Real Estate Investing: Blatant Self-Promotion Thread: May 14, 2021 |
- Blatant Self-Promotion Thread: May 14, 2021
- Things are starting to make sense
- Contacting selling agent as a cash buyer
- Father-in-law wants to invest in STVR with me for his kids. How do I avoid regretting this later?
- SoCal renovation costs
- First Time Home Buyer - Buying Mortgage Points & Down Payment
- Can't figure out what to do with this kitchen
- Setting up LLC for first REI property [GA]
- Listing Square Footage V.S Appraisals Footage?
- Whats your thoughts on Wholesaling Houses? Unethical? A dying business?
- Has anyone used a joint VA loan for a multifamily?
- Rental property first time
- Right of Way for Highway - But no Highway ever built!
- Pay off PMI OR Start Real Estate Investing?
- Looking for advice on how to invest inheritance. I don’t want to waste this opportunity.
- Should I sell?
- Anyone buy land off Velur Enterprises
- How will high inflation affect flipping business?
- Perform successive refinances and leverage lender credits (thoughts requested)
- Should I sell
- Multi-Use Property Zoned Commercial Eligible for FHA/Conventional?
- Acquiring SFH, personal or commercial lending, LLP
- What site do you guys use for tenant screening/background & credit checks?
- Anyone Taken Udemy Analysis Courses?
- 5% down on second house?
| Blatant Self-Promotion Thread: May 14, 2021 Posted: 14 May 2021 12:00 AM PDT Monthly Blatant Self-Promotion Thread (Within Reason)Welcome to this monthly series. This post will repeat monthly, on the 14th of every month. This is your opportunity to promote a blog you run, a YouTube Channel, real estate related business, or additional content that otherwise may be removed from the sub. This thread will be lightly moderated and the Mods do not endorse or condone any information found on content linked within this thread. Perform your due diligence. Caveat emptor! Rules
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| Things are starting to make sense Posted: 13 May 2021 09:47 AM PDT Kind of a self bragging post but I recently closed on my 7th property in 3 years of REI. I was able to pay cash for it and still have a nice cushion. I have an offer out on an 8th and it's eating into my personal cushion for the down payment, but with my seven houses stable and my real estate reserves I'm not one bit worried. My first few houses I was stressed all the time, doing work myself to pinch pennies, barely keeping my head above water after some unexpected maintenance. Now I know what risks I can and can't take and am doing well enough I can hire out any work needing done. The bet cash flow month to month is almost enough to replace my wife's job at this point. It just feels good man. [link] [comments] |
| Contacting selling agent as a cash buyer Posted: 13 May 2021 08:25 PM PDT Has anyone explored contacting a listing agent with a cash offer enticing them to represent you as the buyer. There is a YouTuber that does it (can't recall his name) but I have an agent friend that swears 99% agents won't do it. [link] [comments] |
| Father-in-law wants to invest in STVR with me for his kids. How do I avoid regretting this later? Posted: 13 May 2021 04:27 PM PDT I'm a small time investor that does it on the side for retirement. The father-in-law wants to invest in a STVR with me. He has 3 kids, one of which, my wife... this will mean something later. Here's what he proposed for ownership: Him (split 1/3 to each of his kids): 66% The wife and me: 33% Once the property is bequeathed, that leaves our (wife & my) ownership at 55% (33% + 22%), leaving controlling ownership to us. This is fine and dandy but I'd like to structure this in a way that I can avoid problems with so many people... involved. I'd hate for this to be a problem among the family. Has anyone done this before? Any suggestions to avoid family problems? Things I should avoid? [link] [comments] |
| Posted: 13 May 2021 10:45 PM PDT I'm buying a house in North County San Diego; it's rectangular with a kitchen and family room separated by a wall. We're thinking of making it open concept and moving the footprint of the kitchen away from the wall towards the back of the house. We'd keep the appliances to save a little bit of cash I'm not familiar with contractors in the area and the last home I renovated was on the east coast. Any thoughts on what a reasonable estimate range would be? Anything I should lookout for or specific contractor recommendations? Quick highlight list:
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| First Time Home Buyer - Buying Mortgage Points & Down Payment Posted: 13 May 2021 10:03 PM PDT Hi all, First time home buyer here. My lender gave me some rate options for my mortgage loan. Can someone please explain the benefits (other than lower monthly payments) of how increasing my down payment and buying points can benefit me, pros and cons, etc. In what circumstances should I NOT consider putting more down payment and buying points? Here are the stats: Purchase price: $385,000 20% Down
25% Down
TIA! [link] [comments] |
| Can't figure out what to do with this kitchen Posted: 13 May 2021 09:59 PM PDT Put an offer on this house today. Small house but great location. House needs some work, but I can't figure out what to do with this kitchen. There's an unnecessary wall that can be taken down to open up the kitchen (wall behind the hutch), but the kitchen just doesn't seem to have any cabinets. I plan on using this as a rental and I think that lack of cabinet space may turn off renters. Any ideas or similar issues? Looking for advice. [link] [comments] |
