Real Estate Investing: Our agent/PM purchased the property I asked him about |
- Our agent/PM purchased the property I asked him about
- Fannie and Freddie tighten second home and investment property lending criteria
- Should I LLC?
- Buying tax defaulted properties at auction- what was your experience?
- Can I buy a master lease from someone with an FHA loan?
- How do you know when its a good time to invest?
- Renting residential home to a company due diligence
- First Time Buyer
- Raw Land Flipping?
- Newbie question: Best ways to find underperforming houses for wedge deals?
- Tenant left before the end of lease, property damage
- Running into a weird lender limit
- What are some qualities or aspects a property must have for you to be interested in purchasing?
- Co-Own Rental Property with Parents. Tax form? Schedule E vs 1065.
- Advice: First-time home owner here. Buying a 2b/2b condo in this crazy market or buy an investment property in my home country Puerto Rico?
- Michigan Wholesaling Question
- Considering buying an old building to renovate into apartments and I have questions
- Rent or sell new build
- Pulse check or high reward for Airbnb ?(FL)
- Days on Market (DoM) - List of States Sorted from Smallest to Largest DoM - Authoritative Sources?
- [US-CA] What is the process for getting an affidavit signed and notarized over e-sign?
- Best method to share Wi-Fi in a duplex?
- Business Entity vs. Schedule E Income
| Our agent/PM purchased the property I asked him about Posted: 11 Mar 2021 09:25 AM PST We invest long-distance in SFRs. We specifically chose one of the markets in MN because there was an agent/PM that we were very impressed with. I prefer to work with professionals who are investors themselves, and his company owns a portfolio of over 70SFRs, so I wanted to learn from their experience and local expertise. The way they work is they usually send out a newsletter to their list of investors about new opportunities with a video and an analysis of the property (which has been spot on in my eyes) . We signed an exclusivity agreement and had already purchased one property with them a couple of months ago and so far so good. I understood the inherent competition of working with an investor (especially in a competitive market like this), but what happened this week feels like a breach of trust. Would appreciate your thoughts: 3 days ago I saw a property come on the MLS that seemed like a steal. It's in an A neighborhood that is usually out of our price range, but this deal was about $50-80k under the average, so I immediately emailed my agent that we were interested in it. No response. A day passes, and it's still on the market, so I follow up with him. The following day I see that the property was under contract. Our agent is usually very responsive, so I had a hunch he was involved in the deal. I follow up again, and he finally replies that he was out of town and we would like to chat. We discuss different things, but at some point he confesses that they purchased the property. I have no idea if they made the offer before or after I had messaged them. I really believe in the area and want to grow our portfolio there, but I don't feel so good about the situation. Maybe in a less competitive market with more deals this would have gone unnoticed. It's OK that we're in competition to an extent, but when I actively reached out to them about this deal (together with the exclusivity agreement - I'm not so sure how to approach this. Edit: grammer Edit2: The property went on the market on March-8. I emailed him about it at 7AM local time of that day. [link] [comments] |
| Fannie and Freddie tighten second home and investment property lending criteria Posted: 11 Mar 2021 12:20 PM PST Treasury amendment means it has a 7% limit on acquisition of single-family mortgage loans secured by second home and investment properties. So a mortgage company can do 100 million in volume, but can only do 7 million in second home and investment property loans. One of the mortgage services I know is currently at 17% percent. This could be a huge, huge deal for SFR and Airbnb investors. [link] [comments] |
| Posted: 11 Mar 2021 04:31 PM PST Even if it's just my first property? How would I be able to obtain a mortgage via the LLC if there has been no credit history? [link] [comments] |
| Buying tax defaulted properties at auction- what was your experience? Posted: 11 Mar 2021 08:01 PM PST Has anyone bought a tax defaulted property at auction before? How did your experience go and do you have any tips or information on the process? My county is auctioning off both vacant land and properties with houses on them. I'm looking at both as an option but I'm wondering how the process works if the previous owner is still on the property? Any tips and info helps, thanks. [link] [comments] |
