- What are the chances of me being able to get a loan to buy my grandmas ten acres that is a mess but very good location. She is currently in foreclosure due to unpaid taxes and will likely lose the property as a result of this.
- This seems too good to be true; please poke holes in my logic
- Is it important for me to invest in Real Estate within close proximity to where I live?
- How much do you pay your tax firm?
- I'm very new to real estate investing and I'm not sure this plan would work
- Eviction moratoriums and house hacking
- BRRR method on first house purchase? Possibly FHA loan and what I will get approved for
- Sell SFR or Keep It (Cash Flows $490 Per Month)
- thinking about investing for the first time.
- Carpenter and first time real estate buyer wants to buy a plot and build own home. Where do We start in our research
- Treating a family or friend like "hard money"
- flipping a house - best approach to cabinets rehab?
- Advice needed: Buying an investment property with friends. Tell me why this is a bad idea.
- 1500 sq ft Downtown Commercial Retail
- "REI" In a more traditional sales type role - career advice.
- Advice on taking a loan out under LLC
- First time buying rental property
- Wholesalers/realtors - what skip tracing service are you using?
- Real Estate Investing education
- Thoughts on chance of Canadian (Ontario) housing crash this year?
- Help me understand collateral?
- Starting investing advice for first purchase of multi family home
- Renter's insurance suggestion
- Anyone else having the problem of way to many applicants?
- Wholesaling
| Posted: 01 Mar 2021 01:05 PM PST My grandmother's health is in decline. She owns to property but has failed to pay her property taxes. I have no interest in just paying her taxes because she is old and irresponsible and she allows drug addicts to live on the property in trailers. I want to gain ownership, clean the place up, kick out the tweakers, and provide a home for my grandmother to live in. I am in Oregon. What are my options? [link] [comments] | ||||||||||||||||||||||||||||
| This seems too good to be true; please poke holes in my logic Posted: 01 Mar 2021 07:25 PM PST I currently have $55k in cash and $66k in stocks, and am thinking about investing in rental properties. In my location (small Canadian city), I can find a rental property for $300k-$350k whose units rent for a combined $3k-$4k per month. Allotting $1k per month for maintenance expenses, accounting for tax, and assuming a 20% down payment 25 year mortgage at current rates, this type of property should generate roughly $10k per year in profit after all expenses. So, assuming a 20% down payment of about $65k, this means it'll take about 7 years to recoup my initial investment. At that point, I take this $65k and reinvest it by purchasing another similar $300k-$350k property which also nets $10k/year. After another 7 years, I'll have enough money to buy two more similar properties for a total of 4. Finally, after another 7 years, I can reinvest the profit from those 4 to own a total of 8 properties. So after the total of 21 years, each of these 8 properties nets roughly $10k/year. This doesn't even take into account the value of my stocks, or any savings from the salary I earn during my career. Does this mean I could potentially retire in 21 years? This feels to good to be true. The only downside is that I don't actually see any of the profits for 21 years; all of it gets reinvested. Note: I'm aware that real estate prices are not constant, but I think it is a fair assumption for the sake of this argument. This is only meant to be a roughly calculation anyway. [link] [comments] | ||||||||||||||||||||||||||||
| Is it important for me to invest in Real Estate within close proximity to where I live? Posted: 02 Mar 2021 12:23 AM PST Hi all: What are your thoughts on proximity on the real estate investing I do? I feel like there are a ton of investments around the country or world that I could see as potentially good markets for rental or even to flip in the future. How important is proximity to your real estate investing decisions? [link] [comments] | ||||||||||||||||||||||||||||
| How much do you pay your tax firm? Posted: 01 Mar 2021 08:22 PM PST LLC with 3 members - $2,400. Are we getting screwed? Seems like a pretty high bill for a fairly simple K1. [link] [comments] | ||||||||||||||||||||||||||||
| I'm very new to real estate investing and I'm not sure this plan would work Posted: 01 Mar 2021 11:31 PM PST So I have 50k in the bank and 780 credit score, could I hypothetically buy let's say an 80k house pay 5% down payment at a fixed rate for 30 years and then rent it out for 1k use that money to pay back the tax, insurance, and interest and while that is still happening couldn't I do the exact same thing like 5 times in a row and make massive profits. It seems to simple to be true and doubt the bank would keep lending me money like that. [link] [comments] | ||||||||||||||||||||||||||||
