Real Estate Investing: Nearly defrauded of my down payment |
- Nearly defrauded of my down payment
- Where will inventory come from to slow this thing down?
- Is opportunity zone investing worth it?
- How do you know you have a bad real estate agent?
- Diversifying sponsors for syndications vs a select few that you trust?
- Rolling 800k cash / 600k+ debt on a real estate 1031 exchange = Retirement?!
- Bring Me A Creative Exit Strategy
- Should I make an offer on this duplex?
- Brrrr for someone starting out
- House hacking or invest out if state
- Best counter top for mid grade rental?
- How much does it cost to replace vinyl siding with brick?
- Eager Investor with obstacles to overcome
- Sheriff Tax sale strategy
- Investor loans
- Security deposit sent to unclaimed property?
- Legal Guidelines for Rental Arbitrage?
- [Seattle - WA] Advice needed on getting rental properties in SE/SW Seattle
- Is there a way to actually buy a home today if I plan to move into it later ?
- Question about capital gains taxes
- What’s the best way to invest for my situation?
- Want to get into real estate.
- How do you determine what increases the ARV?
- I plan to buy a home within the next 12 months, where should I put my money?
| Nearly defrauded of my down payment Posted: 03 Apr 2021 09:44 AM PDT Update: Thank you everyone for the advice. I have taken it all in, changing passwords, notifying escrow, loan, agent, and authorities. I thought it would be helpful to give everyone more details on the scam itself. First off, the email itself: - The email had the same signatures, names, warnings, notices, etc as the legitimate individuals. The scammer is betting people don't pay attention to those things, but it makes the email look/feel legit. - The subject line of email had the correct escrow ID. I don't know if this is a standard ID or anything, but the scammer knew to add the correct ID number at the beginning of the subject line, and it was consistent with all previous communications with the escrow company. - The email came from a slightly misspelled email address. In my specific case, they replaced "@pick——.com" with "@plck—-.com' - The email CCed my real estate agent... or so I thought! My agents email was also misspelled. In this case it was changed from "@realestateagent.com" to "@raelestateagent.com" - There was a reply from the fake real estate agent email saying something along the lines of "Thank you for reaching out! Buyer will be able to respond to your questions and initiate wire of funds soon." - All email signatures and normal font used from my real estate agent were consistent with my past correspondence with her. - Grammar mistakes. This one is on me, and I think more careful people would have caught this. There were grammar/language mistakes in the email. Unfortunately, I overlooked these. Second, is the timing and amount being so close. - The amount was NOT exactly what I ended up needing to truly wire but it was ballpark. - The timing of the email was spot on. I was already wondering when I would need to wire the remaining funds. - My guess is that the simplest answer is the likeliest. Someone's email (escrow, lender, agent, or even myself) is compromised. Basic information has been shared in emails between parties, including close date, purchase price, and down payment amount. This is obviously all you need to get ballpark on the timing and amount. Finally, the wire instructions: - Looked very legitimate with escrow companies branding, contact details, etc. - Professionally formatted and organized. I know this isn't hard to do, but it wasn't some haphazard laid out PDF. It was consistent with all of my other purchases and refis. Original post below: I am closing on my first investment property in a couple of days. Two days ago I received an email from my escrow with wire instructions. The timing of the email and the amount to wire was right where I was expecting it to be. Looking back at the email it's classic scam/fishing. Let's just say they changed the email domain from "someescrow.com" to "someescrovv.com" I am extremely fortunate. My bank flagged the wire, and I learned what had happened when I called my bank wondering why the wire hadn't gone through. I am shaken by this. I work in a profession that understands how fraud works, and I still got hoodwinked. Since then I have... - Called escrow company and they told me they would give me wire instructions in person with final signing of papers, notary. - Researched on LinkedIn the individuals I am working with at escrow and lender - Reviewed the websites of escrow/lender, called through the website, and asked them to verify things they should know - Looked back at all my emails to make sure they are legit. What else should I do to verify everything I am going through is legitimate? [link] [comments] |
