Real Estate Investing: Deal or no deal: landlord offered us to buy his rental we are living in. |
- Deal or no deal: landlord offered us to buy his rental we are living in.
- What do with cash flow?
- When to issue new lease for existing Section 8 tenant in CA
- BRRRR. Can you point out blind spots?
- Foreclosure auction newb
- Refinance
- How is being a landlord profitable?
- 1st Investment Property Advice
- What are your tax auction strategies?
- BRRRR on Long Island
- Is there a step-by-step process to taking over a multifamily property with existing tenants?
- Question about HELOC's
- House Hack then BRRRR?
- hold or sell duplex..?
- So I buy my first investment property. Then what?
- Fund raising globally?
- Fairfax County (VA) public records info (preforeclosures, divorces, probates, code violations, etc.)?
- I got my offer accepted but I had to wave all contingencies. Help!
- Under contract! Permit mismatch?! Help!
- Question about taxes on a 7 unit building
- Advice on Lot Loan vs Mortgage etc...(in Oregon)
- Need help determining rent
- Best US States and Locations for BRRRR
- Help needed to remove cars!
| Deal or no deal: landlord offered us to buy his rental we are living in. Posted: 26 Mar 2021 02:19 PM PDT Our landlord is moving across country and is looking to sell all his properties. He offered to sell us the one we are renting for 175k (I would say the actual value is 220k) market rent in the area is about 2300 a month. Morgage with taxes and insurance would be about 1350 a month. If we don't buy it we risk having to move out, which we don't want to do because he really hooks us up on rent and we would have to pay at the least 1k more in rent a month. Seems like a no brainer. Some cons though. It's not in the best area ( it's not bad but the schools are trash and the perception of the area is bad), the house is older and needs at least 15k to make it a desirable resale. Is this as much of a no brainer as I'm thinking? [link] [comments] |
| Posted: 26 Mar 2021 07:33 AM PDT What do you do with your cash flow from a rental unit? Suppose I have 200 a month from my unit after taxes and operating expenses. What do you do with this cash flow if you don't technically need it to pay off other life things? I'm personally debating between making a lump sum payment of ~12k towars the mortgage at the end of the year or opening a taxable account and investing in mutual funds. Other strategies? Edit: thanks everyone. I suppose I wasn't as clear as I could have been buy yes the $200 would be after budgeting for repairs throughout the year. And my question was directed more towards how do i or other people use this money to make more money with real estate investing. Some of the approaches I found attractive:
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| When to issue new lease for existing Section 8 tenant in CA Posted: 26 Mar 2021 06:43 PM PDT How many weeks before the end of an existing lease should I issue the new lease to an existing Section 8 tenant in CA? The new lease will be a brand new lease - not simply a renewal. This lease will have different clauses in terms of fees, restrictions, security deposit, and monthly rent (~5% increase from existing lease). I would plan for the new lease to start the day after the last day of the existing lease. [link] [comments] |
| BRRRR. Can you point out blind spots? Posted: 26 Mar 2021 06:20 PM PDT Hi all, I've recently started looking into real estate investing as a way to get out of the rat race. My husband and I bought a house last year (that we live in with our three kids) and we have a piece of property we plan to build on in the next 5 years. Once we build we will rent this place out, so it's a little backwards from how most people seem to do it, but we have to work with what we've got. We are debt free (except mortgage), but don't have a ton of capital yet to get started buying properties because prices are out of control in our area. So I came up with the idea to partner with my mom. She has a duplex she's owned since the 70's that is probably worth about $400k with a $100k loan left (from when we did a remodel on it a few years ago). She also lives in a paid-off house that is now worth about $1mil, but her money is very much tied up assets at this point. I'm wondering if she could do a cash-out refinance on the duplex or a heloc on her house to buy a property or two to rehab. She would be the capital and we would do the hands on rehab and property management. It seems to me this would basically be a BRRRR scenario and that we could grow an RE portfolio for her that would allow her to have enough cash flow to retire (she's 67 and a widow), as well as help us get out of the rat race. I told her this idea and she laughed. I told her it's a strategy called BRRRR that real estate investors do all the time and sent a few articles explaining how it works. I get the feeling that she thinks it's too good to be true or that it would end with her losing her house or something. But I feel like she isn't leveraging the assets she has and just complains about being house poor. I feel like, if she would let me, we could build her a multi-million dollar portfolio by the time she dies and really help her have more money to enjoy her retirement. Am I way off base here? I'm not going to twist her arm into something she doesn't want to do if she doesn't feel comfortable, it just kind of seems like a win-win. Is there some way to find a mentor to help walk me through the risks associated with this? [link] [comments] |