| Setting up LLC for first REI property [GA] Posted: 13 May 2021 12:08 PM PDT Background: My spouse and I are preparing to purchase our first investment property, starting with single family homes or a duplex situation to learn the ropes before going for larger multi-tenant properties. We have cash for down payment and pre-approval for anything less than a 500k property. However, we are finding the rules, finance numbers, and taxes differ significantly from purchasing a primary residence. We are familiar with the advantages of 'house hacking' but do not want to move into the property. We have a great relationship when it comes to our shared finances and are usually of one mind but always debate opposing viewpoints effectively. Simply put, we always do the math. We both work in highly regulated industries and are adept at risk management, compliance, and project management. We recently jumped on a fantastic property opportunity but did not have all of our ducks in a row to close on the seller's tight timeline (hot market and houses typically go under contract in less than 48hrs) due to lack of knowledge of the intricacies of the non-primary residence property buying space. Setting up and funding the LLC was not doable in time, so we walked on the offer. I'm sure we'll have a few wistful moments while watching the property cash flow and appreciate significantly in the new few years, but now it's time to do the homework so we can execute flawlessly on the next opportunity. We will be setting up an LLC for each property (again, starting with one property for now). I've found a few sites with advice on how to set up LLC in Georgia and Atlanta specifically. It appears there are several options of available such as Sole Proprietorship, Multi Member LLC, S Corp, C Corp. Since we are married filing jointly, sole proprietorship is on the table. We also would like to simplify filing taxes, which makes a partnership attractive due to its single form. My ask: Which options are typically used for newbies? Extra credit: In the future we will likely create a separate partnership with a friend who likewise wants to diversify by adding property to his portfolio, with an eye towards a vacation property that we'd rent out most of the year except for when we want to get together. +5 Bonus internet points for those of you who tackle both questions. [link] [comments] |
| Listing Square Footage V.S Appraisals Footage? Posted: 13 May 2021 03:51 PM PDT I am in the process of closing on a duplex and while reviewing the home Appraisals and notice that living space square footage is 1809 sqft and not 2263 sqft on listing (454 sqft less). I am in California and the market is just crazy so I waived all home inspection contingency when signed the agreement and didn't get a chance to do much research on the duplex when since the offer was due five days from listing. The duplex has 2 small garages attached to a total of 516 sqft combine but it is not considered living space. I know it is my fault for not doing research and before buying and my real estate agent also didn't do any research also provide me with a property valuation at 2263 sqft. Is there anything I can do? Should I hire a lawyer? [link] [comments] |
| Whats your thoughts on Wholesaling Houses? Unethical? A dying business? Posted: 13 May 2021 11:51 AM PDT I'm fairly curious about doing it because I heard you can make profit with spending a little money (I have about 10k) and I'm just looking around on what I can do with my money for the greatest ROI but I just want to do my research first before diving in and just wasting time & most importantly money (yes looking for other people opinions is a part of my research) [link] [comments] |
| Has anyone used a joint VA loan for a multifamily? Posted: 13 May 2021 07:04 PM PDT My SO and I are both eligible for a VA loan and wanting to get out of renting. We want to buy a multifamily property to house hack and figured we can take advantage of a VA loan to do so. I just want to see if anyone here has taken advantage of a joint VA loan (dual military) and what your experience was with it? Along with any advice you wish you knew before. [link] [comments] |
| Posted: 13 May 2021 06:40 PM PDT No experience in this field going to soak in all the information I can get. I am a college student with 20k saved up ( from a job and stock market investing) looking to make my first big investment. Want a rental property and good source of passive income I know it's never as easy as it sounds. However is this how it works speaking very broadly by the way, put X% down get a loan from the bank let tenant pay off loan until it's paid off, then on the rest is profit. Now I know there is a lot more too it but is that how the loan process works? Would love to hear some personal experiences and recommendations. [link] [comments] |
| Right of Way for Highway - But no Highway ever built! Posted: 13 May 2021 05:49 PM PDT In the Grant Deed of the property I am buying, back in 1983, CalTrans wanted 1900 sq feet for the construction of a highway, but it was never built. Can I now build on this land? Do I have any rights to contest this as the new property owner considering that the 1900 sq feet is unpaved dirt? [link] [comments] |
