Real Estate Investing: What do you look for in a mortgage banker? |
- What do you look for in a mortgage banker?
- Deal structure ideas/what is a a non conventional deal that you completed?
- Why do sites selling land in remote areas list so many of their sold (or “under contract” or “pending”) properties on their site?
- When starting out, what’s more important? Expanding your portfolio, or paying down existing properties?
- Family Members Subletting my Place
- First 1031 Investment- Mortgage free- thoughts?
- Hawaii VA loan investment
- Want to buy land and build a cabin. What are the things to consider?
- Looking to Buy home - role of realtor?
- I'm a single man deciding what to do with a big old house, more house than I need.
- I want out, but don’t know what to do!
- Is co-insurance bad?
- Bank Loan Advantages
- What’s the process of buying the house if both seller and buyer do not want to go through a realtor?
- How do you handle rental markets in which prices change daily? And how common is this?
- Real Estate Data
- Hard money lenders
- Need commercial lending for refi?
- Buying My First Investment Property Without A Realtor, From The Owner
- What to do with .18 acre industrial lot?
- 3 family legality
- Hello, the reason I am reaching out to you all today is because I want to be a real estate developer.
- Town owned home, looks like there were liens? Unsure of repercussions after purchase.
| What do you look for in a mortgage banker? Posted: 19 Mar 2021 05:42 PM PDT I recently started as a mortgage banker and i'm interested in working with real estate investors. Hypothetically, What could I do to get your business. I'm not here for business, just ideas of what I should focus on the most. [link] [comments] |
| Deal structure ideas/what is a a non conventional deal that you completed? Posted: 19 Mar 2021 04:41 PM PDT So, long story short, a buddy was twisted all up in a property, kind of freaking out, actually crying over how confused they were. They had a signed contract, they tried to do things without a realtor. I am licensed, they reached out to me. Took me about 2 hours to situate for them, there was already a signed contract, I didn't charge them, helped them out. They are forever grateful. Now, that buddy's mom died (last October, so past the condolences). She lived in a house for 65 years and smoked everyday. Major smoking damage. Otherwise, house is great. In fact, his father was a carpenter. Buddy, scared from last transaction, doesn't want to take it to market and just wants to do away with it. He WANTS to sell it to me. I rehab houses in that area, I WANT to take it. Awesome, right? Except I am trying to figure out a deal structure to present him with. He is retired. ARV is $130k My offer will be 60-70k, trying to get him to call a number first. Needs $20k in work with me doing the labor. (This will be my fourth time doing this, so a bit of experience) I have great credit, so that isn't an issue to get a loan. Just would rather hold cash and not sacrifice 25% down + rehab budget to rehab a house to THEN refinance and eat closing costs twice and eat my cash position to restrict me from doing another deal until I can refinance it again (aka, 6mo seasoning period) Thinking maybe $1k/mo land contract for the next 8y w no down payment. That is the equivalent of $70k at 8.25% interest. He is a "young" retiree at 60 and he is married, so it's not like he needs to worry about losing out on the money in case of death. Not to mention, help with the tax burden. He gets the benefit of fixed payments (to assist in retirement) and I get the benefit of $0 down payment AND total payments of $96k when all is said and done. House would rent for $1200/mo and my other rentals net me $1600/mo profit AND a $60k HELOC that is full. So, though I would be breaking even on the rent after taxes and insurance, I have buffer to last me the 8y until I pay off the loan. Just kind of interested in what other fun things you have all worked on. I've spent all day thinking of caveats on this trying to come up with the best situation before presenting it. [link] [comments] |
| Posted: 19 Mar 2021 04:23 PM PDT Excuse me if this is a stupid question, I'm completely new to this. I am planning on purchasing land out west and have noticed that many of the sites that list the properties continue to show units even though they're "sold" or "under contract". For example, landequities.com shows ≈120 properties in Oregon. All but 2 are labeled sold. When you click any of the sold units, it says in the description that it's pending, followed by a name (eg Pending - Brandon). I reached out to the owner of the site and he said that the properties marked sold are sold (yet they're simultaneously labeled as pending?) There are several other sites that follow similar suit to varying degrees. Are they simply showcasing sold properties to indicate to potential investors that there is demand for these remote properties, and also to show comparable properties so we have some idea of what it's possibly worth? Or are these bullshit sites that are up to something shady? Should I look elsewhere for properties? Thank you for any advice and I apologize if this has been asked before. [link] [comments] |