| Eviction moratoriums and house hacking Posted: 01 Mar 2021 04:11 AM PST I am purchasing a duplex soon to househack and am concerned about the eviction moratorium. I will be using a loan to buy the duplex. If the tenant stops paying what options would I have since eviction would not be possible? [link] [comments] | ||||||||||||||||||||||||||||
| BRRR method on first house purchase? Possibly FHA loan and what I will get approved for Posted: 01 Mar 2021 05:52 PM PST Hey guys, so I have a rough-draft plan of what I want to do in the next couple of years. Buy house w/ FHA 3.5 down Get a hard money loan and use for repairs Refinance once that sweet appreciation hits Rent out! Profit! However, I've been hearing that FHA won't approve homes under a certain price and/or won't approve it if the property needs too much work. Where is the line drawn for this? I'm in the DFW, TX area and for example a $150k house is..not the most glamorous thing in the world to say the least. How do I leverage this, what should I know? Or am I not making any sense? [link] [comments] | ||||||||||||||||||||||||||||
| Sell SFR or Keep It (Cash Flows $490 Per Month) Posted: 01 Mar 2021 06:00 PM PST I am a new investor. I purchased a home in Southern Florida in October 2018. I definitely made a few mistakes on this one and I am contemplating either keeping it or selling it.
### Numbers ###
Scenario # 1 - Sell (net proceeds $6,850 but get cash back in $46,850)
Scenario #2 - Rent for 5 years If I rent at $1,550 a month (gross $490 per month or $5,880 per year). Assuming the roof and other items stay in good shape, that's $29,400 gross rent, $10,000 in principal paydown over 5 years. I'd like to understand how others decide to sell? [link] [comments] | ||||||||||||||||||||||||||||
| thinking about investing for the first time. Posted: 01 Mar 2021 11:45 PM PST I have only recently started thinking about real-estate investment. I have a small townhome and I still pay mortgage on it. I would like to buy another house or townhome and rent it out. I would like to do this so that I can have another source of income or to sell it later on when it's value appreciates. I have few questions. Please help me answer these questions. will a rental property give me another source of income after deducting mortgage, taxes, HOA, maintenance etc? investing money in a sp500 ETF will give on average 6%. So why do people invest in realestate? Since rental income is taxed as income, is it worth buying a house to rent it out? How difficult it is to manage tenants and do maintenance? I do not know anything about home repairs or screening tenants. Please can you recommend me a good book or resource to learn about real-estate investing. How did you get started in real-estate investing and what keeps you going? Thank you [link] [comments] | ||||||||||||||||||||||||||||
| Posted: 01 Mar 2021 04:51 PM PST I'm a highly skilled carpenter for a high-end custom home builder in Northern VT. My girlfriend and I are tired of paying rent, are finding success in our careers and are starting to itch to buy a few acres in the hills to build a little cottage that we could eventually add onto if our family grows. I've done some of research into new construction loans but can't seem to find any real information on building your own home with a construction loan (when I mean building, I mean we will be the only ones physically building the structure +/- site work, an electrician, and concrete sub) Facts - everything is under the GFs name. On paper, she's much better situated financially and would have a much higher chance of getting the loan. - we have $6k saved for a down payment and are trying to put together another $6k before 2022 - were looking for 2-100 acres of backwoods property, approved for 3 bedroom septic with electric at street. - to build a 2 bed 1ba structure on a foundation designed for future additions. -based on loan calculators, we're expecting our budget to be around $200-$230k. - the design I have in mind would probably run between $75-$150k depending on final material selections and if the lumber prices ever decide to stabilize. - my hope is to take 4 months off my day job to build it and get a CO ASAP (just so I'm not spending every waking hour of my life building houses and living in a yurt for the next 3 years). I'm also hoping our loan would be paying my "salary" as the GC during construction. Is this even a thing? - I know material prices and the cost of the land will dictate our budget for the building. I'm 100% confident I can at least get a final inspection with $60k. We can live without finish work for a while; but can the bank? - would a bank even loan on a house that will be small and untraditional? Most importantly, this is all preliminary and a dream. We still need to do more research and talk to a mortgage specialist but we're at a dead end of online research as to what we should be looking for exactly. Based on this, what do I need to know and what do I need to look into/do? What have I not of? How do o make this simple dream a reality? Any help would be appreciated! TL;DR: I'm a home builder, I want to buy a piece of land and build a wildly simple and inexpensive home on it in N. VT. How do I get a loan to do it? [link] [comments] | ||||||||||||||||||||||||||||
