Real Estate Investing: The deal of a lifetime |
- The deal of a lifetime
- Private loan. Lender disappeared, unable to pay her.
- “Prices are insane” MY explanation of were we are heading.
- How do you schedule cleanings in between vacation rentals?
- buying a house with my parents.
- Construction materials credit options
- Are there banks that will lend on a portfolio of cheaper houses?
- Why am I being talked out of setting up an anonymous LLC?
- Bought a house in 2020 but first monthly payment didn’t start until 2021
- What are we anticipating for the mortgage trend to be? What kind of mortgage did you get for your property
- Built my own house debt free, what's the best way to cash out to build another?
- is there a way to make money by referring investment opportunities to investors?
- How do you find probate leads?
- Buy now or later in Denver
- Skip-tracing Question
- My First Serious Deep Dive
- Second home jumbo loan options?
- Purchasing a house in foreclosure; Florida
- For real estate diversity, should I invest into REIT or vacation rentals in the US market?
- Had a conversation with my agent today
- Using the VA to finance a rental
- Had someone reach out to me about selling me off market properties
- building twin house for rent on my land
- If there's no sign of termites would you still get new house treated?
- Best resources for finding wholesale deals
| Posted: 23 Feb 2021 05:16 AM PST Being new to the redit group, I thought about saying something, I took my favorite nephew and showed him a few of my trophies properties , and told him the story......Feel free to comment or detail one of your best deals! Which by the way reminds me of a neighbor of the project I am working on, I mentioned that I usually get a "deal of a lifetime" maybe 2-3 times a year....... but perhaps that is going the wrong direction. I turned right and drove around the block to see 3 small duplexes on one lot. It was in the bad side of town being zoned heavy industrial, near the factories, it had broken doors and windows and a dilapidated exterior. The whole demeanor of the property screamed at me, "tear me down". Also in that property, I saw the ticket to the "deal of a lifetime", a red tag notice on the broken door stating it was scheduled to be "abated" if the "nuisance" was not addressed by a certain date. I called the city guys and asked if I boarded it up, would they remove the red tag? After assurance that they would, I also called the assessor, (Days before gis) finding the owners name in a far away state, he was never coming back and was going to abandon it. I offered him 25K with 10% down and he agreed! After the first renovation I have kept those buildings rented now for over 20 years! It now produces a little over 500 each so 36k a year! [link] [comments] |
| Private loan. Lender disappeared, unable to pay her. Posted: 22 Feb 2021 02:55 PM PST Several years ago, I bought a very small property in California with a 8 year private loan from the seller. Amortized 30 yrs, with a ballon payment at the end. The first 7.5 years, no issue. Couple months ago, the seller/private lender disappeared on me. Up until then, all the checks I mailed her was cashed. I tried registered mail twice, postal service bounced back - said no such person lived at the address. I tried writing her son with registered mail to learn about his mom's where-about, but no reply. The 5 year note is due in April, 2021. I am happy to pay off the remaining small amount to receive the title - to be done with the loan. Any one had experiences where the private lender ghosted you? I don't know how to pay my private lender to get my title. Do I need to go to court? [link] [comments] |
| “Prices are insane” MY explanation of were we are heading. Posted: 22 Feb 2021 05:17 PM PST Just wanted to counter the post from a few days ago.
The US Fed has said themselves that they will target an inflation % greater than 2% to hit a long term 2% average. I'm not the smartest but one thing I have learned is to never try and fight the Fed. If they say they want greater than 2% they will print like crazy. Not to mention the hundreds of billion from the treasury general account they are unleashing in the coming months. I also expect money velocity to pick up as the economy reopens and money start changing hands. Source: https://www.youtube.com/watch?v=QRTMuAjtfnE The thing I don't see mentioned much around this sub is the fact the 10 year bond is starting to increase already. It is believed by many that the government would never let it raise to far and would have to implement yield curve control due to all the debt they ran up. However, that is a logical fallacy. The debt they already issued is at a fixed rate and will not increase. There is no reason they cannot let the curve increase to 3-4-5-6% and just issue more short term T-Bills. Everyone needs to ask themselves the implications 3-4% mortgage rates would have on real estate prices.
