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    Wednesday, May 5, 2021

    Real Estate Investing: Denver, CO will now require a landlord license

    Real Estate Investing: Denver, CO will now require a landlord license


    Denver, CO will now require a landlord license

    Posted: 04 May 2021 03:46 PM PDT

    Denver city council has struck again. Renters and landlords were both against this but they just passed it anyway. Unbelievable, cities just want more and more money and more and more control.

    Also, just think that this is being added while there have been ongoing eviction moratoriums....

    https://www.denverpost.com/2021/05/03/denver-landlords-rentals-long-term-license-new-law/

    submitted by /u/MedicalTent
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    Cold callers of real estate investing, what's the point?

    Posted: 04 May 2021 09:00 AM PDT

    Seriously, I get 4 phone calls a week with some lowball, fast close bs (I have 7 doors). If I want to sell my investment property, I know who to talk to. Is the hope to find a little old granny who doesn't know anything about selling property?

    submitted by /u/thegangler
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    Closing on 84 units and scared I'm screwing it up!

    Posted: 04 May 2021 12:37 PM PDT

    Making my first big jump. Currently my biggest unit is an 8 Plex and I am under contract to close on a 84 units at $35,000/unit. Going through the DD and all that and just SCARED that I am missing something big and going to lose my A@@.

    Anyone else have these feelings on their first big purchase!

    submitted by /u/blackc2004
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    Does buying a 100k usd apartment in Porto make sense ?

    Posted: 04 May 2021 03:25 PM PDT

    Wondering I I should live in Porto 6 months and buy a 100k apartment with all my salary income during that period and move back. I am a eu citizen as well as us, it's part passion but wondering if this is just a really bad financial move ?? Any model or perspective would be appreciated

    submitted by /u/HovercraftGold980
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    Accepted Offer - Waikiki

    Posted: 04 May 2021 05:15 PM PDT

    I'm kinda pooing my pants. Tiny Studio in Waikiki 132k, right on the ala Moana. Lanai facing the golf course and nice views, close to the beach and everything. Buying with my brother in cash, 50/50. Fee simple. Seems too good to be true, but my brother owns a couple condos on the island already and he is a property manager there, so he knows the market and was able to put our offer in a few hours after it went live. Next stop is bringing out an inspector to find what we might be missing. Confirming whether or not we can air bnb it but we put an offer thinking it was long term only only for our agent to say he thinks this building may be grandfathered in for short term allowance. Long term rates are 1100/ mo. Anyone have any thoughts?

    submitted by /u/XXaudionautXX
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    What are you buying?

    Posted: 04 May 2021 08:05 PM PDT

    With real estate prices at ridiculous levels, what investment properties are you guys buying? Rentals or flips? Commercial/Residential?

    submitted by /u/self_help_
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    What made you decide to go with rei vs index funds?

    Posted: 05 May 2021 12:42 AM PDT

    Wanted to see perspectives of this sub and learn what I can. I've been taught to just dump as much as I can into an index fund for simplicity and guaranteed gains and that rei wasn't worth the hassle (never really questioned this) so now I want to see the other side of the coin. Thanks!

    submitted by /u/drippingthighs
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    Hold or sell? How to get started with a real estate portfolio

    Posted: 04 May 2021 01:55 PM PDT

    So with a bit of intuition and a lot of luck, we've managed to buy a property that we changed to an investment property. The house was simply to big for both of us. We've decided to buy in our city (southern Ontario) a second house. The prices in the last two years grew quite unexpectedly, exponentially. Our first house which is now an investment property, pays itself and we still break 1k out of it. The house price increased to double of what we bought two years ago. Our house that we bought last year, is worth now 40% then it was when we bought it. It's all too much money to fast for us, and we are really not used to this. Suddenly we can afford by means of refinancing a house in the city we love. I know we could sell our properties, but we find that renting out pays for both of them itself. We have both good jobs, and thus don't require to sell. We've become real estate investors by accident, and we are loving it. However, our parents tell us we should sell one of the houses. I feel however it's paying itself, and likely will continue to grow. There's a huge demand where we live. Would you advise selling one of the houses and buy another, or should we hold on to the two, refinance and buy the third? It's all too ridiculous, as we've sort of been unexpectedly found ourselves with more opportunities than we ever thought. Please advise! Thank you so much.

    submitted by /u/perrier78
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    I dont understand why anyone would buy a frat home.. can someone explain why?

