Real Estate Investing: Advice on using equity to buy another property |
- Advice on using equity to buy another property
- Property purchased under LLC with hard money loan, LLC owner MIA, foreclosure, & more!
- My sister wants to buy a house together, renovate and rent it out.
- Is this a reasonable offer for a potential investor?
- Appraisers are human and come with their own preconceived ideas
- I’m considering selling my house to take advantage of the strong sellers market.... but of course then I need to buy a new house :/ As a homeowner how can I make the most of the housing market right now?
- Separate credit cards for each property?
- Parents plan to move next year
- How do I start in real estate?
- Question for experienced investor: Preclose roof repair but seller doesn’t have funds? Any creative ideas?
- Need Advice: I'm a first time investor... Should I invest in this climate?
- Finding a Property Manager? Southern Maine
- Credit Card and RE
- What is best game plan to finance an ADU in LA, CA? Construction loan, build, then reappraise to draw money from property for another ADU if this all worked and do it again?
- 1031 question
- Are there any good incentives in Maryland to use solar panels and energy efficient appliances?
- Buy Vs. Build a Multi-Family Complex?
- First time investor here - Looking for Duplex/Triplex RE Excel Models
- What do I need to know before investing into a real estate project as a private investor?
- Bidding for a house without an agent. Bay Area
- Does this qualify for a 1031 exchange?
- What’s the thesis for major city RE investment?
- Specific Questions about Qualifying for FHA Loan
| Advice on using equity to buy another property Posted: 15 May 2021 12:42 PM PDT Hello! My fiance and I purchased a condo in a popular vacation area with a strong Airbnb and rental history - we are finishing renovating it with the intention of putting it on airbnb in the Summer and mid term rentals in the Winter (this area is popular for people to build their dream homes, so 4-5 month renters are common). We purchased this about 6 months ago at 129k and since then the neighboring units of the same floorplan have been selling at 189k-195k. I am very new to the real estate investing game, and have read a bit on BRRR, HELOCs, etc but am still unsure how this could benefit us. My question is, could we get some sort of equity loan based on the new valuations/comps in our condo community, and then use that to purchase another investment property? I'd appreciate any advice, thank you! [link] [comments] |
| Property purchased under LLC with hard money loan, LLC owner MIA, foreclosure, & more! Posted: 15 May 2021 01:09 PM PDT My first time ever getting into REI and it has been a complete disaster. I am a managing member of a property LLC that was purchased with a hard money loan with intentions of flipping and selling the property right before covid. LLC owner/business partner went MIA and had a mental breakdown and property was at risk of foreclosure. Lied about payments being up to date, had not reached out to the lender, their lawyer etc as he said he had and it was a big mess. I did not know anything until receiving foreclosure notices in the mail at my home address. Property had tons of leins and was considered blighted. Luckily with the help of multiple lawyers I was able to sell the the property to a developer in 2 weeks. He is unaware of the sale as my calls have gone unanswered and we were both guarantors on the loan. Had to save my credit and do what was best for the LLC. I am the only one on the lender documents associated with the LLC as managing member (may have been misled in this). EIN is under owner and I have checks that need to be deposited. There was no operating agreement but a Corp Resolution naming me managing member. The lawyers I retained were able to create an operating agreement during the sale process.
