Real Estate Investing: State of the Sub: April 2021 - Platinum Coaching Packages Now Available |
- State of the Sub: April 2021 - Platinum Coaching Packages Now Available
- Tenant burning sage for religious purposes
- Is it not an eviction (and the eviction for nonpayment ban doesn’t apply) if their lease expires?
- How do i buy my first property?
- Auto renewing lease? (Ontario)
- Are you having unusual difficulty finding sellers right now?
- [Landlord UK London] Landlord receives a whopping £48,000 fine for breaching HMO regulation
- First time home buyer thinking of new construction
- Should I settle for a duplex after trying for 3 and 4 units?
- Want to start investing in real estate, where do i even start?
- Sell index funds with taxable gains for downpayment?
- Is there any correlation between zillow views / saves and how much over ask a property sells for and/or days on market?
- Is realestate investing a good option for me?
- Looking for second opinion on buying a condo as a student.
- VA construction loans in NY for partial self-build?
- 15% down investment property loans? TN
- Thoughts on buying points? Upfront costs to increase monthly cash flow
- How do I take advantage of tax deductions?
- Bought a property in an Opportunity Zone on accident, need advice
- recommendations for lenders in Pennsylvania?
- Advice about a safety concern that came up during inspection
- I have about $120K in equity in my home in the current market. I have a place to live for free if I care to. Should I sell now, live at the free location, and buy later this year if/when Inventory goes up and prices possibly go down? Thanks!
- Seller financing free and clear property, 0% interest, IRS imputed interest, tax.
- Is this summary RE investment properties accurate?
- CAP Rate - Higher or lower number is better (at purchase or sale)
| State of the Sub: April 2021 - Platinum Coaching Packages Now Available Posted: Hi All! I originally rescued the sub over six years ago when it had roughly 200 members and 198 of them were spam bots. Since that time we have seen exponential growth and, with the recent surge of the Hodl Rich, we have decided to monetize the sub. The packages we are offering are as follows: /u/GringoGrande - Structured Deals: $50,000 Personal Coaching /u/LordAshon - Mobile Home Park Investing Coaching: $35,000 + 25% Equity Stake in any deal (Appraising for Fun and Profit Add-on available for an additional $5,000). /u/JoshuaLyman - MFH Investing Coaching: $50,000 + 10% Equity Stake in any deal. u/l3erny - Commercial Investing Coaching: $40,000 (Automod Magic Instruction Add-an additional $10,000). /u/Rkim777 - How to be Banned from Facebook in Seven Easy Steps: $5,000. [link] [comments] |
| Tenant burning sage for religious purposes Posted: We just bought a duplex and are now living in one of the units. The tenant has been living there for 7 years and the previous landlord allowed smoking in the unit. We have a strict no smoking policy. Upon signing our new lease (they were month to month) we have included our no smoking policy which also states no burning of incense or any other substance which causes particulate matter to be released into the air. The tenant agreed not to smoke cigarettes indoors, but wishes to continue practicing their religious tradition of burning incense and sage. The smell permeates into the common space and even into our unit. We would never want to infringe on someone's religious freedoms, but when our air quality is compromised, it affects us. What would you do? Thanks! [link] [comments] |
| Is it not an eviction (and the eviction for nonpayment ban doesn’t apply) if their lease expires? Posted: Have a tenant move into a single family home I own last June, paid 3 months (first, last, security) and has not paid a dime since and claimed COVID reasons, even though they didn't do any of the requirements to be covered by the ban. However the county court hasn't and isn't scheduling any court dates for non payment of rent, no matter how many times the court asked me to jump through their hoops to "help out the tenant". Their first water bill for the quarter was over $800 and obviously there is a plumbing issue. However they have not let me or my repair people in to check and fix anything even though my lease stipulates I can. They will physically block the door to prevent us from entering and they don't leave so there's no time we can enter without them home. Got a few more water bills just as high between then and now just as high but the last quarter was $1800. I called the city and told them to shut the water off because there's a problem that needs to be fixed, but they won't do it for some reason (they said I need to turn it off at the main valve inside the house). Their lease expires at the end of May. I'll need to go to court to get possession, but is it not considered an eviction for nonpayment because the lease is expired? Anyone else face the same issue with your tenants? To clarify, if the tenants made an effort to work with me on ANYTHING, I would be ok with not evicting them. They are taking advantage of the system and won't even allow me to address the plumbing issue or repair...and the local county court here doesn't want to get involved because of the eviction moratorium for some reason. [link] [comments] |
