Real Estate Investing: Build My Own Triplex |
- Build My Own Triplex
- Would you buy and inherit a non paying tenant?
- Crowdfunded Real Estate - What Are Your Opinions or Observations?
- Do Real Estate Investors Often Have To Dispose of Trash and Other Household Debris Left Inside The Home???
- Leverage primary residence?
- Submerge yourself to Virtual Real Estate!
- (Possible) viewer left front door wide open after showing
- Best resource to learn about vacation rentals?
- Financing fell through for the first time. Help me understand.
- Condominium for sale but no Homeowners Association?
- Looking for a Mentor in Richmond, Virginia area
- Should I buy a House with polybutylene pipes?
- Impending eviction crisis? I do understand it will hurt people but on the scale of US economy, is really not a crisis? What am I missing?
- Tax Tips for a New Partnership
- Month to Month leases to fight Eviction Moratorium
- Cash out refi vs. Regular refi on Investment Property
- How do you confirm income/expenses from a commercial property?
- First tine real-estate investing under LLC with partner
- First time investor help
- If I make a lump sum payment on cozy, will my landlord get it all at once, or in disbursements based on that months rent?
- Anyone invest in real estate in Puerto Rico?
- Am I dumb for investing in real estate instead of bitcoin? I expect 40% growth in 5 years, bitcoin can be 400% or more
- Water heater replacement, and tax write offs.
| Posted: 12 Mar 2021 10:58 AM PST I currently own my home, my mortgage is $1300/month. I have built a Tiny House on the property that i rent out for $800 per month but because of Zoning laws in my city I cannot legally rent it out or claim the $800 as income. My goal is to buy 1-5 acres within 20 miles of my current home and build a modern triplex utilizing tinyhouse/minimalist layouts. think, pulling up to a 3 car garage with enough space to keep 2-3 sets of washer and dryers as well as the furnace/ac units, water heaters etc... above the garage would be a 3 bed 1.5 bath apartment. ..attached but behind the garage, would be a side by side duplex. The main floor would have an open small living room, dining, kitchen area with a half bath & stairs going up to the second floor. up there will have 3 small bedrooms, 1.5 bath and a living space (think kids' area) rooms fit a dresser, closet, window and bed, the living room would fit couch, tv, mini fridge, microwave, 2-3 desks for homework/gaming etc.. stairs going up utilizing the attic space (think lofted master suit) bedroom/office, walk in closet, master bath and a deck going outside. The idea would be to get the triplex/land built for a mortgage rate of around $1800 a month and be able to rent 2 units out for $1300 each for a total of $2600 a month. I would probably live in the 3rd unit and rent out my current home for $1500 a month. I would then move my tiny house to the triplex land so i could legally rent it out for $800 in theory I would live for free, plus make $1,800 a month Mortgage A $1300/month Mortgage B $1800/month Income unit A- $1300/month Income unit B- $1300/month Unit C live for free House number 1 rent for $1500/month Tiny house rent for $800/month My question is, how do I get started? I am thinking step one would be to hire an architect to design this? step two would be to find land that has zoning to allow this step three would be to take my plans and my zoning to a contractor and get a bid step four take the plans, zoning, contractors bid to a banker and secure funding any input would be appreciated [link] [comments] |
| Would you buy and inherit a non paying tenant? Posted: 12 Mar 2021 06:17 PM PST Currently in AR, and learned that the subject property (4 unit) in Jersey City will be delivered with 1 tenant. The seller mentioned the tenant is currently "M2M", rent is $1200 but on a verbal contract. I have learned that the tenant is 2-3 months behind. Plan was to buy, rehab, rent all units, and refinance. Then at some point (after the 5 yr mark) convert to condos and maximize the return (or just continue to hold) The big risk i see right now are eviction moratoriums and this tenant would mean longer hold and would push back construction time.. Would you move forward with this deal? What are things to consider to negotiate on to make this a better deal? [link] [comments] |
| Crowdfunded Real Estate - What Are Your Opinions or Observations? Posted: 12 Mar 2021 11:13 PM PST Do any of you have any informed opinions or observations of "crowdfunded" real estate?
