Real Estate Investing: They just beat my (first ever) real estate offer. Fourplex for 500k. Someone offered all cash. �� |
- They just beat my (first ever) real estate offer. Fourplex for 500k. Someone offered all cash. ��
- Investing in property while being overseas
- Advice/criticism for my idea
- Rental property cash flow
- ROI on new build
- Evicting a tenant to move into a duplex
- Am I bad at math or is it worthwhile
- My parents are selling there house and buying a cheaper one to release equity for real estate investment. Should they hold onto the cash or put it into gold?
- Not an Advertisement!!!
- Cigarette Smoke Remediation Contingency
- Cash out refi now or wait?
- Any up and coming cities where the bandwagon hasn't already left town?
- Recommended way to withdraw 401K for a downpayment (rental property)?
- Are liens on a property against the person or the property? The person had passed.
- Doing a cash out re-fi on two rental properties and lender wants a broken down list of all improvements at the properties to justify the cash out?
- dlp lending any reviews
- Has anyone invested in agricultural/farm land overseas?
- advice for future multi-fam house
- I NEED HELP!
- Do any of you buy and rent out houses with the intention of living in them in the far future?
- Asset Protection
- The AI In My Computer Game is going to Disrupt My Real Estate Investment
- Who’s Investing in Land?
| They just beat my (first ever) real estate offer. Fourplex for 500k. Someone offered all cash. �� Posted: 16 Apr 2021 08:51 AM PDT My measly FHA didnt stand a chance. Just wanted to share my plight. [link] [comments] |
| Investing in property while being overseas Posted: 17 Apr 2021 12:42 AM PDT As the title suggests, can I invest in property while I'm overseas? I am a US citizen and I'm currently residing and working overseas. I am not able to move back for now but I am really keen on investing in a property back home. I will need to take a bank loan but I have enough for a downpayment. Any property agents here able to advise? Thanks! [link] [comments] |
| Posted: 16 Apr 2021 05:25 PM PDT Good evening everyone, So I currently have a 30 year mortgage on my first house. I've been living here for about a year, my plan is to save up for a down payment and get into my second home by the end of next year, renting out this home. I am currently in the process of refinancing this house, currently have a 3.25% interest rate, it will be 2.25% after the new loan closes. The caveat here is I am buying $2800 in points to get that rate, total closing costs of 7k added to my principle, for the benefit of lowering my monthly payment by $150. I have about 100k in equity in this home. I want to rent this house out, thinking 1500-1700 a month for rent. I will also hire a property manager to run it for me, the fees are very reasonable. $250 sign up, 10% of rent every month. I think it will cash flow nicely. My long term goal is to get into a new home every 2-3 years, and continue working until I can snowball the rent payments to pay off every home completely. Does this sound like a good idea? Everywhere I look about RE investing seems to promote the idea of taking on massive amounts of leverage and just cash flowing the properties. Maybe I've been looking in the wrong places, or is that the standard of how it goes? I am new to this. Thanks in advance for the advice [link] [comments] |
| Posted: 16 Apr 2021 02:01 PM PDT How much cash flow do your rental properties generate each month? [link] [comments] |
| Posted: 16 Apr 2021 06:43 PM PDT Hey folks. I have a couple questions on ROI for a spec built home. We've had a hard time finding affordable flips lately (in the PNW) and so we're looking at other options. We found an off market plot of land in a high demand area and doing feasibility to build instead. I'm trying to figure out what our ROI would be for a spec build, and what is considered a good ROI. The land we're able to buy in cash. The build we would need to get a loan. To calculate ROI I'm taking our land price and adding in the interest from the construction loan and capital gains tax on the sale and dividing it against the sale price. I feel like this might be incorrect. For ROI, should I also be including excise tax, agent fees, etc. I'm thinking that it should be "cost of cash" vs sale price but then maybe I shouldn't include the land price since that's all cash. Maybe it should be my purchase fees, interest on the loan, sale fees, and taxes. What should I consider into my calculation for ROI? What's considered a "good" deal on a spec build to sell? (And maybe this isn't the right sub, so feel free to point me to another) Thanks! [link] [comments] |
| Evicting a tenant to move into a duplex Posted: 16 Apr 2021 05:09 PM PDT So I'm looking to buy my first duplex and I plan on living in one half and renting out the other. I've found a handful of nice duplexes for sale; however, most of them are already fully occupied. I think technically I should be allowed to evict a tenant so I could move in, right? I'm just wondering if this is frowned upon or a bad idea at all? Has anyone had an experience like this? [link] [comments] |
| Am I bad at math or is it worthwhile Posted: 17 Apr 2021 02:42 AM PDT So I've recently started thinking about buying a rental property and should be able to by the start I'd next year. However doing the math on a few different options and none seem that profitable. I was hoping to to gain some insight to guide my decisions. I know these a very general question.
