Real Estate Investing: Agent told me I lost my bid to a cash seller who offered 15k less. How to beat this? |
- Agent told me I lost my bid to a cash seller who offered 15k less. How to beat this?
- What is it like to be a mortgage broker?
- Buying bare land and building several homes
- Starting out
- WWYD -
- Seeking advice: First Cash Flow Property
- Real estate tax question x
- Does Section 8 offer a higher rent amount to the owner if electric (heating,cooking,water heating,other electric) is included in the unit? Please help
- How to short the housing bubble as a normal person?
- Sub metering Water
- Homeowners Insurance vs Landlord Insurance
- Is speculation the reason for the current high RE market? People with more disposable income? Do we have anything to worry about like 2008?
- Listing on MLS w/o Agent?
- Are there resources for selling a house to prospective California buyers?
- COC Expectations
- BRRRR method make sense?
- Housing Market Bubble?
- Suggestions for Offering to Buy Condos (in my building) Privately?
- Is there ever value to unpermitted work?
- Am I stupid not to be selling?
- Selling MFH Property: Taxes & 1031 Alternatives
- Property Management Website Recommendations?
- Confused about Capital Gains..
| Agent told me I lost my bid to a cash seller who offered 15k less. How to beat this? Posted: 30 Apr 2021 03:20 PM PDT I planned on buying via loan. My agent told me I lost to a cash seller who offered 15k less than me. I'm pretty mad but also curious 1) How common is it for cash buyers to offer less? 2) Does this mean to beat them that I should offer even higher? EDIT** Cash BUYER IN THE TITLE POST [link] [comments] |
| What is it like to be a mortgage broker? Posted: 30 Apr 2021 11:35 AM PDT I'm curious what it's like to be a mortgage broker in the US and figure there are some of those on this subreddit. What is the day-to-day work like? Is there a substantial difference between what a commercial and a residential (e.g. SFH/condo) mortgage broker does? Which one is able to earn more? Do mortgage brokers in the US earn residuals/trail income like they do in some other countries? Any advice on how to get into this business? Many thanks. [link] [comments] |
| Buying bare land and building several homes Posted: 30 Apr 2021 04:31 PM PDT Hello all, I have bought 2 homes in the past to live in, but never done investing specific real estate deals. I am looking into the possibility of buying a plot of land and building several homes on it, with the intention of living in 1 and selling the others. The plots I'm looking at are all in the 2.5 acre range. Thinking 3 large houses (the neighborhoods are all in the upper scale range, 3000-5000 sq ft), and keeping 1. Several questions are coming to mind immediately. First, how do you go about finding who to contact if no signs are up? I'm assuming there's a record of who owns it somewhere? Also, how feasible is it to build new and turn a profit? The goal being selling 2 of the houses would pay all debt including the building of the third house. I've been a carpenter for 10 years, and my dad has his whole life, we could do a substantial amount of the work, are there particular areas where we could save a large amount of money by doing the work ourselves? And last for now, how do you do about getting a loan for a large project like this? Would I need to set up a business with a license to start the loan process, or could it go through as a private person? I've been thinking about an LLC anyway, perhaps that would be fine? I know this is alot of questions, and maybe a large undertaking for a new investor, but I'm ready to make a change in my life. Also, I know everyone can debate this endlessly, but I do believe my area (Las Vegas) is due for a market drop very soon, so I'm not in a huge rush. I'm also wondering if that has as much of an effect in a bare plot? Thank you all for reading, any help is greatly appreciated! [link] [comments] |
| Posted: 30 Apr 2021 06:21 PM PDT Hey all I am a 23 year old soon to be grad. For a while now I have been looking to start saving up and eventually invest in the real-estate market probably renting out multi family homes as the end result. I'm looking on resources on how to start, what I need, where to look, how much money do I need to save up. Basically resources for a newbie, any help is appreciated :) [link] [comments] |
| Posted: 30 Apr 2021 08:38 PM PDT I'm currently living in Colorado Springs and I own a single 4bd home. I bought it with my VA @ rate of 3.5%, Mortgage is roughly $1600 and average utilities are $250 to 325 all in all basics plus internet and trash, I plan to refi if rates are still under 3%. I recently just came down on projections to Permanent Change of Station (PCS) aka Move. I got extremely lucky as orders are to Denver which is hour and half away. I plan to use my VA loan again as a second tier, however, the funding fee is 3.6% or 1.6% if I chose to make a 5% DP, which all fees can be rolled in to the loan regardless of choice. I don't plan on making that down payment, is this a wise choice? Or should I start afresh and sell or keep my previous home. I have an appetite to rent out the rooms individually verse selling it. This is my opportunity to live close enough and be a landlord but far enough to allow me to purchase a new home. To add the equity today for my current home is about 90-100k. [link] [comments] |
| Seeking advice: First Cash Flow Property Posted: 30 Apr 2021 08:54 PM PDT I'm interested in real estate investing. But I can only save or I contribute to my brokerage account, I can't do both. I'm able to contribute $1.5k per month. So far I have $20k saved up outside of emergency fund. Currently on track to max out 401k and Roth IRA. My goal is to have $40K+ as a down payment to get my first rental by early next year. Has anyone done this before? [link] [comments] |
