Real Estate Investing: What value first investment property should I buy? |
- What value first investment property should I buy?
- Starting out, is it better to invest in single family homes, condos or multi family properties?
- Rent comparisons
- Whole Apartment building (6 Units) has 1 thermostat. Suggestions?
- Ground-Up construction for a investment home, ADU and JADU in Bay Area. Any suggestions on what features to include to maximize rental income and reduce maintenance expenses?
- 700+credit no official income for investment
- I bought a home in 2020! Confused about which fees from my Buyer Settlement Statement are deductible.
- No mortgage. Should I put my home into LLC? I live in Florida. It’s my primary residence. TIA
- Foreclosure tricks?
- Landlords that use Room Rentals
- Can you refinance out of an owner occupied FHA loan before living there for a year?
- Property management companies?
- Based on these numbers does it mean that 90% of rental properties are occupied?
- Business mortgage for new LLC
- Drawbacks of buying a investment property vs primarily home as 1st property?
- First-time buyer, don't know how to go about it?
- Should I partner?
- Ohio Cashflow Turnkey Review
- Clarification on Appraisals, Property Taxes, and Loans
- Seeking advice: HOA troubles in the Midwest
- MN native considering investment property in South Florida
- Low appraisal
| What value first investment property should I buy? Posted: 23 Feb 2021 06:19 PM PST I made around $200,000 on the stock market. I have no credit history at all and also no income. Would I be able to take out a loan at a fine rate? And, what value property do I invest in if I current have all my money in cash. For clarification I am a college student that's why I have no income and will have none for a while. But, I also have extra money for expenses so that's not an issue. [link] [comments] |
| Starting out, is it better to invest in single family homes, condos or multi family properties? Posted: 24 Feb 2021 12:31 AM PST Hi all: Just wondering what are some theories behind what is best to begin my real estate investing journey? I have enough to begin investing in a property but what is the best type to begin with? [link] [comments] |
| Posted: 23 Feb 2021 10:17 PM PST Is there an app you guys use for comparing the rent of a specific area to it's surrounding properties? [link] [comments] |
| Whole Apartment building (6 Units) has 1 thermostat. Suggestions? Posted: 23 Feb 2021 09:03 PM PST Heya Fellow RE-Investors, Cutting to the chase I have a problem (haha). I recently bought an older apartment building that uses steam radiators and the whole shebang. The entire building has 1 thermostat to control the temperature for the whole building. It's on the second floor and currently rented out to a tenant. Is there a way to secure it and remotely access this thermostat? I was thinking something like a Nest home system? And then you lock the thermostat in one of those clear white boxes? Also what is the recommended way to some how "control" the heat that a steam radiator gives off? My back's against the wall on this one any help would be appreciated. Thanks, [link] [comments] |
| Posted: 23 Feb 2021 08:52 PM PST Bought a piece of land in the Bay Area and I am looking to build a house, ADU and JADU. I am looking to rent out each unit and I am wondering if anyone who has built a home for rental purposes has any advice on what materials or home features I should include in the home in order to minimize any maintenance expenses and maximize the rental income? Also anyone that has built a home, ADU or JADU have any advice for me on the challenges I should be aware? [link] [comments] |
| 700+credit no official income for investment Posted: 24 Feb 2021 12:21 AM PST Little about me :I own a home with a mortgage I have a 719 credit score I got a decent amount save to survive on from a law and a comp case suit no the lower end now used primarily for bills I have no Official income on the books I do own a cab company llc in my name with no revenue yet. I also have a small construction business in my name I used to use for my primary income not ATM I do side work and od jobs I can I'm a good with sales I've had a natural talent I do have good plans to get into real estate and rental property's The question is how could I get a loan for a duplex house or something along those lines with no income on the book I can come up with a small down payment due to the fact that I need to live off the savings I can only invest so much but might be able to make something work out depending on factors of the situation. Please help Ps. I do have a small fair amount of knowledge in real estate with more to learn of course [link] [comments] |
| Posted: 23 Feb 2021 09:59 PM PST |
| No mortgage. Should I put my home into LLC? I live in Florida. It’s my primary residence. TIA Posted: 24 Feb 2021 02:43 AM PST Hello, I owe my house out right I was wondering if there's any benefit to putting it into an LLC. Do you think that will cost my house insurance to increase? [link] [comments] |
