Real Estate Investing: Washington becomes first state to guarantee lawyers for low-income tenants during evictions |
- Washington becomes first state to guarantee lawyers for low-income tenants during evictions
- Why would investing in a rental be better than buying a car when upkeep / loans on the rental can cost me to lose money?
- Did anyone recently go under contract without an appraisal contingency and the property appraised at below the agreed selling price? What happened?
- Buying property with tenants
- Is there anything wrong with moving into one of my rentals?
- Real estate license
- UPDATE: I been robbed
- What do you do with proceeds from sale of a house if you don't need it for 5 years?
- Refinance
- Should I sell or refinance? In a pickle...
- How am I supposed to calculate the cash flow of a property online before buying it?
- Renting to Undocumented Immigrants
- Cash reserve ?
- Getting hit with AMT. Should I expense or amortize large items?
- AirBnb (only) half of a duplex?
- Moving to Multi-Family from Single Family
- Buyout my ex on second property w/1031 exchange?
- Invest advice
- Question about inheriting a property
- Slow responses from a potential lender has me worried. Should I wait and see what happens or move on?
- Buying and renting out parking spaces
- Looks like my property taxes are going up should I charge more for rent
- Would you invest this way if it was possible?
| Washington becomes first state to guarantee lawyers for low-income tenants during evictions Posted: 24 Apr 2021 09:23 AM PDT
Per the article the State will be hiring 58 attorneys + additional contract attorneys to fight evictions. At a cost of $11.4 million just in the first year For everyone else - Seven other states are currently considering similar measures. [link] [comments] |
| Posted: 25 Apr 2021 05:42 AM PDT Edit: In a rental property, that is. I saw a post a while ago on /r/personalfinance about someone looking to buy a car. One of the most upvoted comments was to use the money to put a downpayment on a low income rental property. But, from what I understand about rental properties, your margins of profit are very slim for YEARS (if you'll even have profit at all) while you're paying off those loans. So with maintenance and tenant damage, why would it be a good idea for someone with only a small budget to buy a property? [link] [comments] |
| Posted: 25 Apr 2021 05:08 AM PDT Wondering how big was the difference between the agreed price and the appraisal? Where in the US are you located? How did the transaction go? [link] [comments] |
| Posted: 24 Apr 2021 04:25 PM PDT Long time lurker here, first time poster. I'm getting ready to buy a property in my neighborhood that is already being rented. The leases are month to month (which could be good or bad). 2 units, rents enough to cover PITI and cash flow about 500 after. I'm getting cold feet and don't like the fact that the tenants haven't been screened by me. How does one handle this sort of situation? [link] [comments] |
| Is there anything wrong with moving into one of my rentals? Posted: 24 Apr 2021 03:51 PM PDT It's owned by my LLC. Is there anything wrong with moving into one of my investment properties and selling my personal home? Reason is as of now I only have 1 mortgage. All my other rentals are earning me enough income. So, I figured that I could get rid of my house and voila no more mortgage payment! [link] [comments] |
| Posted: 25 Apr 2021 01:00 AM PDT Has anyone gotten their real estate license purely with the intent of using it to save money on home purchases (not to try to do deals for other people)? If so, would the process of studying for the exam teach a person new to real estate a lot that would make them a better investor? I realize it wouldn't be a game changer but would it teach you some fundamentals and things to watch out for ? [link] [comments] |
| Posted: 24 Apr 2021 11:54 AM PDT A theft broke into my rental property and stole my materials, power tools etc. I found the theft on FB marketplace. He has one of my items for sale. I haven't checked the pawn shops for my power tools yet. Unfortunately I bought the item he has for sale at a discount store (Dirty Cheap) so the receipt won't match with the serial number as the cashier didn't scan the item when I bought it. I will file a police report. Any suggestions? [link] [comments] |
| What do you do with proceeds from sale of a house if you don't need it for 5 years? Posted: 24 Apr 2021 04:40 PM PDT Pretty much im questioning selling my property, I might come out with a 250k profit. I planned to take that and reinvest in another property in 5 years when the market has cooled down, or interest rates have to go back up. I'm in Canada so no 1031 exchange so, if I put some of it into RRSP ( what you guys call 401k), I can't take it out for 30+ years. So I could max my tax-free savings account ( maybe 50k) but that 200k what do people usually do with such a large amount? I would think safe investments like bonds ( but they have negative returns), stocks (market out of wack and too hot not even sure what to buy that isn't overvalued), leave it in savings at like .5%... What do people usually do? [link] [comments] |
| Posted: 24 Apr 2021 08:58 AM PDT Just did refinance and the new loan amount is different than my latest unpaid balance of my old loan from my prior lender. I paid my refinance closing cost... what should I do next [link] [comments] |
