Real Estate Investing: How long do I have to live in my house-hacked duplex if I get a different job elsewhere? |
- How long do I have to live in my house-hacked duplex if I get a different job elsewhere?
- Given historic market returns of 6%, why on earth would I invest in RE?
- Appraisal for the hell of it
- Small banks. This is the way.
- Is now a good time to buy in my situation?
- Heloc - primary vs investment residence
- I’m having a hard time to get a rough idea of how much I need to pay tax and depreciation recapture when I sell my rental property
- I feel like I'm getting the bait and switch from a lender
- Normal rental or vacation / airbnb investment?
- Does anyone have experience getting a loan with little credit history?
- 1031 - Delaware Statutory Trust
- Is it okay to send 2 offers with different financing for a property?
- Getting started loaning to flippers and other investors
- California state program for landlord Covid relief
- Pros and Cons of Creating LLCs for Investing
- Triplex Zoned Commercial Mortgage Options
- Change job immediately after closing
- REO Property Questions
- What is the best way to go about buying/investing in a house in Florida, if I live in NY?
- Dad wants to sell rental. I'm thinking of purchasing it myself. What would be the best strategy?
- House Hacking or Live In Flip?
- How far in advance do you show your property?
- FHA Loan In Canada??
- Rent or sell a house in LA
| How long do I have to live in my house-hacked duplex if I get a different job elsewhere? Posted: 25 Mar 2021 05:08 PM PDT I recently closed on a duplex about two weeks ago in Michigan using a conventional mortgage but with a 5% down payment (HomePossible). I was able to secure this loan because it's an owner-occupied loan. A couple days after closing on the duplex, my friend points out that his company in South Carolina has been hiring a lot of people in finance. This career move would be IDEAL for me, considering the role and the future outlook within the career, compared to what I am in now. If I end up getting this job and having to move, will it be a problem at all with the bank and the mortgage deal I secured? I really think this is an ideal career move and I had no ideas my circumstances would change so fast after closing. [link] [comments] |
| Given historic market returns of 6%, why on earth would I invest in RE? Posted: 25 Mar 2021 04:11 AM PDT Just curious. Always been interested in RE investing, but since looking at it closer, I've been wondering whether it's the best use of my cash. Enlighten me ! EDIT: I mean historic stock market returns of 6% [link] [comments] |
| Posted: 25 Mar 2021 08:08 PM PDT Does anyone periodically pay for appraisals outside of purchasing or refinancing just so they have a reliable estimate of what their asset is worth? One of my properties has an estimate of $440k on Redfin and $565k on Realtor.com. It sure would be nice to not have $125k uncertainty when doing financial planning. [link] [comments] |
| Posted: 25 Mar 2021 08:30 AM PDT You guys have really helped me out on my REI journey. Most of the advice given on this sub is solid after sifting through a lot of the comments and following a few select people. I got set up with a local bank today (only 3 branches) and they are hooking me up with a Line of Credit for two of my properties which are paid off. The LOC is for $210k @ 5% fixed but now I have the ability to offer cash and have a psuedo-100% property. I may keep it in the LOC and pay the principal down or try to find a lender willing to finance the property if the appraisal is high enough and I can roll the closing fees into the loan. I am super pumped to be able to acquire properties without having to raise any capital. I plan on upping my LOC after each property is paid up to increase my buying power. [link] [comments] |
| Is now a good time to buy in my situation? Posted: 25 Mar 2021 09:24 PM PDT I just graduated college and am making 56k/year in a low cost area. I am renting an apartment for $670/mo+200 in utilities, and I have ~15k saved up. I bought books on real estate investing and will be learning more before I make a decision. I heard it's currently a sellers market and was told it might be a bad idea to buy right now. But I am spending so much on rent, and I will likely stay in the area for at least a couple more years (and am okay with managing a rental property remotely/hiring a company to do it later). Do you think it's a good idea to invest now, or should I wait until prices are lower? [link] [comments] |
