Real Estate Investing: Buying 1.5 acres in the desert for cheap... Am I crazy? What else should I know? |
- Buying 1.5 acres in the desert for cheap... Am I crazy? What else should I know?
- What are some things you've done to "dummy-proof" a rental?
- Pricing a house with $3600/month rental income for all cash buy
- Rental Income Taxation and Depreciation Questions
- Advice please - Should I buy, and if so what do I do?
- Anybody live or do business in durham nc? Looking to buy my first investment home there, which would actually be my first time buying.
- Crosspost. A user suggested that this sub is more appropriate.
- Need some advice on a deal
- Quiet Claim Deed Between LLC's
- Utilizing local tax abatements for more buying power, does it work in the long run?
- How do you account for the principal paydown that occurs when you rent out a property?
- Property Upgrades in a College Town
- Which states allow you to take the real estate licensing EXAM online?
- Interested in buying a multi-unit property in my area. Any tips? Is it too much for a newbie?
- First Rental Property Advice
- Primary residence VS investment property issues?
- (New guy here) looking for some information regarding tax sales
- Type of loan to apply for?
- What is the exact requirement for FHA 1 year residency?
- Anyone purchase through RWN (Real Wealth Network). How was the experience
- How does Equity vs Income weigh in?
- Cashflow Tactics?
- Getting started (lease, options)
- Bought a home, now septic collapsed & it might cause me about $15k that I don’t have
| Buying 1.5 acres in the desert for cheap... Am I crazy? What else should I know? Posted: 31 Jan 2021 05:43 PM PST Hoping this type of post isn't banned here, sorry if it is. Mods, remove away if need be. I found 1.5 acres of land in the Southwest USA for less than $1K. I've done some of the minor legwork researching costs and in my own head it seems almost ridiculous not to buy it, but I literally don't know squat about something like this. Property is in a subdivision of a city of about 15K people about 15 miles away. Very few neighbors w/ homes in the immediate area near the property. I found the subdivision restrictive covenant and it has a minimum of 600 sq ft for a structure, but not much else I need to worry about. I'm picturing the most basic of basic - 4 walls and a foundation - cabin/home or possibly earth sheltered concept, maybe an A frame with solar? Power: Power lines on road with easy access, also thinking I could mainly use solar(desert) Water: Water table is ~50 ft. down, but possibly bulk water delivery to start Internet: Closest neighbor is a block over and they have internet according to the broadband map of US, but even if not available, it is flat enough that I could probably use cell hotspots Plumbing: Lot is definitely big enough for possible septic in future, but the state allows composting toilets which I've looked into a bit and think it could be a decent option. Not having nearby neighbors would be a big plus while I figure that one out. It has a slight elevation as it moves towards the back of the property and I thought possibly a small cabin/earth sheltered home might work well if you dug in a little bit. Am I crazy for thinking this could work out ok? The logic in my head is telling me that for the price of the land I could just sit on it for years and it would still wouldn't be a terrible investment. The taxes are less than 50/year, so even if I pitched a tent there for a week I'd be saving money on paying rent. I'm 41 and have been paying rent for 23 years. It just seems so refreshing even to contemplate not having to pay that each month. And this is by no means an actual plan for the future, but there are other lots in the area and could potentially do something again in the future to rent out or re-sell... Just a thought, not a plan by any means. Just one for now will be fine. Any and all advice welcomed as long as it is actually helpful and not just calling me a moron... thanks! Edit: Just found out the postings are inaccurate. It's only a half acre, not 1.5. Gonna keep looking, but a major buzzkill. [link] [comments] |
| What are some things you've done to "dummy-proof" a rental? Posted: 31 Jan 2021 07:08 PM PST Just for some context, I'm a new homeowner (1 year under my belt) and I rent the other rooms at my house. I'm looking to buy a MF in about a year. I know that issues with problem-tenants isn't something that can ever be completely avoided. People can be dumb, lazy or just not care about a house that doesn't belong to them. That said, I know that there must be some things within a landlord's control to minimize risk of catastrophe. One of the things I've had in mind are ways you could "dummy-proof" a house. Example: I work in HVAC, and its no secret that most people don't change their furnace filters nearly enough. A lot of people who own their homes neglect this, and it's even worse with renters. So to mitigate the risk of extra ware on the furnace, if I buy a rental I will 1) change the filter box to house a 4" filter (needs to be changed much less frequently) and 2) I'll require my tenants allow me to do a semi-annual maintenance on the mechanicals of the house. Boom, no chance for the furnace to die prematurely (and less of a chance of a midnight phonecall for no heat). I'm still very much in the brainstorming phase, and I'd very much like to hear anyone's thoughts on how to make your rental fool-proof. Or similarly, maybe there are things on a prospective rental you see as "too easy to end in catastrophe." Something that a normal home owner might not have an issue with (because they'll take proper care), but that you'd avoid on a rental. Would you see a house with a hot tub out back and turn away immediately, because there are too many things that could go wrong? Thank in advance! [link] [comments] |
