Real Estate Investing: Damn I Love Real Estate! |
- Damn I Love Real Estate!
- Suggestion for younger adult?
- [CA] Need advice for a commercial real estate purchase agreement that fell through
- How do others find contractors for their BRRR’s?
- Anyone here invest in manufactured homes in florida?
- Can you really not deduct real estate expenses | losses from your active income?
- VT may kill vacation rentals
- Multifamily units are being developed on the street where I own a rental townhouse. Keep or sell?
- [San Jose, CA, US] Covid/Rental Debt Upon Change of Ownership
- Single Family Home HOA’s vs. Townhome HOA’s vs.Condo HOA’s
- What’s your success story?
- What costs are there in owning a flipping business?
- Hey Everyone, I'm looking for a good book or online course.
- Property price trend
- First Rental Property
- Canadian with a question for Cross Border lending and the required down payment.
- doing my first flip - need some pointers (Location: Canada)
- Moving into a new home next month; still keeping current home for family - still hit by depreciation?
- Wanting to get started.
- Federal Judge Finds CDC’s Eviction Moratorium Unconstitutional
- Advice for girlfriend who is pessimistic about real estate investing
- Ideas on finding and purchasing portfolios
- Special Levy on 3 Story Condo Building with Foundation Issues?!
- Cash out refinance investment property
| Posted: 26 Feb 2021 07:37 AM PST Six years or so ago now, I was a normal working stiff handcuffed to my job. There wasn't a lot of extra cash. Couldn't seem to really get ahead. The thought of losing my engineering job was scary as hell, and would certainly result in my demise. The idea of how to get to retirement was impossible to get my head around. Jump forward six years, and we've got thirteen rental houses. Seven of them owned outright. Profit/month sits at $5k and that's paying existing mortgages heavy. We've set up a great team to deal with anything that comes our way. We make subpar houses in decent neighborhoods great and rent at a slightly higher than market rate to only solid tenants. We take care of them, and they take care of us. My wife and I continue to work our full time jobs, but am no longer afraid. We know we'll be just fine. I never could get my mind around retirement because how much would we really need to be comfortable? $5 mil? $10 mil? $20? It was unfathomable. Now I look at everything as how many houses. Many worry about health insurance. As I told my wife, for everyone else, its a $2k a month problem. For us, it's just three houses. It's that simple. When problems come up, and they always will, I reflect on where we'd be today if we didn't start the journey six years ago and it's a no brainier to keep going. I know six years from now, and many more properties, the answer is going to be the same. If anyone has any questions I can help with, feel free to message. One of my favorite things in this business is how willing people are to help each other. [link] [comments] |
| Posted: 26 Feb 2021 10:42 PM PST Hi. I'll keep it brief and simple. I freshly entering my twenties and have about 140k in liquid assets, about another 25k in stocks (TFSA, RRSP) and about 40k in business property (fairly liquid-able also) Yes, I know this is extremely above average, I was fortunate to turn a hobby into a business in a short time span which was been profitable (and continuous to be). I've also been very frugal my full life, started working at 15 and saved every dollar I've ever made. I still live at home, share vehicles with family and haven't ever had any serious expenses (except for university tuition) My question is, what is the best way to continue to grow this money? As of now, I am earning 1.6% at a credit union, however, I know a basic S&500 index will outperform this anyway. Should I consider rental property? Is this even possible for a 20 year old to do? Any other investment suggestions? [link] [comments] |
| [CA] Need advice for a commercial real estate purchase agreement that fell through Posted: 26 Feb 2021 11:23 PM PST I am in California. In May 2020, my family (excluding me) signed a purchase agreement, selling a vacant land property for about $3M to the subsidiary LLC of a well known company, with 10% going as commission to our real estate agent. In that agreement, the buyer agreed to deposit about $25k into escrow within a period of 6 months before the purchase occurred. The signer was the CEO of the subsidiary, if that matters. Unfortunately, after these 6 months, the buyer decided not to go through with the purchase. However, there was still that $25k nonrefundable deposit that was agreed to be released to my family regardless how the deal went. The contract did not say that our agent would receive 10% of this deposit. The escrow company gave us the escrow cancellation letter, in which my family signed, but the escrow didn't get a signature from the buyer. It's been about 3 months since the deal fell through, and the escrow has still not received