Real Estate Investing: Is anyone purchasing condos right now? |
- Is anyone purchasing condos right now?
- Just a tip- title company fees can be reduced
- Where do you guys generally look for your deals as fix and flippers? (Pre foreclosure/ Tax Lien / vacant)
- Investing in a state with a pretty low cost of living.
- How serious is asbestos in a property?
- Recently unemployed tenant
- Real Estate Trust or LLC?
- Maxing out 401k vs Househacking?
- How can I refinance into an LLC or other entity?
- Lender Recommendation for $56k Refinance in Ohio
- Is my offer too low?
- Those who self manage: how do you organize your books in case of tax audit?
- Looking Hard money lender for 5%, points. Am I dreaming!! ������
- Tips for estimating value of multiple off-market properties?
- Mentor / What’s a proper amount to get started
- Which utilities on your rentals make sense to keep in your name, and why?
- If I want to start a RE business or become an investor, do I need a brokerage license or a real estate license?
- How would you play this scenario
- Is it worthwhile to take a real estate investing course?
- Have you ever used a first-lien heloc? What was your experience?
- Financial Overview Software OR Spreadsheet
- WWYD?: HELOC vs. cash out refinance of second home to fund vacation home
- How to start?
- Hypothetical Situation
| Is anyone purchasing condos right now? Posted: 14 Mar 2021 09:26 PM PDT I find it hard to believe that condos are going to continue utterly tanking as restrictions and such loosen throughout the world from COVID. I'm looking at condo prices in my area and they are just tanking right now as they sit on the market for months on end. Is anyone snatching condos up right now? I've never purchased a condo before, so not sure if there's something I'm missing here. [link] [comments] |
| Just a tip- title company fees can be reduced Posted: 14 Mar 2021 08:13 AM PDT Don't be afraid to call the title company and let them know you are an investor and plan to buy more in the future. Than ask for a discount on the title fees. I'm refinancing my primary and and two investment properties and I asked for a discount and they literally said "sure no problem". It never ever hurts to ask! Hope this helps save some of you a few bucks. [link] [comments] |
| Posted: 14 Mar 2021 08:02 PM PDT Just doing some scoping around on this platform I paid for, gettin myself set up to make a move. Before I go into the youtube/google rabbit hole I just want to know if there is any advice on finding the right deal. TIA [link] [comments] |
| Investing in a state with a pretty low cost of living. Posted: 14 Mar 2021 03:44 PM PDT Hey guys. I have never invested in real estate. One of my business partners is incredibly experienced in area but he is was a multi millionaire before he got into it so we have slightly different scenarios. I'm in my late 20's and have a couple hundred thousand in cash just sitting there that I'd like to have start working for me. I'm not interested in wholesaling or any of that. I live in a state where the cost of living is pretty low, and a couple hundred thousand would go quite a bit further that California or Florida etc. Where did some of you guys start? And based on the capital I'm looking to work do you have any advice? Thanks in advance. [link] [comments] |
| How serious is asbestos in a property? Posted: 14 Mar 2021 08:36 PM PDT Hey guys google didn't have a clear answer,. I'm buying an investment property and I can see the blown in asbestos insulation, in the walls and attic. Should this scare me away? How would I remove this? [link] [comments] |
| Posted: 14 Mar 2021 04:24 PM PDT UPDATE: Fantastic News. He said he's scraped together enough money to pay rent, late fees, and his share of utilities this week. He's got an interview tomorrow, and with the stimulus check, things are looking up. I'm a landlord whose tenant recently became unemployed in early February, and he told me two weeks ago when he failed to pay rent and his share of utilities. I live in the same house and rent out that room. On top of that, his company's car was his only car, so either me or his girlfriend have to drive him places. What should I do? I don't need him to pay rent yet, but I will in 3-4 months at least. He was "Fired" from his job for being "Not a good fit" and being "late" by a few minutes because he lives 45 minutes away. I'm trying to assist him with unemployment benefits, so that he can apply for rental assistance. On top of that, I've told him to apply as a bartender, amazon warehouse employee, and other jobs that pay 4-5x his rent. His previous boss might hire him back but he doesn't know how long that will take. Instead of applying for other jobs, he's doing doordash which isn't enough for rent. He says he's very appreciative that I'm willing to work with him until he gets a job, but I don't know if I should start evicting him or wait. I'll need rent soon, but I don't want to evict. If he's denied unemployment, how can he appeal? [link] [comments] |
| Posted: 14 Mar 2021 02:28 PM PDT Hello, I currently own 4 properties of which 3 of them are rented in some capacity (one is rented as an AirBnB / VRBO rental with all furnishings and the other 2 are long term, unfurnished rentals) and I'm trying to figure out what is the best method for tax benefits, personal liability, etc - hold all properties in a real estate trust, or an LLC? I have contacted my insurance agency and they are aware of use for each property as a rental, and as such, I do have an umbrella policy that covers me for an additional 1.5 million dollars of all of the properties. Are there any suggestions or recommendations as to which might be best, and why? Thanks in advance! [link] [comments] |
