Real Estate Investing: Tenants incommunicado, eviction planned for next month. I have become what I hate. |
- Tenants incommunicado, eviction planned for next month. I have become what I hate.
- Anyone elses market up another 20% since fall? (Residential)
- Single Family Home or Condo/Townhome for first rental?
- Can I 1031 into multiple properties?
- County Assessor showing incorrect owner
- News outlet for real estate?
- What’s the best way to purchase a home directly from homeowner with no agent? Is there a really low cost option to make sure everything is legit? Or simple way to do it?
- Experience with pets
- Is Gentrification a bad thing?
- How do I pay rehab Quickbooks bills on a business credit card?
- Rookie wholesaler
- If I get a personal line of credit can I deduct the interest on it?
- graduating with an associates in mechanical engineering technology in a few weeks, landed a pretty good engineering job already, but now i want to become a certified real estate agent too (37 m) is it worth it? can i sell houses on the weekends and quit the restaurant jobs i currently do?
- EIN vs SSN
- Any way to check price for unit that sold 2 weeks ago?
- Any advice on order of debts to pay down?
- Cash out Refinance on paid off SFHs?
- Refinance a year after cash out?
- I OWN a piece of LAND, I was asked if I will do a lease to own instead of just selling...
- Buying home from older people
- Buying First Property - Good deal?
- Is mobile home flipping by the California coast-line worth it?
- Anyone use "no doc" loan?
- How to get a loan for my next house hack— HELOC or personal loan?
| Tenants incommunicado, eviction planned for next month. I have become what I hate. Posted: 18 Mar 2021 07:41 PM PDT I used to be a tenant, and I hated landlords who tried to take advantage of me. But damn, when I am a landlord, nonpaying tenants are fckin assholes. For months they live in my property I worked hard to pay for, they are basically robbing me in broad daylight. Nobody is forcing them to rent a house they can't afford. It's a 2,000sqft house, 3 bed 3bath, $2k/month. They got 1 kid and 1 dog. Just go rent a cheaper place, morons. Live within your damn means. Next month the moratorium in my state, VA, ends. I've already let them know about rent assistance. So I'm all ready to file an eviction. And now I'm just hoping they don't fuck up my house. Damn, I hate what I have to do, but I can't let them just keep robbing me. *rant ends* [link] [comments] |
| Anyone elses market up another 20% since fall? (Residential) Posted: 18 Mar 2021 03:15 PM PDT Our local market (Jackson 'Hole', Wyoming) residential market is going bonkers. Spec homes that were started with pro-formas in the $2M range when they started construction are closing in the $4M ( a dozen) I bought a condo to flip (full renovation) in the high 6 figures, and an identical unit closed 90 days later 25% higher. Prices that everyone thought were incredibly high summer 2020 are definitely up another 20% or more since then and inventory is near zero. Anyone else seeing this? Edit: I have no idea where the market is going. Personally I would sell and rent somewhere else aspirational. IE attempt to time the market. But we have a dream house (probably checks 90% of my boxes) and I have 2 young kids and a wife and who gets very stressed out on moving. I will continue to invest funds in value add residential assuming that at some point it will fall. I use 0 leverage so I'll just eat it when the time comes. Hopefully the value I create is most of the loss. Made it through '08-'10 this way. [link] [comments] |
| Single Family Home or Condo/Townhome for first rental? Posted: 18 Mar 2021 10:29 PM PDT I'm in Phoenix, AZ for context. Housing market here has been great here for quite some time. Anyway i'm looking to get my first rental with a partner. We're gonna throw down anywhere between 30-50K for our first rental property. We're trying to analyze which is less likely to be vacant. A standard single family house or a condo/townhome apartment style unit? What are your thoughts? Let's assume both are in decent areas. [link] [comments] |
| Can I 1031 into multiple properties? Posted: 18 Mar 2021 09:36 PM PDT lets say Im invested in NYC, and I sell a property for 1.5M to get out of the state, and decide to use that money to buy a fleet of town homes in PA. Am I able to 1031 one property into multiple properties? or is it just a one off deal where I can only sell, and put into my next, singular property. [link] [comments] |