First hurdle through with and next is taxes..... How do I go about this? EIN is associated with him but I sold as the managing member. Lastly, once everything is handled I will be dissolving the LLC. [link] [comments] |
| My sister wants to buy a house together, renovate and rent it out. Posted: 15 May 2021 03:26 AM PDT She will be providing only 15 percent of the equity and myself the rest. I want it to be as fair as possible so if we did it how should we split up the rental income and eventual equity when the house is sold ? I'm thinking she will get a percentage of rental income after taxes dependant on the equity she puts in but I'm unsure how we should agree about the eventual sale of the property. She will be putting in an equal amount of work renovating the property with me without using contractors. Should we split the profit when sold evenly due to the equal amount of physical work renovating it? Or should this still be a percentage of the equity she invested? I don't want disagreements and I want it to be as fair as possible so there is no room for falling out So wanted advice on how to proceed. Edit: thanks for the advice I will have a think; although the multiple private messages from people offering me investment opportunities... No thanks. [link] [comments] |
| Is this a reasonable offer for a potential investor? Posted: 15 May 2021 06:10 PM PDT Hi! Background info: I build healthcare organizations and sell them so this is not my forte. I am currently in the process of Lease Purchasing a 40k square foot property to renovate and turn into a medical facility. The asking price is 1.8 but, in short, the owners have horrific terms for the Lease Purchase and we are days away from the Earnest Agreement expiring. It is is poor condition but I am planning to renovate at my cost. Before I totally embarrass myself approaching potential investors, what is a reasonable suggestion? If someone purchases the property for $1.8 and I sign a lease agreement for (5-10 years) at $15,000 per month? I could also put money down. Just wanting to know what to expect. Thanks in advance! [link] [comments] |
| Appraisers are human and come with their own preconceived ideas Posted: 15 May 2021 01:05 PM PDT This is an interesting story of an African American woman that was struggling to get a good appraisal on her house and finally had a Caucasian friend stand in for her. https://www.cincinnati.com/story/money/2021/05/13/indianapolis-black-homeowner-home-appraisal-discrimination/5071223001/ [link] [comments] |
| Posted: 15 May 2021 08:54 AM PDT I'm considering selling my house to take advantage of the strong sellers market.... but of course then I need to buy a new house :/ As a homeowner how can I make the most of the housing market right now? [link] [comments] |
| Separate credit cards for each property? Posted: 15 May 2021 11:34 PM PDT Hey everybody, I had a question that I couldn't really find on any of my google searches. If I had multiple properties, with separate bank accounts for each property, should I also have separate credit cards for each property? Or have one credit card (for rewards/points/miles) and write down which expenses go to which property? The CC transactions will be exported and uploaded to Stessa later. Thanks for any help and advice! [link] [comments] |
| Parents plan to move next year Posted: 15 May 2021 01:08 PM PDT They plan to move next year. Their home is paid off for. I'm in Wyoming they are in Ohio. I would love to keep the home 1 acre great neighborhood and around many shopping areas and great school. I own in Wyoming and want to keep/ possibly rent it out then since I'm here. But I do not want to lose that home. Thoughts on what I can do? He would give me a great deal. [link] [comments] |
| How do I start in real estate? Posted: 15 May 2021 06:33 PM PDT I have this idea of starting out with 5-10k buying a small house one bedroom fixing it up and just renting it out is this doable? Are there ways to get make money in real estate without having money? [link] [comments] |
| Posted: 15 May 2021 09:40 PM PDT Cash deal Closing in two months, seller moving out after 40 years Roof leaks Proposal for roof cost $50,000 and has 50 year warranty (transferable) Seller does not have cash to do roof now We don't want to leave roof leaking for two months What to do, this isn't an escrow case since that will be post close, the seller doesn't have the money, want to be creative, as property is one of a kind One bad idea I have: If I put up the money preclose and roof gets fixed and worst case scenario they dont close for whatever reason then what? How do I get the money back? [link] [comments] |
| Need Advice: I'm a first time investor... Should I invest in this climate? Posted: 15 May 2021 11:20 AM PDT Hi everyone, hoping to get some advice on whether real estate investing would be worthwhile to get into for me! I'm currently living in my parents house due to COVID. I live in the outskirts of CA (think north of Sacramento). I'll likely be relocating to the East Coast for work in August. The pandemic has been pretty good for my savings in that I've amassed about a 75K savings. I currently work in tech (~100K/yr), but I'll be applying to a PhD program for entrance next year. Here's the rationale I've thought in terms of getting into real estate investing: At this point, I've pretty much decided that I likely won't be buying a house I'll live in myself until I'm settled down with kids and a family. (I don't think that'll happen for another 5-8 years.) I'm not particularly comfortable investing the savings into the stock market in fear of having to cash out the stocks in a bear market. However, I'm also convinced that having this money in a savings account for the next 5-8 years is the move, and I wanna do something more, perhaps real estate. I think real estate investing would be quite interesting in that my parents have been landlords for single family units for 10+ years now, and they've done quite well for themselves. My parents said that they'll be happy to manage my property in the event that I move elsewhere. Also, my father is quite handy with many simple repairs, which I hope brings down maintenance costs. I've been eyeing a 4-plex that costs 424K with a projected rent of 38K/year. Using one of the calculators I found here (thank you u/CitizenCaecus**)**, it projects a $750 cash flow per month with a 7% cash on cash return. I know that most people tend to look for a 10-12% cash on cash, so it's a bit lackluster in this regard. Should I still be concerned about buying into such a hot market if my estimates indicate a positive cash flow? What's your general advice in investing in this climate? Am I in over my head? tl;dr
