Real Estate Investing: House hacking in the military |
- House hacking in the military
- Buying Trailer Homes for Passive Income in 2021, Your thoughts?
- good time to buy? Fed chair: “There’s a one-time thing happening ... a one-time shift in demand that we think will get satisfied, also that will call forth supply. And we think that those price increases are unlikely to be sustained...”
- Worth creating own rental management property for tax benefits
- Need Advice
- Buying a property with less than 20% down payment?
- Stockbridge GA moratorium to stop construction of single-family home rental subdivisions
- Refi cash out for improvements, another property, vs lower payment woes.
- Tenant wants cut of rent for referring a new tenant.
- Is buying foreign investment property a good move right now
- Opinions on this deal
- What options are available for financing vacant land purchases?
- First rental 3-6 months
- Replacement Cost Appraisal
- Can I buy a home even if I have student loans of about $24,000?
- Self-employed tenant income verification
- Background check
- Am I gonna be under contract tomorrow?
- TEXAS.....We just sold our house in Elgin and want to move to Bastrop, question is with the lack of inventory right now would it be smarter to stay in an apartment and wait for something to pop up or should we get into a brand new build and start building equity right away? What do y’all think?
- Best way to get started if you came into some money
- Can you get primary residence financing if only one of the two co-borrowers intends to live there?
- 38 years of age, annoyed at myself that I’m in this position and don’t own a home.
- Recommendation for rent collection with Multiple tenants on one property.
| Posted: 03 Feb 2021 08:17 PM PST So I'm 17 and joining the Navy soon and absolutely plan to get into real estate investing... My plan right now is to probably do at least 8 years (two enlistments) which means for one of those enlistments (most likely the second one) I'll be on shore duty (meaning I won't be attached to a ship meaning I won't deploy) So when I get to shore duty I would like to use my BAH (housing allowance) to purchase a duplex/triplex. My plan would be to live in one unit whilst renting out the other unit(s) to cover my living cost as well as some monthly cashflow and passive income. Is this a good plan? Anybody in similar shoes who have done this and care to share advice/tips? How has it turned out for you? [link] [comments] |
| Buying Trailer Homes for Passive Income in 2021, Your thoughts? Posted: 03 Feb 2021 09:58 AM PST Good Idea or no? I see Trailers all over the place for sale for around $15,000 to $25,000 and in decent condition. And that includes the lot. Now, I've never owned a home because I like my minimalist Apartment lifestyle, but want to rent out to tenants as a means to having passive Income. In my area Trailers like the ones Im looking at can net up $800 a month or more in Rent from being close to Town. If I can get my mortgage payment way below that would it be a good idea? EDIT: 1 more question, lets say the Tenant stops paying Rent and I have to kick him out. But I then, wouldn't be able to afford the Mortgage. How would I protect myself until I find a new Tenant? EDIT: I feel like the answer I'll get to that is. "Well, you should be able to afford it before investing". But lets say I cant anyways. I went through and read all the replys. Thanks, Very Helpfull. Seams like most think that Owning the land is a smarter Passive Play than the home itself. So I think I'll try my hand at that. [link] [comments] |
| Posted: 03 Feb 2021 07:05 PM PST From https://www.marketplace.org/2021/01/29/are-we-in-a-housing-bubble/ Is now a good time to invest? The fed chair makes it sound like things will cool down rather drastically in 2022? [link] [comments] |
| Worth creating own rental management property for tax benefits Posted: 03 Feb 2021 02:41 PM PST I understand that none of this is legal advice, but before I start going down the rabbit hole of trying to better understand all this, I thought maybe one of you in the community might be able to shortcut that for me. Between my family and I, we own around 8 properties with maybe some 20 doors (each person owning their own). I am wondering if it would serve us well to create a property management company where we would all be somewhat owners and my dad an employee (kind of like the repair man). The thought is then as owners, this is an expense we can write off. Of course then the management company has to pay the taxes. But that company would have employees and costs to pay off, therefore lowering the amount of taxable income (however some of that you can already do with owning your own properties under your own name (like buying tools to fix things up or a car to visit your properties and tenants...etc). Is there any worth to pursuing starting a management company just for us within the family? Or does it all kind of even out in the end and not really worth it? What are your thoughts, opinion, experiences...etc? For the record, I know nothing about this, just had the thought. This is where i'm beginning. Thanks in advance! [link] [comments] |