    Posted: 05 May 2021 12:11 AM PDT

    A friend of mine rented a home and it wasn't even a frat house but it was essentially in the neighborhood of most frats and was privately owned. With how wreckers college students are why would anyone invest in these type of homes that are clearly going to be trashed?

    submitted by /u/Fortheloveofcinema
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    Bad tax return but buying a home with plenty of cash + equity.

    Posted: 04 May 2021 07:42 PM PDT

    Currently I have a mortgage with 250k left to pay off. The house is valued at about 650k currently.

    - I make 500k a year with my businesses and am 50+ years old. 800 credit score.

    - This leaves me with 400k equity in the home, trying to buy another home.

    - 2019 Tax return had some big business expenditures that left me with less than $10,000 taxable income on my tax return

    - 2020 tax return aren't done yet, but it looks like I'll have 120k taxable net income this time around (500k gross). Last time I called about buying a home, they told me that I can get up to 42% of my yearly taxable income with a home.

    - Have about 300k liquid in my accounts currently.

    Is there any "weight" in regards to my finances even though my last tax return looks "weak"? From my last call, he made it sound like my "net income" will cause problems for approval even with 500k a year in earnings with the expenses from 2019 being notorized in the tax return as business one-time specific expenditures. Do I need to rush my 2020 tax returns so I can show capability to pay?

    submitted by /u/creditcheckpls
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    How risky are real estate stocks?

    Posted: 04 May 2021 11:15 PM PDT

    i am net to the stock market i have made money on the covid recovery but i want to move to long term dividend investing. real estate stocks have seem interesting. i have invested a little money in redwood trust (RWT) MFA Financial (MFA) Two Harbors investing (TWO) And Investment Mortgage Capital (IVR)

    These real estate stocks are cheap and seem to pay good dividends compared to the cost per stock. there seem to be so many options like these. Orchid island Capital (orc) Cherry hill mortgage investment (CHMI) Black Knight (BKI) ect. a lot of these companies seem to have stable histories but are fairly young companies. are these empirical and will all go bankrupt in the next housing crash? or are they valid long term investments?

    submitted by /u/skugaku
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    Tax Lien Investor Question during Pandemic, only experience Tax lien investors from 2019 and 2020 please

    Posted: 04 May 2021 07:07 PM PDT

    So, I bought a few* in 2020 and there is a moratorium at the moment.

    I wanted to space out the foreclosures but at this rate it looks like I can't. I was hoping to find someone who has done an exemption or filled out something in order to bypass the Foreclosure moratorium and Initiate Foreclosure Proceedings ESPECIALLY because in my state there is a 2 year time limit on initiating the process! There must be some sort of loophole because the 2019 ppl should've expired their time by now and technically face penalties.

    *These are vacant residential properties.

    submitted by /u/OptionImportant
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    Credit and background check, do you pay or the renter does?

    Posted: 04 May 2021 03:05 PM PDT

    When you want to rent an apartment, do you charge the tenant the background check or from your pocket? For example If I have 3 candidates and must choose one, you ask the candidates to pay for it?

    submitted by /u/zasco9
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    Real estate agent is to sign closing paperwork for me since I'm out of state. Do I need any document signed to protect me in case of any errors since I'm not there? She works for a very large well known real estate company.