Thanks guys, also I'm located in Australia if that changes anything [link] [comments] |
| Posted: 17 Apr 2021 02:36 AM PDT As the title says my parents have no source of income for retirement so want to sell their house (currently livingn in the uk) and release some equity to invest into real estate when they sell the house they well be left with around 200k Which they want to put the down payment on some houses with. Should they keep this 200k and spend it over the next few years or should they put the money into gold where it shpuld be safer from a recession? [link] [comments] |
| Posted: 17 Apr 2021 01:17 AM PDT Hey Folks! We're creating a directory of real estate WhatsApp groups. If you have any WhatsApp group links related to real estate so, feel free to share them with us. [link] [comments] |
| Cigarette Smoke Remediation Contingency Posted: 16 Apr 2021 09:00 PM PDT Currently under contract on a 4-plex with previous owner and tenants smoking in 3 of the units. Owner has 5 days after closing to move out belongings per our purchase agreement. Since I am in the inspection contingency window, I'm thinking to ask for an escrow deposit to cover the value of of the remediation, by a company of our choice. I want to make sure there is no smell before my wife and I move in. Any input/advice on this situation? [link] [comments] |
| Posted: 16 Apr 2021 10:36 PM PDT Hey guys I need help deciding between doing a cash out refinance now or waiting until another unit in my building sells. I have a cash out refi rate locked for 3.325 for the next 30 days. The appraisal that came back was way lower than expected. So I will only be able to pull out about half what I was hoping to / expecting. The main reason I believe is that a unit in my building sold earlier for below market rate because it had major issues. Was listed for $525k and sold for $450k. My appraisal came in at $510k however I was hoping for at least $575k. I just did a 100k+ remodel which included structural changes that added 200 sqft and another master bedroom with bathroom. My lender thinks rates will continue to rise. So I have 2 choices, keep shelling out $500 for each new appraisal until I find an appraiser who gets me the value I like, OR... Wait for a unit in my building to sell (I know one is currently renovating in preparation to list). So basically is potentially doubling my cash out value worth waiting a few months if I end up with a higher rate? My current rate is 4.35 [link] [comments] |
| Any up and coming cities where the bandwagon hasn't already left town? Posted: 16 Apr 2021 10:31 PM PDT Hi All. I'm a business owner, modest-living, sort of dude in the SF Bay Area. My business has been successful and I've saved up quite a nest egg. I've divested my money among conservative vanguard stuff, blue ship stocks, and also have a retirement plan. I live in my owner occupied duplex and, thanks to high rents in my area and a recent Re-Fi, I'm living almost free. I have quite a bit of money sitting in cash as I thought there would be a downturn at some point and wanted to get another property. However, as we all now, there was never any downturn as we're in the longest recovery in history. So I have 7 figures sitting in money market and CDs. :/ Purchasing real estate in commie CA is a non-starter as there are no deals to be had and the state is increasingly becoming more tenant biased - almost scarily so. Was looking at Reno right before the pandemic and thought I had missed the bandwagon as prices had increased a lot in the last couple years. Now they've gone up even more, as everyone's moving out of the SF Bay Area because of the pandemic. What cities may be considered some up and coming place to by RE? Looking for small to mid-sized cities with some upside potential. Sorry for the noob question. Gotta start somewhere I guess. Thanks for any info. [link] [comments] |
| Recommended way to withdraw 401K for a downpayment (rental property)? Posted: 16 Apr 2021 09:58 PM PDT I am looking at buying a $850K single family home in a nice area with 4 bedrooms (this is the bottom of the barrel since most houses goes for 1.5M+) With a 10% downpayment and 2.75% interest rate over a 30 year fixed rate, the online calculator gave me an estimate monthly payment after interest, tax, insurance of about $4100. So ideally, I want to be able to rent out the entire house for $4100+ which I think is possible according to the rents advertised in the area. I won't be able to generate cash flow, but I will build equity and the appreciation will be worth it. For the 10% down payment, I have about $35K I can use from my savings + another $50K from my 401K that I can withdraw. So I read theres's two options if you want to use your 401k to purchase a house.
