Real Estate Investing: Monthly Motivation Thread: April 21, 2021 |
- Monthly Motivation Thread: April 21, 2021
- What Was Your Best Real Estate Investment?
- I need to break into real estate investing
- Tenant offering to pay half for new appliance.
- Appropriation of rent to my wife who is a homemaker.
- Strategies to exploit the 250K capital gains tax on a primary residence for a single tax payer
- Anyone have a recommendation for a good entry level real estate investing course?
- Nice place in the US to purchase a new fourplex for 500k or less?
- Best places to live for high-earners who can work remotely?
- Buying multiple properties and just putting the down payment?
- Question about Home Equity
- How much do you need to make and have saved for a 1m home
- ADU in own home?
- Can I get a loan to renovate a piece of my parent’s house/property into 2 units in order to house hack for myself?
- Manufactured Home - Good Idea?
- What to do with equity
- House Hacking In Jacksonville, FL & Tenant Placement
- Best Way to Harvest Equity?
- So I'm thinking of buying a piece of land and putting a modular home on it (single or double wide) I would live in it a few years and then likely rent it out eventually. I could pay for the home in cash and make payments on the land itself if necessary. Is this a good idea? Thank you in advance!
- Next step recommendations for a first time out of market investor?
- Occupancy Fraud & Lender Approval To Rent/Not Occupy
- Tax Savings
- Do we really need carpet?
- Tell Me About Your First Investment.
- First time landlord lease options
| Monthly Motivation Thread: April 21, 2021 Posted: 21 Apr 2021 12:00 AM PDT Monthly Motivation ThreadWelcome to this monthly series. This post will repeat monthly, on the 21st of every month. This is your opportunity to share your successes, accomplishments, as well as provide us with an update on your goals and strategies as they pertain to Real Estate Investing. Example Questions:
Veteran investors feel free to provide useful tips and feedback to other people's goal, as well as some of your recent successes, or failures. [link] [comments] |
| What Was Your Best Real Estate Investment? Posted: 20 Apr 2021 04:31 PM PDT Tell me about an investment you made that went smoothly and generally you consider your favorite investment you have made. [link] [comments] |
| I need to break into real estate investing Posted: 20 Apr 2021 07:20 PM PDT Hey all, I just joined this sub so apologies if this information is already posted somewhere. I am a 25F who works the typical 9-5 office job, and I cannot possibly imagine doing this for 40 more years. Me and my fiance have been saving money for the last 2 or 3 years to buy a house, but lately I've been thinking a duplex or triplex might be a better idea because we could possibly house hack it. I've had so much trouble finding anything on the market in our price range, everything sells in a day for just ridiculous amounts over the actual value of the house. I guess my main question as I'm starting out is, should I keep waiting for this impending "housing crash" to hit? Or just get into the market as soon as possible? What credible sources or books would people recommend reading for beginners? [link] [comments] |
| Tenant offering to pay half for new appliance. Posted: 20 Apr 2021 05:23 PM PDT My future tenant wants an appliance updated and is willing to pay half. The appliance is old but still works. I told him we can upgrade and he can pay his half as an increase in the rent over the course of the lease. Thoughts? [link] [comments] |
| Appropriation of rent to my wife who is a homemaker. Posted: 20 Apr 2021 12:18 PM PDT Is there any way that I can appropriate majority of the rent proceeds to my wife's account as she is a home maker and I can actually use her tax free allowance and I can save on a high rate of tax ? The property which I plan to let out is in both of our names. Any suggestions would be really helpful. [link] [comments] |
| Strategies to exploit the 250K capital gains tax on a primary residence for a single tax payer Posted: 20 Apr 2021 07:40 PM PDT I (60M) am getting near the end of the long good-bye with my wife. When she passes in the next couple of years I plan on selling our current primary residence. I have a comfortable net worth and I will then be trying to figure out where/what my new living situation will be. My children are all over the country and they don't know where they will be in a couple of years. I am real interested in hearing ideas on how to take advantage of the waiver on the first 250k of capital gains on a primary residence that a single tax payer has lived in two of the past five years. [link] [comments] |