I love RE investing as much as the next guy but I suggest everyone is careful and thinks of the bigger macro economic picture. [link] [comments] |
| How do you schedule cleanings in between vacation rentals? Posted: 23 Feb 2021 07:31 AM PST Let's say I have new short term renters coming every week at a popular vacation spot. However the location is secluded and is 30+ minutes from the nearest city. It's not a major town and is far for cleaners to drive to (no one really lives there, it's just vacationers). Example: Renter A leaves today. Renter B arrives tomorrow. If I go through Airbnb or vrbo for the listing and cleaning, will they be able to automatically clean the day renter A leaves to have it ready for renter B? Are they reliable every time without me having to do anything? How much do they typically charge (1000sq ft)? (EDIT: Does Airbnb even offer a cleaning service to hosts? I can't find any info online...) Or is it cheaper overall to go through an agency that lists and takes care of the cleaning? Thanks [link] [comments] |
| buying a house with my parents. Posted: 23 Feb 2021 07:59 AM PST So long story short my parents and I were looking to buy a home for 92,500 total. I would come up with 22,500 and them with 70,000. I would live there for a 3 years(or more) paying 650 a month to them as well as HOA(215 a month) and taxes (150 a month). After three years I would have paid another 23,400 on top of all the taxes and HOA fees to my parents. To make my total paid to 45,900. They would be owed about the same, so the 23,400 that was paid towards their loan of 70,000 would now be down to 46,600. So at this point I would have put in as much as is owed on the place.(if i can find the extra 45 bucks lol) So We were looking to use this as a rental property after I move out. this is where i get confused. Im trying to figure out a fair way to go about splitting the rent money we would receive. should we split the rent money fifty fifty? so if we say got 1200 a month for the place in rent each month then subtracts the fees. you take away tax150+HOA fees 215=365.1200-365=835. so where should that 835 go? should they get more because they lent the money up front and thus saving shit tons in interest. I want them to think of this as a good opportunity for them and me alike. Thanks for the answers, feel like i'm overthinking this. [link] [comments] |
| Construction materials credit options Posted: 23 Feb 2021 07:44 AM PST We are getting everything lined up for our contractor to begin construction on three properties using Fix & Flip loans (already closed) with--hopefully--weekly draws on inspection. Combined, we will need over $50k in materials. We will be purchasing the materials ourselves each week for the contractor to pick up on will-call, and exploring our credit options at both Home Depot and Lowe's. HD has commercial revolving cc, commercial account, and project loans. Lowe's looks similar, maybe even more options. We do want to get an account at both for flexibility and costing. Anyone have experience with a few of the options, enough to have a preference? Ultimately we want the lowest cost of debt, of course, but also want to build in a bit of payment flexibility in case the draws are delayed or not approved for some reason. [link] [comments] |
| Are there banks that will lend on a portfolio of cheaper houses? Posted: 23 Feb 2021 07:37 AM PST I know most banks won't lend on 50-75k but are there banks that will let you take out a loan on 5-10 of them that are cash flowing? [link] [comments] |
| Why am I being talked out of setting up an anonymous LLC? Posted: 23 Feb 2021 06:56 AM PST Why are people trying to talk me out of this? I have 1 rent house and another I am about to sell seller/finance. Both in my name. I am in Texas, as are the properties. I intend to grow and buy more properties and considering creating an LLC for personal protection of my assets. I have been studying, that for anonymity, I should establish an LLC in WY and then one in TX and make the one in TX a member of the one in WY. Apparently a pretty common thing. Only about $200 and $50 a year there after for the registered agent in WY. Seems like cheap insurance to me. I have talked with 4 different friends with rental properties or other businesses that keep trying to tell me not to bother going through the trouble. They either don't have an LLC or they don't have an anon like I want to do as they feel the one they have in TX is enough for them. Thoughts? I can't see any harm in my plans. [link] [comments] |