| Heloc - primary vs investment residence Posted: 25 Mar 2021 06:47 PM PDT Hi gang, I want to use a heloc on my 1st home-primary residence to partially fund a 2nd home. I want to move into the second home and rent the original. Is this doable? I'm unclear if helocs have restrictions on what can be primary or not. Assuming the equity and qualified pieces are met, this part I can't find a good definitive answer on. Thank you. [link] [comments] |
| Posted: 25 Mar 2021 08:09 PM PDT I have a rental property that I bought 200K in 2004 and now I can sell it for 300K. I lived in until 2012 and converted it to a rental property. So the tax will be about 20% on 100K capital gain? 20K? What about depreciation recapture? I've been taking depreciation for last 9 years. How much do I have to pay for that? [link] [comments] |
| I feel like I'm getting the bait and switch from a lender Posted: 25 Mar 2021 01:32 PM PDT I got a great rate locked in, gave them all the paper work and then they disappeared. They started responding again then we hit a snag with flood insurance. I got everything resolved and then they said one item wasn't checked off on the paper work and we won't be able to make the loan by the lock in date. If I want to proceed it will be 20% more (3 to 3.6) What would you do? I have spent so much time effort and some money to get this through and now it is going to cost $80 more of my cash flow every month. [link] [comments] |
| Normal rental or vacation / airbnb investment? Posted: 25 Mar 2021 04:56 PM PDT I'm in the market for a second rental. I currently own one apartment that I rent out. It's really no work because it's new and my tenants are pretty good. I don't make a ton of money off it, but I'm not worried about the cash flow currently. I live in the salt lake area and my rental is about 20 minutes from my house. I am considering buying a second rental property. I am thinking of two different routes, buying another normal rental like my first one or buying a vacation property type thing that I could Airbnb (likely in southern utah). Pros of the normal rental are longer contracts, so less work finding tenants (stability) and it's close by. Cons are I'd have to put down 20%. Pros of the Airbnb type rental are I can get it for 10% down as a second home, I can use it myself occasionally when I go to southern utah for a weekend or whatever. I could, assuming 100% capacity, make more money. Cons are I'd likely have to get a property manager and less stability. What do you guys think? Am I asking the right questions? What am I missing? [link] [comments] |
| Does anyone have experience getting a loan with little credit history? Posted: 25 Mar 2021 08:50 PM PDT My situation is as follows: I got my first credit card in mid-2019. I recently opened up another credit card (<1mo), and my credit score is approx 740. I'm thinking of buying what would be I guess considered investment property, since I'd like to buy a house for my parents and they'd pay me in rent while I pay the down payment. I have approximately $50k to put into a down payment and want to buy a property that's approximately $500,000. I talked to a bank and they said that typically they look for stuff like several years of employment history and 2 lines of credit for >1yr, but the officer said I should talk to them around August since my 2nd credit card would add some history and I worked past jobs. I've only been working for less than a year now and I only started my 2nd credit card. Sorry if this is kind of an obvious question but I've never taken out a loan before. My questions specifically are: - If my parents don't have a lot of money but have great (>800) credit score, is there a way to combine my money and their credit history/score to boost the chance of getting approved and getting the best offer for a loan? - Do any of you have experience getting a loan when you were young with little credit history but decent credit score? - For a big bank like Chase or Bank of America are they typically strict with these requirements or are there exceptions if you have a decent credit score and sizable money to put in a down payment? - Are smaller lenders (as in not the big banks) often more lenient? - Would increasing a down payment help with getting pre approved? Thanks, I appreciate all the info I can get. [link] [comments] |
| 1031 - Delaware Statutory Trust Posted: 25 Mar 2021 04:10 PM PDT Hello, I wanted to ask about Delaware Statutory Trusts / 1031 exchange. I'll say I am not very familiar with them but curious are there any recent regulations that impact using them and more importantly what stops a large asset manager from using them? Are institutional investors able to use them? [link] [comments] |