| Treating a family or friend like "hard money" Posted: 01 Mar 2021 06:53 PM PST I apologize if this seems like research sloth, but most of the google hits I've seen are ads or just template formats. I have a few prospects of asking close friends and family to invest in my first real estate investment venture and I would like to treat them as if they were a "hard money lender" to give them a solid return as well as peace of mind for taking a risk on me. From what I gathered from my research with these two properties (in the same neighborhood) and the objective surrounding comps, I feel that it would be very beneficial for all parties involved. What are some favorable conditions have you seen or used in the past that either helped you gain an investor or helped you want to invest in a certain project? Thanks! [link] [comments] | ||||||||||||||||||||||||||||
| flipping a house - best approach to cabinets rehab? Posted: 01 Mar 2021 06:33 PM PST as the title states, we're running the numbers for a house and the cabinet costs, expectedly, are the highest cost for the rehab. There's gotta be a tip to get these costs lower. Asides from doing it myself (i don't have the skillset, so it unfortunately has to be outsourced) - what are other ways i can cut the cost of cabinets? thanks [link] [comments] | ||||||||||||||||||||||||||||
| Advice needed: Buying an investment property with friends. Tell me why this is a bad idea. Posted: 01 Mar 2021 10:10 PM PST Situation: Two buddies of mine want to recruit me to get an investment property with them. That being said, we have no clue what the hell we're doing. Two Buddies:
Me:
Location:
Concerns:
So, yeah, I just...it seems like a great idea on paper. I eventually want to turn the place I'm currently residing into a rental property. Getting a secondary property would also be great but...there's just a lot I don't know and I don't know where to start. [link] [comments] | ||||||||||||||||||||||||||||
| 1500 sq ft Downtown Commercial Retail Posted: 01 Mar 2021 06:21 PM PST I have finally found a storefront for a retail shop that (we) will be opening in my downtown area. It's lease is cheaper than the rest of the area, as many of these buildings have gone extensive renovations, at about 60% of the surroundings buildings lease prices. The building is privately owned by one person. I do not believe he has any intentions to improve the property. The facade is rough, the interior in dingy. It needs new floor coverings, paint... something to make people feel comfortable making purchases there. But, it's cheap. As in $10,800 annually for the lease. Cut to the chase; should I just try to buy it or should I just take what I can afford, in the spot I want to be, and be happy with it? Note: Current property owner (retired) resides in upper apartment. [link] [comments] | ||||||||||||||||||||||||||||
| "REI" In a more traditional sales type role - career advice. Posted: 01 Mar 2021 06:21 PM PST Not sure if this is the correct sub, feel free to make a suggestion but I figured here may be the best place to start. I have an offer from a company that in a more formal type sales capacity than being a lone investor. Specifically it's with a well known individual with brand recognition. I receive a base salary plus a percentage on net profit (Sub-10 but more than 5% commission) The job would be essentially purchasing homes at below market rates with the intent of flipping them for a profit. The company does its own marketing but also has the classic lead lists of distressed home owners. Their investor/funding base is on point and the sales cycle can be quick. My background is SaaS sales and it seems like it's a good fit with an excellent earning potential. The top reps are making 20-30k a month commission. Aside from the usual rejection in sales, what type of hurdles can I expect when attempting to purchase 'as-is' homes at below market rate? [link] [comments] | ||||||||||||||||||||||||||||
| Advice on taking a loan out under LLC Posted: 01 Mar 2021 08:34 PM PST Hi everyone, I am planning on buying a rental in the next few years and I would like to establish an LLC for my rentals and borrow money against an existing rental to leverage my investment. Does anyone have advice on how to convince a bank to loan me money without signing my name on the loan? Is is possible to take a loan against my existing rental if I transfer the title to an LLC assuming the property is owned outright? [link] [comments] | ||||||||||||||||||||||||||||