| Bought a house in 2020 but first monthly payment didn’t start until 2021 Posted: 22 Feb 2021 06:06 AM PST This is probably a rookie question but I am a rookie investor. I bought my first house in 2020, paid the down payment and closing costs in 2020 but the actual first monthly payment didn't start until 2021. I am using 1-800 accountant for my taxes because I also run a small real estate photography side hustle and need help with that alongside my 9-5. My accountant claims that because the first monthly payment didn't start in January 2021, nothing needs to be done with the house and taxes. It's not that I don't trust him, but fucking up my taxes scares the hell out of me and I would live multiple opinions. I am sure someone else here has had a similar experience. Any thoughts/advice? [link] [comments] |
| Posted: 22 Feb 2021 08:38 PM PST I understand that the rate of interest is the best right now. I am buying a property that has rentals allowed (so that gives me the flexibility to keep it even if not living in the property at some point in time). For the next year or so, I know I will be living there. The mortgage amount is under 500,000. Given that the rate of interest is currently 1.38%, How bad could the break penalty be in case I decide to break the mortgage? I understand it depends on the rate of interest at the time since it will be a higher differential of 3 months but I am looking in terms of numbers. I was suggested that I should go for a closed variable mortgage if I am not sure about keeping it until the next 5 years. What do you guys think? My realtor himself had a variable mortgage which makes me wonder if the fixed 5 year is actually a wise decision. Looking for insights from pros and people that understand the game :) Thank you [link] [comments] |
| Built my own house debt free, what's the best way to cash out to build another? Posted: 22 Feb 2021 07:08 PM PST I'm a carpenter and built my own house the past two years. I paid for things as I could afford and had a seller financed loan on the lot that I'm done paying off. The market is really hot where I am in Montana and I'd like to cash out 125k to buy another lot and build another house that I can move into. Then I'd sell my current placev once the next one is move in ready. About 8 months. I'm between getting a traditional mortgage from discover which has no closing fees (up to $500 penalty for paying of in less than 3 years) or a heloc from local bank. Both have mediocre interest rates of about 3.9%. the HELOC would close sooner but has variable interest rate and a few hundred dollars in fees. I think it'd be nice to build a relationship with the local bank but also like the idea of having a normal mortgage in case I don't move and just gotta keep paying my $550 a month [link] [comments] |
| is there a way to make money by referring investment opportunities to investors? Posted: 22 Feb 2021 08:38 PM PST I'm a real estate photographer and 4 or 5 times per month I photograph houses that are fixer-uppers / flips. Through my career I've also met several investors with deep pockets that love taking on these kinds of projects. I'm wondering if it's common or acceptable to make some referral $$ by letting these guys know about the opportunities I come across. Some of the houses I see are $1m+ even with all the work they need so they're not small projects. I know a lot about real estate photography but not much about real estate investing so forgive my ignorance. Thanks. [link] [comments] |
| How do you find probate leads? Posted: 22 Feb 2021 08:28 PM PST I spoke with my county office and they mentioned it wasn't something I could do and had to go through each individual borough. I was wondering how other investors go about finding probate deals or other distressed properties. [link] [comments] |
| Posted: 23 Feb 2021 12:51 AM PST I'm eyeing on Denver rental properties (SFH or duplex). I know that the supply is low and the market is competitive. When the economy reopens (who knows when), the supply may increase and the price may drop; but due to the appreciation, the price may go up. Buy now or later? [link] [comments] |
| Posted: 22 Feb 2021 08:55 PM PST You know how when you skip-trace a list—say on Batch Leads—and it spits out multiple phone numbers for the property owner? I was wondering if there is a faster, more-efficient way to verify if the numbers are actually the property owners. For example, I had a list of 50 property owners and I copy & pasted the numbers I got from the skip-traced list into this app called Reverse Lookup to see if the numbers were linked to the same name as the property owner. Some were and some were not. Anyways, I now have a list of over 200 property owners so this is now going to be an even more tedious task. Any suggestions? [link] [comments] |
