Real Estate Investing: I've found an awesome deal on a house I adore, and I checked the tax records and the owner is very behind on their taxes, how does this impact the sale of the property? |
- I've found an awesome deal on a house I adore, and I checked the tax records and the owner is very behind on their taxes, how does this impact the sale of the property?
- Anyone else getting constant calls offering to buy their properties?
- How to buy foreclosed homes -- or any homes below market value?
- Resources for Finding the Right Finish Level for a Rental
- Should I Cash-Out refinance? (New Investor)
- What would you do different?
- How much do you pay a PM?
- Should I sell my first SFH, which is currently a rental, in this market?
- Which house would you put your equity into?
- Real Estate Investment and a Reluctant Spouse
- New to real estate investing: wondering at what point it’s worth buying in
- Lowest cost and tax efficient way to take over mortgage.
- Tree damaged neighbors garage in ice storm (PDX Oregon)
- Being an appraiser
- How to scale from 2 properties to more
- How to evaluate a mountain cabin for AirBnB potential?
- BRRRR Calculator With HML
- Determine purchase price for a lease option
- Newbie question about renting in a complex?
- Small Town Multifamily
- “Second primary home” residence requirement?
- Buying my first property, an owner occupied duplex, off market deal. Concerned I might be blinded by a false sense of opportunity.
- Cash out refi or not
- LLC or S-Corp for rentals and home equity loans?
- Buying property without cash flow?
| Posted: 02 Mar 2021 12:23 PM PST Taxes are about $1500, and they owe another $6k in back taxes. The house itself is a bargain, in an oversaturated market, and an obvious diamond - even with a gut remodel. Would it be better to wait and see if it goes into foreclosure, or just lowball them? I've never owed money, so I'm clueless to what happens when you get behind on your taxes. [link] [comments] |
| Anyone else getting constant calls offering to buy their properties? Posted: 02 Mar 2021 10:56 AM PST I get about two calls or texts a day, unsolicited, from various "we buy houses" people/services who want to buy my rental property. It's in a class C, borderline D neighborhood, where home values are about half what they are in even slightly more affluent areas of my region. I'm almost a little offended that I get no such calls about my primary residence, which I've actually put significant work into making more appealing. :( Mainly, I'm trying to figure out if I need to be worried that these vultures are circling my rental property. Are they attracted to it for some reason that should make me want to unload it, or are they just trying to see who wants out of the game because of COVID? Redfin and Zillow's estimates on the property matched the asking price when I bought it in August 2020, but a week after closing, they shot up 50%, which doesn't measure up against any comps. And just how did they get my info? Appraisal district doesn't list my phone number... at least not online. [link] [comments] |
| How to buy foreclosed homes -- or any homes below market value? Posted: 02 Mar 2021 02:14 PM PST Most people who invest in single-family homes will tell you: Never pay full price. And I get that! But I am having a hard time figuring out where and how to buy houses at anything less than full market value. Somethings I have heard are: 1) Foreclosures I have called multiple banks in the area and asked about foreclosed homes. All I get is a whole lot of "what are you talking about?" type responses. Nobody at any of the larger banks in the area seems to understand what I am asking. But they'd be happy to help me open a checking account or apply for a credit card! 2) Sherif Auctions I have called the sheriff in the county where I live and all of the bordering counties and asked about real estate auctions. I get the same kind of responses I get from banks. "Sorry sir, I'm not sure what you mean. We don't do auctions here." 3) Tax Liens I do plan to invest in tax liens, but from all I have read, these hardly ever result in you owning the property. 4) Websites that Supposedly List Foreclosed Homes Using Google, it's not hard to find websites that say they list foreclosed homes. But when I try to use them, all I find are the same homes listed on Zillow, which are just MLS listings. Some of them want you to pay to see their lists, but for obvious reasons, I am hesitant to dish out my credit card number. 5) Lots and lots of Google Searches ... which turn up "guides" that turn out to just be a sales pitch. "If you pay me, I'll teach you how to find amazing deals on houses!!!" Yeah. B as in Bull. S and in (you can figure it out). ---- So what's the deal here? What is the secret handshake to get into the club? Where is the magic source? What am I missing? [link] [comments] |