| Is it okay to send 2 offers with different financing for a property? Posted: 25 Mar 2021 10:55 AM PDT Hello, Is this possible? I am doing a conventional 30yr mortgage and I feel like I am losing homes to cash buyers. I even offer over 10-15k list price. If a home is listed for 350k, I was wondering if I can send an offer with conventional mortgage at 370k and a cash offer at 360k. Would this work? There is no negotiations when the sellers want the best offer by a certain deadline. [link] [comments] |
| Getting started loaning to flippers and other investors Posted: 25 Mar 2021 11:56 AM PDT Hey there. I was wondering if there was a real market in loaning out cash to flippers and other types of investors I've worked with. I have about 220k sitting in stocks but I wanted to diversify my income a little bit and maybe make a career out of something like this. I'm not confident enough in myself to get involved in flipping or reselling but I'd be more than happy trusting my money with someone who does. Where do you think would be a good starting point in terms of money and rates? Do I need contracts and lawyers and whatnot? Also is this worth my time and effort? Thanks for the help. [link] [comments] |
| California state program for landlord Covid relief Posted: 25 Mar 2021 09:52 AM PDT For those of you with doors in California, I just saw a link to California's landlord covid relief portal from Oakland Mayor Libby Schaaf's weekly newsletter. Hopefully it's helpful to some here. [link] [comments] |
| Pros and Cons of Creating LLCs for Investing Posted: 25 Mar 2021 09:14 PM PDT Just purchased our first residential property and before we close we started discussing whether it would be joint tenancy in common, an LLC or individual names? I've read up a lot on these but does anyone have experience in this area that could speak on it? [link] [comments] |
| Triplex Zoned Commercial Mortgage Options Posted: 25 Mar 2021 08:37 PM PDT I am wanting to purchase a triplex that is zoned commercial. Two units are one bed one baths while the main lower level unit is currently a hair salon. The property is located on a main street. Can I get a standard conventional investment property loan? My regional bank who I already work with says that I need a commercial loan with different underwriting standards. The hair salon is also owned by the property owner so I will be inheriting the business as well. Its a killer deal and I just want to make sure I can secure a loan. [link] [comments] |
| Change job immediately after closing Posted: 25 Mar 2021 08:24 PM PDT Hi all, anyone here have idea if the lender check your employment after closing? I mean can you turn in your job resignation same date or one date after closing? PS: I got other job offer that the salary is ~45% higher than current job. The job is arranged to start two weeks from the closing date. [link] [comments] |
| Posted: 25 Mar 2021 12:27 PM PDT I have my eyes on a REO property in Los Angeles. Its been foreclosed since February 2020. Im not sure if there were either no buyers or if the bank did not try selling it. I can't think of a reason why the bank would hold onto a property this long - especially with the high property taxes. Possibly the rising issue of Covid? Possible lawsuit from the foreclosure? The property isn't even listed on the MLS. About the property: It used to be a vacant house and in 2009 the house was bought and major renovation of adding a second floor to a one story home but never was completed. In '09 it was still in the rough stages of construction - no exterior enclosure, still doing rough MEPs (Mechanical, electrical, plumbing) no no interior improvements either. It did have Tyvek so luckily the wood was not being directly weathered. 2017 someone buys the house but I don't think they did enough due diligence and due to an outstanding correction notice from the original reno, the second Reno was never completed. This contractor removed Tyvek and so since '17, the framing has been getting weathered. They end up foreclosing and bank reposessing in Feb 2020. These are the issues that I read on the permits. Some of these might have already been handled by the original '09 or the '17 contractor. Nothing has been finaled on the permits - Underpinning foundation ~$40k - Replace roof ~$7k - Replace rotted/termite damage framing members ~$unknown The land is valued at ~$715k. Im estimating the cost of construction (including money for permits, consultants, the cost of underpinning and new roof, 20% contingency) will be about $150k. Could I make a case to the REO agent to take less than the land value? There's two paths forward. Complete the renovation or if the house cannot be completed, completely demo the house and rebuild. Houses in the area of similar size is selling for $1.1m right now. [link] [comments] |
