Real Estate Investing: Update: Tenants calling the police on each other |
- Update: Tenants calling the police on each other
- How to invest with no income, but a lot of capital?
- Why haven't landlords sued the State and CDC for eviction moratoriums?
- [Flipping] Can i pay for a house with CASH and then take out a loan after it closes?
- What would you do? (Rental property decision)
- Real estate market fl
- Who do you usually buy your investment property insurance from?
- Private Loan to invest in private real estate deals
- Business Phone Service
- Loss of affordable housing/Death of Mom & Pops
- How much appreciation do you model in?
- Switching Realtors Am I an A-hole?
- How to get past one door.
- Flipping Prospects Research (Tampa, FL)
- Question need some advice
- Data need: rental property search via zip code
- Should I purchase the duplex I'm currently living in?
- Interest only mortgages.
- 1031 exchange for related party
- Which realtor should I go with for my next rental property?
- Trouble Estimating Home Insurance Cost
- Appraisal came under, what do I do?
- Where to get info on the percentage of winning offers waiving appraisal?
| Update: Tenants calling the police on each other Posted: 19 Apr 2021 03:51 PM PDT Here is the previous post: https://www.reddit.com/r/realestateinvesting/comments/mtd43b/tenants_calling_police_on_each_other/ So, I spoke with a real estate/eviction lawyer in California. He said this case is really hard to prove. I would need a police report filed by another tenant against the disruptive tenant. And then I'd have to use that in combination with testimonies from the other tenants. I need to get a copy of the police report to see if it has any incriminating evidence against the tenant who filed it, but I'm not really confident at this point. Another option I'm going to try is cash for keys, and offer the tenant $2k to move out. In CA, the tenants definitely have a lot of rights! But before all of you boo-hoo real estate in CA, let me remind you that my quad gets very few maintenance requests, and has gone up in value by $500k in 5 years, with a $250k down payment. Plus, it cash flows around $30k/yr. But now, hopefully I don't lose a lot of money/headache with this issue!! :) [link] [comments] |
| How to invest with no income, but a lot of capital? Posted: 19 Apr 2021 02:15 PM PDT I'm about to leave my career in the US Army. I will have enough (relatively) liquid capital to purchase a property for cash, but I would prefer to use a mortgage instead. How can I convince a bank to lend to me if I have money on hand, but no W2 income? I plan on attending college using the GI Bill. This will provide me with roughly $1500 a month while I'm actively attending classes, however I don't believe a bank will count that as income. I also anticipate roughly 20,000 in dividends from my investments, but I would prefer reinvest this in the stock market. Thanks for your insight! Edit: Thank you all for the input. I'm loving the creative ways to get involved in real estate. It's definitely a lot more interesting and hands on than just dumping money into a 401k. [link] [comments] |
| Why haven't landlords sued the State and CDC for eviction moratoriums? Posted: 19 Apr 2021 07:33 PM PDT With so many landlords still on the hook for taxes, utilities and more. I am wondering why haven't the sued state government and CDC for eviction moratorium? They are offering no support for the landlords. Is there some legal doctrine preventing this? I'd love to hear from some real estate attorneys if there are any on these boards. [link] [comments] |
| [Flipping] Can i pay for a house with CASH and then take out a loan after it closes? Posted: 19 Apr 2021 06:30 PM PDT I have $140k to my name. I want to buy a home to flip that cost $125K. I dont have steady income, I quit my job recently and plan to flip full time. If I pay cash for the house I will only have $15k left over , which wouldnt be enough for my living expenses (Approximately $6k/month) as well as rehab and holding costs on the flip. How difficult would it be for me to take out a line of credit or loan after I close on the purchase of the property ? I could probably get by with a 70% LTV loan/Line of credit. Would interest rates be cheaper this way vs. using a hard money lender? Any idea what interest rates would be for something like this? Will someone give me a loan even though I have no income? Should I just use a hard money lender from the start instead of using almost all of my money to purchase the home? Thank you, [link] [comments] |
| What would you do? (Rental property decision) Posted: 19 Apr 2021 07:24 PM PDT I have the option the purchase a rental property that already has a tenant for 21 months (lease expires 1/31/2023). I'm wondering what people in this sub do if they were in my position. I can either put in 15% down and cash flow ~$80 bucks a month, or I can put down 20% and cash flow ~$280. If I put down 15% I save about 18 grand on the down payment. Another thing is that rent for similar properties in my area is going 2100-2200. The tenant pays 1950, so when the lease expires I plan on increasing the rent and can hopefully get $200 more. Tl;Dr Would you put down 20% and cash flow ~$280 or put down 15% (save 18 grand) and only cash flow ~$80? [link] [comments] |