| Posted: 24 Feb 2021 01:38 AM PST I was discussing buying homes at a foreclosure auction with another invester and he started telling me some of the tricks he's used over the years. He was in construction in his past life and mentioned that on a couple houses he had been planning on trying to purchase at auction he actually went to the homes, essentially broke in, and changed the locks. Not exactly sure why, I'm guessing this was simply to disrupt others ability to do their due diligence. He actually got caught by the police changing the locks at one point, but because he had his construction truck parked in front they assumed he was working for the bank or something and didn't do anything. Apparently he ended up in a bidding war with another guy, and after he won, the other guy came up to him and congratulated him after and handed him a set of keys.... Apparently that guy has also changed the locks lol. Is this really common? Does it actually help give you an advantage? I've been trying to research all the ways to do your due diligence on a foreclosure but this seemed CRAZY extreme. [link] [comments] |
| Landlords that use Room Rentals Posted: 23 Feb 2021 11:41 AM PST Hello r/realestateinvesting, Question for Landlords that rent by the room. What Property Management Software do you use? How would you rate the cost/benefit of that software? Cozy recently partnered/got bought out by Apartments.com and they do not allow room rental advertisements. I'm having trouble finding a good free-to-use PM software that can accommodate rent by the room. Any advice is appreciated! Thanks [link] [comments] |
| Can you refinance out of an owner occupied FHA loan before living there for a year? Posted: 23 Feb 2021 07:38 PM PST Are you able to refinance out of a low deposit FHA loan to a non owner occupied loan if you have lived at the property for less than a year? With updates, I am expecting about 25-30% equity of the arv, so it would meet the general minimum amount for non owner occupied mortgage. [link] [comments] |
| Property management companies? Posted: 23 Feb 2021 09:35 PM PST How is everyone looking for a PM company other than recommendations? I'm currently looking through google, Yelp, and bigger pockets. If there's a better way to do this, please let me know! [link] [comments] |
| Based on these numbers does it mean that 90% of rental properties are occupied? Posted: 24 Feb 2021 12:07 AM PST These numbers are from 2010, but still, could you interrupt these numbers to mean that since there are 36M housing units occupied by renters and 4M are vacant but available for rent, that, on average, for every 10 properties that an investor owns, they have 9 of them, or 90%, rented out? http://www.mortgagenewsdaily.com/11022010_q3_homeownership_and_vacancy.asp [link] [comments] |
| Posted: 23 Feb 2021 05:53 PM PST I'm planning on loaning money from a C Corp to an LLC in order to purchase a rental property under the LLC. I was wondering how a new LLC rental business qualifies for a mortgage. If I put a large amount down like 50-80% is it possible to get a loan without previous income history under the LLC? Or do I basically just need to buy a place outright until it's income qualifies itself to take equity out? If this is the case, is there a general time frame that I need to rent the property out for until the LLC would qualify- Like would the bank be okay seeing a single year of rental income or do they need more? Note: People often say to get a loan personally and then transfer it to the LLC. This isn't really an option for me I don't think because I don't take a salary so I'm only talking about business loans. [link] [comments] |
| Drawbacks of buying a investment property vs primarily home as 1st property? Posted: 23 Feb 2021 09:54 AM PST Im in one of those markets that cash flow is very very hard to get so im thinking maybe a investment rental next state over philly 2 hr drive away as my 1st. Trying to cocr for 10% with 20% down, if its duplex. Any drawbacks of rental 1st vs primarily? [link] [comments] |
| First-time buyer, don't know how to go about it? Posted: 23 Feb 2021 09:13 PM PST I have never made any real-estate investments yet and I've been looking into finally getting going on this venture. I have my own business and have a good income, although I live in the Los Angeles area and I'm sure a lot of you are very well aware of the ridiculous prices here. I'm bent between what exact type of property to allocate my funds to that would be the most productive use of my money. I've had a few ideas and would like to get some thoughts. First idea I had was that I was looking into getting a property in Palm Springs and renting it out as a vacation rental as I've heard good things about that and that it is a pretty lucrative way of paying off the house fairly quickly and even having a spot to go to every now and then when I want to unwind. The next idea that I'm caught between is if instead of the vacation rental idea; to just buy an apartment/condo or maybe even a house and rent that out instead here in Los Angeles. The main obstacle between the two that I see is that the property investment in Los Angeles can potentially be used as a home as it's around where my family is staying and it's really where I want to be, and in the meantime; I can just rent out the property to someone else as I still have another place to stay. The only negative thing about it is that the value of my money doesn't go a long way in terms of the quality of real estate I can purchase here in Los Angeles. In Palm Springs I'm optimistic about it because I feel like I'm not being robbed for the money I'm spending there and feel like it's a good property investment to start out with.; but long term wise; I really don't see myself living there if I ever really wanted to. All in all I probably didn't give enough information for anyone to help me discern the good and bad between both "ventures" I have in mind, but I'd love to get some input from anyone more experienced. [link] [comments] |
