Real Estate Investing: Is it just me or is BiggerPockets website and App horribly designed? |
- Is it just me or is BiggerPockets website and App horribly designed?
- Why isn’t everyone investing in Real Estate?
- What’s the order of operations and contractor names for a full gut rehab?
- Owner Occupied LLC or Not?
- Your top five neighborhood research categories
- Homes in the bad part of town.
- What is your preferred method of vetting tenants?
- Tips for getting into hard money lending in a small town?
- Advice for buying first property
- Should tenant's boyfriend be classified as allowed guest or an approved family member [CALIFORNIA]?
- Should I be skeptical of this appraisal?
- (CA) Refinance SFH Started in December. New Loan Officer took over processing, they’re asking for all financial documents AGAIN. How long will it take to close now?
- Purchasing home off market/direct from family friend
- Offer Contingent on Tenets up to Date?
- I want my 4 separate tenants to pay utilities. How do I set this up?
- Building wealth
- Parcel ID from zillow listing?
- Basic Mortgage and Appreciation Concept Questions
- Landlord Insurance or Umbrella Policy?
- Heloc question. Rates on primary residence vs investment property
- Fixer upper as a first time buyer
- Do these numbers make sense? First accepted bid on a Duplex.
- Getting your initial investment out
- Why must you disclose that you are a licensed agent in scenarios where it seems like you wouldn't have to?
| Is it just me or is BiggerPockets website and App horribly designed? Posted: 09 Mar 2021 07:19 PM PST I find it very un-user friendly and reminds me of early 2000s forum websites. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Why isn’t everyone investing in Real Estate? Posted: 09 Mar 2021 11:21 AM PST Yes, it looks like a stupid question, but it's really killing me. Real Estate is clearly the most profitable way of investing money and it doesn't even require big capital at the beginning. Even if monthly income would be slightly negative, there is big value of selling partially paid off real estate after X years. So considering it, it would be natural that everybody with proper credit score should invest in as much properties as it's possible. So why most people don't? What downsides and risks am I missing? EDIT: Thank you for so many detailed answers. As I suspected I wasn't aware of all the difficulties and risks. I hope this can help more people. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| What’s the order of operations and contractor names for a full gut rehab? Posted: 09 Mar 2021 06:32 PM PST Getting ready to fully rehab my multi family and just curious what the order of operations are for contractors and who to call for what. Any help is appreciated! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Mar 2021 06:59 PM PST Hello, I'm a first time home buyer purchasing a duplex in Wisconsin. We are estimating that we will be paying ~$12,000 in property taxes per year. We've been getting some suggestions that it may make sense for us (my wife and I) an LLC and put the mortgage in the companies name for 1. Tax advantages and 2. Liability. I'm reading mixed reviews on this, and so far have heard that because we're owner occupying it may not make sense to do the LLC. Anyone have any suggestions or further information we may want to consider? Thanks. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Your top five neighborhood research categories Posted: 09 Mar 2021 09:25 PM PST Everyone has a list to check off so as a new investor I'm trying to make sure I have everything on mine so I have my ducks in a row. School systems. Public transportation. What are all the little nuances that you look for when analyzing a neighborhood? Thanks in advance. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Homes in the bad part of town. Posted: 09 Mar 2021 02:07 PM PST Do these homes not appreciate? I've notice a few that have been on the market for a while, which is not like a home to sit more than a week. Do investors just tend to avoid these properties for a specific reason, which I should as well? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| What is your preferred method of vetting tenants? Posted: 09 Mar 2021 07:19 PM PST I have seen a few different ways and was wondering what your guys preferred way to make sure you are as safe as possible when you choose tenants. (Tenants will be college students) [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Tips for getting into hard money lending in a small town? Posted: 09 Mar 2021 07:17 PM PST I live in a small town, and for the past year I've been working with a friend who rehabs sfh. About once a month he'll send out an email to me and a few others with a few upcoming deals he has, and if I'm interested we both sign a contract and I loan him the set amount of money for 120 days or less. I typically get a 10%-12% return, which I'm happy with since I usually get repaid within a month or two. My problem is I still have about 80k sitting on the sidelines that I'd like to put to work, and he just doesn't do that many rehabs. There aren't any real estate groups in my area, and I'm wondering if there's a way to find other people who need loans and can give decent consistent returns. I have my own small business that takes up most of my time so I'm trying to find ways to get exposure to real estate that won't hurt my business. Any thoughts / advice is appreciated! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Advice for buying first property Posted: 09 Mar 2021 11:48 PM PST Hi all, I'd just like to know, who should I go to to seek advise on investing in property. Would it be a financial advisor, real estate agent or is there someone else? I would like advice on what i should be looking for and what is a good idea for my current situation. Thank you very much :) [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Should tenant's boyfriend be classified as allowed guest or an approved family member [CALIFORNIA]? Posted: 09 Mar 2021 12:58 PM PST The tenant has a 6 month lease on a condo in California. She has a stable boyfriend. Should the boyfriend be classified as an allowed guest or approved family member? What are the limits of how many days guests can stay in a year? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Should I be skeptical of this appraisal? Posted: 09 Mar 2021 07:37 PM PST I put an offer on a duplex for $226500 which was accepted. I started the mortgage process with the lender that was providing me the absolute best loan terms, and after following through with the process with them, the appraisal came back too low! The appraisal came back at $195k. So then, my agent, the listing agent, and the seller all thought that appraisal was an unfair assessment. At that point, the seller decided to let me try going through a second lender, so that we can order another appraisal. They offered to pay for the second appraisal through the new lender. I figured if the seller was willing to pay for the second appraisal, might as well try the process over again with the other lender (this lender's deal was just slightly worse than the first, so I decided to go through with it). Today, the second appraisal ordered through the second lender came back and this time the same duplex was appraised for $228k. Should I be concerned about the $33k difference in the two different appraisals? Everyone thought the first appraisal was unfair... but I didn't think the second appraisal would all of a sudden come back at $228k (17% higher)? I thought maybe a second appraisal would come back in between the agreed upon selling price and the first appraisal, like $210-215k. I know appraisals are extremely subjective, but does this raise a red flag at all? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Mar 2021 11:18 PM PST Like title says, started the process to refinance (same bank) my former primary residence, a SFH (now investment property) in December. Wanted to take advantage of the lower interest rates and to finally get rid of PMI. Tonight, I received an email from a new loan processor saying they have taken over for my previous point of contact. they have asked for a more recent set of financial documents to process my loan. My questions, is this normal? If so, how much longer will this take? Per my previous loan officer, I was already "conditionally approved." I have over 730 credit score, never missed a payment, pandemic safe employment (tech). Feels like they are doing everything to drag their feet and keep this from moving along. Anyone else refinanced lately? How long did it take? Thank you!! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Purchasing home off market/direct from family friend Posted: 09 Mar 2021 06:45 PM PST So in the next few months I am going to have the opportunity to purchase a home off market in Southern California from a close family friend. They want to sell it to me at a great discount to get the property off their hands. I'm trying to find out what is the most streamline way to do this? No realtors will be involved but will I need to hire an attorney for the paperwork or is this something you could theoretically do all yourself. I'm purchasing as-is so I'm not really concerned with any issues though I am still getting a full inspection as I'll likely be mortgaging it anyways... but still I'll be purchasing at a great discount. Any help specifically for how this can be done the simplest way in California is greatly appreciated. Thanks! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Offer Contingent on Tenets up to Date? Posted: 09 Mar 2021 02:53 PM PST Do you guys ever make an offer contingent on the existing tenets being up to date on rent? The listing agent said the owner will forward this info this week, but I am impatient to make an offer. I don't want to get stuck with delinquent tenets either though. Thanks! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| I want my 4 separate tenants to pay utilities. How do I set this up? Posted: 09 Mar 2021 06:19 PM PST I have 4 rooms in a house by a college that I plan to rent out. I need the tenants to split the utility bill amongst themselves but I am unsure how to do this. Thank you for your Advice/Answers [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Mar 2021 10:05 AM PST To start off I'm from the UK, really interested in real estate so I want to learn the ropes. I'm looking towards rental properties whether it be residential or commercial. I've seen a few people in this sub talking about their net profit after all costs on a residential property and most are left with £100 profit, how are you able to really make money with that? I'm just trying to gain as much knowledge as possible so sorry for the stupid question [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Parcel ID from zillow listing? Posted: 09 Mar 2021 09:53 PM PST Possible to see? Theres no address, just the joining street and I have no idea where the actual parcel is. I have to reverse engineer using google earth and a parcel viewer to guess which parcel it is based off the pictures and pin location of the map [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Basic Mortgage and Appreciation Concept Questions Posted: 09 Mar 2021 02:00 PM PST
