Real Estate Investing: My Landlord is Dead - What Now? |
- My Landlord is Dead - What Now?
- Paying down Debt
- Closing Costs
- What is an rental property analyst called?
- Price of Urban Multi Family
- NYT article "US Home Sales are Surging. When does the music stop?"
- Does anyone actually think being a lazy landlord with 7% annualized total returns is a good deal?
- How is everyone preparing for the incoming property tax increases?
- Where to find 20% percent down with 30 yr fixed for investment properties
- What's kind of return and timeline do you want on a 15m real estate investment/development?
- Title change in Texas
- Price Difference: Landlord Home Insurance v Homeowner's Insurance
- I am considering getting my brokerage license
- Is buying a 8-12 family apartment as hard as buying single family?
- Unpaid Rent Upon Purchase
- Property management needed with an HOA?
- Lake Arrowhead, California investment question
- Conventional Loan Listed as my Primary Residence - Do I still apply for an FHA?
- How would I calculate capital gains on this situation?
- What to check for before renting apartment?
- tiny home investment purchase - loan advice needed!
- Does “time in the market beats timing the market” also apply to real estate and why?
- Broker Tenant Wants Commission?
| My Landlord is Dead - What Now? Posted: 22 Apr 2021 10:22 AM PDT We have been trying to contact our landlord for the past two weeks trying to get our next year lease signed. We had agreed to this lease over the phone but were waiting for the landlord to prepare them. They were never signed and our lease is up in 1 month. Last night one of the water lines broke on the exterior of the house (THANK GOD) we immediately tried to contact him with no response and with a little digging found his obituary. He's been dead for 22 days and we have no idea A, how to repair the busted pipe and B, what will happen with our living situation. No one has contacted us.... We're considering looking into a first time home buyer loan to see if we could purchase the property, but we don't know when we'll be contacted by the family. [link] [comments] |
| Posted: 22 Apr 2021 06:13 PM PDT I currently own 6 properties... 1 is a flip. So I own 5 rental properties. My Flip will allow me to pay off my first and lowest price rental property. Does anyone have any strategies to paying down the mortgages? I know paying down is "Lame" but i think its more lame to have that much money sitting in a savings account earning nothing. If I pay off the house I will get about 7% Roi based only on the extra cash flow it will bring. Plus ill be able to still invest that money via line of credit. No I'm not putting it in Bitcoin lol I own some but no. I'd love to hear stories or ideas thanks [link] [comments] |
| Posted: 22 Apr 2021 08:12 PM PDT What is the average for closing costs? I live in NE Florida, for reference. Looking to purchase a condo as a rental where the numbers seek to work out great. Trying to account for closing costs including inspection, appraisal and any other fees I may be missing so I can pull the trigger. Any insight is appreciated, thanks! [link] [comments] |
| What is an rental property analyst called? Posted: 22 Apr 2021 10:58 PM PDT I'm looking to hire someone to identify and explain to me which of the listings given to me would give positive cash flow. I don't know enough myself. [link] [comments] |
| Posted: 22 Apr 2021 06:43 AM PDT I live in urban Washington DC. Rents around here are down 25%+ depending on what you read. In addition, 25k+ more rental units are coming online in the next 3-years. However, the purchase price of multi-family has not budged at all. I know there is a lot of investor money trying to get put to work, but the numbers on these deals are terrible. At these prices and reduced rents, units that weren't cash flowing before COVID are now bleeding by hundreds a month. I feel like I'm crazy, but I feel like something's gotta give. I'm trying to buy a multi-family urban property, but sellers are still expecting full freight. [link] [comments] |
| NYT article "US Home Sales are Surging. When does the music stop?" Posted: 22 Apr 2021 01:16 PM PDT The first half is about national trends and predictions. The second half is about NYC. Any thoughts out there? I know no one has a crystal ball... I had considered buying in NYC for the reasons stated in the article. But now I may have missed my moment. [link] [comments] |
