Real Estate Investing: First real estate purchase |
- First real estate purchase
- I want to get started in real estate but not in my area (west coast USA) - where is a good place if I don't want to relocate?
- Rookie looking to start off in Milwaukee
- Richardson (TX) Market
- Stated purpose of refinancing
- How can I get rid of a vacant lot?
- What is a reasonable time for a return on invest from your down-payment?
- Advice regarding HELOC vs sell condo
- Hi everyone! I am starting a PhD program in a relatively inexpensive city in a few months. I realized that the mortgage on a house there will be just as much if not cheaper than an apartment. I have $15k to my name. Can I do it?
- Deal question
- Home Renovation Loan - Online Lenders vs Traditional Banking Institutions
- Finding historical sales prices for a class project
- Best way to find partner for investing scenario
- Can I get a property manager on my FHA loan after 12 months as my primary residence?
- My Home Equity Is 600k Should I Sell/ Rent/ Owner Carry?? Need advice
- $500/mo Marketing Budget Ideas?
- How can we find properties with title problems?
- First home purchase / investment
- Purchasing Advice: WATER STAINS
- Rent Increase
- Rent out my current house and buy a new home
- What tool would you recommend for researching new markets
- Parents HELOC
- Jumbo investment property loans?
| Posted: 07 Apr 2021 03:07 PM PDT Hi everyone. I live in the Atlanta, GA area. I now no that quadruplex's are off market unicorns, but there's gotta be a way to find them. Any suggestions and or partnership opportunities are welcome. Thank you so much. [link] [comments] |
| Posted: 08 Apr 2021 01:02 AM PDT I love my life on the west coast but I'm not sure I would ever buy real estate out here due to the prices. I have $400K in cash that I would like to start investing it in real estate in some other part of the US. I don't want to move anywhere and am happy renting here. My question is that is it feasible? I know I can rent out a place for a long term lease but I'm wondering if that is even smart or if property management companies do well enough with them. Any suggestions on if this is a good idea? If so, where are nice regions that I could look into? [link] [comments] |
| Rookie looking to start off in Milwaukee Posted: 07 Apr 2021 11:10 PM PDT I've been interested in tapping into the Real Estate market. I have so many questions, but my biggest one would be where to start. I've tried to do my research, and although I have found it useful I've always liked to hear others personal advice. Just so everyone has an idea of what is going on through my mind I'll go ahead and say that I grew up on the Illinois/Wisconsin border, basically the midpoint between Chicago and Milwaukee. I always compare the two cities. MKE is a great city with a beautiful lakefront, good university's, a decent restaurant/bar scene etc. Overall I believe the city has lots of potential. One of the main comparisons I make (and the most important to what I want to do) is how MKE is significantly cheaper than Chicago. Considering I want to get into the flipping business I believe that would work in my favor. Now what I've been looking into are houses in the 20k-60k range (I understand that may be a bit of a gap, but that is why I am here to ask for advice). Is it worth trying to flip a house that is in the 60K range or would it be hard to get much out of it? The houses in the higher range seem to be a bit easier to repair, but I also wouldn't want to make that bigger investment than say a 20k house and have it completely flop. Basically I don't want to be overwhelmed with repairs of buy a rundown, but also don't want to put all my chips on the table with a more expensive house. Is there even much out of pocket investment I would need to do? I am aware of loans such as the FHA loan that would be my friend to actually purchase the home but how about labor expenses? How would that play into it all? I have family in construction/landscape that MAY be able to help. Again, I am looking to start off small with properties ideally in the 800-1100sqft range as to get a feel for what it is like to get into this business. I basically want to "dip my toes" into this whole thing to get a feel for it while also gaining valuable experience. Are there easy renovation skills I can learn so I don't have to pay out of pocket for labor? Is my head in the right place? Am I thinking too much about this or am I making this sound easier in my head than it actually is? How much money should I start off with in my pocket? Once again, any word of advice helps. I apologize if I sound like a complete novice I just needed somewhere to put my ideas where it would be easy to get any sort of feedback. [link] [comments] |