| Posted: 19 Apr 2021 09:05 PM PDT When do y'all think the Florida real estate market will calm down [link] [comments] |
| Who do you usually buy your investment property insurance from? Posted: 19 Apr 2021 06:51 PM PDT I seem to get wildly different quotes for the same policy from different companies. Who do you generally find to be a firm that offers a good deal? [link] [comments] |
| Private Loan to invest in private real estate deals Posted: 19 Apr 2021 09:07 PM PDT Hey guys, I am in a unique situation that I have access to very good real estate development deals however I do not have that much money. The investment would be basically a guaranteed return and income forever. Would it make sense/is it possible to get a private loan so I can make a lot of money and be able to pay it back with no risk? [link] [comments] |
| Posted: 19 Apr 2021 08:56 PM PDT I'm looking for recommendations for a business phone/text service. I don't want to give out my personal cell phone number and I am planning on hiring a person within a year. What are y'all using? [link] [comments] |
| Loss of affordable housing/Death of Mom & Pops Posted: 19 Apr 2021 05:01 PM PDT Recently had a vacant unit. Overwhelming majority of prospective tenants listed their current landlord selling as the reason for moving. My listing had TWO THOUSAND views and HUNDREDS of inquiries. Have others noticed this as a trend? Can't help but feeling like a massive loss of mom & pops/affordable housing has already occured in my community. [link] [comments] |
| How much appreciation do you model in? Posted: 19 Apr 2021 08:40 PM PDT I know you can't bank on appreciation - but for those of you who model it in to your calcs, what do you use for annual long-term inflation? 2%? 3%? Trying to calculate IRR on a long term hold. Thanks! [link] [comments] |
| Switching Realtors Am I an A-hole? Posted: 19 Apr 2021 10:51 AM PDT I have an agent who I've made 3-4 offers on properties with. We haven't gotten any of them mostly because the market is crazy... not blaming that on my agent. My gripes are: 1) He is very new and doesn't really give me much guidance on negotiations and what to add to contracts - for instance I had to tell him 3 or 4 things I wanted in the last contract to make it more attractive after talking to a buddy of mine that is an agent (in another city). 2) One weekend I had a couple questions about an offer and he was pretty slow to get back to me - it took a couple days to get a response on the day offers were due. I want to go work with the first agent I ever used to buy my primary residence. I talked to him and he said he could help me out and already had a few ideas for ways to make contracts more attractive in this market. Would I be a jerk to go do that at this point and drop my current agent? I haven't signed any sort of exclusivity contract but I know he's put in a lot of work showing me properties and writing up 4 offers. It's also not like it's been that bad.. just not great. Update: Thanks for the advice. Just ripped off the band aid. It was a very short call. Reasons were not really wanted from his end. Probably low commission for him considering I've only been going to see properties <200k. [link] [comments] |
| Posted: 19 Apr 2021 02:26 PM PDT Money aside, did anyone here have a come to jesus moment when going past your first rental. I'm there right now, my first is doing just fine right now but I have an apprehension going out for my second. It's half fear of overextending myself and half since things are going so well right now why muck the waters. Thoughts? Did you do anything different when it came to making that next step? [link] [comments] |
| Flipping Prospects Research (Tampa, FL) Posted: 19 Apr 2021 08:17 PM PDT So I just closed on a property in the area and let's just say the market is CRAZY right now, however for about 3-6 months down the road I want to have conceptual plan for starting to flip in the area and I wanted opinions on costs and needs and what ducks I need to have in a row, I've been researching for two weeks non stop while recovering from surgery. Can you just tell me if I'm on the right track of calculating profit margins and whether a flip is worth or not? I have a property I was doing a proof of concept on. This is the property. : Cost: $87k I plan on doing a 20% down: $17k (about) Hard Money Loan at 8-16% for 70k: $466-933/month Est time of completion: 2-4months Total money owed from HM loan: $932-3732 Origination Fee (usually 10%?): $7k Remodel Costs This site is what I used for remodel estimates. Renovation Costs: $35-70k (can I finance this into the HM loan based off projected price of after reno costs?) Total Out of Pocket (w/o rehab costs financed in): $25-27.7k Total With $50k rehab financed in assuming 4 month turn around?: $32.5k-35.4k Similarly Renovated House Sold for 127k Taking into account better reno and sqft. est. reno price: $140k-200k Profit: 87k house + 50k reno= 137k 200k