Real Estate Investing: $2m Tax Burden at 26 |
- $2m Tax Burden at 26
- Really Excited! My offer was accepted on my first investment property. Its a 2/1 in a hot area and I'm going to BRRRR it.
- How does the equity of a home increase due to putting less than 100% down?
- Best way to figure out the problem with extremely cheap land?
- What does it mean when someone says real estate investments can be depreciated, and stock market investments cannot?
- How to find properties that meet the one percent rule?
- Cross post. First full Reno. Took 2 years.
- Assuming you are purely remote forever. What are the best cities in the US to buy in currently?
- Is it wise to invest in foreign real estate now?
- 100% financing with securities back mortgage on primary residence
- Any good Property Management company recommendations in San Diego?
- Land Trusts
- What is the fate of NYC?
- Crawl Space Quote.
- Why is there such as home supply scarcity right now?
- Selling rental property sindycation
- How to proceed on second rental property?
- Anyone here build a portfolio with a VA loan?
- 2 unit building that’s actually 3 units
- Would you buy a home near hydro power lines
- What does a lease option strategy look like?
- Anyone recently house hacked in North jersey?
- Appraisal questions with flooring
- Where can I find financing for bundles?
| Posted: 06 Feb 2021 04:41 PM PST Edit: hey guys thank you all SO much for all the advice. I've noting every comment to discuss more in depth with a professional next week. You guys are the best Hi all, I'm currently in a situation where I've got a Tax Burden of approximately $2 million. I need to reduce this with real estate investments before the end of the year. What can I do? I've been trying to develop a game plan before going to my CPA & financial advisor next week. I have family who is significantly involved in real estate, but I'd like to get some other points of view before diving in. I had an idea where I could bid on foreclosed homes and then rehab significantly to trim away from my massive tax burden. Is this a viable option? I've always wanted to invest in real estate but have absolutely no experience in it. What are your thoughts? What would you do if you were in a similar situation? Some important information: The Tax Burden is for year 2021 I've got $3,500,000 in cash. I've set aside $2,000,000 for my estimated tax burden. I've calculated the tax correctly. I'm 26 years old I have $0 debt I have no financial obligations at all. Thank you! [link] [comments] |
| Posted: 06 Feb 2021 05:28 AM PST Hey Everyone, I've been following this subreddit and bigger pockets for awhile and really learned a lot. At the beginning of this year my wife and I decided to start what we call our "Real Estate Empire". To start we want to focus on BRRRRs to keep "reusing" the same cash. We have about $120k in liquid cash and could free up maybe 20k more if really wanted to if a home-run deal popped up. Anyway we scoured Redfin/Zillow and hooked up with some agents that had connections with wholesalers. After losing out on three properties, our offer was finally accepted! We close at the end of the month. The property is a 2/1 at about 900 sqft (potential to make it 3 beds and add 120sqft) about a mile from a red hot historical downtown. After all the closing costs we will have the house for 90k cash. Right now I'm estimating $15-20k in rehab if done by a contractor. Quite a bit of the work is easy (new lvt, trim, paint, fixtures, etc) so I'll do a lot of the work myself and hopefully get that number down. I estimate that keeping it a 2/1 will get us about $900/mo in rent and the ARV would be 120-135k. Allowing for vacancy, capex, etc I'm looking at a $500/mo cash flow. If we cashout refi that goes down to about 100/mo but I pull nearly 100% of my money out. If I can make it into a 3/1, I should be able to increase rent to 1,100/mo and the ARV would be more like 145-160k. We are really excited to get the rehab done so we can start renting and do this all over again. Eventually, once we have a strong track record and several properties I'd like to sell a few and move to smaller apartment complexes. [link] [comments] |
| How does the equity of a home increase due to putting less than 100% down? Posted: 06 Feb 2021 11:46 PM PST I don't undersrand how buying a house outright lowers your equity. Isn't equity just the current value of your home? [link] [comments] |
| Best way to figure out the problem with extremely cheap land? Posted: 06 Feb 2021 07:07 PM PST I'm looking to buy land to build on and every so often I see suspiciously cheap listings in prime areas that have been on the market for way too long. So pretty clearly there's something very horribly wrong with these lots, quicksand or viper pits or something. Whats the best way of going about figuring out what exactly the problem is with these cheap lots that don't sell? I've seen some listings that provide geotechnical reports but usually the cheap ones don't do this. [link] [comments] |
| Posted: 06 Feb 2021 11:56 PM PST I'm confused about this and would like some light shed. [link] [comments] |
