Real Estate Investing: Blatant Self-Promotion Thread: March 14, 2021 |
- Blatant Self-Promotion Thread: March 14, 2021
- Pay off mortgage early or let tenants pay it off for me?
- Is timing the real estate market the same as the stock market?
- How important is the age of a house?
- Is it possible to get into Real Estate while serving active duty in the military?
- I finally have my first investment property under contract!
- Can you get another mortgage as a primary residence if you already have one?
- Construction Loan DTI Issues
- When making an offer, should I use a lower $ pre-approval letter? and how do I assess room to negotiate price?
- Take the plunge?
- Cheap properties in Small Town America
- Virtual Estate Investments
- Renting with an FHA loan?
- LLC on H1B
- To buy or not to buy!
- Waiting for the market to cool down?? Am I thinking about this correctly?
- First time buyer/ Section 8
- Understanding Public data
- Got some money need help.
- Whats the catch with having multiple mortgages?
- How do real estate developers make money?
- What is the catch?
- Stuck between real estate license or home inspector license
- Rule of thumb for SFH renovations?
- Recommendations On How to Contact Actual Real Estate Investors in My Area (for networking)
| Blatant Self-Promotion Thread: March 14, 2021 Posted: 14 Mar 2021 12:00 AM PST Monthly Blatant Self-Promotion Thread (Within Reason)Welcome to this monthly series. This post will repeat monthly, on the 14th of every month. This is your opportunity to promote a blog you run, a YouTube Channel, real estate related business, or additional content that otherwise may be removed from the sub. This thread will be lightly moderated and the Mods do not endorse or condone any information found on content linked within this thread. Perform your due diligence. Caveat emptor! Rules
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| Pay off mortgage early or let tenants pay it off for me? Posted: 13 Mar 2021 02:20 PM PST Hey, I have two rentals. Each are at about $200k in market value. Each has about $125k left in the mortgage, which is for another 14 years. Interest rates are about 4.25% for a both. Payments are ~$1,500/month (?). Rents are also about ~$1,500/month. Should I place more capital into the properties and pay off the mortgage sooner; or, should I just perform maintenance and let the tenants pay off the mortgage for me? And why? [link] [comments] |
| Is timing the real estate market the same as the stock market? Posted: 13 Mar 2021 02:22 PM PST Earlier I asked about home age and got some great responses so I've got a follow up since you all are so resourceful. I'm planning on buying a house towards the end of the year in Birmingham, AL. It's an up and coming city that I really think is going to thrive once things get back to normal. My question is regarding the recent surge in home prices since the pandemic. I know it's been a seller's market for several years now but this latest frenzy seems detached from reality. When investing in stocks, long-term, you aren't as concerned about local highs and lows because with a well diversified portfolio the value will increase over time(10-30 yrs). This does not seem to necessarily be the case with real estate. Meaning lots of homes are still just now reaching/exceeding their values at the peak of 2008. As a seasoned real estate investor, are you still buying in this market? Is it actually possible to not have a price correction in the next five years? Is there any difference between trying to time the stock market vs the real estate market? I realize there's a lot of local market variance but I'm thinking there are some general trends that would apply. [link] [comments] |
| How important is the age of a house? Posted: 13 Mar 2021 06:40 AM PST I'm looking to purchase my first house with the intent to live in it short-term and then rent out after a couple years. In the area where I'm looking I can get a new/new-ish home for $220k-$250k about a 20 min drive from downtown proper. A similar size home downtown that is much older (1920-1960) would cost around the same, maybe a little more, and would be completely remodeled. I personally don't love the frame and look of the old houses but I'm trying to think of it from an investor point of view. In general, does it matter? This is a growing city and I'm planning on holding long-term. [link] [comments] |