| Posted: 26 Mar 2021 10:36 PM PDT I've found a potential good investment opportunity. 4bd 2bath 1700sqft. Its out of state in a state I grew up in but no longer reside. Its a bank owned auction starting at 325k it appears to be in pretty good shape. Built in 1996. Similar homes in the area on the same street are selling for 630k-685k. Assuming its structurally sound and doesn't have any foundation issues it seems like good potential. I have some cash reserves but not much, around 20k. I have 735 fico. I know foreclosure auctions are typically cash sales with 5% due if your bid wins. Where can I research funding options? I'd prefer to use 100% OPM if possible. [link] [comments] |
| Posted: 26 Mar 2021 08:12 PM PDT Currently going through mortgage refinance. Lender asked me to prepaid 6 month property tax coz it's due soon, my current lender just paid the property tax today. What's gonna happen next? My refinance is closed today, I'm supposed to wire the amount of property tax to the lender, also I prepaid the insurance too, and same time my current lender paid it again..... would I get both money back? [link] [comments] |
| How is being a landlord profitable? Posted: 26 Mar 2021 11:20 PM PDT In a real life example, duplexes around me going for 55k to 70k. If I buy one I lose all the money I could have used in the stock market. I could be making 12k a year from that money in the stocks. I could take that money out whenever I've sold all my stocks. If I buy a duplex it's mine and it's worth that money but if I need access to money I can't get it back just like that. Furthermore it only makes money if tenants are there which isn't always going to be the case. I buy a duplex and rent it out below housing rent in the area by roughly 100 a month cheaper because of it being a duplex and not a house. Still have to pay taxes and general maintenance. Throw in tenants not always there and I don't see this as a very feasible thing to do unless you inherit properties. [link] [comments] |
| 1st Investment Property Advice Posted: 26 Mar 2021 07:51 AM PDT Hi everyone. I've been patiently waiting to purchase my first investment property, and am finally actively looking (after filing my taxes). I'd just like some advice or insight from the group, maybe pointers on what to look for, red flags, etc. For context, I'm a youngish lawyer in my second year of practicing. I'm sitting on about 100k cash but have about 140k in student loans. I'd prefer to invest my money in property and follow a standard 10yr repayment plan for my loans. My yearly income is roughly 200k, with expenses around 5k. So I can realistically save 4-5k per month. My goal is to purchase a single family home in South Florida (where I practice), to then rent for cash flow (or at least break even and build equity). My criteria so far has been 3 bedrooms, 2 baths, in a good school district. My budget is 400-550k. Currently I'm expecting to do a convention loan. Does anyone have recent experience with South Florida market? It seems that prices are very high compared to what the properties are renting for, which makes me hesitant to jump into a property. Any advice, insight, or even pointing me towards materials would be appreciated!!! [link] [comments] |
| What are your tax auction strategies? Posted: 26 Mar 2021 02:14 PM PDT So, basically, I have a target area of 207 houses that I watch. It was originally 210, but I own 3. 13 of those houses are subject to foreclosure. My county deferred the 2020 auction, so it's like a double auction for 2021. After my analysis, I think 8 will hit auction. I ranked them. They are going for: 6 are $7k-10k, 1 is $18k, 1 is $21k. Assuming they all have an ARV of $120k (they are all sided 3/1 bungalows between 1000-1100sqft) I actually prefer the $18k one because it is TRASHED— appliances in the yard and the house is covered in tarps, BUT, I've been in this house because the neighbor asked for help moving an appliance when I was working on another house, it's not in too bad of shape. Otherwise, I have only seen the outside of the other houses. This is my first auction, I've watched every video online, I am just wondering what anyone else would do when bidding on houses sight unseen. [link] [comments] |
