Real Estate Investing: Where did people live during the ‘08/‘09 crash? |
- Where did people live during the ‘08/‘09 crash?
- Should I do a cash out refinance on my duplex?
- Dumb question, but where are people finding off-market deals?
- Payoff main residence or vacation rental first?
- Getting discouraged. Feeling like I'm in a slump after hitting 100k.
- Is FHA 3.5 down always a no brainer?
- Trying to find tax knowledge and stuff
- Long game: buying all the shares in a coop over time
- Convince Me Not to Invest in Austin (Aka. Scrub My Investment Thesis)
- Permit For Maintenance Repairs
- Investors in CT how realistic is my search criteria based on my budget and what i can expect to possibly find?
- HELP! $190k Townhome, 15% Down, 3.5 IR and $1500 Rent - Good Deal?
- Advice on rental property refinance quote
- Looking for a CPA in Atlanta and someone mentioned taxhive.com. anyone used them before?
- Had anyone used lease to own to build their portfolio?
- Branding my rentals
- Buying First Home
- Property keeps flooding. Should I sell it?
- Just starting
- Ky Broker
- DTI Lenders that factor in rent
- Investors, how much should they get?
- Is there any benefit to the SELLER to sell off market?
- [QUESTION] 300k Cash. VA loan + First investment property
| Where did people live during the ‘08/‘09 crash? Posted: 04 Feb 2021 09:52 AM PST I was a basically a child back when the market took the big hit. But thinking about it today, I was wondering where did people actually live during this recession? You would think that the foreclosures on peoples' owner/occupy would force people to rent, but if they didn't have jobs, then I guess they couldn't pay for the rent? Were all these people just moving back in with family or roommates? I guess knowledge is power and knowing what the fallout of a crashed RE market actually looked like could be useful information. [link] [comments] |
| Should I do a cash out refinance on my duplex? Posted: 04 Feb 2021 09:08 PM PST I have a duplex worth $310,000 in which I owe $158,000. I originally bought it 5 years ago using an FHA loan with MHP. The total payment is $1200 and total rent are $2000 (but under market. Can easily increase. Have good long term tenants). If I do a cash-out refinance, closing costs would be about $10K (rolled into loan), but I would get $50K out in cash at the end of the day. My total payment would only increase $40 total to $1240... so virtually the same. Obviously my mortgage would be bigger and it would reset the 30 years to pay off the loan. I already have a $40K Heloc on this exact property (zero balance), but was thinking a cash out REFI, would be better, as it is cold hard cash. The new refi rate is 3.625% My goal is to buy more long-term rentals. Is it dumb to do a cash out refi on this house in which I have an existing $40K HELOC I could use? Or is it a solid decision? [link] [comments] |
| Dumb question, but where are people finding off-market deals? Posted: 04 Feb 2021 07:02 PM PST I check MLS and have email notifications for home sales in my desired zipcodes and check it daily. I jog through my neighborhood weekly, yet in past 6 months there have been a few home sales WAY underpriced, now obviously flipped for double value in my own neighborhood! I can't figure out how these people find and buy these homes. They aren't listed. I got the money, just can't find the deals. I assume I need to try to connect with wholesalers or just generally network better? Any advice? There is a house no one lives in a few houses down from me. I have never seen anyone there, but someone collects the mail. I've written two letters to them expressing interest. I will be devastated if a flipper buys it and I don't get the chance (I actually wanna live there). [link] [comments] |
| Payoff main residence or vacation rental first? Posted: 04 Feb 2021 08:01 PM PST I know this question could be a bit different for different scenarios. But in general, is it better to pay off your main residence mortgage or your vacation rental mortgage first? Any comments or suggestions are welcome. Good and bad. 😀😂😀 [link] [comments] |