| What is the best way to go about buying/investing in a house in Florida, if I live in NY? Posted: 25 Mar 2021 09:16 AM PDT Completely new to all of this, so please excuse my ignorance. I've done some reading and talked to a few people, but I'm still confused on what my best option would be. Currently, in my 20s and looking to buy a house in Florida. However, my mother and sister would be the ones living in it. Is this something I would be able to do as a first-time buyer? Not only that, but is this something I SHOULD do as a first-time buyer? Houses are way too expensive where I live (New York), so I'm definitely not looking for anything here. But I really want to invest in a house and rent it out. That way if my mom and sister decide to move out in the future, I can either move there myself or rent it out to someone else. Would this be a good idea or should I look at other options? Appreciate any advice/tips/suggestions you guys have for me. [link] [comments] |
| Dad wants to sell rental. I'm thinking of purchasing it myself. What would be the best strategy? Posted: 25 Mar 2021 04:05 PM PDT I have been talking with my dad about this but don't know what would be best. His Rental, 3brd house, is paid off. and currently worth ~180k, he rents out for 900 month. I think he should be charging more like 1100. We are in bakersfield, california. He wants to use the proceeds to pay off his house, ~110k left, this house is probably worth 200-210 right now. If im looking at his tax return right, his adjusted basis is 100k even for his rental, 114 basis -14 in depreciation. Another idea was me helping him pay off his house, and then splitting the rental income 50/50, when his house is paid off. To avoid paying taxes on a sale, fees and new interest. Annually my dad makes ~40k, age 60 I make ~95k, and put 10% into 401k, im 30 if any extra info would be more helpful i can add more, thanks [link] [comments] |
| House Hacking or Live In Flip? Posted: 25 Mar 2021 03:38 PM PDT I am currently saving up money for my first investment. I have read some books and done research on house hacking and that has been my plan. I have $2,200 right now saved up for my down payment. My goal is to reach $10K for buying a place (down payment, closing costs, etc.) but it is taking me a long time as I am stuck paying student loans each month which makes it difficult to save. My question is, would house hacking a duplex be better than a live in flip? Or should I go for a live in flip to get more than a $10K return on a flip to use as a down payment for a duplex? Also, what is the best ways to save up enough money to buy a property? Any advice on how to get my first property would be appreciated. [link] [comments] |
| How far in advance do you show your property? Posted: 25 Mar 2021 11:48 AM PDT I don't know if I've been unlucky or what- but my showing to closing rate for a condo is very low. I.e I have to show my place about 10 times before someone signs. One thing I've noticed is most of these showings are >5 weeks out before the availability date and none of these folks ever seem serious, motivated, or know what they want. Once I get within 5 weeks- it seems people immediately get serious and it's easy to get someone to sign (sometimes multiple). While obviously this may result in missing out on a fish - I am thinking I could remove 80% of the time investment by only scheduling showings within 6 weeks of the availability date. Thoughts? [link] [comments] |
| Posted: 25 Mar 2021 03:18 PM PDT I'm currently working towards buying a fourplex outside Toronto, I've heard of an FHA loan, but I know it's a US thing. Is there any Canadian equivalent? [link] [comments] |
| Posted: 25 Mar 2021 07:15 AM PDT I am debating selling or renting out a home. The home has appreciated about $185k and the mortgage is about $3450. It is a 5 bedroom pool home in I would say good condition and we just re-roofed and are currently retiling the showers due to a minor leak. The neighborhood is upper middle class with the average selling price of around $850k. I am currently living here with my ex and we both want out but we are undecided whether to sell or rent out. We are still good friends but we both want to move on but I'll be the one managing all the finances for renting out. Rental estimates we got are around $3800-4200. We will most likely be hiring a property management company for $200 but will be hiring a gardener and pool guy for around $150-200 a month. My net income is $3700 or so a month and so is hers. Any input would be appreciated! [link] [comments] |
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