| Anyone have a recommendation for a good entry level real estate investing course? Posted: 20 Apr 2021 03:09 PM PDT I'm new to real estate investing and it is all very overwhelming. Does anyone have any recommendations for an online course that is reasonably priced? Also book recommendations would be helpful as well! Thanks :) Edit: Thanks guys! I'll stick to YouTube and books in that case. [link] [comments] |
| Nice place in the US to purchase a new fourplex for 500k or less? Posted: 21 Apr 2021 01:26 AM PDT |
| Best places to live for high-earners who can work remotely? Posted: 21 Apr 2021 12:11 AM PDT So I never had to think about this before, - with my industry, everyone "had" to be in one of two expensive markets and I never broke more than $60K/yr. Now I am headed back to school and will graduate making ~$200K/yr. I have lived in NYC, LA, DC, & SF, and am pretty tired of the expensive, small box, tons of traffic, crime, hustle/bustle lifestyle and would prefer somewhere where my dollar can be shielded from crazy taxes. My potential companies would be remote or have plentiful offices that are left to my choice. I know everyone is going to Austin but I would prefer somewhere colder (weird, I know,) that is located near a great airport hub (love to travel) where I could potentially have some space/land/views (ocean, mountains, forests are all great.) Is there anywhere in particular that jumps out at you for a single person in my situation to buy/invest in? [link] [comments] |
| Buying multiple properties and just putting the down payment? Posted: 21 Apr 2021 12:03 AM PDT I have a few friends who are self-described "investors" and they are purchasing multiple homes by just putting down the down payment and renting them out. The rent for the homes is always slightly less than the mortgage or break-even, never more. Wouldn't the interest rate on their loans (4ish%) crush them later on? Is there something I am missing entirely? [link] [comments] |
| Posted: 20 Apr 2021 11:44 PM PDT I totally get the "buy a home so you can watch the value go up" notion. But what good is it when you sell said home and all the other homes have too risen in price? Is it only great to pull a second against a home that is now more than you bought it? Or is the intent to sell and then buy in a more affordable area/state? I have a close family member that bought back in November and has since gained over $150K in equity and is interested in selling but now can't find anything close to their sq/ footage/ bedroom count/lot size in the area for what they paid. What am I not understanding? [link] [comments] |
| How much do you need to make and have saved for a 1m home Posted: 20 Apr 2021 11:26 PM PDT If you make 140k a yr and have 100k saved..could you afford a 1m home? Maybe with a 30yr mortgage? Of course it depends on many factors but is this even feasible? I know of many people who only have like 20k saved who buy houses in the 500k to 600k range. What are the rules here? If the 1m property is a duplex would that make more sense since you could rent out 1 or both? And how do you calculate this? [link] [comments] |
| Posted: 20 Apr 2021 09:40 AM PDT I'm a FTHO/ new at investing. I purchased my property with the potential of putting an ADU in my backyard and renting it out with eventually renting out my own home to make long term income. Just refinance but have been looking into HELCOs to finance this possible build. Looking to maybe put a 750sf, 2bd, 1bth unit. My property is already sectioned as a multi-unit hence my vision... Our home is tiny and sits on a pretty big lot for being in one of the most expensive areas in the nation (Oakland,Ca). We've already outgrown our home with our ever expanding family and our ultimate goal is to have enough money for a bigger home that suits our family's needs. Yet it would be nice to keep this property for rental income if we can swing it. We don't plan on selling/moving for another 2-3years max but if I can get an ADU built in the back and start generating income now I feel like it may be worth the time and money. But to the well seasoned investors is it worth it? Been looking into prefabs but open to suggestions. [link] [comments] |