| Posted: 19 Mar 2021 09:34 AM PDT It alway confused how fast one should move when getting into this. I see some people saying that they only make their moves once the rent on existing properties become passive income, and then there's some people who are doing everything they can, and accumulating as much debt as humanly possible to get their net worth up. Out of curiosity I'm more focused on what a smarter path would be to take when getting into this. I obviously want to own enough properties that I can quit my job, and focus on BRRRRing, wholesaling, and flipping as my main form of income and become a real estate professional by definition. But I'm not entirely sure if moving fast early, and accumulating debt quickly is the standard practice that's accepted in REI [link] [comments] |
| Family Members Subletting my Place Posted: 20 Mar 2021 12:12 AM PDT Hello All - Not sure if this is the right forum to post this question but I would give it a try. I own a eight bedroom house where I decided to rent the basement to unrelated party on FMV rent. I do have my parents living with me as well. To provide them with a monthly source of income, I decided that they can essentially keep all the rent. Legally speaking, I think it's basically a sublease in a way. I am not sure how the tax reporting should work in this case. Clearly my parents are getting the income so I will report it on their return. I am not sure how this would effect my taxes and mortgage related deductions. I am currently not asking for any money from my parents. I thought about structuring it as a gift but reporting this income on my parent's return would actually be more advantageous for other tax reasons. Any help is greatly appreciated!! [link] [comments] |
| First 1031 Investment- Mortgage free- thoughts? Posted: 19 Mar 2021 06:02 PM PDT I have a single family home that was handed down to me mortgage free that has been a rental for the past 3 years. I'm in the process of doing a 1031 and I am so in-between reading posts about whether a townhome/condo/SFH is worth it for an investment property. I'm trying to make the best choice possible appreciation wise since it has no mortgage. Any advice would be helpful- thanks in advance [link] [comments] |
| Posted: 19 Mar 2021 11:25 PM PDT New to real estate. Trying to think of how smart this decision may be. Currently renting for 2,850 a month which is Hawaii housing allowance for military. Thinking about using VA loan to purchase a 500,000 dollar property in a desirable location where my payments would be slightly above housing (wife is fine with us paying the difference). I love the condo it's a 1 bed 1 bath with nice views in a high rise. I'm thinking it would be better to pay off a condo mortgage than dump money into rent and then look to rent it out or hopefully sell for a profit when we leave in 2 years. Household monthly income is around 7,500. Would it be smarter for me to rent and have no strings attached to the island or could buying property out here be a profitable investment? Got approved for 2.7% loan. Would love some experienced people's words of wisdom. Currently have no other debt. [link] [comments] |
| Want to buy land and build a cabin. What are the things to consider? Posted: 19 Mar 2021 10:53 PM PDT Married 27m with no kids. Wife and I live in a HCOL west coast city with a household income of 300k. Mine is the only source of income as of now but the wife could potentially make 100k a year right our of her current grad program. We're both interested in purchasing a big chunk of land in state (WA) with the goal of building a cabin in it in the future. We want to potentially raise horses, setup ATV tracks etc. We have a few questions regarding this dream of ours: 1. What's the best place to find such land deals? 2. What are the things to look for in those deals? Access, water, power, sewage, county taxes, zoning are some things I could think of right now. 3. What are our financing options? 4. How to determine the right size of the lot we need? 25 acre lots that are 2 hours from home are selling for the same price as 500+ acre lots that are 6 hours away. 5. Most land deals in our state seem to advertise the timber business opportunities that come with the property as a selling point. Should this play a role in our choice at all? 6. Finally, what tax scenarios should we prepare for, if we were to implement our plan? I understand I've posted a rather long list of questions. Please pop my bubble and ask me to do some homework if you think I'm wasting time. [link] [comments] |
| Looking to Buy home - role of realtor? Posted: 19 Mar 2021 10:38 PM PDT Hi everyone, not sure if this is the right sub for this but here goes. I'm currently in the process of buying my first home in the Los Angeles area and am looking to purchase a 3+ bedroom home. I plan to purchase this house to live in for a year and then renovating to add a unit(s) by converting the garage to a studio, adding a unit on top of the garage, etc. I currently don't know enough about things like zoning, local regulations, etc. What would be the best way for me to purchase a property that would be easy to add units to later on? Is this something my realtor would be knowledgeable about (have a meeting with a prospective realtor next week)? Should I bring in a third party in my house search, such as someone with experience in Los Angeles building regulations, etc? This is not something I really considered and now that I have my preapproval letter and all other ducks in a row, I'm feeling terribly unprepared and out of my debt. Any thoughts are appreciated! [link] [comments] |
