
- Duplex mortgage question
- Nearing the end of an owner-financed loan term as a buyer. Does anything need to be done after final payment?
- Property management charges, what is acceptable?
- Storage units: Good, bad, or indifferent?
- HELP! Where should I go for a mortgage loan?
- How Much of a Loan Can I Qualify For?
- About to be a new landlord, what is the current climate on tenant evictions?
- Brokerage account for LLC? Am I able to invest a percentage of my monthly profits into the market via llc?
- Buying 1st property in Puerto Rico? Will markets rise due to increased remote work?
- Where do people get money for renovations?
- Investment property into primary residence
- Is 1031CrowdFunding.com or RealtyMogul.com Reputable?
- Is it illegal to pay your own business for STR repairs?
- Real Estate License Question
- Help needed to decide on best approach for multiple mortgages
- Talking through a MFH property
- Southern California Real Estate Investing @ a monthly loss.
- Owner Financing (need advice)
| State of the Sub - January 2021 Edition: Best of 2020 Awards, New Mod and More! Posted: 02 Jan 2021 01:38 PM PST Happy New Year everybody! First and foremost we would like to welcome our new Mod: /u/LordAshon who promptly set a sub record for using his new powers to make a mistake. We look forward to him being referred to as a Nazi for many years to come! Every December, the Reddit Admins give Moderators coins to award to the best submissions/comments of the year, which are nominated and voted on by the subreddit's users. Here are the categories we've chosen (and please make suggestions for the future):
________________________________________________________________________________________________________________________________ Please nominate by replying to the top-level comments below with a link (feel free to explain your choice), or vote on nominations by upvoting them! Winners will be those with the highest number of upvotes. Some guidelines: You can nominate anyone but yourself. You can only make one nomination per category. Direct responses to this post will be deleted - please reply to our comments instead. Need some inspiration? Search through the highest voted posts of the year. ________________________________________________________________________________________________________________________________ Thanks for reading - we look forward to your nominations! We'll announce winners at some point in the first few days of February. Looking for real time conversation with other sub members? Visit the official r/realestateinvesting Discord Server: https://discord.gg/n7dxPVd December 2020 Top Posts: [link] [comments] |
| First Property (Duplex) - First Year Results Posted: 02 Jan 2021 05:47 PM PST I acquired this property almost a year ago for $110k in Columbus OH, bought it for cash flow. https://imgur.com/gallery/L4gHyZe I use Stessa to record everything, it's pretty good for being free. The tenants have not missed making a payment in full depsite COVID. I pay for water/sewer but pass that back to them in the form of a flat fee for water/sewer. My expenses include the property management and PITI payment. [link] [comments] |
| Posted: 02 Jan 2021 11:22 PM PST Hi! I'm a new investor, but I recently learned about buying property through tax liens. Is this real? Why aren't big companies and the rich doing it more. Or ya know, have the whole system locked down for themselves. From my understanding, I buy the property for the taxes they owe. Before hand I should find out if the property has any legal problems, if they don't I'm good to go on the purchase. Pls help, I wanna b rich (last sentence said in a joking manner but I do wanna b rich) [link] [comments] |
| UPDATE: The Reason The Numbers Were So Good Posted: 02 Jan 2021 06:40 AM PST First Post: https://www.reddit.com/r/realestateinvesting/comments/klxlv6/first_rental_check_the_numbers/It was rough. Like real rough. 5' doorways, illegal bedrooms rough. The best: Bathroom upstairs had a sloped ceiling. Meaning one end of the tub the ceiling was only 3' for the floor. You could shower in it, but couldn't actually move the distance of the tub. If you laid in the tub, your head would hit the ceiling on that end. Onto the next property! [link] [comments] |
