Real Estate Investing: Tenant hasn’t payed rent in months |
- Tenant hasn’t payed rent in months
- How did you get to the point where you’re doing multi-million dollar real estate deals?
- How to get past DTI issues as we scale?
- Real Estate for introverts
- Best way to deter loitering on multi-family property?
- Should I Rent Rooms out in my House?
- Construction cost inflation
- Some tax lien/foreclosures sell for $100 bid. What am I missing?
- Wholesale property
- Condo fees/HOA fees higher than mortgage payment
- Is the 10% rule outdated?
- Buying second home, converting first into rental - when is too soon?
- Investing in empty land close (2.5 miles) to Interstate and Downtown
- Advice needed: Appraisal Concerns
- Buying From Family
- Question for Canadians: Is it possible for my partner and I (unmarried) to each buy a property with 5% down and set them as our own individual primary residences?
- Question for cash buyers
- Can someone explain American HOAs to a foreigner?
- Realtor Advice -Buying FSBO or to not buy FSBO
- Would appreciate your input on turning my primary residence to an investment property, or if i should just sell off.
- Bay area real estate advice
- Deal breaker? No fire escape in basement
- Would this type of house hacking be allowed? Is there a name for this?
- What are the best books you’d recommend?
- Any reputable mentors here/you know of? Willing to work hard.
| Tenant hasn’t payed rent in months Posted: 17 Jan 2021 05:25 PM PST I've got a tenant in North Carolina who hasn't payed rent in months. Claims she got Corona like 3 times, and just lies and makes excuses. She's been living in my house now for free because I can't evict her due to eviction moratoriums! (According to my property manager) And now Biden is claiming they will have a moratorium until September 2021?? Really frustrating. Is there anything I can do? If anything, it feels nice to at least commiserate with other landlords who might be going through a similar situation. [link] [comments] |
| How did you get to the point where you’re doing multi-million dollar real estate deals? Posted: 17 Jan 2021 05:04 AM PST How did you do it? What type of people do you have to know? What types of deals have you done? [link] [comments] |
| How to get past DTI issues as we scale? Posted: 17 Jan 2021 07:05 PM PST My wife and I currently own 7 doors of rental real estate, a 9-unit storage building, and are under construction on 2 AirBnbs. We tried applying for another loan recently on a SFH, but the bank denied us, as we're close to hitting 50% DTI. On paper, I feel like we should be perfect candidates to lend to. We have A+ credit (750s), are high-income W2 earners ($135k/yr), have ~$130k in cash reserves, ~$850k in combined equity in all our properties, and we have literally zero personal debt (no auto loans, CC balances, nothing), aside from our primary residence. But the bank is correct. We're very close to 50% DTI. Our monthly PITI on all mortgages (both personal and investment) total right around $8,000/mo, while our gross monthly income is ~$17,000/mo. This brings us to 47% DTI, and attempting to qualify for another SFH pushes us over the 50% threshold. How do other investors scale past this point? Is this the point where we need to begin looking for a portfolio lender? It seems that the defacto answer for most real estate financing issues is "OPM", but at this point, I don't think we could even refinance to pay off OPM if we wanted to. Many thanks in advance. [link] [comments] |
| Posted: 17 Jan 2021 08:14 PM PST Hi all, I haven't broken into real estate investing yet, but would like to soon. I've got enough saved to buy a local multi-family, and have my eye on some cash-flowing ones. However, I'm a little nervous about the business side of RE investing, as I'm an introvert and think I probably have low emotional intelligence. My day job is writing software, and I invest money in the stock market right now. My hobbies tend to be individual ones, like biking as I was never very good at team sports. I'm worried that I don't have the natural/acquired skills to negotiate deals, find tenants, or deal with difficult people. I do have a small circle of friends, and co-workers say that I'm enjoyable to work with. But is this enough to make it in this industry? I'm not charismatic or ballsy like I picture business/real estate people are. Any other introverts out there? [link] [comments] |
| Best way to deter loitering on multi-family property? Posted: 17 Jan 2021 04:45 PM PST Apparently the parking lot of my 4plex building is being used as a place for people to park, hang out, play loud music and smoke weed for several hours. They also run a hose from an adjacent building over to my parking lot to wash their cars. I called the non-emergency police line and asked if is possible to have an officer inform people that they can't be there. I was told that I would have to physically meet the officer there, point out the people directly, and file a criminal trespass complaint. That's not something I am comfortable doing at this point. What is the best way to deter people from using my parking lot as their hang out spot? None of them are residents or friends of residents. [link] [comments] |