| How to find properties that meet the one percent rule? Posted: 06 Feb 2021 07:45 PM PST Other than properties in very run down, high crime areas, I was wondering how people find properties they can rent out at one percent of the purchase price. I can't seem to find any even when I broaden the scope to different states. Are properties that meet the rule rare, hidden gems, or am I just looking in the wrong areas? Anyone have suggestions of what areas to explore? Was hoping I could set up some criteria on Zillow so when I would get notice when a property comes o. The market that potentially would meet the rule. Thanks everyone. [link] [comments] |
| Cross post. First full Reno. Took 2 years. Posted: 06 Feb 2021 06:41 PM PST |
| Assuming you are purely remote forever. What are the best cities in the US to buy in currently? Posted: 07 Feb 2021 12:18 AM PST Interested in the view of the sub here.. Been researching extensively over the last two months and some of the answers have somewhat surprised me For instance - suburbs of Phoenix seems to be fairly solid right now. [link] [comments] |
| Is it wise to invest in foreign real estate now? Posted: 07 Feb 2021 02:46 AM PST Given that USA government is printing money, other countries' currencies and real estate are impacted. Is this a good time to invest in foreign real estate? What countries are your targets? Can you recommend good agent? I'm thinking about Panama and Thailand. I feel both countries are foreign friendly, retirement friendly, tax friendly and seem relatively politically stable. Thailand has positive population growth, I'm not sure about Panama. [link] [comments] |
| 100% financing with securities back mortgage on primary residence Posted: 06 Feb 2021 12:45 PM PST I'm failing to find a downside. Essentially you pledge 30% of the home purchase price in eligible securities. It makes it so that you don't need to liquidate for a 20% cash down payment. The only downside I can think of is that if the securities value decreased below the 30% threshold, you'd need to re-up. Am I ready this right? Anyone have experience with a program like this? Here is an example program by BOA: https://fafpf.files.wordpress.com/2011/10/mortgage100andparentpower0911.pdf Here is a WSJ article explaining: http://www.wsj.com/articles/selling-stocks-to-buy-a-home-how-to-do-it-right-1445441711 TBH feels like a loophole for the wealthy. [link] [comments] |
| Any good Property Management company recommendations in San Diego? Posted: 06 Feb 2021 07:32 PM PST I am going to be moving from the SD area and I want to rent my single family home. From reading this sub I know how important a good property management company is to having a successful rental property and I was wondering if anyone on here has any good companies that they can vouch for? I'm also curious what the cost for this service is since this will be my first time renting. Thanks in advance! [link] [comments] |
| Posted: 06 Feb 2021 06:47 PM PST I'm working on a real estate license and came across the section on land trusts. Can I in theory buy property in my name (or LLC) and then establish a trust to my self (or LLC) to further anonymity and protection in a worst case scenario legal battle? Does anyone have experience with this? Could I in theory even buy in my companies name and then set a trust up to pass owner ship to my daughter as the beneficiary leaving us (the company) as the owner of the trust? [link] [comments] |
| Posted: 06 Feb 2021 09:20 PM PST Answer however you like; here are some questions to consider:
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| Posted: 06 Feb 2021 02:04 PM PST Hey all, I just bought my first home; haven't decided if I should rent or flip due to the current state of the world, but most likely I will use this as a rental property. Anyways, the home had an add-on to extend the kitchen as well as an additional bedroom So the house does have a basement but the add-on has a crawl space. I had a company that primarily deals with mold/cracks come out and give me a quote. My inspector (family friend) referred me to the company, so I would say I have some trust in him. This company told me that at least 30% of the AC bill is being wasted on the crawl space alone.. The basement has ONE crack that can be seen, it doesn't look like it leaks or anything (at least not major leaking). There is a little bit of mold in the crawl space but nothing major, otherwise the crawl space looks pretty shitty. No vapor barrier or anything, basically just dirt under there. Looks like some animals may have dug up and been living there at one point. (I have seen like 1 mouse around the house). Anyways... The quote: Crawl Space Encapsulation: $2,700 Dimple Board waterproof membrane Vapor Barrier Caulked seams Mold closed Cell Foam Insulation:$1,000 Crawl Space Door:$250 Polyurethane crack repair:$400 (For the crack in the basement, they also mentioned they would seal all around the back of the house) Total with Labor: $4,400 Am I getting screwed here? Should I get more quotes? For the most part I'm doing all the work DIY, but crawl space is not an area I want to deal with. Mostly, the crawl space door being $250 makes me question the quote. Just wondering if this is a normal price for this kind of work. Worth getting done? *bought this house for a great price from my family, so I know the history of the house for the most part. I even found original drafting plans for the add-on (this is super cool to me b/c engineering/cad work is my profession) lmao! Thanks for the help/tips/ideas in advance! [link] [comments] |