| Pricing a house with $3600/month rental income for all cash buy Posted: 31 Jan 2021 07:12 AM PST Trying to figure out what to list at for a house that pulls in $3600/month. How much would a cash investor offer roughly? Of course there are so many factors. But what does the raw math say? I can't figure out the formula :) Some details: In Austin, TX Comps around $500k 4/2 with stable tenants (rented for 4 yrs now and no vacancies) Leases up in June The market here is insane rn so I'm trying to figure out the bottom price range that just makes sense for an investor with cash. House are going for $100k over asking with 50+ offers. So the upper limit is tricky to estimate. Thanks all! [link] [comments] |
| Rental Income Taxation and Depreciation Questions Posted: 31 Jan 2021 04:05 PM PST
Thank you! [link] [comments] |
| Advice please - Should I buy, and if so what do I do? Posted: 31 Jan 2021 10:21 PM PST Ok, here's the short of it. I'm 20, I live in southeast idaho, I graduated highschool but have no other education, I have a secure job making roughly 20k per year which may go up soon but not by much (26k?), I live with my widowed mother and have 0$ in debt, a beater pickup, and around $1000 in the bank, with no other expenses. I have a credit score of around 660ish (only ever taken a general loan out to fix up the pickup which was a gift, refinanced that a couple times to fix it, and I don't have any credit cards), and I have an injured back, I'm able to get around ok depending on the day, but I'm constantly in pain and would be unable to do physical labor. This back issue is sudden onset and may improve completely soon or not. SO I live in southeast Idaho, our neighbor is an elderly widow who we have become close friends with, she is thinking about moving to be with her grown kids and has offered to sell part of her land to us (Mom and I) several times, and has promised us that if she ever decides to sell it all at once she will offer it to us first. I am interested but need guidance. We live on the edge of a growing town, one of the fastest growing in the area, and we are dead in the middle between a fast growing college town and a large city. Her land is next door, but is split into 2 parts. It's rectangle shaped with one of the short sides facing the main residential road. This "front" part is zoned residential, and is .351 of an acre, was appraised in 2019 at a total value of 160k but has a land value of 34k, this is important because the buildings (trailer house & a Shop) are falling apart and are not worth the appraisal (self admitted by the owner), it has city water, sewage, electricity, internet, everything. It's really only like 3 blocks from the center of town, but is also right on the border of city limits, hence this next description about the back part. The "back" part is immediately connected to the front, is zoned as COUNTY, and is 5.2 acres, and was appraised in 2019 as worth 70k but has no buildings or any utilities whatsoever. Here's the rub, she has offered us the opportunity to buy the back half at 40k, we declined multiple times because there is no access to the back half without going through the front half using her driveway, and even though she promised to let us drive whatever we wanted back there it would be on the basis of her word, and if she passes her less amicable sons word. Not legally binding. It's worth noting that there has been an incredible and continuous growth of this town the last 5 years and this plot is surrounded on all sides with developments. The front half has never been offered, but she knows we are interested. If she did offer it all as a combined deal, I'm not sure what I could get as a loan from the bank, but I do have a well established (not wealthy but doing fine) mother who has already promised to co-sign, and a mentor who owns a construction business who has promised to help build whatever I decide and give me incredibly reasonable rates on the construction bills (this man is like a father, VERY close) so I'm hoping If it's anything around or less than 170k total I could get it. I'm saving as much money as I can for now in case I decide to persue this and need a down payment. My question is this, in my position, knowing those details, should I act on this opportunity at all? Should I just buy the 40k back part with no access and just hold onto it until I get a good price from the developers or perhaps get the front part later? Some other ideas should I get the front part too would be a capital venture such as rental storage units, apartments, townhomes, or straight up flipping it to the developers already interested in the area for market price. Or I could start small, move into the house and possibly renovate it, rent it out, lease the county land out to some families in our church who would raise pigs there for as long as I allowed, etc. And maybe do something later as I mature and advance my station? Basically I'm asking if I should even be looking at it, or if I should keep working my hourly (but enjoyable) job, maybe go to college for something, etc? For some reason I always thought that owning land and making a living off of it was impossible for me. No idea why. Low self confidence and upbringing I guess. But this sub has changed that view, I think I want that, and this might be my opportunity, please respond and I will answer any questions I can, and would deeply appreciate ANY advice or wisdom, even if it's just life advice. [link] [comments] |