| Pay off PMI OR Start Real Estate Investing? Posted: 13 May 2021 11:27 AM PDT I know there are lots of posts like this from newbies but I'm hoping for some personalized advice, book recommendations, links, etc. Background Info: In the last couple of years, my husband and I have gotten to a really stable spot. We have no debt other than our mortgage. Our mortgage is 20% of our monthly after-tax income, so we are able to save lots each month. We are maxing out our 401ks, IRAs, and we have brokerage accounts and crypto. We also have 60K in cash right now outside of our emergency fund. We bought our home in 2019 for 440K. Our loan has just under 400K left. The house value according to Zillow has gone up to 500K since then. What's the goal? We are hard workers and not afraid of a challenge. Our jobs pay well but don't necessarily make us happy. The idea of working this type of office job until I'm 65 makes me depressed. I'd like to be able to "retire early" from my career and just focus on investments and potentially a consulting business in 10-15 years. FYI: my idea of retiring early does not mean I think real estate investing is not work. I'm well aware that it requires organization, business sense, and hard work. Potential next steps: I'd like to start real estate investing as a way to diversify and set us up for long-term financial stability. I've been thinking about this for a LONG time but I am just too scared to get started. I don't have mentors in this space so it feels like jumping into the deep end for the first time. Here are some options I'm considering. - Focusing on paying off PMI for our home & improving our home value: This feels like the safest option as a first step, so I'm curious about your thoughts. I have no idea how to get financing on an investment property. Would a bank even consider us until we have 20% down on our current home? - Buying additional properties:
What I don't want to do: I don't want to move to an apartment building and rent out empty units. I don't want to house hack. I am just past the point in my life where I want to be moving around or living with roommates. I love my single-family home and don't want to move unless we want to upgrade our situation. [link] [comments] |
| Looking for advice on how to invest inheritance. I don’t want to waste this opportunity. Posted: 13 May 2021 11:16 AM PDT Hi all, I've been lurking over the past year trying to read as many posts as possible on this and similar subreddits. Looking for some advice on my situation. I have a good paying job but largely commission so there is always a touch of uncertainty there. I bought my first home in January. I live in a high cost of living area and after mortgage, basic investments, bills, and a little fun money, I don't have much to spare. Where I need some advice: I will be receiving $200k+ in inheritance roughly a year from now. I know how blessed I am and what a great opportunity this could be for me. I don't want to mess this up. Any recommendations on how to best break into real estate, rentals, etc? All opinions and perspectives appreciated! [link] [comments] |
| Posted: 13 May 2021 05:12 PM PDT Decisions I have a rental earning about $600 a month. I saw a 'for sale' sign on a rental in the same street. When I called, they said it sold in five days for $185k. I have $88k in mine. I'm struggling to sit on my investment knowing it's able to net me nearly $100k at the moment. The main thing keeping me from selling is that there's nothing else to do with that kind of cash. [link] [comments] |
| Anyone buy land off Velur Enterprises Posted: 13 May 2021 01:24 PM PDT My mentor bought a land parcel in California solely zoned for solar development. With California going completely green energy by 2045, she received multiple offers on her parcel from solar companies. She connected me with the company she bought the land off of - Velur Enterprises based out of California. Has anyone worked with Velur? It seems too good to be true. [link] [comments] |
| How will high inflation affect flipping business? Posted: 13 May 2021 04:19 PM PDT I've flipped quite a few properties with other people's money in the past. Now I'm looking to do it myself with my own capital. I have a personal property with a ton of equity in it that i was thinking of selling this month to cash out. However with yesterday's news about almost 5% inflation and projected 20% by end of year, I'm not sure what the right decision to make here. if i get my money out now and the inflation does go up to that point, then my money will lose a lot of value. granted i think during the next few months i can still flip some properties given that the value of those will be going up, however i don't know what panic high inflation may cause and how that will affect materials prices, etc. what do you guys think of all this? [link] [comments] |