| First time buying rental property Posted: 01 Mar 2021 09:02 AM PST Hello! I am pretty new to investing in real estate. I am very interested in buying a fourplex and living in one of the units for at least a year. I hear the 1% rule being thrown around, is that a minimum, or just a number to shoot for? I am having an incredibly hard time finding a 1% deal. I got approved for a loan on a fourplex in a great area, I don't think I'll have any trouble keeping it rented. I just wanted to put the numbers up here, and perhaps get some advice from people who know what they're talking about. Purchase price: $470,000 (asking price, I offered $430,000, and did not get a response, so I don't think they will come off asking price) Monthly rent: $875 per unit, $3500 per month total. Mortgage: $2000 per month with no escrow. Roughly $2600 with. 3.625 interest rate, putting 10% down. No hoa fees or anything like that. All bills are paid by tenants. Is this a bad deal? I won't break even if I live in one of the units. With all the units rented, I'd have about $200 cash flow on each. That sounds like a lot to me, but by the time I take out taxes it seems to put me in the negative, or at least break even. Is there something I am missing? Or is it just not a good deal? [link] [comments] | ||||||||||||||||||||||||||||
| Wholesalers/realtors - what skip tracing service are you using? Posted: 01 Mar 2021 08:18 PM PST Recently hired a VA cold caller and did not realize how many calls they get out a day. Looking to find a cheaper skip tracing site as batchleads $.14 per skip is adding up Anyone have experience with Mojo skip tracer? $60 a month but its unlimited.... heard bad things but it is a numbers game after all... Thoughts? [link] [comments] | ||||||||||||||||||||||||||||
| Real Estate Investing education Posted: 01 Mar 2021 06:49 AM PST Does anyone know any resources such as books, websites, or videos to watch to understand how to become a real estate investor and the things needed to understand real estate lingo? I am a beginner and just want to understand better REITs, mortgages, and other investing jargon. [link] [comments] | ||||||||||||||||||||||||||||
| Thoughts on chance of Canadian (Ontario) housing crash this year? Posted: 01 Mar 2021 07:06 PM PST | ||||||||||||||||||||||||||||
| Help me understand collateral? Posted: 01 Mar 2021 07:27 AM PST I have 16 acres ready to be appraised, it was deeded to me. The home I'd like to build is around 240k. I'm expecting the acreage to be worth a good penny. I can't shake mistaking collateral/equity for physical money in terms of a down payment on the construction. Can someone explain to me how the value of the acreage will help me when it's time to make a down payment? Will I still be expected to pay cash? [link] [comments] | ||||||||||||||||||||||||||||
| Starting investing advice for first purchase of multi family home Posted: 01 Mar 2021 12:02 PM PST My Partner and I are starting our investment journey in Milwaukee Wisconsin. We are looking at specializing in small multi-family homes, and are trying to start by getting a small duplex. We are looking for a real estate agent and a good property manager to start out, then after we find a place we love we will then find a good contractor and mortgage. I have done a lot of research regarding cash flow calculations, how to find a good deal, as well as vacancy rates and our beginning over all investment strategy. What I am looking for is essentially any general starting out advice for looking at purchasing your first property, and what type of company or LLC my partner and I should start with this to make sure we are protecting ourselves. [link] [comments] | ||||||||||||||||||||||||||||
| Posted: 01 Mar 2021 06:34 AM PST Is it absolutely necessary to mandate renter's insurance for tenants? I have my landlord insurance. If so, what's the guidelines? Any feedback is appreciated! [link] [comments] | ||||||||||||||||||||||||||||
| Anyone else having the problem of way to many applicants? Posted: 01 Mar 2021 01:48 PM PST I am only replying to those who send me a custom message due to the sheer number of applicants. I have maybe 300 or more messages. I guess it's not a bad problem to have. Some want to pay 3 months rent up front. So many messages about landlords selling the house they are living in. I guess it's a good time to be a landlord. I also upped my rent $100 this year. [link] [comments] | ||||||||||||||||||||||||||||
| Posted: 01 Mar 2021 01:10 PM PST First post here also beginner investor so bare with me. I see a lot of people wholesaling property's and making ridiculous amounts of money for their age. Is this real? How plausible is it to learn this skill and implement it for yourself? Why doesn't everyone do this? People say you don't need money to start and you are just flipping contracts. Am I talking nonsense here or how does real estate wholesaling really work? Also if there is a guide or videos that could answer all these questions direct me in that direction. Cheers! [link] [comments] |
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