| Is it worth buying this car wash (and other car wash related queries? Posted: 02 Jan 2021 10:55 PM PST I apologize for the long post...so I am currently looking into purchasing a 3 bay self-service car wash with 3 vacuums on the outskirts of a mid-sized Midwestern city. Equipment is in varying condition but from what I understand so far the bones are good. Owner is seeking $235,000 but does not provide any current sales numbers. There is also an empty building on the land that could be a good value add opportunity. I completely understand that much of the decision will be based on the real estate value and that this post is kind of vague. Anyone's knowledgeable perspective is appreciated! What advice does anyone have for a car wash newbie like myself in this situation? Assuming the land (excluding improvements/equipment etc) alone was worth around 50% of the purchase price, would you advise me to consider making an offer or walking away? In addition to a land investment, I'm looking for a semi-passive business that can (ideally) support the payments for the entire property. In your experience, would something like this be feasible? What questions should I ask about the car wash itself? Is there a ballpark for estimating self serve bay/vac income and how much it would cost to retool a bay? Should I push to get tax returns for the car wash and how should I approach the situation if there's very little revenue on the return? The place also is coin only and I believe adding credit card terminals would immediately increase sales in addition to a rebrand/cosmetic facelift. Any other value add opportunities in your experience? [link] [comments] |
| Can I invest in real estate if I'm not a handy person? Posted: 02 Jan 2021 11:01 AM PST Hey there, I'm looking for honest feedback, I hope someone can help me out. I'm a 39 yo female who is now seriously considering investing in multifamily homes in the town where I live. I'm saving up for a downpayment and I've been reading as much as I can about house-hacking. I'm currently saving up for a 3.5% downpayment. There is something that gives me pause, however. I've never had to fix anything around the house. I've been a renter for most of my life, so even though I want to get started, I worry that I won't have enough resources to learn from or that I'll have to outsource basic repairs. It's not that I don't want to fix stuff. It's that I worry that I'll make things worse. All I have is Youtube and books right now. Is that enough? Has anyone been in a similar situation getting started? How did you all learn? Is it possible to move forward and still expect a good cashflow, provided I do the math and purchase a good property? I already know that I need some sort of property warranty. I plan on asking for one. Thanks in advance! [link] [comments] |
| How to buy a home with multiple people legally obligated to pay mortgage Posted: 02 Jan 2021 10:48 AM PST I'm looking to buy a home with 4-5 people (family members) that's intended to be a family home. I want to do a 15 year loan to make payments shorter, and by dividing the payments equally between each person. I've posted a few other times but either got no responses or unhelpful advise. Where can I go to get this done? I need some sort of step by step process if anyone is able to chime in [link] [comments] |
| Posted: 02 Jan 2021 06:07 PM PST Hi I am wondering if any of you guys can give insight into what scenario would be best for a duplex :
My situation is I barely have enough for 25 percent down, and I might have to take money out from my investments like 401K. From scenario 1, I lose about $400-500 a month for a year before I can generate any cash flow since it's owner occupied. Any ideas on what I should do ? [link] [comments] |
| Posted: 02 Jan 2021 07:38 PM PST I purchased a property under a 5-year owner-finance agreement in Florida. The agreement/sale was done via title company and the property is in my name via warranty deed as indicated by county property appraiser website. I have 4 payments remaining. Is there anything I need to do or obtain from the seller to 'officiate' the completion of the purchase and/or to obtain the title/deed? [link] [comments] |
| Property management charges, what is acceptable? Posted: 02 Jan 2021 09:19 AM PST I've owned my first long distance rental now for a year and want to check on some of the charges I keep paying and don't like. So first off I pay 10% management fee.
