Real Estate Investing: Using business line of credit for down payment? |
- Using business line of credit for down payment?
- Refinancing a loan for a rental property that you may or may not live in
- I have found a house I can buy that fits the bill for my needs. But...
- Lots of new senior living developments near me.
- Purchasing 3rd home, but cannot utilize previous conventional 5% primary residence "method".
- Has anyone dealt with a well on their property?
- Considering buying a condo in Seattle to use as an Airbnb, thoughts?
- Using insurance proceeds to replace rental
- What do you consider Over leveraged
- Is real estate investing right for me?
- Best website to view foreclosed homes in your area
- Expecting 125k bonus for 2021. What to do?
- Investment properties conventional financing
- NO Oven/Stove or Refrigerator Installed
- Vermiculite found in the attic of a completely renovated home. Red flag?
- Finding a market for long distance investing
- Should I buy this property?
- “Extra” address at multifamily property to receive business mail
- Rental Properties: Getting Started & Strategies
- First home purchase for a house hack.
- HELOC for down payment on 2nd property
- Calculating maintenance CAPEX on residential house/apartment
- First Time Vacation Rental Owner
- Invest in stocks or real estate?
- Vendors market, currently selling my house. Deadline or no deadline?
| Using business line of credit for down payment? Posted: 05 Apr 2021 04:31 AM PDT Is this allowed or does it have to be your own money. I'm looking at a commercial property including land purchase. [link] [comments] |
| Refinancing a loan for a rental property that you may or may not live in Posted: 04 Apr 2021 04:03 PM PDT I'm not trying to be fraudulent. We sold our primary home, and have a rental home. The current tenants are moving out. We are thinking we might live there for a month and clean it up and renovate it. We may, or may not stay there for a while. If I refinance, can I get a primary loan. Usually they ask 'do you intend to occupy this as your primary residence'. My answer would be yes, at this time, I intend to. If I have a loan on that house and later want to move out an buy another house, would that affect the new loan in any way? [link] [comments] |
| I have found a house I can buy that fits the bill for my needs. But... Posted: 05 Apr 2021 12:46 AM PDT I don't have a loan pre-approval or any such thing yet. Would hard money be an option ? Are there any other ways I get cash fast and how much would this cost me ? I would have to refinance my rental to get at the equity...for this house and my next investment property This house is going to go fast. I really don't want to be renting now [link] [comments] |
| Lots of new senior living developments near me. Posted: 05 Apr 2021 04:00 AM PDT 3 brand new senior living facilities are being built near me. Not including one that was just finished summer of 2020. I'm in northeast Ohio, I didn't think there was much demand up here and I'm wondering if anyone else is seeing the same thing. 2 of which are easily over 1-2 million. And another one has to be at least 10 million, the thing is absolutely massive. [link] [comments] |
| Purchasing 3rd home, but cannot utilize previous conventional 5% primary residence "method". Posted: 04 Apr 2021 07:04 AM PDT Hi guys! I purchased my first single family home in 2018, lived in the home for 2 years while renovating and signed a lease in 2020. I purchased my second single family home in 2020 and am currently living in it & renovating, and will rent out end of this year. I intended to do this again end of this year, beginning of 2022 and am financially able to comfortably do so with 5% conventional. This of course is possible due to the home being primary residence. The properties cash flow $800.00 & I am doing this in an area of Connecticut I feel comfortable and am able to with home prices in the $200k range. Situation: I have a job opportunity in central coast Cali, somewhere the housing market is much higher and I am not as comfortable with, and I will not be able to utilize a 5% loan to purchase back in CT as my residence will be in Cali......I could buy in Cali but based on my research, my income will not support what I'm doing in CT in Cali. Is there any other possible way to continue what I was doing in CT or must I figure out a way to do so in Cali? I hope this post isnt rhetorical but I figure it couldn't hurt to gain perspective. *moving to Lompoc/Vandenburg area [link] [comments] |
| Has anyone dealt with a well on their property? Posted: 04 Apr 2021 08:04 PM PDT I have an old well that was grandfathered in. I can spend 3k to fix it up or get rid of it. Does anyone have experience with letting tenants use a well? Edit: sorry not capped just closed up. Motor and power are non existent. This is in Colorado where water does get sparse and in a downtown home where there is city water already going to home. [link] [comments] |