| Maxing out 401k vs Househacking? Posted: 14 Mar 2021 02:32 PM PDT Hey guys, I'm on the fence right now between these two options, maxing out my 401k as opposed to just getting enough for my employer match and saving enough to buy a duplex and rent out the other unit. Has anyone done this? Would it be stupid to do in this current housing market? All help is greatly appreciated and I don't want to mess up by not maxing out my 401k (as I hear it's a very good option). I plan on putting 10k into the rental unit to up the equity of the place. I could comfortably max out the 401k and save for an FHA loan on the rental. Can anyone school me on as to why this is a bad idea? What are the pitfalls doing this with a duplex? Is this a good idea? Thanks, everyone. [link] [comments] |
| How can I refinance into an LLC or other entity? Posted: 14 Mar 2021 11:12 PM PDT I bought a single family home 4 months ago and I am almost done with converting it to a duplex for my first house hack. I put down 5% i'll have built in about 25% equity (I'm guessing) so theoretically I should be able to cash out and get my down payment and rehab cost back, What I'm not sure about, is where to begin with refinancing it into a company name? Especially since the company will be brand new..? Any advice would be greatly appreciated, thank you! [link] [comments] |
| Lender Recommendation for $56k Refinance in Ohio Posted: 14 Mar 2021 03:11 PM PDT Can anyone recommend a lender in Ohio that will refinance an investment property in the $56k range. Right now my loan is with Chase and I'm looking at refinancing with them possibly. They are offering 3.875%. The lender I usually use says the balance is too low for them and I checked Better.com and they said no products are available for my criteria. [link] [comments] |
| Posted: 14 Mar 2021 02:32 PM PDT Thinking of offering $520k vs a list price of $550k (which was reduced from $570k a couple weeks ago, after a $25k increase posted a month ago). My offer is approx 5% below list price in an area where the average price is 3% below list, and several properties have sold at $15k-$20k lower than list. I like the unit but there are a couple things like a busy street in front that make me a bit hesitant. The property has been on the market for 6 months, at least. New construction that got finished early 2020. My idea is to at least see how much the seller is willing to negotiate, without totally pissing him off. I have asked my agent to run some comps, but I still want a neutral person's advice on this. [link] [comments] |
| Those who self manage: how do you organize your books in case of tax audit? Posted: 15 Mar 2021 01:51 AM PDT Mostly interested on how to prove income amounts (tenants pay in cash, since the pandemic they've been mailing me money orders) and how to account for expenses where I'm missing expenses. [link] [comments] |
| Looking Hard money lender for 5%, points. Am I dreaming!! ������ Posted: 15 Mar 2021 01:42 AM PDT Hi everyone. I just got a property under contract with 40% equity and im putting down 50% of the purchase with my own cash. Need a hard money lender to come in with 20% of the cash. They would be the 1st lien and thd only onem i only need it for a few months but i don't want to pay 10-12% & crazy points for such a sweet deal. Can anyone reccomend a hard money lender with no points and a low interest rate. Thank you [link] [comments] |
| Tips for estimating value of multiple off-market properties? Posted: 14 Mar 2021 08:52 PM PDT I've found myself in a position to possibly purchase a number of investment properties from another investor (possibly 6 or 7 units? ). My challenge is that I'm not sure on how to best estimate a buy price. These are located in a town that I've never bought in before (an hour away, I'll most likely end up using pm service). In my experience, the seller will most likely tell me to make him an offer, with no guidance on his expectations. I've looked at the zillow and realtor.com estimates, but I feel like those can be all over the place. I do have all of the rental rates available to me, so another avenue could be basing it on a cap rate, but I've never purchased this way. Any suggestions? [link] [comments] |
| Mentor / What’s a proper amount to get started Posted: 15 Mar 2021 12:03 AM PDT I want to get into properties and need an idea of how much I need to jump in quickly if anyone could give me a high end estimation of what I'm looking at and who to contact for advice / tips / mentorship [link] [comments] |
| Which utilities on your rentals make sense to keep in your name, and why? Posted: 14 Mar 2021 11:32 AM PDT Edit: I meant for logistics, not the finances of me paying utilities. I was wondering pros/cons, like someone had suggested keeping water in your name just in case they don't pay and water gets turned off and your pipes freeze. Should you keep utilities in your name and bill them X amount, covering the rest yourself? Bill them what the cost is? Is there a reason you'd prefer some to be in your name, or vice versa, absolutely have them put it in their name? The last 2 places i rented at (apartments, but i own home now) had us put energy in our name but everything else was them, and just wondering what i should be considering as i'll be renting my house out soon. [link] [comments] |
| Posted: 14 Mar 2021 11:25 PM PDT I'm still a couple years from college graduation but I wanna start planning now [link] [comments] |
