- I live in Seattle. I’ve scoped out a loft - it’s 680 sqft. It’s at 270k near a good neighborhood and it’ll take about 25k to get it where I want it. I have about 60k saved total and make 100k (bound to increase). Is it worth it?
- How do you split income and equity with one "money" partner and one "landlord/handyman" partner?
- Cash only
- First rental, depreciation & tax write off questions
- Buying land, what to ask the agent?
- Talk me into it/Talk me out of it: Buying a piece of land in Seattle, WA
- Can I use my current house to get a loan for the next one?
- Are there any golden nuggets left? Bigger Pockets
- What is your reaction to single family home owners selling homes at incredible gains?
- Financing 2nd home - living in it vs. using home equity for down payment
- No conventional nor Hml
- Large windfall becoming available later this year so I have a couple questions, currently have 0 REI experience. Thank you in advance.
- What is an acceptable rate for a property management company in a vacation town?
- Too much on multifamily renovation?
- Considering purchasing first rental property, what do you with you would have known and gut check?
- Rental property insurance recommendations
- Dealing with non payment of rent?
- Is the stock market SAFER than real estate in this turbulent economy?
- Taxes/ structuring help
- Hide a real estate purchase
- Government Auctions
- Good quick HELOC sources?
- COVID Relief for Landlords
- Is my new closing attorney being unethical
| Posted: 01 Feb 2021 06:05 PM PST Property has 400 monthly HOA dues covering WSG, parking spot, and insurance. [link] [comments] |
| How do you split income and equity with one "money" partner and one "landlord/handyman" partner? Posted: 01 Feb 2021 10:17 AM PST Links to previous discussion or materials are appreciated. I'm just trying to figure out what "fair" means before even approaching someone. Or alternatively... How do I find a legit property management company / full service firm, and how much should I expect to pay or receive? [link] [comments] |
| Posted: 01 Feb 2021 05:34 PM PST I feel a bit silly asking this, but when listings say cash offers only, does the seller literally want cash money Hand? Or can it also mean have a loan ready to have money transferred over [link] [comments] |
| First rental, depreciation & tax write off questions Posted: 01 Feb 2021 04:38 PM PST This past year I purchased a few rentals and I'm pretty new to the tax benefits. Rental example- Purchased for 155k, Renovation costs: 21k Am I able to write off the renovation costs or is that factored into my cost basis for depreciation? Is there any way to have an accelerated depreciation instead of the 27.5 years on a single family home? [link] [comments] |
| Buying land, what to ask the agent? Posted: 01 Feb 2021 10:54 AM PST I'm eyeing 80 acres in the desert, $50k. What are the essential and important questions to ask the agent? It seems to be zoned for agriculture, but in a brief inquiry he said I could build, in fact he said this: The property could be utilized as a homestead where you can also plant and grow on it, provided that you obtain all the necessary building permits for a structure. Just want to make sure I get all the answers I should be getting, prior to scheduling time to drive out to it. [link] [comments] |
| Talk me into it/Talk me out of it: Buying a piece of land in Seattle, WA Posted: 01 Feb 2021 09:58 PM PST It's a .12 acre lot with the potential to annex an additional .05 acre from the city land bank. Just a cursory survey, the topography is a hot mess, it's a really steep hill, there is also an intrusion issue with a neighbor who seems to have built an expansion of their driveway past the property line (as verified with the city). But, it's a buildable lot (with the added expense of building into the fucking cliff) and if I rip out the idiot's driveway, I should be able to get a permit from the city to build my desired structure. Concerns:
I honestly just really don't know anything about buying land like this, but I would like to do a custom build and Seattle is a tough area to be trying to buy tear down houses in because developers are snatching them up. This seems to just leave a bunch of these awkward, kind of sketchy, clearly sub-prime lots, and I just don't know if it's a viable avenue to be pursuing or if it's going to end up being an enormous waste and headache. Interested in hearing everyone's thoughts on this. [link] [comments] |
| Can I use my current house to get a loan for the next one? Posted: 01 Feb 2021 06:12 PM PST I just stared to invest in real estate. I purchased my first single family house in March last year. I put around 20% down and financed for the rest. I'm currently living there and rent out the other rooms to local students. So far, it is a great deal. The rental fee fully covers the mortgage and more. I'm thinking to purchase another property and do it in the same way. I just learned this is called house hacking. Lol. I have several questions: Will it be possible to use my current house to get another loan to buy the next one? Is there any limitation for it? Is this a good idea to use my current house to get loan or I should just wait till I have enough cash to pay down the down payment for the next one? Thanks for your advice ahead! Appreciate it. [link] [comments] |
