Real Estate Investing: Blatant Self-Promotion Thread: April 14, 2021 |
- Blatant Self-Promotion Thread: April 14, 2021
- Buying a house hoping for appreciation (as I can't find cash flow deals) vs alternate investments ?
- Time sensitive. Looking at renting vs selling?
- AirBnb Investing
- What’s you all’s opinions on home building?
- Calling all help: What are the mystical "The Numbers" that need to make sense for a first-time investor? (multi-family)
- Tax benefits for renting out 1 room of a house I’m buying and living in?
- Owning rental properties while living abroad
- Need help on next steps with this deal.
- Roast my Investment Opportunity
- First time renting a single family in ohio - lease suggestions?
- Lot of paved land in an industrial area - what could you use it for?
- Gift of equity vs inheritance
- Do I need a Texas ID to get my real estate license?
- Look for Advice about Purchasing Vacant Lot
- Tax strategy for owner occupied MFH
- Looking for advice on finding a good contractors or general contractors
- jump on this deal or wait?
- How can I figure out the amount of taxes that would be owed on the sale of a rental house?
- rental condo refi issue
- [San Diego, CA] Any recommendations on where to start to hire a designer to make renovations and improvements on home? No clue where to start or what I should be looking for so anything helps!
- Question on back taxes/ using my current home as a rental and buying a single family home to live in
- Sell or continue to own and rent out
- 30 yrs old, Need Advice
| Blatant Self-Promotion Thread: April 14, 2021 Posted: 14 Apr 2021 12:00 AM PDT Monthly Blatant Self-Promotion Thread (Within Reason)Welcome to this monthly series. This post will repeat monthly, on the 14th of every month. This is your opportunity to promote a blog you run, a YouTube Channel, real estate related business, or additional content that otherwise may be removed from the sub. This thread will be lightly moderated and the Mods do not endorse or condone any information found on content linked within this thread. Perform your due diligence. Caveat emptor! Rules
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| Buying a house hoping for appreciation (as I can't find cash flow deals) vs alternate investments ? Posted: 13 Apr 2021 03:47 PM PDT I met a fair number of people who are buying houses in the anticipation that this trend continues and they could sell in an year or two with an expected 100k to 150k appreciation on a 500k house. Though it kind of sounds insane, the past 1.5 years showed it's possible and if the covid madness continues for another year, these people could be right in betting on significant appreciations. I, on the other hand, am thinking if I could be a little risk averse and look for potential cashflow properties. However, I couldn't see a single one without needing a decent amount of fixing/remodeling before renting, which I do not have time for. Wondering what you seasoned investors recommend. Buy some house and bet on appreciation while paying some money out of pocket every month OR just invest in stock market OR some other kind of investment to look at ? [link] [comments] |
| Time sensitive. Looking at renting vs selling? Posted: 13 Apr 2021 09:46 PM PDT So without to much backstory my wife and I are ready to drive both feet into building a financial future. Right now we're going to be moving into my brother's house to save money. While we do so my wife wants to rent to her cousin and I want to sell. We need to make a move soon as her cousin is going to have to find a place to live next month. Our house is currently estimated at $190k and we owe 96k. I would like to start to start renting properties after we sell but shouldn't I just start with renting the one I own? I just can't get over the amount I could make by selling. Curious if any one has input or has been in a similar situation? [link] [comments] |
| Posted: 13 Apr 2021 04:16 PM PDT Howdy /r/realestateinvesting, I am looking into purchasing a handful of Airbnbs. I have a subscription to AirDNA and am skimming listing in various states. I am looking for upscale vacation homes across America. I will not manage the properties myself. I don't know many people with experience in this, and most that do generally have one property that they live close to. This is not what I am trying to accomplish. I'd like to have several properties and have a management company handle the day-to-day operations of each property. In my brief research, I have encountered several risk areas and expenses, such as zoning laws, STR taxes, insurance, HOA fees, state/local policy on STRs, etc. I intend to consult with a CPA and lawyer in each state I purchase an AirBnb in. However, from a broader standpoint- I have a few questions regarding this "business".