| Can I buy a master lease from someone with an FHA loan? Posted: 12 Mar 2021 02:43 AM PST Is it legal for a home owner with an FHA loan to sell a master lease to me? If yes, can the home owner give away a master lease during the first year of owner-occupancy? If yes again, can the lease be given away at the very beginning as soon as the home was first purchased? Are the rules different for a owner-occupant convention loan? Thanks in advice. :) [link] [comments] |
| How do you know when its a good time to invest? Posted: 12 Mar 2021 02:28 AM PST I am pretty new to real estate. How do you know that it is a good or bad time to invest in real estate and in what area is the best, is there a website or some sort of chart? Thank you. [link] [comments] |
| Renting residential home to a company due diligence Posted: 11 Mar 2021 08:35 PM PST I've got a residential SFH that I just listed for rent. I've done this a few times and have experience with individuals and Section 8. However I was contacted by someone who asked if he could rent the home on a 36 month lease for his company as it's relocating to my area. I was able to find his company online and it looked legitimate. However, I've never done something like this before. How do I go about doing a background check and ensuring the company is in good standing? I'm not even really sure what he's renting it for as it's a SFH so I'm not sure how or why the company is renting it. He only mentioned they are relocating to my area. Any tips or advice on how to ensure it's a legit tenant who will help me avoid headache would be appreciated. Also tips on how to word the contract or what stipulations should be included would be helpful. Thanks. [link] [comments] |
| Posted: 11 Mar 2021 01:15 PM PST Hi all! I'm a first time buyer here. I literally got a reddit account to be able to post here!! I'm looking to purchase an investment property in NYC. I'm very new to this process and was wondering if anyone had any pointers or recs on the most important things I need to be aware of and how the process typically goes. Can anyone help? I want to buy a condo and rent it out with the least amount of renovations possible. Thank you all, love being a part of this community! [link] [comments] |
| Posted: 11 Mar 2021 09:49 AM PST Hello, does anyone have experience flipping raw land? The business model is pretty straightforward. People send out mass mailers to tax delinquent land owners in active counties offering to buy their land for well below market value then they resell at market value. I am worried this is a "buy my course" type of business. If anyone has experience, what are your successes and failures with this model? Thanks in advanced. [link] [comments] |
| Newbie question: Best ways to find underperforming houses for wedge deals? Posted: 11 Mar 2021 09:02 PM PST Hi guys, i'm new into the real estate investing game. I'm more experienced with equities. I'm sure this probably one of the most common questions ever. What resources/ways are you using to look for wedge deals? For context, I live in Scottsdale, AZ. I have some money i've built up and i'm looking to allocate a portion into real estate. Ultimately I'm looking to find a house i can create a wedge deal with. What are some tips and ways a seasoned real estate investor finds wedge deals? [link] [comments] |
| Tenant left before the end of lease, property damage Posted: 11 Mar 2021 08:58 PM PST My tenant had a lease for an year but suddenly left 3 months before the tenure is over. He just texted me saying that he has left. There were considerable damage to the walls, carpet and kitchen appliances. He left massive garbage, large and heavy personal stuffs that I had to dispose off myself. He also smoked against the policy in the premise. I also had a 30 days notice in the agreement which he clearly violated. I have around 1.5x of the rent with me as safety deposit. PS. - This was a brand new house. I have been managing tenants myself. I have taken photographs of the damage. My question is: 1) I can I charge him 1 month's worth of rent (as specified I would like the agreement) for breaking the lease? 2) Or can I charge for the month of March since he left after the first week? 3)I have used cleaners and saved the bills. Can I deduct the amount from there? 4) I have the bills for paint but have painted the house myself. Can I charge an approx price for the service? If so how much? 5) Any other thing that I can charge him for? 6)I bought an ozone emmiter to remove smoke smell from the house. Can I charge for that? 7) I disposed all his stuff myself, can I charge for that? If so, how much? Any assistance would be greatly appreciated. Edit: I am trying to take the partial rent and lease breakage fee from the security deposit. Is that allowed? I am told that I can't use security deposit in lieu of monthly rent. I am not planning to get money from tenant, I can recoup my loses from the the security deposit. [link] [comments] |