| Posted: 07 Apr 2021 08:10 PM PDT Can anyone speak to their thoughts and opinions on the Richardson Texas market? I am looking at making a purchase here and thought the area was super underrated. Big lots, established older homes, great location, okish schools. Not sure why values are still relatively affordable ($300-500K) but wanted to see if I was missing anything? Thanks in advance [link] [comments] |
| Posted: 07 Apr 2021 07:31 AM PDT Hi folks, I am "cash out" refinancing one of my investment properties. It's currently paid off and worth about $550k. As part of the application process, the mortgage company wants a written statement as to the "purpose of the refinance". Does anyone know what red flags they might be looking for? Bottom line, I am looking to free up cash for additional investments and to provide some interest rate arbitrage against the risk of inflation. What is acceptable, what is not, and what is too much information? Many thanks! [link] [comments] |
| How can I get rid of a vacant lot? Posted: 07 Apr 2021 06:52 PM PDT So I'm a new investor and during quarantine I rashly decided to buy a vacant lot in Akron, Ohio for $5000 (yearly insurance policy is around $400). Mind you I live in California. I don't know what i was thinking! Please help me what is the fastest way I can get it off of my hands? Can I give it back to the government or donate it? [link] [comments] |
| What is a reasonable time for a return on invest from your down-payment? Posted: 07 Apr 2021 06:56 PM PDT I'm considering a 8 unit purchase in a prime downtown neighborhood. However, I'm having a hard time determining a reasonable rate of return for what the investment would require from the down payment. I'm currently looking at 9 years. Thoughts? [link] [comments] |
| Advice regarding HELOC vs sell condo Posted: 07 Apr 2021 03:36 PM PDT Im currently living in a condo that I bought for $430k in 2018. On redfin, it shows the current estimate to be $463k. I'm looking to buy a $900k-1.1mn sfh in the Seattle east side region. Currently, I have only about 250k cash (if I literally wipe everything). However, in order to buy a sfh, I might need a bit more buffer due to the overbidding of $100-200k happening here. Now here's my dilemma. I think I might need about 100k extra cash if I want to pursue a good sfh here. How do I go about funding that? Real estate guy asked me to dump the condo, use the proceeds as cash. What about the Heloc option here? Any other opinions? [link] [comments] |
| Posted: 07 Apr 2021 04:53 PM PDT My PhD program in this city will take 5-6 years so it's relatively long term. I can get a house in the area for between $200-$250k, with estimated mortgage at $1200 a month. That's as much as I would be paying for my 1 bedroom apartment! I would definitely rent out a room in the house, which would make the mortgage incredibly cheap. Here's the issue though. I only have $15k total so idk if I can afford a down payment. I guess having an apartment might be nicer cause I wouldn't have to worry about maintenance or whatever, but I just love the idea of investing in real estate and making my monthly expenses so much cheaper! Plus having a nice home for my family to stay with me when they visit. Oh also, I do make money as a PhD student. $34k/yr Thoughts? Thanks [link] [comments] |
| Posted: 08 Apr 2021 01:23 AM PDT Probably a stupid question but how do people feel about Zillow's rental estimates? Are those pretty accurate? Also, for any of you with more traditional finance backgrounds, what IRR's do you think are reasonable? Assuming Zillow's rental estimates are correct, it seems like 20% to 30% is about right? [link] [comments] |
| Home Renovation Loan - Online Lenders vs Traditional Banking Institutions Posted: 07 Apr 2021 05:47 PM PDT Hi, I am expecting $50,000 in renovation costs and want to understand my options in the fintech space for acquiring a loan. The loan will be used for making the home operational for AirBnB. This means getting it up to code and adding in the amenities required to be an exceptional host. I found the following online lenders:
What I like about the online lenders is that I can get the cash ASAP to start my work. My intuition is that the bank is going to take a long time. But maybe the bank's structure will save me headaches down the line? Overall, I am new to this and want to understand my options. [link] [comments] |
| Finding historical sales prices for a class project Posted: 07 Apr 2021 08:33 PM PDT I am struggling to find historical sales prices of houses in Boise, ID to use as comps for a school project. Any tips? I have tried Zillow, trulia, and idahorealestate.com. I am trying to see if I can find the data in a county database rn. [link] [comments] |
| Best way to find partner for investing scenario Posted: 08 Apr 2021 12:13 AM PDT In the Bay Area of CA, and looking for the best way to meet someone who has capital to invest with a partner that will match with some capital and some sweat equity. Multi family would be ideal, in any area of Northern CA. Any ideas on how to find someone looking to put in money only and not get their hands dirty? I have experience with a few remodels and would like to get into a minor fixer upper triplex/fourplex with a partner. Thanks in advance! [link] [comments] |
| Can I get a property manager on my FHA loan after 12 months as my primary residence? Posted: 07 Apr 2021 04:41 PM PDT Looks like I can rent out vacant rooms in my house but I have to live there for a year. Afterwards I can move out and rent out all the rooms. So can I get a property manager to watch over the house while I live elsewhere after that first year? [link] [comments] |
| My Home Equity Is 600k Should I Sell/ Rent/ Owner Carry?? Need advice Posted: 07 Apr 2021 08:00 PM PDT I received a job offer I cant pass up and have to relocate 3 hours away. Real Estate in Oregon is absolutely insane right now I'm looking to rent a home in the new area I'm moving to. I bought a home two years ago for 500 k cash. I'm trying to figure out what would be the best financial move for my property. My current home equity is around 600-630 k if I were to sell right now which would be a profit of $100,000. I can also rent my property in a price range of 2,200 - 2,500 hundred a month. Should I take the money and run or rent and collect passive income and possibly gain more equity? I'm leaning towards renting because I'm not 100% sure my new job will work out and would like to have a back up. If renting would I still be able to get a HELOC? I currently own just the one home but my goal is to start investing into multi-family homes, even though right now is slim to none opportunity's. I used to flip houses for 5 years so I do know a thing or two but am new to the rent game. Please give me some feed back on what you would do in my situation. Thank you! [link] [comments] |
| $500/mo Marketing Budget Ideas? Posted: 07 Apr 2021 10:52 PM PDT I am brand new but have studied everything from wholesaling, creative finance deals, to buy and hold, BRRRR etc. I am in a market with a few big investors that seem to dominate but they're good guys. Been to meetups. I only need a modest number of deals for my goals. My question is simply what to do with my budget of $500 a month with the following conditions: - Working 60 hours a week, not having adequate appropriate time to cold call (which I don't like much anyway). - Need to stand out from these big players. Also, I am drawn to preforeclosure deals. I like the sense of purpose and trying to solve problems and feel like I can navigate that well. I also would like to discuss strategy for generating inbound leads and having credibility though I haven't done a deal. Open to any and all tips! Even off topic but REI related. [link] [comments] |
| How can we find properties with title problems? Posted: 07 Apr 2021 10:43 PM PDT Hi, folks. While this will vary from state to state and county to county, would anyone know a relatively easy way to find properties with title problems? Thanks in advance. [link] [comments] |
| First home purchase / investment Posted: 07 Apr 2021 10:11 PM PDT Hi reddit, I have a general plan and just wanted to ask for some opinions. So... My wife and I are students and graduate next May, we have around 15,000 in cash and make around 3.5k/month with $1k rent, and roughly 775 credit score. We have been researching homes for sale/rent the last few years and think we have a pretty good idea on what's a "good" or "bad" deal, and want to purchase a home that costs 170,000 that we found. It seems like an amazing deal for what it is and already have a roommate that would rent a room for $500/month. That leaves about 300-400 mortgage based on some online calculators we used. After insurance and tax we would be paying about half what we pay now monthly. I also should have a job lined up after graduating (software engineer) from my internship. I also have a parent who can cosign a mortgage if absolutely needed. We want to slowly fix up the place while we live there (It doesn't need it, but I am pretty handy so we could make some improvements for very cheap). We want to move out when we can get another place and rent it out (We're confident it would rent for about 2,000) unless it's value appreciates enough, then we sell. We are new to this and it seems overwhelming so any advice would be amazing. Does this sound like a decent plan or are we oversimplifying things? Tldr: My wife and I are 23 and overwhelmed/scared to make our first home purchase. Edit: we currently have around 60,000 in student loans (Major Regret lol) [link] [comments] |
| Purchasing Advice: WATER STAINS Posted: 07 Apr 2021 02:15 PM PDT HELP: Looking at buying a property. A tenant is already living in the property for a few years that seems to be clean and takes care of the place. We sent in an inspector, who found very little wrong with the place, but the penetration boots on the roof are deteriorated and he suspects its causing these water stains on the ceiling (can't post the photos, or I'd show you) Is this a turn and run situation? I called a mold guy who said, worst case scenario is a $5,500 fix. On top of that, I believe we can already sell the house for $10,000-$25,000 than what we're buying it for. Am I missing something here? Do we just buy the house, fix the ceilings, and sell? [link] [comments] |
| Posted: 07 Apr 2021 07:38 PM PDT I'm househacking a duplex. I gave my buddy a really good deal for him and his g/f. The idea was, this was the first time being a landlord and they would be easier tenants. Rent is $900, easily 25% (maybe more) below market rent. A couple months into the lease they broke up and she wants out of the lease. It has been incredibly awkward since and they have been extremely petty with each other. I'm letting her out of the lease (I live here too and don't want to live in this awkward situation). My buddy wants to move in another roommate almost right away. Based off the last roommate (his ex-g/f) I am not so ready to allow another roommate to move in at that price of $900. I told him he could keep the rate of $900 per month for just himself or if he wanted a new roommate, he could sign a new lease (with a new roommate) for a more appropriate market value of $1200. The only reason I gave him the $900 deal was because it was supposed to be easy, but it has been anything but. Since it is a new lease and the market represents $1200 for the unit as still being a deal, am I allowed to increase rent that much? My buddy agreed to the $1200 price already. [link] [comments] |
| Rent out my current house and buy a new home Posted: 07 Apr 2021 01:14 PM PDT Any tips for renting out my current house and buying a new home? I have lived in my current house for 10+ years. We could get double what we paid for it if we sold it, but we are thinking of renting it out and buying a new house for approximately the same amount we could sell our current house. { example: the current house could sell for $400K, new house would cost $400 - new house would be bigger and better, just more in the country } What do I need to consider in order to get a new mortgage? [link] [comments] |
| What tool would you recommend for researching new markets Posted: 07 Apr 2021 09:14 AM PDT I am already familiar with some tools for market research for real estate but not sure if there are more better ones for states of California, Hawaii and Florida i could use. I basically always look for historical data like inventory, previous sales in the neighborhood, types of sales (foreclosures, new construction, single family, multis etc). The more granular and reliable data the better. Also want to double check if i am not being overcharged or given unreliable data. Anything successfully used in those states would be helpful [link] [comments] |
| Posted: 07 Apr 2021 12:15 PM PDT Can my parents pull out a HELOC and give me the money I need to buy a house cash(multifamily investment)? Would there be any tax penalties for us? What are possible pitfalls to this strategy? [link] [comments] |
| Jumbo investment property loans? Posted: 07 Apr 2021 06:07 PM PDT Hello, I am new to real estate investing and am looking to buy my first investment property with a partner. Our plan is to buy a single-family home in a vacation market in California that would allow both of us to use it with our families and make it available as a short-term rental. Our purchase price range is between 700k-1m and we were hoping to only put 20% down, which we've found to be problematic as the higher end of that range would require a jumbo loan and most lenders require at least 25% down. Some questions: 1) If we use the place AND rent it, do we have to get an rental investment property loan? Am unfamiliar with the rules that govern those designations. 2) Are there banks/lenders where you can get a rental/investment property jumbo loan and only put down 20%? 3) Anything else to keep in mind about securing financing in this scenario? Thanks [link] [comments] |
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