| Where will inventory come from to slow this thing down? Posted: 03 Apr 2021 07:00 PM PDT Boomers are aging in place, not selling. Rates at record lows, refi and chill Equity at all time high, cash out refi and rehab current home Building expenses through the roof, builders only building high end. Sub 400k inventory crunched with no new builds Forbearance will end, but banks don't want your house, easier to do a loan modification and keep you in your house, not many foreclosures will hit the market. So where is the inventory going to come from to get this market back to "normal"? I predict this thing is going to get out of control, inventory could be cut in half again, especially in cheaper markets where builders won't build due to lack of profitability (sub 400k markets) [link] [comments] |
| Is opportunity zone investing worth it? Posted: 03 Apr 2021 11:49 PM PDT I'm about to sell my stocks and have a mix of both long term and short term capital gains. The projected gain is 40k, meaning 4k in state tax and 8k in federal one. Is it worth investing the capital gains in opportunity funds to defer the federal taxes? Afaik opportunity funds seem to have quite a variety of fees, plus the effort to do due diligence on these funds, I don't think the time and financial costs justify the deferral. Anyone with more experience in opportunity funds could enlighten me? At what investment size is it worth it to invest to defer taxes? [link] [comments] |
| How do you know you have a bad real estate agent? Posted: 03 Apr 2021 04:58 PM PDT Kind of a weird question - but how does a beginner know if their real estate agent is experienced enough? We have lost out on 5 investment properties - I have told him we should offer a few grand over list, he has said no. I've suggested offer prices lower than list and he has agreed with us every time but we have lost. We have yet to get a property we want. I love our realtor to death but I'm curious how do we know when it's our fault or listers/market vs his fault? [link] [comments] |
| Diversifying sponsors for syndications vs a select few that you trust? Posted: 03 Apr 2021 09:14 PM PDT How diversified are you when it comes to syndicators? Do you generally stick to one or two sponsors you trust or do you try to diversify amongst several sponsors? [link] [comments] |
| Rolling 800k cash / 600k+ debt on a real estate 1031 exchange = Retirement?! Posted: 03 Apr 2021 07:57 PM PDT I am wanting to semi-retire and not stress! How can I be sipping margaritas on a beach in Mexico and let my money work for me? As the title states, I am planning to roll 800k cash + 600k debt in a 1031 exchange transaction. I have slaved away for the past 20 years (self-employed) and am ready to travel and spend time with my family. I am posing this question because I need to identify a solid acquisition that allows me the flexibility take relax and not stress about a business or if a tenant is going to pay their lease. I will require at least 5k per month after all attached expenses (mortgage, property tax, insurance) to the newly acquired property. The ideal situation would allow me to sit back and collect rent(s) with very little risk. Advice and comments are welcome! [link] [comments] |
| Bring Me A Creative Exit Strategy Posted: 03 Apr 2021 01:53 PM PDT Have a duplex i bought for 12k in the Midwest sight unseen. When we complete the mold/waterproofing/demo this week I'll be in 36k (24 for work, 12 for purchase) with at least another 80K to go. Comps come in around 250K so if I flip it there's room. The problem is I bought this to create an income stream for me and my family. I would like to keep it as a rental. No one comes from money or thinks about investing so it's a game changer if I can make this happen. I just don't have another 80k to put into this thing. I might be able To pull together 10. What do I do? [link] [comments] |
| Should I make an offer on this duplex? Posted: 03 Apr 2021 05:35 PM PDT Found this duplex in the bay area that is probably 200k under the market price. However, both units are tenant-occupied. It also requires an earnest money deposit of 3%. The duplex looks decent in pictures but has some termite, fungus, and other external repairs that will cost at least 20K. My real estate agent suggested that I get a hard money loan from his lender to make this an all-cash offer and refinance afterward. This duplex is sale as it and offer due next week. Edited: I am concern about getting the refinance for this house because it is tenant occupied [link] [comments] |