| Should I Rent Rooms out in my House? Posted: 17 Jan 2021 04:45 PM PST Hi, I own a 2200 SQFT House 4 bed, 3 bath. I am a single 28 yr old guy. Should I rent out a couple of the rooms? Like most people who own a home, I want it to be taken care of, and enjoy having the personal space. I had roommates in college and got along with all of them. I would be looking to do month to month until my job moves me in 6-9 months where I will likely kick everyone out and rent it to a family instead. I am in an Alaskan town that is small and really want to avoid loud people, tobacco or pot smokers. I have a dog as would want to discourage other pets from coming in. I work shift work switching from days to nights every couple weeks so I cant really impose silent hours. What type of parameters for posting an ad would I want to include, and would it be worth it to do so? This is the house to see the layout: https://my.matterport.com/show/?m=aVsTtjhS18X As you look at this, would you want to fill the two extra upstairs bedrooms first? I currently am using the downstairs bedroom as a gaming/computer room which I could use the loft room attached to the master bedroom for that. I like cooking and wouldn't want my food raided or be unable to use my own kitchen. I would encourage all common areas such as living room to be used by anyone as there is plenty of room.
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| Posted: 17 Jan 2021 05:19 PM PST Hello everyone, I'm planning on doing an extension on a property That I have but I won't be doing it for two years. I've been quoted $215000 for the job. What would be a good percentage to add for inflation, so I can budget more accurately for two years from now? Thank you Manny [link] [comments] |
| Some tax lien/foreclosures sell for $100 bid. What am I missing? Posted: 17 Jan 2021 12:59 PM PST I have been watching some tax auctions and foreclosure auctions in Florida. I have seen some houses sell for the minimum bid of $100, despite the house obviously being worth more. I just saw a foreclosure that was valued at $40k with an outstanding judgment of $60k and the plaintiff won the auction for $100. What is going on here? I have also seen houses go for much more than the estimated value as well as much much less. What DD do I need to do before bidding on one of these? Edit: When I say tax lien, I mean the auction for the property to satisfy the outstanding tax lien, not the auction for the tax lien itself. [link] [comments] |
| Posted: 17 Jan 2021 09:13 PM PST I've been looking into selling properties on my own. I don't have any capital. I've heard of so many ways that you can get a contract to buy the property and have 30 days for inspection. Within those thirty days if you're able to find a buyer and sign the contract for let's say $10k more than the real estate company is asking for the house then you make $10k for simply getting the buyer to get that property. Honestly completely new to this and would want to know some more information into how wholesaling works (maybe I'm confusing wholesaling with something else). [link] [comments] |
| Condo fees/HOA fees higher than mortgage payment Posted: 17 Jan 2021 07:09 PM PST I found a 1 br, 1 bath unit in a ski resort town. It is in need of cosmetics, but once it's cleaned up, I think it will make a solid short-term rental property/place for a personal escape from the city. All that said, I cant figure out a good reason why condo fees would be 1k per month in this ski resort town. The property has a pool and a tennis court, and that's basically it--the grounds arent that complicated that they would require a ton of care. Are condo fees higher than a mortgage payment a classic sign of trouble? [link] [comments] |
| Posted: 17 Jan 2021 03:22 PM PST A real estate investing book I am reading mentioned the "10% rule" as a filter to narrow down potential investment properties. Basically it says that the yearly gross rental income should be roughly 10% of the purchase price of the home. The book was written in 2009 and surely a lot has changed since then, especially interest rates, so I'm sure the recommended % is lower now than it used to be. I live in an expensive market and you would be lucky to get even get 4% of the purchase price. I'm wondering if anyone else uses this metric to filter potential investment properties? [link] [comments] |