| Posted: 23 Feb 2021 08:56 PM PST I've historically taken on a 50/50 partner for multi fam resi buildings I own. I typically had to because I couldn't afford it but have regretted it as it's hard to get compensated for the lions share of the work I do in addition to the properties performing quite well. (Eg giving up profit) I'm looking at a new property that will clean me out financially but I think its a great deal - but taking on a partner is safer. Not sure what to do. Looking for advice and words of wisdom / experience on this. [link] [comments] |
| Posted: 23 Feb 2021 05:09 PM PST Hey guys! New to REI and this is my first post. I was planning on purchasing a Turnkey property through Ohio Cashflow. Has anyone had any experience with them and anything that I should look out for? Thanks in advance for the help! [link] [comments] |
| Clarification on Appraisals, Property Taxes, and Loans Posted: 23 Feb 2021 07:31 PM PST Can someone explain to a newbie investor the following: When you're looking at a subject property and you review previous years' "assessed values" to determine a property tax amount (ie. 2% of the assessed value), does "assessed value" mean the appraised value? My concern is that purchasing a rental property could trigger a big property tax hike when the lender asks for an appraisal (in a hot market, for example). Specifically asking about MFR. Anywhere from duplex to 5+ units. Not sure if they're different from an appraisal standpoint. [link] [comments] |
| Seeking advice: HOA troubles in the Midwest Posted: 23 Feb 2021 11:48 AM PST Tldr: What is the best option to deal with a condo with recurring HOA issues returning ~4%? I'm a relatively new investor with a condo paid in full. Here are the numbers:
Here's the situation: I've had the property for 2.5 years. In the last 2 summers, the roof has leaked when there's heavy rain (first floor unit). In both years, HOA has said it's fixed and charged assessments. The communication in both instances were poor with vague resolution and spotty response time. Obviously, the fix didn't work the first time and I have doubts that it was fixed properly last year - the budget for 2021 had a line item for roof leak. Recently, the front lock has failed. It's been one month now since I first brought it up to them and each time I called, there's an excuse. More recently, they've just told me they'll call back with updates but never do. I asked for dates but they couldn't provide one. I've seen the income/expense disclosure from the HOA for last year and it looks like they ran out of money. My speculation is that they are delaying work due to that, but even if that speculation is true, I'm disappointed in the lack of transparent communication. I'm not sure if I'm expecting too much out of the HOA for what I'm paying, but it's frustrating to not be given straight answers. I've been suggested to sell the unit last year when I faced the roof leakage issue. The rationale behind the suggestion was the low annual return. The lease ends next February, the tenant and I had frustrating moments, but over all, they have been understanding and seems to want to continue leasing. My questions are: 1. Given the numbers, the current market, the current lease, and the cost of time and frustration with the HOA, should I keep the unit?
Thanks for reading this long post and any advice/thoughts. [link] [comments] |
| MN native considering investment property in South Florida Posted: 23 Feb 2021 12:30 PM PST I'm considering investing in either a house or condo anywhere from Miami to Cocoa Beach. It's probably not in budget but I want to weigh my options. I live in MN and have a good job up here-it allows me to work virtually so I could shop around in person but I couldn't manage the property myself. I'd be in the 100k-200k price range. Zillow doesn't list HOA fees often and I'm sure they can get really spendy. How feasible is it to purchase a place with the intent of renting it out most of the time and living in it for 1-2 months in the winter? What are the pros and cons? After closing costs would I be losing money long term? I know along the coast in South Florida isn't cheap like Orlando. This would ideally turn into a second home at some point. Any experiences are appreciated. [link] [comments] |
| Posted: 23 Feb 2021 03:06 PM PST I am buying my first rental, duplex, the appraisal came in today 30k under the agreed upon price ( 77k vs 105k) . It is largely based on a comp across the street. The lender says the appraisal won't change, the agent says it doesn't account for the recent real estate boon (it is nothing like the rest of the country). Any advice on how much over the appraisal I should consider going? [link] [comments] |
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