| Getting discouraged. Feeling like I'm in a slump after hitting 100k. Posted: 04 Feb 2021 04:13 PM PST Hi all, I appreciate this sub quite a bit as I love to glean information and gain perspective from those of you who share your knowledge and your stories. So thanks in advance for reading this. Here's where I'm at. I'm almost 28. I live in a HCOL area that has a market that exploded during COVID. People move to my city from California so they can retire and work remote... and they'll pay anything. I bought a 3b2b house in 2017 for 285k. We used a VA loan and put no money down; for us it was cheaper than renting. We put in probably 15k in material and hundreds of hours of sweat equity into the house during the two years we lived there. In December 2019, we moved into another house we bought, again with no money down. We kept the first house as a rental. We pay 1600/mo on our rental and we rent it for 1950. We have had a decent experience with our tenants, but one thing I've learned is that I don't want to be a landlord. Definitely would go through property management next time. Anyways, the rental house is appraising for around $410k now. Like I said, covid blew my city's market up and houses have been selling for 30k over asking with cash offers. It's been nuts here. Our lease with the tenants is up at the end of June and my current plan is to sell the house. We should get a decent chunk of cash when we sell and I'm mostly interested in figuring out what to do to maximize that money. I work full time and my wife works on call; together we pull in around 7-8k per month after taxes. In June 2020, I was really excited about a lot in my city. I was going to develop it into 3 lots, build houses, and rent them out or sell them individually or to an investor. It was pretty promising and I spent a ton of time on it. Relationships with potential investors, banks, lawyers, started forming an LLC, meeting with excavators and builders, it was a whole thing. I really enjoyed it and based on initial comps it was looking like I could likely get a decent profit out of it. We ran into some problems though with the city not wanting to build what would work there and then we learned the sewer line was so deep it would be a month-long, 100k effort to tap into it. So the idea died pretty hard. That bummed me out but I chalked it up to a learning experience and moved on. I also concluded that I wouldn't really do anything until I sold our rental because when I did I would have ~100k in loose capital to work with. Recently another lot popped up that was for sale. Zoning was right, size was right, location was right, utilities already there. My wife and I got really excited about the idea of buying it and developing it for food trucks to rent spaces on (big thing around here but none in the nearby area). However, when I called the owner of the lot he told me right away he didn't want to sell it to a guy who wanted to rent it for food trucks. He kept saying "This is a 10 million dollar project" and said he wanted someone to buy it who intended to build retail / apartments mixed. He also told me that he bought that lot 50 years ago when he was 25 and he has held it all this time. I researched the guy and learned he is a multi-millionaire who owns insane properties in my city and has a road named after his family and stuff. His family helped settle this town kinda thing. Anyways. Those are a few examples but there's been more. I'm feeling a little down because I keep having ideas that fall through. I'm proud of our rental and I'm confident in investing in my family's future through real estate. But I am feeling beat up by roadblocks and people who are 1000x richer than me beating me to the punch. If we get 100k for the rental when we sell... I don't even know what to do with it. I don't really want to go out of state, but 100k won't do much in my HCOL area where no houses are selling less than 350k. I don't really want to keep the rental house but maybe I should and just pay it down? I am eligible to raise the rent too, but probably not enough to add the cost of a property manager at this point. I think learning about myself I'm realizing I would enjoy the development side of things. I'd like to take land and then build it into something and then sell. But it seems like you need to be a bajillionaire to get started on that or you had to get land from your great grand-pappy pioneer Joe who moved here in the 1800's. I am familiar with the idea that the first 100k is hardest. But I also feel like now that I got here, how do I keep going? I should note that I recognize I have very little experience. Just because I got lucky with my house doesn't make me experienced and I'm not pretending that it does. We purposefully moved here and bought a house in this city with the intent to rent it and earn the appreciation and I am proud of that action, but it wasn't special. Anyways. I guess if I had a question it would be this. How did you make your way out of slumps and over hurdles? Did you shift from one type of investing or strategy to another? After you hit 100k, what did you do to keep the momentum? Any recommendations for me? Thank you so much for your time. [link] [comments] |