| Posted: 04 Feb 2021 03:19 AM PST I completed my first ever BRRRR deal this year. My brother and I have 5 homes currently but we are each living in one (house hacking). We filed taxes on our rentals last year under our llc. This year we should still have good depreciation and should show a "loss" on the brrrr deal since we had to fix up the house for about 12k. Wife and I make good money and so I am wondering is it better to file taxes again under our llc and not owe any taxes (like last year) or is it possible to just file with our personal taxes and see if we can lower our taxable income and hopefully get some money back? If this doesnt make sense I am still new to this. [link] [comments] |
| Buying a property with less than 20% down payment? Posted: 03 Feb 2021 08:48 PM PST I have the inside track on a great investment property in Texas. The only problem is I don't want to put down 20% to buy it and banks I've talked to won't go lower than that. Does anyone have any creative ideas on how to get the cash with only 10-15% down? Estimated sales price: &155k Estimated Rent: $1,500/ month I already have a mortgage on my primary residence and this property is too close to be considered any kind of "second home" [link] [comments] |
| Stockbridge GA moratorium to stop construction of single-family home rental subdivisions Posted: 03 Feb 2021 04:58 PM PST How is this a thing? The city council in this town just south of Atlanta wants to make build to rent communities illegal? But 1000 unit apartment complexes popping up everywhere is ok? One thousand apartments mean 2000 cars and trucks which cause enormous strain on traffic. 75 single family homes means 150 cars. Can someone explain to me why they don't want SFR rentals? Property taxes get paid (and they get the full property tax because there are no homestead exemptions). Everything in my mind is the same as with apartments except that it's horizontal and not vertical. [link] [comments] |
| Refi cash out for improvements, another property, vs lower payment woes. Posted: 04 Feb 2021 01:28 AM PST Greetings from southern California. I have to rental one bedroom condos, one that was purchased in 2010 and refinanced once and 2013, and the other was purchased in 2015 and has never been refinanced. I bought my first actual home a little over a year ago and it does need a little work. My question is should I refinance and go for the lower rate and possibly shorten the term a little and lower the overall payment to increase some cash flow that way, or should I go full bore and cash out the new max amount and remodel / do some serious improvements on my primary? Is also thinking about cashing out for the max and using that for a down payment on another property but I am worried that the rent probably would not support the mortgage at this point. Maybe it would. And if the rents would support the mortgage on a new purchase I just have that fear that I might be spreading myself too thin and in the event of having to do something that required and I'm going to expect it financial strain would be a burden. Thank you in advance for your feedback! [link] [comments] |
| Tenant wants cut of rent for referring a new tenant. Posted: 03 Feb 2021 03:17 PM PST Im in a very strange and rather uncomfortable situation. I recently graduated college and was in the fortunate position to purchase a property. My college roommates agreed to move in and pay slightly under market rent. Fast forward a few months and one of my roommates decides to move out. One of the other roommates (RM A) had someone reach out and ask about the availability of the room. Guy is in a transition process and needs a month to month lease till he can find a roommate in a neighboring city. The issue is now that RM A sent me a text stating he believes he's entitled to a 30% cut of the new guys rent. This is obviously not going to happen so I counter offered with a 12% rent reduction every month the new guy stays. Do anyone of you guys have any experience with stuff like this. Super messy situation and the only reason this is an issue is because RM A knows total mortgage cost vs Rent. [link] [comments] |
| Is buying foreign investment property a good move right now Posted: 03 Feb 2021 08:24 PM PST Is foreign investment property a smart move right now My family is contemplating buying an investment property in Vietnam. It's in a prime metro area and I anticipate that business there would be booming once the world bounce back from COVID. My parents grew up in that area on the country and said that if we don't buy the property now, we may not have the chance to ever buy it later. But this is also the problem. We'd essentially be taking losses in loan interests and the property being vacant for the foreseeable future until the economy bounce back. The seller had a deal for 500K with another buyer that fell through and is now offering it to us for 400k. (Because they're