Real Estate Investing: Is a good credit score a requirement for starting out investing in real estate? |
- Is a good credit score a requirement for starting out investing in real estate?
- Investing in Condos?
- I was pulling the carpet and found a crack
- Low maintenance landscaping options for rental property?
- Advice on buying a For Sale By Owner?
- In my 20s in TX and have some money saved up. As a newbie where do I begin in RE investing?
- First time buyer: Is this a good deal on a mortgage for an investment property? What terms am I looking for in a mortgage right now?
- Have any of y'all used a bitcoin account as proof of funds?
- Where to invest
- I seek more knowledge please
- Investment Bubble?
- Personal Loan > Refi
- Townhouses VS Fourplexes [San Antonio]
- How hard is it to manage multiple units?
- owner financing and taxation
- Property Management or not?
- Living in one side of a duplex, FHA loan, what tax deductions can I take?
- Recent experience with investment property re-fi? Cash-out re-fi?
- Filing judgment without tenant SSN
- How do you deal with proof of funds in an all cash offer?
- Understanding the pros/cons of investment property vs. buying first home (to live in)
- House hacking with former owners
- Appraisal Problems: SFH / Duplex
- First purchase coming soon
| Is a good credit score a requirement for starting out investing in real estate? Posted: 14 May 2021 09:43 AM PDT I don't know if this is the right thread to post such question but as the title said, I'm wanting to get into real estate and my primary focus is cash flow from tenants. With that being said, I need to purchase houses for that. My credit score isn't exactly the best but is a good credit score a be all end all sort of thing? Should I improve my credit before starting real estate? All advices are welcome Edit: thank you for all of the advices. I definitely need to learn more. The real reason I want to do this is because I am tired of working for someone. I want to be the only person who holds myself accountable. And of course, financially independence. I know this is not a get rich quick but life's a marathon, not a sprint. I hope everyone here will be successful! Whatever your definition of it means [link] [comments] |
| Posted: 14 May 2021 08:40 PM PDT I know most are against condos as an investment, however, I am considering buying one as a primary residence - first time homeowner The HOA does not allow renting within the first 2 years which is both standard and a non issue for me I have the opportunity to buy at an incredible basis but want to know how flexible the investment will be long term The HOA states that no unit shall be rented for more than 2 out of every 10 year period Does anyone have experience with something similar? How flexible/concrete/restrictive are these covenants? Is it ever the case where the homeowner can successfully petition an exception for say a long term tenant? For example a 2 year tenant who wanted to renew. While the basis to enter is certainly great, I'm curious to know my options for the future! [link] [comments] |
| I was pulling the carpet and found a crack Posted: 14 May 2021 10:04 PM PDT Might be wrong flair but i found s crack under the carpet in property i just bought. It doesn't smell like mold but does smell like soil... There is a bit of moister around the crack. The crack does end before the wall towards the exterior. How do I fix or figure out if this is a big issue, I'm in s condo [link] [comments] |
| Low maintenance landscaping options for rental property? Posted: 14 May 2021 03:09 PM PDT Looking for low maintenance options to improve landscaping and curb appeal of one of my rental properties. This is an older pic, bushes in front are in worse shape than this. https://imgur.com/a/SKfOdVi [link] [comments] |
| Advice on buying a For Sale By Owner? Posted: 14 May 2021 07:08 PM PDT Hi all, not new to buying property but am to FSBOs. I came across a property in a neighborhood I like. Met with the owner, she wants to save some money by going direct. I'm OK with that, but always worked with an agent before. Any advice on how to proceed? As for price, she's selling WAY over what the property is worth even in this market. I bought a property in much much better condition only a block away for 10K less than she's asking, so I'm planning to offer a reasonable price. Any pointers from you guys out there? State is MD. [link] [comments] |
| In my 20s in TX and have some money saved up. As a newbie where do I begin in RE investing? Posted: 14 May 2021 06:01 AM PDT ALL Knowledge and advice is welcomed! Im eager to get involved but dont know where to start:/ I live in texas for those familiar with the market here I dont have real estate background or experience. Eager to change that so I can stop being scared and just jump into it! [link] [comments] |