Any of these or others. I am particularly interested in funds for non-accredited investors. I have experience with owning and renting out single family homes, townhouses, and condos. However, I do get tired of all the expense and effort that comes into managing properties. Even using property managers it can be annoying and frustrating. Is it possible to generate real cash flow with these funds? [link] [comments] |
| Posted: 12 Mar 2021 03:50 PM PST I am not investing in real estate just need to know because I have a dumpster rental business and need to see if contacting real estate investors in my area will be a good choice. We do not take construction debris (only household) [link] [comments] |
| Posted: 12 Mar 2021 07:10 PM PST Is it a bad idea to leverage my primary residence in order to purchase another rental property? My current residence is worth around $345,000 and I owe $212,000 on it. I could refi it and pull roughly $64,000 out assuming an 80% LTV. Would this be a good idea? [link] [comments] |
| Submerge yourself to Virtual Real Estate! Posted: 13 Mar 2021 12:20 AM PST |
| (Possible) viewer left front door wide open after showing Posted: 12 Mar 2021 11:39 PM PST I recently put a house up for rent. I am out of province and have put a motion sensor camera inside the property in a place where it would notify me of there was some sort of event such as a leak or people entering the property. It isn't meant to spy on people during showings, it barely has view of one corner of the house, it is just a precaution as I would have no other way of knowing right away if there is damage to the house. Well, one viewer of the house was obviously and extremely disrespectful right when coming into the house (they didn't see the camera at that point). They purposely knocked the camera to the side after seeing it. But thank goodness for that camera not having broken because I noticed that the lights hadn't been turned off late at night when there were no more showings, I had to bother someone late at night to go check on the house right away. From what I could gather from the camera, a family separate from the camera knocker went to view the place. When they exited, they left all of the lights and exhaust fans on. The front door was wide open. We would have gotten footage and been able to make sure whether or not it was a break in if the person before hadn't pushed over the camera. I have never heard of such a thing happen before. I am now hesitant to continue listing the house as I do not want things like this to happen again. What if they had left taps on? What if they had damaged walls or floors? Because of this experience, I am even less trusting of viewers and am more hesitant to accept offers because it would be extremely difficult to get rid of bad tenants. I just find it hard to believe people would treat someone else's home like this because I'm always extremely respectful during showings. Would it be unethical to post the name of the person who did this to the house online so other owners don't have to go through this like we did? Is it illegal for someone to knock over the security camera in my own property? I'm angry because if the camera wasn't knocked over, we would have had footage of the other people coming in and been able to confirm if it was a break in or a viewer. Is there anything I could do to prevent these things from happening to my house during a showing in the future? [link] [comments] |
| Best resource to learn about vacation rentals? Posted: 12 Mar 2021 10:05 AM PST What is the best resource for learning about vacation rental investments (like an Airbnb)? We currently own several other rental investment properties, but are intrigued by the vacation rental market as our next 1031 exchange. Any pros/cons on regular rentals versus vacation properties? [link] [comments] |
| Financing fell through for the first time. Help me understand. Posted: 12 Mar 2021 11:37 AM PST I have 3 SFHs and was trying to begin investing in multi family. I found a duplex in a large blue collar southern city, ran my numbers, and beat 2-3 other offers with a full price offer. Traditional mortgage financing. The market is super hot, I have been outbid twice with properties that sold over asking. With a full price offer of $148k + $40k in rehab, it should rent for $1000 per side. All goes smoothly, found serious foundation issues which the seller agreed to leave the costs to repair in escrow after the sale, and plan moved forward to close on the 18th. Yesterday I get a call from my lender saying their appraiser, who is "extremely experienced and familiar with the area", said he wasn't going to run a full appraisal and didn't want to charge for an appraisal because even running his preliminary comps, there was no way the duplex was worth more than $90k. Both the listing agent, my agent, and myself were floored. Through my time on this subreddit and my own research I was under the impression that the value of multi family property was built around the rents it generates. I mean, how am I supposed to determine the value of an investment except for my return on that investment? My lender stated the this was residential, comps were the primary way value is determined, and he trusts his appraiser in this situation. My agent and the listing agent both asked him to use an "investment model" of appraisal (this is a little over my head at this point), and the lender stated that "he didn't