Real Estate Investing: Bank will only finance 60% LTV because I've never owned a building this size... |
- Bank will only finance 60% LTV because I've never owned a building this size...
- FIXED WHOOPS
- Looking for investing ideas WA State like Leavenworth Area. Any opinion? Budget & goal inside.
- I don’t understand the obsession with CoC returns?
- Investment Property before a primary SFH?
- Trying to get into real estate investing, but I have no clue where to begin. Does anyone have any suggestions?
- Might have messed up on my first BRRRR attempt. Advice please!
- Investor’s Primary Home
- How do I get into my second rental?
- Is there an advantage of using a business checking account for RE rather than a regular personal checking?
- Capital gains question
- IS BEING AN AGENT AS FLASHY AS TV MAKES IT APPEAR?
- Looking for a way to avoid replacing the entire banister because spacing is too wide. Anybody know of a creative way?
- Splitting with gf who can’t get on loan
- Mobile/Trailer Homes
- £100k-150k saved up 23 yr old what move to make next?
- How to get capital for promising real estate investment in Berlin
- Rental Income to Qualify for Mortgage.
- Property development in US
- What is a “compromised title” and does it effect home value?
- Historic Property (Home) Loan that is Currently Unlivable
- Can a part time MBA be tax deductible?
- UK is it worth paying for a 3d house tour?
| Bank will only finance 60% LTV because I've never owned a building this size... Posted: 24 Feb 2021 11:03 AM PST I am in the process of buying my first big multi-family unit. It's a 30 unit building in the midwest. I am starting my finance process with my local bank that I've been doing business with for nearly 30 years. Today the loan manager called me and said they would only be comfortable doing a 60% LTV on this because I have never owned a building this big. My current biggest is an 8plex. Have you seen this before? Is this common or should I just go with a different bank? [link] [comments] |
| Posted: 24 Feb 2021 09:34 PM PST Feel free to add your own comments or whoops and cure! I hate landlord pay the utilities rentals but the water bill is fairly common in my area. I got a water bill for a multifamily that was $900 over the usual. Knowing we had to have a leak we searched each's sewer drop (19 houses) for a running water issue, we searched the property for a wet spot coming out of the ground and we could find nothing wrong. The maintenance guy was frustrated having invested several days several times searching for the problem. This went on for 6 months. I finally told him "why don't you hire that leak detector dude from the big city?" That is what happened, he came out with this 25K listening device stethoscope thing-a-jig and he found a rusty pipe with a hole in it big enough to put your finger in (54" down)! It was leaking about 7 gpm into a drain right below it! The water never came up. We dug it up, patched up the nasty and lived happily ever after. [link] [comments] |
| Looking for investing ideas WA State like Leavenworth Area. Any opinion? Budget & goal inside. Posted: 24 Feb 2021 07:23 PM PST Goal is to buy a small place to use for vacation rentals. Outcome expectations is to earn something more than 3% income after all expenses and taxes. Max. down payment budget is 125K So depending on MORTGAGE the buying budget could be as high as 500K. I'll be lucky if someone familiar with leavenworth or wa state are could share their opinion on real estate investment ideas in my above budget constraints. [link] [comments] |
| I don’t understand the obsession with CoC returns? Posted: 24 Feb 2021 03:42 PM PST So I've been doing a lot of research on real estate recently and all I see everywhere are people claiming that cash on cash returns are the best way to determine how good of a deal you're getting. This makes zero sense to me. Say I have $20k and i'm looking to invest in something long term. I have the choice of stocks, real estate, art, fine wine, etc. The S&P500 historically has averaged 9.85% a year before inflation. That's an incredibly passive investment and is known as the benchmark of investments. Why would I even consider any of the other options unless I expect them to beat that average return on my investment? CoC returns leaves out such a huge part of the deal that it doesn't even make sense to compare it. I feel like as an investor the whole goal is to grow your net worth. If you're looking to quit your job and only rely on this I understand why you'd want it liquid but there are so many people who only say they'll buy a property if it cash flows $100/door or something and they're working full jobs still. You could be above that and underperforming the market and also below it and outperforming the market. Idk maybe I'm just looking in the wrong places but I feel like most people saying that just wanna quit their jobs and have passive income (when it's nowhere near passive). This seams like bad advice for people early in their real estate careers. As an investor I want to compound my gains and not touch them until I'm ready to retire. [link] [comments] |
| Investment Property before a primary SFH? Posted: 24 Feb 2021 06:42 PM PST If I were to purchase a multi-family duplex as my primary residence (house hacking), would it be difficult for me to then take out a second mortgage later on for a SFH primary residence of my own any time after? I'm worried about purchasing a duplex if I will then have to live in for a very long time, if I am unable to qualify for another loan. It may be dependent on my financial situation? I make 52K a year, have 30K saved up, and have $38k in student loan debt. [link] [comments] |