| Posted: 14 May 2021 08:29 PM PDT I'm working on my first real estate purchase and looking into a mortgage provider. The whole proceed is kind of draining because I'm not sure what's a good deal or not and what to look for in a loan/loan company. Can some more experienced investor take a look at these loan terms and tell me if this looks like a good deal? I've heard bad things about using points, which the lender offered up immediately. what do you all think? I'd really appreciate the advice. Thanks! Single family residence: Price: $168,000 Loan Amount: $134,400.00 Interest Rate: 4.125% Appraised Value: $168,000 LTV: 80.000% Loan Type: Conventional Amortization: Fixed Term: 360 months APR: 4.406% Loan Origination Fee: $0 Application Fee $0 Processing Fee $425.00 Underwriting Fee $465.00 Escrow Waiver Cost to Loan Servicer $0 Administration Fee $105.00 Rate Lock Extension Fee $0 Prepaids POA Fee $0 Daily Int. 15 days @ $15.40 $231.00 Trust Fee $0 Mortgage Ins. Premium $0 Origination Credit: $ 0 Discount Points: $2,688.00 [link] [comments] |
| Have any of y'all used a bitcoin account as proof of funds? Posted: 15 May 2021 02:25 AM PDT |
| Posted: 15 May 2021 02:20 AM PDT What city do you invest in? How did you pick it? Im looking to expand somewhere more affordable than where my current properties are. [link] [comments] |
| Posted: 14 May 2021 01:36 PM PDT Found a potential deal in southern California, agent said seller would be open to creative finance with 0 down, agent said seller doesn't want seller finance however (does that kill things?) . Is there potential here to get my foot in the door to potentially lease option out? House fell through prior escrow due to buyers loan approval a couple months ago. They want to move soon it seems. I'm aware of rent prices in the area and it's a nice area. Steadily growing. Is there potential here? I'm new to REI and I'm eager to make the 100 calls a day for these opportunities. [link] [comments] |
| Posted: 14 May 2021 09:45 AM PDT A little background before my question. Prof Inspector since 2015, active in home services, have realtors in family, have been investing roughly 4 years. Just finished Appraisal school and am staying positive as to the outlook of RE investing. Mainly DFW area and west. Like many I started with $0.00 got some wholesale deals, got some rehabs developed relationships and now find myself in a spot where money is easy to find for projects but the acquisition side is dry. Since mid 2020 the number of distressed properties available has seemingly disappeared, become overpriced or have fallen under foreclosure moratorium. I come across plenty in disrepair, absentee owner, vacant etc. I am running into a wall of overpriced and under estimated repairs from wholesale sources. Many prospective sellers are going with realtors for a higher return and people are buying crap deals like they are gold... everyday I see ads for new "systems" rebranded software etc but with access to MLS I don't see the need. The guys I know having some success are finding properties word of mouth. Marketing has never really brought anything in any area of services I provide in RE. The success I do have inspecting and Home services are 99% word of mouth generated so I am thinking that investing isn't any different and I need to continue to grow my network... What am I missing, overlooking etc? Are yall seeing a good return on Marketing dollars? Or is your network the most valuable tool. I do see mobiles pop up more often but admittedly they scare me Any advice, insight is appreciated. Thank you in advance... [link] [comments] |
| Posted: 14 May 2021 03:52 PM PDT Purchased an investment home in Texas iao $60k using a personal loan not tied to any collateral. Im looking for a way to refi this without holding the property for 6 months as advised by several institutions. I will rehab with cash but if able I can include rehab costs in the refi to help with minimum loan amount requirements. Does anyone know of a mortgage product that would work with this? [link] [comments] |
| Townhouses VS Fourplexes [San Antonio] Posted: 14 May 2021 10:01 PM PDT Looking to invest there and have two options, the fourplex will provide greater cash flow, but the townhouse is in a great location and has a chance at maybe higher appreciation and easy selling process. What do you guys think? What would you choose and why? Trying to first maximize my investment in value and get stable cash flow(which is given in both options) [link] [comments] |