| Brrrr for someone starting out Posted: 03 Apr 2021 06:07 PM PDT Question/Discussion - Does anyone Brrrr outside of their state? When you started did you use a property management company? If so, what are the normal fees? Also, would you recommend reaching out to property management companies to help you find deals to BRRR that they would then end up managing? I am new to this and information is welcomed. Thanks. [link] [comments] |
| House hacking or invest out if state Posted: 03 Apr 2021 09:20 PM PDT I'm in strange situation and I need some advice. I'm currently trying to take advantage of the low rates by house hacking in NJ, but these properties are so expensive that the only way for me to break even or cash flow is if I put down 15% or more down payment -- these multiple family cost 600k+ so down payment insane. Since this my first property kinda scared to put that much in house barely cash flowing. alternative option I'm considering is to rent in NJ and then buy out if state like cleveland where it's easy to cash flow. I'm aiming to be a buy and hold investor so not really looking for that much appreciation. Please provide feedback on these options:
Thoughts? [link] [comments] |
| Best counter top for mid grade rental? Posted: 03 Apr 2021 09:20 PM PDT Was pretty set on getting butcher block as it looks to be a really solid middle ground between laminate and quartz. But after doing some more reading it seems there is a lot of concern/issue with the maitenance in the long run. My expected rent is around $1500 (3 bed) in a B- area. All other rentals seem to have nice laminate in the area so I feel like I would be over-improving it with quartz. Rough estimates quartz seems to be around $2500 while butcher block/laminate is $500 or so. So the price makes sense to go lower but I rather not worry about replacing every 4-5 years. [link] [comments] |
| How much does it cost to replace vinyl siding with brick? Posted: 03 Apr 2021 07:19 AM PDT Found a good multifamily deal, I think. Good numbers, close to work, etc. Only thing is it has vinyl siding (similar picture attached), which is so so ugly. Wood frame house, so can't do full brick, but brick veneer may be possible from what I am reading. Has anyone done something similar, and approximately how long did it take and how much did it cost? Location: NYC [link] [comments] |
| Eager Investor with obstacles to overcome Posted: 03 Apr 2021 07:02 PM PDT Hey everyone, I'm new to real estate and I set aside 50k for my real estate fund, however, I'm having an issue in qualifying for a FHA loan since I don't have two years of employment history. Is there a work around for me or am I simply out of luck? I was looking to get a loan on a property and start renting it out immediately. Also, I do not have a family member nor know anyone that could cosign. In case this information helps, I am a full time college student and am about to graduate in a month. I've been making my income off of day trading but I haven't been doing it long enough to qualify for the employment history. [link] [comments] |
| Posted: 03 Apr 2021 03:48 AM PDT Has anyone ever bought a property at a tax sale and then immediately put it on mls to sell at retail amount . If so , did you sell as is , did you do a light renovation? Etc. I'm considering going to a tax sale this month. If I walk away with something for a good price I may just turn around and sell it on mls for retail value . Is that a strategy that has worked for anyone . I'd love to hear your stories . [link] [comments] |
| Posted: 03 Apr 2021 05:54 PM PDT We have been getting Fannie/Freddie loans for the past year and our 9th and 10th loans, locked on Friday, are much higher (4.375%) than the ones we locked 3 weeks ago (3-3.25%) Is that what everyone is experiencing with the changes in funding allocations? Any suggestions on where to get cheap loans after the 10? We are investing in TN and AL. [link] [comments] |
| Security deposit sent to unclaimed property? Posted: 03 Apr 2021 10:04 AM PDT I've been in my current rental for around 4 years and I recently got a letter from Chase telling me that my account is considered abandoned unless I acknowledge I still have an active interest in the account. This seems really strange. I would expect there are many people who live in the same spot, while their security deposit sits in an account untouched. Do all these people get letters that require them to confirm their interest in the account? This my first time staying put for so long so I'm wondering if this is a thing that happens to others. [link] [comments] |