est sell price -137k total cost= 63k total profit 63k total profit - (32-35k) initial investment - 12k realtors pay = 16-19k actual payout for the whole endeavor. Conclusion These numbers and thought process IMO were used assuming I buy the house at face price, higher than avg. renovation costs, using high interest rates for HM loans, only using HM loans, and 4 months of completion. In realty if someone is already living there, that probably means there's not 50k of work to do. New roof, AC, outside of home reno, vinyl floors, newer appliances and cabinets, and paint would most likely be under 50k. I have concluded that this project would not be worth it unless I reduced costs in multiple areas: - The interest on the HM loan - Lower the renovation costs to $25-35k - Offer less for the house, AKA $50-70k Total Cost with lowered costs: 60k house + 30k reno = 90k total Out of pocket: $22.4k Profit: $200k house - 90k costs = 110k profit - 22.4k initial - 12k realtor pay - 10k (misc.) = $65.6k final Let's say the house flops and I only get 150k $150k house - 90k costs = 60k profit - 22.4k initial - 9k realtor pay - 7.5k (misc.) = $21.1k final [link] [comments] |
| Posted: 19 Apr 2021 08:08 PM PDT Sooo I'm currently 20. What's my best bet at obtaining a rental property. What should I do? The plan on switching to a credit union and gettting a credit card. [link] [comments] |
| Data need: rental property search via zip code Posted: 19 Apr 2021 07:49 PM PDT |
| Should I purchase the duplex I'm currently living in? Posted: 19 Apr 2021 07:48 PM PDT My family and I have been renting one half of a duplex for about 6 years. It's perfectly fine but we definitely want to size up soon. We just found out that our landlord is selling the property and we are thinking of making an offer. I know house hacking is a great way to get a start with real estate investing but we have a few concerns. Our biggest concern is that if someone else comes in and buys it, they may evict us. We live in northeast PA where the market is on fire because so many people are moving out of NYC and into nicer suburbs where the cost of living is much lower. We fear someone will buy with intent to occupy and not own as an investment. That's our main reasoning for wanting to buy it. We don't want to lose our home when it's damn near impossible to buy a house without offering 25k over asking price. We don't have that kind of money. Our other concern is that if we did buy, we don't want to be upside down on it i.e. our mortgage will be more than we pay in rent and the other tenants rent will not cover that plus any utilities we would be responsible for now (sewer, garbage, etc). The one awesome thing would be that when we do eventually move into a single family home, we still own a rental property! I would love to get your opinions on this! [link] [comments] |
| Posted: 19 Apr 2021 06:48 PM PDT With interest rates so low and the stock market doing well, has anyone else considered taking an interest only mortgage on a property and leaving the rest in their investment portfolio? [link] [comments] |
| 1031 exchange for related party Posted: 19 Apr 2021 02:52 PM PDT Is anyone familiar with 1031 exchanges with family members? We did some light research and don't feel too confident that we understand the rules. Scenario: - Mom and child co-own Property A 50/50 Mom has another property, Property B, that she sold - Mom wants to use the proceed from Property B to buy out child's ownership in Property A through 1031 exchange - Mom will keep Property A as rental property and not primary resident Questions: - Assuming that Mom plans on holding Property A for two years after buying out the child's share, is she qualified to do 1031 exchange and defer capital gain tax payment? - Assuming that Property A meets resident home criteria for Child, this would be a cookie cutter resident home sales transaction tax wise, right? - Anything else to watch out for? Thanks [link] [comments] |
| Which realtor should I go with for my next rental property? Posted: 19 Apr 2021 08:51 AM PDT Realtor A: Pros: - used him for my first rental property - no regrets as home prices have gone crazy since buying - great and honest guy, really care about clients, we vibed really well - referred me to an amazing property manager - very personalized (Facetimes me to view every property) Cons: - super conservative on market (his estimates of sold prices were way off) - not an investor himself Realtor B: Pros: - widely known and pretty decent social media presence (many successful investors used him and scaled really quickly) - avid investor (scaled to 30 units in 2 years) - wide range of network - more knowledgeable on markets and investing Cons: - way too many clients -records a video tour and sends it to a drive and sends link to clients - if I go with this realtor and still use my current property manager, Realtor A will for sure find out and i don't want to burn bridges [link] [comments] |