| Resources for Finding the Right Finish Level for a Rental Posted: 02 Mar 2021 07:06 AM PST Hello everyone! I am currently in the process of making a spreadsheet for all the materials I plan to add whenever I am remodeling a rental property, because I know when people do this successfully they oftentimes use the same materials, paint color etc. that they know are high quality and worth the investment. I'm having trouble sifting through the differences that a homeowner would add and something that adds value for investors. I know that meetkevin has a course on this but I'm not willing to dish out $1,000+ for something I can do research for on for free. Does anyone have any resources they would recommend that go into the specifics on this topic? [link] [comments] |
| Should I Cash-Out refinance? (New Investor) Posted: 02 Mar 2021 08:12 PM PST Hi everyone. So I currently own a home and owe $207k @ 30yr 3.75%. I also have about $60k cash on hand. The house that I own's "market" value is $750k~. However, in its current state it'd probably be appraised at around $550k. I'm looking to make this into a rental property and then purchase my first real rental property. Scenario 1: I use the $60k I have to renovate the home. I know a guy that will do a great job on it for that price so I know the estimate is firm. Then, I essentially wait to build more cash to buy a new rental property. Scenario 2(Preferred): I do a cash out refi, get possibly $100k-$150k on top of the $60k use that to renovate the house back to market value. Then have money left over to be able to immediately begin buying a new rental property. 25yo No dependents so not worried about hectic moving etc. thank you in advance. Hoping to avoid major pitfalls at the dawn of my real estate investing career! Edit: sorry forgot to outline my major concerns. 1. Will me having this big mortgage effect my ability to acquire a loan for a new property? 2. Are there other downfalls to cash-out refinances that I'm unaware of? 3. If my new traditional refinance rate would be around 3.1% what would be my cash-out rate possibly? [link] [comments] |
| Posted: 02 Mar 2021 05:59 PM PST A fellow redditor asked me this in a private message, and I thought it would be a fun topic. I wanted to teach my teens to invest, so I went in llc partnership with some of of them afew times. The deal we got with the oldest two was 40 acres of bottom ground near a gravel pit and the river and a nasty fixer upper. I tried to get the pit next door to buy the gravel, but the boys were marrying age and one already asked for the hand of his childhood sweetheart and wanted a downpayment for his honeymoon bungalow. We sold it and made a tidy profit. I should have bought him out, the gravel is now worth a fortune! I did this with the second set of two boys a few years later but with a 30 acre piece, same thing gravel, sold it for double and ever since I wish I would have cashed them out and held the gravel. After these attempts with the first 4 I just found the deals and gave the deal to the younger kids that could do them. There is a principle in partnerships that is tough to learn how to overcome, and that is that "we" never do what I would or you would individually. I guess I just do not care for partnerships. There are lots of things I would do differently if I had to enter into the "do differently " groundhog day scenario, but I guess I am glad that I will never have that chance, some times you can be so careful and so smart you never take a chance or do anything. Please by all means if you feel so inclined share your do differently? [link] [comments] |
| Posted: 02 Mar 2021 09:27 AM PST I'm writing a business plan, and I was curious what you guys pay your PM per property. I have quotes from my area. This is all for comparison sake and to satisfy my curiosity. [link] [comments] |
| Should I sell my first SFH, which is currently a rental, in this market? Posted: 02 Mar 2021 05:46 PM PST Hello. I purchased my first SFH in 2017, $140k, 3% down. I lived in it for 2 years. I moved, and rented it out the last two years at $1300/m. I spoke with my current realtor, as we are buying our 3rd home, and making this current (2nd) home a rental. She said its roughly comping around $210k. Should I just sell, and take my $70-75k I would have after fees? The only reason I am wondering is because my market is extremely hot. I just offered $51k over listing to finally get accepted. Constantly losing at $30-40k. [link] [comments] |