| How hard is it to manage multiple units? Posted: 14 May 2021 07:29 AM PDT I am new to the real estate world, started this a year ago where I bought a plex with 3 units with my brother. A few months ago I bought another one with him with 3 units which I had to renovate, it took at least 20k of renos. Now I am just wondering how does one keep acquiring units if they pretty much are leveraged already and cannot take another loan without putting a big down payment? I plan on aquiring as much as I can but I am concerned it will be hard to manage after 9 doors. Those who have multiple properties how do you deal with that considering I am not a manual guy and need to send someone for any repair. Is it worth hiring a real estate unit manager? Thanks [link] [comments] |
| Posted: 14 May 2021 04:53 PM PDT if we do a flip and provide the buyer with partial owner financing to cover part of their downpayment (assuming the buyer's lender is OK with this for now) do we get to consider the sale an installment sale and take the capital gains over several years instead of immediately? Does anybody have experience with this or similar? I want to get an idea before engaging with an accountant and lawyer what will presumably be a slightly complex deal [link] [comments] |
| Posted: 14 May 2021 09:05 AM PDT Hello all, I will soon be a first time investor and will rent out my property. Do you guys use any Property Management companies or is it just worth it go solo? I am not a very handy guy especially if time is of an essence. [link] [comments] |
| Living in one side of a duplex, FHA loan, what tax deductions can I take? Posted: 14 May 2021 12:29 PM PDT Anyone familiar with this scenario? Can I just deduct all costs for renters side? Is their rent "income"? Im building a fence to divide the yard, can I deduct half the cost? Interest and insurance can be deducted in full amount? This tax stuff is overwhelming and I wanna do it by the book. Any help is deeply appreciated. [link] [comments] |
| Recent experience with investment property re-fi? Cash-out re-fi? Posted: 14 May 2021 03:18 PM PDT Hi everyone - I got a message from a lender I've been speaking with who said that some recent guidelines since he and I spoke in March make a potential refinancing of our rental property unfeasible. Our rental house is in Portland, Oregon. A former primary residence that we're paying 4.25% on. Redfin estimate is $350k-ish and the outstanding mortgage is $205k. There is much less info online about rates for investment property refinancing, so I'm curious if anyone has gone through this recently. if so, what kind of rate did you get? Were there any challenges to it being an investment property that was difficult? Thanks in advance. And sorry for the vague post. I've been waiting to see if there had been other chatter about this but hadn't seen it. [link] [comments] |
| Filing judgment without tenant SSN Posted: 14 May 2021 09:12 AM PDT Lot of learnings to be had from this experience but here's a run-down: We purchased an out-of-state multi-unit and one of the tenants had a great rental history so we kept them. Since the pandemic began, however, the rents have come in few and far between. We've tried working with them but are struggling. We let the property manager know to move ahead without renewing the lease. Well it turns out our PM does NOT have the SSNs of the tenants and therefore, if they do not pay, it may be a challenge to get the money. Has anyone had any experience with something similar and can provide guidance. [link] [comments] |
| How do you deal with proof of funds in an all cash offer? Posted: 14 May 2021 02:37 PM PDT Say you unexpectedly find something you like that is a little over what you had planned. For arguments sake, lets say the property is listed at 235k but in this market you have to offer at least 245k. So you have a previous letter from your institution that says you have over 230k (you didn't want the precise amount on there). The precise amount you have in the account is 238k, but you could easily (although it will take a few days) send funds from a different account to get the 238k to 245k. How would you handle the proof of funds of a 245k cash offer? Since the market is insane, you have to make an offer before the new funds can arrive or another letter can be written. [link] [comments] |
| Understanding the pros/cons of investment property vs. buying first home (to live in) Posted: 14 May 2021 12:30 PM PDT First off, this community is great, and it's been super educational reading through your collective thoughts here. Kudos! I am new to real estate and my wife and I (mid-30s) have a decent amount of savings. I'm particularly contemplating the pros/cons of our first home purchase being an investment property vs. a home to live in. Notably we work and live in an area where home prices are very high and sell for +$X00,000 above listing. I'm trying to understand the root financial pros/cons and was hoping you all more informed people can help clarify my take. To help with that, I wanted to set some assumptions:
