Real Estate Investing: Check for Energy Efficiency or Green Home programs in your area!!!!! |
- Check for Energy Efficiency or Green Home programs in your area!!!!!
- Can you sell and repurchase a property to reset capital gains exclusion?
- Your Most Expensive Repairs
- Forming an LLC?
- Partial 1031 exchange taxation question
- First time purchasing a duplex: Building an insurance policy
- AirBnB Conversion Van
- How Accurate Is This Rental Calculator?
- What questions should I ask the current tenant(s) of a 4-plex I'll be checking out? Anything else I should know?
- 8 Unit apartment building with one commercial unit in the basement, $925k.
- What do you do to Automate your Real Estate Process?
- Having a Hard Time Doing an ARV on a Property.
- 200k (£pounds)
- About to close on a duplex next week- current tenant hasn’t paid rent for February yet
- Prospective net return (cap rate)
- Best city to purchase a single family house
- Excel spreadsheets for evaluating Property
- Buying from a Wholesler
- Paying in cash (Via a line of credit) vs a traditional mortgage
- Cash out refinance on investment building
- How much does the price of your rental property matter, if you have a good interest rate?
- Are multifamily homes usually in bad areas?
- Finally closed on my first wholesale 2 family to flip in a hot market. Critique my thought process on what to do next please
| Check for Energy Efficiency or Green Home programs in your area!!!!! Posted: 19 Feb 2021 03:29 PM PST I recently got $8000 worth of work done, and I paid $500. Story time! I purchased my first property in October. I noticed a small leak coming from my ceiling so I contacted a company to come look at my roof. While there they mentioned a program offered by my electric company, an energy efficiency program I should look into. There were basic 'tiers' depending on income. My income was low enough to have 100% of my upgrades they offer covered. ~40k per year was the cutoff. Any above that would be tier 2 and get 75% paid. There were 4 or 5 tiers, so no matter your income it is worth checking for. I applied for the program and got accepted. Brand new energy efficient furnace. Brand new energy efficient bathroom fan installed. Attic air ceiling. Insulation brought up to code. All new LED Light bulbs. New smart thermostat. Energy efficient power strips. Blower door efficiency tests before and after to test efficiency. All of this, about $8,000 worth of upgrades, for free. While replacing the furnace I went ahead and had them replace the evaporator coil for the AC, which was not covered, that was my only expense($500). As my contractor said 'If you qualify, Christmas came early this year'. It did. I just wanted to share this story in hopes someone out there sees it before they pay a contractor to update their insulation for $2000 when it may be covered under a similar program. I had no idea it existed until the contractor mentioned it to me. This is in Illinois. [link] [comments] |
| Can you sell and repurchase a property to reset capital gains exclusion? Posted: 19 Feb 2021 11:40 PM PST Total hypothetical situation, but I'm curious if it possible/legal to do this. Say you have a property that gains 250k (or 500k for a married couple). Could you technically sell the property to claim the capital gains exclusion, and then repurchase the same property with your cost basis reset to the new property value? [link] [comments] |
| Posted: 19 Feb 2021 06:59 AM PST Id like to know when you bought or flipped a home what were the "big ticket" items that cost you the most to repair? "Plumbing, HVAC, Roofing, asbestos removal?" And how much did you pay? List your top 5 and the amount you paid for each! Cheers! [link] [comments] |
| Posted: 20 Feb 2021 01:49 AM PST When did you form an LLC for your rental business? Apart from tax shelter when did it make sense? Had a friend the other day mention a story about his wife getting into a bad accident (unfortunately her fault) and sue him and they came after his rental properties and won. Curious if you have crossed this or know when it would make sense [link] [comments] |
| Partial 1031 exchange taxation question Posted: 19 Feb 2021 04:30 PM PST Hellloo I have a quick question with partial 1031 exchanges. Purchase price (original investment) : $800,000 Sale Price (original investment) : $3,000,000 1031 exchange (price of new investment): $2,000,000 So in this hypothetical example, $1,000,000 of cash is the boot of the 1031 exchange. Would the full $1M be taxable, or would it be $200,000 ($1,000,000 - $800,000 (original investment)) that is taxable? [link] [comments] |