| Running into a weird lender limit Posted: 11 Mar 2021 11:09 AM PST Trying to do a house hack in NYC, purchase price $2m with $500k down. However several lenders have told me they can't lend over $1.27m, as this would make the loan non conforming. So I thought ok, maybe I need a jumbo loan. So I called a large national bank, and then they said multifamily wasn't eligible for jumbo loan. Wtf!! What sort of loan do I need to get? Maybe an investment loan? Edit: it is a residential 3 family [link] [comments] |
| What are some qualities or aspects a property must have for you to be interested in purchasing? Posted: 11 Mar 2021 07:47 AM PST I see a lot of "what should I look for? Where should I invest? How many X should it have?" etc. from people on this sub. Let's put it all in one. What are some things that you won't budge on when debating on investing in RE? [link] [comments] |
| Co-Own Rental Property with Parents. Tax form? Schedule E vs 1065. Posted: 11 Mar 2021 06:53 PM PST Hey guys, I am in desperate need of help from someone who has been through this... I co-own a rental with my parents. I just want to split the income and loss and put it on each others schedule E's but my parents are adamant that we have to fill out a 1065 and a K-1 and get a Tax Identification number. Has anyone dealt with this? Any information is GREATLY appreciated. I am sure we aren't a partnership or a business so I see no idea why this crazy tax guy is telling my parents they need a 1065... [link] [comments] |
| Posted: 11 Mar 2021 12:37 PM PST I moved to DC about a year ago but moved back to Puerto Rico to work from home. Our plan is to return to DC in April and buy a 2b/2b condo, price range 400-500k. Looking at this crazy market and what my realtor is sending me I'm starting to question this decision. I see outdated inventory, with high HOA and high CONDO/COOP fees. So while living here in Puerto Rico I noticed how popular airbnbs seem to be even with COVID19. I think there's a huge opportunity here for Airbnb's since there are not that many major chain hotels in the island. Note that I'm originally from Puerto Rico. So the property I'm looking at is a 2b/2b condo, with a communal infinity pool, in the second best tourist region in the island. This is one of the best condos on this side of the island. Current list price $230k which can be negotiated down (this is a buyers market), and I course have the 20% downpayment (I was saving for a 400k condo). I have a friend that currently owns a condo there and airbnbs it. Occupancy rate according to him is around 90% and the average nightly rate is about $130-$150. After taxes, insurance, mortgage and all other expenses to run the airbnb I break even with about 35% occupancy rate. Also looking at home price index for Puerto Rico, it seems that the market here is ready to recover from the 2008 housing crisis, as well as hurricane and earthquakes that hit the island. https://tradingeconomics.com/puerto-rico/housing-index Any one has any advice on this? [link] [comments] |
| Posted: 11 Mar 2021 05:50 PM PST Do you have to have a real estate license in Michigan to wholesale real estate? I have found the following: Licensure as a real estate broker is required of an owner of real estate who engages in the sale of real estate as a principal vocation, unless the owner engages the services of a real estate broker. Acts constituting a principal vocation include any of the following: (a) Engaging in more than 5 real estate sales in any 12-month period. (b) Holding one's self out to the public as being principally engaged in the sale of real estate. (c) Devoting over 50% of one's working time, or more than 15 hours per week in any 6-month period, to the sale of real estate. Questions: As a wholesaler, are you really partaking in an real estate sales? You're selling interest in a contract and not a property right? Has anyone heard of this law actually being enforced? If you do get licensed as a Real Estate Agent, do you not have a fiduciary obligation? (Essentially that you can't wholesale because you're not doing what is 100% in the best interest of your client) I see plenty of wholesalers on several Facebook groups, but I wanted a somewhat unbiased opinion. I realized if I ask this question of Real Estate Agents they'll tend to always say you need a license and if you ask wholesalers, they'll say you don't need a license. Thanks for your help. [link] [comments] |
| Considering buying an old building to renovate into apartments and I have questions Posted: 11 Mar 2021 05:35 PM PST Hi there, thanks for reading this! I tried doing some research and couldn't find anything too concrete, so I thought I'd try asking here. If it helps, this would be in a mid-sized city in the Midwest. The questions I have are: -Roughly what can I expect to pay to renovate a building? A range is fine. The building would likely be gutted before I bought it. -What sort of pitfalls/surprises should I be on the lookout for? -What advice do you have for a new multifamily real estate investor? I'm trying my best to educate myself so I can use my money intelligently, so any information you have would be appreciated. [link] [comments] |