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| What’s you all’s opinions on home building? Posted: 13 Apr 2021 06:53 AM PDT I have been running a small (3-4 employee) home renovation company in Austin Texas for the last several years and used it as a stepping stone to getting into real estate investing. The market is insane here and competition from house flippers tough. I have good credit, good income, and low loans but still it seems that to buy in town anywhere, you're looking at 300k+ for a fixer upper. I'm not against this but I was curious what the major setbacks would be from just attempting to build a small 2 bedroom home myself, or potentially even a duplex. I have an engineering degree, my brother is an architect, and I've gotten a decent bit of experience from running my company. Any advice would be greatly appreciated. [link] [comments] |
| Posted: 14 Apr 2021 01:39 AM PDT "The numbers need to make sense" is the most used catchphrase used in this sub. Obviously, the purchase price should be as low as possible and the rents as high as possible. But there are many other numbers thrown around in this sub- CAP, 1% rule, 8% vacancy, etc - What are the main numbers that a young investor should be concerned about? Background: I'm about to jump on my first ever real estate purchase. Buying a fourplex in Las Vegas, NV. I chose Vegas because of its cheap prices compared to my current home of San Francisco. Six months ago, fourplexes in Vegas were going for $350k. Now they are all going for $450k and renting for dirt-cheap prices of ~$800/unit for a 2/2. Property will be owner occupied so I can only count on renting 3 of the units out. What are the main numbers I need to be running? [link] [comments] |
| Tax benefits for renting out 1 room of a house I’m buying and living in? Posted: 13 Apr 2021 01:35 PM PDT I'm buying a single family house with 4 bedrooms, planning on renting out 1 room 1 bath will share common room/garages/pool/yard. First time doing it and seeking your help to understand what tax write offs I can have.
Thank you so much for your help!!!! [link] [comments] |
| Owning rental properties while living abroad Posted: 13 Apr 2021 05:10 PM PDT So I have been saving and planning for awhile, and two years ago started an online business in addition to my job. Through hard work this made me a lot more money than I initially expected and with some additional gains in more speculative investments I made last year, I acquired enough money to be able to buy a couple properties here in the states. My plan with that is to use them to generate passive income and get them under a solid property management firm, and go back to South America to live. It wont be my only form of income and ive got money saved beyond what the properties will cost me. Among the many things I like about the location is that I can be back in the states (Miami) in a 4 hour flight if need be, if I absolutely had to get back for one reason or another. Although it is an exciting idea, I also don't want this form of investing to generate constant headaches while im abroad because I cannot be there to oversee everything. I do intend on buying newer to cut down on excessive maintenance. My parents had rentals in the past so I know the routine and how the ups and downs go, but we were also always doing everything ourselves and did not have the properties managed by an outside company. It doesnt seem like too much of a hassle based on my experience with the previous properties, but im wondering how the game might change being abroad. If anyone has experience with this form of investing speficially, id love to hear your thoughts on the topic. Book recommendations, anything. I am familiar with the BiggerPockets community and I know there are a lot of resources there but I'm curious as to the opinions here. Thanks [link] [comments] |
| Need help on next steps with this deal. Posted: 13 Apr 2021 06:00 PM PDT Hello please help. I'm in contract for a duplex, after a year of looking I found one that fits my house hack requirements. The contract is for 210k but the appraisal came back at 203k and the bank will only loan 97% ( 197k). The owner is an investor himself and is already giving me 1k in closing cost to fix a plumbing issue. I honestly don't want to bring any more money to closing. The house can rent for $800-$900 a side. What should I ask for ?. I'm scared he could just walk away and take a cash offer for 210k. I can cover the difference but I would prefer to not by myself. [link] [comments] |
| Roast my Investment Opportunity Posted: 13 Apr 2021 03:31 PM PDT Alright, I want to pitch this opportunity to the community for feedback. I'm a complete rookie and this would be my first investment property. Here are the details: (2) 2-BR Units that rent for $2,200/mo. each. There is an RV space on the property that the owner says could rent for $700 but I'm skeptical so I assume $450/mo. Total income:$4,850/mo Purchase Price: $815,000 Mortgage: 25% down, 30 yr., 3.6% Property Taxes: 1.2% of purchase price. Includes trash and sewer. Water: $100/mo Landscaping: $120/mo Insurance: $200/mo Replacement Reserves: 10% (too high?) Vacancy Rate 8% Frankly it doesn't seem like a great deal to me when I run the numbers. I do think there is more opportunity in the property where we could add another unit but that is a ways off. I'd love to hear some feedback. Let me know what I may be overlooking and thanks for your time! [link] [comments] |
