Real Estate Investing: I'm making too much money in stocks and margins on RE in my market are dropping. Anyone else in the same boat? |
- I'm making too much money in stocks and margins on RE in my market are dropping. Anyone else in the same boat?
- Buying My first Investment Property (Condo)
- Drawing floor plans?
- For those that are only interested in part-time investing, more specifically flipping, how do you suggest finding deals?
- Tips for finding good deals
- Question about Texarkana property taxes.
- anyone have any thoughts/comments/wisdom about house-hacking one of those "two-homes-on-one-lot" properties? i think that might be ideal for my first property purchase. id love to hear your thoughts! thanks!
- How to Get approved with minimum income
- Any investors focusing on Eastern OH? In low income areas?
- Investor loan vs conventional on first home
- Shared ownership of multiple properties with sibling
- Is it possible to make money flipping rehabbing if you’re not the one doing all the grunt work?
- Quick tax question: which amount do I use for my property value?
- What is the pros and cons of PTAC vs a window unit and mini-split?
- Cost of adding second meter to a duplex
- Looking to make the initial leap and need advice
- Assignment Contract Downside for Original Seller
- AFrame BTR meets the 1% rule
- Do mortgage lenders go off AGI?
- Resources for better estimating rehab costs?
- Long term rental conversion in Pacific Beach, San Diego
- Inherited a quarter house
- Making an offer on a SFH today
| Posted: 14 Feb 2021 07:36 AM PST Last year I started saving for a REI and managed to put aside 40K, which in my area is enough for a DP and basic reno. As listings dried up over the winter, I decided to park that money in the stock market to let it work for me until housing listings started to pick back up. I picked some low-risk ETFs plus a couple small gambles and figured if I made a modest 5% over the next few months I'd be happy, then pull it back out and continue my real estate search. Well, I was not prepared for the massive returns on my portfolio, in the last 2 months my portfolio is up 55%, currently sitting at 62K. Meanwhile, listings have picked back up in my area but now margins in investment properties is razor thin, it's no longer possible to BRRR a property in my area without leaving at least 20% of the initial investment in the deal. I know the stock market boom won't last forever, I'm ready to pull out of the market at any time, and ultimately my goal is still to invest in real estate. I don't want to continue investing in the stock market forever. But I'm having a hard time justifying RE when stocks are up and housing is down. Anyone else in this boat? What are your plans for the future and how are you balancing these two opposing markets? [link] [comments] |
| Buying My first Investment Property (Condo) Posted: 14 Feb 2021 05:08 PM PST Hello All, A few facts about my situation: I live in Tampa Florida. I make 40k/year. I am debt free. I have 20k in savings. I plan on buying a Condo between 90k to 110k. I live with my parents and pay my dues, and not looking to move out for the next 2 to 4 years. The condos I'm looking at are in okay areas, and they rent out for around $1.2k. I plan on doing a 20% down payment in order to avoid the mortgage insurance fees. The term would be 30 years, and I'll definitely think of a refinance later in the future. My obvious monthly payments would be: Mortgage: $500 HOA: $250 - $300 (250 is the minimum for condos) Property Management : not really sure. I have several questions regarding this matter.