| Posted: 22 Feb 2021 08:52 PM PST Here is my first true deep dive into a local property. The property is a 5-plex at 4,00 sq ft., was built in 1900 (not unusual for my area), and has a coin laundry on site. I currently rent and I do not plan on owner-occupying this deal. I have the cash to cover the down payment plus about 10k before having to break into any serious savings. However, my on paper yearly income is very low, I think less than 20,000. I plan on managing the property myself but, included management into the analysis. Rent is based on the listing. I do not know if tenants pay utilities but, there are separate meters so I assume they at least pay electricity. I added 1K per month for utilities to compensate Cost: $87,500 Down payment (20%): $17,500 Closing Costs: $3,500 Interest Rate: 4.5% Term: 30 years Cash for immediate renovations: $1000 Total purchase cost: $22,000 Monthly Rent: $3,875.00 Property Mgmt: $300.00 Vacancy: $193.75 Maintenance: $387.50 CapEx: $775.00 Insurance: $70.00 Utilities: 1000 Property Taxes: 450 Expenses Subtotal: $3,176.25 Annual % Increase: 2.00% Monthly Expenses: $3,530.93 Monthly Cash Flow: $344.07 Initial Cash on Cash: 18.77% Let me know what you think! [link] [comments] |
| Second home jumbo loan options? Posted: 22 Feb 2021 11:59 PM PST Are there any lenders doing 10% down on a second home jumbo loan nowadays? If no, any lenders doing 20% down second home jumbo loans? [link] [comments] |
| Purchasing a house in foreclosure; Florida Posted: 22 Feb 2021 01:21 PM PST I came across a house auction a little late (it's tomorrow 2/23). I have never done a house auction before and did some quick research. I should probably do more. One of the first things I've found is to find out if there are any outstanding loans/liens on the property. Where would I go to find this out? Also, do you think it will be too rushed to get everything together to bid on this property for a first timer? I already have the funds I was looking to put a max bid in. Real estate n00b here [link] [comments] |
| For real estate diversity, should I invest into REIT or vacation rentals in the US market? Posted: 22 Feb 2021 10:34 PM PST For real estate diversity, should I invest into REIT or vacation rentals in the US market? Looking for reasons on major barriers, risk, reward, and fixed monthly income. Here is my analysis with limited knowledge - [Vacation Rental Property] Let's say I saved up $125K for a down payment for a small vacation property ~200K assuming 50% annual occupancy rate. At $155 + taxes nightly charge, I may be able to make 3-4% return on annual income ($1000), or say 0.8% after tax return on 125K down payment, on it after deducting all my property expenses and income taxes. Plus appreciation of property year on year is more likely. [REIT] Alternatively, when I see REIT performance, the dividends today of 4% (~ $5000, after tax ~ $3150 approx. is ~2.52%) may not be same as next year. Plus there is more risk to equity of same 125K investment. [link] [comments] |
| Had a conversation with my agent today Posted: 22 Feb 2021 02:57 PM PST I've been considering moving from where I'm at and renting the house. I've only been living here for a little over a year. Not that there is anything wrong with the house, but I plan on using a VA loan which requires me to move into any place I get. I had my agent over and he told me it wasn't a good idea. This is what he explained: I'm in an area that is going bonkers right now with housing prices, so it's def a sellers market, so moving into a new place would probably cost me $10k out of pocket even with the VA loan. I bought the house I'm in now (the one I planned on renting) pretty much completely renovated, so renting it would pose a higher risk to reward since if the tenants mess things up it would be more expensive to replace, which in his view didn't justify the cash flow I would be getting. I originally planned on selling this house in 3 years (2 years now, since I've been here for a year already) but my agent said to consider refinancing to take advantage of the lower interests rate, and tac on the out of pocket costs on the backend, but that wouldn't make sense unless I kept the house and rented it once my time here is finished. What do you guys think about what he explained? I guess it was kind of a reality check, but the basis of what he told me came from the renters he had seen that completely destroy the property, which of course is a valid point, but I not sure if he is just TOO apprehensive about renting. It's possible my house is just not right for renting. I tend to trust him since, of course, his interest would be for me to carry on with my original plan to buy and rent. [link] [comments] |