| Considering buying a condo in Seattle to use as an Airbnb, thoughts? Posted: 04 Apr 2021 08:42 PM PDT I know I need to find out if I can even find one that allows STR, but I see some interesting units in Capitol Hill, for inexpensive. Would not be a good place to stay long term (3-400 sqft), but if you consider it basically a hotel room, it's interesting. I think I could get one with a <1500 monthly debt, and bring in 900/mo in winter, and 3400/mo in summer. I'd we use a management company for say 20%... call it 800 winter and 3000 summer, after debt, netting and average of 900 say (-600 winter, 1500 summer) Sounds totally reasonable to me, what am I missing, not thinking of, etc? Thank you! [link] [comments] |
| Using insurance proceeds to replace rental Posted: 05 Apr 2021 01:54 AM PDT This might be better suited for another sub reddit, but thought i might find someone who has srnt through this on here.... Long story short i had a rental that burned and was insured for about 100k. Got half money up front to pay off loan and used the rest plus my cash to buy auction house. The rehab is going to use all the money and then some to finish. My question is, since i can prove that all of the proceeds from insurance have went into another home, i don't have to pay taxes on it correct? Im estimating to be total into this home about 130k (My money and insurance money) and sell for 180-200k. In theory, I'm thinking i only pay taxes on the sell price minus the total cost of the home. Any thoughts? [link] [comments] |
| What do you consider Over leveraged Posted: 04 Apr 2021 09:06 AM PDT So I just purchased a 6-plex that cash flows and am currently looking at purchasing another building that cash flows. Seems like now is a good While interest rates are low but I've been reading a lot about guys getting over leveraged and loose their shirts in a down turn or housing crash Ect. What do you consider over leveraged as a real estate investor ? Most people couldn't pay there house off if the bank ever pulled the note so what's really the difference between owing 500k or 2mil. if things are cash flowing and able to pay for themselves how much of a concern is it. Does anyone calculate their loans at 5% to see if they could still stay afloat if rates rise. Other than the standard debt service ratios is there any other calculations people use ? [link] [comments] |
| Is real estate investing right for me? Posted: 04 Apr 2021 12:36 PM PDT I think I may be in a unique area (Winnemucca, Nevada). It's a smallish mining town with ~8,000 people right off of I-80. The closest towns are Reno which is ~2.5hrs to the west and Elko (a slightly larger mining town with ~21,000 people) 2hrs to the east. There is a ton of gold out here (trust me, I'm a geologist), and the mine life out in Winnemucca and Elko should be substantially long. A few mining companies hire a significant portion of the population out here. My fears are: Gold tanks in price. Automation lays many people off. Lack of employers makes me beholden to my company. Should I look to invest my money elsewhere and forget about real estate? I am currently 100% in the stock market and looking to diversify. Thanks for your thoughts and opinions! [link] [comments] |
| Best website to view foreclosed homes in your area Posted: 04 Apr 2021 02:21 PM PDT Hello all, First time poster to the sub. Just wanted to see if there are any really good websites to refer to to see foreclosed homes in your area. [link] [comments] |
| Expecting 125k bonus for 2021. What to do? Posted: 05 Apr 2021 05:17 AM PDT I'm expecting a 125k bonus for 2021. I can either use it to pay off one of my rentals, where I have 135k in debt at the moment. By year's end, the 125k would be a lump sum payoff amount. The rental earns $1,500/month in rents and the mortgage is 4%. OR! Should I use the 125k to buy a 4th property? I brake even on my property portfolio right now but the mortgages are 15 years. I have 14 years left! [link] [comments] |
| Investment properties conventional financing Posted: 04 Apr 2021 05:52 PM PDT Hi fellow redditors I wanted to know how many investment properties or how much total value of investment properties you can finance via conventional loans. I have two duplexes, one was cash buyout and other was a conventional loan from my primary mortgage bank. I wanted to know how many properties I can buy after I put 25% down for each property? What else does the bank would look for other than the Debt coverage ratio. Thanks for your response. [link] [comments] |
| NO Oven/Stove or Refrigerator Installed Posted: 04 Apr 2021 02:47 PM PDT So I'm closing on a house tomorrow and just did the final walk through. During inspection and about a week ago the seller mentioned that they would be installing a stove and refrigerator in the kitchen as they were completing the remodel. The stove and refrigerator are still missing. The sellers agent has not responded to my agent so I don't know what to do. Can I contact the seller directly to ask?? It is not on the contact but the posting on Zillow does say the appliances will be installed. Idk what to do at this point. [link] [comments] |
