Real Estate Investing: How do people get mulitple loans so quickly |
- How do people get mulitple loans so quickly
- Why even a small drop in mortgage interest results in property bidding wars
- If tenant stop paying rent and I cant evict them, what do I do?
- If I have my house paid off and want to invest in real estate, is it better to get a mortgage on my house for capital or apply for a new mortgage?
- 1031 question
- Selling a home for about $1.5m, buying one for about $800k. Closing is out of sequence though, so we can’t access the equity to close. What are our options to finance the deal?
- Loan strategy
- End of tenancy clean & Deposit Guide for 2021 [Legal]
- How do you find your contractor?
- Is driving for dollars really worth it (wholesaling)
- Does it make sense to house hack a condo?
- Vacation Rental Hacking
- Payoff an Existing Property or Hold for Down Payment on an Additional Property?
- Subdivision for the old house into 3 units
- Am I looking for something that isn't there?
- Leveraging and Buying Primary Residence every year.
- Tax and passive rental income while abroad (renting in USA, living in Taiwan)
- California Prop 19 - Inheriting from a Trust
- Can I sell a rental property and put the gains into my personal home to avoid taxes?
- I think I may be missing something...
- Did brrrr just die?
- Would this be considered a mansion or not?
| How do people get mulitple loans so quickly Posted: 22 Mar 2021 03:52 PM PDT I am thinking about buying a fourplex with an FHA loan and plan on living in one of the units for at least the first year while renting out the rest of the three units. This will be my first loan ever so I am a bit confused about the whole loan process in general. After that first mandatory year that I must live at the fourplex, I want to buy another fourplex or single-family house that I would need an additional loan for. How do people start out with these loans and then move on to having multiple loans like this, is it as simple as just having enough money for another 20% or so down payment for another property? Thank you in advance for any advice/comments and I will reply as quick as I can if I have any more questions, the reddit community is the best! [link] [comments] |
| Why even a small drop in mortgage interest results in property bidding wars Posted: 22 Mar 2021 05:13 PM PDT Not sure if this belongs here or a repeat, but thought I should post this and please feel free to let me know if it doesn't. So I had an epiphany this weekend on why even a small drop in mortgage interest rates (something like 0.5% to 1% drop) would result in people buying houses en-masse, resulting in price increases, bidding wars and supply shortages. The total interest you would pay over time = debt * number of years * interest / 2 (OK yes this is an over-simplified calculation! And the number is divided by 2 because you start with interest on full debt and over the span of the loan it drops to zero so on average you are paying half the loan interest.) So if the interest rate drops, you save = debt * number of years * rate difference / 2 If you have a 30 year loan and the interest rate drops by 1% ... you could save 15% on the total value of your loan! So someone who has a $800K mortgage loan (on a $1M property) would see savings of:
if the interest rate drops 1% (say from 3.5% to 2.5%) Looked at from another angle, you could now buy up to 15% more property with the same money you had assuming interest rates drop by 1% (and you were planning on a 30 year loan). I'm sure I'm over-simplifying, but just wanted to share this and curious what wiser minds than mine think. [link] [comments] |
| If tenant stop paying rent and I cant evict them, what do I do? Posted: 22 Mar 2021 10:49 AM PDT with the outbreak of Covid19, the premier of my province in Ontario Canada just announced that if you cant afford rent due to Covid19 you cant get evicted. Who is going to foot the bill? Any Canadian landlords worried? any solutions? [link] [comments] |
| Posted: 22 Mar 2021 07:16 PM PDT |
| Posted: 22 Mar 2021 06:41 PM PDT Does the 1031 apply only to sale of an investment property? Can it be used to refi-cash out and put that cash towards another property? [link] [comments] |
| Posted: 22 Mar 2021 04:53 PM PDT So buying a house for about $800k, closing May 1st. Selling a house for about $1.5m (with $600k equity) closing June 15th. We have a 20% down payment in cash but probably can't get approved to carry two mortgages at once. How do we finance the 45 day gap? [link] [comments] |
| Posted: 22 Mar 2021 09:50 PM PDT Hello People I'm new here and I need help with a loan strategy. I currently live in a apartment and I also own a flip house (purchased last year cash no mortgage) I'm looking to buy a duplex this year for around $200k-$400K I have saved about $150k and am looking for a good way to take a loan out. I'm thinking 5-10% down then purchase a second duplex with 20% down. Additionally information I'm in my early 20's and I live in Pennsylvania. Thanks for your time and I'd love to hear some strategy from you guys/girls! If you have any questions for me please ask thanks a lot! [link] [comments] |