| Is it possible to get into Real Estate while serving active duty in the military? Posted: 13 Mar 2021 03:08 PM PST Hey guys, new to this sub. I'm pretty young (19) and I've always had the desire to have financial freedom and be prosperous throughout my life. I had a calling to serve so I signed for 6 years to have the experience and receive education benefits. I've been looking a lot into Real Estate and it appeals to me because it seems like a very effective way to make passive income and increase your portfolio dramatically. However, I've also read that it's a lot of work which I'm totally up for but my job could interfere with it for obvious reasons. I know you don't need a lot of money to get started in it, I don't have much. I have about $5,500 in my bank account right now, I have another $1,400 coming this week and a $7,500 bonus that I'll be getting pretty soon. I obviously can't invest all of that at once but would really like to pursue this. My question would be is it plausible to do Real Estate in the military? [link] [comments] |
| I finally have my first investment property under contract! Posted: 13 Mar 2021 08:54 PM PST Now what? It closes in three months (their condition), and I'm going crazy with anticipation. How can I calm down and wait? I'm already eager to purchase the next one! [link] [comments] |
| Can you get another mortgage as a primary residence if you already have one? Posted: 13 Mar 2021 08:28 PM PST No real change in work / family situation, so not sure what is the process to get another mortgage? Do I need to convert the mortgage I got less than 6 months ago to an investment property mortgage if I move out? [link] [comments] |
| Posted: 13 Mar 2021 07:17 PM PST TL;DR - If my partner and I move out of each of our mortgaged houses, into an apartment, and then rent out our individual houses at enough to cover 125% of our PITIA, will construction UWing guidelines allow that? Without including the rent of the apartment we'd be moving into? ---- I am a conventional loan underwriter, so I know the lingo and guidelines for those. I do not know specifics of construction loans. In a normal purchase scenario, if someone only lives in an apartment, that rent is not counted against their DTI. If a person is in a currently mortgaged home, and plans to keep it and rent it after buying another home, we can use 75% of the rental earned based on a signed lease. If a borrower was buying a home, and then had a signed lease on the current home, but their new purchase fell through and they wanted to keep the lease, they could move into an apartment while they look for a home, and the above would still apply; 75% rental income and not counting apartment rent against them. Can the same be said in a construction loan situation? We want to keep both of our homes and use them as rentals once construction is done, but our DTI cannot support three house payments. It can support two, but we'd rather wash the payments of our current two houses out with rent, and get a cheap rental to live in while we pay the construction loan payments. [link] [comments] |
| Posted: 14 Mar 2021 01:47 AM PST Newbie here. BUying for the first time. Like a house I saw but wanted to see if someone more experienced can comment on these questions: 1) Does having a pre-approval letter with lower $ amount help in negotiations? For example if seller is asking for $500k, would a bid with $470k and a pre-approval of $480k help me negotiate lower or will the seller just not bother responding? 2) What is the best way to gauge how much negotiation room is there in terms of pricing? Can my agent help assess that or are RE agents not very useful for that? Appreciate the help. [link] [comments] |
| Posted: 14 Mar 2021 01:42 AM PST Looking to purchase my Grandparents single family house and rent it out. It is a 4 bedroom with 1 bath, around 1200 sq ft. The house would be purchased for 150k, and its worth about 180k. With mortgage and taxes, monthly mortgage payment is approximately $1050. 30 years, 3.5% with 15% down. The house was built in 1955, has a good size driveway and a fenced backyard. The house is a little dated and think with the bathroom update(old), fresh, paint, and other touch-ups, it could rent for 1500-1600. Guess the real question is, sound worth it? The house is located in upstate NY. [link] [comments] |
| Cheap properties in Small Town America Posted: 13 Mar 2021 09:01 PM PST I am from a small town, population of 15,000 in Illinois. Currently living in Los Angeles and likely to stay long term. I've been in poverty for my entire life, it's a generational thing. I refuse to stay in poverty. I want to break through this mold by buying cheap properties to create passive income. In Illinois, a certain area, an apartment can be bought for $10,000-15,000 and rented out for $450-550 depending on location and size. I see this as a solid investment as it pays itself off fairly quick. But alas it's 2,000 miles away. I've been looking on craigslist and other websites for properties such as what I've seen only to realize the listed properties are likely high because they're trying to get highest value. What do you recommend I do to find a small town with cheap properties to turn into rentals? Other advices not related to the question are welcome too! [link] [comments] |