| Which house would you put your equity into? Posted: 03 Mar 2021 01:54 AM PST Situation: I own three homes: #1 - primary residence in nice neighborhood #2 - rental house in nice neighborhood #3 - vacation house on beach Assume #2 and #3 are both financed with essentially the same excellent interest rates. Basically, I have enough equity in #1 to pay off #3, which means I could sell my #1 house, pay off #3, and basically no mortgage payments because #2 is paid (break even) by the renter. This basically lets me go into an early retirement. My concern is that house #3 is coastal in an area that gets hurricanes, and it could be wiped off the face of the earth any particular year, although it did survive Hurricane Laura. #3 is insured (flood and hazard.) So I am not sure if I should put all my equity from selling #1 to pay off #3, and then have all my money sitting in that house that could disappear any hurricane season, versus using the equity to significantly pay down (2/3) of the mortgage for #2, and then refinance #2 to a much lower note, and profit from the rental and use that to pay the mortgage of #3. What would you do? [link] [comments] |
| Real Estate Investment and a Reluctant Spouse Posted: 02 Mar 2021 02:54 PM PST I'm looking for some real world marriage / real estate investment advice. Real estate is my passion. I wake up every day and check realtor in several different locations. I watch real estate shows and have read several books on flipping and real estate investing. We currently own two properties (one with several houses) and our equity is sitting at almost a million dollars between the two. I dragged him kicking and screaming into both investments. I'm ready to buy our next property and my husband is balking. It's not like my passion is a totally solo project. Obviously it requires risk and cash and affects the whole family. The particular house I'm interested in is in a hot market and would need an offer ASAP. It's been two days and hubby still hasn't even looked at the walk through videos I sent him. And said even if he did he wouldn't be comfortable making an offer without actually seeing it but wouldn't come with me to look at it when I went. And doesn't know when he'll be able to go look at it. I feel like my hands are tied here. Do you all get okay from your spouses for every real estate deal? I would love to hear how other real world couples navigate only one person being gung-ho about real estate when it's not a small investment. [link] [comments] |
| New to real estate investing: wondering at what point it’s worth buying in Posted: 02 Mar 2021 08:31 PM PST Hey All, I'm a young professional living in San Francisco and I have had my eye on real estate investing since I started my big boi job over a year ago. I've watched countless YouTube videos on the subject but they only ever get so concrete. I've been saving since I started working and now have about $25k in stocks and cash. I also have around a 720 credit score but never had a car or other loan. I was originally planning on investing in my hometown of Sacramento but the housing prices went up so much that it doesn't seem as worth it so I'm thinking Phoenix since it's close, has solid potential, and I've at least been there a couple of times. I was hoping to buy a small 2 bed condo for about $100k-$130k and cash flow a few hundred a month. How realistic is this? How close am I cash wise? Like I said, I am a newbie so any help is greatly appreciated [link] [comments] |
| Lowest cost and tax efficient way to take over mortgage. Posted: 02 Mar 2021 08:19 PM PST My parents bought the condo I live in for 100k now worth 150k. (The area is still appreciating rapidly and would like to take advantage of the equity) I have been paying all the mortgage, taxes and HOA since. The plan was always for me to take it over when I start working out of college, will be making 55k a year in a few months here. Should they refinance and try to add me to the mortgage? Or should they sell the place to me and once I sell it to me and have it come out of the 12 million estate gift limit, then when I sell it years down the road I'll pay capital gains on the difference of what they bought it for and what I sold it for? Any other ideas? Thanks so much! [link] [comments] |
| Tree damaged neighbors garage in ice storm (PDX Oregon) Posted: 02 Mar 2021 11:37 PM PST I had a tree branch split during an ice storm and take outs a neighbors garages gutter and damage a single fence board (fence doesn't touch my property). My property manager was quick to get quotes to repair the gutter and fence. They are demanding I pay for repairs. From my understanding a healthy tree causing damage due to an act of god isn't my problem. Is this correct? Note, I am not local. If I was I would handle it myself. I can't find any local ordinance but the the city (Portland) site references some articles that confirms I am not liable. Any thoughts? [link] [comments] |
