Real Estate Investing: I've been evaluating RE for 5-6 years without buying anything. |
- I've been evaluating RE for 5-6 years without buying anything.
- Anyone moved back to rental property to avoid a capital gain tax?
- Is this a good investment property to purchase? First time buyer
- Saving up $100k (from zero) to purchase and prep a rental property.
- First rental under contract!
- Qualifying for a conventional out of college
- Why would someone say cash deal only?
- Central air vs mini splits
- Negotiation Ideas
- What are the exact reasons home prices are increasing so fast and will it last?
- Seller here: Appraiser refused to appraise wasting valuable time
- Can you get a mortgage with a cosigner if you dont have 2 years of tax returns and zero credit and only make 1150 a month? (the co signer has a credit score of 740.)
- What is a good capitalization rate for a multi family rental property to purchase in a city? 7% or higher?
- Can a Business Entity invest as a Sophisticated Investor
- Anyone ever combine properties into one loan? Pros/cons/pitfalls?
- New investor seeking advice on legal entity structure, biz loans etc.
- Any reason to take a cash offer, vs going through vists and sell through an agent?
- Debating selling or holding onto a property
- Refi primary then rent
- What are your deal funnels like in this crazy market?
- Buying Property Out-of-State
- Title Search Company recommendations?
- How would you structure a deal in which the seller wants to keep land but may be open to selling home?
| I've been evaluating RE for 5-6 years without buying anything. Posted: 26 Apr 2021 05:13 PM PDT Hi All, I'm a wannabe real estate investor. So. I guess I'm looking for encouragement or criticism or stories. Background: Today, I have a main job that's in tech and provides me with a stable income, and I am looking to diversify our investments to provide stability for our family as we will move to single income in the next few years. I've been wanting to do this for so long, that I've literally evaluated 100s of properties using cap rate calculators, my own spreadsheets, and various real estate agents. In 5-6 years, i've only been serious about two properties because everything else falls below my ROI threshhold. Peers of mine have bought multiple houses - houses I wouldn't have touched with a 10 foot pole because of their rates - and made out like bandits on the rent increases or equity growth. One property I lost out on at the offer stage. The other was mine and I chickened out (Retrospectively, i should've taken it.) (Important to note that I'm looking for remote investment opportunities b/c I live in a HCOL and can't afford to invest here.) With all of that said, I'm feeling pretty down in the dumps and I was hoping to hear your stories or feedback on getting started. Am I suffering from analysis paralysis? Is it normal to be evaluating for this long without biting? Then covid hit and I thought it would be my time to buy! But no, values rose. Question: Is it stupid to just give up on my dream of owning RE? I gotta be doing something wrong here, so maybe it's time to move on. Open to any ideas or criticism. Signed, Fake Estate [link] [comments] |
| Anyone moved back to rental property to avoid a capital gain tax? Posted: 26 Apr 2021 02:51 PM PDT They say you can go back to rental property and live there for 2 years before you sell it to avoid a capital gain tax. Is it that simple? Is there anyone who has an experience of doing that? [link] [comments] |
| Is this a good investment property to purchase? First time buyer Posted: 26 Apr 2021 09:43 PM PDT My net worth atm is about 80k. I am currently renting this property it is a 2 bed 1 bath apartment and I am paying 885 per month and with electricity and internet it is about 1100 per month for around 800 square feet. The place is small. There is a place right near me exact same style multi family apartment that is selling for 275k for 4 bed 2 bath. So 2 units. I checked on realtor.com if I put 55k down my total monthly expense would be around 1200 with hoa, property tax, principal etc... I figure I can rent out the other unit that is 2 bed 1 bath and charge them to cover my overhead and live rent free essentially in the other unit. This area is pretty popular, close to everything, but dense with people. It is like a 10 minute drive away from a big university. Wondering if it is worth going house poor for this as just putting 20 percent down is most of my money. I have a stable job grossing 90k. Also dealing with finding a person to rent the place, all the paperwork, people not paying, selling in the future etc... I read that single family homes are easier to sell. I am also coowner of my parents house which we just refinanced. Wonder if that will effect my mortage. [link] [comments] |
| Saving up $100k (from zero) to purchase and prep a rental property. Posted: 26 Apr 2021 03:24 PM PDT I'm not going to sacrifice any of my current investing/retirement/cash savings/student loan payment pace to do any of this so it'll take me two or three years at least to accumulate an extra $100k, but by that time I'll be relatively well read on the subject matter if I put in the effort, no? Right now I'm reading ten to fifteen books on investing, behavioral finance, and financial history, and when I'm done with that I plan on reading the same number of books on real estate and real estate investing. [link] [comments] |
