Real Estate Investing: Can I start to invest real estate with only $50k ? |
- Can I start to invest real estate with only $50k ?
- Open house etiquette
- Ok....what now?
- Possible to get a small (<100k) mortgage for investment property?
- Can't seem to find the right strategy that fits my goals/situation
- Remote Job. Can work from anywhere . Where should I live and invest?
- First Senior Home
- New Build Oppurtunity in Colorado Springs, Co. Should I buy it?
- Home Valuation and what's an appropriate rent price?
- Anyone building anything simple?
- As a self manager of our rental property. Can you write on your taxes “management fee”? For your woek
- Tax Questions for 2020 Duplex Purchase
- Looking for advice on real estate wholesaling!
- Future Rental Income
- Is there a website that allows me to do a overall search of the internet for real estate
- Mortgage Types for House Hacking
- Looking for advice on purchasing a newly constructed home in a planned community.
- Researching a property I might buy, are there historical crime listings for properties?
- Seller forcing property management?
- Rules surrounding accessory dwelling units. Need advice.
- What is your opinion of owing a self storage facility out of state
- Sellers attempting to rescind sales agreement
- Rental Market in Pensacola
- Rental Pool
- Mortgage on Primary vs. Rental
| Can I start to invest real estate with only $50k ? Posted: 16 May 2021 08:55 AM PDT $50k is what I am comfortable with to take out the saving to start invest in real estate. Any advice would be appreciated? [link] [comments] |
| Posted: 16 May 2021 04:47 PM PDT I went to a busier open house for a 9 bd / 3ba triplex today and opened a couple closet doors during my inspection. One of the closets had some damage to the floor. Anyways, the agent monitoring this 3rd unit scolded me for touching the doorknob, since it's not fair to the tenants (who, for what it's worth, weren't present for the showing), what with COVID being a crisis. I do wear a mask properly and am now fully vaccinated. I also usually will take a look under kitchen and bathroom sinks, obviously touching the knobs. Am I out of line here? Should I really just walk through and not touch jack? Really? [link] [comments] |
| Posted: 16 May 2021 09:59 PM PDT The market is CRAZY right now for people trying to buy homes. I'm ready to pull the trigger on my next property (number 3) and it's obviously not in my favor to find deals right now. Even homes going to auction are selling for market value and homes on the market are getting 90 offers and selling for 20%+ above listing. That doesn't work well for my numbers. I've saved up $200k in cash and another $100k HELOC available but trying to get a deal on the market is near impossible. I'm tempted to wait it out but I have a lot of cash sitting idle. Thinking about just buying a couple of condos in cash and at least getting a return for the time being, but obviously want to be ready for things that come up. Just wondering how others are prepping for the future... [link] [comments] |
| Possible to get a small (<100k) mortgage for investment property? Posted: 16 May 2021 04:40 PM PDT Hey there, my wife and I are looking into buying our first investment property, and looking at houses for around $120k. Hoping to do a 40k down payment, and $80k loan. I see plenty of options for larger loans, but searching online I can't seem to find any info on mortgages that are below 100k. (only seeing above 120k). Is it possible? Are there certain types of banks/lenders/credit unions we should be looking at? A few other details:
Appreciate any info! Anyone with experience doing a similar purchase? [link] [comments] |
| Can't seem to find the right strategy that fits my goals/situation Posted: 16 May 2021 09:51 PM PDT I've just completed the BiggerPictures 4 video beginner road map series. Very helpful, would definitely recommend to new investors, but I had a few clarifying questions I wanted to ask the sub. I currently work full time, and may or may not be a student later this year. I was wondering what the process was to generating cash flow without having to be a landlord. I don't and will not have the time for house flipping. I was initially looking at MFH and SFH. Is the process buy one of those, put some money into it, and they pay rent on the property that pays off my mortgage? Is a landlord / property management required for these types of units? Basically, what strategy is best that doesn't require constant attention and time but can produce a steady cash flow? I feel like the answer is common knowledge but I can't seem to find it. Sorry! [link] [comments] |
