Real Estate Investing: Seattle proposal to ban credit checks for residential rentals |
- Seattle proposal to ban credit checks for residential rentals
- College student rental LL's- do you deal with parents more or students?
- Triple Net Leases
- Is buying a duplex worth it in 2021 and moving forward?
- Rio Grande Valley
- Purchased vacant plot of land and now find out it is a different plot than the one advertised, what are my options?
- Bought a house that appears in some sections to be built over debris piles
- Hey, let's pretend you live around Kissimmee, Florida
- Interior paint on rental units or flip
- Free REI coaching class
- Do I need both landlord insurance and homeowners insurance, or just landlord insurance
- How does confession of judgement work in the case of a commercial mortgage loan?
- Investment loans and what income to aim for to really get going
- Abandoned house on the block with irresponsible owner. What’s my options if I’m interested in the lot?
- Mobile home
- How to reflect property management finances on your books
- You should stop smoking.
- Loans to Series LLCs
- First SFH in Houston. Insurance, Bookeeping, and lease questions!
- Average rate of return
- Is living in a house after you buy it a benefit for tax purposes?
- Does anyone know if sales for Delinquent tax properties in Houston are being sold online since the auctions in person have been canceled since covid began?
- Cash on cash return with management fee
- Is a sewer line/pipe scope/inspection out of pocket, or rolled into the deal?
| Seattle proposal to ban credit checks for residential rentals Posted: 08 Feb 2021 09:54 PM PST I often get downvoted for my responses to people with Seattle based issues when I explain how insane the rules are in Seattle. Below is the newest proposal making being a landlord in this city more difficult. [link] [comments] |
| College student rental LL's- do you deal with parents more or students? Posted: 08 Feb 2021 04:35 PM PST I had an incident this week where i purchased a student house mid year and inherited the lease/students and the students asked me about garbage. I asked what they did with prior landlord and they didnt really have an answer, they just put garbage on the curb and some weeks it was picked up and some weeks it wasnt. In my town you either pay a garbage service or you have to buy a certain color bag that costs $5 per bag to use in order for garbage to be picked up. I offered to drop off bags for them and they said theyll just buy them. Then 2 days later a mom calls and asking why they have to pay for bags lol. I feel like its easier to just always loop the parents in. Anyone have experience with this? [link] [comments] |
| Posted: 08 Feb 2021 03:59 PM PST I currently have a small portfolio of multifamily house and I'm getting tired of all of the issues. Anyone ever pivot away from residential to triple net commercial leases? I am thinking medical like surgical or dental. [link] [comments] |
| Is buying a duplex worth it in 2021 and moving forward? Posted: 08 Feb 2021 05:15 AM PST I have been actively looking for a duplex for the past 6 months now and with the market being so crazy, it's very hard to win any offers I put down. My plan is to buy a duplex and live in one side while rent the other out to pay for most of my mortgage. I would really like to build some equity up and hopefully own multiple units one day. To a point where I'm cash flowing. I currently still live at home at the age of 25 and have been educating myself on the whole real estate investing. But with all the tenant laws due to covid I keep asking myself if I'm better off just with a single family ? I'd like to live in this duplex for atleast 3-5 years and help leverage myself for a SFH when the time comes. But a lot of what's on the market is going way over the asking price. Any words of advice during this crazy time with covid laws and the market extremely hot for sellers? [link] [comments] |
| Posted: 08 Feb 2021 08:22 PM PST Is anyone on here investing in the Rio Grande Valley? I have been looking at small multi family properties there that look like they can be cash flow positive. It just seems like they are building a ton of small multi family and I'm concerned the market might become saturated soon. I'm not buying for appreciation but I don't like the idea of my property losing value because the population growth doesn't keep up with the rate of new inventory. [link] [comments] |
| Posted: 08 Feb 2021 08:29 PM PST As the title says, my partner and I bought a plot of land in our hometown. We used to live down the street from the plot we thought we were purchasing, as the photos and google maps pin was to that particular plot of land. There are the same cross streets and railroad tracks in the same area as the one we thought we bought but now we find out after we have purchased it that the one we were sold is five blocks north of the one photographed and shown on google maps. This is a significantly less desirable location. I know we're idiots for not figuring it out sooner but honestly if you knew the neighborhood you would realize that all the aspects about the plots of land are the same so nothing seemed incorrect, even our real estate agent who also grew up in this town is so confused. I am just wondering if there is anything we can do since this seems to be false advertising. To complicate the matters we live abroad currently. The lot is in Wyoming. Any insight would be greatly appreciated. [link] [comments] |