| Posted: 24 Feb 2021 09:58 PM PST Hi, as you can tell from the title of my question, I'm completely new to real estate investing and it all seems rather confusing to me. I don't know where to begin to get started. I started watching YouTube videos about real estate investing today, but I was wondering if I would be able to learn everything I need to know from Youtube videos alone. Has anyone here taken a real estate investing class or joined seminars to learn more? I don't know if I should study (by watching YouTube videos and reading books) and learn whatever I can for the next few weeks/a month before I start looking for distressed homes, finding realtors to call and build a repertoire with, etc. I would honestly prefer to watch a few videos and then start doing it myself, but I don't know if it would better for me to study what should be done first for a while. What did you do to get into real estate investing? I'm an 18-year old with no stable source of income (all though I have two businesses, but can't really rely on them too much now) or a credit score and would more than likely have to do virtual real estate wholesaling for properties outside of my state or area. [link] [comments] |
| Might have messed up on my first BRRRR attempt. Advice please! Posted: 24 Feb 2021 08:48 AM PST Hi there amazing people, I know your time is valuable so I'll cut to the chase. I'm investing locally in northern NJ so homes are very expensive, but it's a market I'm most familiar with. In September I bought a 4 bed 2 bath multi-family for $390k, and I put 20% down (~$78k). It appraised for $420k under contract. Projected net profit comes to about $500/mo fully rented out. I spent about ~$10,000 on relatively light renovations for the walls, floors, and windows (60% contracted, 40% sweat equity). I'm planning to have the second unit ready for tenants by spring. I inherited tenants on the first floor unit and they are great. My worry is that I actually won't have enough equity in the property to recoup most of my capital back to buy the next one anytime soon. I was too excited thinking that I could be getting a house at a $30,000 discount, and I was eager to start applying my knowledge asap. But in reality $390k is only perhaps about 93% of the appraised value of $420k (before my upgrades). What do you guys think are my options at this point? Is refinancing still possible by the time spring comes? How much will it hurt my cash flow on refinance? Thanks in advance! [link] [comments] |
| Posted: 24 Feb 2021 08:48 PM PST Curious to know this sub's % percent down they put on primary and % of income they leverage. [link] [comments] |
| How do I get into my second rental? Posted: 24 Feb 2021 06:32 PM PST Noob who stumbled into the REI game TLDR: jump to end and read between option 1 or 2. First time on this thing. Married 29yo with a growing family (pregnant wife, 4yo, dog) and we kind of stumbled into owning a rental. We bought in Idaho back in 2018 our first primary residence home for 153k, sold it 7 months later for 188k. Bought and moved into our second home with now a bigger down payment across town for 223k in 2019. Moved to Texas for my job in higher education in Jan this year and decided to keep our Idahome as a rental renting it out for a total of 1650/mo, pocketing 388 right now as profit (we manage it and will be refinancing into conventional loan to drop MIP ~$100+). So by next month or so we should be getting close to 500 profit a month. We messed up and bought a home in Waco where I live but it's low key my wife's dream home but it's not a duplex (facepalm). We are in a good school district and have an acre parcel which the house sits on. Small neighborhood, quiet, it's amazing. I just wish we bought a duplex. Luckily she is open to moving into a MFH for a year or so if needed. Found out more about investing this week during the snow storm and we are all in to try to get as many rentals as possible ASAP. We want to buy our next rental, but we aren't sure what the next move looks like. Planning on using HELOC from the Idahome ~$45k (awesome credit union lending at 90-95% LTV @ 3.25%) Do we:
The goal is to try to be financially independent ASAP, but realistically sometime in the next 7 years or so. Is there a different strategy to doing this? I should mention I would be looking at property in the Waco/Dallas primarily but open to other national markets that are hot, just not Idaho cause that is a hot mess (30k over asking cash offers). [link] [comments] |
| Posted: 24 Feb 2021 07:56 PM PST I have a separate personal checking account at my credit union for my two rental properties. But my credit union is horrible - so I finally am moving over to a bigger more mainstream Bank. They (Chase) offer their entry business checking which requires a daily minimum of $2k, and when you apply they ask you to State your business and such. Legit. But the personal checking account only requires a minimum of 1.5k which appeals to me more as I keep low balances. (these properties certainly aren't cash cows) Other than that difference it's just a place to send money and take out money as far as I'm concerned. I do not need any "bells and whistles" so I was looking for some insight and if there's anything I haven't thought about? I might answer be answering my own question in that i have always used a basic checking with no issue for years, so i guess i am more wondering if there is an ADVANTAGE to going in as a "business" [link] [comments] |
| Posted: 24 Feb 2021 03:43 PM PST I live, and work in CA, and I'm selling a rental property in OR. I'm not going to 1031 the property. I filled out a tax form for OR already, and have an idea of who much they will get. I understand federally, I will pay about 15% capital gains based on my current income. Is CA going to tax my capital gains too? [link] [comments] |
| IS BEING AN AGENT AS FLASHY AS TV MAKES IT APPEAR? Posted: 24 Feb 2021 03:03 PM PST Hi all, Just looking for some input. With all these tv shows showing real estate agents making serious coin (yes I realize all the shows are in big US cities) I am simply curious , what's the life of an average real estate agent ? In my particular city (mid size) it seems that the top 10 or so get all the big listings and new developments. What's it like starting out ? What are some of the problems or issues that the general public doesn't know or realize? Is there a lot of resentment between brokers when you get listings? Are the commissions as monstrous as it appears on tv? I also do understand you split it, then your boss probably gets some of that money etc. Any agents in Canada / Ontario reading this? Thanks ! [link] [comments] |