| Perform successive refinances and leverage lender credits (thoughts requested) Posted: 13 May 2021 11:57 AM PDT Let me start by saying that I know this potential sequence of events is not for everyone. However, I'm wondering if this refinancing strategy is worth looking into... Let me start by saying that there is no limit to how many times you can refi a particular property. Sure, some lenders may make you wait 3-6 months before using that same lender again, but in theory I could close a refi one day and start the process for another refi the next. My thoughts here revolves around lender credits. In particular, it appears that Freddie Mac (not Fannie Mae) allows you to use excess lender credits to pay down the principal. Consider a scenario where you intentionally select a rate that is higher, in order to maximize the lender credits. First, the lender credits would be used to pay off closing costs...but then the leftover lender credits could be used to pay down the principal. Yes, at the end of the day, you have a higher interest rate (say 5%...) but you have reduced your principal as well. In some cases, (for example, on a 450k mortgage), you could get 10k or more principal paid off. Then, you could either stick with that rate/term....OR just refi again and either do the same thing, or refi to a normal, lower rate. There is no rule on how many times you can refinance. The requirement is that you receive a net tangible benefit. So, in theory you could go back and forth between 15 and 30 year refi's, with the benefit being lower payment or shorter term, respectively. Note that this would likely only work for high (400k+) mortgages, since the max lender credit is about 4% of the loan amount and the closing costs are about $7k... so anything less than 400k would likely not leave too much leftover after paying the closing costs. I'd love to hear your thoughts. For those that have concerns, my LENDER actually mentioned this loophole to me. [link] [comments] |
| Posted: 13 May 2021 09:34 AM PDT Should I sell my rental I own outright an 1100 sq ft 3 bedroom, 2 full bath rental property in Richmond, VA. Never had any vacancies in 15 years. Had some TERRIBLE renters but it current renters are very good. 2 full refurbishments over 15 years. It needs some cosmetic work right now but all in all it's in good shape. We have maintained it well through the years. Currently it's valued at twice what we paid for it. The rental income is nice but we don't have to have it. Should we sell it? [link] [comments] |
| Multi-Use Property Zoned Commercial Eligible for FHA/Conventional? Posted: 13 May 2021 03:11 PM PDT Hello, I'm looking to purchase a mixed-use (two-unit) property in the DMV (DC/MD/VA) area. The issue is that it is zoned commercial with one residential unit and one retail unit. The residential unit is on the top two floors with the retail on the bottom. Does anyone have experience with this? From what I've read this would be FHA eligible but mortgage lenders are saying its not? If anyone can recommend a lender that would be great; willing to put down 20% if needed. Thank you. [link] [comments] |
| Acquiring SFH, personal or commercial lending, LLP Posted: 13 May 2021 10:37 AM PDT Hi all! Summary: Family members are looking to start acquiring SFHs, with me managing or being joint owner if I like a given deal. What is the best strategy for financing? Two properties have been acquired already, all cash. The desire/hope is to refi and start chaining deals (additional capital will free up over time, so we can handle 75-85% LTV). My question for them is whether they should start an LLP and either 1) refinance directly into the LLP or 2) simply have them both co-sign conventional refis and have the properties in their personal names. I feel like 2) would run its course pretty quickly and lead us into commercial lending in short order. On the other hand, I feel like they'd get worse terms in option 1) without much benefit, at least for the first few properties. Since this is also a hopefully very long-term, many property venture, building business credit would probably be beneficial for them! What do random redditors think? Thanks! [link] [comments] |
| What site do you guys use for tenant screening/background & credit checks? Posted: 13 May 2021 06:17 AM PDT About to have a vacancy. This will be my first time placing a new tenant. Any tips on finding a new renter would be helpful. Also any website you guys use for background and credit checks. Also do I need to do employment verification or does the company? [link] [comments] |
| Anyone Taken Udemy Analysis Courses? Posted: 13 May 2021 09:31 AM PDT All, I'm a fairly rookie investor with one rental closed and a duplex BRRRR currently under contract. I find it easy to network, manage a team and work through deals. I struggle with detailed numbers, excel and deal analysis. I've found courses on Udemy for under $20 on very complex deal analysis. How to build spreadsheets in Excel for single family properties all the way up to commercial buildings. This seems like an insane value for $20 and a great way to grow my skills. Has anyone used Udemy for real estate investing? Curious if anyone has used them for their own use as well. Figured it would be helpful to share as well. [link] [comments] |
| Posted: 13 May 2021 12:52 PM PDT Hi guys, I live in Canada and recently purchased a starter home. My plan was to fix up the house and live in it for about a year then convert it into a "rental" property. Does this mean I am able to put 5% down on a second house to live in? if yes, would this be a good idea of investing in single family homes? [link] [comments] |
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