| Does anyone actually think being a lazy landlord with 7% annualized total returns is a good deal? Posted: 22 Apr 2021 07:20 AM PDT Serious question because most mom and pop investors make well under 10% and most under 8% percent annualized all things considered over a 30 year time frame. I'm simply amazed how many investors don't actually realize they'd be better off dumping their entire down payment into an index fund or a REIT focused on residential real estate and letting it sit. Most investors (when accounting for debt paydown , appreciation, cash flow, tax benefits yadda yadda ) make run rate returns well under the returns of the sp500. As we all know real estate is far from passive if you are doing right by your tenants and your properties. Some people actually seem to believe a property rising in value from 200k (with 30% down) to 800k fully paid off by tenants over 30 years with a break even monthly real cash flow that grows at the rate of inflation is a good deal. Yes it is investing and ALL investing can help you build wealth. But the simple truth is taking that 60k and putting it in something gets market returns would have given you more money and been truly passive. Yet people think for whatever reason you can get rich from real estate EASIER than other forms of investing without actually putting in work to improve property or doing the research to buy in the path of gentrification and then cashing out at peak. It is one of the biggest myths of real estate since most people don't put in work and most people don't accurately predict the next hot area. In short if you are looking to buy an investment property because you heard from a friend real estate will make you rich, you will get just as rich by dumping your down payment into the stock market and letting it sit (for most people this is true). If you are going to to do work on the property that gives you a 25% or 50% return that's a completely different story. But as we all know most mom and pops don't actually want to do work on property they are just in it for the loan pay down and appreciation which as history shows isn't where the money is for most real estate. Just curious on thoughts of others. Do you think it is simply ignorance on the part of mom and pops who don't have a finance background? Do people in America just not understand investing in general? Are people just brainwashed when looking at their portfolio? Ask any investor what his returns are and most will say 20% lol because they are in year 1 and haven't had to actually spend any real money on repairs yet that might even equal the cost of down payment for some lower end properties. Most people think they are cash flowing $200 and they don't even save monthly for reserves. It's madness! Edit: I'm not talking about people who buy 30% below market and have immediate built in equity, or people who do house hacks, or people who put 5% down and have extreme leverage. I'm talking about people who put down 25-30% on a property the bank knows is an investment and hold for full duration of loan. I'm talking MOST average vanilla transactions. Yes you can beat these typical returns by buying under market, leveraging 95% , hitting 5% - 10% annual appreciation because you have a crystal ball and selling in 10 years instead of 30. But that is good investing lol and NOT average investing which is what I am discussing here. 😄 Edit #2: Of course we are talking about BUILDING wealth here not simply preserving wealth. Low returns (if low risk) are acceptable if preserving wealth. Real estate is a great vehicle for wealth preservation but this discussion is more along the lines of investors looking to MULTIPLY wealth end up buying too many properties not suited for that task and then mismanage them. [link] [comments] |
| How is everyone preparing for the incoming property tax increases? Posted: 22 Apr 2021 07:38 PM PDT I live in Texas which has notoriously high property taxes. My current property cash flows fine currently, but the assessed value of the property has jumped by 25% since last year, which would translate into over $100/mo increase in my monthly payment. Protesting was unsuccessful as the comps were pretty spot on. If this continues year over year with rents not rising at the same rate, I don't see how I (or many other smaller landlords who've purchased in the last few years) would be able to hold for more than 5-10 years before cash flow hits 0. Not sure if this is even a worry for the other states with lower property taxes, but I imagine everyone's assessed values will be going up significantly. Let me know what y'all think. [link] [comments] |
| Where to find 20% percent down with 30 yr fixed for investment properties Posted: 22 Apr 2021 10:29 PM PDT All I can find is 25% down for investment duplexes, if I want a 30 yr fixed. With 20% I am only being offered ARMS. Anyone know somewhere I could try? [link] [comments] |