| Posted: 24 Feb 2021 01:29 PM PST This is what the banister looks like right now and since it's going to be a rental I'm going to have to bring it to code of 4 inches instead of 5 inches. Has anyone come across this scenario and done something creative to get it to code without having to redo the entire banister. [link] [comments] |
| Splitting with gf who can’t get on loan Posted: 24 Feb 2021 10:18 AM PST Hey there. So I'm looking to invest in a property with my gf. I am qualified for the desired loan amount, but she may not be qualified due to lack of income in 2020. How does this work for me if she wants to split the down payment and mortgage etc... but isn't able to be on the loan title? I still bear all the responsibilities, which doesn't seem fair. Is there any legal documents that we could sign for example that would split us the legal responsibility of the loan? What are my options here? Thanks guys [link] [comments] |
| Posted: 24 Feb 2021 12:59 PM PST Hey guys, this is my first time stepping into the real estate game and I've got to say this stuff is pretty interesting and I really want to find an asset that I can invest in to receive some passive income. Anyways, with all this bubble market talk, do you guys think investing in mobile homes is a good place to start?? [link] [comments] |
| £100k-150k saved up 23 yr old what move to make next? Posted: 24 Feb 2021 08:53 AM PST I have saved up a lot of money from my business , I want to get into real estate, my questions are...
thanks everyone. before you ask *why don't you just reinvest into my business* I do but want to venture into other streams. [link] [comments] |
| How to get capital for promising real estate investment in Berlin Posted: 24 Feb 2021 09:38 AM PST Hey guys, I'm new in this market and dont know actually where to start. I was always interested in real estate although i never really had any opportunities to get into it until now. A few years ago i made some money with day trading but i stopped it because it was too much interferring with my studies, so that are my only experiences with Investments. The thing is i have been living the past 3 years in a pretty cheap apartement. The landlord is a private person (quiet old guy), he owns the whole building which has 8 apartements and a total living area of around 650 square meters. The top floor is not used and has space for two to four more apartements. The guy is really nice, he is always there if you got any problems and fixes everything by his own. He offered me several times to buy the building when i'm done with my studies which I would like to do. My Problem is i can see that he is not at his best with his cognitive capacities. He is still fine, so no severe dementia but I dont know how long he will stay that good. This is why I would like to see if there any options to buy the house earlier. I have to study 2 more years before I graduate and earn significant money. By now I have around 10k but this no money to get some credit. My question is if there are opportunities to get capital for an investment like that in my position? I estimate the costs for the building at around 750k and maybe 200k extra for renovation. So total costs maybe 1 million which is for a building like that nothing. Are there ways like crowd investing or private Investors? If yes, where can I find that? Cheers [link] [comments] |
| Rental Income to Qualify for Mortgage. Posted: 24 Feb 2021 01:04 PM PST Quick question. I remember hearing on BP or some other podcast that you couldn't claim rental income for 2 years to qualify for future traditional mortgages. Something about having to establish yourself as a landlord with a track record. Assuming this is my first rental property, is this true? [link] [comments] |
| Posted: 24 Feb 2021 11:27 AM PST I am a property developer in the U.K. Do a mix of new homes and commercial conversions. Was wondering what's it like being a property developer in the US? [link] [comments] |
| What is a “compromised title” and does it effect home value? Posted: 24 Feb 2021 08:59 AM PST Looking at buying a property from a local municipality and they sell the houses on a compromised title and say I have to wait 3 year to finance the property after I renovate it. Does this effect home value in the future once the title is clear? [link] [comments] |
| Historic Property (Home) Loan that is Currently Unlivable Posted: 24 Feb 2021 05:45 PM PST Looking at buying a property (single family home) that is listed on the states historic property. The house has approved plans that I'm trying to get ahold of. Has anyone here ever dealt with getting a loan for a currently unlivable historic home that requires rehab? The rehab costs would exceed the limit of a FHA 203k. This would be a primary home for myself. Any advice or direction to resources would be greatly appreciated. [link] [comments] |
| Can a part time MBA be tax deductible? Posted: 24 Feb 2021 05:40 PM PST Hi fellow investors! I will be enrolled in a part time MBA, and will likely take a few classes that are related to real estate. E.g. commercial real estate, small business accounting...etc. Is there any way for me to deduct part of my tuition from my RE taxes? Thanks so much! [link] [comments] |
| UK is it worth paying for a 3d house tour? Posted: 24 Feb 2021 05:03 PM PST Is it worth paying for a 3d house tour that costs about £200 ($250) and will help sell homes? I'm not going to give you a whole bunch of numbers to crunch, just in general what's your 2 cents on the matter? [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