| Posted: 02 Mar 2021 07:01 PM PST Hello all! I have a great opportunity that just seems to good to pass up. I (35m) am currently in a huge transitional moment in life and trying to figure out the best path to choose. My good friend, who is a real estate agent, and I have been in talks of starting to get into real estate investing. We both have been doing a lot of looking into the brrrr method. Where he would take care of the deals and I would take care of the rehabbing and we would find a PM to take care of the management. We are able to get cash together to get our first deal going then plan on really finding our strides in the repeat portion of brrrr and build a nice portfolio. The big transitional moment in my life is that I am soon to be changing careers. What I am changing to is what is up in the air. What my question is, looking at the situation, would being an appraiser be an a good career choice to help with evaluating deals and being able to get quickly get together approximate rehab costs? My idea is once we scale as a business making deals will be a smooth operation after being an appraiser for a while. Am I even in the right train of thought with being an appraiser? Is there some other career choice that would be more beneficial for our goals? Thanks in advance for your time. [link] [comments] |
| How to scale from 2 properties to more Posted: 02 Mar 2021 10:35 PM PST I'm a corporate rat yearning for passive income and early retirement. I have 2 rental properties, 1 condo ($0.5M), 1 single family home ($0.45M). They generate about $300, $500 cash flow per month each. Ideally, I need about $4000/month to live decently. In this cash flow rate, I need 10 properties in total! How do I scale from 2 rental properties to more? Just keep refinancing from existing properties to buy new ones? Should I also consider other types of real estate, e.g. warehouse, RV park... I always have fear that if I lost multiple tenants, I wouldn't be able to afford mortgage if I already retire from corporate. Did you quit corporate jobs when you still have mortgage in investment properties? [link] [comments] |
| How to evaluate a mountain cabin for AirBnB potential? Posted: 02 Mar 2021 11:57 AM PST Curious how others evaluate a deal like this. What kind of criteria are you looking for? Ammenities? functions? etc? Currently, I'm looking at a rural property, ~10 acres less than 40min from a major airport in the PNW area.
Curious how someone would evaluate this as a vacation type rental. I'm thinking this could be improved and marketed as a nice rural retreat type place for city-folk. it is FSBO and they have estimated their price based on a RE friend giving them an informal estimate. [link] [comments] |
| Posted: 02 Mar 2021 08:04 AM PST Does anyone have a good BRRRR Calculator that factors in the costs of a hard money loan? I'm very type A and not good with numbers to create my own. I am fairly decent at spotting a good deal but my capital partner wants it all laid out neatly. Does anyone have an excel spreadsheet they can share? I don't need super in depth, just need to be able to know whether good deal or not. Thanks! [link] [comments] |
| Determine purchase price for a lease option Posted: 02 Mar 2021 09:10 PM PST So I have a property in a pretty hot market. Listed it on Marketplace and someone's asking if I'd consider a lease, with the option to buy in 2 years. I said yes, so she's asking me to name a purchase price. How do you guys determine the purchase price? I'm guessing it's somewhere in between the projected value in 1 or 2 years, but want to hear the more experienced takes on this. [link] [comments] |
| Newbie question about renting in a complex? Posted: 02 Mar 2021 08:49 PM PST Hi all, I am new to reading about REI and I like the sound of it. Where I am there are a few mobile home and manufactured home parks. There are one or two nice townhome lots as well. I am wondering - are you allowed to buy a home in the park or complex and rent it out? Or does that usually go on a case by case basis? Wondering if there are any pros/cons to taking this approach. Reason I am curious is because a couple manufactured homes come on the market recently for around $40k, and I figured there were two freshly redone. I could get both for $80k, rent them both for $800-$900/mo. Seems relatively straight forward... what am I missing? [link] [comments] |
