Real Estate Investing: Your goal is to make the worst real estate investment possible, what city are you buying in? |
- Your goal is to make the worst real estate investment possible, what city are you buying in?
- Rent or buy a home for the next 5 years? Rent would be $2700-$2800. We can buy a $500k home with 20% down and a mortgage of $2400/month
- 99% Passive Investing
- Physical properties vs REITs
- High-rise condo Purchase - 10 units listed in 1 week
- How to create an LLC for our rental in Scottsdale AZ while we live in FL.
- Brand New Duplex House Hacker
- This market is crazy
- Anyone used Land or Construction Loans?
- Looking for Advice
- Renting in Philadelphia
- Should I rent out my townhome and try to buy a new property or do I need to pay off more of the mortgage first?
- I just had an inspection done on a 3-unit building. What is fair game to go back to the seller with to ask for price reductions or credits?
- Best entry level jobs to work while house hacking and learning about REI?
- Debate: Fully Paid Off Rental - Good or Bad Investment??
- Foreign investment properties while renting in U.S.?
- Interested in buying properties for short term investment & monthly rental income Guidance Needed
- Do you or your PM select your tenants?
- Transitioning to multi family?
- Considering selling my townhome to my neighbor. They would now have full ownership of our shared detached garage space. How much of a premium should is ask for this?
- First deal. What am I missing?
- Tax Sale Date Removed from Potential Investment
- College or no College?
- First time investor - HCOL (Northern VA)
| Your goal is to make the worst real estate investment possible, what city are you buying in? Posted: 25 Apr 2021 06:01 PM PDT Are you buying a house in the middle of nowhere Arkansas? Are you buying a house in Detroit? Jackson Mississippi? The middle of the desert in Nevada? I know it's a weird question but it had me curios. Curios where it would be hardest to sell a house at. [link] [comments] |
| Posted: 25 Apr 2021 07:48 PM PDT We need a home for the next five years and I need a few fresh minds looking at whether renting or buying makes more sense. My uncertainty is when it comes to the down payment + closing costs now and when it comes time to sell: even though our monthly mortgage would be less than rent, how can I obtain a general idea whether in the long run I'm likely to at least not lose the down payment, in the event that five years from now the house depreciates compared to today's purchase price? [link] [comments] |
| Posted: 25 Apr 2021 11:49 AM PDT I am going into a high pay, high work hour job and will have close to no time to do REI on the side. Other than investing in a REIT, are there other platforms out there that allow you to build a rental portfolio 99% passively where you're still acquiring the equity in your portfolio? My thoughts on the following: Lending Platforms (ie. Groundfloor) - only acquire debt assets. No tax benefits like depreciation Roofstock - comes close but I've heard not so good reviews Typical PM Services - most that I've seen seem to take care of tenant-related responsibilities, but I haven't seen any that keep the property-related responsibilities passive for you (ie. Maintenance, repairs, etc) Are there any good turnkey rental property services out there that cover everything from sourcing to managing? [link] [comments] |
| Posted: 25 Apr 2021 09:45 PM PDT I'm a recent grad, have loans, make a pretty good salary and am looking for investments. Been on this sub for a couple months now and am intrigued because I never thought of RE investing as an option for me. I have one question tho. As someone with little saved+students loans, why should I look into RE investing vs REITs (or vice versa)... I'd love to hear people's opinions [link] [comments] |
| High-rise condo Purchase - 10 units listed in 1 week Posted: 25 Apr 2021 06:42 AM PDT I am in a large city in the midwest and house prices have climbed over 25% since the Pandemic started and almost no inventory. The market is super hot here and homes are sold within days. For many years, I have wanted to buy a high-rise condo that has spectacular city views. These condos were $300k in 2014 but now are listed for over $500k The HOA fees is about $800-1000 per month. It is a large condo high-rise, 25 floors, built in 2009, I am guessing over 100+ units. In 2021, there were only 3 units listed that are unsold even in this market. And last week I see 10 more units listed from the same building. I thought this was a bit unusual. What could be happening here? Any insight into this greatly appreciated. [link] [comments] |
| How to create an LLC for our rental in Scottsdale AZ while we live in FL. Posted: 25 Apr 2021 04:51 PM PDT How do I go about creating an LLC for real estate. We live in the state of Florida but I have a rental property in Scottsdale Arizona. We also self manage the rental property. How would we go about paying ourselves to manage the rental property. Thanks [link] [comments] |