| First time renting a single family in ohio - lease suggestions? Posted: 13 Apr 2021 04:10 PM PDT I have a tenant lined up for a single fam in ohio - this will be my first ever rental. any suggestions for consideration when writing a lease, or any templates you could share would be so helpful! want to make sure im reasonable but covered. [link] [comments] |
| Lot of paved land in an industrial area - what could you use it for? Posted: 13 Apr 2021 02:55 PM PDT Hi there, my question is what the thread says it is; my apologies if this is a dumb question, but I do follow this subreddit and haven't seen this sort of thing mentioned before. I saw a listing for a paved lot in an industrial area. This isn't just some vacant lot that is covered in weeds, the owner actually paid to have it paved nicely. My question is, if I bought this piece of land, what sort of uses would be plausible? I'm thinking maybe one could rent it to a car dealership or a trucking firm, but beyond that I'm not really sure. And do you think there'd be demand for that sort of land to rent? [link] [comments] |
| Posted: 13 Apr 2021 12:14 PM PDT Hello, im going to be purchasing a family home in which i have part (1/5) inheritance of. i was wondering if it would be better to take the amount of money id receive as a "gift of equity" and use that as 20% down getting rid of mortgage insurance or if it would be better for me to just take my % of money. Planning to fix up the house while living there and eventually move out and use as rental property. I could be way off base with my line of thinking but thats why im posting here and asking. Thanks in advance. [link] [comments] |
| Do I need a Texas ID to get my real estate license? Posted: 13 Apr 2021 08:24 PM PDT This summer I'm planning to move to either Austin or the Dallas area and planning to get into real estate. I'm wondering if I have to have a Texas ID to just go through my classes and take my exam? I know eventually I'll have one, but trying to get ahead and stay in either city for a few weeks and get licensed before I move down. Any information would be helpful. Thanks in advance! :) [link] [comments] |
| Look for Advice about Purchasing Vacant Lot Posted: 13 Apr 2021 08:06 PM PDT Hi! I hope you're all doing well! My brother and I both live in Toronto & were discussing the idea of purchasing a vacant lot of land in northern Ontario and building a yurt (or yurts) on the land to rent out as an Airbnb property. Could anyone provide me with some starting advice on how to go about this endeavour? Some general questions I had were - What is a good platform to find vacant lot listings? -What kind of cost should I expect from a vacant lot? We're both in our early 20s and have no experience with this, so any information would be great. Thank you so much for your time! [link] [comments] |
| Tax strategy for owner occupied MFH Posted: 13 Apr 2021 01:54 PM PDT Today I closed on the property I previously posted about here. I am trying to put together a tax strategy for how best to offset rental income and am hoping for some insight from the collective. This is how far I've gotten for write offs -
Any additional insight on anything I may be missing would be hugely appreciated. [link] [comments] |
| Looking for advice on finding a good contractors or general contractors Posted: 13 Apr 2021 07:39 PM PDT Bought a house that's perfect for a duplex conversion. I live upstairs which is dated (80s) and the basement is unfinished. This is my first big project, I have a condo that I updated (cosmetics) and rent. I am looking around at general contractors who I know charge a premium but handle the whole show. For my first big project what advice would you give, should I take a stab at being my own general or should I find a good gc and watch and learn? My plan so far is to pay for the major work in the basement (drawings and permits, major structural, rough in plumbing and electrical service). Thanks! [link] [comments] |
| Posted: 13 Apr 2021 07:29 PM PDT I found a deal on a property that meets my criteria in a market that I'm familiar with and a have invested in previously with good systems set in place. I'm not sure if I should wait for the next deal as it could be better or if I should just jump on what's available and take advantage of it now. I'm using my savings for my down payments so I'm always skeptical of what-ifs and if something else pops up the next few months and I will regret buying something now My goal is to reach financial independence retire early from the rat race Feel like I need some perspective. [link] [comments] |
| How can I figure out the amount of taxes that would be owed on the sale of a rental house? Posted: 13 Apr 2021 07:23 PM PDT It was originally bought for 200K in 2007, it will likely sell for 400. [link] [comments] |
| Posted: 13 Apr 2021 01:09 PM PDT I was attempting to refi my condo, but the original lender I attempted to use won't proceed with the refi because the following 2 conditions must be true: - "over 75% of total units have been conveyed to purchasers other than the developer" - "the control of the HOA has been turned over to the unit owners".
