Real Estate Investing: What tips do you have for someone wanting to get into investing in real estate? |
- What tips do you have for someone wanting to get into investing in real estate?
- What are some affordable beach towns similar to Puerto Vallarta, Mexico?
- Do you file your own taxes?
- Section 8 tenants for a new landlord
- Is it smart to buy a property knowing that you’ll move to a new state?
- Attorneys: Is There Any True Recourse Against A Non-U.S. based Cosigner?
- Possible to house hack properties consecutively?
- Duplex with permitted recreation room [Los Angeles]
- Buying out right or having a mortgage for a rental property?
- Do people invest in turnkey multis with a full 20-25% down payment?
- Multifamily market in Chicago
- How do you make money in Real Estate for your investments?
- Best websites to bid on property/homes
- I have pof letters and a financial institution backing me, but my agent isn’t responding. How can I write an offer myself or what are my options here?
- WWYD: personal house with very little equity, planning on moving, sell or rent out with property management company?
- Sell SFRs or Keep as Rentals?
- Twitter thread about "The evil of landlords"
- Minimum down payment on an owner-occupied conventional loan for a duplex?
- Health insurance
- Mortgage question
- Getting an FHA loan approved between being a student and starting full time work?
- Is there a HomeUnion or Roofstock type company that works in Tennessee?
- Is Maryland a good buyer/seller market?Looking to get my foot into the real estate door. 23F
- LLC advantages with vacation rental.
| What tips do you have for someone wanting to get into investing in real estate? Posted: 21 Mar 2021 10:59 PM PDT I got out of college last year and work a salaried position as well as I have side income, I'd love to buy a condo and rent it out but I honestly have no idea what I'm doing or even if it's the best time for me personally to do it. Here are some questions I have: How much percent down should I put? Can I get away with doing the lowest percentage or do I need 20%? If I don't currently own a home, will the bank let me get a loan for a rental property? I currently reside in an apartment with friends to save up money until I'm ready to buy a house. What tips would you give to someone who wants to become a landlord? What are the best books/audiobooks I can read or listen to about the investing in real estate? I reside in Phoenix, Arizona if that helps anyone with their answers. Thank you for reading this and any comments I get! I've always loved coming to Reddit to help people and receive knowledge on things I'm unsure of! [link] [comments] |
| What are some affordable beach towns similar to Puerto Vallarta, Mexico? Posted: 21 Mar 2021 01:16 PM PDT Hello fellow Redditors! I would love to invest in some beach town / beach front property in affordable neighborhoods. I've been scouring the internet looking for the right area and y'all always have some great insider tips so I figured I should ask here too. Some requirements I'm trying to hit are:
Puerto Vallarta hits all these points except the average home is _slightly_ out of my price range. So I'm wondering what other cities I should be looking in. Any recommendations are welcome! Also please do PM me if you have a place like this (whether you're tinkering w/ the idea of selling it or not!). [link] [comments] |
| Posted: 22 Mar 2021 06:56 AM PDT I've been using a CPA to file my taxes for me thinking it's easier, what with rentals, depreciation, etc. But does anyone do their own? How tedious is it? Before I got into real estate I did my own on taxACT. [link] [comments] |
| Section 8 tenants for a new landlord Posted: 21 Mar 2021 04:32 PM PDT I have just got a duplex and listed for rent. I am getting some inquiries about section 8 renters. Is there anyone who can share their experience on having a section 8 tenant if you never had one? I have property in NC Thanks [link] [comments] |
| Is it smart to buy a property knowing that you’ll move to a new state? Posted: 22 Mar 2021 01:37 AM PDT I want to buy a house with an FHA and house hack. However, I know I will be moving to a new state within one year or maybe two. Should I go ahead and buy a house and house hack for one year then move or just keep on saving and buy a house in the new state I will be moving to? Moving to Texas but live in Michigan right now. [link] [comments] |
| Attorneys: Is There Any True Recourse Against A Non-U.S. based Cosigner? Posted: 22 Mar 2021 07:02 AM PDT One of my units is next to a large university that has a significant number of foreign students. I have always avoided renting to anyone without a U.S.-based cosigner. My fear is that if they don't plan to stay in the U.S. when they graduate they could easily skip town and not pay me for the summer. If their parents live in Russia for example, what possible recourse could I have? But maybe I've been taking too harsh a line? If you're an attorney, or a landlord with practical experience in this matter, I'd love to hear your opinion. [link] [comments] |