| Posted: 30 Apr 2021 10:11 PM PDT I sold my passive rental. 1st question just to be sure: I pay capital gains no matter what my income bracket is. Not like a home sale where I may pay 0 if I make yearly under 40 single or 80,000 married. My main question is what do I do with improvements like roofs and water-heaters that are on depreciation but still have value? Are they just considered disposed or can I use what's left to up my cost basis or reduce my gains? [link] [comments] |
| Posted: 01 May 2021 12:09 AM PDT Please help Does the housing authority offer a higher rent amount to the owner if electric (heating,cooking,water heating,other electric) is included in the unit? [link] [comments] |
| How to short the housing bubble as a normal person? Posted: 30 Apr 2021 08:22 PM PDT Hello all, I was wondering how everyone else hedges against housing bubbles or shorts them as regular investors. One way I'm considering hedging is by buying long term bear options on REITs (I remember in 2008 they imploded). I'm wondering what other possible positions exist to regular investors? Thanks! [link] [comments] |
| Posted: 30 Apr 2021 11:41 AM PDT I'm about to sub meter a few hundred units and was wondering if anyone has any recommendations for which product and/or company is best to use. [link] [comments] |
| Homeowners Insurance vs Landlord Insurance Posted: 30 Apr 2021 10:06 AM PDT Hi everyone, I have been scouring the internet for an answer to some basic questions about homeowners insurance vs landlord insurance. It is blowing my mind how vague the information is online about the difference between the two and what is required (especially by the insurance providers themselves). This is what I currently know:
I currently have 2 rental properties in Arizona. My questions are as follows:
I don't need peace of mind or assistance for delinquent renters, I don't care about personal belongings in the house. I just need to make sure that the four walls of the house are covered in the event that it is damaged in a major way. Thanks in advance. [link] [comments] |
| Posted: 30 Apr 2021 10:14 AM PDT Just wonder what this community's thoughts are on what's underlying the recent rise in real estate prices, and whether it's a reflection of their underlying value or whether prices are being driven up by, say, families or investors with income to dump into RE investments. [link] [comments] |
| Posted: 30 Apr 2021 06:22 PM PDT I read on someone's comment recently that non-agents, just regular-'ol people, can pay $600 or so to list on the MLS. Is this a thing and if so, does anyone have that info? Also, any specific benefits to listing on MLS vs. Zillow, Redfin, etc.? Thanks for any input! [link] [comments] |
| Are there resources for selling a house to prospective California buyers? Posted: 30 Apr 2021 04:31 PM PDT We live in Houston, Texas and my dad has just about finished renovating one of his rental houses he is planning on putting on the market for sales purposes next week. I am particularly keen on having it listed where Californians who are keen on buying Texas real estate can make inquiries. How can I go about doing this? [link] [comments] |
| Posted: 30 Apr 2021 04:13 PM PDT New to real estate investing and after running the numbers on dozens and dozens of properties, I've taken the step to get pre approved for a conventional @ 20% and am trying to find something that makes sense. I know we are in an inflated market but I wanted to see what numbers you all are using as your guide post. I'm having a hard time finding something that fits all of my criteria's. For reference, after covering the mortgage, putting 5% away for vacancy, repairs, capex and 10% for a PM I am looking to have 10% on my COC ROI. Am I expecting too much? Should I consider lowering that number or not have a PM since this will be my only property for now? The goal is to get in the game, don't care about crazy returns but would like at least a fair amount of cash flow. Additionally I'm looking in the Jacksonville, FL market where there is basically only condos here which means HOA fees that eat up profits. Maybe I should look for SFH's instead? Would love to hear how you all have approached things, thanks! [link] [comments] |
| Posted: 30 Apr 2021 11:36 AM PDT Someone help me understand the BRRRR method. 1) bought home for 540k, loan is 430k mortgage around $2400 2) rehabbed the home 3) rent for $2800 4) refinance. value now at 750k loan amount would be 562k (75%). Cash back 120kish, new mortgage would be $3000ish. My question is why does this make sense? How do people do BRRRR when they cash out their new mortgage increases therefore the cash flow is little to none. Sure I can buy another home and repeat but my question is related to the refi home. 5) repeat [link] [comments] |
| Posted: 30 Apr 2021 02:54 PM PDT I've been a licensed realtor for the last 6 years and have been investing in real estate since 2011. This has been a crazy year for real estate in my market. Most homes are up over 15% from last year. People often ask me if we are in a bubble and when is it going to pop, or ever slow down for that matter. Truthfully, I have no idea. This clip from the Dave Ramsey show has been circulating lately, and I was wondering what are your thoughts on this topic? Edit: I guess my real question is not what you think of Dave Ramsey, but the idea the the real estate market historically does not go down. Has the RE market ever fallen on that type of scale? Do you ever think we'll have a correction like 2008 again? I lived through the 2008 collapse and still have that time frame burned in the back of my mind. [link] [comments] |