| Posted: 26 Mar 2021 11:06 AM PDT I, like many others on this subreddit, am a recent college graduate and I would like to begin building wealth using the BRRRR model. I've been working as a software engineer for 2.5 years and have a little over $100k saved for investing. I have excellent credit and no debt. I am also a first time home buyer and would appreciate advice from someone who has been in this business for a while. I would like to implement BRRRR using bank hacking, moving into properties until I get a tenant, then buying the next property, in which I'd like to do the same. Because so many people have fled NYC throughout 2020, Long Island, where I live, has had prices shoot up and inventory shoot down. I've contacted a potential attorney, as well as a local private lender to help me with my first deal, but I know getting a loan may be difficult right now no matter what my situation is. I believe too that nobody can time any kind of financial market, and I have long term confidence in Long Island real estate, but would it be in my best interest to wait to buy? I'd appreciate some words of wisdom. [link] [comments] |
| Is there a step-by-step process to taking over a multifamily property with existing tenants? Posted: 26 Mar 2021 08:28 AM PDT How do you make sure that the Tenants start paying rent to the new Landlord? Does the old landlord need to send a letter saying they no longer own the property? What about the utilities? How does the utility company know you are the new owner? Is there a step-by-step process for taking over a Multifamily property? [link] [comments] |
| Posted: 26 Mar 2021 06:02 PM PDT I'm doing some research now and am interested in a HELOC. Here's why: I want to invest, but the market is stupid right now and I'm refusing to buy. HOWEVER, the market being stupid means that my personal homes value is also thru the roof. That said, I want to apply for a HELOC NOW while the values are high, to lock in as much available credit as possible, so that when the market does finally cool down, I can use those funds then when it'll be harder to come up with that much cash. That said, when shopping HELOC's what are the main things I should be looking for? Fees? Interest rates? Any special terms to look out for? [link] [comments] |
| Posted: 26 Mar 2021 05:48 PM PDT I'm looking to house hack a three-flat in Chicago for a price of around $750K. It looks like it will cash flow after a year, when I'm no longer living in it. In the meantime, I'm cool with paying $400 a month in rent. My questions is that, I want to continue to invest in more properties. If I put 10% down on this 750K property, will I be able to get another loan or will my DTI ratio be way too high? Assume my income is around $250K. I'm not wanting to limit myself to just this one property, which is why I'm hesitant. Is a DTI ratio calculated differently for multi-family properties? [link] [comments] |
| Posted: 26 Mar 2021 10:21 AM PDT howdy all, would love thoughts on this. not sure if we should keep or sell our duplex in the sf bay area. bought it ~6 years ago for 650, put ~50k into renos. bought it on a fha so like 45k down. we live upstairs and rent the lower unit. ~4 years ago we refid (after renos) and reappraised for 1.1m so knocked out pmi and lowered the mortgage. refid again last year when rates dropped. currently at 3.1% on a 30yr fixed. 3500 ish / month. lower unit rents at 2750. we want to rinse/repeat the model and buy another duplex locally. if i keep this one it will generate ~2500/mo income. Or i could sell it for probably 1.2 if not more. i love the idea of long term hold and passive income, but at ~2500/month i takes a looooooooooooooong time to make the profit i could by selling. the math is much different these days. duplexes locally are 1-1.2m, that all need work and would barely break even if it were rented. if we were to sell we could buy a house here for ~1m and investment properties in cheaper, remote markets. [link] [comments] |
| So I buy my first investment property. Then what? Posted: 26 Mar 2021 01:56 PM PDT I have $100K. 20% Down Payment's probably going to be $45-$60K. Need to keep some cash in reserves. But then what? I can't buy another property with the remaining cash. How does this scale? [link] [comments] |
| Posted: 26 Mar 2021 01:52 PM PDT Hi, I don't know if anyone has ever done this, by this I mean raise Capital online for your syndication or Fund whatever it might be. I'm talking huge sums of money right here. [link] [comments] |
| Posted: 26 Mar 2021 01:47 PM PDT Folks who invest in Fairfax County, Virginia, is there a way to access government public records directly online, not through a 3rd-party list provider, to find people and their addresses who are in preforeclosure, are dealing with a probate, in divorce, have code violations on their houses, have tax liens on them, etc.? Thanks in advance. [link] [comments] |
| I got my offer accepted but I had to wave all contingencies. Help! Posted: 26 Mar 2021 09:43 AM PDT So obviously my biggest concern is the finance contingency. If my financing falls through I lose a butt load of money. What types of things would cause financing to fall through after I sign the PNS? Is it possible to go through more than one lender at once until closing incase one drops me? What other things should I consider? thank you so much for the help. [link] [comments] |
| Under contract! Permit mismatch?! Help! Posted: 26 Mar 2021 01:13 PM PDT My first RE investment deal. Just went under contract for a 3br/2ba house in Miami, FL. It's not big just 1036sqft on 4500 sqft corner lot. It was recently flipped/renovated nicely and I'm paying a hefty premium on it but current rent prices would/should still generate a nice 5-6% cash on cash after expenses/mortgage. However looking at Miami-dade website I see the address is listed/permitted as 2br/1ba house with zoning T3 for duplex. Meaning the work that was done is unpermitted. I think. No open liens or permits AFAIK. I want to understand this risk better - I know this stuff Is common in Miami. Not sure yet if it's the seller who added the extra bath/room or done many years ago. However - what does it actually mean for me? Is it an absolute no go? What are the risks? Many thanks [link] [comments] |
| Question about taxes on a 7 unit building Posted: 26 Mar 2021 12:21 PM PDT Hi guys! I am currently looking into buying a 7 unit building in OH. (All are 1bedrooms) I believe this is a duplex that was converted into 7 units. I'm aware that anything after 4 units is considered commercial. Do you guys happen to know how taxes are calculated for commercial buildings? The seller paid about $5700 in taxes and I do see that the property class in C-commericial. However the most recent transfer was in jun 2020 for $35,000 and I'm planning to purchase it for $330k. So I'm not sure if they paid $5700 after buying it for $35k? Any advice on taxes will help. Thank you! [link] [comments] |
| Advice on Lot Loan vs Mortgage etc...(in Oregon) Posted: 26 Mar 2021 11:51 AM PDT TLDR We are under contract for a huge property w/ a house and need advice on how to proceed. We are in need of some advice. Equity: 130k in cash ( equity in current home), 65k in 401k Debt: 22k in student loans ( no credit card/auto/other debt) Credit: 790 & 803 Income: 125k combined We are under contract and have circa 30 more days until close. We found a property that was massively undervalued. An out of city trust fund was selling it and they sold it as a single family home instead of plots. It is zoned to have up to 5 separate lots at 8k sq. feet which is going to cost an arm and a leg and take a lot of time. In a perfect world, we would subdivide, sell the lots and close on the same day (city planning meeting next week) so that we would own 1 lot and sell 4 lots ( according toe the zoning).....but I am open for ideas. Here is where I need some advice. Is there a way to finance what I want to do? What type of lender could I go to finance this? [link] [comments] |
| Posted: 26 Mar 2021 11:50 AM PDT Hello all! I am looking at my first purchase and can't determine rent for the place. My realtor sent comps from other townhomes but they seemed under priced maybe 1300-1400 range. All from a year ago We looked at townhome apartments in the neighborhood across and they all going for 1550-1700. All of these apartments are similar sq ft and lay out to the house I'm looking at but they don't have the parking pad in the back or front/back lawn. The townhouse comps are all outdated. I think one had a basement which mine doesn't. The apartments are updated and so is the house I'm looking at too. Should I go with the comps from last year or price it by the apartments? I figure if they are at 1550 I should get at least 1500. Is this the right thinking? [link] [comments] |
| Best US States and Locations for BRRRR Posted: 26 Mar 2021 03:04 PM PDT I am interested in trying out BRRRR, but the taxes where I live make opportunities for this model few and far between. What are the best states on the east coast of the USA for buying, renovating, renting, refinancing, and repeating? I am interested in checking out Pennsylvania, Connecticut, and Massachusetts, and I would appreciate some wisdom from people with experience. [link] [comments] |
| Posted: 26 Mar 2021 11:14 AM PDT I need to remove 6 cars from a recently purchased property. They were left by the previous tenets. Has anyone dealt with this? Please let me know where else to post if this sub isn't the right one or if there's a better one. Thanks! 1) What services (towing/junkyard/etc) did you consider before finally deciding? If you're in the Houston, Tx market, could you recommend what you used? 2) Are there legal considerations prior to removal since we're not the owners of the vehicles? Thanks everyone! [link] [comments] |
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