| Vermiculite found in the attic of a completely renovated home. Red flag? Posted: 04 Apr 2021 10:12 PM PDT I have the misfortune/misfortune of being in the red hot market of Seattle and recently saw a completely renovated home I am planning to purchase. However, the preinspection is saying they found vermiculite in the attic. I don't have enough experience with this type of insulation so I googled it and it turns out it's basically rocks that they used for insulation but most of it contains some asbestos and should be removed. I have no problem having the attic insulation removed and replaced but my concern is that it might also be in the walls of this newly renovated home. Does anyone have enough experience with this to tell me whether it's likely that the insulation in the rest of the house is the same vermiculite stuff that is in the attic? [link] [comments] |
| Finding a market for long distance investing Posted: 04 Apr 2021 05:15 PM PDT I live in a HCOL so investing nearby isn't really an option. I'm looking to diversify investments by getting into real estate and trying to find a good market. I've seen a few where cashflow seems to exist (Kansas City, some Chicago suburbs, etc.) but I've got pretty low confidence because I don't actually know these areas well. Those of you that do long distance investing, what all does your due diligence entail? I've found some sites to give me rental rate estimates (short and long term), but I'm not sure how accurate these are. [link] [comments] |
| Posted: 04 Apr 2021 07:47 PM PDT Should I buy this property? Story: Hello, Hoping I can get some help with my question. I'm new to real estate so if I am missing anything, please let me know. I'm trying to decide if my plan is viable or not. I am in the market for a multi-family property to live in and rent out the other unit(s). Unfortunately, Charlotte has very few duplexes, triplexes and fourplexes available in my price range. Fortunately, it seems that my work is going to do a hybrid regarding coming to the office and working from home. Due to that fact, I plan to buy a multi-family close to my hometown. There are two houses that are being sold as one for around $190,000. They need some work done, but nothing major and they are an hour and a half from where I work. I want to learn how to fix up houses and I see this as an awesome opportunity to learn just that. I plan to rent the other house with 3bd and 1b. It will have a negative cashflow starting off, but I feel like it will be better than paying $800+ in rent to live closer to the city, and after a year rent out the other house to hopefully pull a positive cashflow. I plan to start looking for more houses closer to September when I pay off my student loans in full, so I have a better chance of being approve for a mortgage. I'm not sure if they houses will still be on sale, but I rather save up some more money and learn more things before pulling the trigger. In any case, please feel free to ask questions or provide any insight. Thank you for your time and thoughts. Basic Information: Age: 24 State: North Carolina City: Charlotte Credit score: 756 Financials and Debt: Income: -Yearly pre-tax salary: $69.000 -Monthly post-tax pay: $3,600 Savings: -Saving account: $45,000 -401k: $7,000 -Cash: $1,000 Savings breakdown: -Personal student loans: $18,924 -Parent plus loan: $5,053 -Emergency fund: $15,000 -House down payment: $5,700 Debt: Student loans: $18,924 Parent plus loan: $5,053 (I am going to be paying this loan off for my mother) Credit card debt: $3,000 (Currently 0% interest and can pay completely off if I wanted to) Car loan: None House Information: House price: $190,000 Year houses were built: 1950's Down payment: 3.5%-10% Monthly cost according to Redfin: -Mortgage: $822 -PMI: $114 -Property taxes: $68 -Home insurance: $82 Total: $1,086 Rent: $650-$700 Negative Cashflow: $200-$400 Possible loans: -USDA -FHA -Conventional [link] [comments] |
| “Extra” address at multifamily property to receive business mail Posted: 04 Apr 2021 11:36 AM PDT I have a scheme to add an extra address to one of my triplexes for me to receive business mail at. Do you think this would work? Currently that property has three apartments - A, B, and C - and I'd like to add a mailbox for "Apt D" even though there isn't a physical apartment D there. I'm unsure whether to tell the post office I'd like to add the address, or to just install the mailbox and label it D and send some test pieces of mail. I currently have a post office box as my official rentals business address, but there is a fee for the PO Box and it's out of the way to get there so I only check it every month or two. The new box would be two blocks from my house - it would be great. I'm starting an LLC now for a new 8-unit I'm buying and I'm told I can't use the PO Box for the LLC, so this would help me satisfy that requirement instead of listing my home address, which i'd rather avoid. Thanks! [link] [comments] |