our relatives with bad blood between us but we're in a temporary truce because business). I suspect we may not make profit for a few years but once we do, the gains would be quite good. I've never done foreign business before and we'd be relying on relatives who live in Vietnam to conduct some of the business on our behalf. As it is now, we could rent it as a house but we'll be looking to convert it into a business/office space which would take remodeling/more money. My concern with renting it out is that we'll be conducting business from another country and won't be able to interview renters face to face. Plus we won't be there to deal with problems like enforcing rent collection, inspecting the property etc. I'm not sure if this is a good move or we should focus on obtaining properties in the states. Anyone with experience on foreign investment care to comment? [link] [comments] |
| Posted: 03 Feb 2021 07:24 PM PST I haven't done this before I picked up a house with the intention of it being a potential home that I would be able to retire to. It's a new build that cost 170k on 2 acres I put 20% down so my note is 136 With interest and taxes my monthly is 706 I got a property manager who is going to rent it at 1200 They get a 10% fee. Since it's new it has a warranty from the builder and I figure the repairs will be lower So monthly cost is 826, I could clear 374 per month I'm 5-8 years from retirement, I want to downsize the house I'm in now. Use the equity (140k right now) to renovate the new place and pay most of it off. Does this deal sound stupid or am I doing this right [link] [comments] |
| What options are available for financing vacant land purchases? Posted: 03 Feb 2021 10:29 PM PST I am thinking about acquiring some vacant land (just for personal use, not for investment). What financing options are available? I've looked a bit into it and only seen things like 2 year land loans. I'm looking more for a 30 year mortgage type thing. On the other hand, I could build on the property and then refinance afterwards I suppose. [link] [comments] |
| Posted: 03 Feb 2021 04:13 PM PST Hello all, I am 22 years old and currently working to get my first rental property. I recently graduated college in May of last year as an Industrial Engineer and travel for work. Through my job, I have all my weekly expenses covered and graciously get to stay at home still for free. With that said I have saved up a nice emergency fund and savings for investments. I currently want to purchase a rental this year near my parents house, but just curious if this is a good idea due to my circumstances. Overview: - Engineer with a good salary - no weekly expenses - no rent - 15k saved for investments or whatever - live in a place that is growing exponentially I am actively getting my masters to progress in my career as an engineer and increase my salary as well. My current job isn't going anywhere anytime soon either, so I have a reliable source of income to pull myself out if something goes wrong or I don't have a tenant for a bit. My main concerns are cash flow and lenders. With my credit history and down payment will my rates be the same at any lender or does that way in on the percentage and amount they can offer me? For the cash flow instance, I understand the algorithm behind a property "cash flowing" I'm just unaware if there is a good deal for this or if every property will cash flow? I am also familiar with real estate being a starting point to increase your wealth over anything in the early years so I am not scared to make little to no cash flow starting off. Again, I am just starting off so I want to purchase a single family home in the 150-200k region which is solid for where I'm located. I don't need to "house hack" since I live rent free, but I'm not opposed to a multi family home in the future. For now though, I'd like to just get in this market. All advice and opinions to my situation would be greatly appreciated! [link] [comments] |
| Posted: 03 Feb 2021 03:40 PM PST Hello Just purchased a 6-plex and the one insurance company requires I get a Replacement Cost Appraisal done. The first quote I got was 3000 and It seemed a little steep. Any one have any appraisers they would reccomend for this in Alberta..... or more specifically northern Alberta ? [link] [comments] |
| Can I buy a home even if I have student loans of about $24,000? Posted: 03 Feb 2021 10:05 AM PST I have about $15,000 saved and I'd like to buy a house for under $200,000 with 5% down. Some notes about me for your information: Salary is $70,000 I live in SoCal but I would be buying in an affordable area of Washington, Oregon or Texas. 27 years old I don't want to pay more than 10% as down payment. Can I realistically do it? I've been pre-approved for a house but I fear that my student loan balance would make them say "You need to pay that first and then we can talk again." [link] [comments] |