a signature from the buyer. Our agent told us that he tried many times to contact the buyer's agent, and told him to be ethical as a real estate agent and to sign the escrow cancellation letter. Our agent said he could not find a person to sign the escrow cancellation. Recently, my family told our agent to offer the buyer's agent 10% of the deposit, to persuade them to sign. When I heard about this decision, I decided to call the subsidiary myself, to see if I could get the escrow cancellation signed and avoid that concession. I told my family that I found the company's contact and that I would call the next day. The same day, my family told our agent. Our agent persuaded my family to give the 10% of the deposit to him instead, and that he would get the escrow cancellation signed himself. The next day (today), I got a hold of a person in the company in the "Purchasing Department". He replied to my contact request, and I sent him an email pursuing the escrow cancellation, but have not received a reply yet. Meanwhile (also today), our agent told my family that he already got the buyer agent to agree to sign the cancellation, and that me pursuing a escrow cancellation would be pointless, because the escrow cancellation has to be handled between agents. Our agent is telling us to sign a new agreement that would give him 10% of the deposit. I hope I got most of the facts straight. I feel very uneasy of the situation, it doesn't seem right. Seems like more than a coincidence that suddenly when there is money to be earned, then our agent suddenly says he got the other agent to sign. But before that, there were 3 months of him not being able to reach the buyer's agent. I also don't understand why the buyer's agent wouldn't be incentivized to sign the escrow cancellation letter in the first place. Whether or not he signs, the funds wouldn't be given back to the buyer anyway. But if he doesn't sign, then wouldn't he risk a legal dispute, which would be costlier? Are we making bad decisions or missing something? What are my options here? I'm looking for advice on the best course of action for this to protect the interests of my family. I am also unfamiliar with the field of real estate, so any help would be very appreciated. Thanks! [link] [comments] |
| How do others find contractors for their BRRR’s? Posted: 27 Feb 2021 01:29 AM PST In the mode of securing downpayment and refurb finances for my first investment property in the next few years (21 yo). I watch a ton of podcasts/YouTube videos on this stuff. However, something that isn't covered at all is how people find their contractors to do their refurbs. Tbh being young and new to investment properties I feel like contractors will purposely take advantage of that. Obviously it's different by market, but I feel like a refurb will make or break an investment property and getting it wrong is the last thing I want to do. Any advice? [link] [comments] |
| Anyone here invest in manufactured homes in florida? Posted: 27 Feb 2021 01:20 AM PST Saw some nice manufactured homes in Florida and was wondering if that's a good investment. Most of them are in 55+ retirement communities but seem to be in good shape. Does anyone know how HOA fees look with these? Or how the insurance is considering they'll probably be wiped out in a hurricane? [link] [comments] |
| Can you really not deduct real estate expenses | losses from your active income? Posted: 26 Feb 2021 06:25 PM PST If you start an LLC company for buying rental properties and you take the income you made from another company to fund it you really cannot deduct those expenses from your taxable income? For instance, let's say you materially participate in a company that you own and it generates $300K of taxable income in a given year. In that same year you start an LLC company in order to buy real estate for rental purposes. And let's say you use that entire $300K you made for down payments on the properties you purchased. Using bonus depreciation on the parts of your properties that qualify, assuming that bonus depreciation equaled $300K, you couldn't write that $300K off your $300K active income in order to get your tax burden to zero? [link] [comments] |
| Posted: 26 Feb 2021 06:24 PM PST Vt legislation may kill the short term rental market completely. https://legislature.vermont.gov/Documents/2022/Docs/BILLS/H-0200/H-0200%20As%20Introduced.pdf Summary if it passes. The Vermont State Legislature is considering an onerous short-term rental bill that would restrict your ability to rent out any home that isn't a primary residence (must live in the unit for 270 days). It would also allow departments to authorize officers or agents to inspect a home operating as a short-term rental and its records at any time deemed reasonable by the state. The bill would also require that hosts pay an annual $130 registration fee, and prominently display the short-term rental license, or certificate, on the outside of the unit. [link] [comments] |