Which option would make more sense generally? And does my math make sense up until this point? Thanks! this is all new to me [link] [comments] |
| Are liens on a property against the person or the property? The person had passed. Posted: 16 Apr 2021 06:58 PM PDT Sorry for the lack of information. I will find out whether there IS a lien, and what it means once I order a title search. [link] [comments] |
| Posted: 16 Apr 2021 02:51 PM PDT As stated in the title, I have two rental properties I am currently in the process of doing a cash out refinance on. My lender just let me know they're wrapping up the refinance, but he wants to see broken down figures on the improvements at each property. I live in a high cost of living area (Boston, MA) and purchased the properties low in comparison to other properties near by, and also did a lot of value add improvements to both properties by myself and with my contractors. The amount for the cash out refi between the two properties is $498,000. My lender is asking me to provide more information regarding the use of the cash out for improvements performed on the properties. I purchased one of the properties about three years ago and the other more recently, but both have ridden Boston's absurd appreciation wave. I've only put about $102,000 of improvements into the properties. If I tell him I only put 102k into improvements and not 498k am I setting myself up to receive less money on the refinance? I was planning to use this money to invest in more property, rinse, and repeat, a la the BRRRR method. Does anyone have advice on how to approach this conversation to maximize the amount I'm able to pull out? Am I overthinking this? Can I just said I used 102k for improvements out of pocket and the rest of the increased value comes from buying low and riding appreciation? This is my first time doing a cash out refi and I want to make sure I get as much out as I can while still leaving 30% equity in each property. [link] [comments] |
| Posted: 16 Apr 2021 06:24 PM PDT I may be using dlp lending as my first hard money lender. I saw some bad reviews on biggerpockets, does anyone have any experience with them? Thanks [link] [comments] |
| Has anyone invested in agricultural/farm land overseas? Posted: 16 Apr 2021 08:38 AM PDT A friend of mine just inherited a partial land title/ownership in a fruit-producing farm in Paraguay and just received his first annual harvest payment (it was pretty sizable). I've never even heard of this form of 'investment' before. I guess it was something his grandpa bought a few years ago. He has no idea what his grandpa paid for it so I couldn't calc the ROI/breakeven. Questions: 1) Is something like this viable? 2) Are there specific countries where this is a reasonable investment? Including good property laws in favor of the intl. owner/holder. After Googling it, I see this sort of investment all over the world. Fruit/veg in Central/South America, Coffee in India etc. 3) When you own the hectares of land with an official title, but not the entire farm, would it still be transferrable the same way buying/selling a vacation property overseas would be? [link] [comments] |
| advice for future multi-fam house Posted: 16 Apr 2021 05:08 PM PDT I want to see if anyone has any suggestion for my current position and potential goal. Currently living in a fully paid off single family home in NY with a value of around 800kish. I'm looking at potential buying a multi family home with around 2-3 units. I would ideally be renovating the potential new home to my likings. A multi-fam home around me ranges from 1.4m - 1.8m and that's before excluding renovation cost/permits/etc... With a conservative approach, let's say I find a home I like for 1.6-1.7m range and with a 20-25% down that's a 320k-425k down payment. I'm not too confident on the timeline & price point for an extensive renovation job in NY but I'm willing to say thats another 300-400k. On top of that, I would also be paying the mortgage for the duration of the renovation.. Looking for any suggestions or advice on how I can leverage my home equity or if there's any programs I should look into. This is something I would like to start planning within the next 2-4 years. Thank you in advance! [link] [comments] |
| Posted: 16 Apr 2021 07:53 PM PDT So I have plans on owning a studio. However I do not know how to search for this kind of property, what are some sites in Philadelphia in which I can find commercial properties suitable for a studio? [link] [comments] |