| County Assessor showing incorrect owner Posted: 18 Mar 2021 11:22 PM PDT I went to my local county assessor website today to confirm my taxes paid for 2020 and found in November of 2020 my parcel was assigned an owner other than myself. The online parcel viewer has an copy of a Real Estate Excise Tax Affidavit for a different property address and a parcel two doors down from mine. Additionally there is a Statutory Warranty Deed associated with my parcel online for the other address and parcel number two doors down. Is this just as simple as a filing error at my local county assessor office that I can contact them and have fixed? Or do I need to contact an attorney to have this fixed? I'm mostly curious if this would preclude me from selling the property currently. Or might have create complications for selling the property down the line that a simple adjustment in their files wouldn't fix. Edit; Spelling TLDR: County Assessor website shows owner of my home is the new homeowners two doors down on a different parcel #. Do I need a lawyer to fix this? [link] [comments] |
| Posted: 18 Mar 2021 07:00 PM PDT Hello, I am new in real estate investing and I was wondering how people find news about real estate. Is there a news outlet I can look at to keep updated on pricing, interest rates, mortages, areas? [link] [comments] |
| Posted: 18 Mar 2021 08:18 PM PDT Trying to avoid the realtor fees and get home cost lowered [link] [comments] |
| Posted: 18 Mar 2021 10:24 PM PDT I am in search of tenants and I have 4 choices to choose from. 1) good credit, good income but has a cat n dog 2) 1 guy with extremely good credit,good income, eventually will get 2 more roommates 3) 4 young ladies 21-22 just starting job. Ready to pay $50 more than others 4) familiy with 4 kids. Paying $100 less than others. Ready to sign 2 year lease. Steady income but credit in 630s. What would be my preference order and why? [link] [comments] |
| Is Gentrification a bad thing? Posted: 19 Mar 2021 01:49 AM PDT |
| How do I pay rehab Quickbooks bills on a business credit card? Posted: 19 Mar 2021 01:08 AM PDT I get Quickbooks online invoices that ask for my checking account info but I'd rather pay with my Amex or Chase Ink business card. What's the best way to pay a Quickbooks invoice using a credit card w/o the credit card fees that Quickbooks charges? [link] [comments] |
| Posted: 18 Mar 2021 09:19 PM PDT I'm a rookie wholesaler, just beginning to wholesale homes in the D.C. area. I'm gonna take vacant homes then arrange for their sale to investors. I have a few quick questions:
Thanks! [link] [comments] |
| If I get a personal line of credit can I deduct the interest on it? Posted: 18 Mar 2021 10:07 AM PDT I have an llc set up for my real estate properties. All are rentals. If I got a 100k personal loan from my bank and used that loan to purchase another home for my llc, is that interest on the loan tax deductible? Loan would be against my primary residence. [link] [comments] |
| Posted: 18 Mar 2021 10:15 PM PDT hello and thanks for reading. well, like the title says, I'm graduating soon and I've landed a job with the government already, so that's cool. its an apprenticeship that will start around 40k but end up around 53k a year after 4 years, so its definitely better than nothing. i plan on owning at least a few rental properties as part of my retirement income plan, and as im kind of getting a late start on "adulting", I need all the help i can get. i spoke to a friend today and she said she got her real estate license from an online school. their website says it will cost apx $1400, which sounds very reasonable considering how much money it could save me on closing costs for all the properties i plan on getting, and maybe even perhaps one day i could quit the govt job and do real estate full time. so I guess what I'm asking is: is real estate something i can do on the weekends for extra money instead of these server/bartender job I do on the weekends? and then could i possibly transition into doing it full time one day? would it be worth it just to save on closing costs in the future, even though i don't plan on buying my first duplex/rental property for another year or 2 at least? I'm interested in hearing any and all opinions or questions on this. thanks for reading! [link] [comments] |
| Posted: 18 Mar 2021 12:41 PM PDT Is there a benefit to applying for an EIN for an LLC that has one rental property in it? Does the EIN impact how the rents received are taxed? [link] [comments] |
| Any way to check price for unit that sold 2 weeks ago? Posted: 18 Mar 2021 07:31 PM PDT I am interested in a unit in a building, where another unit (fairly similar) just got sold 2 weeks ago. I can check listing price but the realtor said that there was a bidding war on that one. Is there a way for me to check what it actually sold for? [link] [comments] |
| Any advice on order of debts to pay down? Posted: 18 Mar 2021 02:46 PM PDT So, long story short, my goal is to own 4 paid off SFH rentals and a paid off primary then retire. I live in Detroit and these houses are rented at $1500 with $3k annually for taxes and $50/mo insurance. So I am looking at $300/mo in expenses, $200/mo in repairs (conservative), and then $1000/mo profit each. (Yes, vacancies too, but with no mortgage, not the most concerned) For the record, I currently own 2 houses with these margins (given, I have mortgages on them currently) and my primary residence would have these numbers. Still need to buy 2 more, but looking at the future of debt pay down I have some questions.