| How do i buy my first property? Posted: do i need two years work history at an income high enough to afford the mortgage payments? is there a way to get around this? i'm currently 19 y/o and i would like to get my first multi unit property so i can house hack and move out of my parents place. i'm currently in the process of getting my real estate license and i'm confident i'll have the income necessary to cover my expenses but i'd also like to move out sooner than later, i don't wanna have to wait two years of working as a real estate agent before moving out. [link] [comments] |
| Auto renewing lease? (Ontario) Posted: Signed our first lease in Ontario. It's a 1 year lease, afterwards it says month to month. I've just read that a lease is auto renewing unless given 60days notice from the landlord. Does the month-month after one year still count or would the 1 year leavw renew for another full year? [link] [comments] |
| Are you having unusual difficulty finding sellers right now? Posted: current residential real estate market is in low supply, and buyers are recklessly overbidding. in the past 10 months, people have been refinancing their homes rather than selling. right now it sounds like it's pretty bad. Have you noticed increasing difficulty in finding potential home sellers? people with second homes don't wanna sell those either? [link] [comments] |
| [Landlord UK London] Landlord receives a whopping £48,000 fine for breaching HMO regulation Posted: A private residential landlord Mr Tariq Javed has been fined £48,000 after failing to comply with House of Multiple Occupancy (HMO) regulations. The whopping fine is for a property Mr Javed owns at St Johns Road in Aylesbury. The St Johns Road property was regularly inspected by officers from Buckinghamshire council from October 2019 through to February 2020. The council officers issued multiple warnings that his property did not meet minimum standards for an HMO. The breaches included a non-working fire detection unit, obstructed fire escape routes, trip hazards and lack of lighting on the staircase. The property also lacked adequate lighting for other escape routes. Alarmingly Mr Javed failed to comply with notices to provide legal documents such as tenancy agreements and gas safety certificates. He also failed to comply with an improvement notice to bring the property up to an acceptable standard. Mr Javed was due in court but failed to turn up. He was fined £48,000; this included more than £6,000 in Buckinghamshire Magistrates Court costs too. Upon conviction, the magistrate commented: "We believe Mr Javed exercises control and manages the property. Within the property, hygiene was woefully lacking; it was uninhabitable. The kitchen was unfit for use, the gas supply was a risk, and there was danger of electrocution. "Importantly, the escape routes were cluttered and dangerous due to trip hazards, and a child could fall through the gaps in the staircase bannister." Mr Nigel Dicker, service director for housing and regulatory services for Buckinghamshire Council, said: "Mr Javed failed in his duty as a Landlord to provide decent, safe and clean accommodation for his tenants." "He did not comply with Council officers' legal requests to carry out the works needed to improve the property". "We hope this substantial fine sends the loud and clear message to any landlord who puts profits ahead of people. We will always take action to protect our residents." Dr William Masih, director of the British Landlords Association, said: "This is a flagrant breach of the important safety aspects of any HMO." [link] [comments] |
| First time home buyer thinking of new construction Posted: I've looked into a little bit of what it takes to take out loans for the lot and new construction. There is a lot that is around $450,000 where it's neighbor sold for $1.1 million last year. I have 30% ($135k) to pay for the down payment on the lot making the loan 315k and mortgage around $1,800. From my understanding I should be able to use the lot as collateral for the construction loan which i estimated with my dad, who works in construction and would hire to build the house, would be 325k for construction and 50k for labor at most. Interest for construction loan at 5% would be $1625 1.1-315-325-50=460 Interest payments: 1625 + monthly mortgage interest = 2k? So profit would be 460- (2k*monthsToSell)-closingCost - initialInvestment Am I doing this math right? This would be my first ever real estate purchase so I want to be sure of this. Are there different types of loans that I should consider or at least be aware of. I have a stable job making 138k + 25k stock + 15% bonus = 178k I have 20k in stocks right now so I should have a buffer for extra months. Currently don't pay rent but will start around june/july once I move to nyc. [link] [comments] |
| Should I settle for a duplex after trying for 3 and 4 units? Posted: Hello real estate people. I have been studying real estate for quite some time now and feel like I have a strong understanding of the fundamentals (not an expert by any means lol). My goal has been to purchase at least a 3-4 unit with an fha loan as my first deal. I've put offers in on 3 triplexes/quads over the past 6 months but have been beat out each time by conventional loans. I have been patient and analyze each new deal that pops onto the market. Now there is a duplex I am interested in. Has separate heat and electric and has its own well/septic so no town water and sewer bills. So literally no monthly utility bills after we move out. After we leave it would cash flow about 400 per unit so 800 a month total which is awesome. Also the location is mint. My area has a lot of duplex's for sale with fat cash flow in bad neighborhoods. This one is in an idyllic location which is what I love about it. It's a rarity in my market. Plan is to live in it for 1 year as required then do it again with a conventional loan. It has been super frustrating getting beat out on the 3-4 units. but now looking at this duplex it feels like a waste of the fha loan to only get 2 units instead of 3-4. It's likely that we will only do 1 FHA loan so why not try to get the 4 if we can! Just feels like we could be waiting years before we land a triplex/quad but we could probably land this duplex (or a different one) relatively soon as there are far more duplexes available. Has anyone else felt like they "settled" for a duplex and had buyers remorse? [link] [comments] |