| Legal Guidelines for Rental Arbitrage? Posted: 03 Apr 2021 04:33 PM PDT I am trying to understand how to create a legal contract for Rental Arbitrage between me and the landlord. I am going to sublease the unit and I want to understand how to make sure the Landlord is fully on board during the time period of my lease with them. How can I ensure that they cannot just kick me out of the lease? My fear is that they have the power to move me out and say that they do not approve of subleasing if I do not have a written agreement. Also if a landlord sees that I am fetching a higher rent than him at the end of the lease, they might just go around me and rent it to the tenant directly.. As long as it is a verbal agreement, they have the power to remove me at their will. Overall, what kind of legal agreement do I need in place to have safety around my short-term rental "arbitrage" business. [link] [comments] |
| [Seattle - WA] Advice needed on getting rental properties in SE/SW Seattle Posted: 03 Apr 2021 04:17 PM PDT Forgive the ignorant remarks (if any) as investing in rental properties are relative new to me and still learning. Currently reside in Bay Area and looking into rental opportunities in Greater Seattle area, to diverse cash investments into real estates along side ETFs/Funds. Properties of interests are those new construction zero lot line 3-4b townhomes (preferably with parking/garage) in South West Seattle and especially South East Seattle (Columbia/Hillman/Rainier Valley) with relatively still affordable 500-600k price point. Listing a few positive/negative remarks on this decision that what I had researched so far. Positive remarks:
Negative remarks:
Game plan is to hold mid-long term, with selling in mind if appreciates down the road. Another options considering is looking for MFH units or syndication plans. Seeking for experienced advice on my thought process of making this decision, appreciate in advance. [link] [comments] |
| Is there a way to actually buy a home today if I plan to move into it later ? Posted: 03 Apr 2021 04:08 PM PDT We need to move to a house close to kids school also need a bigger place, we are in a cramped space and the commute is going to be pretty rough when the schools reopen. The catch is the I refinanced the condo I don't want to sell the condo because in 10 years I be an empty nester and would want to downsize anyway. In the meantime I also plan to continue investing in RE maybe outside my area, which is Seattle east side. Any creative suggestions on how to proceed ? edit: edited for clarity [link] [comments] |
| Question about capital gains taxes Posted: 03 Apr 2021 03:56 PM PDT Guys, I have two rental properties Property 1: bought 2.5 years ago for 140+20k to fix it. All cash deal . It will sell for 200k today. Property 2: bought 1 year ago for 230k. Still has 120k mortgage on it, will sell for 235k. I need to sell one of them. Wondering if I can sell property 1 and use the profits to pay off mortgage on property 2. In that can I avoid capital gains from property 1? Is there a way to avoid capital gains from property 1 at all? Thanks [link] [comments] |
| What’s the best way to invest for my situation? Posted: 03 Apr 2021 07:10 AM PDT Hey guys, so my situation is me having a son and girl. We currently live at my parents house.. anyways we figured our best option to get our own place and asap without renting was to buy a trailer with a down payment of course. We like our space we've lived in an apartment before and we didn't like it very much. I was wondering aside from house hacking a duplex, what's the best way I can turn a trailer (most likely double wide) into an investment in the future once I get enough cash for a house? Some ways I was think was maybe in the future get my own land and rent it out there? Or just rent it out somehow? Or am I better off with getting a duplex [link] [comments] |
| Posted: 03 Apr 2021 03:45 PM PDT I have a lot of family of real estate investors and they seem to like it. I live in Orange County California and want to purchase a duplex or maybe a triplex. How much would I realistically put down and be able to cash flow the property while paying off the mortgage? Also, how do I find good and reliable tenants? I have about $50K liquid right now. [link] [comments] |
| How do you determine what increases the ARV? Posted: 03 Apr 2021 10:57 AM PDT I just submitted an offer on a Home. It is completely outdated. I'm talking wallpaper everywhere, pink tiles, and those sinks faucets with that weird polygon crystal ball handle. The HVAC is on the newer end. The roof is in he works of being redone with dimensional shingles, but not yet. Wouldn't remodeling the place raise the value? How do I determine what changes and updates will increase the value? [link] [comments] |
| I plan to buy a home within the next 12 months, where should I put my money? Posted: 03 Apr 2021 10:47 AM PDT I plan on buying closer to spring/summer 2022. Where should my money go in the meantime? The default is my "high-yield" savings accounting giving a paltry 0.5% APY. [link] [comments] |
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