Also, if anyone has some leads on banks or mortgage brokers to work with in the phoenix area, that would be great. Looking to cashout refi with a total loan amount below 100k, which it seems lenders are picky about as well. Value is approx 130k, so if the LTV limit is 75%, i'll need a strong appraisal to get over 100k. Edit - updated as lender called and I got more detail/clarify on issue. Only question at this point is any leads for lenders that would hold the note or not use fannie/freddie, and either make < 100k loans, or allow > 75% LTV. [link] [comments] |
| Posted: 13 Apr 2021 03:08 PM PDT As the title suggests, I would like to redesign my home in San Diego to look more modern and more desirable in the future if I sell or want to move in with the family. It's just a modest early 2000s build and I 'd like to look into getting the house completely renovated and redone. What exactly should I be looking for here, an architect, interior designer, builder? This is not necessarily a flip because we've had good tenants in there for a while and the house has been taken care of thoroughly all these years. Thanks very much in advance. [link] [comments] |
| Question on back taxes/ using my current home as a rental and buying a single family home to live in Posted: 13 Apr 2021 03:00 PM PDT I owe money in back taxes of which I'm currently paying back monthly with zero liens on the property and am in "good standing". I'm looking to buy a single family home and use my current townhouse as a rental. I have about 60k+ in equity in the townhouse and live in an area where the property value rises around 10% per year (one of the highest taxed counties in the US). My question is two parts - firstly, is this feasible? I'm about two years away from wiping away a significant portion of my back taxes due to the "IRS collection statute collection date" where the IRS can no longer pursue those back taxes. Secondly, I won't be able to put 20% down on the new single family home. Since interest rates are low, I thought that if I put down 10% and ate the PMI, I would still come out on top while still being able to own the rental which is about 50% paid off with the thought of paying off said townhouse and collecting a solid property income. Currently, my mortgage for the townhouse is $900, my next door neighbor just rented his townhouse, with a lot less upgrades, for $1400/month. I'm thinking I could rent for around $1500/month minimum and put the majority of that towards paying off the townhouse in the next 10 years. I'm on mobile and probably omitted a ton of details but I'm open to answering anything I left out. Your insights are very much appreciated [link] [comments] |
| Sell or continue to own and rent out Posted: 13 Apr 2021 07:18 AM PDT Hello, currently own a 3 family home in North Jersey area. House is valued at 610,000, I owe 305,000 on the mortgage. I charge the low end of rent for all 3 units and profit about $1400/month after paying off mortgage/taxes/insurance. Being that homes are going for so much right now does it make more sense to sell or hold onto this property long term with the hopes that in 30 years it will be tax costs only and a good monthly profit? Edit: I should have added this in the beginning I'm questioning selling being that so many surrounding homes are going for 40-60k over asking.. "zestimate" is at 622 which seems to be somewhat accurate because I had the house appraised 3 years ago and it was the exact Zillow estimate [link] [comments] |
| Posted: 13 Apr 2021 07:18 AM PDT 2020 was a tough year. I was furloughed April 2020 and will likely be offered a return to work sometime in July 2021. With that said, I've had something of a reflection point with all the time off to think about my future. While I won't mention what I do for work, I will say that it falls into a legal gray area and that concerns me more than it used to since I've started a family within the past year. I've invested in real estate since 2018 and currently sit at an annual rental income of $100k. I don't have a college degree, so if I quit my job there is probably little likelihood I could find a job that would compensate me nearly as much and I would likely transition full-time into real estate. That was always the plan but I had hoped I would work until 2024 before quitting (this was my thinking pre-covid). If I take whatever money I have left I can buy enough property to turn my rental income from $100k to $200k annually and then I guess I can build on that moving forward. I could also pull my 401k and probably after the penalty's have enough to add an additional $30k/year in rental income on top of that. I live in a HCOL area. I live a middle-class lifeystyle. Should I act on this plan or stick it out with my job for a couple more years? [link] [comments] |
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