| Rental Properties: Getting Started & Strategies Posted: 04 Apr 2021 04:03 PM PDT My boyfriend & I are actively looking for our first investment property, specifically a small multi-unit home to house hack. We have spent the last year educating ourselves, practicing property analysis, doing market research, getting required documents & forms prepared, etc. Recently, we have been thinking of what our strategy will be going forward after we purchase our first property & get ready for the second. Our goal is to be financially independent in 10-15 years & solely work on our properties. We were wondering to hear how other investors got started & what strategies (debt snowball, trade-up, short-term/long-term hold, BRRRR, etc) have you taken to grow your portfolios? Also, are there any tips or advice you would give to someone just starting out? 🤓 Thank you for your time & input, we greatly appreciate!! [link] [comments] |
| First home purchase for a house hack. Posted: 04 Apr 2021 05:25 PM PDT Purchase price is $452,500 Downpayment is $13,575 at 3% down Interest rate is $4.62% Location: Denver, CO Hi guys, I am under contract to purchase a 5 bed 2 bath single family home. My main objective is to see if this is a good deal. With that in mind. My Mortgage will be roughly $2700. My plan is to Airbnb the upper part of the house while I live in the furnished basement. I plan on charging $179 per night. The upper portion of the house has 3 bed and 1 bath and the basement portion of the house has 2 bed and 1 bath. I'll be staying in the basement. Anyways, so here is where I am worried. I have opted in for downpayment assistance. I have only used about $5224 of my own money and that has covered earnest money, appraiser fee and radon and sewer inspection. The down payment assistance will pay the rest of the closing cost and the rest of the downpayment. If I would have paid the rest of the downpayment and closing cost, my interest would be 3.5 percent. However doing the downpayment assistant program has bumped my interest rate to 4.62%. So with this info given to you guys my questions are...
Thank you guys for your time. Your answers would really help me out. I also have until April 14th to pull out and I get my earnest money back ($4k). Thanks guys and Happy Easter! [link] [comments] |
| HELOC for down payment on 2nd property Posted: 04 Apr 2021 03:16 AM PDT Hello, I have an opportunity to get a 65K HELOC on my current property. I'm going to use those funds for a down payment on a 2nd property. Is there any reason why I should not max out the amount the lender is willing to give me for the HELOC? They are willing to give me 68K at 5.5% Home prices are only going higher and higher - so I'm not sure how much 30K would even help me. Thank you, Steven [link] [comments] |
| Calculating maintenance CAPEX on residential house/apartment Posted: 05 Apr 2021 12:03 AM PDT I'm trying to model expenses related to maintaining the place after buying it. Obviously it will depend on the year of construction, tenants and various local conditions. How should I go about calculating how much cash flow I should set aside for maintenance CAPEX and various repairs? Is there standard % people use and how does it vary from house to apartment? [link] [comments] |
| First Time Vacation Rental Owner Posted: 04 Apr 2021 07:48 PM PDT Bought a vacation rental in Florida earlier in the year and am wondering what to offer as far as Netflix, Disney +, etc. Would this be a standard in a longer term vacation rental? [link] [comments] |
| Invest in stocks or real estate? Posted: 04 Apr 2021 06:01 PM PDT My partner and I have been discussing whether we can/ should buy a home, our first home. We live in San Diego where the real estate market is stupid expensive and it's about $600k+ for a SFH. We have about $80k liquid and a combined gross income of $150k. Currently we're living with his parents (whom we get along with) and pay about $900/mo total to them. This money is helping them pay off their remaining 14-year mortgage. The parents have communicated that they want to retire in this house and eventually pass it down. Where can I find the data for the ROI on real estate for a SFH in San Diego? How does it compare to just investing in index funds & the S&P? Our living expenses are rather low thanks to our low rent. Combined, we probably have a 60% savings rate of net income and throw most of it into stocks & max out our retirement. [link] [comments] |
| Vendors market, currently selling my house. Deadline or no deadline? Posted: 04 Apr 2021 09:51 AM PDT Hi, I am currently selling my house. Since there is shortage of houses in this area a lot of people asked to view the place (really a lot). We scheduled viewings for two weeks and my agent told me to set a deadline in two weeks for offers however this would not allow people to take the house before the deadline. The question is: is it better to put a deadline or to just leave the possibility to people to make strong offers to get the house? [link] [comments] |
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