Real Estate Investing: Long Island man dodges eviction for 20 years, living in house he doesn’t own. |
- Long Island man dodges eviction for 20 years, living in house he doesn’t own.
- Federal judge overturns national eviction ban
- How accurate are Redfin price estimates?
- Hole in sewer line Is the city of shoreline responsible or are the builders?
- Ol switch-a-roo on a Portuguese (Europe) land purchase.
- Should I build on my land?
- Any issues using a HELOC / home equity loan with the bank I have a mortgage with?
- Has anyone done a land contract?
- 1 Euro Homes in Italy... a sound real estate investment?
- Worried about drastic local rental market change
- Federal judge vacates CDC eviction ban
- Austin TX suburban home advice--sell or hold?
- Selling A Rental Property
- Filing a claim against home inspector for negligence. Any success stories?
- I have cash from income this year but no income the past two years? Is it possible to finance?
- How are investors coping with the almost daily increase in material costs?
- Harrisburg, PA Market
- [SJ, CA, US] Cash for Keys with Rent Control
- Calculate Cash on Cash return if you are House Hacking a Duplex
- Jump in price
- Best Way to Find California Mortgagee/Lienholder?
- Is there an online course that teaches the basics?
- Can I Deduct Furniture?
| Long Island man dodges eviction for 20 years, living in house he doesn’t own. Posted: 05 May 2021 08:36 AM PDT
https://nypost.com/2021/05/01/ny-man-dodges-eviction-for-20-years-living-in-foreclosed-house/ [link] [comments] |
| Federal judge overturns national eviction ban Posted: 05 May 2021 09:15 AM PDT Federal judge lifts eviction ban (cnbc.com) Just saw this, nice surprise, but I doubt it's going to do anything for those of us under a state moratorium. [link] [comments] |
| How accurate are Redfin price estimates? Posted: 05 May 2021 08:43 PM PDT A house I bought is -30k from my buying price, which is more than a 5 percent move. How accurate are these estimations? [link] [comments] |
| Hole in sewer line Is the city of shoreline responsible or are the builders? Posted: 05 May 2021 11:18 PM PDT I had a sewer scope done on a new construction townhouse I'm buying in shoreline, WA. Is the city of shoreline responsible or are the builders? This is the report: sewer scope video: https://www.youtube.com/watch?v=wOfCgCxOouI SEWER INSPECTION FROM EXTERNAL CLEANOUT BY GARAGE DOOR: Line starts out in PVC plastic pipe At 4 feet the rest of the town homes should be tying in and sharing the sewer line 32 feet out the line transitions to 6" concrete pipe At 47 there appears to be a hole forming in the bottom of the 6" concrete pipe 69 feet the city main is reached The city of Shoreline's sewer department SHOULD be responsible for any repairs to the sewer line from the property line out to the city main The hole forming is beyond the property line under the street Recommend contacting the city of Shoreline to see if they will take responsibility for this issue No other cracks or breaks were observed at this time No signs of root intrusion at this time Line is open and draining at this time [link] [comments] |
| Ol switch-a-roo on a Portuguese (Europe) land purchase. Posted: 06 May 2021 12:59 AM PDT In 2019 my wife and I hunted for many months for a piece of land in Portugal. We eventually landed on a property in the Serra de Estrela area in a town called Manteigas. 2225m2 at the price of 5000€. It's former vineyard land that had been abandoned for a better part of 50 years. It's sloped and has about 7 tiers from top to bottom. The view is amazing. The Purchased went smoothly, all the correct documents, proceedings and red tape correctly done. We have all documents registered and in our names with the approved location. We have had the land cleared twice, a survey done and have had a home designed and approved by the local municipal. Fast forward two years to yesterday (05.05.21) when we were having the property cleared for the second time. Our neighbor who we just met for first time, comes by and sparks a conversation. After me tell him we purchased our land and pointed it out to him. He says " umm no that is not your land, it didn't belong to Mr. Martinez. We both look at each other like " who the fck is this old quack telling us our land isn't ours". We immediately call the Remax agents who promptly drive up to investigate. They then called the former owner who also immediately drove up to investigate. Turns out the Remax agents were given the wrong information about which section of hill was the former owners. Now it turns out the land directly next to us is actually the land we purchased and the area we all thought was ours is owned by multiple unknown individuals . The land which is actually ours has much more trees and is much steeper then the previous section. If we had been shown the correct land in the beginning we would have not purchased it. The Remax agents turned white with panic and I nearly had a fit of rage. All this planning , time and money for property we didnt actually own. Even though the local municipality approved everything up to this point. Not sure what comes next. The Realitors say we could sell the land for double the purchase price but that wouldn't recoup our costs this far into the planning. Im só pissed I could vomit. [link] [comments] |