Thank you for taking your time in reading this, I'd appreciate any advise. [link] [comments] |
| Posted: 14 Feb 2021 11:23 PM PST I'm looking to draw floor plans for realtors as a side hustle. Can anyone let me know how much they pay for this on average? Do you bid on square feet? Thank you anyone! [link] [comments] |
| Posted: 14 Feb 2021 08:40 PM PST Hey everyone! At the end of this month, my fiance and I will officially be closing on our first "flip" property. It was a house we bought 2 years ago that we lived in while renovating and turned out to come out on top by quite a bit. Along the way, we learned a ton from mainly YouTube as well as picking up some tricks from friends and family. Although we're definitely amateurs at this point, we're interested in learning how to get more involved on a smaller scale than a lot of you folks. Currently, we're both pretty stationed in our careers, 25, make a good living and the profits from the home are just extra. However, while we don't plan to have kids, we've quickly realized home improvement projects and the industry of real estate became a favorable hobby. For a couple who's only interested in doing maybe 1 flip a year, and possibly owning very minimal rentals in the future, as much as we can handle anyway, how do you go about finding deals that make sense? I understand the tactics and strategies used for those who are full-timers, such as door-knocking, sending out flyers, and such, but truthfully we just don't have the time or interest in spending the money time needed to be that aggressive. We enjoy doing the work ourselves as much as we can and are looking for a project that we can work on for a couple of months, just not live in again while doing it. Would you suggest to stick primarily to the MLS and wait for a deal that arises? I currently am planning to attend the local RE meetups in my area next month, so I'm sure I could gather info there. Would finding and partnering with local wholesalers or brokers be the most beneficial strategy? As mentioned, just looking for a bit of added income each year whether it's a flip or passively through 1 or 2 rentals we can handle. So far after about a month of looking, our market has quieted down a bit since the end of last year, so hopefully, we can find something this spring to get started on. Thank you! [link] [comments] |
| Posted: 14 Feb 2021 07:52 PM PST Getting started for the first time this year and have been reading up and educating myself to prepare. Most things I'm reading state that finding properties that you can buy for 80-90% of the appraised value are key in being able to generate decent cash flow (in addition to putting some cash down as well). I would like to purchase 1-2 properties per year, and I am aiming at more of a passive income to start (have a full time job currently and will for at least the next 5 years). I'd like to save cash flow from rentals to use towards down payments for future properties to grow a decent portfolio. My overall question is.. what are some key things to look for to boost cash flow and are properties that you can't obtain for under appraised value even worth looking at? I won't be able to get into fix and flip properties for some time, but am not opposed to putting some money into a property to force appreciation. Any advice is appreciated! [link] [comments] |
| Question about Texarkana property taxes. Posted: 14 Feb 2021 10:27 PM PST So Texarkana is split in half between TX and AR. 1) With TX high property taxes, how does the TX side compete with the AR side? Let's say a typical 3bedroom house in TX side would have $250 property taxes per month, then JUST ACROSS THE STREET, a similar house in AR would only have $80 taxes. do you lower prices on TX side just to compete with AR? 2) Do RE agents here have licenses for both TX and AR? [link] [comments] |
| Posted: 14 Feb 2021 09:49 PM PST im 37 now. getting a late star on being a real grownup. i should have over 30k for a down payment within 18 months. im currently (renting) living in a place where i share walls and a common hallway with neighbors and im just friggin disgusted with it. i wanna be done with sharing walls a roof with other tenants. theyre driving me nuts and im getting to be too old for this. i see properties for sale somewhat frequently that have 2 homes built on one lot. i figure i could live in one and rent the other out and never have to see/hear/smell my tenants. it would kinda be like renting out a single-family home, so maybe i could get some longer-term tenants? if anyone has any experience with this type of situation id love to hear all about it. thanks for your time!! [link] [comments] |
| How to Get approved with minimum income Posted: 15 Feb 2021 01:21 AM PST Hi, I'm looking to buy a house and after researching a bit i find it hard to get approved if i don't provide a decent source of income. I can pay the down payment of 20% for a 300k house and have a credit score of 773. I came across another option which is rent-to-own but very few sellers/agents offer this. What are my options to get approved? Thank-you [link] [comments] |
| Any investors focusing on Eastern OH? In low income areas? Posted: 15 Feb 2021 12:07 AM PST I'm looking at some multi-unit deals in the Youngstown area. Numbers are attractive but the areas look a little rough. I'm not local and am looking for a some advice on finding the right prop manager. Are there any suggestions for reputable local, regional or national firms I can tap? Obviously expecting higher turnover and more management required to run these. I'd like to just get these on autopilot. [link] [comments] |
| Investor loan vs conventional on first home Posted: 14 Feb 2021 09:52 PM PST Hello friends, I need your help! I'm a in extremely unique situation and would like to make the best out it. I'm a first time home buyer. My plan is to get an investor loan, have my parents live in, show expenses and save tax etc all that jazz. Will have to put 25% down. Vs Just go basic conventional loan. Q. What's the best way to save $ and increase wealth Q. I have the 20% for down but with APR being so low, is it smart to pay pmi and put 5% down ? Another other smart way to go about this ?