| Possible to house hack properties consecutively? Posted: 21 Mar 2021 02:34 PM PDT Hope everyone is holding up well. Purchased my first property back in August (triplex) and used the money I saved in rent to renovate my unit and the other two. Raised rent after the renovations and now have nice cash flows which has allowed me save up quite a bit of money. Is it possible to purchase another multi family property as a primary residence and do it again over and over? My lender originally told me back when I bought my first property that I could if I could "prove it's a necessary upgrade" (for example, if we said we were starting a family and needed more room). Now his story has changed. So long story short, is it possible to house hack consecutive multi-family properties without selling the first one or transferring the it to an LLC and deal with all that comes with that? Appreciate all the tips and advice I can get. Happy investing everyone! [link] [comments] |
| Duplex with permitted recreation room [Los Angeles] Posted: 21 Mar 2021 06:15 PM 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 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? The rec room is only permitted to have a 1/2 bath and kitchenette, however the unit had a shower and gas hook ups for an oven. Would we need to demolish before trying to get it permitted? I've included some pics of the outside of the units and some interior pics of the rec room. Thanks guys [link] [comments] |
| Buying out right or having a mortgage for a rental property? Posted: 21 Mar 2021 05:09 PM PDT What are the advantages of buying a rental property out right or putting 20% down and having a mortgage on it? I'm thinking of three to $400,000 purchase price for the rental unit. Would it be more beneficial to put 20% down on 2 to 3 houses that are all around $400,000 purchase price or not have a mortgage and buy one at this price and larger cash flow. [link] [comments] |
| Do people invest in turnkey multis with a full 20-25% down payment? Posted: 21 Mar 2021 04:53 AM PDT Just weighing my options now that I'm done house hacking. Do people actually buy multis with renters in place and put up the full 20-25% down payment? I read so much about BRRR that turnkey doesn't seem popular. About how much cash flow do you look for on turnkey? What metric do you use to find deals since COC return is not as strong as house hacking. [link] [comments] |
| Posted: 21 Mar 2021 04:06 PM PDT We are looking to buy into a turnkey triplex in Chicago this year - moving from NY. What is the market like in 2021? [link] [comments] |
| How do you make money in Real Estate for your investments? Posted: 21 Mar 2021 06:10 PM PDT Lately I have been cold calling a list asking if sellers are interested in selling their house to me on terms, wholesale, etc. And also simply looking for houses to flip. Ideally I am looking for a property that cash flows and to find a private lender willing to do a 3-5 year note for the down payment so I can get into deals with truly no money down, but it's hard to find someone to trust you when you only have 1 rental property as a track record. Curious how you all are building capital and stacking more rental properties without relying on the w2 and savings to buy more. Thanks! [link] [comments] |
| Best websites to bid on property/homes Posted: 21 Mar 2021 11:15 PM PDT I'm a first time buyer I was curious on where I should look for online auctions for foreclosures fixer uppers ect. [link] [comments] |
| Posted: 21 Mar 2021 07:48 PM PDT How do I contact the seller directly? Thank you in advance. [link] [comments] |
| Posted: 21 Mar 2021 06:05 PM PDT I purchased a single family for myself for 300k about three months ago but plans have changed and it looks like we will be moving within the year. Put down 3% (conventional) so will only have about 5% equity when we move (ignoring appreciation). I believe I could get $330k even if I sold it now (got a good deal) which after realtor fees would basically break even. Current Payment is $1640/month (all costs) but it's in a great area that's averaged 6% appreciation for the last 10 years and I fully believe it will continue (maybe not at 6% but even ignoring the covid-crazy housing market I believe it would continue to appreciate. Current Rental market where I am says I can get between $2000-2600 if I rented it out (which I'd like to do), but I'd have to use a property management company as I won't be living in the area anymore. I'm torn between just selling it to break even and reducing any and all risk related to the keeping the property but also losing out the potential to get pretty good returns considering it's a class A property I got for only $20k between closing costs and down payment, or just selling. I guess I'd ask, if you were in my shoes what would you do? would there be a specific rent value per month you'd need to earn for you to consider it worth it? WWYD reddit? EDIT: I got a hugz award for the best answer by tomorrow evening [link] [comments] |