| Is FHA 3.5 down always a no brainer? Posted: 04 Feb 2021 09:08 AM PST I have enough capital for 20% down on a home but I also have the option for FHA 3.5 down. Is one more preferable to the other? This is going to be my first purchase and I am planning on living in it for a few years before I buying my "real" house and converting this into a rental. [link] [comments] |
| Trying to find tax knowledge and stuff Posted: 04 Feb 2021 04:10 PM PST Hey everyone just bought my first house. I'm currently living in it but plan on raising another down payment in a year or two and hoping over and renting out the house I have now. In this time I want to get as much knowledge of certain things like whether or not I just create an LLC or S Corp to buy houses through? Should I have my own house in one of those? Questions like that. So does anyone have some good sources or books where to learn these things. I read Rich Dad, Poor Dad and now realize I've never even thought about taxes as an expense so I'm just trying to get my mind prepared for when I do jump to the next house. Also is it to early to meet with an accountant? [link] [comments] |
| Long game: buying all the shares in a coop over time Posted: 04 Feb 2021 08:41 PM PST I have the opportunity to purchase 2 adjacent one-bedroom apartments in an iconic New York City building. The building is a 6-stories, consisting of 24-units one-bedroom units and is organized as a coop—so essentially the deal is to purchase 1/12th shares in the coop. I would be purchasing these two units to combine and occupy as my primary residence; however the individual apartments in the building change hands fairly often as pied-a-terre residences. I believe that NYC (Manhattan specifically) is fundamentally changing and that there is opportunity in developing a building to consist of larger units. I am trying to wrap my head around a long-term investment in a building in which I personally occupy. Is there a world where it could make sense for me to first buy and combine these two units to personally occupy as my primary residence, while picking off every other unit that goes up for sale? How would I begin to think about a business plan here. Remember I'd be in this for the long haul... like forever. Any advice, past stories, or general cautionary tales greatly appreciated. Oh also interested in tax benefits for high income earners. [link] [comments] |
| Convince Me Not to Invest in Austin (Aka. Scrub My Investment Thesis) Posted: 04 Feb 2021 09:36 AM PST Quick Background I'm a first time investor that fell in love with Austin, ironically, by getting quarantined there for 1/2 of 2020. I was well aware of the growth over the past 10 years, but when Joe Rogan + the entire LA comedy scene, Oracle, Tesla, etc., came on board, I understood that it was a rocketship that I wanted to be be on. Frankly, it strikes me as the most significant migration I've witnessed in my adult life, reminiscent of the Bay Area and even NYC in the the 2.5 decades prior (before I had an income to participate in them :) ) In particular, I think that the migration of both business and culture will result in a very sticky mix that may even exceed projected population growth numbers, which are already on track to double over the next 20 years. Capital Originally, I was going to invest alone, but I've since joined forces with 2 friends. Together, we're prepared to deploy ~$300k and have discussed raising silent money if the deal(s) justify it. We would certainly prefer to see cashflow, but are fine breaking even for 1-2 years in exchange for what we expect to be obscene growth - 30-40% over the next few years by most accounts. None of us need the money back too soon and are looking for the highest growth, lowest risk move with our cash. We're looking for a primarily financial deal and want to avoid heavy renovation projects as much as possible. Potential Theses I once met a REIT billionaire who told me "the #1 thing I look for is is limited supply and for demand to keep going up." He pointed to things like the Magnificent Mile in Chicago, Abbot Kinney in Venice, CA, Bedford Ave, Brooklyn, etc. My first investment thesis was this idea squared.