| Posted: 25 Apr 2021 04:27 PM PDT I'm a 21 year old college graduate with a decent salary looking to make a really strong first financial step by buying a duplex/multi-family home using an FHA loan. I think that I would prefer to purchase in a college town in order to have a steady pool of potential tenants in college students. I feel that I can relate more to college students and feel more confident enforcing strong policies and collecting rent from someone similarly aged to myself. I've done a lot of research on the benefits of renting to students, as well as the drawbacks (more repairs/upkeep), and I think it's the ideal tenant for me. Are there any buying strategies that anybody could recommend to me? If you've house hacked a duplex with an FHA loan, providing me with your general experience would be super helpful! In addition, does anyone have any tips for picking a location/screening to where you ensure college students will typically be your tenant? Also, how far are college students willing to live from campus? Hypothetically, my property may be nicer than an apartment, and cheaper than an apartment, but is the fact that it's 15 mins away from campus usually a deal-breaker? Finally, if there are any general tips for me/steps I need to take in order to get started, they would be highly appreciated! I'm super new to the idea but I would like to make a move soon so I can stop thinking so much about it! [link] [comments] |
| Posted: 26 Apr 2021 02:09 AM PDT Remember when offering asking price was good? Remember when offering 10k over asking was good? My husband and I bought a property via conventional mortgage with ask of 125k closing on 6 April. Put 20% down so into the property with closing costs 132k. Our appraisal came back 140k. The house is a 2 bed 3 bath ranch built in the 1920s in the Midwest, 1450 Sq feet. Large front yard. Two car detached garage. Huge cinder block basement. We debated initially renting it out, decided against due to COVID and not wanting to run into a bad tenant. We debated gutting the kitchen and bathrooms. Kitchen was dated. Bathroom was floor to ceiling light blue 3x3 tile from the 60s but in great shape. We decided instead to clean up the property. Make sure electrically everything worked. Replaced two toilets with new models (old ones were blue and not working). Recauked the bathroom tub and shower. Purchased new electric cooktop stove. Repaired drywall, prime and painted a couple rooms. Lots of landscaping, throwing away a lot of trash and garbage. Found hard wood floors under living room and one bedroom. Filled to the brim a $250 dumpster and listed the property for $145k. This was Friday, 23 April, 17 days after closing. The house is under contract Sunday, 25 April closing 31 May. First offer 150k. Yea, 5k over asking. Second offer 175k VA w/escalation to 185k with appraisal gap met. Holy crap! Third offer 167k with escalation to 172.5k Fourth offer 155k Two verbal offers for 155k and 160k who didn't submit due to finding out they couldn't compete We accepted the 175 VA offer. We stand to profit 32k plus sellers commission (husband has license). I can't believe offer 3 lost 27.5k over asking. And we didn't offer the property up expecting a bidding war. Again. It appraised for 140k. Very intriguing to wonder what she'll appraise at now for the buyer and how much he will have to cover. The buyer apparently wasn't screwing around with this one. Not bad for two weeks work. [link] [comments] |
| Anyone used Land or Construction Loans? Posted: 25 Apr 2021 03:14 PM PDT Want to buy a piece of land and develop a single family house in WA. The land will be ~500k and the construction will be ~750k. Anyone applied for Land or Construction Loans? Any lender recommendations? [link] [comments] |
| Posted: 25 Apr 2021 02:10 PM PDT I'm currently a student, graduating in the spring of 2023. I have about $25k saved up + another $30k by December from my internship. I'm looking for housing arrangements for the next 2 years, and I've recently been thinking of purchasing my first home. I currently live with 2 roommates that would move into the house and would pay their share of the rent. Instead of renting an apartment and giving my money away, should I purchase a home hoping to sell it or renting it out once I graduate? The area I'm looking at is in Rochester, NY. [link] [comments] |
| Posted: 25 Apr 2021 02:13 PM PDT Curious if anyone here is familiar with Philadelphia real estate investing. I just purchased a property a multi-unit(duplex) that is designated as a RSA-3. I got a rental license for the first unit. I am living in one unit and renting out the other. However am I legally allowed to rent out the other unit? Do I have to get a zoning permit? [link] [comments] |
| Posted: 25 Apr 2021 04:25 PM PDT I bought my first townhome 2yrs ago. There's $140k left on my loan but I could probably sell it for around $200k based on recent prices. I live downtown in a city that's been going through a revival the last few years and homes sell as soon as they are listed, but I guess that is the housing market as a whole right now. I'm in my early 30s, single, and I was in a bad debt situation until my pay increased last year (I should make around $100k this year in sales). I graduated college in my mid 20s and struggled to find a well paying job at first - worked in retail and banking and was barely able to make ends meet and unfortunately racked up some debt over that time. I've managed to pay off almost all my credit card debt over the past year, so as of now, besides the mortgage I have $40k in student loans, $10k on a car loan, and $8k on a personal loan (which was to help pay for my home's down payment). I do have $10k in a stock market portfolio, $1k in a savings account for emergencies and a 401k that I wouldn't touch unless I ran into a true emergency that required it. I like my home, but I am ready to get out of the city. Living downtown in my 20s was fun, but I'd like to buy a proper house with a back yard for my dog and breathing space where I don't feel like I'm under a microscope as I do here. Ideally I'd like to keep the property, rent it out, and use that passive income to pay down the mortgage over time. I think I could charge a decent amount above my mortgage ($850/mo) so I could also pay down the principal faster. But given my current situation I don't know how realistic that is. My ultimate goal is to build a real estate portfolio of rental properties but I'm already in my 30s and I feel like with my existing debt, it may take a while to start saving up substantially for down payments. I guess I'm looking for advice on how I could start investing in real estate right now and to start building a rental portfolio, or if I need to pay down more of my debt first. Does renting my townhome sound feasible or does it make more sense to continue living here until the loan is paid down? My goal is to have everything, even my mortgage, paid off in the next 5 years. Thanks for any help you can provide! [link] [comments] |