| Bought a house that appears in some sections to be built over debris piles Posted: 08 Feb 2021 09:21 PM PST I've added some photos here of what I mean, but when I walk underneath the house and in the crawl space there is a shocking amount of random left over debris. It's as if they built the entire house on top of a demolished old house without removing the old house. Home inspection and disclosures mentioned nothing of the stuff. I pulled the City records, and found out there was a fire in the past and complaints from neighbors for huge piles of trash from a contractor who was probably fixing the house from the fire damage..this is just a total random guess.... I actually have no idea what happened. The foundation was laid in 2011 on top of all of this crap. Is this allowed when permits are passed? Can you essentially build a foundation and deck around piles of junk and construction debris? [link] [comments] |
| Hey, let's pretend you live around Kissimmee, Florida Posted: 09 Feb 2021 01:51 AM PST What do you think would be a good real estate investment around there? Let's make it more simple than that and let's just say Florida. Basically, I see a big issue with impact fees when it comes to well-priced lots. I would just like to see some opinions on this. The objective would be simple, have a place owned without insane yearly taxes and the possibility to make any kind of profit with it. Even if it would require a lot of work for maintenance. I'm sure imagination can be used without the context of budget, plan, or anything like that. I am just looking for inspiration. [link] [comments] |
| Interior paint on rental units or flip Posted: 08 Feb 2021 02:05 PM PST Curious what people do for rentals, or maybe even flips. In the past I've used whatever neutral grey or white paints I've had left over and making a note of the paint code, and I have bought the cheapest 5 gallon buckets when on sale if the new paint is a similar color - usually purchased at orange big box store. While white is safe, most tenants seem happy to have some color (usually grey) on the wall (at least in the mid atlantic region). What paint colors and brands do you use? Any timeless or readily available color? [link] [comments] |
| Posted: 09 Feb 2021 12:47 AM PST Hi everyone! I saw this post from Antoine Campbell, anyone knows about this free rei coaching class he is offering? I already signed up and it is a 5 week course. According to the website, he will discuss all the basic up to advance when it comes to rei. In case there's a newbie here like me, try checking it out. ceo929.com/freereimasterclass [link] [comments] |
| Do I need both landlord insurance and homeowners insurance, or just landlord insurance Posted: 08 Feb 2021 11:21 PM PST ill be living in a double that i own, renting out the other unit [link] [comments] |
| How does confession of judgement work in the case of a commercial mortgage loan? Posted: 08 Feb 2021 02:10 PM PST My understanding is that in the event of a loan default, the lender's primary recourse is a judicial foreclosure, deed in lieu of foreclosure or a short-sale. Basically the lender has to chase the property first, and then the personal guarantor. The Confession of judgement kicks in only when a deficiency judgement is sought against the borrower. However, a loan officer today said that in the event of default, lenders prefer invoking Confessional of judgement and seizing personal guarantor's asset to cover the entire loan balance. Essentially this is saying in the event of default, lenders will chase the individual immediate for the entire balance of the loan. Is the loan officer right? Is this legal? What is the governing law that I can learn about to understand it better? EDIT: This is in the state of Pennsylvania. [link] [comments] |
| Investment loans and what income to aim for to really get going Posted: 08 Feb 2021 03:54 PM PST What income should I shoot for to get larger loans that is logical I guess. Idk if higher income will bring diminishing returns or limitations or what. I'm used to just writing everything off lol.. So an example of something I ran into.. I have a HELOC of 50k which could have been 150k. They said because of my income I couldn't get more than the 50k. at the time. I was sitting at 25k AGI. This year I will be at 78k AGI. I should be able to get the rest of that loan but I would also like to get other types of loans wether secured or not. I have other properties I could use around 300k worth in 8 different properties. *I could actually write off 20k more or 15k less to get my income wherever. Any advice at all would be much appreciated. I just want as much money as I can get from lenders to invest! [link] [comments] |
| Posted: 08 Feb 2021 09:07 PM PST I live in a growing urban neighborhood that's been gentrified over the last decade. The hood still has a mix of houses from million dollar new builds to run down homes with broken windows. On my block there's a 130 year old house, the owner is a "swamplord" and haven't been taken care of his property for years. Just a month ago, a fire broke out in the middle of the night and the renters moved out and never returned. Since then the house's water pipe also bursted and flooded the foundation. The celling also fell off. The house is a completely mess. But it's in a desirable neighborhood. I want to write the owner a letter to see if he's willing to sell his property. Has anyone done this? I feel it's a long shot and I'm aware the house will need to be scraped clean. Interested in hearing suggestions on how to approach this situation. [link] [comments] |
| Posted: 08 Feb 2021 08:56 PM PST Could I buy a mobile home and rent it out to someone else? Would this fly with the mobile home leasing department? I normally wouldn't be too interested in one, but a really good deal came up. [link] [comments] |
