Real Estate Investing: Monthly Motivation Thread: March 21, 2021 |
- Monthly Motivation Thread: March 21, 2021
- Anyone here become wealthy through real estate and people around you hated you ?
- Scared of bad tenants
- Is it smart to buy a house when the market is really hot?
- What is going on? There must be a reason?
- How much should I sell my rental house for?
- Should a Unmarried couple buying a second home with rentals be in a LLC with both/trusts as members?
- First time homebuyer in Michigan need advice on real estate agents, financing...
- Financing options for mixed use property
- What would you pay?
- Capital Gains Taxes? 2/5 rule?
- Legal Question: If i sell a house can i require that the buyer not tear the house down legally and that they must renovate and improve the property?
- I need advice about my financing timeline (and financing options) on a rental home purchase
- Actions for 1st time investor living in HCOL area.
- Escrow account
- Compensation during construction
- What's my next step to get ready to buy a property?
- Property in North Carolina
- Newbie investing for kids
- Any Montreal landlord out there?
- Pay off Back Taxes and Take On Mortgage For Real Estate Investment?
- What is the advantage of a long position in a real estate index swap over investing in a real estate index?
- Duplex with permitted recreation room
- Good or bad thing?
- Newbie questions
| Monthly Motivation Thread: March 21, 2021 Posted: 21 Mar 2021 12:00 AM PDT Monthly Motivation ThreadWelcome to this monthly series. This post will repeat monthly, on the 21st of every month. This is your opportunity to share your successes, accomplishments, as well as provide us with an update on your goals and strategies as they pertain to Real Estate Investing. Example Questions:
Veteran investors feel free to provide useful tips and feedback to other people's goal, as well as some of your recent successes, or failures. [link] [comments] |
| Anyone here become wealthy through real estate and people around you hated you ? Posted: 20 Mar 2021 06:21 PM PDT So you got wealthy from real estate and the people around you such as family and friends hate you now. Anything like this happen to you ? [link] [comments] |
| Posted: 20 Mar 2021 04:53 PM PDT Hi everyone! I am looking at investing in my first property with my family. We live in Southern California and are looking for properties generally near us. One of my family members watched a "horror story tenant" that made the news, where previous owner sold the property and then refused to leave. This left the new invester to foot the bill and the old owner to live and trash the place. Now he won't stop saying EVERY tenant will turn into a nightmare and the property owners have ZERO legal rights. What advice do you have about experiences as a Southern California real estate investor? [link] [comments] |
| Is it smart to buy a house when the market is really hot? Posted: 20 Mar 2021 08:14 AM PDT This may be a stupid question but in my area home prices are up through the roof right now. My friends just tried to buy a house that before covid would have gone for $400k or so. Now it's above 6, my friend offered $30k extra and got turned down because there were 35 other applicants. Condos are at least 75% the price they were a few years ago. While the market will cool off, I feel like practically the only way that housing stock will increase (and prices drop), is slowly as older people who own homes die or retire to other places. I'm not sure how someone who just dropped $600k+ on a house is going to go back to renting any time soon. So, even though obviously people are buying for covid-related reasons, isn't this a bad investment long term? I feel like a lot of people are going to try to sell their house in 10, 20, or 30 years and realize that the price hasn't gone up, if at all... [link] [comments] |
| What is going on? There must be a reason? Posted: 20 Mar 2021 07:35 PM PDT I keep reading posts on here about houses selling for stupid amounts of money over asking price. People getting outbid on their 30k over asking price offers because there are 30 other applicants. My question is, what is really happening?? There must be folks on here who have been involved in the current bidding wars. Id love to hear why. I know that interest rates are lower than ever. But the market is up higher that ever too. Does the long term savings on interest really justify paying 30-50k over? Is it a fear of coming inflation? Someone please explain. [link] [comments] |
| How much should I sell my rental house for? Posted: 20 Mar 2021 09:52 PM PDT I bought my first home in 2015 for 170k. I put 20k worth of renovations and appliances in. 1.5yrs ago started renting it out for $1100/month. After paying mortgage/property taxes/home insurance I pay $118 out of my own pocket. Market now says my house is worth $165k. My question is this, when you think about a dollar amount you want for your house. Do you factor in the years you lived in the house and subtract it? If so, how do you calculate that? Second question, do you consider the rent you've made and subtract that from the dollar amount you need out of the house? I hope I'm making some sense here. I've always wanted to get 100% of the dollars I put into the place, back. I realize the market isn't in my favour atm, so I have no intention of selling. But I always wonder what people factor in when they determine the dollar amount needed out of the house. My ideal situation would be breaking even. And for me that means $170k + $20k + $118 (however many months I had a renter). [link] [comments] |
| Should a Unmarried couple buying a second home with rentals be in a LLC with both/trusts as members? Posted: 20 Mar 2021 05:23 AM PDT |
| First time homebuyer in Michigan need advice on real estate agents, financing... Posted: 20 Mar 2021 10:56 AM PDT So my wife and I moved to Michigan from Germany. I'm a dual citizen but haven't had a credit score til last year and gradually building it up. (Credit allocation is done differently over there). I know my way around most German real estate subjects but am a novice in the states. Maybe you guys could help me out. What are we looking for? We're pretty open to anything but currently favoring 1 acre or more property preferably with an existing house. Building is an option but only if we can't find a decent deal. We're looking a bit outside of town. Not far outside though.