| Multifamily units are being developed on the street where I own a rental townhouse. Keep or sell? Posted: 26 Feb 2021 07:10 PM PST I've heard different opinions on how house values can go up or down when a couple of multifamily units are being built on the same street. There are risk factors, but at the same time I wonder if the developers would want to buy out the rest of the street one day? Should I keep this place for a few more years? Or sell it? [link] [comments] |
| [San Jose, CA, US] Covid/Rental Debt Upon Change of Ownership Posted: 26 Feb 2021 05:53 PM PST Have an interesting opportunity to buy a multi family where one of the tenants is faking Covid hardship to only pay 25%, yet refuses to provide proof or cooperate. The seller is currently in the eviction process (3 day notice has been served and passed) and is working with a lawyer but simultaneously trying to sell the property. I have the opportunity for a hefty discount to buy the property with the tenant, but am unsure what happens to the unpaid rental debt when the property is sold? Does it remain with the seller or is it transferred to me? And this may be above Reddit's paygrade but does the lawyer's work/pay also transfer or do I need to initiate that on my own? Also, Covid aside, if anybody has had a similar buying experience I'm wondering if it's worth holding off on the eviction and just offering cash for keys? [link] [comments] |
| Single Family Home HOA’s vs. Townhome HOA’s vs.Condo HOA’s Posted: 26 Feb 2021 05:19 PM PST I noticed in looking at SFH's (in Phoenix specifically), many have monthly HOA dues of $100 or more. I'm not sure why they would be that high since there's not a community pool or other big expense to maintain. They are still not as high as Townhome or Condo HOA's, but I thought one main advantage in SFH is no HOA's? Is there a general rule that HOA's for SFH will not increase vs. HOA's for other property types because the possible expenses are more limited and for exterior care? Is it possible for a SFH to incur special assessments from its HOA? Should I just be looking for no or minimal quarterly HOA dues to avoid the whole issue? Thanks for any responses. [link] [comments] |
| Posted: 26 Feb 2021 11:10 AM PST I want to hear about your stories. Any deals that really stick with you? Deals that maybe made you the most money or taught you something you will never forget? Anyone here now collect that good good rent for a living? I want to hear it all! It's inspirational stuff for everyone on the journey, myself included. Thanks [link] [comments] |
| What costs are there in owning a flipping business? Posted: 26 Feb 2021 01:36 PM PST Hi, I am in a tough situation. I am at a point in life where I either need to go into a traditional career or go flip. I would rather flip. But I am wondering what passive costs there are to flipping. I am talking about costs besides whatever holding/renovating/working costs. Say I had no flips going on at the moment, what money would I be losing right then? What costs are associated with an LLC? I know that it is smart to buy real estate under an entity. Thank you. [link] [comments] |
| Hey Everyone, I'm looking for a good book or online course. Posted: 26 Feb 2021 01:12 PM PST So I am looking for a good book on property investment, or perhaps even an online course. I thought I might get better results asking average people on reddit than looking for some paid for top 10 list. [link] [comments] |
| Posted: 26 Feb 2021 03:41 PM PST Dear Realestateinvesting, Is there any data on house prices and the amount of price increase in relation to initial price over time? For example, in 5 years: (hypothetical) House and land cost 1 million – and after 5 years it is 1.3 million Or House price 400 thousand – and after 5 years it is 500 thousand Or House price 15 million – and after 5 years it is 20 million Is there any public data on this? It could also vary by countries. [link] [comments] |
| Posted: 26 Feb 2021 11:39 AM PST Hello, all. I'm going to jump straight into the topic of discussion. I'm looking to purchase my first rental property. After doing my research, I've decided that the BRRRR strategy is best for me. People talk about building wealth with 0 money down. What are your thoughts on using a HML to purchase and rehab my first property? I don't understand how people have any cash left over after the cash back refi and paying off the HML. Any experience/feedback on this topic is much appreciated! Thanks [link] [comments] |
| Canadian with a question for Cross Border lending and the required down payment. Posted: 26 Feb 2021 03:11 PM PST Hi there, Wondering if anyone can either point me in the direction of information or just straight up has the answer. I want to buy a rental in Florida. My challenge is the down payment. From the few sources I've engaged so far 30% down is the number. What I'm wondering is if anyone knows of lenders (preferably not hard money) that would do 100% LTV but 30% being the down payment tied to collateral like a company invested RRSP that is locked which would be equal to the 30%? Like home worth $100k. Mortgage 70K. LoC for Downpayment taken against collateral of locked investment 30k. Writing it out, it sounds like I'm asking for a slush fund for the 30% down but I guess I don't know a better way to phrase it. I certainly have no interest in committing a crime to do it and know there are people who get 'gifts' from family members for Down Payments in Canada which I know is on the darker side of grey. Thanks [link] [comments] |
| doing my first flip - need some pointers (Location: Canada) Posted: 26 Feb 2021 02:05 PM PST i'm doing my first flip and i'm wondering what are the "little things" that go a long way in a new home. what do people notice that can possibly add value? i'm sure there's little things here and there that can really create the perception that the home is high value. (luxury vinyl floors, fancy hardware on the cabinets?, modern light fixtures above the dining table, backsplash in the bathrooms, etc.) would love some insight so i can implement this into the new place. thanks everyone [link] [comments] |
| Posted: 26 Feb 2021 01:53 PM PST Hi, Question is pretty simple really. If I have property that isn't my primary residence and I don't generate rental income from it (for example, I let my parents move in and live there rent free), will that property still be hit by depreciation on the basis over a 30 year period? [link] [comments] |
| Posted: 26 Feb 2021 12:59 PM PST My wife and I are going to clear some money from selling a house. I want him to take some of that maybe a hundred thousand and buy new house in a new subdivision. Something on the order of $170,000 house. And rent it out until the subdivision is fully built out and then sell it. I don't know if it's better to put more money down or take that hundred thousand spread around on two or three houses and rent them out. I'd appreciate any advice. Our rental experience has been we've had a couple of trailer houses that we handled ourselves and they weren't bad. But we were just thinking that this would make more sense. It'd be in the San Antonio Austin area [link] [comments] |
| Federal Judge Finds CDC’s Eviction Moratorium Unconstitutional Posted: 26 Feb 2021 12:37 PM PST |
| Advice for girlfriend who is pessimistic about real estate investing Posted: 26 Feb 2021 07:17 AM PST Just a little background, I am currently living in an apartment with my girlfriend. We have spent just about two years here and have been saving up to purchase a house. I want to use my first time home buyer loan on a two or three family home and rent out the other 'rooms' to make passive income and basically live for free. She firstly doesnt want to have to live with other people and doesnt see the benefit of having an income property. Ive tried to explain that although we may have to temporarily prolong living with people, it will allow us to save a whole lot more money and eventually make a surplus in the long run to let us live a lot more comfortably and have a better standard of life. Unfortunately im pretty bad at getting my point across and explaining my thoughts . Can anyone give any advice for how to better explain to her the pros and cons of this idea? Edit: my intentions are for a duplex or triplex. I wouldn't want a shared living space, the tenants would be separate. One of her main gripes is just the noise of neighbors. [link] [comments] |
| Ideas on finding and purchasing portfolios Posted: 26 Feb 2021 10:02 AM PST Looking to purchase a portfolio in Cleveland, Oh approx $1MM. How or where does one go about searching for something like this? [link] [comments] |
| Special Levy on 3 Story Condo Building with Foundation Issues?! Posted: 26 Feb 2021 09:48 AM PST Hi everyone. Hoping someone might be able to give a better perspective on this. I have an accepted offer on a condo unit with subject removal coming up next week. I've been told by strata, that the building foundation is settling and has caused a crack in an exterior wall. A special levy is planned to fix this. The building was built in 1995, is 3 stories tall, and contains 26 units. I'm unable to gather more info from the minutes or strata managers. Is this something you would walk from? How substantial is condo settlement and how much capital will it take to fix this? Hoping for some additional input. Thanks all. [link] [comments] |
| Cash out refinance investment property Posted: 26 Feb 2021 09:47 AM PST I am closing on an investment property on March 3rd. My current bank originally said they do cash out refinance for investment properties but when I just asked for more details this past week they said they will not be doing those loans for the next three months. I'm in Florida. Does anyone know any lenders that are still doing these loans? The heloc is used to buy the property cash can be either interest only or a fixed rate but the fixed rate is high. Thanks [link] [comments] |
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