| Are there any golden nuggets left? Bigger Pockets Posted: 01 Feb 2021 06:40 AM PST HeRe We Go AgAiN... another post about Bigger Pockets. This is a partial complaint but also a cry for help. I used to be an avid listener of Bigger Pockets podcast. Yes, I acknowledge that you can say the same thing in only so many different ways. However, I used to get at least one or two golden nuggets of information from most interviews. It was great to hear some of the success stories and specially the short falls (which is where I learn the most) of some of these investors. There are great podcasts that would talk about systems, dealing with contractors, negotiations, etc. Now I feel like those days are long gone and I'm hearing life coaches peddling their books and a bunch of fluff. The "witty banter" from the hosts is subpar at best and cringe worthy most of the time. So I've said no more... but I still want to intake content. I currently own multiple units, have several rehabs going, and a few wholetail deals as well. So I'm not a big wig, but this isn't my first rodeo either. So I'm looking for content with meat and potatoes still left in the stew, none of this watered down, unseasoned, luke warm, watered down crap. Anyone have any resources that still put out good content? Sorry if this has been covered before. [link] [comments] |
| What is your reaction to single family home owners selling homes at incredible gains? Posted: 01 Feb 2021 12:59 PM PST I live in a small southern city that is accepting fleeing northerners at a faster rate than ever before. Plenty of home owners are selling their $2M homes of yesteryear for $4M+, just for a rudimentary example of returns I'm seeing. These are top 1-10% homes of the area. Multi family properties of course haven't doubled in value alongside. So, my question is literally, how might one capitalize on returns like pocketing $2M because a northern refugee is willing to pay top dollar for a nice home? [link] [comments] |
| Financing 2nd home - living in it vs. using home equity for down payment Posted: 01 Feb 2021 07:17 AM PST Hi, I'm interested in buying a 2nd house or duplex as an investment, as either a long-term or short-term rental for $300k (it's in a popular vacation spot, even more so with Covid). The duplex would cost more of course, but I'd only go that route if the revenue covered the added expense. I don't yet have the cash for a 20% down payment. I'm trying to figure out my options. I have $45k in cash and want to hang on to most of that. I have $80k in home equity in my current home ($325k home value). What do you think of these options: 1) Put down 5-10% on the 2nd home and actually move in to it, and then rent out my current home 2) Take out $50k in a HELOC or home equity loan from my current home, and then add $20k in cash to make up the 20% down payment, and start renting out the 2nd home 3) Also pondering buying land and building - land is more plentiful than existing housing in this location... wondering if that changes whether #1 or #2 are a good idea Lastly I'm wondering if there are general guidelines or resources for how much debt to take out in real estate investments, for a first time investor. There are rules of thumb out there for your own personal housing costs (e.g. monthly payment < 1/3 of income) so I wondered if there are similar guidelines for investing. I'm new to this, appreciate any advice. Thanks!! [link] [comments] |
| Posted: 01 Feb 2021 07:29 PM PST I only qualified for a FHA loan. How long would I be able to buy a second property if I buy with FHA loan? Any way around the waiting period? [link] [comments] |
| Posted: 01 Feb 2021 11:03 PM PST Later this year I will be receiving a little over 160k, I'm in no debt other than a car loan. My income is currently about 42k a year and I'm also a grad student. The property in question likely won't be available by the time I'm ready to buy so I'll just be using it as an example. There is currently a 4plex going for about 250k. All units are 2b1.5ba and bring an average of $650 per month in rent so if I bought it at that price it would still meet the 1% rule. It also has a new roof and two of the units have received some updates. Now the main question I have is, would it be better to just throw all the money at a down-payment so that the cash flow would be higher? I'm guessing no otherwise more people would probably do that right? If I did that the loan would be about 90k with around a $400 monthly payment and property taxes being under $250 a month. If I take out $500 a month for expenses and vacancy that should be $1400 a month cashflow. (Is $500 too low of an estimate for this?) Given this, would it be better to try to throw all of the money at one property or multiple properties? I really don't know what I'm doing so please feel free to rip this apart. Any other related advice is welcome too. Thank you! [link] [comments] |
| What is an acceptable rate for a property management company in a vacation town? Posted: 01 Feb 2021 05:53 PM PST We have a rental in Vail, a ski town. We rent it long term because it's been easier. My partner has owned it, long before we got together. She used to rent it as a vacation rental but the PM fees felt excessive and she wasn't covering her yearly expenses. That's why when we got together, we shifted to a long term rental. I'm wondering is an acceptable rate? Also are there things we can offer to do, to reduce the rate without putting us at risk? [link] [comments] |