| Posted: 26 Apr 2021 07:40 PM PDT Just got my first rental under contract. Closing in a month. Duplex right next a college town. Unfortunately has a non paying tenant in it right now. But overall we think we should get 200/unit and 12% COC. What should I know moving forward? Or what did you wish you knew as a newbie investor? [link] [comments] |
| Qualifying for a conventional out of college Posted: 26 Apr 2021 05:45 PM PDT Hello all, Looking to get pre approved for a modest, conventional mortgage. The mortgage would be used for a rental property and the one I have in mind already has a renter/lease until January. Credit score is very high, decent salary but a lot of it is made up of bonuses, less than 2 years work history since I graduated college last year. Have a good amount of cash in the bank 20k+ and a brokerage account with around the same. Have been more or less denied when trying to get a pre approval from two lenders due to what one says is DTI and the other says is lack of work history. Are there any ways around this? I feel it's very reasonable to get such a cheap or low priced mortgage. Really looking to get started on this side of investing and am unsure of if there is something I am not considering or if I should cut my losses till I have 2 years work history/experience. Thanks In advance for any insight you can provide. [link] [comments] |
| Why would someone say cash deal only? Posted: 26 Apr 2021 02:08 PM PDT Went in contract March 11 , on sale agin April 21. I am thinking maybe the first buyer financing fell through, but it is cheap 165k townhouse [link] [comments] |
| Posted: 26 Apr 2021 02:28 PM PDT Just bought a house that has oil heat and window units for AC. I was thinking about installing duct work in the whole thing and a heat pump. I was also looking into mini splits since that would mean I wouldn't need the large upfront cost of ducts. Thoughts? [link] [comments] |
| Posted: 26 Apr 2021 04:08 PM PDT I am currently in negotiations to purchase a duplex from a property management company. I plan on calling them and interviewing them as a potential client. Any questions you recommend I ask that will shed some light on how they do business? Have you ever included an option to manage your property in a purchase agreement? [link] [comments] |
| What are the exact reasons home prices are increasing so fast and will it last? Posted: 26 Apr 2021 05:10 PM PDT |
| Seller here: Appraiser refused to appraise wasting valuable time Posted: 26 Apr 2021 02:49 PM PDT Hi, need your help because I can't find any such instance online. I don't even know what this situation is called. I am selling my house. Buyer made an offer $10k above list price. I accepted. Appraiser came in to appraise and did his stuff. Said it will take about 2 weeks to return the appraisal. 2 weeks later my agent calls and tells me appraiser refused to appraise and bank is now looking to hire new appraiser. Agent said it's a good and bad thing. Good because appraiser at least didn't submit his report appraising it too low. Bad because it wasted valuable time. Has anyone ever experienced this before? I am like wth! I am supposed to relocate and join a new job while this is happening. [link] [comments] |
| Posted: 27 Apr 2021 12:29 AM PDT Can you get a mortgage with a cosigner if you dont have 2 years of tax returns and zero credit and only make 1150 a month? (the co signer has a credit score of 740.) My debt to income ratio is basically zero as I live with my parents. I dont have 2 years of tax returns because I have only been working for around 10 months now. That said I want to get a small duplex worth 54k and rent it out which would add an addition 550+ a month to my income. Is this possible? could anyone in a similar situation recommend a good lender? [link] [comments] |
| Posted: 27 Apr 2021 12:25 AM PDT I define cap rate as yearly rental income divided by total property price. I think I can get 7% here in Los Angeles though it is not easy to find these properties. Maybe 8%. Is that what others are finding in major cities like LA? [link] [comments] |
| Can a Business Entity invest as a Sophisticated Investor Posted: 27 Apr 2021 12:01 AM PDT Some of my friends and acquaintances got together to create an LLC for retail investing with our collective funds. we were later introduced to multifamily investing but learned that our LLC wont meet SEC's accredited investor expectations (by a huge margin). Can our LLC invest as a Sophisticated Investor utilizing one of the 35 spots allowed for sophisticated investors per investment? From what I read, it didn't look like it and would like your inputs.. Thank you [link] [comments] |
| Anyone ever combine properties into one loan? Pros/cons/pitfalls? Posted: 26 Apr 2021 12:59 PM PDT I'm under contract to buy a couple MF props close together, was thinking about the possibility of putting them both under one loan. Anyone done that before? What are the pitfalls and/or benefits I should be aware of? My goal would be to get better overall terms if possible. [link] [comments] |
| New investor seeking advice on legal entity structure, biz loans etc. Posted: 26 Apr 2021 11:30 PM PDT Hello! Just found this sub and hoping to get some advice on my process as well as some direction. I checked out the wiki but didn't see an FAQ so feel free to point me towards some threads that might already discuss my situation as I'm sure it's not unique. So my folks have a completely paid off investment property and they're retiring and want to help me get started. Since this property title is under their name and completely paid off, if I form an LLC with all 3 of us as partners, I should be able to transfer that title over to the LLC and take out a business loan. Does that sound right and good avenue to go for acquiring capital? Let's say the property is worth $500k, how much could I feasible get as a loan what would the terms look like? I'm guessing this would be the most kosher way to acquire a lot of capital quickly. My thinking is that without the LLC, any money my parents give me from doing HELOC on that property would be a gift and thus taxable. TIA for taking a look and any help! [link] [comments] |
