Real Estate Investing: Is forming an LLC for an out of state vacation rental worth it? What kind of insurance should I consider? |
- Is forming an LLC for an out of state vacation rental worth it? What kind of insurance should I consider?
- First “investment” property.. where am I messing up?
- Looking for some experience
- What are the rules on self-dealing with real estate?
- Tenant is a hoarder
- I Want to Hear Your Success Stories From Using Debt!
- Self directed IRA to buy rentals.
- Transition from law
- Any recent successes with buying 3-4 unit multifamily with FHA?
- Understanding State of Market
- NYC: Will sales market follow the rental market?
- Purchasing a duplex with a tenant back rent
- 6 unit owner occupied rent stabilized in Queens, NY? How to find financing? Is it worth it?
- Land for tent camping/tax implications
- How to get started
- Construction costs for duplexes?
- Insurance to cover catastrophic disasters and pay cash
- Florida townhouse taxes a little too much or normal ?
- New RE investor looking for a CPA
- What does minimum LTV mean?
- BUYERS NO LONGER WANT FHA OFFERS, ONLY CONVENTIONAL LOAN
| Posted: 21 Feb 2021 12:30 PM PST If I purchase a rental property in a popular vacation spot in a different state (far away by flight), would I need an LLC to protect myself (not too worried about tax benefits) or just an umbrella policy? What other types of insurance should I consider as there will be new tenants every week and I won't be able to go there frequently? Thanks [link] [comments] |
| First “investment” property.. where am I messing up? Posted: 21 Feb 2021 08:16 AM PST Hey All - To make a long story short, my mom passed away 6 weeks ago and my dad isn't suited to financially support himself. They filed bankruptcy 3 years ago so financial literacy wasn't something they taught me... I bought my first house in august 2020 that I'm using as my primary residence. I'm paying 3x the monthly mortgage so monthly cash flow isn't an issue. I'm planning on using money from the life insurance policy to put 25-30% down on an "investment" property for my dad to live in. Co-signing on a primary residence for him isn't feasible with the bankruptcy and his low income. I'm planning on covering the mortgage payment entirely (I believe in not lending money to anyone you need back - especially family). This is going to be a buy and hold, which will turn into a rental when my dad passes. What am I overthinking? [link] [comments] |
| Posted: 21 Feb 2021 06:59 AM PST I just purchased my first property. I had quite a bit of equity in my house and still have 20+ years until retirement so wanted to take a chance on an investment property while I still have a steady paycheck. I've been going to commercial auctions in my area and can never beat the big guys. They will just keep their hand up until they win. I decided to look elsewhere and eventually came across a building being auctioned by an estate. It's about 20miles away and I went to check it out. It currently has one store front that is leased by post office (5 year lease at 17400 annually and has been there for a long time.) The other store front needs some cleaning and junk moved out of it but could have potential. The only thing is the town is what some might consider low income and I'm not sure how much interest there is in people opening businesses there. The ones that are there have been there for a longtime. The upstairs has 4 apartments and they are pretty rough. 1 is decent and just needs some TLC but the others are a little intimidating. There is also a block garage on the back side of the property in parking lot and could be well suited for a mechanic shop or similar. There are two garage stalls 23x75 under the building and one could possibly be used for storage. I need to get some roof repair done on the back side and hopefully don't run into more than I can handle. I mainly purchased it because of the post office being there. It wanted to possibly generate some more income somehow. Thought about remodeling one apt and see how it goes. Will probably offer garage up for rent as a shop. A bonus is the building is packed with all kind of antique furniture and store front desks from the early 1900's. There is also an antique tractor in the garage. I may have to have another auction and possibly make a few grand back right away or use it for repairs. Does anyone have any ideas that I haven't mentioned or possibly just some encouragement because I have t even taken ownership and am already nervous. I've built my own house so there isn't anything I can't fix. It's just a rural low income community and I'm not sure how to market the other space. Or should I just keep the post office happy and not to prey about the other space? [link] [comments] |