I hope this is the right place to ask. Thanks and enjoy the sunny weekend! [link] [comments] |
| Financing options for mixed use property Posted: 20 Mar 2021 06:26 PM PDT Would love to hear what has worked for investors here! I am contemplating purchasing a mixed use property with 2 residential units and 1 commercial unit. I'm relatively new to real estate investing (only purchased one single family investment at this point). What financing options should I be considering? The units are stacked so 1/3 commercial. Are traditional 30y / 80% LTV options available with this setup? I could contemplate living in one of the two units when if it opens up my financing options. Thanks! [link] [comments] |
| Posted: 20 Mar 2021 06:23 PM PDT To keep it short and sweet I have an opportunity to purchase a property that is cash flowing about $10k per month on a commercial lease (currently rented and they intend to stay there but even if they moved they spot is going to rent just fine at the price they are paying). I have my numbers in mind but what price do you guys think this would be a good deal at? Just curious!! Edit for clarity: $10k cash flow after taxes insurance etc. but not including any cost of a loan. [link] [comments] |
| Capital Gains Taxes? 2/5 rule? Posted: 20 Mar 2021 11:46 AM PDT Wanted to clarify something. I had lived in a property for 2 years. I understand that within the last five years, if I sold said property, that if I lived in the property for 2 of those 5 years that I would not pay capital gains taxes. How would it work if at the time of living in the property I was not married, but after I moved out, I got married. Would I be exempt from capital gains taxes as at the single rate or can I claim exemption at the married rate despite my husband not living in the property? [link] [comments] |
| Posted: 20 Mar 2021 05:19 PM PDT I have a place that is beautiful but developers would love to tear it down, i'd like for at least the person i sell to that they dont. [link] [comments] |
| I need advice about my financing timeline (and financing options) on a rental home purchase Posted: 20 Mar 2021 05:23 AM PDT (potential) First time investor here. I'm looking to buy a long term rental property about 1.5 hours away from where I live (I've identified a good market). I'm wanting to buy this summer, so about 2 months from now, and I'm trying to explore my financing options now so that I can jump on a deal if/when I find one. I own my current home outright, which has a value of around $250k, and I have $25k cash saved up. Here are the options that have been presented to me. 1) Some lenders I'm talking to are trying to convince me of a HELOC, but I don't really like the variable interest rate. I don't like the idea of of take a roughly $125k loan on a variable interest rate. 2) I asked about a traditional/conventional loan, in which I put down the $25k of my own money, and then financed the remaining amount on a traditional mortgage. One lender tried to tell me that my interest rate would be higher by doing this, and that I should try option 3. 3) Some lenders are trying to convince me of a cash out refi / home equity loan (I'm still fuzzy on what the difference is between them). The benefit of this is that I would have the money in my account, and it would allow me to make a cash offer on a house. However, I don't like the potential scenario in which I take out the loan, start shopping for houses, and don't really find any good deals. Then, I have this $125k loan that I'm just paying for every month out of pocket. I'm leaning towards option 3, but how can I do the timeline here? How long roughly does it take to close a home equity loan/cash out refi? Could I go "make a cash offer," then immediately run to my bank and secure the loan? What is the timeline on that? Is there any other advice that yall have for me in how I approach this? Thanks!!! [link] [comments] |
| Actions for 1st time investor living in HCOL area. Posted: 20 Mar 2021 08:31 AM PDT Hi, I am a wannabe investor living in NYC. I know that a lot of people suggest pursuing house hacking as a way to get started in real estate investing. However, this is not too feasible considering I'm living in one of the most expensive cities in the world and cannot afford anything here or within the immediate area. What do you suggest as a reasonable action plan? Would it be better to consider investing outside of the immediate area with a property manager? [link] [comments] |
| Posted: 20 Mar 2021 04:23 PM PDT I am looking to stop having an escrow account for my duplex. I would just keep the portion from rent each month to pay for taxes and insurance. What are some best practices people use with that money? I feel like I can be doing something with that money vs sending it loan company. Any ideas would be helpful. [link] [comments] |
| Compensation during construction Posted: 20 Mar 2021 06:29 AM PDT Hello everyone, I have a question about compensation of tenants. I'm currently in the preliminary stages of building an accessory unit in the backyard of a duplex I own in Ontario Canada . I've spoken to the tenants upper/bottom and they both expressed wanting to stay and are okay with a considerable amount of the backyard being taken up by another unit. What would be fair compensation to offer them to have them sign a contract stating they are okay with the reasonable enjoyment of their units being disrupted during construction and also the backyard being altered? As a side note the upper tenant has expressed interest in renting the future unit from me and vacating his current unit. Thank you for any help [link] [comments] |