| Buying second home, converting first into rental - when is too soon? Posted: 17 Jan 2021 10:39 PM PST I'm new to real estate investment and would love thoughts or things to consider based on my situation: We bought our first home in the fall and in the time since acquired a large inheritance. Coincidentally, due to our growing family we are interested in getting a larger home. This early on since, it's like 70:30 want vs need. We now have enough in liquid assets to afford 20%+ down on the new home in the price range we're looking at with a healthy reserve for rainy day scenarios in a potential 2-mortgage situation. Based on CMAs in our area and assuming I would serve as property manager/not paying someone for it, cash flow would be $100-200 per month on our current home that would become a rental property. Are there any strategic advantages or disadvantages to doing this so quickly? Given high prices and low interest rates (we live in Southern California if that makes a difference) is this a good time to make a move or should I hold off until a certain point in the future? [link] [comments] |
| Investing in empty land close (2.5 miles) to Interstate and Downtown Posted: 17 Jan 2021 06:35 PM PST Hello, I'm exploring my options to invest in real estate - empty land. The plot is close to the downtown and the County's library. Schools are in 6-7 range since this is an upcoming locality. I have never invested in land before and would like to know: 1/ Is it worth investing in land? Current price is around $280K for 7000 SFT. I know I can buy a house itself at that range and rent it out, but I'm looking for a maintenance free/ less option yet good ROI 2/ What are some of the taxations to consider ? 3/ Assuming the price in this area goes up in the next 10 years, would it be worth buying and selling it in the next 10 years? [link] [comments] |
| Advice needed: Appraisal Concerns Posted: 17 Jan 2021 07:45 PM PST Hi all- my wife and I bought a single family home in an up and coming neighborhood in Jersey City NJ in 2019 as an investment. The seller had been relocated and had to sell it fast. We bought it for $500k (about $50k below what he could have gotten for it if he could afford to leave it on market for a few months). Oddly enough the appraisal came in at (you guessed it) the sale price of $500k, to the penny. Fast forward to June 2020 we took advantage of rates and refinanced. Since buying in April 2019, we've invested ~50k in capital improvements (finished basement, added a deck, etc) and the neighborhood median home value of single family homes (according to sites like Zillow) in our zip code have increased in by ~15%. However due to COVID we had a "drive by appraisal" which yielded a appraisal of (you guessed it) $500k - our purchase price from a year prior. Fast forward to today- A broker / agent reached out to us last week asking if we would be interested in selling our house to his very motivated buyers (fleeing NYC). They have been looking for a single family in our area (very limited inventory as most homes are multi family) and had recently just lost a bidding war around the corner. As luck would have it- we were just getting ready to list so we agreed to entertain an offer. We accepted an offer of $680k Now- if an unsolicited offer does not dictate true market value... than I don't know what does. We've looked at comps but as I mentioned there is such little inventory of single families and they are all over the place ($500-955k). Should I be concerned about an appraisal being significant below the purchase price? Will the agreed upon purchase price weigh heavier than the lazy drive by appraisal 6 months ago?) It seems like the last two appraisals simply assumed "what was paid must be indicative of the value".... is it safe to assume the same approach will be applied this time (presumably this time in our favor). FWIW: $550k + 15% + $50k = $682,500 (so when you factor in neighborhood growth and capital improvements we are right at the sale price). Hate for this to fall through based on a lazy appraisal (or maybe a lazy appraisal will help us?) Help me get out of my own head here!!! [link] [comments] |
| Posted: 17 Jan 2021 05:38 PM PST Hello everyone. So, I'm buying a home from my family, grandma passed and family doesn't want to deal with it. The house is paid off and has had an occupancy inspection done. There are a few things needed for occupancy so I have a few months to fix them. We have agreed on a price and that's that, I plan to handle the rest. An Appraisal has been done, the results showed value at $75,000. We agreed on a price of $60,000. I do have access to the home. Since this is my family, It is very laid back. Questions regarding the sale:
So essentially this is where I'm at, if anyone has any suggestions on the best route to go. Please let me know! Thanks in advance! [link] [comments] |