| Why is there such as home supply scarcity right now? Posted: 06 Feb 2021 07:58 PM PST Ok, I know that the pandemic and halt on foreclosures/evictions is one cause. But there has been a housing supply shortage even before the pandemic. I wonder: how did we go from a HUGE housing supply surplus in 2006 when builders where overbuilding and many homes sat empty for "investment" purposes, and then 2008 when even more houses sat empty bc of foreclosures, to the insane supply shortage we are seeing now? Where are all these people coming from? Are people just moving to metro/city areas and leaving behind small towns? [link] [comments] |
| Selling rental property sindycation Posted: 06 Feb 2021 03:15 PM PST So imagine this: I'm a general partner in a syndication and I decide to buy this condo, checks are coming in and everyone is happy. Do I choose when to sell this condo or am I binded by some contract to not sell the property? Or I have to ask to the limited partners before selling it? [link] [comments] |
| How to proceed on second rental property? Posted: 06 Feb 2021 05:59 AM PST Hello. Bought my first rental property in November at 23 years old. It's a duplex and used an FHA loan. I live in one unit and have a tenant in the other. I am currently not cash flowing but once I move out of my unit and put a renter in there I would be. My question is that since I'm not cash flowing right now how would I start the process on getting my second rental property? Wouldn't I need to prove that it is cash flowing so that I can get prequalified for another loan? So glad I made the plunge into real estate investing, just confused on how I would prequalify for my second one. Thank you all in advance! [link] [comments] |
| Anyone here build a portfolio with a VA loan? Posted: 06 Feb 2021 01:43 PM PST I'm buying my first house in a couple months. I'm thinking if either getting a single family or multifamily. I know I have to occupy if for about a year (maybe less depending on the lender) but I plan on moving every chance I could get more doors. Does anyone here have an tips/tricks? Thanks. [link] [comments] |
| 2 unit building that’s actually 3 units Posted: 06 Feb 2021 08:31 AM PST Hi all, what are the risks of buying a legal 2 flat building that actually has 3 units? [link] [comments] |
| Would you buy a home near hydro power lines Posted: 06 Feb 2021 04:54 PM PST I'm looking to buy my first home and it's going to be close to 1.6mil so is very expensive.... today I noticed it's about 190 meters away from a large hydro tower belt line ... how much will this effect resell value in 5 years? And would you personally buy a home that's 190 meters of almost 700 feet away? You can't see them from Tommy street but one street over you can [link] [comments] |
| What does a lease option strategy look like? Posted: 06 Feb 2021 10:20 AM PST With eyes on developing or significantly renovating properties, what might a lease option strategy look like? There are areas in my city that have been developed only recently and spaces on their edge are affordable. Could a lease option strategy entail signing these types of contracts on, say, a dozen properties on the periphery of an upcoming area and spectating the way the area changes over the contract period? Then you either purchase and develop/renovate, just purchase, or let expire once you see where things are moving. Or is there a more advantageous way to use the lease option, or are lease options actually not that useful? Limitations: growth potential is priced into periphery properties; lease options aren't easy to get. Tailwinds: Lease option allows time period to decide if area and property are best use of capital; leased properties ought to cash flow which is beneficial [link] [comments] |
| Anyone recently house hacked in North jersey? Posted: 06 Feb 2021 12:12 PM PST Looking for people who has recently to get their feedback/ experience on what they are doing or have done. Wanna know it's possible to achieve cash flow after moving out lol [link] [comments] |
| Appraisal questions with flooring Posted: 06 Feb 2021 08:13 AM PST My girlfriend is convinced putting carpet down instead of flooring will lower the value of the house come time for it to be appraised. Does anyone have any experience with this? [link] [comments] |
| Where can I find financing for bundles? Posted: 06 Feb 2021 01:55 PM PST Hi friends, I was looking for a 4plex but ended up finding a guy who wanted to sell a bundle of 2 townhouses and a sfh. It has a very good cashflow, but my lender told me that he does not finance those. Do anyone know any banks or credit unions financing those? The houses are in Chicago. Thanks [link] [comments] |
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