Your help is very much appreciated!! [link] [comments] |
| Shared ownership of multiple properties with sibling Posted: 14 Feb 2021 09:30 PM PST My sibling and I own multiple properties together - we inherited them from family members. I live in a different state than my sibling and the properties. My sibling wants to buy me out and develop these properties. How do we come up with a value? Is it strictly market value as is? Is ther a good reference for how to do this? Thanks! [link] [comments] |
| Is it possible to make money flipping rehabbing if you’re not the one doing all the grunt work? Posted: 14 Feb 2021 07:44 AM PST Are there actual profit margins in it or is it mostly just recuperating your own time spent when you sell? By profit I mean if you outsourced every piece of a rehab could you then sell it and make a profit? Or is the "profit" basically money to make up for your own time you invested in it? To me the former is more of a real business and the latter sounds more like just an independent contractor working for yourself [link] [comments] |
| Quick tax question: which amount do I use for my property value? Posted: 14 Feb 2021 04:27 PM PST I bought a property for $40k. Under contract for $40k. At inspection an issue was found, I was given a $3k credit. Do I depreciate from $40k or from $37k? I paid cash and I paid $37k... but all the documents say $40k. [link] [comments] |
| What is the pros and cons of PTAC vs a window unit and mini-split? Posted: 14 Feb 2021 03:54 PM PST What is the pros and cons of PTAC vs a window unit and mini-split? Most apartment buildings, condos, hotels and coops in my area use PTAC. It seems that cheaper/older buildings use window unit. I have never seen a mini-split in the US (though they are on Youtube and everywhere in Asia). What is the pros and cons of these heating/cooling systems? [link] [comments] |
| Cost of adding second meter to a duplex Posted: 14 Feb 2021 07:16 AM PST Title pretty much sums it up, I am doing my due diligence on an duplex that has one meter but I want to separate them so the tenants can pay their own heat and electricity, full gut out. Has anyone done this and what was the price range? NORTHEAST USA [link] [comments] |
| Looking to make the initial leap and need advice Posted: 14 Feb 2021 06:34 AM PST I've finally amassed enough capitol to where I think I'm ready to start this journey. My plan is to use a $50k down payment on a potential rental property. This amount leaves approximately another $100k in liquid cash/equities for me to cover some additional renovation costs and have a safety net in case something goes wrong. I'm thinking that I want the property to be in the range of 150k-200k. I know the price shouldn't matter as much as the potential return from the property should, but given how COVID has wrecked many landlords lives I really just want to set a cap on the mortgage that I might one day be stuck covering. Anyhow, I live in the Tampa/St. Pete area and there's not really a whole lot out there right now in this price range. I've seen a few townhome/condos but really don't want to get stuck with HOA fees that may one day increase even further. I plan to occupy the rental home probably for the first six months after purchase, fix it up, figure out it's quirks and make any repairs that come up. Is now even the right time? I'm looking for advice on what I should be looking for, tips on how to do this successfully, potential pitfalls, and things I should maybe consider along the way. I appreciate all the help, and thanks in advance!! [link] [comments] |
| Assignment Contract Downside for Original Seller Posted: 14 Feb 2021 11:21 AM PST Hello. I'm the Original Seller of a vacant parcel. The buyer, a developer, wants to amend the purchase agreement to and/or Assign. The basics of the deal include that a nonrefundable down payment to be released by Escrow after a 60 day DD. Is there any downside to me in allowing the Buyer to turn the purchase agreement into an Assignment Contract? Thanks! [link] [comments] |
| Posted: 14 Feb 2021 06:23 AM PST I'm looking at building an AFrame house, 3br, 1900 sqft and I can get it built for under 100k land included. I could rent the place for 1300 a month. I was wondering if anyone has experience with A frame houses and how easy or hard it is to rent them? The AFrame style seems like the only downside to this plan, but it's also what allows me to build for so cheap. [link] [comments] |
| Do mortgage lenders go off AGI? Posted: 14 Feb 2021 03:06 PM PST I'm wondering if mortgage lenders go off AGI or just wages/self employment income? The reason I ask is because I made just as much in capital gains this year as I did self employment income.. I'm wondering if that capital gains number will boost my AGI which will increase my likelihood of being approved for a mortgage.. [link] [comments] |
| Resources for better estimating rehab costs? Posted: 14 Feb 2021 06:54 AM PST I have J Scott's "Estimating Rehab Costs", but I am looking for additional material to really improve / refine this skill. YouTube channel, podcast, additional reading material, anything is welcome as I look into buying my second live-in flip. Thank you! [link] [comments] |