| Posted: 01 Feb 2021 12:23 AM PST Any advice, property managers, agents specializing in out of state investments? Thanks [link] [comments] |
| Crosspost. A user suggested that this sub is more appropriate. Posted: 01 Feb 2021 12:16 AM PST |
| Posted: 31 Jan 2021 10:21 PM PST I've been browsing properties for a while now. There's always new listings, new opportunities. One caught my attention today and I messaged the agent. I will get more info as time goes on. But here's the basic (and possibly incorrect) info from Zillow: It's a $115,000 3/1 House that is 1000 square feet. Decent condition, currently being rented out for $775 a month. I used the Zillow mortgage calculator. Right now I can only afford about 10% down + closing costs. The mortgage is $414 + Mortgage insurance and property tax = $602. I'd only pay mortgage insurance until 20% was paid, then the total would go down to about $500. Although there would be other costs, I'd be around $275 a month cash flow positive. I have great credit, income, down payment. Should I consider this investment property? Or should I wait until I have enough for 20% down? Should I consider some additions, such as a driveway, and increase the rent? I'm a first time home buyer, and really quite lost. and bad case of FOMO [link] [comments] |
| Quiet Claim Deed Between LLC's Posted: 31 Jan 2021 01:34 PM PST I'm an investor in MN doing Flipping, Wholesale, and BRRRR methods. I'm doing research on a multi-unit that looks abandoned to me. when looking on the county website, I noticed that there was a quiet claim deed executed between two different LLC's. What are the circumstances that an LLC would execute a Quiet Claim Deed, would it improve or disqualify a lead? [link] [comments] |
| Utilizing local tax abatements for more buying power, does it work in the long run? Posted: 31 Jan 2021 01:26 PM PST I'm not sure how all cities work, but Philadelphia has a 10 year tax abatement. Basically you pay 0% of the house taxes year 1 and 10% more a year until you're paying in full. Is this a good thing? It's great to have more buying power, but I worry rental increase won't make up for raise in taxes. Investors, how has this worked out in the past? [link] [comments] |
| How do you account for the principal paydown that occurs when you rent out a property? Posted: 31 Jan 2021 04:47 PM PST Sorry for the (probably) basic question. What formulas does this factor into? Is there a term for it? Thanks! [link] [comments] |
| Property Upgrades in a College Town Posted: 31 Jan 2021 08:32 PM PST Anyone have any suggestions for upgrades you your properties specifically in a college town? [link] [comments] |
| Which states allow you to take the real estate licensing EXAM online? Posted: 31 Jan 2021 08:24 PM PST I'm a student potentially interested in becoming a broker after college. Since online school is a joke, I figured I'd get a head start and get my RE license. But with COVID, I'm worried about taking a test in person. Which states allow you to take the exam for the real estate license online? I really don't care what state, since I'm willing to re-take it for the state I move to after college, but I want something on my resume that shows I'm dedicated to this. [link] [comments] |
| Interested in buying a multi-unit property in my area. Any tips? Is it too much for a newbie? Posted: 31 Jan 2021 08:01 PM PST I'm new to real estate and I'm interested in a rental property for sale in my area. It is a newly renovated 5 unit building going for $270k (yes, real estate is very cheap in my area) and annual tax amount is $3,250. Before I can look into lenders, do you guys have any tips? The building has one vacant unit which I could possibly live in so I can take advantage of FHA and maybe even the down payment assistance program due to my annual income. Is there anything I need to know before going into the market? Am I in over my head as a real estate newbie? Any feedback/info/constructive criticism is appreciated! [link] [comments] |
| Posted: 31 Jan 2021 07:58 PM PST I'm 20 right now and looking to purchase a rental property for passive income. These are some of the key details:
Any advice on if this is a feasible financial setup to buy a rental property and if so, what's some advice and good resource to learn from in preparation? I'd be happy to expand on anything or add additional information if you wish to ask. [link] [comments] |
| Primary residence VS investment property issues? Posted: 31 Jan 2021 11:54 AM PST Hi all, I'm in a house that I refinanced at 50%LTV and closed that in November 2020. I've lived there as my primary residence for 8 years. An opportunity to buy a new place has come up, will I be able to take a new primary residence loan for this second house if I intended to keep my current house and convert it to a rental? Is there a standard waiting period for this kind of thing following the refinance mortgage, or do I need to review the loan documents to find out? [link] [comments] |