| How to reflect property management finances on your books Posted: 08 Feb 2021 12:11 PM PST I have some properties that I manage myself and another larger property that I use a property manager for, and I'm indecisive about how to handle bookkeeping in a consistent way. I roughly follow GAAP using quickbooks, and for the properties I manage myself I get really rich reporting and great insights into how they're performing. My PM provides me a balance sheet, cash flow, and AR every month, but I'd really like to include those details in my own books so I can evaluate the investment in a consistent way and aggregate all the investments up into a single set of reports. Does anyone do this? If so, how do you handle it? In theory I can manually "merge" in the financial data provided by my PM every month, but this doesn't seem ideal. My PM doesn't provide the raw journal, so I'd need to reconstruct the lower level data from the higher level reports, which will be difficult if not impossible. Our ledgers are not exactly the same, so at best there will need to be a lot of manual data wrangling. [link] [comments] |
| Posted: 08 Feb 2021 08:53 PM PST Bought a house with very tall windows and I don't want to buy new treatments so I'm trying to get the nicotine out of the old ones. The water turned brown on contact. Stop smoking people! https://files.catbox.moe/cxz4qh.jpeg 1 cup baking soda, 1/2 cup borax, 1/2 cup salt per 3 gallons hot water. Let sit overnight. Launder in Washing machine. Cross your fingers for me! [link] [comments] |
| Posted: 08 Feb 2021 04:03 PM PST Anyone know of banks willing to write mortgages for series LLCs? Have checked with a few credit unions and they specifically don't, haven't checked with the big banks yet, preferred to go portfolio loan if I can. [link] [comments] |
| First SFH in Houston. Insurance, Bookeeping, and lease questions! Posted: 08 Feb 2021 03:59 PM PST Hey everyone. Thanks for clicking. As the title states I am closing on my first rental SFH at the end of this month, I have a little reno to do and I'm really hoping to have it listed for rent April 1st. I put 25% down and am running regular mortgage insurance through my Escrow account. My first question is, do I need that insurance on top of Rental insurance? Is it already rental insurance because I told my finance company this is an investment property? I haven't seen the quote yet so I don't have any clue. Umbrella policy? Do most of you guys get a home appliance warranty? So many insurance questions.. lol Second, What do you guys use to let the renters pay you/keep the books? Looking for an easy and hopefully free way they can send me the check every month. And lastly, Where did you guys go to write up your lease agreements. Add pet deposits, clauses, etc. Thanks so much for the help everyone. I really appreciate it . [link] [comments] |
| Posted: 08 Feb 2021 07:38 PM PST I will soon be entering the professional workforce and have started planning out my investment strategy moving forward. I have plans to max my employer match and max my Roth IRA. After those and living expenses, I want to invest my remaining income to real estate with plans to grow a pool of cash-flowing properties that will continue to reinvest in themselves and additional properties. In my estimation, what is a safe estimate to mark for that real estate money to return? It's common to assume a 7-9% return on long term stock investments? What is that number for real estate? TIA [link] [comments] |
| Is living in a house after you buy it a benefit for tax purposes? Posted: 08 Feb 2021 07:22 PM PST Newbie real estate investor here. I've heard people say that after you buy a house you plan on using as a rental. You should live in it for 3-6months for some sort of tax benefit. I don't recall why exactly that is beneficial. Can any of you geniuses enlighten me? I am trying to figure out of it is worth doing even though it'll mean living in houses I really don't want to. But if the benefit is enough then I could stick it out for a little while. [link] [comments] |
| Posted: 08 Feb 2021 05:25 PM PST Is the inventory just being held until in person auctions can resume? [link] [comments] |
| Cash on cash return with management fee Posted: 08 Feb 2021 05:16 PM PST Hi all, new to the sub and real estate investing. If this is not the right way to post questions, please let me know, I would really appreciate that. TLDR: what is a current reasonable cash on cash expectation after using a management company that charges 8-10%? I can find properties that fetches 4%-5%, anything 7%+ is rare. Due to covid19 prep, I have some cash saved up and would like to use it on a down payment on a property or two (will have $50-$100k cash for this project). I am looking at Phoenix, AZ area for this potential investment. The main reason is that I have a very trust worthy management company that have been managing my old home there for the last 7+ years. The management company currently charging 10% on my existing property and it has been a breeze and vacancy is always less than one week between in tenants. Looking at the houses on the market and calculating using local rental comp, I can consistently find CoC of 4+% but rarely above 5% (with management fee, HOA, taxes and etc taken into consideration). Is 4%-7% normal today? With rising housing cost, I can't seem to find anything more than that (if i remove management fee and do a 30y loan assuming ~3.0% interesting, i can bump CoC by a couple to few percentage). Looking for some reference number here, thanks. [link] [comments] |
| Is a sewer line/pipe scope/inspection out of pocket, or rolled into the deal? Posted: 08 Feb 2021 04:29 PM PST If i want the pipe scoped, am i incharge of that or will the agent schedule a plumber for me? Out of pocket or rolled into the deal? Edit: aunt from okc asked me this. I dont know much about okc RE market. [link] [comments] |
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