Thesis #2 was intro'd to me via YouTube
A 3rd, hybrid thesis would be something like
Questions
If you've gotten this far, huge, huge, huge thanks in advance. I've mentored a lot of people in areas of business that I actually understand and have produced results in. This isn't one of them. I appreciate any time you spend sharing your hard-earned wisdom with me. [link] [comments] |
| Permit For Maintenance Repairs Posted: 04 Feb 2021 07:15 PM PST Multifamily Owners: I have an 80+ unit with an on-site property manager and an on-site maintenance staff. The property is 30 years old. I recently purchased it at the tail end of last year, and since my takeover, the Code Enforcement for the city has been out and cited me, stating that I have to pull permits to do the below work, that has historically been handled by the on-site staff: -Unit turns, interior paint, flooring, new plumbing fixtures, new lighting fixtures They gave us a citation because our on-site staff had repainted one of the buildings and the inspector and the director have been pretty stern with me that their bylaws are clear, it doesn't matter if you have a crew or not, this is the work of a licensed GC and a permit must be pulled. This seems absolutely absurd to me! How do I get around this? [link] [comments] |
| Posted: 04 Feb 2021 03:28 PM PST Target areas/towns: Windsor, Enfield, Manchester (I reside here now), South Windsor, East Hartford, Bristol, Bloomfield Max price range: $115K Investment goals: buy and hold, flip, brrr : Buy and Hold. BRRR Type of property? Multi 2-4 units? single family? : Single Family (2br/1bth) & Multi 2 units; No Condos or Townhouses (Don't Want to Pay HOA fees) Are you pre qualified? how will you be financing the deal? I am pre qualified. Conventional Fannie Mae loan All in I have about $20k set aside for down payment and another $5k-10K for unforeseen things [link] [comments] |
| HELP! $190k Townhome, 15% Down, 3.5 IR and $1500 Rent - Good Deal? Posted: 04 Feb 2021 06:21 PM PST Seller agreed to my order but now I'm second guessing the offer. Is this truly a decent/good deal? Purchase: $190k HOA: none Insurance: $90 City and County Taxes Total: $2000k (high end) 15% down 3.5% interest rate Mortgage with Escrow: $1050 New roof, appliances, not sure about water heater Rent (lease until 2023): $1500 Solid tenant (just one adult, no kids or dogs) who travels 80% of the time [link] [comments] |
| Advice on rental property refinance quote Posted: 04 Feb 2021 01:04 PM PST Hello! Me and my wife are looking to refinance (no cash out) on our rental property. Her credit score is coming back at 770+ and mine only 712 (even though it shows 770+ in credit karma and my banks). I have gotten a quote from both Amerisave and Allegiance. Allegiance has provided a quote based on me being on the loan but it may be possible to have my wife be on the loan solo and get .25% lower. The rate from Allegiance is higher than amerisave, but has no cash to close and we have the option of buying down if we want. What option would make the most sense? We don't mind dropping cash in if it makes sense long term. Current Loan from August 2017: Current Loan Amount: $242,000 Original Purchase Price: $270,000 Current Home Value: ~$330,000 Original Loan Rate: 4.5% Principal: $390 Interest: $908 Escrow: $447 Monthly PMI Disbursement is $230 Total Monthly Payment: $1746 Amerisave: Refi Loan Amount: $247,343 New interest rate: 3.0% APR: 3.215% Principal & Interest: $1,042,81 Mortgage Insurance: $0 Estiamted Escrow: $190 Estimated Total Monthly Payment: $1233 Origination Charges: $5704 (2.104% points, $500 Process Fee) Services I cannot shop for: $652 (Appraisal, Credit Report, Flood Cert, Tax Services) Services I can shop for: $980 (Closing Protection Letter, Lender's Title Insurance, Settlement Agent Fee) Prepaids: $468 Initial Escrow Payment at Closing: $1140 Total Closing Costs: $8,986 Estimated Cash to Close: $3,986 Allegiance: Refi Loan Amount: $246,000 New interest rate: 3.625% APR: 3.656% Principal & Interest: $1,1,21.89 Mortgage Insurance: $0 Estiamted Escrow: $218 Estimated Total Monthly Payment: $1340 Origination Charges: $689 (0.28% of Loan Amount (Points)) Services I cannot shop for: $625 (Appraisal, Credit Report) Services I can shop for: $1284 (Closing Protection Letter, Lender's Title Insurance, Notary) Prepaids: $$173 Taxes: $84 Initial Escrow Payment at Closing: $872 Total Closing Costs: $3,727 Estimated Cash to Close: $ -$273 [link] [comments] |