| Should I sell or refinance? In a pickle... Posted: 24 Apr 2021 09:25 AM PDT Hello, I am currently in a sticky situation with multiple options. I currently own 2 rentals, and my new home I just closed on. My renters moved from house 1 into my second house, which I just moved out of. So I currently have a vacancy. The market is rediculoisly hot. I purchased this home in 2016, $140k and I owe $118k. And identical home sold for $225k last month. I believe I would sell for at least $220k. If I refinance, I can pull about $40k, and rent the property for $1350, and my payment would be roughly $1040. If I sell I would take home like $70k. I want to buy a 4 acre lot for $240k and I am cash short. Ideally I strike a deal that I don't need to sell. I am new to the rental game, and want to know what benefits do I give up by selling the property high right now? Any advice/info is appreciated. Thank you. [link] [comments] |
| How am I supposed to calculate the cash flow of a property online before buying it? Posted: 24 Apr 2021 09:17 PM PDT I'm looking at auction sites and listings. My question is, how am I supposed to know and calculate the rental income, utilities, insurance, taxes etc of an investment property before purchasing it? It's not like all that info is provided, I don't think (first time looking to buy). How are all you guys able to figure out how much a property cash flows just by looking at the listing online? [link] [comments] |
| Renting to Undocumented Immigrants Posted: 24 Apr 2021 09:03 PM PDT Hi, some undocumented immigrants are interested in my property in FL and was wondering what has been people's experiences renting to them? I'm trying to understand whether they have a strong incentive to pay rent or not given that it's hard to run background checks and proof of income. [link] [comments] |
| Posted: 24 Apr 2021 03:46 PM PDT |
| Getting hit with AMT. Should I expense or amortize large items? Posted: 24 Apr 2021 06:11 PM PDT I sold some plexes this year and have so much capital gains, I got hit with AMT. I have a large expense on one of the rental properties that I am keeping, a 40k new well. If I take it as an expense, my taxes go down about 20k but my AMT only goes down 2k. Is it better to amortize it? I'm getting confused about what happens in future years. I will not be in AMT territory next year or next several years. If I expense the well this year, am I losing out on 20k of deductions that I would otherwise get if I amortize it over several years? How to analyze this and decide whether to expense or amortize this large expense? Any other strategies to consider (after the fact) when hit with AMT from selling rental properties? (Too late for opportunity zones or 1031s) [link] [comments] |
| AirBnb (only) half of a duplex? Posted: 24 Apr 2021 06:08 PM PDT I recently bought and renovated a duplex in a historic neighborhood just outside New Orleans (10 mins away from the French Quarter). My original plan was to go with traditional long term tenants, but I'm considering doing Airbnb with one side and keeping the other a regular tenant. I'd be testing out the Airbnb model (never done it), but would still be able to cover the mortgage with the rent from the tenant. Of things go well, I'd just airbnb both sides. The house itself would be perfect for an Airbnb (completely renovated, small, historic look and feel, historic neighborhood, etc). My questions are: 1- do you think it would cause issues having a traditional tenant along side an airbnb unit? 2- Can anyone with Airbnbs speak to how they've been recovering since covid? I know it's very location- specific, but anything helps. Thanks! [link] [comments] |
| Moving to Multi-Family from Single Family Posted: 24 Apr 2021 01:59 PM PDT Hi all, I'm interested in trying to purchase a multi family instead of continuing to purchase single family homes to rent out. I've been reading and looking around, and I'm wondering if I'm analyzing basic #'s correctly. I wanted to share an example and you could tell me what I'm missing. I don't have a specific property in mind. I'm in the Midwest, so preference would be to find something in this area but open to longer distances as well. The #'s I've put below for rates / loan terms are based on the bank I've been working with for the 3 SFH's we own now. Purchase: $1M Down-payment: 20% Cash required: $200k Debt: $800k after purchase Mortgage Rate: 4.25% Mortgage Term: 25years Cap Rate: 8% Net Operating Income: $80k. I calculate this based on the purchase price of 1M x the cap rate. My understanding is this includes all costs to run / manage the property, but does not account for your mortgage payment. Mortgage cost per year: $32,170 Income after Mortgage Costs: $47,829 Cash on Cash Return: 24% based on $47,829/$200,000 The cash on cash return is much higher than what I can do with any SFH I can find, even if we do significant rehab on the properties. Construction is my strength, but spending 200-1000 hours of labor on each property for an 8-12% cash on cash return doesn't really make sense when something like the above can get 24%. Am I missing some costs in the above? Thanks for your feedback. Let me know if you have any good books I should check out for getting into multi family as well. Nate [link] [comments] |
| Buyout my ex on second property w/1031 exchange? Posted: 24 Apr 2021 08:37 AM PDT Cross posting from r/ 103. I have two investment properties. One of them is joint with my now ex wife. Im selling the other. Can I use 1031 rules to buy out my wife's ownership? If it matters, the property in question still has a mortgage. I own the loan, we both are on the deed. Thanks. [link] [comments] |