want to speak ill of anyone, but he has never seen that used for residential, and this is highly unusual. The listing agent sent the appraiser his own comps which the appraiser dismissed. I had my own rent analysis run for the area which showed a range of $550-$1300 per side for duplexes in this area. And in addition to living in this area for 3 1/2 years before moving in 2019 and being comfortable with what rents are, I feel confident in my rent projections. The lender also acknowledged looking at the purchase price, rents, etc, that it looks like a great investment. They just can't use cash flow to calculate value of a property. Obviously this has blown up the deal. This has been a LOT of work over the past month, and I'm feeling quite a bit of frustration with the situation. Anyone care to shed some light on this experience, or offer advice moving forward? Edit: I should add it currently rents for $750 per side [link] [comments] |
| Condominium for sale but no Homeowners Association? Posted: 12 Mar 2021 05:32 PM PST My realtor told me a condo I'm interested in, with HOA dues of $200 per month, is a collection of 3 units owned by one person. There's no resale certificate, no HOA, and "everything is done by verbal agreement". Huh? Can anyone explain this? [link] [comments] |
| Looking for a Mentor in Richmond, Virginia area Posted: 12 Mar 2021 09:48 AM PST Hey All, I have always been interested in real estate investing, specifically multi family homes. I have been doing a ton of research on bigger pockets .com and also have read a few books recently. I am looking for someone in the area that might be able to teach me a few things. I am very handy, I pretty much did everything in my house, and happy to work for you for free if needed, or since I am in IT I can build/update your website for free. Anyways , give a shout if you're interested would love to chat. [link] [comments] |
| Should I buy a House with polybutylene pipes? Posted: 12 Mar 2021 07:52 PM PST The pipes were found in inspection in some bathrooms of the house, built in 1973. How much would replacement cost usually? [link] [comments] |
| Posted: 12 Mar 2021 06:39 PM PST Impending eviction crisis? I do understand it will hurt people but on the scale of US economy, is really not a crisis? What am I missing? In the US, currently estimated with a few million families behind on rent. Even in the expensive state like California, the average is about 2% of household behind on rent with average amount of just $4500. That's barely $400 million for California's. Now scale that up at 2% of all households in entire US and say each household is behind by $20000, that will be an amount of $50 billion. Honestly, on scale of economy, $50 billion is practically peanuts. I mean take just Tesla for example, it gains and dropped well over $100 billion in valuation in one week. Also, 20k per household debt is nothing, average college graduates incur more debt than that. In the same time frame, US household saving rate is at record high at over 20%, that amount translates to a whopping $4000 extra saving per person. So there seems to be a lot of assets growth as comparing to debt. Of course the distribution is making economic inequality even worse. So why is this described as a crisis? I can understand humanitarian aspect, but what's going on there. [link] [comments] |
| Tax Tips for a New Partnership Posted: 12 Mar 2021 06:19 PM PST I understand you can't give advice, but a partner and I bought properties and created an LLC. We got 1099's from our mgmt companies for our personal names cause the homes aren't owned by the business. Can we still file expenses and income under the LLC or did we screw up and does it have to be our personal? I was told it wouldn't matter if it's a partnership. Any clarification would be great, thanks. [link] [comments] |
| Month to Month leases to fight Eviction Moratorium Posted: 12 Mar 2021 07:12 AM PST I've tried to come up with a scenario where landlords/RE investors can get their eviction power back while still following the Eviction Moratorium rules. Since the government has decided they have the power to prevent evictions based on non-payment, why would any landlord sign a year lease anymore? We can still file evictions based on over-staying a lease. (At least I think so, please correct me if I'm wrong here). So if we sign a month to month lease with a 60 day notice to leave.. then the worst case scenario is if a tenant stops paying, we tell them we won't renew 60 days from now. We wouldn't have to wait the full lease out, but instead 60 days + normal legal battles to get there. Seems to me .. we should all be signing/creating month to month leases from now on since the government has put their hands into our business. What I'm worried about, going into the future, is that the Gov't has decided that they have this power... sure they could lift the Eviction Moratorium tomorrow, but now they feel like they can enact this power whenever they want (virus, recession, nuclear threat, terrorism etc...) Please poke holes through this theory ! [link] [comments] |
| Cash out refi vs. Regular refi on Investment Property Posted: 12 Mar 2021 11:26 AM PST So I have a couple options for refinancing a property I bought in 2018 for $121,000 for 5.5% interest on a 30 year fixed loan. I owe about $93k. It's worth around $150k-$160k. Both options below have the estimated refi cost ($3k) rolled into the new mortgage.