| How would you play this scenario Posted: 14 Mar 2021 12:04 PM PDT Purchasing a legal 2 unit property. Formerly an ice cream shop and a 2 bedroom apartment above. The ice cream shop is now a converted 1 bedroom. By the book the house is a legal 2 family but shares one electric meter. The previous landlord was paying the electricity bill and I refuse to do so. What would you guys do in a situation like this? Split the bill? Have the 2 bedroom pay 2/3 and the 1 bed pay 1/3? Or do I just shell out money and have another meter installed ? [link] [comments] |
| Is it worthwhile to take a real estate investing course? Posted: 14 Mar 2021 01:52 PM PDT All these gurus are trying to sell their own course and charging thousands of dollars. Is their anything you can't learn from reading a book? [link] [comments] |
| Have you ever used a first-lien heloc? What was your experience? Posted: 14 Mar 2021 11:37 AM PDT If you have, what was your equity like at the time? Did you take out a heloc a lot larger than the principal on your current mortgage? Did the rates work out favorably for you? Or if you considered it, and didn't use it, could you share what the downside was that turned you off? Just curious, it does sound interesting but just making up some pretend numbers in my head for my situation i estimate it would be similar monthly cost / similar principal payment. I think i would have to take a heloc quite a bit over my mortgage to have enough to reinvest into a nother property to make it worthwhile, but the rates on a first lien heloc are going to be better than on a second. (Side note, will your current mortgage lender give you better rates on a heloc than a second lender? The second lien holder takes on more risk in the number 2 position but if it were the same lender its kind of not that much more risk?) Thanks! [link] [comments] |
| Financial Overview Software OR Spreadsheet Posted: 14 Mar 2021 06:42 PM PDT Hi Folks, Let me explain a scenario You have 5 rental properties (4 cash+ and 1 cash-), with different mortgage renewal dates and different amounts of equity. Two flips on the go. One property you're off-loading on assignment. Three private deals in which you are the lender and one deal where you are the borrower. Four new build homes closing over the next 2.5 years and two stock accounts with varying amounts of funds in them I believe there is a spreadsheet (or software) out there that is part 'rental analysis' and part financial planner. I want something that when you punch in all your numbers, dates and investment purpose, you get an overview of you total cashflow, total available cash, total available equity, ability to close on upcoming debts (like down payments or loan repayments). Something that can show you exactly where you stand on what month of the year of your choice. Something that can show you "Warning - Dec 2023 at the current rate you will not be able to close property XYZ." It would be so much easier to accel with this information at your fingertips. I had a friend show me a spreadsheet that his son (Master's in Real Estate) put together for him - it blew my mind how much effort would have had to have gone into it, but at the same time blew my mind on how someone can really accel with this at their disposal. Does anything like this exist out there? I'm willing to pay for software if that is the easiest/most efficient route. There HAS to be something that works like this. Also thinking of posting in this in a financial subreddit...thoughts? [link] [comments] |
| WWYD?: HELOC vs. cash out refinance of second home to fund vacation home Posted: 14 Mar 2021 01:42 PM PDT Looking to purchase a revenue generating, vacation rental with financing from an existing second home. Because I am in a HCOL area, I rent as a primary residence. I'm having challenges refinancing my second home mortgage as the rates are relatively high and because it was rented as an investment property prior to COVID-19 (bank worried it is still an investment property). It now is our family's rural retreat, which has been a literal life saver during the pandemic (I quarantined there when I was infected to keep my family safe!). This second home has appreciated 64% from my purchase price, and can serve as my down payment towards this new revenue vacation homes. To finance the purchase of the new vacation rental home from the existing one, I see my options as cash out refinance via second home mortgage or HELOC on this property. Catch is, the rate is relatively high at 3.8% with a point for the cash out I need (80% LTV). Other option I see is HELOC, which will be faster but may have a variable rate and require repayment when draw period ends (I don't have details on exact terms yet). Debt servicing will be depend on which option — if refinance, I will pay overtime whereas HELOC, I can aggressively pay back when IO payments balloon to include principle. What do folks here recommend? Are there options I am missing? Other factors I should include? Appreciate the feedback!🙏 [link] [comments] |
| Posted: 14 Mar 2021 12:42 PM PDT As simple as that, how to start with real estate? How to get your initial investment, your first property? Currently working on my master thesis (mech.engineering) and doing underpaid student job so I really need help with this one. Thanks! [link] [comments] |
| Posted: 14 Mar 2021 04:16 PM PDT If you have a million dollars to invest into real estate, would that theoretically be enough to buy enough real estate that would produce enough income for a person to live off of and retire? Or would you need more money to start with? If it would be enough, what are some scenarios where someone could make that work? [link] [comments] |
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