| Trouble Estimating Home Insurance Cost Posted: 19 Apr 2021 06:12 PM PDT I'm using an algorithm I created to output purchase prices for homes based on a desired cash flow, down payment, rent estimate, ect. One of the values I have to input for each house is insurance (obviously). This is proving frustrating because unlike the other values it is proving difficult (for me) to arrive at an estimate I am confident in. Aside from getting an insurance quote from multiple agents for each house, which would be enormously time consuming, how would you go about getting this value? I understand insurance is based upon replacement cost (cost per square foot x square feet + liability + ?) but it seems like all of this would vary based on variables including age of house... The area I am analyzing is Oslow County NC. Which brings up the additional cost of flood insurance. Is there a chart somewhere that insurance companies use to determine where flood insurance is mandatory? What about wind and hail? THANK YOU for any hints. I appreciate your time. This is dry stuff I know. [link] [comments] |
| Appraisal came under, what do I do? Posted: 19 Apr 2021 02:10 PM PDT We're buying a house where we will rent out a portion and the appraisal came back under our sales price. We can fill in the difference, and giving it's not a part of a mortgage I can write off I'm a little down on it. Can someone shed some light on if there's any tax write off on this difference that we're paying out of our pocket? It's a very hot market and we do love the house. Or did I simply trusted the realtor and overpaid? Thanks! [link] [comments] |
| Where to get info on the percentage of winning offers waiving appraisal? Posted: 19 Apr 2021 05:18 PM PDT TLDR: Does anyone know of any website or data source (including paid), that tracks contingency details on winning offers, specifically whether the appraisal contingency was waived? --- A major problem for many otherwise qualified buyers in this housing market is not so much that final winning offers are coming in at 10-20% over list, it's the fact that they are waiving the appraisal contingency. This is a huge issue because if the property fails to appraise at the offered 20% over list price, the buyer now has to make up that 20% in pure cash, which for a 400k houses, means you need to have an extra 80k in cash on hand, in addition to the 35k you need for the loan and closing costs (assuming 5% down loan). In many cases like this, waiving the appraisal contingency would effectively quadruple the cash a buyer needs to have on hand to win an offer on a house (~30k -> ~120k). I think this appraisal contingency is the predominant factor effectively preventing most people from being able to afford writing an offer needed to win and buy a house in this market. Many buyers have enough cash to pay for the downpayment and closing costs of a loan 10-20% over list price, but not anywhere near enough cash to waive the appraisal and cover a potential difference in cash. Ironically, even in this crazy market appraisals are still frequently coming in to match the final offer at 10-20% over list, but the financial implications of waiving the appraisal remains, meaning a buyer still has to have the cash to make up the difference. I understand that this is purely a result of supply and demand, and that anyone is of course free to make offers 10-20% over list that keep the appraisal contingency intact. But most people have to work through a realtor, and a realtor's time is valuable, so they are usually very unwilling to write less competitive offers that match other offers at the 10-20% over list but keep the appraisal contingency intact, because it's not worth their time if there's a smaller chance it will win. So that brings me to what I think is a key metric signaling home affordability for many buyers: the percentage of winning offers that are waiving appraisal contingency. When this percentage is higher, it's less worth it for realtors to write offers that keep the contingency intact, and more buyers are effectively priced out because they don't have enough cash to write offers that waive the appraisal. When this percentage drops, more buyers are now able to buy a house because they are now able to write a competitive enough offer (10-20% over list) that still keeps the appraisal contingency intact. So this is a key metric controlling the ability of many people (myself included) to write the kind of offer needed to buy a house, but the only problem is I can't seem to find this data anywhere, other than talking to realtors. Does anyone know of any website or data source (doesn't have to be free) that tracks contingency details on winning offers, specifically whether the appraisal contingency was waived? I just talked to my realtor and he told me that 90% of winning offers in my area (Austin, TX) are waiving the appraisal. I don't know if this is based just on sales he was directly involved with, or sales for the brokerage he works for, or some other nationwide source like the MLS, but it seems like it is being recorded by brokerages, so I would assume this data is probably being aggregated and made available somewhere, even if it just on a brokerage by brokerage basis. [link] [comments] |
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