| Looking for a CPA in Atlanta and someone mentioned taxhive.com. anyone used them before? Posted: 04 Feb 2021 11:25 AM PST Looking for CPA who is real estate investor friendly and someone mentioned taxhive.com. has anyone used this company. They guarantee 10k savings according to their website... [link] [comments] |
| Had anyone used lease to own to build their portfolio? Posted: 04 Feb 2021 01:24 PM PST I'm in the situation where I would like to add more properties to my portfolio, but I don't exactly have the cash for traditional financing (like nobody else in the world... of course). My dad has a few single family homes that he wants to offload to me when I can feasibly handle it. I want it to be a good deal for both of us. I'm curious if anyone has experience using lease to own to build their portfolio and how you presented and structured that deal. [link] [comments] |
| Posted: 04 Feb 2021 09:17 AM PST Currently up to 25 rentals and goal is 100 in the next five years. I want to brand my rentals somehow so that they are recognizable in the city. Maybe a metal plack or a certain door color. Thoughts? [link] [comments] |
| Posted: 04 Feb 2021 08:14 PM PST I've been told that there are many advantages when getting a first home mortgage (<5% down the one I'm most interested in). What would happen if I purchase an investment property under an LLC that I have a stake in before buying my first home? Would I still be eligible for the advantages of a "first home" mortgage? [link] [comments] |
| Property keeps flooding. Should I sell it? Posted: 04 Feb 2021 10:52 AM PST I have a SFH in Indianapolis I bought in 2016 that has decent stats on paper:
But the basement has flooded 3 times in the 5 years I've owned it:
Am I an idiot for continuing to hold this property? What would you do? [link] [comments] |
| Posted: 04 Feb 2021 03:25 PM PST Hey guys, im just starting in Real Estate what do you think my first move should be? Many people say to get a loan from the bank to buy my first house. Would be open to any suggestions and advice. Id appreciate it. [link] [comments] |
| Posted: 04 Feb 2021 07:00 PM PST Im going to start working on obtaining my KY license as an agent with the long term goal of becoming a broker to start a brokerage, further down the line starting a 3rd party PM business in our area. What are the steps to becoming a broker? I understand you have to be an agent and then hold the license for 2 years before you take a brokers test correct? [link] [comments] |
| DTI Lenders that factor in rent Posted: 04 Feb 2021 06:37 PM PST I am looking at purchasing a 15 unit property. Asking is 700k. Average rent in the area is around $1150. The 20% down would be out of my range. Our annual is 170k, with a DTI of 23. This would be our second investment property. The first is a single family with about 50% of mortgage paid. Do lenders typically factor in the potential income of the property in determining approval? [link] [comments] |
| Investors, how much should they get? Posted: 04 Feb 2021 06:29 PM PST Looking to do my first flip. I have a few investors who have the cash needed to help. Question is, how do I pay them? Percentage of the profit? A preferred return of x percentage (of what they invested) regardless of the profit? I'm a realtor, will be doing the leg work & handling the on-site renovation etc. Would love to hear how you all pay investors. [link] [comments] |
| Is there any benefit to the SELLER to sell off market? Posted: 04 Feb 2021 09:13 AM PST I always hear about the "off market deal" being a gold standard for a real estate investor...but that's for purchasing. Is there any reason (other than saving on real estate agent fees) that a seller would want to sell off market? Context: I'm a third owner of a 6-plex that is becoming a hassle to manage. We're considering a sale. One of the other partners is of the mindset that "Getting an agent is a terrible idea because of the seller fees". He thinks it better to sell off-market and without an agent. Seems to me like the best way to fetch top dollar is to list with an agent and see what the market thinks. What are your thoughts? [link] [comments] |
| [QUESTION] 300k Cash. VA loan + First investment property Posted: 04 Feb 2021 04:30 PM PST I have 300k in liquid assets. How should I approach real estate investing? Between myself and my sibling, we both have the VA loan and would love to get into real-estate. Any direction would be greatly appreciated. [link] [comments] |
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