| Posted: 05 May 2021 08:39 PM PDT So several years ago my brother was working at a Private equity group, later buying in as a 1/3 partner, and they passed on a deal to buy a defunct subdivision which could build 120 patio homes. At the time we were partners in a real estate investment company and after some persuasion on his part we decided to buy 8 lots that already had houses around them, platted, and utilities run to the lots for 65k total. This came with the option to buy the empty land that wasn't properly platted for an additional sum. After much due diligence we discovered the rest of the land had some major issues with the city and development cost was going to be far too expensive and we walked from the option to buy the rest. After we passed on the option, my brother got involved in a lawsuit and was dealing with a near bankruptcy due to the collapse of one of the private equity groups largest companies. He suggested I buy his half of the company out as he needed cash and offered me a discounted price to do so. I mostly bought him out by selling near half of our assets. We had 70 units at our peak. One issue I had at the time was we had started a total rehab on a duplex. But I knew after splitting the company I wouldn't be able to afford to renovate it. He said he would buy it from me. After we closed on the stock sale he contacted my private lender for the renovation duplex and said I was going bankrupt and told her she needed to eat a loss on the loan amount. This was very troublesome as I had a balloon payment approaching in 9 months on the house and it was stripped to the studs, so I was going to need to finish the renovation fast or get an extension from her. Basically he walked from the deal leaving me to finish the renovation with not enough funds and making it near impossible to get the extension as she became extremely hostile. Fast forward 3 years. I very painfully finished the reno and was finally able to refinance the unit. Id say I broke even on the project if I sold today. But as a rental is cash flowing very well. Basically I couldn't buy this property if I wanted to because I put in a lot of smart landlord upgrades that make maintenance extra easy. It was probably the worst situation I have been through financially. It put a lot of pressure on my wife and I and we both had to work long extra hours and borrow money from extended family and maxed out 5 credit cards to make it work. My relationship soured with my brother and my wife really hates him now. We moved to a new state to build a different business but have kept the dozen rentals I have left and the 8 lots of land. I have been trying to sell the land for years now but have only had a few bites with one buyer walking day of closing. My brother has mentioned he would be interested in building on the land with me and partnering on it. My wife is quite against it just out of spite. Bank has said they will take land collateral as down-payment for construction loan to build on first lot. So I would be putting up all collateral. Brother will over see project but will hire builder. After building cost, I will get paid land value back first on each sale. He will take 6% developer fee to plan and oversee everything with profits split. Comps look great right now. TL;DR I live away from 8 lots of land, brother wants to build on it, I get land cost back first, he takes 6% developer fee. We split profits. Wife hates brother due to previous business dealings. Should I partner with brother? Edit: Previously we were partners 10 years with one major issue as we split the company. [link] [comments] |
| Any issues using a HELOC / home equity loan with the bank I have a mortgage with? Posted: 05 May 2021 08:14 PM PDT I have two mortgages: House A has 85% LTV with Bank 1. House B is 60% LTV with Bank 2. Is there any reason why I shouldn't ask Bank 1 to get a HELOC for House B? Will any red flags be raised on my other loan with them? [link] [comments] |
| Has anyone done a land contract? Posted: 05 May 2021 05:05 PM PDT I've been wanting to sell one of my tenants their house on a land contract. Any experience would be appreciated. I know I will have to contact a real estate lawyer (I'm assuming?). [link] [comments] |
| 1 Euro Homes in Italy... a sound real estate investment? Posted: 05 May 2021 09:59 PM PDT You also pay the government a 5K deposit. You have to renovate the home within 3 years or you don't get the deposit back (and they repossess the home). https://www.idealista.it/en/news/tags/1-euro-homes-italy/ It seems even if you have to spend 30K to renovate one of these homes it's a steal. And you don't have to live in it - it can be rented out for supplemental income or held as a vacation home. Does anyone know more about this program or have personal experience with similar? [link] [comments] |