| Posted: 20 Apr 2021 09:01 PM PDT My parents have a big plot of land and have a 4 car garage with a loft above it that they never use... not even for storage. There is electricity but that's it. I am planning on buying the house in a few years from them when they downsize, so I was thinking of renovating this area into 2 small units and then house hacking it. Then when I buy the entire property I would move to the main house. Can something like this be done using an FHA or conventional loan? I'd assume I'd need a construction loan first but maybe then refinance? Not sure how to go about this. Also feel free to give any other advice, such as if this is a terrible idea or a great idea, etc. [link] [comments] |
| Manufactured Home - Good Idea? Posted: 20 Apr 2021 08:51 PM PDT Hi everyone - I live in SoCal so housing out here is expensive and competitive as you can imagine. I'm M26 working two jobs. One 9-5 job making $35k and recently licensed Mortgage Loan Officer projected to make $50k this year, $100k annually after that if all goes well. I'm living with my parents right now, saving money, but thinking of moving out and buying a Manufactured Home from anywhere from $75k - $200k. I'm thinking I could buy one of these buggers, live in it until I pay it off, then rent it out, and go out and buy another one. I'm looking at ones with 2bed and 2bath and maybe charging rent from $600-$800 per person depending on the location. My target clients would be minimum wage workers and college kids who are in a similar situation (live at parents' home saving for their own place). Does anyone have experience of doing this? In my mind it sounds like a good idea. I'm playing the real estate game, just at a smaller scale. Thoughts / Opinions? Any insight helps. Thanks. PS: I know there's a negative stigma about mobile homes, but some of these places are actually nice lol [link] [comments] |
| Posted: 20 Apr 2021 04:37 PM PDT We are selling our personal home and upgrading. Even after a 20% down on the new house we will have about 50k left over. At this point in the market would you completely pay off a rental or use it as a downpayment on what would be our 4th door? [link] [comments] |
| House Hacking In Jacksonville, FL & Tenant Placement Posted: 20 Apr 2021 07:08 PM PDT Has anybody successfully house hacked in the Jacksonville, FL metro area? I'm thinking about buying a 3/4bdr condo near Southside / Baymeadows, possibly Orange Park. I am terrified of not being able to place tenants / roommates in order to cover the cost of the property, even if the numbers make sense and are in line with market rates for rooms. [link] [comments] |
| Posted: 20 Apr 2021 09:41 AM PDT Looking to upgrade to our "forever home" within the next year. It'll be our 4th property. I've bought each of my houses as a primary residence and converted it to a rental upon buying the next - will do so again this time. Our first property is paid off. I don't regret the aggressive payoff because it taught me the importance of having cash on hand. When you're pouring every spare dollar into a fixed payment it can feel like a black hole until it's done. The goal would be to extract around $100k. So the question becomes, do I try pulling this equity from the paid-off rental by mortgaging it, or opt instead for something like a HELOC on our current primary (which we've just refinanced with no cash out to maximize its cashflow whenever it becomes a rental). The only reason I can justify either option for the sake of buying a 'liability' is because we're focusing on properties with 2+ acres that have a detached garage or other structure that could be renovated into an ADU rental unit as a means of house hacking. I imagine a HELOC on our current primary will be easier to get (and come at a lower interest rate), but leaving the other rental property paid off leaves all those equity dollars sitting dormant. Pros and cons of each approach? For reference: Our credit is stellar. The paid-off rental is worth $190k. Our primary is worth $380k and we owe $240k. Our third property, the other current rental, is worth $330k and we owe $125k. [link] [comments] |
| Posted: 20 Apr 2021 12:07 PM PDT I would ideally like something that would be easy to hook up to utilities. [link] [comments] |