| Any reason to take a cash offer, vs going through vists and sell through an agent? Posted: 26 Apr 2021 07:20 PM PDT While posting on a forum about selling I got some cash offers, ex 550k while I was thinking listing around 600k. I'm thinking it's would be a lot less hassle and agent fees are 4% + tax anyways so 30k and the preparing the place for listing, visits by strangers, stressing the tenants ect. I know the market is hot and I could probably get even high that 600k, just I bought for ~300k a few years ago so it would still be a nice profit. I feel like getting this cash offer is a good indication of the lower end of the market. [link] [comments] |
| Debating selling or holding onto a property Posted: 26 Apr 2021 04:25 PM PDT Good morning, Trying to weigh options and get some opinions. Currently have a San Diego property in the Otay Ranch area. Bought in 2019 for 410k and currently preparing to move North. I've seen places similar to it selling for over 500k recently. My interest rate on this mortage is currently 4.37 when I originally bought and now I'm debating refi and going for lower. My monthly payments on the mortgage come out to 2800 including HOA. The location is great and the property was built in 2015, townhouse right next to a beautiful park. 3 bed 2.5 bath ~1300 sq ft. 2 car garage, A/C. We recently put an island in the kitchen as well. Would you consider holding or selling this property? I've heard some say take advantage of the sellers market and take it, but also some defending holding. [link] [comments] |
| Posted: 26 Apr 2021 12:14 PM PDT So if a refi my primary do I have to live in it another year before renting? Or do lenders not care as long as I'm up front with my intentions. Currently owe 208k on house in 280-320k range, 3.5 rate with pmi. I believe we can pull 20-30k out get rid of pmi and better rate which would make payment about the same. Current rents in our area are about 2000-2200 Open to any ideas or feed back about getting cash out. [link] [comments] |
| What are your deal funnels like in this crazy market? Posted: 26 Apr 2021 02:05 PM PDT We have transitioned to using almost only wholesalers, and have started doing direct marketing ourselves. We're finding deals to be less and less common like everyone else. What are you guys doing to find good deals during this crazy market? [link] [comments] |
| Posted: 26 Apr 2021 02:00 PM PDT My husband and I are looking to buy our second SFH rental property but this one would out-of-state - currently looking in OK. Our only other rental started out as our primary residence, so this is new territory for us. We are hoping to buy in the next few months. We have purchased a few homes over the years, but only as primary residences in the state we live in. Our plan is to purchase in cash or leverage our HELOC of our current primary residence, then do a cash-out refinance, rinse/repeat, to grow our real estate portfolio. I've been contacting local lenders, but it seems that most are only licensed in our state and/or neighboring states, which means we'll need a national lending company. I'm looking for lender recommendations, please. I know people will say "do your research" but I considering calling on the collective experience/knowledge of this sub as part of the research process. TLDR: Buying out of state, looking for refinancing lender. Please suggest a national lender you've had positive experiences with. [link] [comments] |
| Title Search Company recommendations? Posted: 26 Apr 2021 01:44 PM PDT Hey guys, me and some buddies were looking to get into the world of tax sales this year and were looking for a good and affordable company that would run title searches for us. We're looking to do these often and I've had some companies quote me upwards of $400 per search which wouldn't be feasible for us. Anywhere around $100 dollar range would be perfect. Would really appreciate any advice on this or anything for that matter as this is my personal first dip into real estate investing, although my buddies are for more seasoned than me. [link] [comments] |
| Posted: 26 Apr 2021 01:19 PM PDT Hey guys, so I've got a deal where the seller may be willing to part ways with the home but not the land because their business gets utility out of the back of the property(equipment storage) and the land is in a prime spot to be bought by expanding businesses in the next decade. Seller is open to offers but not in a hurry. They are, however, open to ideas for the home that sits on the front of the property as it's been empty for years and is slowly becoming an eye-sore. I'm getting creative to find a win/win deal with this owner:
The second option, a long term lease which allows subletting and compensates me for repairs in the event of a sale, seems like it might pose the least risk for the seller in their efforts to secure a buyout, and myself if I can get a low or non existent rent I wanna hear your ideas and what you'd do in this situation! [link] [comments] |
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