| Worried about drastic local rental market change Posted: 05 May 2021 01:45 PM PDT I'm considering purchasing a 3 family investment property in a rough neighborhood of a MCOL area in MA. I personally know the current owner, and each unit is rented out for higher than market rent. They are ALL section 8 tenants, and the PHA hasn't properly priced the rent for the neighborhood it is in. The seller wants to price it based on his current rents, but they are probably 10-15% over market rent - though it is within the HUD approved rent rates. I'm worried that something will fundamentally change with the PHA or the HUD rates and they won't renew at this rent level. Is this a valid thing to be worried about? I'm also worried that rents are very high comparatively to the median income in this area. I think there is some gentrification going on though. I'm also worried about the risk that people move out of the state similarly to what's happening in California (MA has high taxes, high sales tax, and somewhat high property taxes). Are these risks enough for you to walk away from a deal, is there a valid risk of the PHA/HUD reducing their rent payments? What would you base the price of the house on - current rents or what you think the market is? [link] [comments] |
| Federal judge vacates CDC eviction ban Posted: 05 May 2021 12:14 PM PDT According to the Wall Street Journal, this applies nationwide. Let's see how this plays out. https://www.wsj.com/articles/federal-judge-invalidates-national-eviction-moratorium-11620231572 https://www.politico.com/news/2021/05/05/cdc-eviction-ban-vacated-485441 https://fortune.com/2021/05/05/national-eviction-ban-overturned/ [link] [comments] |
| Austin TX suburban home advice--sell or hold? Posted: 05 May 2021 07:39 PM PDT My husband and I got the ball rolling for us to move from our suburban home in Austin, TX area to the country a while back. We moved from the house and are living in a guest house on my parents property, with no rush to move out any time soon. The full plan was to sell our house (fully owned/no mortgage) and use the cash to buy another rural property nearby. Then the market exploded and our house has increased in market value by at least $100K. We still plan to sell and do not want to move back in. However, we also don't want to purchase another property and over pay while the market is hot, esp since we have adequate housing. We've actually decided to use this time for full time RV travel with our children since my husband can work remotely until we find where we want to settle permanently. So, the question is, since we wouldn't need the cash to roll into another property right away, should we sell now while things are hot, or rent it out via a property mgmt company in the meantime with the expectation that things will climb even higher? If we sell now, we could roll the money into a multiple unit rental in another less "hot" area. Thanks in advance. [link] [comments] |
| Posted: 05 May 2021 02:55 PM PDT I know the first recommendation (and correctly so) is to hire a tax professional. However, I plan to sell my only rental property as I've found landlording isn't for me, at least not in the current stage of my life (little kids, demanding job etc...). I don't feel like spending the time finding a qualified tax professional to do my taxes for one year. Starting next year I will have very basic W2 returns. I understand all the basics. How to calculate the cost basis, what I can add to basis (title, recording fees, city/county stamp), and what I have to subtract (depreciation). I understand how depreciation recapture and capital gains are applied. I have all documentation (closing docs from purchase and sale, as well as the 203k loan docs that show the improvements made to the home upon purchase prior to the rental being put in service). I have 2 questions: -If the tenants stay until June, do I just file the normal Schedule E with 6 months worth of rent & Expenses (interest, insurance, depreciation etc..) ? -When I fix it up prior to listing the property, anything substantial I can add to the basis (i.e. like new flooring) but basic stuff (i.e. cleaning and re-painting) I can't add to the basis. Is this correct? -Anything else major I'm missing here? Deep down I feel like I should just bite the bullet and find a professional. [link] [comments] |
| Filing a claim against home inspector for negligence. Any success stories? Posted: 05 May 2021 01:23 PM PDT We are selling a rental property in the state of Maryland. We owned it since late 2019. The property is under contract and buyer did another inspection, which revealed structural damage that has been going on for years. I did not sign anything with the inspector for agreement to limit his liability. So if I can prove negligence, which I think is doable, can I file a claim against his O&E insurance? I know he has general liability insurance for sure per Maryland law but not sure about O&E. I contacted an attorney but want to see if there are any success stories here. [link] [comments] |