| First time purchasing a duplex: Building an insurance policy Posted: 19 Feb 2021 08:52 PM PST I am purchasing a duplex in Southtown San Antonio, Texas. 2 units where I will be living in the 1 bed 1 bath and renting out the 2 bed 1 bath. My long term rent would be $2,000-$2,400. If I were to choose the short term, we are looking about $100/night. I discussed renter's insurance with a mortgage insurance broker and he explained to me why it is important for my renter's to have this to protect their personal property from any damage. For the time being, I will be using my personal social, but as I continue to scale up on properties, I will need to consider an LLC. I am looking to understand policies in insurance policies in general. Are there different policies for long term versus short-term renting? How can I protect my self without an LLC? What questions should I ask? Overall, this is my first time doing this, so looking for advice on how to navigate this topic. [link] [comments] |
| Posted: 19 Feb 2021 03:42 PM PST Has anyone Airbnb'd a conversion van? I'm flipping one now, but wanted to see if anyone's had success in renting them nightly. I figured I'd give it a shot before selling, but would love some input on rentals. I wouldn't allow the renters to drive so it'd be parked. [link] [comments] |
| How Accurate Is This Rental Calculator? Posted: 19 Feb 2021 05:29 PM PST Hello, Does anyone know how accurate this real estate rental calculator is in terms of IRR: - https://www.calculator.net/rental-property-calculator.html Thanks in advance! [link] [comments] |
| Posted: 19 Feb 2021 08:53 AM PST I'm looking to buy my first home, potentially 4-unit house on an acre. The "showing" will be walking around the property, possibly seeing the basement, and only 1 of the units, likely without the seller's realtor there. I know my realtor can't ask the tenants questions, but what should I ask? I intend to keep any good ones, so I'm mostly looking to learn what it's like to live there myself. I also want to make the tenants want to answer my questions (truthfully). Some things that come to mind are:
This property should cashflow $500 or so plus free rent and utilities for me, but this is my first real analysis. Any other tips and tricks are welcome. [link] [comments] |
| 8 Unit apartment building with one commercial unit in the basement, $925k. Posted: 19 Feb 2021 02:41 PM PST I am new to real estate, have been doing my research and have decided that I want to purchase property to increase my income and build a portfolio, just a few catches... I'm young (21), I do work full time though, my credit score is sitting in the average column, and I don't make a lot of money. Obviously if I were to purchase this property I would use the monthly rent income to pay the mortgage and pocket/reinvest the difference. I know about the main methods of purchasing with no money down, but was looking to see what I should do for a first time deal. Don't be afraid to ask me questions! [link] [comments] |
| What do you do to Automate your Real Estate Process? Posted: 19 Feb 2021 07:52 PM PST Hey All, Curious on what you all do to try to automate your processes? Auto generated emails? Lease reminders? Rent collection software? What do you use to cut down on the hours needed for Day to Day operation? [link] [comments] |
| Having a Hard Time Doing an ARV on a Property. Posted: 19 Feb 2021 06:41 PM PST As the title says I am having a hard time doing ARV (after repair value) on a house I am about to purchase. The ARV I am coming up with is around $370,000 with a per sqft price of $228. I was wondering if someone could check my calculation and tell me if I am right. The house in question is - https://www.realtor.com/realestateandhomes-detail/2915-Lynnhurst-St_Sarasota_FL_34239_M52219-56327 . Any advice and recommendations are greatly appreciated. [link] [comments] |
| Posted: 19 Feb 2021 04:56 PM PST I have inherited 200k (pounds) UK and I am looking for advise for making passive income through this. My ideas were a holiday let through a buy to let mortgage but I'm open to ideas 😀 [link] [comments] |
| About to close on a duplex next week- current tenant hasn’t paid rent for February yet Posted: 19 Feb 2021 08:28 AM PST I know inheriting tenants isn't the best situation out but that was part of the deal and he's had zero issues for the last 10 months (with good background check). Now can I delay closing until this tenant pays rent or gets evicted? We didn't specifically spell out this situation in the contingency.. I'm in Texas. [link] [comments] |