| I'm a single man deciding what to do with a big old house, more house than I need. Posted: 19 Mar 2021 02:45 PM PDT I've got an old house built in 1925. It is 2100 sq. ft. 2 story, 3bd, 1 1/2 bath with 2 car garage, basement and a 8' breezeway. Since my ownership it has had a significant foundation shift (crack) that doesn't really impact the building structurally (dry basement) but it does cause potential buyers to go running. It also has a clay sewer that technically needs to be replaced but is functionally ok. Roof is ok, 15 years old. Long story short, I would sell it if I could. I don't want to sell it but it is way to much house for me. I've considered renting it but for nearly the same reasons it is difficult to find good tenants for the whole house. Plus then I would need a place to live. It's as-is rent-able for $900.00 per month. So, I'm looking at ideas of what I can do with this house to turn it from a money pit into a good investment. One idea is to divide it into 1 bedroom apartments and rent them out (rooms to rent). It would require converting a 2nd floor bedroom into a kitchen and converting the dining room into a bathroom downstairs. Then add some doors, and block off the stairway to separate 1st and 2nd floor. That way each area would have a secure and private entrance. Compared to other nearby shared houses and apartments I believe I could rent each out for $500-600 per month. Then I was thinking of finishing the garage and breezeway into another area that also joins into the basement which I would live in or perhaps even rent out as well. AirBNB is also an option. There are people renting out lessor spaces on AirBNB for $75 to $100 per night. Crazy as this may seem. It's not really gonna cost that much to rehab the house. I figure $15,000 give or take. Oddly enough the plumbing and electrical is all accessible to add the kitchen and bathroom. The main sewer pipe in the basement is directly below the dining room. Converting the garage I estimate at $20,000, maybe $30,000 new HVAC unit. So, let's figure ROI in 3 years. (1,200 X 36 = $43,200) . Now for the downside. - Technically not legal because the area is zoned residential, not multi-family. - The un-permitted mods would make it impossible to sell without converting it back. - I would have to deal with possibly noisy tenants. - I would have to borrow the money for the rehab. - More expensive homeowners insurance. Now for the upside. - After three years I could continue renting them out and it would cover my entire living expenses. - Rent all three units and I could use the money someplace else or someday retirement home. - I could pass it down to my family when I'm dead instead of dying penniless. - Either-way, the house should increase in dollar value over upcoming years. What am I missing here? Why not? How is this not a good investment? All kinds of people are advertising rooms for rent on Craigslist. There are several nice AirBNBs near my house. They have good ratings and you can tell by the number of reviews that people are renting them. Not bragging, or talking down other investment ideas, just trying to open dialog with like minded people. [link] [comments] |
| I want out, but don’t know what to do! Posted: 19 Mar 2021 09:58 PM PDT I am 55 and want to get out of the residential renting game. When we sell our properties, I will have about 1.5M with 1 M of that being capital gains. I know I want out, but I have no idea what to do with the money as far as keeping it safe (no stock market), working for me until I retire, and avoiding capital gains. Any advice or ideas? [link] [comments] |
| Posted: 19 Mar 2021 09:09 PM PDT We are shopping for insurance for a class D apartment building we are closing right now. One of the insurance has a 80% co-insurance requirement and they set the building limit to 400K. After reading about co-insurance I am afraid if I need to make a claim the insurance will just claim the cost of building is 1 million or something and I'll end up paying a lot. Has anyone had any experience with co-insurance and any advice? [link] [comments] |
| Posted: 19 Mar 2021 09:07 PM PDT I am planning to begin investing out of state. I have recently gotten the referral to use a local bank in a city that I am planning to acquiring properties in. The real estate broker I was speaking to advised me that using big, national banks for loans may complicate the process and take longer vs using a local bank. Is this true and do you guys acquire loans from those cities in which you buy properties? [link] [comments] |
| What’s the process of buying the house if both seller and buyer do not want to go through a realtor? Posted: 19 Mar 2021 10:57 AM PDT My neighbor wants to sell the house but he lives far and he doesn't want to deal with realtor. I am okay buying it without the realtor but I don't know what the process is without a broker. A real estate attorney? I know a title company and a mortgage company well but I haven't bought anything directly from the seller without a realtor. Thanks! [link] [comments] |
| How do you handle rental markets in which prices change daily? And how common is this? Posted: 19 Mar 2021 07:09 PM PDT So I am moving to the Atlanta area for work, and am going to be living in an apartment for the first year to get a better feel for neighborhoods, but plan on buying a home and an investment property in the near future. I have never seen this before in any other market (although my experience is fairly limited), but every complex that I've looked at in Atlanta changes rent prices daily. I plan on buying a single family in the suburbs as an investment property, so I'm not sure if this would really affect me, although I found it really surprising. To be more specific, I toured 10 or so apartments, and each one was given a quote that was good for 48 hours. This was a week ago, and the prices on every unit I toured have changed literally everyday since then. The unit I was most interested in went from 1220 the day of the tour down to as low as 1090, and back up to 1410 as of today. Is this common, and if this exists in your market does this effect how you price your units? [link] [comments] |