| What's kind of return and timeline do you want on a 15m real estate investment/development? Posted: 22 Apr 2021 08:35 PM PDT Investment is raw land. My chicken scratch shows investment + 200% after 10 years. Is that interesting to people with that kind of money? [link] [comments] |
| Posted: 22 Apr 2021 02:05 PM PDT What is the cheapest way to change a real estate title? I own an investment property and want to change the title to an LLC that I created already. [link] [comments] |
| Price Difference: Landlord Home Insurance v Homeowner's Insurance Posted: 22 Apr 2021 03:45 PM PDT Converting my primary residence (4bd townhome in Fairfax, VA; FMV of $550k) into a rental and getting landlord insurance quotes (called Geico); when I compare the landlord insurance quote to my current homeowners insurance, it's significantly lower ($650 v $900) for similar coverage---outside of Personal Property Protection. Couple questions:
Would appreciate any insight. Additional Coverage Details: Coverage A - Dwelling Coverage Limit - $249,000 Coverage B - Other Structure - $24,900 Coverage C - Personal Property - $5,000 Coverage D - Loss of Use - $24,900 Coverage E - Liability - $300,000 Coverage F - Medical Payments - $2,000 Deductible - $1,000 [link] [comments] |
| I am considering getting my brokerage license Posted: 22 Apr 2021 07:22 PM PDT So I am currently invested since last year and maxed out my Roth IRA, but am looking at retirement and am considering getting me brokerage license. This house I buy and future houses would be my nest egg (s). I recently spoke with a woman who has 4 houses and rents 3 of them, and lives in the 4th (the first house she bought). Now I don't wanna pay commissions so I am looking to rent houses down the road and am considering taking out a 30 year loan and paying the 20% so I don't have to pay PMI. I am wondering if this sounds like a realistic prospect and how I would go about starting as well. [link] [comments] |
| Is buying a 8-12 family apartment as hard as buying single family? Posted: 22 Apr 2021 08:03 AM PDT The housing market has been hot for years now, and no end in sight, are the bigger apartments just as hard if not harder to get? Like if asking price is 700k usd, do you have negotiating leeway? Or it's an uphill battle against other investors? [link] [comments] |
| Posted: 22 Apr 2021 11:35 AM PDT I'm considering placing an offer on a small apartment. However, the rent roll shows that multiple tenants have missed payments. This results in a debt that is owed. If I purchase the apartment, and the back-rent is paid... do I keep it? Ie, am I purchasing the debt too? Or, does that money belong to the seller even after the sale? [link] [comments] |
| Property management needed with an HOA? Posted: 22 Apr 2021 05:28 PM PDT So I'm in a weird pickle, I have a 2 bedroom condo I'm trying to weigh keeping and renting out vs just selling it & I'm trying to figure out my underlying costs seeing as I'm moving out of state later this year. I currently live in Northern Virginia and I'll be moving to southern NJ so just under 3 hours My in laws also own a rental in South Carolina and they live in PA, idk if they have a property manager but my girlfriend says they have the HOA for emergencies and call it a day. If there's issues, I don't really mind coming out during the weekend, but I don't want to be coming out in the middle of the night. These property managers are cutting it close to my budget here so I'm really wondering, do I REALLY need a property manager or can I get by on my own with depending on the HOA for emergencies? [link] [comments] |
| Lake Arrowhead, California investment question Posted: 22 Apr 2021 11:10 AM PDT We're looking to possibly purchase a house in Lake Arrowhead, for some weekend/vacation use but we're mainly hoping to air bnb it out as much as possible. I have a few questions for others who are doing the same: what do you do about liability insurance to protect yourself from an air bnb renter injuring themselves on the property?What are you typically paying for property taxes, fire insurance, and earthquake insurance in that area? I realize this depends on the value of the house - we're probably looking at houses in the 400-500K range. How do you keep the place clear of snow in the winter so that renters can access it? What are the typical costs to have someone keep walkways and driveways clear? Are the roads typically plowed or do you need to pay for that as well? What is the housing market like up there - is it as crazy as it is in LA, with cash bidders overbidding on every house for sale? [link] [comments] |