    Posted: 04 May 2021 12:00 PM PDT

    Mainly concerned with my bank wire info and making sure it's correct during closing.

    submitted by /u/Crypto_Cat_-_-
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    New investor

    Posted: 04 May 2021 10:02 PM PDT

    Hello all, My wife and I are attempting to get in to the rental/investment business. For background we both hold steady decent paying jobs. No house payment due to inheritance of our current house. We live in central Ohio and are looking to purchase single family homes to rent and eventually flip when markets justify selling for profit. Our current thought is purchasing in urban areas that have potential for growth. We have a family friend who runs a mortgage company so we are covered there. This all seems too easy and I know we must be missing a piece of the puzzle that keeps people from getting in to this market. Are there any suggestions that we may be missing or any advice to someone trying to get in to real estate investment? Thank you all.

    submitted by /u/massieas
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    How can I best prepare myself to purchase my dream home in 6-8 years?

    Posted: 04 May 2021 09:59 PM PDT

    Student, will start making ~57K per year x 6 years then after that, possibly 300K. Debts: student loan 130K, recently purchased a house $290. Saving: 401K $50K. I have family who will help me with some COL so I will be able to save 1K per month.

    I plan to rent out out the house after 6 years instead of selling it if possible.

    How should I prepare myself to purchase my dream home in 6-8 years? Dream home will be around $600-800K where I want to live eventually. Should I aggressively pay off student loan so it is easier to apply for loan later? Where should I put my 1K per month saving and prepare for down payment? Credit union, 401K, or Roth IRA?

    Thanks!!!!

    submitted by /u/ProofNews9977
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    First Investment: 4 plex financed as a primary residence?

    Posted: 04 May 2021 03:31 PM PDT

    Hello,

    I've always wanted to buy real estate and give it a try. I've been looking at RE for 6 years now (doh! Should have bought then).

    https://homes.ksl.com/listing/40441038

    This is a for sale by owner, 4 plex (2 bed, 1 bath) in a nice city (Farmington Utah, lots of nice mormons). I would consider this to be in a great/safe location. Most 4 plex's I see in utah are in sketchy areas. Not this one. Nearby other houses, not multi units.

    unit 1: $940 (1 year lease)
    unit 2: $940 (6 month lease)
    unit 3: $890 (mtm)
    unit 4: $750 (mtm).
    total: $3520.

    Using a redfin calculator: $710k @ 5% is $3550 a month. At 20% down, $2,696.

    Curious what your thoughts are on this property as a first rental. In this market, I'll probably never get a "killer" deal, but I do want to start getting involved.

    Searching for nearby rent prices: I see a basement apartment going for $1045 (same sq. ft @ 900, built in 60s) in Bountiful. I'd say both are good cities/locations../

    https://www.rentler.com/places-for-rent/ut/bountiful/816-w-4100-s/5723114

    Duplex unit going for $950 in clearfield. Clearfield isn't the best area.
    https://www.rentler.com/places-for-rent/ut/clearfield/810-w-300-n/4774261

    $1k in clearfield as well.
    https://www.rentler.com/places-for-rent/ut/clearfield/17-s-1450-w/5925964

    $1.2k in clearfield. It looks recently remodeled.
    https://www.rentler.com/places-for-rent/ut/clearfield/31-w-1600-n/4991398

    I feel like the units could go for $1100-$1200. I might be a tad optimistic... 3 of 4 units are remodeled in the last 3 years.

    Not the best deal in the world... But a good enough one for me to swing?

    If you threw an offer at this house, what would you do?

    Any tips of advice is appreciated.

    Would you do 5% or 20% for your first 4 plex? I have the cash to do either...?

    submitted by /u/teltic
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    Has anyone made the switch from LTR to STR? If so, was it worth it?

    Posted: 04 May 2021 09:20 PM PDT

    I own a new built duplex with modern amenities, all wood-look tile floor etc. Anyway, one of the tenants just gave me a 30 day notice and I'm considering converting it to a short term rental.