| Suggestions for Offering to Buy Condos (in my building) Privately? Posted: 30 Apr 2021 06:58 AM PDT Hi all, I am a real estate investor who is 2 years in. Through a syndicate I invest primarily out of province but I am now investing where I am based (somewhat major Canadian city). I live in a building where I personally feel there is tremendous value (and this was proven by my offloading of a condo recently... I made triple digit percent returns). Because of this, I want to now offer to buy the worse units in my building so I can do simple renovations and flip them. Do you guys have any suggestions as to how I could go door to door and offer to buy condos privately without a) pissing them off thinking I am selling them something and b) make them think I am trying to give them a raw deal? For the record, I would be offering to buy the condos privately to save the seller 2.5% off the sale price that would normally go to the other side's realtor and I would offer them a relatively fair price (unfortunately, maybe not what the market would get them). How can I make contact and land conversations with the people I want to buy from? For the record, many, many old people live in this building and honestly probably will live in their units until they die. Having said that, they probably aren't interested in moving into an old folks home. I could see their kids taking the sale and using funds to put parents in old folks home though. My current plan is to draft up a nice letter talking about my arrangement (2.5% realtor fees) that gives them my contact information, background, and opens the door for them to reach out to me if they are comfortable. I will also put that they can fully put their place on the market publicly and that I would offer there, but that by offering it to me privately I can streamline the process and offer them a fair price (I struggle to find a way to word this without it seeming like I am trying to poach their property from the market where idiots will way over bid it). Is this predatory? Will people tell me to go fuck myself? I want units in this building. [link] [comments] |
| Is there ever value to unpermitted work? Posted: 30 Apr 2021 02:06 PM PDT My property came with an unpermitted cottage in the backyard. Because we are in an HCOL (Bay) area it has added a lot of value for us. But will there be any value when we sell? Should we avoid making upgrades to the unpermitted cottage? It seems hard to believe it is worth nothing because a bank won't loan money on it. Not planning on selling any time soon but still curious. [link] [comments] |
| Am I stupid not to be selling? Posted: 30 Apr 2021 05:16 AM PDT I have a rental property townhouse (legally a condo) that was my owner occupied property for the first two years. It has stable tenants for the last 5 years and was new construction when purchased in 2014 so it's a pretty easy property to manage. It is objectively not a good rental property. It cash flows well because I put so much equity into it since the plan was to just owner occupy at the beginning. It's currently got about 70-75% equity in it and has appreciated in value by about 20% since purchase based on recent comps. A lot of this appreciation is based on the current hot market. I purchased another small condo rental in 2018 and would like to eventually keep buying more property. Since this first property is not really a great rental, assuming you were looking at it as a new purchase, it had seemed reasonable to 1031 it into a small multifamily or potentially commercial residential property, especially with the high equity to transfer into something bigger. I was hoping to do that here but honestly I don't see myself staying in my city long term based on the lifestyle I'd like to live longer term, and the REI environment here certainly doesn't help (Chicago (both properties are in the north suburbs)) Reasons I had not considered selling:
Based on the above info, am I stupid not to be selling given how hot the market is for sellers right now? Is a 1031 even possible right now given how hot the market is? Am I likely to sell easily but not be able to find a property to do the exchange into? [link] [comments] |
| Selling MFH Property: Taxes & 1031 Alternatives Posted: 30 Apr 2021 12:18 PM PDT Hi Everyone. This is my go-to for information, insight, and general learning from people willing to share their experiences in real estate investment, and for that I am grateful. My parents own a cash flowing MFH in Boston but are looking to sell. They want to avoid capital gains on the appreciation, and I know 1031's are the way to do this IF looking to roll over into a new investment property. However, what if they do not want to buy an investment property in this country? What are the ways, if at all, to save on capital gains on the investment and not be re-investing in the American market? Is this possible at all? Thank you. [link] [comments] |
| Property Management Website Recommendations? Posted: 30 Apr 2021 12:07 PM PDT I am terminating my property management company and taking over management of my one property myself. Anyone have websites they recommend to assist in management? Repair request, rent payment, tenant screening, lease agreement, etc. I have a tenant in place for the next 12 months. [link] [comments] |
| Confused about Capital Gains.. Posted: 30 Apr 2021 11:32 AM PDT Hello, I would like to start by saying I am clueless about this subject. I did not even know this was a concept until recently so I was hoping for someone to answer my specific question. My wife and I bought a house in a booming market last July (2020). We purchased a home for 272k.. Fast forward to today, the value of the home is between 360-380k. We are thinking about moving to another state and taking all of the equity to give a huge downpayment in a more affordable market. I then was told about capital gains... and we are so confused. I have heard/read conflicting things about they are avoidable. But from my understanding, we would not be able to avoid it. Is this a correct assumption? Really sucks, do not want to pay around 20k to the IRS for our good investment. [link] [comments] |
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