| Posted: 21 Mar 2021 08:57 PM PDT I just listed one of my properties that was a previous rental for the past 3 years. I'm going to be using the 1031 to buy a duplex. The open house was this weekend, and like many other hot markets, I received 20+ offers and 10% over list price. Super exciting, but now I'm wondering if I should capitalize and list my other properties as well. I have 5 other SFRs that are free and clear. They are in the same area, and cumulative would profit 500k+ before taxes. Would you take advantage of the market and strike while the iron is hot, or add a mortgage to the properties and keep the cash flow. There's plenty of rental demand as well. One more thing to note is I do have other properties I can close on with the proceeds, so all the cash would not be sitting in the bank. What would you do? [link] [comments] |
| Twitter thread about "The evil of landlords" Posted: 21 Mar 2021 07:29 AM PDT Saw this Twitter thread and was thinking, if they see the situation like this how can you ever build a relationship with your tenants? [link] [comments] |
| Minimum down payment on an owner-occupied conventional loan for a duplex? Posted: 21 Mar 2021 04:41 PM PDT Hi all, I'm new to navigating the waters of REI, and am looking at duplex's to purchase. My plan is to live in one unit and rent out the other. If I wanted to go conventional, what's the minimum I'd need to put down? I've come across a few different answers (15% - 20%). Is the percentage determined by the lender rather than following a set standard? Thanks for any light you can shine on this! [link] [comments] |
| Posted: 21 Mar 2021 06:07 PM PDT For people who made the jump to quit the corporate world and started doing real estate full time in US, how did you cover your health insurance? [link] [comments] |
| Posted: 21 Mar 2021 08:54 PM PDT I'm interested in a 3 family house but would like take out a personal mortgage on. I plan to live there but the problem is there are currently tenants residing there and the seller won't deliver it vacant. The tenants all have around 6 months left on their leases and the seller doesn't intend to kick then out. Let's say i go into contract, will the bank give me the APR for a personal loan? If the bank does give me a loan will they force me to take out an investment loan instead? And if they do can i void the contract? Or does the bank just drop everything all together and not give me a loan at all. I understand these are questions for the lender/lawyers but i'm trying to be prepared as i can going into this. Thanks reddit this is my first purchase and i have so many questions. [link] [comments] |
| Getting an FHA loan approved between being a student and starting full time work? Posted: 21 Mar 2021 08:47 AM PDT Has anyone on here financed a house with an FHA loan right out of college? I'm planning to house hack immediately following graduation (since that's when people typically move...) but I'm wondering if it's even possible to get an FHA loan if I don't have steady proof of income yet. I'm expecting to have a full-time offer following graduation, and I've been employed on-and-off through college from co-op internship programs with decent pay- does any of this matter if I apply for the loan before starting the full time job? Really trying to time the new job with the new living situation... Am I better off just going for a traditional 80/20 mortgage or something like that? Edit: New Jersey, if it matters [link] [comments] |
| Is there a HomeUnion or Roofstock type company that works in Tennessee? Posted: 21 Mar 2021 08:12 PM PDT Wanting to invest in an SDU property. Looking to get into the Tennessee market but I haven't found a company like homeunion or roofstock that works in that state yet. Does anyone know of a company that does or of a way to find a good realtor/property management co. without just calling around? I live in California, looking to broaden my real estate horizon [link] [comments] |
| Is Maryland a good buyer/seller market?Looking to get my foot into the real estate door. 23F Posted: 21 Mar 2021 07:04 AM PDT Within the next year or so I will be moving out of my parents house and want to begin my real estate journey. I currently reside in Baltimore,MD and am trying to figure out what would be considered a "good market". I would like to buy a multi/ duplex and live in one for tor a while until it makes me passive income passive meaning I'm no longer living paycheck to paycheck. Any MD real estate tips would be helpful. [link] [comments] |
| LLC advantages with vacation rental. Posted: 21 Mar 2021 03:40 PM PDT Thinking about buying a vacation rental property. I'm thinking of forming an LLC to handle the rental business aspect but the house itself with be owned by myself personally (mainly bc it'll be easier to find financing). I've read having the LLC is advantageous bc I can write off expenses such as management fees, maintenance costs, etc related to renting of the property. Once the mortgage is payed off the Property could then be transferred to the LLC. One question I had was if the mortgage payments could be written off as a business expense? The LLC would be formed in NY and the vacation rental will be in Florida. [link] [comments] |
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