| Posted: 02 Mar 2021 08:39 PM PST Came across an apartment building that is 21 units in a small town of about 2000 people. The property is full but with very low rents. I was thinking there may be room to push rents higher, possibly by 10 percent. As is i could probably buy it for about a 7.5 percent cap rate with upside in rent increases possibly. The property has a new boiler and roof along with some minor renos but has original windows as the property was built in the late 70's. Curious to hear people's thoughts on this. I am comfortable enough with the building but the town and size of it worries me. Any feedback would be greatly appreciated. [link] [comments] |
| “Second primary home” residence requirement? Posted: 02 Mar 2021 04:49 PM PST Hi, all. Questioning something I heard from my loan advisor, who is a family friend — We bought our first home, a condo, in September. The unit below is is going up for sale and the owner is offering it to us before listing if we want it. We'd love to own it, to rent to friends or family in the coming years (we have some interesting prospective tenants we are close with that we trust.) But we don't have a liquid 20% down payment. My brother lives (and rents) out of state and we both had a small windfall, so have been looking for investment opportunities. My loan advisor suggested we get an FHA loan in his name as a "second primary home" and said he would only be required to live there for "1 week" and we could otherwise legally rent out the unit, which wouldn't be difficult since our tenants would be friends or family. He said he did a similar arrangement himself (the advisor) with his dad on a property. Does this sound sketchy, or is this a legitimate FHA condition? [link] [comments] |
| Posted: 02 Mar 2021 07:58 PM PST I've very badly wanted to purchase a multi family as my first property for a few years now, and finally have the savings and income to do so. The market I'm in, southeastern MA, is very competitive, and most multis end up in a bidding war going way over asking. We came upon an off market owner occupied duplex and finally agreed upon 510,000, even though comps pulled a nearly identical sale from a year ago for 440,000, we were eager. The units are identical and the tenant occupied one rents for 2000/month, heat included. As we're doing our due diligence we're finding some alarming issues including knob and tube wiring powering much of the home, separate electrical boxes that in reality power different parts of both units, the hot water boiler is near the end of its life, broken sump pump, just to name a few. The seller is not willing to budge on price or make any concessions, essentially letting us explore these issues as fact finding more than anything else. I fear this may be biting off more than we can chew, and ultimately could be a bad deal. I also fear that he could go to market and end up getting 530, just because the market is so wild right now. I don't even know if I have any questions, just trying to vent, wrap my head around this, and would love to hear advice from any willing folks. [link] [comments] |
| Posted: 02 Mar 2021 07:55 PM PST Just needing an outside opinions as we are on the fence about refinancing. Here are some of the details tell me what you would do in this situation. Location: Kansas City, MO Primary home Owe 50k at 4.125% with about 6 years left to pay off Home appraisal just came in low at $161,000 we were hoping for $170k we live in a B neighborhood and have one of the biggest houses 5/2. We can get 70k cash out at a 3.5% and thats after paying 7k in closing costs. We have 3 rentals and were hoping to pull cash out for down payments on 2 more this spring but houses are priced to much for what we can get out of renting them. Not to mention the problems everyone else is having selling fast, overpriced for area, need to much work. Now we are second guessing if its worth it to pull money out and pay all that interest or buckle down and save the cash and buy 1 at a time which is what we have been doing. At this point its do we save time and scale faster or do save money and scale slower. [link] [comments] |
| LLC or S-Corp for rentals and home equity loans? Posted: 02 Mar 2021 03:58 PM PST I've been looking throughout the subreddit and I still need some more help on this situation.
How should we protect ourselves and do this property? I heard people do one llc for one property, so that's that too. [link] [comments] |
| Buying property without cash flow? Posted: 02 Mar 2021 06:59 PM PST Newbie here, but considering a second rental property. Local market is very hot right now (driven by low supply and interest rates), and my calculations imply that the deals will be zero or negative annual cash flow, but that the overall equity/net worth would be increasing (13% or so). The cash flow is not really needed for us today. Regardless, would it be a bad idea to enter such an investment? [link] [comments] |
| You are subscribed to email updates from Real Estate Investing. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment