Real Estate Investing: How are these scammers not in jail!? |
- How are these scammers not in jail!?
- Eviction Moratorium - New York
- Rental management app
- can low income people rent properties?
- Long Term Renters vs. Air BNB
- Today I signed my first tenants! What's next for my investing life? What data should i calculate and keep on hand for future lenders?
- Foreclosure - Alternatives to Short Sales
- Tenant screener
- Is it possible to get a FHA Loan without 2 years of work history?
- Rental liability if renting through C-corporation
- FHA for 3-4 unit standard
- How do I file taxes on renting out two rooms?
- House hacking in San Francisco with Airbnb?
- Breaking even on rental property
- How hard is it to get Mortgage after you leave your full time job to start a business?
- Ranting
- Sell my house vs renting it as an investment
- How do I obtain an FHA loan on an investment/rental property when I don't live in the area.
- Buying and renting a single family home to my in-laws.
- Writing letters for home not for sale?
- Can a person be licensed as a real estate broker (solely for the sake of property management) without first having been a real estate agent?
- Inspecting a boarded house
- Buying another primary residence
- Is a long term investment strategy worth it?
| How are these scammers not in jail!? Posted: 11 Apr 2021 11:37 AM PDT I was browsing for properties and came across this listing: .22 acres of "vacant" land in Oakland, CA for $59K. I couldn't find property on the county parcel search website using the parcel number referenced in the pictures. After searching the address online, I found out its not vacant, but is indeed a SFH. OK, whatever, I thought. I decided to research the website and company. It turns out real people have been scammed out of their hard earned $$ by these guys. How is this legal, and why aren't these people in jail? It's an obvious scam. [link] [comments] |
| Eviction Moratorium - New York Posted: 11 Apr 2021 06:03 PM PDT My father owns a duplex in Binghamton, NY. Long story short, the tenants refuse to pay rent during the NY State Eviction Moratorium. This has been going on for approximately 8 months. It is my understanding that there is nothing that an owner can do in this situation, given the state eviction ban. This is criminal! Does anyone have any experiences that may help with this? Also, does anyone have an updates on evictions in the state of NY? [link] [comments] |
| Posted: 11 Apr 2021 06:47 AM PDT My partner and I are closing on our first rental this week and I'm wondering what rental management app/website you guys have used and loved or any you don't recommend to help keep things organized. Please throw any other advice you have our way as well. Thanks in advance. [link] [comments] |
| can low income people rent properties? Posted: 11 Apr 2021 08:29 PM PDT Is that wise? I am a teacher in SoCal and am interested in renting. The goal would be to gain some passive income on the side of my paycheck. Houses/duplex etc. are stupid expensive here so I've thought about buying and renting a duplex in other states. Is this wise? Are there any books out there that could educate me on this? Any real estate book recommendations that'll be informative for low income people? [link] [comments] |
| Posted: 11 Apr 2021 07:41 PM PDT Hello all! Does anyone have any experience using a property mainly for Airbnb rentals as an investment property? What are some of the advantages/disadvantages of an Airbnb property over a long-term renter property? [link] [comments] |
| Posted: 11 Apr 2021 03:59 PM PDT Congrats like i'm 5 are accepted at this time, thanks lol. But i want to know what's next for me. I'm in the middle of a move buying a 2nd home but afterwards, i would like to think about #3 (which would be rental #2). I would appreciate some advice on how to think about this rentals profits in terms that i would report to a lender in the future. I bought my first (single family) home 2 years ago as a primary residence with a VA Loan, $0 down and even rolled closing costs into loan, got a loan at 242k at 4.6%. Last year i did a VAIRRRRL for a 3.25% and a new loan amount of 244k. This year it was paid down to 240k but i just finished a 2nd refi for 2.25% and a new loan of 246k again haha. But my mortgage piti (including umbrella insurance on top of rental insurance) is now down to roughly 12-1250 monthly (940 p&i) and gross rent is 2000. Cash flow roughly 750/mo (9000/yr) before capex and vacancy etc. Of 940 p&i about 485 is principal the first year, so a solid 5,500 paid down in equity. Average appreciation in this area enormous and especially this year, i don't really know to estimate or calculate but roughly 60-70k equity due to the insane market. Still trying to make sure i understand cap rate, noi, cash flow, cash on cash, but what numbers do lenders really care about? Or do they only care about DTI? When i think about #3 what should i put together to get the loan? I don't intend to cross collateralize this until i have more experience (if at all), so would a lender care about equity in the previous home? In a way i figure that proves i have assets but i also figure if they're not tapping into then they don't care. Anyway, general advice or things i should consider or look forward to next would be appreciated. [link] [comments] |
| Foreclosure - Alternatives to Short Sales Posted: 11 Apr 2021 05:29 PM PDT G'day, Reddit, New to the world of real-estate investing, and I'm having difficultly finding an answer to one question in particular. Hypothetically, if a homeowner is in the midst of a foreclosure, not pre-foreclosure, what's to stop this person from negotiating directly with an investor instead of the investor pursing a short sale? Could an investor forgo involving the bank and strike a deal with this homeowner to prevent them from losing their property at auction? Let's say we're able to reinstate the mortgage by settling the delinquent payments, legal fees, interest, and any other penalties - can an investor do so in exchange for taking title despite the homeowner actively being in the midst of a foreclosure? It's my understanding that this is how investors leverage pre-foreclosure deals; why not utilize a similar strategy during foreclosure? Clearly, there must be a reason. Also, for clarification, a short sale is negotiated between the investor and the bank, correct? Would a bank rather see the property go to auction? Just a reminder, I'm new to investing and ignorant AF; Reddit trolls can GTFO. Appreciate ALL constructive replies! [link] [comments] |
| Posted: 11 Apr 2021 04:29 PM PDT Hey guys, looking to rent out my first property soon and wanted to know what screener do you guys use for tenants? Or is there a different process you guys use? [link] [comments] |
| Is it possible to get a FHA Loan without 2 years of work history? Posted: 12 Apr 2021 12:51 AM PDT I have money from other sources... but don't have a 2 year work history, is it possible to get an FHA Loan? [link] [comments] |
| Rental liability if renting through C-corporation Posted: 11 Apr 2021 11:38 PM PDT I am trying to purchase a rentable property in California and need to understand rental liability protection. Apologies if this has been answered before, I did and could not find any thread on it. Will get professional help once I understand basic concerns the issues I need professional help with. Here's the situation: I intend to purchase a small unit for rental in my personal ownership. I want to lease it to a c-corporation for 3-5 year lease (I will be the primary shareholder in the c-corporation). And the C-corporation will be renting the unit for short term rentals (VRBO/AirBnB) etc. In such a setup, do I personally carry any liability from the short term rental arrangements? Or is any liability from the AirBnB renter is limited to the C-corporation under the limited liability construct irrespective of who owns the property? I am a resident of CA. The C corporation will be registered in CA (open to alternatives). The property will be located in CA (dreams of owning other properties in other states in the future). Thanks in advance. [link] [comments] |
| Posted: 11 Apr 2021 07:00 PM PDT Just curious as I can't find anything online besides calling a loan broker who will annoy me. Any idea on Texas market 3-4 unit with fha loan. I assume you can't do 3.5% down payment due to covid. Has anyone gotten a loan for owner occupied. If so can I kindly ask the minimum down payment, if any covid reserves and total loan limit for a tri or quad plex. Lastly 35 or 40 year term possible? Thank you everyone. [link] [comments] |
| How do I file taxes on renting out two rooms? Posted: 11 Apr 2021 06:38 PM PDT I'm filing my taxes through credit karma and I'm on the rental portion. On December 1st, 2020 I bought a house and collected rent from 2 of the rooms for all 31 days of December. I didn't make my first mortgage payment until February 1st, 2021. I've entered my income from the taxes, but I have no idea how to do any deductions. I never kept any records of anything. I've made a few minor changes like replacing exterior lights, adding a few fixtures to the bathrooms, painted a bit, but nothing big. And I now feel like maybe I should have kept receipts. Is that the only way I would be able to make any deductions? [link] [comments] |
| House hacking in San Francisco with Airbnb? Posted: 11 Apr 2021 09:43 PM PDT I'm renovating the lower unit in a place I bought in December and renting the upstairs unit out. The reno will cost 90k and I'd love to have a roommate to help with costs. I'm in my late 20s. Instead of a long term roommate would Airbnb be better, or is there another short term rental? I don't mind a roommate but would prefer the flexibility of not having a 1-yr lease. Will familiarize myself more with short term rental rules but thought I'd get some ideas from this community first! [link] [comments] |
| Breaking even on rental property Posted: 11 Apr 2021 09:42 AM PDT Hello i'm looking to purchase my first rental property in NYC. However because of cash restrictions, i could only afford 20% for a multi family house up to a million dollars. My question is, is it okay to break even on a rental property? I plan to hold the property for a minimum of 10 years, and with the amount of money i'm putting down and the average rent rates it's looking like i can only cover the mortgage and expenses. I would like to stay in NYC for this property as i reside here and would like to manage it myself. I'm hoping to buy a multi family and make around 4000-5000 in rental income per month. Will breaking even make rental properties feel like a chore since i'm not making any cash up front? Is it still a good investment? [link] [comments] |
| How hard is it to get Mortgage after you leave your full time job to start a business? Posted: 11 Apr 2021 09:16 PM PDT I own a few SFHs which I acquired in the last few years while working on a full time job. Because of my time in the company and income, getting an investment mortgage has never been a problem. However in the near term I am planning to quit and start my own business. I understand that my business will not be profitable anytime soon, but my question is how hard would be to obtain mortgage when my income if sufficient(say 2-3 year). Would I have any issues then? What others in similar situation have done to get the mortgages without a W2 income? [link] [comments] |
| Posted: 11 Apr 2021 09:11 PM PDT There are so many pieces of crap during this moratorium nonsense. New cars, milking unemployment, vacations,new phones etc.. Flaunting over FB. 8 months with no end in sight. Someone talk me out of doing some crazy stuff. [link] [comments] |
| Sell my house vs renting it as an investment Posted: 11 Apr 2021 08:42 PM PDT Newbie to the sub here. So to the deets. I bought a house that closed in March and for life circumstances I will have to move into my Mom's apartment to take care of her (she has cancer) and pay the rent there. My house is really nice and in really good conditions. People have given me two options and I thought I'd ask the experts here
With me working full time on top of taking care of my Mom I'm not sure what would be the wisest choice? [link] [comments] |
| How do I obtain an FHA loan on an investment/rental property when I don't live in the area. Posted: 11 Apr 2021 07:27 PM PDT I've just found the perfect place after months of searching. The only problem is if I we're to get a loan as an investor the down payment would basically wipe me out and as a new investor, I am not ready to take on that kind of risk. My job, and current living situation, are about 90 minutes from this property. How could I go about getting a loan as if I'm a home buyer as opposed to an investor? Or am I going to have to bite the bullet and go all in? [link] [comments] |
| Buying and renting a single family home to my in-laws. Posted: 11 Apr 2021 01:11 PM PDT So I know right in the title I'm breaking one of the big cardinal rules of real estate investing, don't rent to your relatives, but my wife and I really want to. Little backstory... In-laws are in their 70's and have rented their current home for 40 years. The property has been sold and the new owner wants them out to tear down the house and use it to expand the camping resort. They have no credit, they're both retired and on social security. They've never had a loan in their lives and have paid cash for everything. So obviously finding a new rental in New Jersey with their limited income is difficult. I'm literally just looking to buy a place to rent to them at break-even. The house will still build equity while they live there so it's a win/win in my book but while I'm an experienced investor I am really green on real estate investing. Like I just learned that the mortgage structure on a rental is totally different (more interest, 25% down required.) I need to keep the rent in the $1,200 range. I'm looking for a house that's <$200k with less than $5k in property tax. They'd be responsible for all utilities. I'd just love to hear from some of the more experienced folk here on any other potential pitfalls or ways I could make this situation more beneficial. I understand I could use an FHA Family Loan but I'd have to list them as the primary and I would just be a "co-borrower" and I'd rather not go down that road where one day ownership could be contested in the event of their passing, etc. Thank you in advance. I assure you I'm doing my own research as well but you can't beat talking to people who have lived what I'm living. I have the cash for a 25% down payment but with as low as interest rates are right now I'd much rather put down less. [link] [comments] |
| Writing letters for home not for sale? Posted: 11 Apr 2021 08:31 AM PDT Has anyone ever seen a vacant home, look up the owners through tax records, and sent the owner a personal letter expressing interest, even though the home isn't for sale? Did they respond? What did you include in the letter? [link] [comments] |
| Posted: 11 Apr 2021 02:35 PM PDT I'm not sure if this is the right place for this question. Please delete if not allowed. For the record, I'm in Michigan. I'm currently in sales and have been for over ten years at this point, but I'd really like to work for myself. My husband and I are getting ready to buy some investment properties (duplexes in the Detroit area once the market calms down) and I thought once I got the hang of it I would enjoy running a property management company. Come to find out I have to be licensed as a real estate broker here in Michigan. Although I have sales experience I really don't want to sell houses - I just want to be on the leasing end. Are there any options? Also, I have no problem getting my real estate license as I understand that's a requirement. I'm just wondering if working as a leasing consultant (or anything else in the field - hit me with your best suggestions) would get me the experience needed. Lastly, do you need to be a good real estate agent to get a brokers license? Is there a number of houses, or a dollar amount one must sell in order to be a broker? Help. TIA 😊 [link] [comments] |
| Posted: 11 Apr 2021 02:29 PM PDT I recently got a hit on a direct mail campaign where someone is willing to sell, but the house is in pretty bad shape. It's vacant and has some clear problems from the outside (wall boards, brick problems, etc). Is there a way to eyeball whether this lead has any potential, or would I need to have an inspector look at it? I don't want to pay for an inspector if there's no hope of fixing it up [link] [comments] |
| Buying another primary residence Posted: 11 Apr 2021 04:03 PM PDT We've lived in our current house about 10 years and have roughly 150k equity in it. We'd like to move a few hours away and buy a new home. Rather than sell my current home, thinking about renting it out. What are my financing options for the new home? Would I have to put 20 percent down? Or could I do fha? Could I use money from a heloc for the down payment? Does my income have to support both mortgages since I've never rented out my primary? Thanks for any advice! [link] [comments] |
| Is a long term investment strategy worth it? Posted: 11 Apr 2021 02:45 PM PDT My husband and I currently live in a house that's 90% paid off. We can rent it for almost 300% of what we pay for it. We are looking for a duplex to move to. We want to buy it with the VA loan and move into half while renting out the other half. Then we have enough to put 20% down to buy one additional duplex. The goal would be to continue to work outside of the rental company to meet our own monthly obligations while continuing to put all of the cash back into the homes or buying new homes. We don't want to take any money out of the houses or the company we would establish until we reach retirement age (about 35 years for each of us). We're not looking to flip properties, just have a long term investment that can turn into a retirement for us when we're ready. Is this sound or do I have false expectations? Please help. [link] [comments] |
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