| Remote Job. Can work from anywhere . Where should I live and invest? Posted: 16 May 2021 09:12 PM PDT 24M in Seattle. Got a remote job that pays 250k. Get paid the same no matter where I'm in America I want to start investing in rental properties . Only have 40k NW right now but that should increase. What would you do if you were in my position? I think I should be in a 0 income tax state ( which WA is but Seattle is expensive ) [link] [comments] |
| Posted: 16 May 2021 07:12 PM PDT Super pumped to be closing on a 20 unit Senior Living Home in a month. This is not to be confused as assisted living. It's 20 apartments set up for seniors (ramps, zero entry showers, high toilets, etc) Apartments fully equipped like normal apartment and pretty good size. 720sq ft 1 br and 820 sq ft 2 br. Has common areas with kitchen/living room/laundry room as well as a big out building on 7 acres of countryish setting. 19 of the 20 are rented. Looking for cool ideas to add to the place. Average age is 70 I'd say. Coming from a background in single family up to now with one triplex tossed in, this is gonna be a whole new adventure. This place takes us from 13 to 33 units. I realize this is a niche many don't have experience in, but would love to hear from anyone that does or any ideas people may have to really make the place stand out to seniors. [link] [comments] |
| New Build Oppurtunity in Colorado Springs, Co. Should I buy it? Posted: 16 May 2021 06:12 PM PDT I need some advice from people much much smarter than me in real estate. Im a noob. I have the oppurtunity to purchase a home, but I am scared out of my mine that the value will decrease when the market calms down. What bothers me even more is the size of the house...it doesnt seem to match the price tag. Info: New build in a good area. 2 bed 2 bath 1041 sqft 2 car garage with extra storage space Cost: $325.4K Taxes in this area are pretty high at 250/mo. HOA is 175/mo Total mortgage for me would be between 1800 and 1900 per month. I plan to rent this place out after I leave the area in 2 to 3 years. What do you think? Good investment o4 should I keep looking? For context, im currently renting a mid range 2 bed 2 bath apartment, 1110 sqft with no garage for 1500/mo. If anyone is familar with the Colorado Springs market, please give me your insights! [link] [comments] |
| Home Valuation and what's an appropriate rent price? Posted: 16 May 2021 08:39 PM PDT I've been having some trouble with this one because I haven't seen any examples of this done so allow me to go into some detail and context. I need to rent out rooms in my house. My father passed away and I'm young, in college and now having to foot the mortgage and the bills. The house is a 3bd, 2.5ba, rough 3060sqft total floor space. Sitting in a nice suburb in the West MI region. It's fully furnished and I am living in one of the bedrooms. The average house for rent for this floor space is around $2.4k-$3.5k depending on location just for the monthly rent. Since I'd be living here I was going to cover the basic utilities (Water, Gas, Electric and Trash) and rent out the rooms. The problem I'm having is equating in the furnishings and how to give a fair value to rent out this home. If I'm covering the utilities, would a fair value is around $1.8k- $2.05k a mo sound reasonable. It's under the avg. but outside of using the house I felt it should be lower to accommodate the fact that outside of a few small spaces and the garden, there's not really a whole lot availability to change the layout of the house. But there's basically a fully setup living room and kitchen to use so I feel like it's also too low because well it's a whole freaking house. If anyone has any advise I'm all ears. [link] [comments] |
| Anyone building anything simple? Posted: 16 May 2021 01:56 PM PDT Housing supply is getting low where I live. Prices are way up. Theres still some cheap land around town though. I'm a partner in a contracting company that can build whatever and I have full confidence in them. I own a real estate brokerage and I've been investing for well over a decade now. I have people who want to invest with me. It feels like it's time to try something bigger. I'm not trying to reinvent the wheel here. I just want to build, for example, 30 simple 3 bed-2.5 bath doubles on 5000 square foot lots so they each have some private outdoor space and parking. There's a pre-fab company that has a few projects in the south that I've spoken with. They're good looking properties that are pretty much indestructible. Can't be damaged by fire or water. All you do is pour the foundation and run plumbing, put the house pieces together, install a kitchen and floors, trim it out, paint, and you're done. I'm not dying to go pre-fab but with lumber prices being what they are maybe its worth really thinking about it. I considered building warehouse space. I've seen some of the success stories around here with that. I believe it would work in my market. To be honest, though, it's outside my area of expertise so I'm less inclined to go this route. So, what are you building that is easy and makes money? [link] [comments] |