Scenario A: Buying a Home To Live In ($500k)
Scenario B: Buying an Investment Property ($500k)
Scenario C: Buying More Investment Property ($750k)
I'm flagging with asterisks with what I understand to be the differences between these scenarios. What am I missing, friends? TLDR, is it:
I don't want to get too far in without truly understanding the underlying financial Whys and the trade-offs. [link] [comments] |
| House hacking with former owners Posted: 14 May 2021 10:02 AM PDT I'm under contract for a triplex. We close in one week. My understanding when we made the offer is that the current owners were selling in order to build their own SF house. Our plan as written in the purchase agreement was to allow the sellers to stay in their unit and rent from us for two months while they sorted out their build. After the two months, they would move out and we would move in to their former unit. I need to do this due to our financing. The sellers came back to us recently and asked if they could continue to rent from us for an additional 10 months which would force us to occupy one of the other units and hence live on the property with them. I'm open to the idea of living on the property with the former owner, but I'm not fully comfortable yet. If we were to go down this route, I would like to meet them in person beforehand and I also plan to qualify them as I would with any other tenant (credit, background check, references). I'm wondering if there might be an odd power dynamic at play between us since they did own the property at one point. I plan to have some renovations and updates made and would like to request that they move a lot of their items from common spaces, clean the yard, etc. Any thoughts? Have you dealt with this? Any strategies to ensure a good relationship and mitigate risk exposure? [link] [comments] |
| Appraisal Problems: SFH / Duplex Posted: 14 May 2021 09:01 AM PDT A bit of an odd one but hoping someone else here might have navigated something similar. We purchased a 1900 folk victorian fall of 2020 with a bridge loan from a relative, with the understanding that we would refinance in 8 months. The house was split into two units in the 90s however we are living in both sides, inhabiting the property as a single family home. When we began our refinance, we explained all of this to the lender and we proceeded with a traditional primary home refinance. Fastforward to our appraisal: the appraiser comes and sees the property, notes that it has two gas meters and says it might need to be appraised as a duplex - but that shouldn't cause any issues. He proceeds to send notes to the lender that the kitchen in the "B Unit" has been entirely ripped out, which is untrue, it just didn't have a refrigerator or stove currently in it. I explain this to the lender and the lender says he feels better about everything, but this loan will need to change to be for a duplex. Ok, not happy about this because we feel it devalues the property based on local comps but fine, whatever gets us over the finish line. Our appraisal was due today, so I check in with the lender. Appraisal is no longer coming today and the appraisal company has said that the "B Unit" will need to have appliances installed AND that the kitchen will need to be of the "same quality and condition" as the other one. The kitchen in the "B Unit" is half the size, has never had a dishwasher, and does not have a gas line for a stove - its fundamentally different because we're talking about a converted 1900 house and not a modern build. The house didn't have appliances when we purchased it. Apartments don't always have appliances when you move in. We're confused on how best to resolve this. Honestly putting in a stove and refrigerator is not the end of the world, but it doesn't sound like that will even solve the problem of "same quality and condition". The appraiser was general contrarian, and of course did not contact us to complete the appraisal until the very last day in the window they provided and are now not delivering the appraisal when they committed to doing so. Overall it feels a bit like the appraisal company is holding our refi hostage. [link] [comments] |
| Posted: 14 May 2021 04:52 AM PDT Hello everyone, I've been reading posts daily to gain knowledge as I enter this world I'm only slightly familiar with. Today I'm going to look at a duplex and possibly make an offer. Wish me luck as this sellers market is quite frustrating for a buyer! [link] [comments] |
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