| Posted: 11 Mar 2021 05:11 PM PST We purchased a new build townhouse in 2019 and took possession in January 2021. The price has gone up by $150k since our purchase. We refinanced and was able to put a down payment for a house in an area we absolutely love and can see our daughter growing up in. It's a highly sought after area that we wouldn't have been able to afford if it weren't for the refinance on this new build. If we rent out this townhouse, we will cashflow $150/month. But if we sell, we are able to pay off all our student loans which is quite substantial (husband did MBA and I did my pharmacy doctorate). If we sell, we are just left with our triplex as our only rental property. Should we rent it out (bringing our real estate portfolio to 4 doors) or just cash out on our winnings now? [link] [comments] |
| Pulse check or high reward for Airbnb ?(FL) Posted: 11 Mar 2021 04:38 PM PST Found a gorgeous condo in south beach Miami for 1.4m. I can swing 200k down and the monthly PITI+HOA comes to about $9,000/mo. This would be an AIRBNB property and based on reviews is a candidate to cash flow NICELY. Perhaps 15-20k. I have confirmed this location is STR eligible and no desire to change it. I know this may only be a dream and could be a foolish investment. For the record I've only drooled over the photos. Absolutely no financial or realtor actions taken. But, I'd like to consider actually doing this. How to understand the risk/ reward of such a move. For those have taken such a risk or have seen one go thru a similar move. What considerations do I need to make? What do I need to budget to make it happen? Should I consider getting 1-2 more people to also put in 200k to lessen the mortgage? Assuming that does happen, how do you equally share profits and tax deductions? Thank you for sharing your experience. [link] [comments] |
| Days on Market (DoM) - List of States Sorted from Smallest to Largest DoM - Authoritative Sources? Posted: 11 Mar 2021 10:12 AM PST Hello everyone, I'm researching long-distance markets for investing in MFHs. To commit to a market, want to see where each of the states stands in terms of DoM. It is one of many metrics used to size up a candidate market. A low DoM value means the market is hot and a large DoM means that the market is cool. For minimum competition you want a large DoM but this comes with the risk of a cooling market from which investors are running. A low DoM means a competitive market where each seller will get multiple offers resulting in bidding wars - this is bad for buyer as he overpays but is good in long term as this signals a growing market. Where do you go for a breakdown of DoM in list form to copy/paste into Excel? Thank you. PS: I've used RedFin for DoM before but its interface seems to only support 1 state at a time via search. So have to grind RF 50 times to make my list. Not optimal. [link] [comments] |
| [US-CA] What is the process for getting an affidavit signed and notarized over e-sign? Posted: 11 Mar 2021 03:12 PM PST See title. Is electronic signing even an option for affidavits? California, United States [link] [comments] |
| Best method to share Wi-Fi in a duplex? Posted: 11 Mar 2021 06:57 PM PST I will be house hacking a 2-unit duplex in the next couple weeks. The unit I will NOT be occupying already has Wi-Fi, but since I'm moving into one of the units now, and need to get Wi-Fi anyway, I figured I might as well setup a good connection that both sides of the duplex can use (and bundle up Wi-Fi into the rent costs) What's the best method of setting something up like this? Should I get Wi-Fi extensions? How can I ensure there's enough broadband for everyone living in the 2 units? [link] [comments] |
| Business Entity vs. Schedule E Income Posted: 11 Mar 2021 03:06 PM PST Apologies if this has been asked before. Why would I want to form an LLC or S Corp when I could leave the income from my properties on my Schedule E and purchase an umbrella insurance policy? Some background, My wife and I are rather new to real estate investing, however we own 4 rental properties, and are looking to expand. And with everything I read/hear there is mention of moving the properties into LLCs or S Corps...however, if I do that I have to pay Social Security and Medicare taxes on the wages I 'pay' myself. All for the added benefit of limiting my exposure to lawsuits taking my properties? Does anyone have a good resource for why someone should move to the LLC/S Corp model outside of limiting exposure. I can't seem to reason why I would want to take on the extra taxes. I may be missing something, so please feel free to enlighten me. Thanks in Advance. [link] [comments] |
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