| Using the VA to finance a rental Posted: 22 Feb 2021 04:11 PM PST I just purchased my first investment property. I was able to use my GI Bill benefits because I am going to be living in one of the units full time with my kids. Has anyone used the VA for financing? When my divorce settles I am going to buy a home to live in with a conventional mortgage. I see the benefit of doing it this way is that I can put down a smaller down payment on the next house rather than 20% for a rental property. The VA is ok with buying multi-unit properties as long as you are owner occupied and live in it for at least one year. You can only purchase up to a 4 unit property. Any thoughts on this? [link] [comments] |
| Had someone reach out to me about selling me off market properties Posted: 22 Feb 2021 10:05 PM PST I had someone reach out to me through LinkedIn about selling me some off market properties. He said he saw that I recently bought a 3 unit building and he had some other 2-3 unit buildings in the immediate area that he is selling and could send me the info if I was interested. He works for a commercial real estate brokerage company in my city. I'm wondering why he would have off market properties if he works for a commercial real estate company. That doesn't seem to make sense to me but maybe there is a legitimate reason? Also, why would he reach out to me, specifically? I guess I'm skeptical because it almost seems to good to be true. I'm a new investor (literally just own the one property) and finding off market properties seemed impossible for me at this stage. I don't have any connections that would facilitate finding off market properties and then this just falls in my lap. What am I missing here? Did I really just get lucky or is there a pitfall I'm not seeing. I haven't seen any info on the properties yet. But assuming there would be one I'm interested in, is there anything I should be wary of with someone cold-call reaching out to me to sell their properties? [link] [comments] |
| building twin house for rent on my land Posted: 22 Feb 2021 12:36 PM PST Hey guys. I'm somewhat sure that similar posts have been made, so sorry if this is redundant; frankly, I have not been able to understand how to find stuff on Reddit, until now I just mostly used it as a swiping platform and such. My question is on what to do with land property. For some background - the country in question doesn't have high property value or rents. The land is worth about 29k EUR and is located relatively close to the largest city, with a quick way to get to the city. Currently, there is no need for this land, but there's also no reason to sell it. I was thinking that building relatively cheap small houses (twin houses maybe) would be quite a good investment (the land has electricity, sewage, water, and gas - heating is required in this region). The rent for a small house with 2 bedrooms in such area I think would be around 500-600 EUR. I was thinking that there's no need to build a serious structure, rather the pre-built houses could be of good use here. I'm no expert on this but I was looking that it could be done for around 80k-100k for the twin house. Does this seem like a reasonable price? Additionally, I was wondering about the financing of the property. Do banks have a practice of lending for investment projects to me personally? Would it make sense to make a company (LLC) for this purpose? Can I use the land as collateral (and should I)? I also might not qualify for a loan of such amount (if the rules are the same as for a home that would be built for myself not for renting). Are there other ways of financing? Crowdfunding? or is the scale too small? What else should I consider when looking into this? best, GodofTheGayland [link] [comments] |
| If there's no sign of termites would you still get new house treated? Posted: 22 Feb 2021 08:50 PM PST If you just bought a new house and there's no sign of termite damage, would you get the perimeter treated anyways? Or is that a waste of money? [link] [comments] |
| Best resources for finding wholesale deals Posted: 22 Feb 2021 02:46 PM PST Trying to buy from a wholesaler. What's the best resource you guys use to find deals offered by legitimate wholesalers? [link] [comments] |
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