I don't need the cashflow right now. Will in about 5 years. Which is the better option? Both have merit but I'd like to hear other perspectives than my own brain. Playing the long game here. Thanks! [link] [comments] |
| How do you confirm income/expenses from a commercial property? Posted: 12 Mar 2021 04:42 PM PST Looking at a self storage facility. Seller's agent and owner gave me a pdf of rents and operating expenses. How do I validate this information? I can obviously look up property taxes and call utility companies to gauge those. But they can tell me anything for rent and vacancies and completely control that information. [link] [comments] |
| First tine real-estate investing under LLC with partner Posted: 12 Mar 2021 04:13 PM PST Hello, I have a quick question about first time investment property purchase. Me and a partner are considering purchasing a property within the next year. We are both in our early 20's and want to dip our toes into real-estate. We have spoken about opening an LLC to make everything as legit as possible (50/50 split). What are some things you wish you knew when first getting started? Any help would be greatly appreciated. Thanks [link] [comments] |
| Posted: 12 Mar 2021 12:17 PM PST Hello all I am looking for insight for my journey to becoming an investor in real estate I have about 80k ready for down payment. My goal is to live off of my investments as fast as possible. So... What would be the best way to invest that money In realestate to generate as much cash flow a month. Thank you [link] [comments] |
| Posted: 12 Mar 2021 04:00 PM PST As title states. Say my monthly rent is $1,000 and I make a cozy payment of $5,000. Will my landlord get the $5,000 all at once, or will the $1,000 be disbursed every month the rent payment is due? [link] [comments] |
| Anyone invest in real estate in Puerto Rico? Posted: 12 Mar 2021 10:27 AM PST Hello, I'm wondering if anyone has experience investing in real estate in Puerto Rico? My thought being that there is a lot of low cost housing down there right now, although prices seem to be trending up as they are in many parts of the world. There is a better chance that PR becomes a US state in the next 2-4 years than anytime in recent history, which could cause a spike in real estate demand and prices. It could also go the other way and impose new taxes that would cause the opposite effect. I personally would be looking to pick up a couple units that could be either vacation rentals or long term rentals. Currently thinking beachfront near San Juan. I am a US Citizen. Looking to hear other people's experiences who have gone down this route, as well as thoughts and opinions on which way the PR housing market will go over the next 5-10 years. [link] [comments] |
| Posted: 12 Mar 2021 12:26 PM PST I think I'm afraid of high risk gamble. No money left to invest in anything else. What's your opinion? [link] [comments] |
| Water heater replacement, and tax write offs. Posted: 12 Mar 2021 11:13 AM PST I have a 21 year old hot water heater. I know it's old and I am planning on replacing it. I'm about to move soon and then I'm going to be renting the house out. My question is can I tax write the replacement off if I'm not renting it out when I do so? [link] [comments] |
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