| Next step recommendations for a first time out of market investor? Posted: 20 Apr 2021 01:58 PM PDT Hi r/realestateinvesting. I live in and own 10 single fams and four-plex in Denver that I bought during the 09-12 real estate crash. They are all paid off and cash flowing ~$200k/year gross. I am anxious to grow and looking at other opportunities. I'm tempted to 1031 exchange them one by one into cash flow properties in Memphis. How do you all like that area? I'm seeing really decent cap rates out there and while it isn't growing too much, I think the housing stock that's been built within the last 3-4 years looks pretty good. Also very interested in Huntsville Alabama. Anyhow, I'm a bit of a newb, but I feel like growing out of Denver and taking on some more debt seems like a smart move. What's the general consensus of investing outside of where you live? I know there are horror stories (like anything) but I do feel like there are good growth opportunities outside of what I have. Any help and considerations are appreciated! [link] [comments] |
| Occupancy Fraud & Lender Approval To Rent/Not Occupy Posted: 20 Apr 2021 05:19 PM PDT Alright, Folks. Newbie residential real estate investor in Dallas, Texas, under contract on my third property. My wife and I refinanced our principal residence on March 2, 2021 to be solely in my wife's name to open up my borrowing power for future purchases. I went under contract this week on a new house that will be financed solely by me. We want to move into the new home I'm under contract on and rent out our current residence, however, there are potential occupancy and renting issues in our newly refinanced mortgage. The refinance deed of trust states: "Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control." I haven't been able to find anyone with this scenario on Reddit or the Google machine. Q1: How serious are loan servicers about this occupancy clause and how is it enforced? My lender broker keeps telling me that once the loan is sold, the servicer doesn't care as long as you are paying on time. Obviously, I'm very skeptical of this advise which could have major legal implications. Q2: do you have any experience or feedback on how to best reach out to our current loan servicer (Chase) for written approval to rent our home? We also just found out in March that we are pregnant with our first child and prefer to have a one story home with a master bedroom on the ground floor. partially joking I may argue we intended to occupy but our recent pregnancy is extenuating circumstances "beyond our control".... I've also been on crutches the last four weeks with a leg injury so the stairs are my Achilles' heel. Q3: If our loan servicer denies our request to rent it, am I bound by this occupancy deed even though the refinance mortgage is solely in my wife's name? I wouldn't expect so, but we are legally married which has homestead exemption implications. Thanks in advance! [link] [comments] |
| Posted: 20 Apr 2021 04:48 PM PDT If I'm a higher income earner how much could I lower my taxes buy owning commercial and rental income homes? [link] [comments] |
| Posted: 20 Apr 2021 04:51 AM PDT I just inherited a home from my great Aunt in Mid-Michigan. She had ripped out all of the old carpeting to find hardwood floors throughout the whole home. In the middle of the living room is a large black stain on the flooring (maybe from water from the previous owners?) I plan on selling this home. The real estate agent said that we MUST carpet the area in order to sell the home for top dollar ($125k). I feel we should just give any buyer a 2-3k credit for it. Do we really need to carpet or will a credit entice buyers? I am listening to EVERY other thing they are suggesting but am curious about this one. [link] [comments] |
| Tell Me About Your First Investment. Posted: 20 Apr 2021 04:32 PM PDT What was your first investment like? How did you go about accumulating the funds to invest? Who did you work with? What were some expectations that were challenged during the process? [link] [comments] |
| First time landlord lease options Posted: 20 Apr 2021 02:45 PM PDT Hey guys, So I just finished remodeling the second floor of my duplex and I am going to clean it up and take pictures tomorrow. Obviously, I want to get it rented ASAP, and I am good to go...except for a lease. What are the opinions on where to get a lease these days in COVID times? Should I ask a RE lawyer, or buy one of the state specific ones online from places like biggerpockets? Any other helpful tips or anything for a first time landlord who is about to have tenants over his head? This is in upstate NY, and it's the other half of my owner occupied duplex. If everything goes well, I'd like to buy another house in a year or so to fully rent out. Also, how does everyone feel about umbrella or landlord insurance? [link] [comments] |
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