| What are the rules on self-dealing with real estate? Posted: 21 Feb 2021 03:51 PM PST Let's say HYPOTHETICALLY that I created a repair company with me as the sole employee. Then my real estate LLC contracted out repair work to the aforementioned repair company. Let's say this repair work was done in the context of fixing the house after damages done by a tenant and using their security deposit to pay for repairs. Would that be legal? [link] [comments] |
| Posted: 21 Feb 2021 09:18 AM PST Hello, new investor here: Bought a property that it tenant occupied. The insurance sent me a letter that I need to do some repairs to the property + have it de-cluttered. Tenant has stuff all over the property big items like non-working vehicle, appliances, random things in general. Random stuff covering windows which doesn't make it accessible and can be a hazard). Gave her notice however she hasn't moved an item. What should I do next? It's been about a month. [link] [comments] |
| I Want to Hear Your Success Stories From Using Debt! Posted: 21 Feb 2021 07:30 PM PST I'm thinking of continuing to leverage up. Percentage-wise (debt/equity), not much will change but the my overall debt load will jump up From 600k to 1.4m. Can you tell me how you kept borrowing, owed a ton of money, and everything worked out better than you could've ever imagined? [link] [comments] |
| Self directed IRA to buy rentals. Posted: 21 Feb 2021 07:52 AM PST I currently have one rental (single family) cash flow is $350 and I live in another house I just bought. Both were purchased with the VA. I wasn't planning on renting out the first place, but work forced me to move. I've always wanted to own rentals and real estate in general and this situation sort of forced me into it. I needed that push. I've been looking at ways to finance a multi family rental property. I don't have much in savings and my single income isn't much. I have about $80k in retirement (I know not much as I'm pushing 40). My question is, can I roll my IRA and 401k into a self directed IRA and then use funds in the IRA to purchase a property? I'm assuming if I could do that all rental income would have to go directly into the self directed IRA? Any thoughts or advice on going this route if it's even possible? Pros? Cons? UPDATE: Thank you all for the replies. While this seems like it could be a good way to hold real estate, I don't think it is for my situation. Now I'm going to look at other ways to fund a purchase. [link] [comments] |
| Posted: 21 Feb 2021 12:55 PM PST Hi. I'm a practicing real estate attorney and I want to make the transition into investing. I enjoy the law side and transactions but being a lawyer is extremely risk averse. I see some of the actions of the clients and think I can do some of this work. Obviously most of my understanding is in the legal side of real estate deals, where should I start for learning about investing and targeting properties. Thanks [link] [comments] |
| Any recent successes with buying 3-4 unit multifamily with FHA? Posted: 21 Feb 2021 10:48 PM PST Markets are moving crazy fast right now, just wondering if anyone has successfully executed with an FHA loan in these strange times. This has been my plan for a while, but I don't really see any reason buyers would consider jumping through extra hoops in such an aggressive seller's market. Looking to buy in 3-6 months, probably South Dakota or Wyoming. [link] [comments] |
| Posted: 21 Feb 2021 12:01 PM PST How does an amateur come to understand the state of the market in a particular locale—whether real estate is overvalued or undervalued generally? What are the best simple tools, measures, indexes, or websites to discover this information? [link] [comments] |
| NYC: Will sales market follow the rental market? Posted: 21 Feb 2021 09:30 AM PST I'm looking at lower end 2 bedrooms in the East Village / LES area. Rental prices have gone down dramatically, and availability is really high (making me think prices will continue to dip). The sales market seems largely unaffected, and availability is still really low for anything >2% cap rate (at current rental prices). Will the sales market follow, or just stay detached from rentals until rentals catch back up? [link] [comments] |
| Purchasing a duplex with a tenant back rent Posted: 21 Feb 2021 06:23 PM PST Hi. We're currently in the market to purchase our first rental property here in Florida. To make long story short, we're interested in a duplex that is vacant on one side and a current tenant on the other, the problem is that the tenant hasn't pay any rent for months now. Do you guys think it would be worth it to put in an offer with a contingency of the seller evicting the tenant and just wait it out or just avoid the hassles and move on to a different property? [link] [comments] |
