Real Estate Investing: After 7 months of non-payment a judge finally issued me a writ, which the police refuse to enforce. Tuscon, AZ. |
- After 7 months of non-payment a judge finally issued me a writ, which the police refuse to enforce. Tuscon, AZ.
- Looking to purchase an out of state income property and need advice!
- Where to deposit rental Income
- Had a horrible experience with my first fix and flip
- How can you treat your rental property as a business?
- How many rentals later to form an LLC ?
- Looking to start flipping houses
- Potential pad site for national brand
- Previous Owner Signed New Leases
- Cash out refi investment to purchase primary
- [CA] Comparative Advantages of TIC vs LLC for Co-Ownership?
- What Can I Count as Expenses?
- Property Tax Payer Look Up NY
- Investing in Detroit's >10k Houses
- Changes in Multifamily brought by Pandemic
- Does any landlord here live in the same building as the tenants?
- Which should I do first ?
- Thought it was in the bag but now I'm so confused....
- 1031 Exchange advice
- How important is it to insulate exterior facing walls?
- Never depreciated Multi-Family, can I do it now?
- Is Online Real Estate School Worth It?
- Strict No Pet Policy....Found out Tenant has a Cat
- Using a Heloc for down: 10% with PMI or 20%?
| Posted: 18 May 2021 08:20 AM PDT This is a followup to this post:. For a quick summary, my tenants lease ended and they stopped paying rent and utilities in September of last year. They refused to move out or file for assistance. They refuse to let third parties into their apartment to do pest control or make repairs. My property manager believes their son (not on the lease) is selling drugs at the property, but we cannot prove it. Roughly 3 months in I got a court case, in which the tenants waved the CDC declaration at the judge and the judge ended the hearing. The tenants followed none of the requirements on the CDC declaration. The second hearing was 7 months in, and the judge told them they had 15 days to comply with the CDC declaration or they would issue a writ of eviction. 15 days later the judge issued a writ. 15 days after that the constables showed up to evict. The tenants showed them the CDC declaration, and the constables didn't evict. I asked the lawyer if they could explain the situation I was in to the constables and remind them that the CDC doesn't decide laws, that judges do, and it's just the polices job to enforce the laws. She said she has been doing that for months and it hasn't helped. She asked me to escalate my case to a superior court, which I am now doing. Her best case estimate for a resolution was a month. [link] [comments] |
| Looking to purchase an out of state income property and need advice! Posted: 18 May 2021 08:08 PM PDT My friend and I are looking to purchase our first out of state rental property. The city we have in mind had a good selection of houses under $100k that we have our minds on. Currently in the process of getting a loan in place with one person being the borrower and one the co-borrower. We have a few questions 1. Once approved for the loan, should we form an LLC to purchase the house under? 2. How do you feel about purchasing a house with tenants in it? 3. How do we go about getting the next houses using the acquired equity in the first house? Thank you [link] [comments] |
| Where to deposit rental Income Posted: 18 May 2021 08:07 PM PDT I just bought a rental property and started depositing the rental money into my bank account. I am in the process of creating an LLC to own the company under it. Is there any difference for tax purposes or otherwise for depositing the rental money to my personal bank account vs the LLC bank account? What if the LLC will be half owned by someone else? [link] [comments] |
| Had a horrible experience with my first fix and flip Posted: 18 May 2021 03:37 PM PDT Hey guys. So i wanted to share my story/ask for advice for fixing and flipping. I bought a house on an auction site that was bank owned. Anyway, I had hired a contractor to do a full rehab of the place, the contract ended up doing shorty work, didn't do things I asked him to do, such as replacing the furnace, and other things. [link] [comments] |
| How can you treat your rental property as a business? Posted: 18 May 2021 10:49 PM PDT I currently have a duplex as a rental. Rentals are deposited into a separate account from my personal account. How can I treat my rental property as a business? …or can you? I would like to set it up as a business (legally) and turn it into "active" income instead of passive income. I know this is a gray area. I know some folks set up LLC but I believe that's more for liability purposes. I could never figure out this question so hoping someone can shed some light into this. Thanks! [link] [comments] |