| End of tenancy clean & Deposit Guide for 2021 [Legal] Posted: 23 Mar 2021 01:18 AM PDT |
| How do you find your contractor? Posted: 22 Mar 2021 01:16 PM PDT Hi all! I just purchased a 4/3 house that I plan on turning 2 bedrooms into an apartment lock off with kitchenette. As stated above I'm curious what methods have been successful in finding good contractors other than just using yelp or pay for angies list. I am in Southern Cal, so if anyone has some local tips I'm all ears. Thanks! [link] [comments] |
| Is driving for dollars really worth it (wholesaling) Posted: 22 Mar 2021 04:49 PM PDT Is driving for dollars really worth it in 2020 for wholesaling? When there are sophisticated tech tools and databases you could potentially used to find vacant properties/distressed sellers Is it worth my time to pay an employee to drive for dollars [link] [comments] |
| Does it make sense to house hack a condo? Posted: 22 Mar 2021 08:25 PM PDT I hear that house hacking a condo doesn't make sense with the HOA fees and PMI with less then 20% down. If I buy a 2 bed condo and rent one room out and live in one, it is smart? I probably won't have cash flow but I will be having someone else pay majority of the mortgage while I keep saving up. Thoughts? [link] [comments] |
| Posted: 22 Mar 2021 09:04 AM PDT All, My fiancée and I are seriously considering vacation rental hacking for our family. We want to purchase something either fixer or turnkey in a vacation spot. The hope would be to rent it most of the year and reserve time for our family. Is property management pretty easy to find? Will they be able to advise on potential rents and occupancy? Do we need to furnish and stage the house ourselves? I'm primarily a long term rental investor and am looking for a bit of insight into how this would work. [link] [comments] |
| Payoff an Existing Property or Hold for Down Payment on an Additional Property? Posted: 22 Mar 2021 09:27 AM PDT Hi All! Mods please delete if not allowed. TL;DR - I'm holding an amount of money in a high interest account that I could use to easily pay off one of my investment properties...Or I could use the money for a down payment on a separate property(which has been really hard to find in the current market). The Long Story - My wife and I purchase single family homes as a buy and hold strategy for what we hope is an early retirement. We currently own 4 investment properties, and we have the money saved to add another. Our goal, if I did my calculations correctly, is to own ~8 properties in order to replace our current W2 income. Once they are all free and clear. It would take us about 6-9 months to accrue the down payment for an additional home if we were to use the money we have now to pay off one of our properties. If my calculations are correct, accounting for property taxes and insurance we would increase our monthly cashflow by about $880/mo. if we were to pay off the currently held property. Details for the target property we're looking to pay off: 2.875% interest rate ~60k payoff Rental Income: $1400/mo. current monthly mortgage payment: $1010/mo. Seeing as we would have a free and clear property, albeit, an investment property, how hard would it be to possible use it as collateral for something like the down payment on a new investment property? Any advice would be appreciated. [link] [comments] |
| Subdivision for the old house into 3 units Posted: 22 Mar 2021 07:12 PM PDT Hi Fellow investors, I need your advice on subdivisions game which I am quite new to. I have bought multiple lands build the house and sell them at profit but have never done what I am planning to do now i.e. buying a very old property which is around 620+ sqm demolish it and build three double storey units each having 210 land approx. the area where I am planning to do this have many past projects just similar and looking at the prices they have sold them it looks lucrative. I have considered following costs 1. Initial buying cost for the property $650000 2. Stamp duty $30000 3. Demolish and 3 multi-storey build $650000 4 Subdivision approval $35000 5. Agent sell commision $35000 6. GST approx. $30000-$35000 With all the above costs I expect my net profit to be around $200000 and if I go really conservative $170000 Please tell me I am not drunk and all of the above makes sense, if I have missed something or calculating it really wrong please advise. Also share your past experiences with such projects [link] [comments] |
| Am I looking for something that isn't there? Posted: 22 Mar 2021 07:00 PM PDT I'm trying to buy my first house and intend to house hack it. I am looking for a 3 family in Dorchester MA. I am looking to spend around 1M. I am also looking for a loan where I can put 10% down. Do these first time home buyer loans exist for someone like me? I've called a few banks and most of them said I needed at last 20% down. thanks for the help [link] [comments] |