| Posted: 13 Mar 2021 11:34 PM PST There are places out there that allow you to invest in virtual properties. This is typically part of a game. For example Decetraland allows you to develop and buy or sell properties as a gaming platform, at the same time they have a real crypto currency that you can trade for cash and buy properties or simply invest in it, called MANA.[Decentraland](www.decentraland.com) Any thoughts about the future of vREI? A developer could develop a property in this system and flip it for $$$ or MANA [link] [comments] |
| Posted: 13 Mar 2021 04:55 PM PST Hey Reddit, I had some questions about renting with an FHA loan. If you get an FHA loan are you allowed to rent the other rooms in the house out while you later be there for the required year? Also, are you allowed to rent the house out completely after you have lived their for a year? Sorry for the rudimentary question, but I was just curious. [link] [comments] |
| Posted: 13 Mar 2021 10:42 PM PST I am on work visa and have few rental properties. I want to move them under an LLC to separate them from my personal liability. I am told on H1B(work visa) I am not allowed to be create LLC. my only opt is to create CCorp and to my und it doesn't provide liability protection and has double taxation. Can someone suggest an option for me? I have two requirements: 1) separate rental liability from personal liability 2) want to start partnership with someone else in an LLC for a rental business [link] [comments] |
| Posted: 13 Mar 2021 01:19 PM PST So basically there is a cheap house going for around $70k. 1 bedroom 1 bath has a basement. Wondering if it would make a good rental place or not. I would not live in it ever, due to a big family. But I was wondering if I could scoop it up and register it as an LLC to get a foot in the door for Real Estate investing. Any input would be great! [link] [comments] |
| Waiting for the market to cool down?? Am I thinking about this correctly? Posted: 13 Mar 2021 09:57 PM PST I've been looking for my first property specifically for vacation rentals. I'm looking in three markets in three states. I'm finding that each is very competitive and houses are going for way over ask with multiple offers. I'm told all three have low inventory, and I'm learning this is playing out all over. I'm considering waiting for the market to cool off and get less competition. But baring a housing crash, prices aren't going to get cheaper they will just get less competitive and few biding wars with more inventory right? [link] [comments] |
| Posted: 13 Mar 2021 08:54 PM PST So I have a couple questions as I am new to real estate, just getting out of college and I have some good money saved up, plus I just got a nice size tax return and the stimulus. I'm currently looking at a home in my city that the owner says is section 8. I know that scares a lot of people as there are big potential downsides but he has told me he has a woman who doesn't cause any problems signed for the next 5 years. I've heard that after I have HUD housing switch over the payments to me and they get it set up (might lose a month of payment) the monthly payments come like clockwork. Also the house is zoned as single family currently but there is a whole other unit downstairs that he never used and he wanted to rezone as a duplex but claims he just didn't get around to it. My questions are: -If I did buy this house and rezone for a duplex do both units have to be section 8 housing? -If I decide I don't want to do section 8 can I possibly end the current tenants lease? -I know I can use First time home buyers on a single family which I'm looking forward to, but will they allow me to rezone as a duplex if that is my Loan type or no? -What questions should I be asking the seller about the house and section 8 rules? -Are there any major reasons I shouldn't buy the home for any reasons, besides that it would be my first time? -I want the bank to appraise but the owner has numbers on how well the house has done over like 30 years and says he prefers not to get it appraised because they might say it's worth less than he believes.Is that a red flag or is that common with owners who know what an investment property is worth? [link] [comments] |