| How many rentals later to form an LLC ? Posted: 18 May 2021 08:31 PM PDT I have been reading mixed opinions on this. Some people start an LLC from their first rental itself while others don't prefer it as it gets harder to secure loans or get offers accepted by sellers. Generally what's the consensus on this? When is the best time to form an LLC? Are there any tax advantages or it's purely to safeguard personal finances from liability? [link] [comments] |
| Looking to start flipping houses Posted: 18 May 2021 11:41 PM PDT Hey there! So long story short, I was thinking of buying a house and flipping it instead of buying a condo/townhouse to live in permanently. I have necessary man power to remodel a house since my family has owned a remodeling company here in Houston tx since the early 2000s. What I want to know is the dos and donts, any good resources, what the first steps should be, etc. Any ideas or comments would be very much appreciated. Thank you, Sleepy3005 [link] [comments] |
| Potential pad site for national brand Posted: 18 May 2021 10:55 PM PDT Have been offered a potential pad site, has anyone had experience in purchasing land for a pad site and successfully finding a national brand to lease it from them? Looking for resources. [link] [comments] |
| Previous Owner Signed New Leases Posted: 18 May 2021 09:13 AM PDT So I just closed on a 4 plex and found out the previous owner, or his management company, signed new leases for the tenants. I submitted my offer on 4/17 and closed 5/17. When I submitted my offer the seller's disclosure had the tenants as month to month. Now come to find out they signed new leases on 4/18 for between 1-1.5 years. One of which is about 60% of market value. Do I have to honor these leases? State is Missouri. I'm currently working with my agent, the management company and a friend who is a lawyer, but if anyone has experience with this it would be greatly appreciated. [link] [comments] |
| Cash out refi investment to purchase primary Posted: 18 May 2021 08:55 PM PDT I currently live in Midwest and own a couple of cash positive properties in California. I do not get any tax benefit on my primary residence because standard deduction, but I do get to deduct the mortgage and other expenses (including depreciation) from the cash my Cal properties generate before calculating the taxes I owe on the profit. I was thinking if I borrow large sum against my investment to the point where they become unprofitable and use that to pay off mortgage for my primary in Midwest, would that be a net positive or am I missing something. [link] [comments] |
| [CA] Comparative Advantages of TIC vs LLC for Co-Ownership? Posted: 18 May 2021 08:46 PM PDT Hi r/realestateinvesting . I'm interested in understanding the tradeoffs between two forms of co-owning property in California: Tenancy in Common and LLCs. Does anyone know what the strengths and weakness of each are? I found many, many posts here about LLCs, but I'm specifically interested in how LLCs compare against TICs. I couldn't find an answer to this specific question. [link] [comments] |
| Posted: 18 May 2021 08:28 PM PDT I bought a rental property under an LLC and have done extensive work using a local handyman. The guy does not have a SSN or anything like that so I pay him cash. Is there a way I can include his salary expenditures as expense in my LLC? [link] [comments] |
| Posted: 18 May 2021 07:43 PM PDT Hello, [link] [comments] |
| Investing in Detroit's >10k Houses Posted: 18 May 2021 07:18 PM PDT I know I will get flamed in the comments. However, I am very tempted to invest in the cheap lots/homes within the city and hold onto them with the idea of DET coming back to life in the future. If you had 30k and wanted to maximize your return. Where & How would you invest within the state of Michigan? I'm aware that you have to pay back taxes for most homes & most houses listed need to be torn down. All tips & advice would be greatly appreciated. [link] [comments] |
| Changes in Multifamily brought by Pandemic Posted: 18 May 2021 06:41 PM PDT The pandemic has affected the multifamily sector in the short-term but for the longer-term it is too soon to tell exactly how much of an imprint it will leave. There is always going to be a demand for living spaces, however, and Smart Capital Center's Dennis Patrick says multifamily will become even more attractive as a real estate investment asset class going forward. CBRE in a market outlook report released in April also took note of the pandemic's effects on multifamily investments, with rent declines expected through 2020 and vacancy expected to reach 6.3% in the third quarter. However, CBRE added that "vacancy should begin to decrease in Q4 2020 and return to its former low levels by Q3 2021—a relatively rapid recovery phase… [while] a healthy rebound in rents is expected through 