With a PM am I able to tell them not to do snow clearing an find my own company that will do it for cheaper ? [link] [comments] |
| Storage units: Good, bad, or indifferent? Posted: 02 Jan 2021 10:45 AM PST This might be a little outside the normal scope here, but what we thoughts on self-storage these days? My town has them all over and the newer units (indoor, climate-controlled, secure) have waiting lists. These is some commercially zoned land for sale in what would seem to be a really good location for new ones. I've been kicking around trying my hand at real estate for a while but my town is pretty rough in that regard (low home values, low rents, low appreciation). The newer storage units are full and increasing their rates. Seemed like there could be potential. [link] [comments] |
| HELP! Where should I go for a mortgage loan? Posted: 02 Jan 2021 05:32 PM PST I'm currently doing my research to buy my first rental property and every answer leads to more questions. 🤣 That's beside the point though. My question is: where should I go to get a loan? Places like Lending Tree and Quicken Loans? I really don't trust the bank for a mortgage loan, but is that one of the better options? How about federal loans? I want to start small. I'm looking at a condo right now that's going for about $50,000--guaranteed tenant and rent already included. I have good credit, but only one credit card at the moment. Does that matter? BQ: Would it behoove me to set up a sole proprietorship and build business credit to use instead of my own in this situation? [Please don't try to discourage me or give me answers like "if you don't know what you're doing, then you shouldn't be doing it." Everyone starts as a beginner. Remember that.] [link] [comments] |
| How Much of a Loan Can I Qualify For? Posted: 02 Jan 2021 09:04 PM PST I have no debt and I make around 60,000 a year. Good credit score as well. Probably a dumb question that I could solve on some loan calculator but I was hoping to get some your guys insight since I assume there are some unique experiences here. I'm not ready to buy a property just yet but I'm trying to get an idea of how much of a loan I could take out. I guess what I'm asking is there an absolute maximum that a bank would loan out to someone in my situation? S/O to this sub for introducing me to the world of real estate investing! [link] [comments] |
| About to be a new landlord, what is the current climate on tenant evictions? Posted: 02 Jan 2021 09:03 PM PST I am about to be a new landlord, but am scared I wont be able to evict a non rent payer given all i have heard, not just with COVID, but with tenant law. Unfortunately it seems nearly every applicant in my area (Phoenix AZ) seems to have poor credit, so this is suddenly an issue on my radar. [link] [comments] |
| Posted: 02 Jan 2021 08:42 PM PST I'm not sure exactly what to type for my question so I wanted to lay it out here as I can't find the correct answer on google. I have a very small residential real estate investment llc. It currently turns a small profit. Is there a way to open up a brokerage account to put some of the profits into the market? Rather than letting the llc savings slowly build by itself, I would like to take a portion of the profits each month and invest via a brokerage account tied to the llc, whether it's actually picking individual stocks or just putting into an index fund. Couple additional notes/questions - - Yes, I know that this money could be lost if I need to pull out cash when the market is down relative to my buy in. I would only contribute a small monthly portion after figuring for maintenance, etc. - Hypothetically, if you were to buy a $250k turnkey rental without pmi, you'd need 20-25%. so $50-55k of a down payment. If current rental profit is $500/mo after all expenses, that would take over 8 years (before tax) to be able to save for another down payment. Instead, If you were to invest all profits (which I wouldn't) $6k a year, for 8 years at 5% would be $60k rather than $50k. You add $10k by having that money invested. These are quick and dirty numbers, yes there are fees, taxes, and misc. costs I am missing - trying to keep it simple. - What are the pros/cons of this outside of potentially losing money to due to market performance? - If you have done this, what company did you use for your brokerage and why? - Can you do this with an llc or does it have to be a personal brokerage account? [link] [comments] |
| Buying 1st property in Puerto Rico? Will markets rise due to increased remote work? Posted: 02 Jan 2021 08:31 PM PST The new mayor is swearing to finalize PR statehood and declaring an economic emergency. This seems like a step away from it's path of ongoing corruption. Do you think this could be a great time to buy something in PR? It's pretty low risk .. it's cheap and you could always just sell it after living in the hills near the ocean for 2 years! [link] [comments] |
| Where do people get money for renovations? Posted: 02 Jan 2021 08:31 PM PST I'm just learning about real estate investing so maybe this is a dumb question. I see YouTube videos where investors buy a cheap house and do a reno and sell it or refinance it. But some of these renos they do cost $40k minimum here. Are real estate investors supposed to have that cash sitting in their bank account? [link] [comments] |