| (New guy here) looking for some information regarding tax sales Posted: 31 Jan 2021 01:13 PM PST I'm from Nova Scotia Canada if that helps, but I was told about tax sales by a friend and he said they go for very cheap, but after looking around on my municipality website I can't find any real information, just a couple of vague listings that provide no info other than location, I have to be looking in the wrong place so if any of you have experience with tax sales I'd appreciate any input [link] [comments] |
| Posted: 31 Jan 2021 01:05 PM PST Hi - I am entirely new to investment properties and have searched around for information and looked at a few properties with not much luck. The most difficult part of this for me has been securing the correct type of loan. I just found another property that I really want but I'm not sure what kind of loan to apply for. The property is a commercial building that is currently unoccupied. It once served as an art gallery and prior to that a yoga studio. Our end goal is to convert a portion of the upstairs to loft apartment(s) then potentially start our own coffee shop below but that's not set in stone, we may just lease it out. I don't currently have a business or LLC, and the only property I have now is my primary residence. I don't think I can apply for an SBA without some kind of business plan. And most of the commercial mortgage loans also inquire about business income. What type of loan should I look into applying for? The asking price is 185k and I can afford up to 20% down. [link] [comments] |
| What is the exact requirement for FHA 1 year residency? Posted: 31 Jan 2021 11:25 AM PST Currently in the northeast and have a permanently remote job, investing here is not a good option. I need to be up here for another 3 years due to fiancés school. We plan on potentially moving to South Florida after she graduates. Want to invest now and after she graduates, have 60k saved up and want to buy multifamily in decent area in South Florida. Problem is, for standard mortgage I won't be able to go much above $200,000 purchase price, which seems tight. Instead, thinking of getting FHA to afford more. I see there is a 1 year living requirement, what does 1 year exactly mean? Is it being there locked for 365 days? How long is too long of a vacation (aka being in northeast with fiancé)? Is living there for more than half the year (6months, 1 day) enough? What if I change my address at my remote job to Florida residence, get Florida drivers license, etc? [link] [comments] |
| Anyone purchase through RWN (Real Wealth Network). How was the experience Posted: 31 Jan 2021 06:56 PM PST Real Estate Investing Simplified | RealWealth® Investment Club (realwealthnetwork.com) Apparently they make referral money when members purchase property from their recommended brokers. [link] [comments] |
| How does Equity vs Income weigh in? Posted: 31 Jan 2021 06:03 PM PST Rental Property I moved out of my first home and bought a joint home with my spouse when I got married. The first house is a small 2 story Rowhouse (1024sq ft). I have ten years left on the mortgage - I'm currently charging $2400. Costs are above rental because I have a 15 year mortgage. Is this asset still worth keeping until mortgage is paid off? Valued at $500K. Mortgage balance at $215k. Monthly costs $2650. Any repairs, maintenance, turnover costs, advertising are extra. The area is estimated to develop a lot in ten years due to a metro station and Amazon. It can be a bit stressful managing this property but if I hold on then in ten years it'll be fully paid and the property value will also go up with the development. I have only been renting for a year and a half but it has been really stressful. Not sure if it gets any easier or properties that are negative income are worth holding onto even if long term there will be value. Thoughts? [link] [comments] |
| Posted: 31 Jan 2021 10:06 AM PST Looking into the academy vs acceleration. Struggling to find any negative reviews? [link] [comments] |
| Getting started (lease, options) Posted: 31 Jan 2021 12:57 PM PST Hi all, I have been looking to buy my own place for a while. Seriously seeing homes and making offers for the past three months. My rental lease is up and I live with a good friend. I can't figure out what to do and would love some advice. I have a couple of options
Idk if I should get out of the lease ASAP or resign and figure it all out when my offer actually gets excepted. From offer to moving into a new place takes a month or two right? Thanks for the advice. [link] [comments] |
| Bought a home, now septic collapsed & it might cause me about $15k that I don’t have Posted: 31 Jan 2021 10:30 AM PST I'm stressed out a bit. Closed on a Single family, I has great potential & in a desirable location in town. Bought it for $105k. At the time, it needed some tlc like fresh paint and minor things here and there however now there is a collapsed septic system. The real estate market has skyrocketed since we last bought it. Estimated value now is $180-190k. (I have to fix the sewer of course). However, I don't have 15k 😬 can I get some type of financing to pay the city connection fees + the plumber? Has anybody ever experienced this? The septic collapsed so easy route would be to connect. I don't know what to do [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