| Posted: 13 Mar 2021 04:38 PM PST Hi quick question, I'm trying to wrap my head around the renting market for SFH and town houses in the inland empire (SOCAL). When I look on zillow (I'm still a bit new), I always see renting listings with a very low number of "days listed", but a high number of "contacts" and "applications" to those properties. The problem is those SFH and townhouse are always listed at insanely high prices..... like $3,000 and $4,000... and often times i noticed the listing disappearing a week or two later... (probally leased out?) Some thing seems wrong to me.... Is the market actually moving that quickly? or is this website inflating numbers? [link] [comments] |
| Posted: 13 Mar 2021 07:56 PM PST I have $200k in saving, how do I buy multiple rental property to generate revenue with it? [link] [comments] |
| Whats the catch with having multiple mortgages? Posted: 13 Mar 2021 06:31 PM PST I love to plan (especially my future) so I in theory want to start buying rental properties each year. (at least 1 each year starting out, then buying as many that I can that are good deals later) I plan to be an engineer and to be married so we would be making a significant amount starting out of college (assuming we can find jobs). If we both pay off our student loans and car loans off and have an emergency fund first, then save as much as we can every month to afford down payments for the properties and assuming we cash flow in each property, what's the downside? I understand vacancy, repairs, and building equity are factors and I plan on having property managers so I won't have to dedicate most of my time on them. Is it just the fact you are in debt? But does that even matter if you cash flow? Or should I focus on paying off the mortgage first before buying the next one? [link] [comments] |
| How do real estate developers make money? Posted: 13 Mar 2021 09:54 AM PST I know this is probably a naive question, but I am very interested in RE development and have been thinking about this. Let's take two scenarios. RE developer buys land in the city, constructs a 4 unit residential project, spends money on construction, deals with city council, obtains permits, etc. When all is done, the development company rents units for $2,000 a month. RE investor buys a pre-existing 4 unit multi-family building in same urban area, performs cosmetic value-add renovations (fresh paint, new floors, cabinets, etc) and rents units for $2,000 a month, just like the developer. What is the incentive to develop new property from ground up? I have a feeling I'm missing something. [link] [comments] |
| Posted: 13 Mar 2021 03:42 PM PST I was thinking if you build a RV park 10 acres 100 lots. Assuming you make $100 in profit per unit (considering vacancies, taxes and fees) and the building costs $200,000. You are making $120,000 and you keep $20,000. The you pay 200% in interest over 4 years by year 4 you have it paid in full. 2 years later you build another bought without any loans. Now with $200,000 per year you wait 2 years to buy 2 more and make $400,000 per year. You repeat this until 16 years after the start and you are making a total of $6,400,000 per year. What is the catch to this and is it an in general smart idea. [link] [comments] |
| Stuck between real estate license or home inspector license Posted: 13 Mar 2021 09:50 AM PST I am stuck between these two and cannot decide, I have background in architectural engineering. I own two houses but planning on buying more. but want something quick to do on the side. [link] [comments] |
| Rule of thumb for SFH renovations? Posted: 13 Mar 2021 12:52 PM PST I have a townhome in a very desirous location in my city. It was a turnkey property give or take. I updated the kitchen floors and main bathroom floor, but haven't done much else to it since I know there's a good chance I can rent it out as is. Now, I was thinking about making this place ULTRA desirable, by doing a more thorough renovation. I'd say between 5 and 8k worth of renovations. I think I heard somewhere that throwing money into something that your tenants are going to trash - like renovations - is not the way to go. If my place is "rentable" (but not updated/modern-looking relative to other houses in the area) , should I forego the renovations and just rent it out as is? And for anyone who wants to know, here are the things I want to do to the place:
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| Recommendations On How to Contact Actual Real Estate Investors in My Area (for networking) Posted: 13 Mar 2021 12:30 PM PST I am looking to provide a dumpster rental service (for tenants leftover debris) for real estate investors in my area but google search is recommending companies that do not answer the phone or seem out of service. What are some good ways to get ahold of them in my area? [link] [comments] |
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