| Do any of you buy and rent out houses with the intention of living in them in the far future? Posted: 16 Apr 2021 04:06 PM PDT 30 y/o and single, no kids, making roughly $85-90K gross income per year as an RN. No current real estate investments. $30K in savings, already saving for retirement and have a Roth IRA. Currently renting elsewhere for $1500 monthly. Looking at a house selling for roughly $450K in Las Vegas (Centennial Hills area). House is in good condition in a pretty nice area. 30-year mortgage would roughly be $2200-2300 (VA loan, no down payment, P&I, taxes, insurance, HOA fees included). Rent around the area is roughly the same, so I could break even, but I may be -$100 for a few years (which I could afford, I'm already used to living frugally). The reason I am heavily considering this house is because, in 30 years, it would be very convenient for me to take care of my mom when she is elderly. It is directly across the street from the house she currently lives in and she is hell-bent on never leaving her house, wants to die there, and never wants to be put in a nursing home. I want to avoid that for her as well. I figure that if I ever get married or have a family, the close proximity I have to her would be very convenient, plus in 30 years, I could have a house with a majority paid for by renters. And even if I were to break even (or be -$100 for a few years), at least I would be building equity and the house could slowly appreciate over the years. Of course, I also know that renting is not 100% free, with repairs, maintenance, and managing tenants. And I am fully aware that I might have to hire a property manager if I intend to move out of state. I'm wondering if this plan seems feasible or would be a smart investment to plan for my mother's future. I understand that the general goal in this subreddit is positive cash flow, but does anyone else invest in this way (to plan for family future)? [link] [comments] |
| Posted: 16 Apr 2021 04:39 AM PDT We are buying a 2nd home that will also be a vaca rental and transferring into an LLC. Should we do anything else to protect our primary? [link] [comments] |
| The AI In My Computer Game is going to Disrupt My Real Estate Investment Posted: 16 Apr 2021 03:52 PM PDT I am a Real Estate Investor Developer that happens to be an older gamer who enjoys Star Craft 2. In 2019 when DeepMind was unleashed on Star Craft 2 "AlphaStar" and defeated the best in the game and did the same thing World Champion Go. A peek into the future we are starting to see. Fast Forward to the back side of COVID now and speeding up the acceptance of working remotely onto the world. The Real Estate Community just took a giant Leap closer to starting the fight for jobs against the machine world. AI is supposed to be of assistance to us Humans before the threat. I think COVID may have just forced us past the assistance period and going to move right into the direct competition mode in this Industry. This is very fertile ground for optimization. Sprinkle in the high cost of a Real Estate Transactions such as Realtor Commissions, Title Policies, Loan Origination Fees. Etc. You add it all up and it can go as high as 10% of the transaction when you calculate all the fees.. The amount of money is to high for Venture Capital to ignore. It is also Prime target for Silicon Valley to streamline with automation. Before you root for Robots on this one because the last Realtor You dealt with was as about as sharp as dull tack stuck to the bottom of a shoe. This really is an us vs them conversation. By default you are on Team Human and it is just a matter of time before DeepMind unleashes a T2 on your industry an may already have done so. I have a saying 95% of the Realtors are worthless and 5% are Priceless, but they are all Team Human. The Industry as hole is about to come under attack. Here is my quick example. Heavily funded Zillow and Realtor.com sites are trying to corner the market on the buying Lead. Now Open Door and Offer Now are trying to corner the market on Listings. The only missing component to complete the transaction is Title in the Middle. The title companies are buying each other up to stay alive and once a dominate company emerges they will be purchased. So lets say a purchaser wants to buy a home from a National Builder who are constantly acquiring market share through acquisition. You shop online find the area you want