| Investment property into primary residence Posted: 02 Jan 2021 08:12 PM PST I would like to know if anyone has experience with this in the US. I would like to buy property to initially serve as rental for approximately five years. Then would like to move in to use as primary residence. This would be my first home. Would there be any issues in securing this type of mortgage since it would be considered a real estate investment? Also would there be any steps to use it as primary residence? [link] [comments] |
| Is 1031CrowdFunding.com or RealtyMogul.com Reputable? Posted: 02 Jan 2021 07:36 PM PST I am soon to be performing a 1031 exchange but want to place the assets into a syndicate. It looks like 1031CrowdFunding can accomplish this, although I have heard that its not possible for a syndication. RealtyMogul also has a 1031 exchange option. Has anyone done this on either website before? [link] [comments] |
| Is it illegal to pay your own business for STR repairs? Posted: 02 Jan 2021 07:00 PM PST I own an STR and typically do my own handy man repair work. Each guest pays a non refundable insurance deposit to cover damages during their stay. If damage is done I file a claim to be reimbursed. Pretty simple and straightforward process except I need to provide an invoice or receipt for costs. Some of the work I do myself takes hours of my time. I have an LLC. Can I send an invoice for my services to essentially myself to get reimbursement from insurance for my time and cost of repair or is this illegal or conflict of interest I could get in trouble for? Ideally I should just hire a local handy man but contract work in this county is flaky, poor quality and often has longer turn around times than I need. [link] [comments] |
| Posted: 02 Jan 2021 06:53 PM PST I am looking to get a real estate license to better understand and build a foundation prior to jumping into investing. I have a full-time job that I do not plan on leaving, but I see that a requirement is a sponsorship from a broker in order to obtain the final license. Does this sponsorship require practicing? Or should I just proceed with an inactive license for the knowledge? [link] [comments] |
| Help needed to decide on best approach for multiple mortgages Posted: 02 Jan 2021 06:45 PM PST Hi Whats the best way to utilize 1M borrowing power(based on me and my spouse income) to buy multiple properties of 250k each over 3-6 months? The simplest approach is apply for 4 loans of 250k each but after the first couple i am apprehensive that it might impact my credit history and possibly decrease my ability to borrow more. Maybe two properties on each of our credit? Is there any other loan type other than conventional that would suit this kind of scenario? [link] [comments] |
| Talking through a MFH property Posted: 02 Jan 2021 02:07 PM PST I'm analyzing a MFH in the downtown area of a large city. The numbers seem to work, but the units are very very small one bedrooms. Think in the range of 350 sf units. Though I currently have 4 other rentals (mostly townhomes, SFH, and condos), I have NO experience with renters that would exist in the 350 sqft market. The units look to have rented well over the past several years. I think it was a hack job, probably originally a SFH that the renovator split up into individual units. Walkability is amazing, and the rents are considerably cheaper than larger one bedrooms, and there are a few other comparably small rentals in the area. Questions:
Cap is about 6, cash on cash could be in the 9-12 percent range. It's a good area, very very very walkable, and for me, affordable. I happen to own a single unit outright, and the cash on cash is low for the equity I have, so this is a move in the right direction if I refi 70-80 percent and get into this MFH. Penny for your thoughts? By the way, it is 'a MFH' or 'an MFH'? [link] [comments] |
| Southern California Real Estate Investing @ a monthly loss. Posted: 02 Jan 2021 11:45 AM PST Southern California, like many other real estate markets in the United States, is red hot. There is really no way to invest in real estate without going into a negative cash flow every month. I am contemplating buying single family home with 30% down and I would still be out of pocket $1,500 a month. I know this doesn't seem logical. But is this the new normal in real estate markets where the market is hot for decades? I have no interest in investing in other areas of the United States. I like the idea of being able to drive by and see my property. [link] [comments] |
| Posted: 02 Jan 2021 05:15 PM PST I've been approached by tenant to purchase my rental property. It's in a good part of town in a city that's unfortunately being run to the ground. I don't mind getting it off my hands - for the right price. She wants me to finance it for her with a decent down payment. Where should i start? I'm assuming find the value of the property. Also any suggestions on how to write the loan (interest rate, default clause, etc) [link] [comments] |
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