| Posted: 16 May 2021 02:27 PM PDT What other expenses can you input other than the insurance, repairs, and usuals. Thanks. [link] [comments] |
| Tax Questions for 2020 Duplex Purchase Posted: 16 May 2021 02:38 PM PDT Hi all, I purchased a duplex in October 2020. I rented both sides out for Nov and Dec. Working on my taxes. Had a few questions. Purchase price was 90K. Total due at closing was 95K, so about 5K in closing costs/prepaids. Can I and where do I claim things such as appraisal fee, origination fee, title insurance, termite bond, tax service deeds, etc. I understand about the points, insurance, and mortgage interest. I do have to pay flood insurance. I assume I can expense that too? Trying to beat the filing deadline, any help would be appreciated! [link] [comments] |
| Looking for advice on real estate wholesaling! Posted: 17 May 2021 12:10 AM PDT I'm a Realtor in GA and a lot of my clients ask about wholesaling. I know the basics of the process but I don't understand the profit proportion or the depth of it. How does it make the wholesaler profit? Is the wholesaler buying the property? Any help is greatly appreciated. [link] [comments] |
| Posted: 17 May 2021 12:06 AM PDT A lot of you may not know this, but if you are planning to purchase a unit and you are planning on renting it out, you can actually use the expected rental income to qualify for your mortgage. My question however: I have a paid off property and I'm planning on renting it out for income. Can I use the expected rental income for that property to qualify to buy another property? Edit: If anyone does not know the answer to this, what kind of person should I contact? Would a local lender be able to answer this question before I make any decision? [link] [comments] |
| Is there a website that allows me to do a overall search of the internet for real estate Posted: 16 May 2021 03:05 AM PDT Hey I am looking for foreign property and im finding it a pain in the butt to always go to google and research terms like cheap realestate costa rica for exampe. Is there a website that allows me to place in perimeters like costa rica, under 30000$, aparments etc and then it searches the entire web and gives you links? [link] [comments] |
| Mortgage Types for House Hacking Posted: 16 May 2021 07:42 PM PDT I purchased my first house with a first time home buyer 3% conventional loan. I used personal loans to renovate the property and refinanced it at 80 LTV and paid off my renovation loans and have 20% equity. I rent out the other rooms in my house and am currently saving for my future home while getting my rental cert. My next loan will most likely be a 3.5% down FHA loan, but what would be the next strategy after that for "house hackers" for my 3rd, 4th, ect. It's my understanding you can't have multiple FHA loans, so what type of loans do house hackers use to make their owner occupancy for a year to keep their down payments lower? Thanks [link] [comments] |
| Looking for advice on purchasing a newly constructed home in a planned community. Posted: 16 May 2021 11:03 PM PDT Hey all, first time posting here so apologies if this is the wrong place for this. I'm thinking of submitting an offer for a brand new, newly constructed home in a relatively new planned community. It has everything we are looking for, but I have no experience purchasing a newly constructed home. The area is in Nanaimo on Vancouver Island close to Hawthorne Park and Buttertubs Marsh Park. A friend of mine warned us about the home settling poorly, as it is close to a marsh... this didn't seem entirely problematic, as there are lots of homes that have been there for a while and seem fine. Does anyone have any tips, warnings, or advice around purchasing newly constructed homes? Anything would be extremely appreciated, and thanks in advance! [link] [comments] |
| Researching a property I might buy, are there historical crime listings for properties? Posted: 16 May 2021 10:26 PM PDT Well I wouldn't want to buy a house someone was murdered in obviously so I'm looking for a site that can give me a list of crimes reported at a residence at least 20 years back. [link] [comments] |
| Seller forcing property management? Posted: 16 May 2021 06:13 PM PDT Hey guys, So the builder is the seller of these fourplexes and owns his own property management company. It seems like he wants to make the his property management fee mandatory in selling to us.