| Self-employed tenant income verification Posted: 03 Feb 2021 08:32 PM PST We are currently in the process of screening tenants for a rental. Usually I like to see gross income to be 3x of rent, and request recent pay stubs or w2 to verify income. One prospective tenant is a self employed small business owner. He says he doesn't get W2 which I understand. How do I go about verifying his income? [link] [comments] |
| Posted: 03 Feb 2021 08:23 PM PST Any recommendations for background and eviction checks? [link] [comments] |
| Am I gonna be under contract tomorrow? Posted: 03 Feb 2021 06:59 PM PST What does it mean when a property you just put an offer on is showing "contingent" a couple hrs later, but neither you and your realtor got a call back from the seller's agent....don't tell me it's sold ðŸ˜ðŸ˜ [link] [comments] |
| Posted: 03 Feb 2021 12:43 PM PST My only fear is let's say we stay in an apartment for a few months, we could simply be outbid every time something pops up. My other thought is that with all the eviction protection there may be a flood of homes coming up just over the horizon. [link] [comments] |
| Best way to get started if you came into some money Posted: 03 Feb 2021 06:49 AM PST My grandfather passed away last year and left my 3 brothers and I a bit of an inheritance (~20k for each of us). We are all in our 20's. The group of us want to pool this money together to form a partnership and start investing in real estate. Just looking for some advice on how to get started, or if others have past experience doing this with family members. Our initial thought was to start with a multi-unit property that was cash flow positive and eventually use this to leverage another property down the road. Not really interested in the fixer upper type projects as we all have full time jobs. For reference, in our city for 400K you could buy a reasonable quadplex unit. I thought since we are fortunate enough to have this extra capital that we should try and make it grow and potentially have this turn into something big. [link] [comments] |
| Can you get primary residence financing if only one of the two co-borrowers intends to live there? Posted: 03 Feb 2021 07:30 AM PST I suppose this question is two-fold, one is about the legality of it, and the second is whether I would be able to even get a loan approved this way. [link] [comments] |
| 38 years of age, annoyed at myself that I’m in this position and don’t own a home. Posted: 03 Feb 2021 01:13 PM PST I'm 38, have around 50k in debt and don't own a home. The debt was very much a fallout from a messy divorce from years back but that's no excuse as before then I didn't save... I literally did all the good things in life such as travelling etc. Now it's coming home to roost. I've realized I now want a magnificent home and feel it's too late. For reference I live in LA. The good aspect is that me and my partner bring in around $270k, so my thought to try and catch up in life is to househack, buy a duplex and live in it and put in as much as possible to pay it off as quickly as we can. Then from there buy another duplex and do the same, and finally we would then hopefully move into our dream home with circa 3MM in assets but ideally with rental income from 4 units equalling circa $12-15k per month. Realistically we may be 55 to 60 before we can buy the dream home we want. Duplexes of 3 bedrooms in LA are crazy expensive (need size for kids) and really we are looking at $1.5MM for the area we currently live. We have worked out once our debts are paid and based on current living expenses, we could save circa $360k within 5 years for our first down payment. Question for you all is: 1) are we too late even with this plan? 2) is a duplex a smart way to try and catch up to our dream home? 3) any tips on saving for a mortgage for 5 years to make the money work harder us rather than just a bank account? 4) is there a smarter strategy to climb the ladder vs house hacking? Basically any help here would be great, as O feel a bit down that this is coming halfway through my life. For the younger folks here, don't do what I did! [link] [comments] |
| Recommendation for rent collection with Multiple tenants on one property. Posted: 03 Feb 2021 11:20 AM PST Looking for advice on the best way to go about collecting rent from multiple different tenants who will be living in the house at the same time. I am in the process of closing on my first rental property (4bd, 3.5 bath). I have a connection with an advisor at a local vet school extension and am looking at having around 3 students in my house for 2 weeks at a time. the house is fully furnished and I would cover the utilities including internet. The students typically only find out about their rotation about 3 weeks ahead of time and probably won't know the other tenants well. How would you all go about collecting rent/setting up a lease in this situation? I have seen websites like cozy recommended on here before, but do they allow multiple people to contribute individually to the rent? Should I set it up on Airbnb/vrbo and have them just figure it out between themselves? [link] [comments] |
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