| Prospective net return (cap rate) Posted: 19 Feb 2021 02:13 PM PST Hey everyone, I am relatively new to this and am largely basing my estimated off what a friend has told me. He think one can reasonably expect to by a duplex for ~$250K in Texas or the Midwest, put 20% (or so down) and generate a NET return (after paying the mortgage, property manager, property tax, and minor repairs) of between $1K and $1.5K a month. I have a lot of education in finance and accounting and know that generally those with less experience (myself) don't tend to do well trading against more experienced parties. I would be investing in another geo. Does anyone feel like these numbers are within reason or does it sound too good to be true? I am trying to decide if I should buy a property as a proof of concept and see or if I let would be tying up too much of my cash to risk it. [link] [comments] |
| Best city to purchase a single family house Posted: 19 Feb 2021 01:49 PM PST Will probably live in it, so rents are not terribly relevant to favor in. I'm thinking good job growth, good migration, around $150k. I'm thinking those are the main things I should look for to get a good return on investment. Ideally Looking more towards the northeast. [link] [comments] |
| Excel spreadsheets for evaluating Property Posted: 19 Feb 2021 09:44 AM PST Does any have, or know where to get a comprehensive spread sheet for the different metrics that are used for Evaluating property? Thanks in advance for the help! [link] [comments] |
| Posted: 19 Feb 2021 09:37 AM PST Im new to buying from a wholesaler... Is it possible to purchase by seller financing a wholesale or by using a conventional loan? I know they prefer CASH, but I don't know if the above would be an option. I don't want to go through a hard money lender because of the interest rate and I'm planning to buy and hold. [link] [comments] |
| Paying in cash (Via a line of credit) vs a traditional mortgage Posted: 19 Feb 2021 11:46 AM PST Is there any reason I should not use my line of credit to purchase a duplex in cash rather than going through the traditional mortgage route if I am just going to do a refi in 6-9 months? The numbers: 85k purchase price Line of credit - 5.5% interest Mortgage - 3.5% interest I would avoid the 3.2k in closing costs for the mortgage, and would be paying a bit of a premium over the next 6 months, but is there any reason I do not pay with "cash" up front and then refi into a traditional mortgage after my tenants move out and I can upgrade both units between leases? Anything I am missing here, because I believe I would be saving around $2500 by doing this... and the goal being to do a cash out refi and pull my entire investment back out? my savings would cover the cost of new floors in both units... [link] [comments] |
| Cash out refinance on investment building Posted: 19 Feb 2021 11:35 AM PST Quick question- and I realize this will also need to be verified by my accountant, but asking here anyhow. If we get a cash out refinance on our investment rental building, do we need to show that the cash out was used for building improvements on that building for tax depreciation, or could we use the cash out elsewhere? Specifically considering using the cash out on a development out of the US, so am curious if we get any bonuses in our taxes in the US on this foreign investment, as well as the new mortgage on the existing investment building. Thanks in advance. [link] [comments] |
| How much does the price of your rental property matter, if you have a good interest rate? Posted: 19 Feb 2021 11:05 AM PST Possibly a dumb question, but even if you don't necessarily get a great deal on the house you're buying, wouldn't it still be profitable with a low interest rate and mortgage payments that are lower than what you're renting it out at? I've been trying to get into real estate investing, but there's still a lot I don't have knowledge on and that's been a big one I've wondered. [link] [comments] |
| Are multifamily homes usually in bad areas? Posted: 19 Feb 2021 10:46 AM PST I'm looking into multifamily in the San Diego area and it seems like most of the homes are not in desirable neighborhoods. Is this common in other regions for multifamily or is this potentially just a trend for this area? Is it worth purchasing these types of homes if they can potentially cash flow even though location isn't stellar? [link] [comments] |
| Posted: 19 Feb 2021 10:02 AM PST So I bought a 2 family for cash (no hard money loan or line of credit) through a wholesaler I've been stalking for over a year now. I've put over 20 offers on homes and never got it, finally we got one (my father and I) My father is a contractor and can do all the work himself, it's mainly cosmetic updates. Kitchen cabinets just need to be painted for one unit, other unit is fine. Bathroom is fine for both units. Perhaps new tile in kitchens and paint all the rooms. We bought for $280,000 and ARV is minimum $350,000. 2 families in that area in worse condition than what it will be flipped have sold for $370-380,000.
I need help finding flaws with my thought process lol thanks! [link] [comments] |
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