| Posted: 25 Apr 2021 07:06 PM PDT I am a first time home buyer. I am in the process of closing on a multi-unit property and there are some moderate-ish deficiencies with the property including:
Which of these should be a priority to discuss with the owner? [link] [comments] |
| Best entry level jobs to work while house hacking and learning about REI? Posted: 25 Apr 2021 04:46 PM PDT 26-year-old, humanities undergrad, just started a grad school program for a good, in-demand job. However, part of me is questioning whether I want to be so career-oriented or not, and I ended up getting sucked into the "passive income gurus" side of TikTok. Obviously, these gurus are mainly trying to shill courses and whatnot, but no doubt there is an underlying FI/RE dream that is reasonably attainable. Been getting really attracted to various areas such as homesteading, wholesaling, house hacking, etc. Again, I know a lot of this is survivorship bias "get rich quick" scheming, but the common thread to all of this seems to be how lucrative real estate can be if one is skilled and knowledgeable. I only just started my grad program and am wondering if I should quit before I get too deep in debt and start house hacking. I have a decent amount of money in the bank that could go towards a down payment on an FHA loan. Only thing I'm wondering about is what I would do for work in the meantime. I read online that, if you're going to house hack, you should still be making enough from your day job to cover mortgage and other living expenses even if you're not actively renting. Also, if I am going to try to do a deep dive into real estate to learn how I can make it work for me, I figure I may as well aim for jobs that will teach me relevant skills/knowledge around real estate, whether it's repairs, property management, interior design, what have you. Basically, what are the jobs I should be aiming for that are ideally entry level, pay at least 40k annually or 20/h, and confer skills/knowledge that help in real estate? [link] [comments] |
| Debate: Fully Paid Off Rental - Good or Bad Investment?? Posted: 25 Apr 2021 05:22 PM PDT Trying to get some expert feedback on your thoughts around whether a fully paid off (no mortgage) rental property is a good or bad investment? All my calculations point to bad investment. Curious on your thoughts. [link] [comments] |
| Foreign investment properties while renting in U.S.? Posted: 25 Apr 2021 02:36 PM PDT Hello r/realestateinvesting, New to this subreddit. I currently live in a HCOL area with very little hope of being able to purchase a house or breaking out of renting. My industry is clustered here and while I hope to shift to a remote version in the future, the process will be slow and without guarantee. My friends have been discussing investing in international homes instead. The plan is to travel and stay there whenever they please and then rent out to holiday travelers for the rest of the year. The rentals would be managed by in-country companies to allow them to be as hands-off as possible. Essentially, only funneling in money to pay it off. This way, they can build equity in more reasonable housing markets while renting in our city. I should mention that these people have family in the area and would be able to use their parents funds as safety cushions. Nothing against it, I just don't have the same situation and that's part of my concern. On the other hand, risk is inherent to investments and I still have decades before retirement. I don't mind moving to a cheaper property with more roommates and it would be nice to have one place the world that I can actually call home (eventually) or sell for my future home somewhere else. Do any of you have experience with this setup of renting in-country, buying foreign property, and finding a property management company to take care of it? Any recommendations on where to start research that doesn't involve signing up for some real estate developer's personal blog and newsletters about how they promise return on investment? How does this impact U.S. taxes and first -time buyer advantages? What are some lesser-known issues to watch out for? I understand this is a broad question, but I figure asking questions early and frequently will keep me from wasting my time in the long-run. Hope this also helps others that are stuck in the same situation as I am. [link] [comments] |
| Interested in buying properties for short term investment & monthly rental income Guidance Needed Posted: 25 Apr 2021 02:10 PM PDT I am new to it and would like to invest into rental properties to make 5-10K monthly income any ideas where and how to start the search, which areas makes sense and is commercial better or residential, foreclosure/short sale any other tips appreciated. thanks! [link] [comments] |
| Do you or your PM select your tenants? Posted: 25 Apr 2021 08:00 AM PDT I have out of state rentals that are fully managed by a PM. I was recently reading a blog and the owner referenced her PM sending her the applications for review and tenant selection. It never occurred to me that this could be an option. I could see a value to this but I think it may be a bit "in the weeds" and not the best use of my time. Just curious what everyone else does. [link] [comments] |