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| Finding a Property Manager? Southern Maine Posted: 15 May 2021 08:45 PM PDT I'm excited and nervous that I'm finally taking the plunge and buying a multi-family in downtown Biddeford, ME, with a close set for June 21. I have a job that requires a decent amount of travel so I had resolved early on to relinquish better returns and go the property management route. I've put out feelers to half a dozen property managers in the area over the past two weeks, from small-town shops to national chains, and have only heard back from one saying they're full up. Nothing from the rest of them. Before I start pestering and following up with each and every one (which I'm more than happy to do), I'm curious if anyone else has experienced something similar? Is it just really busy right now? Or, could it be I'm saying something wrong in the emails? I typically am just reaching out with the high level information (address, # of doors, I/E, etc.) and asking if there is interest. Would really appreciate the insight of others. [link] [comments] |
| Posted: 15 May 2021 08:39 PM PDT I've been shying away from a cc for a long time, simply because I despise debt and manage without it. I agree with Dave Ramsey on the subject pretty much, I see on wikihow and other platforms that a good credit score goes a long way when it comes to RE investing. The question is is their a way around it? Particularly for a buy rehab and sell investment I'm not talking about funding deals with one but is it a must to be owning one [link] [comments] |
| Posted: 15 May 2021 11:48 AM PDT Specifically interested in the construction loan aspect. [link] [comments] |
| Posted: 15 May 2021 12:37 PM PDT Is there a way to sell one rental and apply that equity to paying down another and avoid capitol gains tax? [link] [comments] |
| Are there any good incentives in Maryland to use solar panels and energy efficient appliances? Posted: 15 May 2021 02:21 PM PDT Is it worth it to build my properties with these items? [link] [comments] |
| Buy Vs. Build a Multi-Family Complex? Posted: 15 May 2021 04:46 PM PDT Considering the rising costs of construction, current timelines/delays (16-18 months to break ground), would it be better to buy an already built complex, even if your potential build could be bigger in size? In what instances would it be true to buy over build? [link] [comments] |
| First time investor here - Looking for Duplex/Triplex RE Excel Models Posted: 15 May 2021 09:08 AM PDT Hello there! My partner and I are evaluating some RE properties for investments, but are lacking a RE excel model to put the numbers down. We're mainly looking at multi-family houses (duplex/triplexes). I've looked online but all these models are way too complex, so seeking your guys' help - can you recommend some models we can use? [link] [comments] |
| What do I need to know before investing into a real estate project as a private investor? Posted: 15 May 2021 08:12 AM PDT I know this is probably a naive question, but I am very interested in RE development and have been thinking about this. I was recently invited to invest into a condo project with an investment duration of 5 years. The structure is Limited Partnership. The developer has completed a handful of projects before, and they're very open to provide any information regarding their track record and the project. As a private investor, what information should we inquire from the developer to protect our interests? Thanks for the help. [link] [comments] |
| Bidding for a house without an agent. Bay Area Posted: 15 May 2021 12:39 PM PDT 2nd-time buyer and trying to see if I can bid for a house without an agent and pass back part of the benefit (3%) to the seller and sellers' agent.
Edit: I took advice from this tweet: https://twitter.com/sweatystartup/status/1361036020117082121
I am in a hyper-competitive market. Open market houses are paid off in full cash without any contingency. [link] [comments] |
| Does this qualify for a 1031 exchange? Posted: 15 May 2021 12:02 PM PDT We purchased a mountain home in mid-July 2019 with plans to renovate it and list it as an STR. We did the renovations ourselves on weekends when we could throughout the rest of 2019 and for the first half of 2020 (including not being able to rent due to Covid). We officially started renting the end of June 2020 and have been actively renting it since then (again, minus the occasional weeks due to Covid restrictions). We are now interested in selling it via a 1031 exchange. Our idea is to exchange it for a new property which we would plan to rent out for a year and then move into ourselves to establish it as our permanent residence. My questions (assume personal days are <14 for each property):
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| What’s the thesis for major city RE investment? Posted: 15 May 2021 04:28 AM PDT The previous thesis for commercial RE in tier-1 (Seattle, DC, NYC, LA etc) urban markets was that despite having higher holding costs and lower yields on a percentage basis, it was all worth it because the appreciation would balance out the numbers. Even after this current wave of migration, I don't think these major cities are going to be the job and income growth centers they used to be, so why would investment capital flow there unless the investment yield in say a Salt Lake City becomes the same as LA? [link] [comments] |
| Specific Questions about Qualifying for FHA Loan Posted: 15 May 2021 08:56 AM PDT Alright guys, finally ready to get into real estate but I have some specific questions about qualifying for financing. I keep getting different answers from different loan officers. here is my situation so you have the context for my questions. Age: 23 Income: $52,000 (started 3 months ago) Credit score: 810 Monthly debt payments: 1,200/month Savings: $15,000 Here are my questions:
If you need any more information to answer these questions let me know. Thank you all for the inspiration to get started, ready to start building wealth. [link] [comments] |
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