Initially, I was going to pay down the highest interest debt and might pay down the lowest balance... which in this scenario is the same house. But now I am looking at tax deduction. Should I put the extra money to the house that has the lowest interest accrued each month? Thinking this because then I can have more tax deduction. Or is it better to put the extra money towards the highest interest accrued each month because, though it's a deduction on my taxes, it's still an expense and therefore best to avoid to begin with? Honestly, need to buy 2 more houses before this happens, but currently I have 2 full down payments together in cash and a HELOC, so it's killing me to sit on this cash earning .5% interest when I could be using it to pay down my 3.875% interest. [link] [comments] |
| Cash out Refinance on paid off SFHs? Posted: 18 Mar 2021 10:54 AM PDT Could I ask the community here for some advice? Been racking my brains on this, and quite unclear on how to do this. I own several SFHs in TX. They are fully paid off, never had a mortgage. I paid cash on them over the years of acquisition. I use the rental income for my daily expenses. There is a property manager in place that handles all issues. I never hear about anything, except tax bills. Lately, with the rates rising, thinking that it might be better to lock in the still low rates for cash our refi, and use the money for other investments. There are some pretty safe debt funds that pay 8-12% for example. The problem I have is that income from investment is 8-12%, but I am taxed in CA for 50%+ on that type of investment, so the cash in hand would be 4-6%. The rates I am getting on the cash-out refi is 3.875% 30yr fixed. Apparently that's the only option from my broker in TX. With those numbers, there does not appear to be much room for anything to go south, and it's barely above break even. What am I missing? Where are all the gains from leverage that are supposed to be here? Thank you for teaching a newb about leverage! [link] [comments] |
| Refinance a year after cash out? Posted: 18 Mar 2021 01:15 PM PDT I have a rental property that I own outright and I'm currently doing a cash out refinance. But because my rental income is only 4 months old, it doesn't count towards my income so my DTI will only allow me to take about 40% LTV. I'm paying two points on this loan and my question is: if I refinance in about a year, when my rental income will count towards the income, I'll be able to get 70% or more of the value. I know I will be re-paying some standard fees the second time, but how will the two points affect this? That's what I can't wrap my head around. [link] [comments] |
| I OWN a piece of LAND, I was asked if I will do a lease to own instead of just selling... Posted: 18 Mar 2021 04:44 PM PDT
TIA! [link] [comments] |
| Posted: 18 Mar 2021 12:42 PM PDT What're your success rates of putting a home under contract from older people, 65+? I've been trying to get into contact with a potential seller (house looks distressed) but have been unsuccessful and was thinking I'd swing by the home this weekend to see if I can talk to the owner. Any input would be great. [link] [comments] |
| Buying First Property - Good deal? Posted: 18 Mar 2021 04:23 PM PDT Found a 2b 1b listing price is 58k been on market for a while, it's an old house so there are some repairs I'd have to make, hopefully not exceeding 10k (Haven't got an estimate yet). Rent would be between 600-700. Would my best bet be to try to lower the price and get a loan like a homestyle renovation loan? Or lower the price and try to pay out of pocket for repairs. My only issue is the loan amount being so little <50k not many banks will fund that. Thoughts? Thanks [link] [comments] |
| Is mobile home flipping by the California coast-line worth it? Posted: 18 Mar 2021 04:17 PM PDT |
| Posted: 18 Mar 2021 02:53 PM PDT Came across a broker who said they specialize in rental lending. They require 20% down at 4% and no income docs required. They require a excel spreadsheet per property. Asking the amount of house and market rent rate. If the rent cover mortgage They will lend. Has anyone done this? Pros vs cons? [link] [comments] |
| How to get a loan for my next house hack— HELOC or personal loan? Posted: 18 Mar 2021 08:37 AM PDT I'm in a complicated position where I make a decent amount of money (100k+/year) but as a 1099 employee I let my tax guy write off everything to the point that according to my taxes I make about 8k a year, i.e can't get a conventional or FHA. I'm going the house hack route, my price range for now would probably only include duplexes. Between HELOC or a personal loan, which would be more feasible in order to cash flow a property? TL;DR I have income, but can't prove it to conventional lenders, so I need another way to buy my next house hack. HELOC or personal? [link] [comments] |
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