| Transitioning to multi family? Posted: 25 Apr 2021 09:38 PM PDT Just wanted to get some perspective. I'm in Las Vegas and multi family property here is pretty much exclusively in terrible areas. But with potentially increasing minimum wage and a continually growing population it seems to me that this could make these properties worthwhile. For those who transitioned to multi family, what did you like, not like? Any surprises, good or bad? [link] [comments] |
| Posted: 25 Apr 2021 09:25 PM PDT Sorry for the cryptic title. Basically I would like to upcharge selling my place to the to the real estate investor nextdoor that own a property that shares a wall on our detached garage. Basically they would now own a full parcel of land that our garages share. Huge right? Denver is pretty lenient about building living spaces above garages and stuff to rent out/airbnb. I want to sell for a larger premium due to this fact, how much do you think something like this would be worth to a potential buyer/investor? [link] [comments] |
| First deal. What am I missing? Posted: 25 Apr 2021 09:01 PM PDT So I'm making my first offer and I just want to make sure everything makes sense. I've been on the hunt for a deal for the past 6ish months and this is the first one I'm close on but it's still not optimal. Here is the breakdown:
Running it all through my analysis, it looks like I would be short approx $266/month in cash flow. This is based on:
Things that I think make this still work. The refi could very well be better these days. I also plan to self-manage the first couple of years so I wouldn't pay PM. I also plan to rent by the room. We have a lot of young single military members looking for good housing (and a pool). By doing so, I think I can raise my monthly income to $1900/month. Between just the increased rent and lack of PM, my cash flow goes to $274/month and a 9.6% CoC annual return. Not amazing but I also walk away with some good equity. Throw your spears. Poke some holes. Is it worth it? I still really want to offer less but everyone I've talked to in person keeps shutting that idea down. [link] [comments] |
| Tax Sale Date Removed from Potential Investment Posted: 25 Apr 2021 08:22 PM PDT I'm newer to tax sales, but a home in my neighborhood was going up and had a set date. It was then removed from tax sale about a week before the date, and the outstanding taxes from several years have been quickly been paid off (about 80% in the past two weeks). Are there deals that can be made pre-tax sale? The current owner and title has not changed on tax records. I'm very interested in hearing what could potentially be happening. PS, this house has caused many issues/crime in the neighborhood, so we're not sad to see this happening but would have liked the opportunity to buy the lien. [link] [comments] |
| Posted: 25 Apr 2021 03:17 PM PDT Hello everyone. I recently turned 20 years old and I am in a dilemma on wether to go to college or not. I want to invest and be a landlord to be financially free by the time I turn 30,and even then I want to do this for the rest of my life however I got the opportunity to go to college for free with some grants I acquired. I know you don't have to go to college to get into this business of real estate so my question would be, if I did decide to go would courses, classes, or any sort of education would be great for real estate investing? And I honesty am leaning towards not going. I've seen some investors on YouTube that have had some education with bachelors and associate degree for accounting and things of that nature. So I'm in the middle right now. Thank you in advance :) [link] [comments] |
| First time investor - HCOL (Northern VA) Posted: 25 Apr 2021 07:06 AM PDT Hi all -- I'm looking for some advice in general, as well as hoping some folks with experience in the market I currently live in could give some advice as well. For my background: I'm a 27M living in northern VA working as a software engineer. I've got ~$50K in savings and $85K in my stock investment portfolio which I am happy to move to real estate. (I've also got $85K in 401k and $30k in Roth IRA, listing those as maybe there are some strategies that could involve borrowing against?) If I wasn't in such a HCOL area, my plan (which has not been thought out much) would be to buy a place that needs some work, live in it and slowly fix it up/renovate, and then refinance. Based on what I've seen for the market here (Arlington, Falls Church, Tysons, Fairfax, etc), there really aren't many 'investment' type opportunities that require any work. Most homes for sale are already renovated, and then there is a bunch of new construction. My hope with this thread is to just get a little smarter on things in general, and maybe get pointed to some resources to look at further so I can formulate better questions (as sadly, I don't know what I don't know right now). I do still have a few questions, which hopefully make some sense:
I did some searching for HCOL in the subreddit before posting, but maybe didn't do a good job filtering through the results as nothing was sticking out as recent advice. Hoping to learn a thing or two at the very least. Thanks all! (To the mods, I had originally posted this on a different account because of including some personal details, but saw it was removed due to karma requirements, so posting with this account. Hopefully it doesn't get filtered out for being the same as a recently removed post) [link] [comments] |
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