| What's my next step to get ready to buy a property? Posted: 20 Mar 2021 03:22 PM PDT Hi, I'm an 18 year-old full-time student and I plan on buying my first investment property in summer 2022. I have read books and started analyzing all the deals in the area where I want to invest. What do you think should be my next step to prepare myself before I go buy a property? [link] [comments] |
| Posted: 20 Mar 2021 09:19 AM PDT A friend of mine has a property in a small town in North Carolina not far from major cities next to rail. I have been telling him to look for a good industrial client that could bring jobs to the city. I believe they would be entitled to incentives as well. Any one know where to locate and market to those types of buyers? [link] [comments] |
| Posted: 20 Mar 2021 11:30 AM PDT We have some money saved from selling a previous home and my husband is set on investing it for our kids (teens headed to college). He wants to buy each a plot of land that they can sell when ready to buy their own homes. We are in Central Texas so it's about a $100k investment each. I am thinking a condo with the combined finances would be better. It would pay back in rent though we may have to manage it for them until they are old enough. Would appreciate any guidance from experienced investors! [link] [comments] |
| Any Montreal landlord out there? Posted: 20 Mar 2021 12:52 PM PDT I'm going to take possession of a condo in Montreal soon and am planning to rent it out. I live in the west coast so may need a property or rental agent to help look for tenant and manage. I would love to hear your experience in renting out properties in Montreal. Anything a landlord should watch out for in terms of looking for tenants and management? Any agent or manager you would recommend? Any advice is much appreciated. [link] [comments] |
| Pay off Back Taxes and Take On Mortgage For Real Estate Investment? Posted: 20 Mar 2021 11:00 AM PDT I heard about this idea that if someone's behind on their taxes for their property You can pay it off for them and then take on the mortgage since they would have foreclosed anyways That way that they save on their credit taking a hit. What is this called and is it really legal to do? [link] [comments] |
| Posted: 20 Mar 2021 05:11 AM PDT This topic is probably not really discussed a lot in this subreddit, however, it might be interesting for some of you to think about. I am currently thinking of the advantages of being the long position in a real estate index swap. Such a contract would be written on a specified real estate investment performance index, including both income and capital return. The main advantage of being the long position within such a swap position is clear: However, as an investor, you could simply invest in a real estate index instead of going long in a real estate swap, without paying short-term interest to the short position of the swap. In this way, you also have the advantage of having real estate exposure without actually owning any real estate. Does anyone have an idea why it would be favorable for an investor to go long in a real estate swap instead of simply buying a real estate index? [link] [comments] |
| Duplex with permitted recreation room Posted: 20 Mar 2021 08:45 AM PDT Hey everyone! I have a question regarding a deal in the works for Duplex with a permitted rec room in Los Angeles. Both units in the duplex are rented out and we don't plan on relocating the tenants. The goal would be to move into the permitted rec room below the second unit. The rec room is attached to the garage, has its own private entrance, a kitchenette, a full bath, and its own 1/2 address. What's weird is... title is showing that this property is zoned as a Triplex but it is being sold as a duplex w/ permitted rec room. The goal would be to owner occupy the rec room and hopefully get permits to expand the unit into the adjacent garage (which is current used as storage). I have a few questions that I'm hoping someone can answer. Is it a bad idea to live in the rec room without first getting it approved as an ADU? The current tenants are using the garage as storage for their junk. Are we allowed to ask them to remove their stuff from the garage so we can use it? I've included some pics of the outside of the units and some interior pics of the rec room. Thanks guys [link] [comments] |
| Posted: 20 Mar 2021 08:09 AM PDT I'm trying to look up what homes are renting in an area, but none come up on Zillow; SFH anyway. Are areas like these a good or bad area to rent a home in? Not sure if previous landlords eventually had to sell since people didn't want to rent or if there's a shortage in rental homes. Town is pretty small. Mount Pleasant, Tx for those that might be from the Dfw area and might have some insight. [link] [comments] |
| Posted: 20 Mar 2021 07:43 AM PDT Hello everyone! I hope you are doing well. What advice woul you give to a beginner in this field? Is there classes or courses I need to attend or but so as to get started in the real estate world? Thanks in advance. PS. I'm from Morocco. [link] [comments] |
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