| Leveraging and Buying Primary Residence every year. Posted: 22 Mar 2021 04:23 PM PDT Hello Everyone, New into real estate investing here. I bought my first primary residence (SFR Southern California, $700k) last year and because of the high demand, I've already seen an increase of over 10% in the price of my home. Comparable homes in my neighborhood have now been going at closer to $800k. I had put in 10% when I bought it so I do have some good equity build up on this. Now that my 1 year requirement of primary residence is going to end next month, I'd like to rent my current residence (going rate is approx equal to my mortgage) and purchase a smaller home (possibly a condo or townhouse). This way my monthly mortgage for the new residence will be lower and i can put aside the difference for any unforeseen repair request from the new tenant. I've heard one could leverage existing property to buy the second primary residence so wanted to hear thoughts from anyone who has done this before. Making the second home my primary residence would allow me to have better interest rates as opposed to investment property and also the down payment can be lower than 20%. Obviously there is a risk of having gaps between tenants, but I can stash out 5-6months of payment should the need arise in the future. My goal is to move around buying new properties every year as a primary residence and rent out the older ones. Any thoughts, suggestions, lessons learnt that you could share woukd be really appreciated. Thank you so much! Current Mortgage: $3550/mo (incl. Taxes) Estimated going rent in the area for 3bed SFR: $3400/mo Prospective new residence mortgage: $3000/mo (incl. Taxes) [this is the estimated mortgage of the new residence I want to start looking at] [link] [comments] |
| Tax and passive rental income while abroad (renting in USA, living in Taiwan) Posted: 22 Mar 2021 03:38 PM PDT Hello! My fiance and I are planning on moving to Taiwan. My goal is to offset our costs of living with passive income from a property I buy in Kansas City. We're planning on living at that property 5 years out. I'm curious how taxes would work out. In the USA, I understand that rental income is taxed as regular income. If I were to spend this rental income in Taiwan, would Taiwan try to tax this income as well (essentially double-taxing this income)? Thank you for pointing me to any resources speaking to this! [link] [comments] |
| California Prop 19 - Inheriting from a Trust Posted: 22 Mar 2021 12:48 PM PDT California recently voted and approved Prop 19 which changed how assessed property values* were determined through inheritance and or sale. The portion I am most concerned with is property being passed down via a trust. Do those same rules apply? If the trust is being split three ways and one party already has a primary residence, but its one of the parties primary, is this considered a rental under the rule and thus must be assessed at fmv or does the party who is using it at a primary residence required to have ownership in full in order to take advantage of the inherited assessed value for property tax purposes? *I understand how the property is valued either at date of death or 6 months, specifically asking regarding how property tax would be assessed. https://www.jdsupra.com/legalnews/california-proposition-19-what-does-30766/ [link] [comments] |
| Can I sell a rental property and put the gains into my personal home to avoid taxes? Posted: 22 Mar 2021 11:40 AM PDT I've been reading the Section 1031 Exchange. It seems clear that I can go from rental to rental. I'm trying to get out of the market in my city because of an eventual move. If I make say $50k on the property, can I put it towards my mortgage on my residence? Then I'd likely be taking all equity from my home and putting it into a new home in the new city. Thanks [link] [comments] |
| I think I may be missing something... Posted: 22 Mar 2021 04:56 PM PDT I'm an up-and-coming real estate investor with 1 rental, which was initially purchased as an owner occupied (2nd closing soon as a house hack). Both of these rentals are based on my W2 income, which seems like it would severely limit the number of possible rentals I can own in the future. Essentially I'm trying to figure out at what point rental purchases based on something other than W2 income? [link] [comments] |
| Posted: 22 Mar 2021 02:39 PM PDT Fannie Mae and Freddie Macs' new announcement about only allowing banks to have 7% of their books as second home and investment property Refis. Fannie Mae and Freddie Mac have imposed strict limits of 7.00 percent on the combined amount of Second Homes and Investor-owned properties they will buy, effective with loans they purchase in April. This announcement will cause mortgage lenders to have to sell many of these loans to private investors whose pricing is many points worse than Fannie Mae or Freddie Mac pricing. As a result in the last 72 hours many mortgage lenders and secondary market investors have worsened their pricing on these loans by 1-3 points. Will this effectively stop rate and term refis? [link] [comments] |
| Would this be considered a mansion or not? Posted: 22 Mar 2021 08:32 PM PDT Does this classify as one? https://www.realtor.com/realestateandhomes-detail/8528-Beechnut-St_Houston_TX_77036_M72835-85909 [link] [comments] |
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