| Want to start investing in real estate, where do i even start? Posted: I already have a good amount going into a 401k(not maxed though). Im putting another 1k a month splitting into a roth and brokerage account. Also going to be receiving $600 a month rent from the house we have now. My plan is to save/contribute about 20k in the roth then pull it to buy a rental property. I can use the $600 rent and $1k for stocks to cover any months with no tenants. Also we have about 900k in equity(house is worth 1.1mil and about 250k mortgage) would it be more cost saving to refinance our house and pay for a rental in cash? Also I am planning to use Roofstock or similar for the first 1 or properties since I have no experience with buying a house or maintaining a rental. The house we have is passed on to us from my husband's parents. We do plan on flying to whatever city the property is in though to view in person before purchasing. Any recommendations on a good book to get started? Does my financial plan sound ok? [link] [comments] |
| Sell index funds with taxable gains for downpayment? Posted: I'm pondering several options for a downpayment. I have some index funds in a taxable brokerage account. Option 1) sell index funds for downpayment money Pro: - ready for good deal - more money available (with current market pricing) Con: - tax on capital gains - reduced diversification Option 2) margin loan Pro: - low rate (with IB) - no tax event Con: - low(?) risk of margin call - funds more limited Option 3) save money from paycheck Pro: - less complexity, less risk compared to margin loan Con: - have to wait a bit, might miss deals What would you do? Let me know if there are pro/cons/alternatives I haven't considered [link] [comments] |
| Posted: If not, someone should start tracking it... in particular the number of views/ saves in the first 24 hours. [link] [comments] |
| Is realestate investing a good option for me? Posted: Hello all, I'm completely new to real estate investing and i have the majority of my money in cash. I currently reside in NYC and i am looking to buy a house for 1.1m and put 20% down. After tax and insurance my mortgage/monthly payments will be around 4600 at a 3.33 rate. The property is a 3 family and currently generates 6500 a month. I believe the current owner pays some majority of the utilities and the tenants pay some. After figuring out a rough estimate for my cap rate, i would have around a 5.5 cap rate. Do you guys think i don't have enough cash to be buying in NYC for investment purposes? I will be holding this property for around 15 years at the very least. I reside in NYC so i rather not buy outside of where i can manage because I don't have much experience. What does everyone think? Should i put my money in a mutual fund instead or risk it for the biscuit? [link] [comments] |
| Looking for second opinion on buying a condo as a student. Posted: As I transition from the military, I am looking into real estate investing, with the 9/11 GI Bill (for the purpose of my math treating it as guaranteed income). My goal is to purchase a property that will allow me to pocket the entirety of the GI bill, while essentially living for free. Maybe I could get some advice on tax strategies as well. I have 60k to use as a down payment to buy a house while I attend school, and found a few condos for 180k around where I will attend in Maryland. If I can acquire seller financing on one of these condos, I can rent out a room (2br) for 700/month, which should cover Condo fees Bills (eletrical/gas/internet/water) Insurance Property tax Vacancy (25%) And pocket about 80k from the GI bill in the form of equity, when I sell the condo after 4 years. I also plan to hold a part time job which should net me 20-25k/year. Even if I need to sell the condo for 20k less than I buy for, with 10k in sellers fees, I should still come out with 110k in cash after 4 years. My questions are: Am I missing anything for my math, or in general? Would it still be worth it to use a buyers agent on seller finance? Regardless, I will get a house inspection, probably at my own cost. And tax strategy wise, I believe I should count the rent as income. Should I count 50% of the expenses as a business expense, because the property essentially won't appreciate? Or should I count the entire property as my primary residence for end result tax purposes? [link] [comments] |
| VA construction loans in NY for partial self-build? Posted: Hi all, my husband is finishing his contract in the army early next year so we are looking to buy land in NY and building a house on it. We will be getting the plans and parts/materials from the company Avrames. Legally their houses are considered to be site-build single family homes so we wouldn't have any issues related to prefabs or modular homes. We have looked at several VA construction loan lenders but can't find any servicing NY State, and they also restrict self-build and metal roofs. We are hiring a general contractor to build a basement and help build the house, but we will both be building it as well. Does anyone here know of any VA construction loan lenders we could use in NY? Thanks a bunch~ [link] [comments] |