| Conventional Loan Listed as my Primary Residence - Do I still apply for an FHA? Posted: 22 Apr 2021 10:45 AM PDT I just purchased a duplex. It was 15% down conventional financing through a local community bank and I listed it as my primary residence. I want to now purchase another property and am looking at FHA loans. Do I still apply for the FHA loan? I am more than willing to move my primary residence to the new house with the FHA (That's the whole point). Curious if anybody has had issues with this. [link] [comments] |
| How would I calculate capital gains on this situation? Posted: 22 Apr 2021 02:08 PM PDT Hello r/realestateinvesting, My mother and I jointly own a rental property in Atlanta, which we purchased in 2012 for ~65k. We got lucky and now the house is worth in the ~350k range. We do want to use part of the proceeds in a 1031 exchange as a down payment on a multi-door property in the town where my mom lives. However, my mom wants to use some of the proceeds of the sale to do some work on her primary residence. I estimate at the high end she needs about about $60k of the sale after taxes. I want to plan how much we have to not use in the exchange to pull that out after taxes. Like, do we need to pull out 90k of the sale and pay 30k in taxes? My questions include: do we have to combine our total taxable income to determine the tax brackets that will be assessed to that amount? Do we get to do any deduction with the real estate agent fees (deduct that from the total)? What other questions am I not asking? We have already gotten information from our bank and are good for financing the new property and are in negotiations with the property owners to determine the sale price of the new property. Our tenant's leases are done on June 30th, so we are just waiting on that timing to move forward. Thanks (I hope i used the right flair) [link] [comments] |
| What to check for before renting apartment? Posted: 22 Apr 2021 07:58 AM PDT In a few months we are gonna rent out a 2 family. We lived here for 6 years and this is the first time we will rent it out as we move out. What to make sure 100% that it's good before renting it out? Any guidelines? [link] [comments] |
| tiny home investment purchase - loan advice needed! Posted: 22 Apr 2021 07:35 AM PDT Hi everyone! Back after a long hiatus. My tiny home purchase is nearly complete. Our original plan was to use a conventional 30 year mortgage, but the lender that had arranged to offer these was told by Fannie that they could no longer do so. A bunch of homeowners are thus left scrambling with finding an alternate financing option. There have not been many sales as of yet, and the ones that were sold didn't get listed on MLS, so the banks are having a hard time w/ comps considering the ~$400/sqft list price I am paying. That being said, I have found the following options. This is where I come to you for advice: Loan amount: $130k on a $170k final purchase price (76% LTV) Option 1: 30 yr fixed, 5.5%, max 70% LTV, $738/mo + cc including extra down payment Option 2: 5 yr balloon commercial loan, 25 yr amortization, 4%, $710/mo + cc, then refinance @ 5 yr Option 3: 5/15 ARM, 4.35%, $985/mo + cc Option 4: 15 yr fixed, 4.9%, $1025/mo + cc Option 5: HELOC (plenty of equity in primary home), 1.99% interest only x 1 yr, $216/mo + $0 CC, then refinance in 1 yr (HELOC rate increases) I'm leaning towards the HELOC option, but that's complicated by the fact that I do want to sell my primary and "upgrade" to a bigger home in the next year or two. I've also never done a refinance, so this would be a new avenue for me. Cashflow is my biggest priority at this time, so that would also favor the HELOC. Since the time of the original post, I've decided to self manage this property. I expect to gross ~$30k/yr, and assuming a debt service of $950/mo I would expect to net $1k/mo. Which option would you suggest? Original post for reference: [link] [comments] |
| Does “time in the market beats timing the market” also apply to real estate and why? Posted: 22 Apr 2021 01:11 PM PDT |
| Broker Tenant Wants Commission? Posted: 22 Apr 2021 01:01 PM PDT I had a unit listed to the MLS and to all the free sites like I always do. One of the tenants is quarantine with Covid, so I only had a virtual tour. A guy emailed me saying he saw the tour and wanted to apply. On his application, I saw he's a broker. He never requested a tour through ShowingAssist. We got a lease signed with him and his buddy and now he says he he wants commission for it. Do I legally have to put this through the MLS? [link] [comments] |
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