Thanks! [link] [comments] |
| Rules surrounding accessory dwelling units. Need advice. Posted: 16 May 2021 06:05 PM PDT Background: live in Knoxville, moved into a house last year with a detached garage. We're wanting to start remodeling this detached garage on our property to work as a little guest house for when my family in England come to stay/an Airbnb (already has electricity & potentially plumbing). I called the zoning people to figure out if that was possible and they told us we can have a accessory dwelling unit up to 1200 sqft due to lot size but it has to be less than 40% of the square footage of our home, which is 1036sqft & our garage structure is around 800 sq ft😕 We're hoping to ask someone if there's anyway to get around that somehow or if they have any ideas on how to make it work... ie classifying it as something else etc? Thanks! [link] [comments] |
| What is your opinion of owing a self storage facility out of state Posted: 16 May 2021 09:01 AM PDT I'm looking at small to mid level self storage facilities in the $500,000 to $1,000,000 range. I don't have any experience in the self storage business but I do have 15+ years in single family rentals. What is your opinion in out of state self storage rentals using online tools to manage a facility remotely? I have heard some others saying they liked the software options and features. What obstacles would be challenging? Are there any deal breakers for anyone with experience with out of state units? There just aren't many existing self storage facilities that near me (I live in the Eastern / Central Virginia region). I would be able to reasonably make quarterly trips to the property and would have the ability to visit within the week if I had to without too much trouble. Thanks for your thoughts. [link] [comments] |
| Sellers attempting to rescind sales agreement Posted: 16 May 2021 09:23 AM PDT Hello everyone - I will spare everyone the long details of a recent negotiation on a condominium purchase. But, after the back and forth + inspection + appraisal (and all fees paid by us etc) we did a final walk through a few days prior to closing. Upon entering the unit we found that another unit above the one we have an agreement to purchase had a pipe burst and water had leaked into the unit we are attempting to purchase. The seller was tough to get a hold of but said they would work with the HOA and insurance agencies to get it all fixed. The seller and contractor they hired have not communicated with us (the buyer at all) and our agent received a message from them saying the seller would not be signing an extension to our sales agreement to purchase and would instead rescind their offer. Has anyone dealt with this before and what are the steps that I (the buyer) should take since we have met every obligation to close on time other than to discover the pipe burst / leak right before closing? Thank you. [link] [comments] |
| Posted: 16 May 2021 11:56 AM PDT I'm considering purchasing a duplex in Pensacola Florida. I live on the other side of the country but I can get buy that house for half the price than what I could buy it for at home. Is the market increasing at an impressive rate (10-15% annually)? Is it pretty easy to find tenants? What has your experience been in the rental world in that area? [link] [comments] |
| Posted: 16 May 2021 08:39 PM PDT Looking to make an investment in a condo that has a rental pool. Wondering what all I need to know. This is slightly investment but mostly for a way to own a place on the ski hill. Having said that, of the options available, our decision will be much more based on which provides best earning potential of the group. What question should I be asking? What information do I need to gather? What hidden costs should I be aware of? Any and all information that is pertinent in this would be very much appreciated. Also, if you know pros and cons of being in rental pool vs renting it out yourself (ie air bnb) Thanks in advance! [link] [comments] |
| Mortgage on Primary vs. Rental Posted: 16 May 2021 11:52 AM PDT I have 7 years left on my primary home Mortgage with sub 3% rate. My two current rentals have higher rates and 15 year mortgages with more than 25% down. They both cash flow a little, which is my plan. I intend on buying another rental soon. I haven't given it much thought but realize I might be be better off refinancing my primary due to tax benefits and rates and using the cash to have lower/no mortgage on rentals. I sort of assume with a mortgage on rentals it lowers my tax implications for the income generated by the rentals but I haven't talked to a tax professional. Does anyone know whether there are different tax advantages for rentals vs primary? If not would it basically make sense to simply maximize primary and keep secondary smaller? Planning on 3-6 total rentals in next 5-10 years. Goal is to have 15 year mortgages that then turn into cash flow for when I retire 10-15 years from now. [link] [comments] |
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