| 6 unit owner occupied rent stabilized in Queens, NY? How to find financing? Is it worth it? Posted: 21 Feb 2021 11:39 AM PST An older acquaintance is looking to get out of the building they inherited in Queens, NY. It's six units rent-stabilized with very low rents and significant deferred maintenance (although right now everything works and all units are livable). It's two units too many to get a regular FHA mortgage. I don't own a home but am ready to purchase one with my partner. Would it be worth it for us to buy the building and slowly upgrade it? Would it be possible to get financing on a place like that with only 15% down? I'm guessing it would run for somewhere between a million and 1.5 million dollars. Where do I learn about owner-occupied commercial loans? Kind of complicated and a lot of risk for a first-home. Not sure how to approach this. I was just thinking they're in their 80s and not really professional landlords so it could be a great opportunity to get a fair deal with someone flexible enough for me to get the financing in order before it goes on the market. [link] [comments] |
| Land for tent camping/tax implications Posted: 21 Feb 2021 05:29 PM PST I may have the opportunity to purchase 4 acres of land next to a National park that used to have a house on it but the house has been cleared. I have not had any luck searching the Internet to find out information about how taxes work if I were to use the land for the foreseeable future to rent out to tent campers. I currently have a single family house I rent out and know quite a bit about the deductions I can take etc. I know there's no depreciation on land, but if I rent the land for tent camping and potentially down the road have RV spots, would the taxes/mortgage interest be tax deductible similar to my single family property? Since this is very preliminary at the moment, would anyone be able to point me in the direction of some sources of information? [link] [comments] |
| Posted: 21 Feb 2021 09:47 AM PST So I am based in BC, Canada and I have my eyes on a property in Ontario that I think will have enough returns to at least pay off the mortgage, which based on my investment strategy is I think good enough. However, I've never brought property in Canada nor do I have family or friends here who have brought residential property, let alone investment ones. How do I get in touch with the right people with whom I can discuss details on a frequent basis and get advice and mentorship throughout this process? I am also unaware of tax implications, handling unexpected costs and so on. So resources/guides/groups to help with those and things along those lines would be helpful. Edit 1: More clarification in the post. [link] [comments] |
| Construction costs for duplexes? Posted: 21 Feb 2021 05:05 PM PST Anyone able to share what they've seen construction costs for duplexes at? I'm eyeing a 2 acre lot in Denver zoned for up to 5 duplexes. Comps are showing sale prices around $230/sq ft, so I'm curious if the "napkin math" checks out. [link] [comments] |
| Insurance to cover catastrophic disasters and pay cash Posted: 21 Feb 2021 02:51 PM PST Most homeowner insurances cover the cost of reconstruction. However, it may not be a reliable compensation for condos because not all condo owners can afford the cost to rebuild. Furthermore, if an area becomes uninhabitable (e.g. vocano eruption, flood, pollution, war, climate change), the reconstruction becomes impossible. Is there an insurance which pays out the cash (equivalent to the unit's market value) if the disasters happen? I want some help to pay for mortgage and cash out if the disaster happens. [link] [comments] |
| Florida townhouse taxes a little too much or normal ? Posted: 21 Feb 2021 02:12 PM PST I own a 3/3 townhouse in Florida and I'm paying in taxes 5.3k a year. Is that too high ? If it is, is there a way to lower them? [link] [comments] |
| New RE investor looking for a CPA Posted: 21 Feb 2021 12:59 PM PST I'm in the process on closing on my first property in Birmingham, AL. I would like to get a CPA. I live in a different state. Can one CPA handle both states? Or do I need one for my home state and AL? Anyone have any recommendations? Thank you. [link] [comments] |
| Posted: 21 Feb 2021 10:54 AM PST I am looking to take advantage of the High LTV refinance from Frannie Mae when the time comes for my SFH as I start a combo of house hack and BRRR method. Basically, I am interested in understanding every option. I stumbled across the HLTV refinance and if interest rates are still low in ~8 months, this could be an interesting route because it covers closing costs on the refinance. Anyone know about this? I also have a few follow up questions - I will eventually turn this into a rental property. I added 2 bathrooms and can get the place to appraise for far higher so my PMI drops off. Does this impact later cash out refinancing? Should I hold off on getting appraised before cash out refinance? I can add more details if needed [link] [comments] |
| BUYERS NO LONGER WANT FHA OFFERS, ONLY CONVENTIONAL LOAN Posted: 21 Feb 2021 06:57 AM PST I wanted to house hack a 3 unit but now my lender says the 5% down for conventional loan is no longer allowed, its 20% for 3 unit and 15% for 2 unit. My agent says too many sellers dont even wanna look at fha offers [link] [comments] |
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