| 15% down investment property loans? TN Posted: Can anyone post here or DM me anyone you know that's currently giving out 15% down investment property loans? Apparently over the last 3 months our go to person is no longer. [link] [comments] |
| Thoughts on buying points? Upfront costs to increase monthly cash flow Posted: I'm finalizing a deal for my first STR in a vacation destination. Have the option to buy points and lower my overall APR. With another 13k I can lock in a lower rat and make the monthly $270 less. This would take 13k from my budget for startup costs, but would also mean an additional 270 a month margin or profit in perpetuity. By my calculations it would take about 4 years to pay for the additional upfront cost. Is there general best practice or guidance here? [link] [comments] |
| How do I take advantage of tax deductions? Posted: I keep hearing that investing in real estate has tax advantages but now that I'm looking at the specifics, I don't understand how can you can use them. The standard deduction for a married couple filing jointly is $25000. I added up interest payments, property taxes, and property depreciation (for a multifamily property) and I'm barely breaking even. What am I missing? I'm sorry as this question was probably asked a 1000 times, but I tried searching around and couldn't find a good answer. [link] [comments] |
| Bought a property in an Opportunity Zone on accident, need advice Posted: Recently I purchased a burnt out house on R-2 land in Bakersfield, CA. I am in the process of demoing and building three units on the property (R-2 land = SFR or MFR up to X units depending on size of lot) which as you may or may not know, isn't going to be cheap. I am using funds from the sale of my business, you know, Capital Gains, to fund this new venture. After seeing that another MFR in the area was advertising as being in a OZ that got my save money on taxes hairs perked up and I looked up where the OZ was, turns out the property I purchased it in said OZ. Now, how do I take advantage of this? I have always been under the assumption you had to invest in a qualified opportunity zone fund to take advantage of one. With that being said, can I make sure to take full advantage of this property and if so how do I make sure I am doing it correctly. (Yes I did a search, didn't find any similar topics, and my CPA is busy this time of year) Thanks in advance [link] [comments] |
| recommendations for lenders in Pennsylvania? Posted: hi everyone does anyone have any lenders they recommend in Pennsylvania? any loan officers they really liked? thanks [link] [comments] |
| Advice about a safety concern that came up during inspection Posted: Hi there, I'm closing in on a home that has a completely dilapidated/rotted/unsafe deck in the back yard (which is the only access point to the back yard). It was deemed unsafe by the inspector, and may potentially be deemed unsafe and get a "subject to" by the appraiser (which will not allow the house to be sold until the subject to is removed). I've gotten ballpark estimates to fix/replace from contractors (ranging from 10-20k) and DIY nuts (1-5k and one 10k) How would you handle negotiations with the seller? Edit: The sellers are looking to close quick, I also live in a very competitive housing market (like everyone else) [link] [comments] |
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| Seller financing free and clear property, 0% interest, IRS imputed interest, tax. Posted: I am looking to buy a property through "seller financing", the seller owns the property free and clear, and we have agreed initial money down and monthly payment. For the sake of simplicity lets say the property is 100k, with a down payment of 10k and the remaining 90k to be paid over 100 months. My question are on 0% interest rates and taxes:
Has anyone had any experience with 0% interest loans and how it effects tax liability for the seller ? [link] [comments] |
| Is this summary RE investment properties accurate? Posted: Like many, my investing journey began during COVID and in the Stock Market given how accessible it is. I've since started reading about RE rental properties after work and want to make sure I understand all the ways you can make money off it (I'm going to read into how you can lose money from it next). Can anyone dismiss or confirm that this is the full picture to how money is made in RE rental properties?
Are these all the ways to profit from rental properties? Any critiques are welcome :) [link] [comments] |
| CAP Rate - Higher or lower number is better (at purchase or sale) Posted: I'm having a hard time understanding the dynamics of CAP rates. It seems like having a lower one to higher one to start and a lower one to sell is better. What are the processes of determining an ideal property purchase? Such as if the appreciation of the property is better or if the potential for the next purchaser are better. I'm looking at a property with a 3.8 CAP and with improvements it goes to around 4.2 after 5 years. The relationship to the property value is hard for my to conceptualize. It is for an apartment so I am trying to decide how to evaluate the deal going forward. [link] [comments] |
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