| I have cash from income this year but no income the past two years? Is it possible to finance? Posted: 05 May 2021 08:43 AM PDT I have appx $250k in cash from commissions this year. My income from the past two years is basically $0. How can I buy investment property with financing in place without a co-signer? [link] [comments] |
| How are investors coping with the almost daily increase in material costs? Posted: 05 May 2021 06:04 AM PDT I'm a real estate agent who works with mostly institutional investors. Since the beginning of the year they've been aggressively buying new construction but that seems to be coming to a screeching halt because builders want to do cost plus contracts or renegotiate contracts once they have final pricing. One builder I talked to said he loves selling to investors but if they bail on him, so what! There's a retail buyer who will pay the increased price. Anyone here have any insights on how the big investors are dealing with material costs? [link] [comments] |
| Posted: 05 May 2021 09:35 AM PDT I like this market a lot but it flies under the radar. Population is steadily increasing as people flee New York, Philadelphia, Baltimore and Washington DC. All those metros are within a 3 hour drive. Because of that, shipping companies and warehouses are coming to the area. Jobs in healthcare are plentiful and properties cashflow. What do others think of the market? [link] [comments] |
| [SJ, CA, US] Cash for Keys with Rent Control Posted: 05 May 2021 11:40 AM PDT Am acquiring a rent controlled fourplex in San Jose CA where the tenants are paying roughly 60% of current market rent. Plan is to offer them cash for keys to move out so the units can be spruced up and rented at market rent. Tenants have been in the units for less than 2 years. San Jose has a relocation assistance program that requires the landlord to have a valid reason and pay the tenant a relocation assistance fee in order to perform a no fault eviction. The plan is to do a cash for keys deal that does not go through the city, but the challenge comes to how much to offer. The city requires ~10k relocation assistance for the tenant but my partner believes we can get away with less if we go off the books (pay cash and pay tenant directly instead of escrow account held by city). My thinking is the opposite - we'd have to offer them more in order to convince them not to go through the city. He doesn't think they know about this program. Anybody have an opinion or experience on this? Especially cash for keys with rent control. Thanks in advance! [link] [comments] |
| Calculate Cash on Cash return if you are House Hacking a Duplex Posted: 05 May 2021 02:47 PM PDT Just curious how you would calculate the CoC if you live in one unit and renting the other. And can you please give me an example? [link] [comments] |
| Posted: 05 May 2021 02:35 PM PDT I'm looking at buying my first house in Texas. 21F so bear with me. It's not for a few months because I'm stuck in my home state doing stuff in courts. But I spent some of the pandemic bouncing around the left of the US. So I want to ideally buy a house for 400k or 600k or finance for 1.2-1.5 million. Most houses I see in the middle class range look much better/ nice kitchen and the million dollar homes seem to be outdated. However, I came across some homes that were 400-800k in 2019 or early 2020 but sold or are now being sold for 1m+. I understand Texas is a hotspot now but I'm not understanding how a home's value can go up that much renovation or not. So I assume it's flippers. In this case is it typical to make an offer well below and negotiate or it is what it is? Also. Any other spots to look at on the left of the US? I'm looking at Dallas and surrounding. However I'm a snow girl so it won't last. Thanks [link] [comments] |
| Best Way to Find California Mortgagee/Lienholder? Posted: 05 May 2021 09:13 AM PDT What is the best way to find who the filer of a Notice of Default is, and who the current mortgage holder of a CA property is? For context, I'm struggling with dealing with CA counties. Some, like San Diego, are in the stone ages with requiring me to buy and only snail-mailing the reports to me. Other counties charge exorbitant fees, especially when you're doing this many times over. I would love to have an efficient search done for these. Any pointers? Thanks in advance! [link] [comments] |
| Is there an online course that teaches the basics? Posted: 05 May 2021 07:37 AM PDT Just the For Dummies version? A simple class to teach the basic concepts? [link] [comments] |
| Posted: 05 May 2021 07:07 AM PDT I just bought furniture for a short term rental for myself. After I move out, I plan on sending the furniture over to one of my properties so that I can rent it out as furnished. Can I deduct the furniture as an expense? Would I need to depreciate it first? Located in Louisiana. [link] [comments] |
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