For example, you put 25% equity down and used 75% financing on a $100,000 property and the property appreciates in value by 10%. Thank you! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Landlord Insurance or Umbrella Policy? Posted: 09 Mar 2021 05:43 PM PST I'm buying a rental property for cash. I expect to keep this debt free unless I need cash to put into another property. My primary residence is also paid off although I plan to take HELOCs out on this to fund other purchases. I have normal homeowners insurance on this. Should I get an umbrella policy that covers all my properties or get landlord insurance for my rentals? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Heloc question. Rates on primary residence vs investment property Posted: 09 Mar 2021 09:27 PM PST Can I get primary residence rate on a heloc if I moved out of this home recently? Just got quoted 4.75% from penfed for a heloc on my rental SFH I moved out of 6 months ago. Current LTV is 60%. I was told I might be able to qualify for primary residence rate since my current house is in my wife's name. Can't find anything online. And thoughts? Thanks and cheers. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Fixer upper as a first time buyer Posted: 09 Mar 2021 08:13 PM PST Hello all, I am in the process of purchasing a new home. Context: I'm a first time buyer and have rented all my life, live in California average home price here is around $300k-$500k. The most inexpensive homes are the older ones built around 1950, and in need of repairs those usually go for $220k-$270k approx. I want to know your thoughts on whether purchasing this home is a good idea, safe, or if it looks like a money pit/ danger zone. The owners of the house where I am renting are friends of my parents, and they are wanting to sell the house to me for $200k. The caveat is that it has a lot of problems that the owners weren't aware of, which I found out after the inspection. 1. Foundation There's concerns about possible foundation problems but it's hard to tell because entire floor is covered in tile. 2. Roof The roof has soggy areas and has areas that could use repairs but is in overall decent shape, but because it was covered with asphalt layers you cannot see the actual condition of the roof, and since the attic is so tiny you basically can't use it to see it either. 3. Wood rot There was termite damage and wood rot in one area but the termites are gone, this part is getting fixed by the sellers though we noticed a lot of the wood and cement (walls) on the exterior of the house seem pretty worn out at the bottom (the entire exterior is covered with aluminum and painted, so you can't see the actual exterior, but from the bottom cracks the cement looks beat and wooden areas look moist due to recent rain and with the slope of the floor going towards the house the water forms a puddle on the walls). 4. Electrical There's no grounding in the entire house and no ground wire so the house might need to be completely rewired (idk if it HAS to be, or if the insurance requires it). All of the outlets are two prong but have adapters. 5. AC There's an ac vent where ac doesn't come out to to the tube being improperly installed, so one area of the home receives no AC. 6. Non permitted area There is an additional room that may have been built without a permit, used as a covered patio. It looks well built and electrical is good there, it is actually grounded here. Not sure how this affects selling home in the future or renting. 7. Minor repairs In addition to those issues we would be doing a lot of minor repairs. With all of those issues I am wondering if this is a home better left to someone who flips homes. My main thing right now is I have enormous anxiety over where I will be living. If I don't buy this house it's going to be extremely difficult and expensive to to rent any other home. This will come out way cheaper, and it would be the start of an investment. Realistically i know this isn't a good idea to buy unless the sellers make the repairs (which we all know they won't) so with that in mind, am I correct in saying this is a hard pass? Or is there benefit in this transaction. Please let me know your thoughts. PS. I am buying with an FHA loan, putting $10k down on a $200k loan, currently negotiating repairs with seller. Would it be a good buy if they lower the price by x amount, or if they make some of the repairs? All of the repairs? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Do these numbers make sense? First accepted bid on a Duplex. Posted: 09 Mar 2021 06:12 AM PST Hi all, I'm a new investor who just had a bid accepted on a Duplex and am planning on owner occupying unit 1 (but still "paying rent") while renting out the other side. I'm looking for someone to help me figure out if this deal looks good. Here are the numbers:
So an estimated profit of $111 per month would be the initial return, but after the repairs are finished I'm positive I can raise rent by $200 on the unit I would be renting out. So closer to $311 / month after the current tenant leaves / the second unit is fixed up. This would update it to:
Does this sound reasonable? All of the necessary repairs are cosmetic but the big ticket items like the furnaces, water heaters, roof, etc are newer / replaced in the last 5ish years. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Getting your initial investment out Posted: 09 Mar 2021 08:06 PM PST Long story short. I saw an investor on IG say you can get your initial investment after you refinance a home, after the value has gone up due to rehab. I asked fo further explanation and a person just worded it different. If I buy a home with an ARV of $200,000, would the price I pay have to be significantly under the $200k ARV? Can someone give an example with numbers in order for me to better understand? Thanks for the help. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Mar 2021 07:40 PM PST I am a newbie real estate investor, just starting to get my feet wet. I am interested in wholesaling but contemplating the benefit of getting licensed. When dealing with off-market parties, why must you disclose that you are a licensed agent? What can happen if you do not? If I am looking for deals outside of a potential brokerage that I hypothetically work for, why would I have to disclose that I am a licensed agent? [link] [comments] |
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