| Posted: 17 Jan 2021 07:24 PM PST Asking a question to the Canadians in this sub if that's alright (there are no big Canadian real estate subs on Reddit unfortunately). My partner and I are not married but live together in a downtown rental. We're looking to buy lower-priced investment rental properties in an area like Windsor or London. I understand that investment properties by definition require 20% down, but if we explain that our intention is to move in and make it our primary residence, we can get a 5% down especially given it is a first property. Is it possible for us to buy TWO properties with 5% down, by working with a broker to present ourselves to the lender as two different single people, each wanting to buy their own principal residence? We're currently set as "Common law" in the CRA My Account profiles but I imagine we can easily change the status to "Single" (please correct me if I'm wrong). If so, how might we explain the rent that we pay in our downtown rental? And will anything happen to the financing of our two investment properties when we get married? [link] [comments] |
| Posted: 17 Jan 2021 01:20 PM PST I have been thinking about saving up enough cash to buy outright then refinance after closing. Mostly properties with minor rehab and cosmetic changes. NOT looking to compete with flippers or get into that side of real estate. For those that buy in cash how much of a deal do you usually wind up getting over having a loan? Is it enough that you can typically refinance and get most/all of your cash back to roll it into the next property? Right now I'm mostly interested in multifamily properties 2-6 units. Is this possible or am I expecting too much? [link] [comments] |
| Can someone explain American HOAs to a foreigner? Posted: 17 Jan 2021 11:50 AM PST As title says, I'm a brit who doesn't quite understand the point of them. Just seems as though you buy an apartment yet you still pay rent? In which case it screws with your cash flow. Do they actually serve a purpose other than to take hundreds of $ each month? Anyone able to ELI5? [link] [comments] |
| Realtor Advice -Buying FSBO or to not buy FSBO Posted: 17 Jan 2021 05:30 PM PST If you engage with a realtor to purchase a home and you find another home that is for sale by owner (FSBO) and they do not want to involve realtors, are you obligated to include your realtor (or are they obligated to be a part of the deal). I understand why the FSBO doesn't want the realtor because the closing costs are high, but are there other reasons to not want realtors involved? [link] [comments] |
| Posted: 17 Jan 2021 08:49 PM PST |
| Posted: 17 Jan 2021 02:49 PM PST I want to invest in rental properties and concern about the real estate market in bay area.
Compare with other investments
What's your opinion? Real estate or some other investment? If real estate, where? [link] [comments] |
| Deal breaker? No fire escape in basement Posted: 17 Jan 2021 08:37 PM PST I just went to view a single family home listed as 3/2. The third room is in the basement and can't legally be called a bedroom. Someone tried to finish the basement and add a "bedroom" but it doesn't have a fire escape. That's not really my issue as I could still make good use of it as a rental in the area as 2/2. Is not having a fire escape in the basement an issue? There was no way to get out the basement in the event of a fire you'd just be fucked lol. Should I pass on this house? It would cost a good bit maybe 6-8k to build an escape window or door but you could open up a ton of other issues if you go down that route. [link] [comments] |
| Would this type of house hacking be allowed? Is there a name for this? Posted: 17 Jan 2021 01:00 PM PST So, say I have a single family home, and I want to upgrade it to a multi family to rent out, and there is absolutely no way I can convince the zoning department to change it to a multi family zoned property. Say this house would be an easy upgrade to a multi family, Ie. there's different sections that would easily be upgradeable to individual units, maybe by just adding a wall between the units/ kitchen area/ bathroom/ exterior door. Would it be possible to create units by (instead of walling-off areas) putting up doors between the units, with double sided locks (like hotel rooms), And adding a bathroom (which would most likely be allowed by zoning as it would be like adding a bathroom to your "single family" house, and adding some sort of modular kitchen (maybe anchored down counters/sinks, but not permanently attached to the floor/walls. And a fridge), and adding exterior doors to each unit (which would probably be allowed by zoning as you are simply adding a door to your house). Would you be able to do this and rent these "units"? [link] [comments] |
| What are the best books you’d recommend? Posted: 17 Jan 2021 07:40 PM PST I'm about to turn 18 and begin my journey through credit and finance and want to make sure I have everything I need to know down about the things I'm interested in investing in. What books would you recommend and which books (or authors in this case) should I avoid at all costs? Cheers boys [link] [comments] |
| Any reputable mentors here/you know of? Willing to work hard. Posted: 17 Jan 2021 07:32 PM PST I posted a minute ago asking about a potential mentor I found on Facebook. Until now I never considered, maybe there's someone here? I'm based in Maryland, Baltimore primarily, though I'm open to going anywhere for a good deal. [link] [comments] |
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