2021. Rents should reach their pre-coronavirus level by Q2 2022." The most recent result of the National Multifamily Housing Council's Rent Payment Tracker, which surveys 11.1 million of professionally managed apartment units across the U.S., found that 94.2% of apartment households made a full or partial rent payment by June 27, down 0.5% from the year-ago period and up nearly 1% month on month. This means that for the month of June, there is virtually no change between the percentage of tenants able to make their rent payments prior to and during the pandemic. Multifamily properties are generally less exposed to volatility and between the asset classes offers the least chance of yielding negative rents. The fact is, people will always need a place to live and multifamily properties aren't going anywhere. "The multifamily properties to focus on are those that cater to the mid- to high-income earners, as there is less chance of default on payments for such properties", says Dennis Patrick from Smart Capital Center "The properties to focus on are those that cater to the mid- to high-income earners," Dennis Patrick says, as there is less chance of default on payments for such properties. "The size of units, amenities offered, the length of commute are also factors that should be looked into when deciding on your investment." Moody's Victor Calanog, when talking about the pandemic and the future of multifamily, notes that though the pandemic has slowed down a variety of constructions, it is not likely to result in "widespread demolitions of existing stock." Instead, he states that the effect will be focused on the "qualitative nature of demand." Landlords and potential investors will need to think about their properties and the utilization of space. Tenants' needs and desires in terms of living spaces are likely to evolve. Shared-spaces will also need to be reconceptualized and reconfigured to accommodate new demand in the post-COVID world. Strong demand for multifamily will continue but investors must be cognizant of certain factors that would impact that demand as it will not be uniform across the board. Look at factors such as location, proximity to hospitals and schools, as well as the median income in the area, and the jobs available. [link] [comments] |
| Does any landlord here live in the same building as the tenants? Posted: 18 May 2021 06:39 PM PDT Long story short I bought a rental property with 3 units and after doing some calculations, I came to the conclusion that I would save a good amount of money if I lived in one of the units instead of buying a condo. I will be moving there pretty soon. Is anyone else doing something similar, what are your experiences? [link] [comments] |
| Posted: 18 May 2021 06:32 PM PDT Refinance my investment property (inv prop+cashout+jumbo) or buy my primary. My thought was to refi first and then do the cash out. But seeing how the rates are it would be the equivalent of getting a 3% interest on my money... Should I purchase first ? I can take a 401k loan for 5% down. [link] [comments] |
| Thought it was in the bag but now I'm so confused.... Posted: 18 May 2021 02:27 PM PDT So during the past few months, I've come across a pretty good deal on my first investment property. A modest 2 story, 7 unit (3 commercial units, 4 residential), mixed used building. The seller, looking to retire from the real estate business and a co-worker of mine, only wanted $150k. I obtained a pre-approval with a verbal offer from a lender at $30k down payment with 9k in closing costs. Somehow along the way they changed the verbal to 45k (30% down) with 9k in closing cost. I was confused but I had the capital. So I moved money around and met thier verbal offer. So here comes the conditional offer........ 60k (40% down) with 9k in closing costs (2 year loan mind you). I couldn't believe it, my loan officer couldn't believe it, and they hadn't even looked at my financials nor obtained an appraisal. So I started looking for a different lender. The next lender wanted 60k as well but verbally offered way less closing cost and a 15 to 30 year loan. I rather would have more of my money going toward the property than closing costs anyway. So I get my affairs in order. I managed to scrape up 70k cash. This time they have my financial background done and credit score. What do they do? Here was their conditional offer Down payment: $82,500 Interest 10.5% 15 year term 55% down..... I didn't even read the rest of the conditional offer. I understand I'm a new investor and carry more risk as well as there is some vacancy in the building (2 of 3 businesses have long term tenants, 1 of 4 residential units are filled) but this just feels like these lenders simply don't want to lend without saying it. Now that I've said all that, anyone have any suggestions on how I could get financing without all the run around? [link] [comments] |