to purchase. The process will be as follows: · Find New Home Online and order a custom to be built home where you pick all the things you want in it. Just Like Ford.com or Tesla.com · Menu Pops up and asks if you have a trade in. You say Yes. Open Door Unleashes DeepMind onto your address and researches every transaction that has ever happened in the country and evaluates all market conditions going on in every market in the country and jobs report and any other calculation it may need to determine a value. Once the value is determined a Trade in number is given. The only human needed will be an inspector to stop by your house and give a conditions report. · Next menu pops up and asks you if you need Financing and you say YES! You Authorize Deep Mind to do a full analysis that has nothing to do with your stupid Human Credit Report. DeepMind will analyze every purchase you have ever made in the past 10 years and evaluate the Degree you have or don't have vs your future earnings potential to see if you qualify for the home. · Here is where everyone gets a home part comes in. Everyone gets the home that DeepMind says they can afford. If DeepMind says you are to high of risk to afford the home you want it will pull up 5 other homes that it will prequalify you for to purchase based on what you have already told DeepMind. · To avoid going through this humiliating extremely thorough examination of your life you will accept one of these 5 choices and schedule a move in date. · A Self Driving Moving Truck will show up to your home and you and your best friend will have the luxury of moving all your crap and taking it to your new place DeepMind let you have. All this happened because we freely gave DeepMind all the information it ever needs to evaluate us. Our Government will not have to control us Because AI will use our monetary system of consumerism against us. All our freedom of speech will be used to calculate our value to society base on all the Facebook posts you made on that super unhealth dinner you posted a picture of on Instagram. You may think I am wrong. You may think I am full of BS. Lets discuss it because it is coming whether you think so or not the S curve has started. The fires are lit. There is to much money to be made for these large companies not to target. At least this is out there for discussion. We can discuss it. How to protect against it. How to carve out a part of the industry that Humans can do. For the First time in Human History The Fifth Industrial Age will target the Middle Class White Collar Jobs. I am starting a list of Jobs AI will Replace first in Real Estate · Agents and Brokerages will come under fire early on · Banking – Underwriters, Loan Officers · Title Companies, Underwriters, Closers, Assistants. · Appraisers – · Surveyors –( will be done by satellite Imagery) Home Inspector will evaluate anything flagged to verify. · New Home Sales Associates. Now You say but I am an investor I can flip my own house. Do you have a house trade in program. Do you have an automatic house approval loan system. We are all coming under threat. We have to discuss how to protect against it. Now, Make your Prediction on time frame vs mine. Is this 5 years, 10 years, 15 years. It surely is not 20 years. Now ask yourself this. If you are in this industry, How many more years do you need to make a living in this industry before you can retire. What is your strategy going to be. Better to have a long term outlook now vs being cornered into a short term position later. We have to discuss it now and prepare for the fight. I enjoy Esports because it is Human vs Human. But we already know that we can't hold a candle to AlphaStar vs Alphastar. The only good news I can see is that we will all have a bunch of time to sit back and play a little Star Craft 2. GLHF [link] [comments] |
| Posted: 16 Apr 2021 03:48 PM PDT I'm going to preface this as being a big shiny object syndrome guy. I keep getting FB ads for The Land Geek and people investing in land. It's definitely piqued my interest a bit. There seems to be a large amount of wholesalers, flippers, buy and hold investors in rentals. But I don't see much activity in a bit more niche fields like notes or land. I'd love to hear some feedback on land. Similar to rentals? Easier? Harder to find deals? I'm working on my 2nd and 3rd rental but am always looking for ways to build wealth. [link] [comments] |
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