| Too much on multifamily renovation? Posted: 01 Feb 2021 05:18 PM PST I've only been a SFH landlord where ARVs are easier to calculate. I did my first foray into multifamily on impulse as they never hit the market. I have recently bought a four plex. Three were vacant with significant deferred maintenance, some units vacant for years. The other a line tenant who has been there for almost a decade, with no rent increases. I rushed due to the hectic market and picked up what appeared to be a good price, $130k. But I will end up putting $55k in renovations (3 new full bathrooms, 2 new kitchens, all new flooring, 2x hvac, windows, doors, paint etc.). The resell comp value isnt there, probably around 155 to 165, maybe stretch to 175, but it is hard since there are very little comps in this area. Although I wasn't planning on ever selling, I like having extra equity if I need to exit. But it is a nice big single story brick building with a rebuild value around 300k. It will be mostly renovated keeping the long term capex down. I'm just curious how bad I messed up. Purchase: 130k Reno and finance: 55k All in cost: 185k Gross Rent Annual: 24k Taxes and insurance annual: 4k Very low vacancy in this area, almost immediate fills. Maintenance and capex at standard values. After 6% capex, 6% maintenance, 6% vacancy, and 10% management (although i self manage all my rentals so I keep this money but still factor it in), and my $100k mortgage, i cash flow $8k/year, $2k amortization, and get $5k appreciation. My numbers aren't terrible, but I am anxious about the lack of potential resell. It sucks that I am investing and pretty much (at least theoretically) losing 20k if i sold immediately, but I still get a conservative 8% CoC and a 7.3% cap rate. Based off the numbers, what are your thoughts? Would you pay 185k for 24k gross with 4k in taxes and insurance? [link] [comments] |
| Considering purchasing first rental property, what do you with you would have known and gut check? Posted: 01 Feb 2021 08:40 PM PST I've been looking at properties for a bit over a year now, I think I have finally found one I am ready to pull the trigger on. Below is a snapshot of the info, any insights into what a first time purchase should look like and what to lookout for would be great! Location: South Carolina, Columbia Cost: 80k Current Rent: 950 Minimal repairs needed (pending additional inspection). Unit has tenants in place that are current on rent. I'm looking at getting a property management company as I do not live in the area, but visit often. Management Fee: 7% Leasing Fee: 50% First Month Renewal: 250 Repair: 5-10% [link] [comments] |
| Rental property insurance recommendations Posted: 01 Feb 2021 06:18 PM PST In the beginning phases of acquiring a SFH rental property in Birmingham. Looking for insurance. Does anyone have good recommendation for me? [link] [comments] |
| Dealing with non payment of rent? Posted: 01 Feb 2021 06:08 PM PST How do you handle tenants not paying rent? I know the law is you cannot harass them, but how many times do you try reaching out or communication before providing a lease? [link] [comments] |
| Is the stock market SAFER than real estate in this turbulent economy? Posted: 01 Feb 2021 05:39 PM PST In my opinion, real estate investing is safer than stock market investing. But here's the catch: With real estate...
If we are investing in the shares of public companies on a major stock exchange, our investment is very liquid. Shares are typically bought and sold in seconds. Commissions on the sale of shares are very low, often pennies per share. On the other hand, if we buy real estate, it may take months to sell and the broker's commission will be substantial. What do you think guys? [link] [comments] |
| Posted: 01 Feb 2021 05:25 PM PST Hello, I plan to buy a real estate investment in SC, but my current residence is in NC. My main question is, can Iset up an S corp in a tax friendly state like FL and then set up an LLC in SC for the renters to pay the LLC and then have the LLC pay the s corp? Will this work and is it legal? Thanks [link] [comments] |
| Posted: 01 Feb 2021 09:04 PM PST Is there a way to hide who is behind a real estate transaction? We are looking to buy a few properties at auction but we don't want to expose that we are buying them. I was looking at forming an LLC and using a registered agent and not listing the members but then we are not able to open a bank account. [link] [comments] |
| Posted: 01 Feb 2021 10:22 AM PST Looking to purchase homes through government auctions without using a ton of cash but I an running into financing roadblocks. I went to and participated in an auction for one (didn't win) but now am thinking that if the property wouldn't qualify as livable, what kind of financing options would I have or would be best? [link] [comments] |
| Posted: 01 Feb 2021 03:24 PM PST I'm looking to pull out a couple million from a primary residence but the underwriting market is weird right now. Anyone have any suggestions? [link] [comments] |
| Posted: 01 Feb 2021 02:35 PM PST Have a great tenant who I want to help but can't afford for him to not pay rent. He is unemployed now and asking for help. I know there was some language written in the last relief bill but I can't find any updates or steps. Has anyone here taken advantage of this relief? [link] [comments] |
| Is my new closing attorney being unethical Posted: 01 Feb 2021 02:32 PM PST I had a deal that fell apart at the last minute. Now the closing attorney wants me to pay $500 for the work that was done. Is this ethical? Am I obligated to pay? I've had deals fall apart before and never had to pay the closing attorney. For reference I'm using a new attorney and this deal involved several parties due to the property being in probate. All parties gathered to sign at the closing attorneys office and suddenly they start arguing over who gets what and just like that the deal falls apart. No one signed. Should I still pay? [link] [comments] |
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