| Posted: 24 Apr 2021 12:30 PM PDT Advice on rental I have a property that's now worth $320k based on Redfin and a few other sites... I paid 240k for it in 2016. I currently have 122k left to pay off. I actually end up putting in around 5-6k of my own money every year(property taxes and maintenance/repairs). I have a property management company handling everything and am not in position to take care of it myself. I'm thinking I want cash flow out of this property, and to achieve it I feel I need to refinance the property for this. I was thinking I would do a refinance for around 200k, (based on online calculators it would almost make me break even because it reduces my mortgage to around 1300/month instead of the 1700/month I have currently)-15 year loan. I know it doesn't cover all my expenses but getting a loan for 200k would allow me to get some equity out of the house and buy another property using this equity. 200k loan for paying off original. And 80k cash out towards something else. Another option is a 30-year... but having $500-600/month in interest payments while having only 300ish towards principal leaves a bad taste in my mouth. I want to hold property for 10 years, I'm in an excellent location in Durham,NC. Any advice on increasing my cash flow on my current property while getting me setup to buy another would be appreciated. Thanks. [link] [comments] |
| Question about inheriting a property Posted: 24 Apr 2021 03:47 PM PDT Hello everyone! I recently inherited a property from a deceased family member. This apartment's monthly maintenance fees have not been paid for in 14 years (family member/owner died before this). Another family member was supposed to pay these bills with a bank account of the deceased's, but instead they took the money and ran. We are interested in keeping the apartment, and are willing to pay the total amount of maintenance owed - around $35k. HOWEVER, the penalties and interest and all that total to around 90k (this 90k total is without the 35k). Our lawyer emailed the administration asking to pay the 35k. Then someone IN administration sent us an email saying that she wants the apartment and will be willing to pay all the fees. She didn't offer anything over that. Does anyone have experience when negotiating these kinds of things? What would you advice be in approaching this situation? Thank you so much! [link] [comments] |
| Posted: 24 Apr 2021 03:40 PM PDT I'm in the process of trying to get pre approved from a lender for the purchase of a primary residence. I've submitted everything, but I haven't really gotten anything official back yet. This was over a week ago. They are reachable and pleasant enough to work with over the phone, but so far to me it seems like they aren't really working with the sense of urgency I would like them to have. I called the loan consultant the other day just to check in but had to leave a message cause she was in a meeting. She did text me right after I called and said she would call me back after cause she didn't want to rush our conversation. A few hours later her assistant calls me, says they have just recently become slammed but are working on my application. She also asks me some questions that I've already answered, and said that they will call me back the next day... They never called. I'm planning to call them again in two days. The part that makes me hesitant to just move on to a different lender is that I have a non-traditional credit history in that I have never had a credit card. And this lender has a good reputation for working with people who have non traditional histories. I've had a student loan and mortgage (local lender from an area I moved away from) in the past but both have been long paid off. All of this amounts to no credit score. Other lenders I've applied to didn't want to work with me because of this. So I feel like I don't have many options. But I'm just surprised it's taking me awhile to be approved and hear back from this company. I'm ready with enough cash for 10% down, cash for closing, zero debt, and my additional assets totaling over $100k above the loan amount I am applying for. Also, monthly gross income is over 5 times what the estimated monthly payment would be. Should I see how it plays out or start working other options? Thanks. [link] [comments] |
| Buying and renting out parking spaces Posted: 24 Apr 2021 03:35 PM PDT I live near Boston. Downtown, parking is a problem. I heard that some parking spots go for $200,000 to $300,000. Has anyone tried to buy a parking spot and then rent it out? If so, how did it go? [link] [comments] |
| Looks like my property taxes are going up should I charge more for rent Posted: 24 Apr 2021 11:43 AM PDT Should I go raise taxes since they are going up $218 [link] [comments] |
| Would you invest this way if it was possible? Posted: 24 Apr 2021 03:10 PM PDT Say you can invest in real estate shares. You never get control of the house and you may possibly get a monthly percentage/dividend of the rent. You can sell your shares at anytime and the value of the shares go up with the value of the property. HOWEVER, if the house is sold your shares are immediately liquidated and you get the cash value of them back at the price they were at when the house was sold. Would invest this way? (If you are able to afford a home, pretend you are a low income citizen and pretend you cannot afford a home, would this be an attractive investment for you?) Any answer would be helpful thanks! [link] [comments] |
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