| Posted: 18 May 2021 06:49 AM PDT First post here, looking forward to getting more involved in this subreddit. Currently looking for a good investment property/properties to dump around 2.3 mil of 1031 exchange money in. Already invested in two historical homes that are both zoned for multi use (office/residential), and I plan on trying to keep the tenants in both units because their leases pay well. I want to diversify from property of this type and was considering purchasing land to build a self storage facility on. Haven't done too much research on the expense of constructing it, but the returns from self storage seem promising. If I do go this route, it would probably take up the rest of my 1031 money (the 2.3 mil). I've also given thought to investing into multiple small homes that would produce capital gains less than $500k due to the possibility of the Biden administration putting a 500k cap on 1031's in the upcoming future. The market I'm investing in is the greater Philadelphia area. Any experience/advice would greatly be appreciated. Edit: I have about 30 days left to identify properties [link] [comments] |
| How important is it to insulate exterior facing walls? Posted: 18 May 2021 05:16 AM PDT Fixing a home up at the moment and one section (well really are) does not have insulation and has a copper pipe running up the wall. I did not seem to think this was a big deal, nor my contractor, and my experienced builder/dad. But my realtor seemed to think it would be worth it. My contractor said he'd rip the wall down and insulate the section for an extra 100 while he is doing some things, but I wanna ask if it's even necessary. Normally I would say 100% yes, but its a near 100 year old home. And it seems to have lasted this long... Pennsylvania btw Edit: It is not $100 to insulate the whole wall. It's hundred for my guy to go in and replace one drywall sheet and insulate behind it. One sheet. I'm sure the entire room or house would be 1000-1500. [link] [comments] |
| Never depreciated Multi-Family, can I do it now? Posted: 18 May 2021 04:38 PM PDT I always thought that Real Estate appreciates in value not depreciates like I've read on some of these threads. I still don't understand how but I guess it doesn't matter. Is there a time limit on when I can start accounting for depreciation if I bought a complex 5 years ago? [link] [comments] |
| Is Online Real Estate School Worth It? Posted: 18 May 2021 08:21 PM PDT So as of recently I've been very entrepreneurial in my life and because of this I've wanted to learn about different skill and techniques from all walks of life. One of those skills is real estate as it seems all wealthy corporations or individuals end up investing in real estate at some point in time. Now I wanted to know if anyone here has experience with online real estate schools? I'm someone who prefers to learn online at my own pace and in the comfort of whatever location I choose to do so. I read an article about the Best Online Real Estate School and it seems pretty legitimate, but I would still love to hear others experiences with this type of learning in the real estate world. [link] [comments] |
| Strict No Pet Policy....Found out Tenant has a Cat Posted: 18 May 2021 03:22 PM PDT I am a new Landlord and have a question. I am renting out both sides of my duplex and I have a strict 'No Pet Policy'. I went over this with my tenant when having them sign the contract and they assured me that they do not have any pets. When I was fixing the sprinklers the other day, I found a cat with a collar that had their phone number on it. How should I go about confronting them about their cat? My contract states no ESA animal, service animal, etc. If they are caught animals on the property, my contract states that they owe a 100$ fee and an additional 50$ a day until they vacate the property (if we force eviction, but seems harsh so will start with a warning). Would it be better in writing? And drop it off in their mailbox/front door? Or should I call them and have a candid conversation with them about this rule again? Thanks everyone! [link] [comments] |
| Using a Heloc for down: 10% with PMI or 20%? Posted: 18 May 2021 03:22 PM PDT Newbie here under contract for my first vacation home to use at STR! I can put 10% down-payment using my HELOC (interest payment $113 mo.) with a PMI ($142 mo.) or 20% down payment for $225 (heloc interest) — 30-year mortgage is fixed at 3.125% regardless of 10% or 20% down. The 20% downpayment ($225) is be less out of pocket loan costs than 10% route (113+142=$255). Which would you do for your purchase? Is one more tax-advantageous than the other? HELOC rate is variable so there is a risk this will go up [link] [comments] |
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