| Long term rental conversion in Pacific Beach, San Diego Posted: 14 Feb 2021 08:45 AM PST We have a 4 unit term rentals, 2 bedroom, 640 square foot, about $2k rent each unit per month in Pacific Beach, San Diego. The units are about 8 blocks from the ocean to the west and about 8 blocks from Mission Bay to the South. We were considering converting to short term rentals. Anyone have thoughts re how to determine potential revenue stream upon conversion? Self-evidently, there would be the highest revenue in summer and Christmas break. We are also weighing the extra management that would be required to handle that and the "cost" on time for that. The long term rentals are being managed by a good management company so it is a hands free endeavor. [link] [comments] |
| Posted: 14 Feb 2021 04:31 AM PST Hey there, my dad just died in an accident and left me and my sister half of the house that used to belong to my grandma. The other half belongs to my uncle who also lives there as the house has 4 apartments. My uncle is a difficult character at times and broke contact months before my dad passed because of their disagreements over the house. My dad saw opportunity everywhere and wanted to rent out everything that could be rented out but my uncle saw some sentimental value in the apartment of my grandma and also wouldn't remove his stuff from the parking-spot in the garage- he is a bit of a hoarder. Now my uncle has problems finding a job, he is 65, has not much money and nothing saved for his retirement because he worked as a freelancer. We are thinking about re-offering what my dad offered: that we buy the other half from him. My mom has enough cash to do that, she would lend us the money, my uncle would get a nice boost of 250000€ but would then have to pay us rent for living there or find a new apartment somewhere and we would pay my mom in the first years with the money we would get from the tenants that would move in. Maybe we could also get part of the cash-flow, otherwise this would just be an investment for the future for us. Does this sound like a good plan so far? I'm really just a medicine student, am 23 and have no experience in real estate but plan on getting more into it once done with med-school and getting some profits from my stock-investing. If it is a good plan, the only problem to deal with will be my uncle. Don't know how he will react, he can be really aggressive- yet I do really like him and wish him all the best. Hope we find a deal that suits everyone here. [link] [comments] |
| Making an offer on a SFH today Posted: 14 Feb 2021 11:54 AM PST Love this sub and would love any advice you guys can offer. This will be the first property I've ever bought. I have been studying REI for a year now and ready to start doing some deals. This is a fixer-upper and will actually be my primary residence (if I get it), but I want to buy and repair at a cost that will allow for a nice profit when I sell after 3-5 years. So I'm thinking of this as a crash course where I'll learn a lot about buying and repairing a home, and if I make mistakes, at least I own a place to live and it's not like I'll be in a bad investment while ALSO paying for a primary residence. After I get it fixed up, if all goes well and I still have cash to burn, I plan to look for more deals that could work as rentals. So here's the details: - House is being sold "as-is". I haven't seen it in person but it looks to be in pretty decent shape. The listing agent says it "has good bones" and the heating and plumbing work. It needs new floors in several rooms, new kitchen appliances and counters (but cabinets are fine). Bathrooms are outdated but not horrible. Ugly wallpaper and cosmetic improvements needed throughout. Basement is unfinished. - There could be big repairs needed like roof, leaky pipes, etc., but I think at the price it's undervalued, even with big issues. - Market is HOT with low inventory, lots of investor and cash buyers. - Listing price is $240K which is seriously low for this area - NOTHING for sale for that price nearby (even serious fixer uppers). I think the listing agent went low on purpose to generate a frenzy (indeed they already have 10 offers and are booked back to back today for showings.) Deadline to make an offer is today. - It's an estate sale. Probing through my realtor, seems the most important thing to the seller is just highest price and certainty of closing. - After repairs comps in the neighborhood are $330-$350k. That is appropriately conservative; plenty of houses sell for $350-$400K and there is a high ceiling on the neighborhood with some very nice houses. To make an attractive offer, I am planning to:
The big question (which I have 0 experience with) is how much is it going to cost to fix up this place???? If I can get it done for <$75k I'm in a good place. I also plan to live there for 3-5 years so I can hopefully get some price appreciation (the neighborhood is growing FAST). So what do you guys think? What else do I need to ask? What would you want to know before making an offer on this house? Poke as many holes in my plan as you can think of.... :) [link] [comments] |
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