| Posted: 19 Mar 2021 07:42 AM PDT New to RE investing and don't own anything currently. Looking to put capital to work if the right opportunity presents itself. I'm looking for the best data sources (free or paid) for real estate data including home prices, price per sq. foot, ect. for specific areas. I'd also be interested in data that shows demographics, employment, neighboring markets, ect. Is anyone familiar with a source for this kind of information to inform investment decisions? Also, for sourcing, which sites do people frequent outside of zillow? [link] [comments] |
| Posted: 19 Mar 2021 05:22 PM PDT I have a lot/property that is about .3 acres. I want to build on it but I'm not sure what approach I should take or if I should even build on it. I have heard about construction loans and hard money lenders. The thing is I don't have much money up front, besides just the property that's paid off. What are pros and cons of a hard money lender? My credit score ranges from 790-810. I don't own a house but I do have a car payment. Also, I'm a MBA student who should be graduating by the end of 2022. I want to start building my real estate portfolio sooner rather than later but would like to hear from others on a route they would take. [link] [comments] |
| Need commercial lending for refi? Posted: 19 Mar 2021 03:28 PM PDT I've spoken to a few mortgage lenders on getting refinancing on my investment properties and they've directed me to go to commercial lenders. All the commercial lenders I've spoken to only work with properties >$1mm in refinancing so I'm kind of at a standstill as to where to go. Does anyone have any recommendations as to what bank(s) are currently doing refis on investment properties? Here's what I'm working with: Fully owned properties ranging from 200-500K in value. Looking to only do 50% leverage but willing to go more if it helps me get a lender on board. All residential SFH/duplex/triplexes [link] [comments] |
| Buying My First Investment Property Without A Realtor, From The Owner Posted: 19 Mar 2021 02:58 PM PDT Wondering if you guys could tell me about a book or a few books that cover everything I need to know about the actual buying process. I want to know all of the legal stuff, paperwork, about filing for a title, etc. I already know the basics of what to look for, cash flow, how to calculate rent, etc. I know how to do plumbing, electrical, drywall, replace appliances. I really just need to know how to do the buying without a realtor. I have been reading posts in here for a few weeks. I'd prefer if you guys could point me to a book or anything that is 100% comprehensive. [link] [comments] |
| What to do with .18 acre industrial lot? Posted: 19 Mar 2021 08:58 AM PDT I have the opportunity to buy a small, .18 acre lot zoned industrial. What are some low overhead ways to get income out of this? I was thinking of a small fenced storage yard for landscapers, etc. but I'm looking for other ideas... [link] [comments] |
| Posted: 19 Mar 2021 10:57 AM PDT I'm looking at a 3 family house in nyc but one building is completely Detached from the main house. The seller said it's legal but how do I verify myself? Or who do i hire to let me know? [link] [comments] |
| Posted: 19 Mar 2021 06:26 PM PDT However, I'm not quite sure where to start. My goal is get somewhere where I can learn as much as I can about the business. What would be the blueprint to becoming a top developer in the country? How can I break into this field? I am currently 23 and in the progress of completing college. In this too young of an age? Should I wait awhile? I look at some top developers on the Forbes list and noticed they are all 40 years older than I am . I am also in the process of obtaining my salesperson license. I understand that I'm in a booming market here in Los Angeles, Ca, but should I start somewhere cheaper? Please help! Thank you in advance for your advice. [link] [comments] |
| Town owned home, looks like there were liens? Unsure of repercussions after purchase. Posted: 19 Mar 2021 02:34 PM PDT Ok, I will try to outline the specifics as clearly as possible, understand that my knowledge of real estate law and the inner mechanics is iffy at best. I am looking at purchasing a home for me and my family to live in. It is "owned" by the town as the previous owner had unpaid taxes and signed it over to the town. Now when I go to the county registry, and search for liens on the property, it shows one or 2 (2 entries showing the same thing) liens originated in 2012. 3 years later in 2015 it has a request from the bank to dismiss the foreclosure of mortgage without prejudice (which I understand can be reinstated), but distinctly states it's not dismissing the declaratory statement. The house obviously needs some work after sitting for a while, and I don't plan on flipping it, just wondering if I do purchase the property if I can live in it even if the bank reinstated the lien. Can the property be foreclosed upon and a sale forced by the original creditor? There will not be a mortgage on the property and will be bought from the town outright with cash for a quit claim deed, not just a tax certificate. [link] [comments] |
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