    Did market research and looks like I can make about double the current monthly rent (assuming conservative low end of average STR occupancy rate in this area)

    I'm a bit hesitant because there's quite a bit of upfront cost involved in furnishing the place but curious to see if anybody else made that leap

    submitted by /u/CarminSanDiego
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    Refinancing

    Posted: 04 May 2021 03:11 PM PDT

    Hey guys, quick question on refinancing here; Is it worth it to refinance an investment property even if interest rates don't go down? If so what are the benefits? All comments and advice are appreciated!

    submitted by /u/Broad-Illustrator-47
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    Purchasing a portfolio of 9 condo units: would like to hire someone to review condo disclosures and HOA budget for redflags

    Posted: 04 May 2021 08:28 PM PDT

    Hi

    As the title says, I am interested in purchasing a portfolio of 9 condo units in a 150 unit building. I have read a few condo disclosures and even put together HOA budgets for new construction, but I am by no means an expert. Usually we hire attorney's but that is specifically for new construction build to put together these docs.

    With the biggest risk of purchasing condo units being the solvency of the association, I would love to hire an expert to look at the docs and budgets.

    Does anyone know who I would specifically look for to hire that knows condo docs AND HOA budget / future cost projections?

    Thanks

    submitted by /u/Alldemquestionz
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    How do you go from one to several homes?

    Posted: 04 May 2021 08:26 PM PDT

    I have an investment house right now, and am trying to grow my real estate portfolio. Theres plenty of equity in the investment house for me to do a refi and buy another home, but I'm wondering how do I go from there. How do I buy another home without having to wait years to save up a down payment? All the real estate videos and books I've seen always say after one home its easy, but I can't figure out how you can get many homes quickly. So how did you do it?

    submitted by /u/Thunderball23
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    Where do I get started??

    Posted: 04 May 2021 01:40 PM PDT

    Hello everyone, I am a 21 year old guy from Ontario Canada looking for some tips on how to get my toes wet in Real Estate investing. Right now at least, I don't think I want to do real estate full time, but I am very infatuated with the idea of passive income, like rentals. I do work construction/ renovation full time so I have all the skills and co workers available to do good quality work on the houses I want to invest in. Obviously, to an extent, you need money to make money in Real Estate. I do not want to get started with wholesaling, as I'd rather stay away from that and keep my morals in line. I was wondering if anybody had any tips for someone to get started?? I'm doing my best to save money for a down payment on a house to flip, but it's an extremely slow processes with rent and bills etc. Does anyone know any good books I should read? Is there any golden rules I should be aware of?? Just looking for any help I can get. Thanks

    I should add that I live in a town with about 40,000 university students, so the opportunity is definitely there to rent, just not sure if I want to begin by renting to student my own age.

    submitted by /u/frannyhoho
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    soon to be landlord in the state of California do I need a renters insurance for my self before I get an umbrella policy?

    Posted: 04 May 2021 01:32 PM PDT

    Hey everyone, hope all is well with everyone! Just wanted to get some input from experience landlords. So I am soon to be first time landlord, called the insurance company that I use to insure my cars to see if they offered an umbrella policy. The lady stated that because I moved back to my parents that I needed to get a renters insurance and my car insurance would go up to almost 100$ ( I own two cars) before being eligible for the umbrella policy for my rental. Being that I'm living with parents, I feel like it is unnecessary especially because I have nothing that belongs to be (sold everything) but clothing. Is it absolutely necessary for me to get renters insurance for myself? is there something else besides an umbrella policy?

    Thanks in advance my fellow redditors!

    submitted by /u/popinpill
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    Business partner and I bought a house 50/50 (California), renovated it. I've decided I want to buy the home/her out of it. She's great but I really like the home. I have questions about how to navigate this.

    Posted: 04 May 2021 08:43 AM PDT

    We bought a home, as primary residence for both of us. We've lived there for 2+ years. We get along great and she is okay with me buying it.

    I've decided I want to keep the home. She wants to buy a different home.

    We both have about 125k equity each into the home. (So 250 total)

    We're both on the mortgage.

    What would be the best way to legally navigate this? Would it essentially be like any other house purchase but my name happens to be on both sides of the paperwork?

    Edit: to clarify she is fine with me buying the house.

    submitted by /u/OmniBlock
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