Real Estate Investing: May have jumped the gun |
- May have jumped the gun
- The State of Georgia and Alabama are free of the eviction moratoriums!
- Vacation Rental owners— what are your stories, successes, and failures?
- Is it possible to get into investing with high capital and low income?
- Buying a House in my early 20s to rent out as an investment?
- How exactly do I serve a pay or quit notice?
- Long term real-estate investing?
- If you were 20 with 500k cash, what would you do?
- Buying land ...
- Real estate investing in NYC
- Construction of a building: what are the steps?
- Commercial RE interest. Where do I start?
- Renting our furnished condo short term in San Francisco...
- Switching realtor / agent
- Current owner of one property, looking for options regarding relocation. Thanks!
- This hyper Inflation is a delayed devaluation on all assets. Houses being sold way over asking, having bidding wars, the actual dollar value is probably worth 10% less in which that home value and sale price nestles back into the listing price range in dollar value.
- People want to tax the already suffering retail sector with fines when spaces can't get leased up?
- Getting References
- 2 month lease of personal condo - insurance question
- LLC/Business Credit
- Closing on some homes with a new lender with 5 year lock on interest rate
- Home Equity Loan Help!
- Civil Engineering background- is it useful in this area?
- New to Real Estate - Can I own two houses and live in them half of the year while renting the other half?
- Psychology tips to help sell a house?
| Posted: 06 May 2021 06:56 PM PDT I just put an offer in that was accepted today with the only contingencies being an inspection and the loan. Same day, my wife, whose happiness is worth much more than any investment, has buyer's remorse. It would be our first vacation home. It isn't very nice but on a lake. It is not a guaranteed money maker but low cost. Her buyer's remorse is probably a really good indicator that this will not go well. There are two other options on the lake that we haven't seen yet. The question: how do I get out of this purchase agreement without needing to fulfill the $1,000 earnest deposit? Do I just say I changed my mind and won't send the money? Edit: fixed typo Update: It seems, in this case, the right answer was to allow a cool off period. Her cold feet, as was mentioned in one of the comments, went away. She even convinced me this is a better deal than I think. Thank you all for all the comments and thoughtful advice. [link] [comments] |
| The State of Georgia and Alabama are free of the eviction moratoriums! Posted: 06 May 2021 07:19 PM PDT Hi All, I just received news from my realtor about a judge striking down the eviction moratorium in the state of Georgia (where I'm invested in). I know this year has been hard for many mom and pop landlords, and man reading some of the horror stories on here has really made me scared to further invest or have my tenants suddenly stop paying. I thought with vaccines we would be out of the woods but now there is an even more dangerous strain in India. Anyways sorry for the Covid rant but I just can't imagine forcing small buisness owners to foot the bill indefinitely or lose their investment properties. So for those invested in my state I have dropped a link to the court decision. [link] [comments] |
| Vacation Rental owners— what are your stories, successes, and failures? Posted: 06 May 2021 06:02 AM PDT Hi, all! Vacationing for the 6th time in 9 years at a place we love. I'm at the point now financially where I'm starting to think about buying a property to have as a vacation home that I could rent out the rest of the year, then eventually do the snowbird thing. I'd love to hear stories about how it's worked out for you. What you wish you'd known going in, how easy/hard it is to succeed, etc. Thank you! [link] [comments] |
| Is it possible to get into investing with high capital and low income? Posted: 06 May 2021 03:00 PM PDT I've been trying to get into real estate investing for a while now. I have about $80k liquid and $40k i used as a DP on my current house. Im young so I only make about $40k/yr gross but I've made all of my money by flipping my primary residence. I focus on new builds, finish the yard etc. and cash out on the instant equity and do it again. I've turned $30k into $120 in less than 2 years and I'm dying to get another property but I don't qualify for another house because of DTI. Does anyone have any advice on how to get started? Are there companies I can invest with that flip houses and pay me dividends based on how much I invest with them? Im in the process of finishing the yard on a house I moved into 2 months ago and I'm estimating I'll pull out $100k. Im dying to invest this somewhere but don't know how. Any advice for a beginner is greatly appreciated!! [link] [comments] |
| Buying a House in my early 20s to rent out as an investment? Posted: 06 May 2021 11:03 PM PDT Hi. I'm in my early 20s and I wanted to know if it's a smart choice to buy a house that is roughly $300k-$400k, make a down payment and finance the house with a loan, and then rent out the bedrooms to tenants. This sounds so simple but is it actually as simple as it's written on paper? [link] [comments] |
| How exactly do I serve a pay or quit notice? Posted: 06 May 2021 09:39 PM PDT Tenant did not pay rent today after being reminded it was late. Told me it was his bank but then ignored me. I don't want to seem like the hardo landlord, but I'd rather not deal with the excuses. So, how exactly do I serve a pay or quit notice? Can I simply text my tenant tomorrow and use that and the little 'delivered' as proof? Or do I need to drop off a written letter? What should it state? Just a simple '10 day notice to pay or vacate' Do I need to file anything legally tomorrow? Or is that something I do on the 10th day of non-payment. Any info is helpful. [link] [comments] |
| Long term real-estate investing? Posted: 06 May 2021 05:24 PM PDT Thinking of buying a property out in Nevada for a long or medium term investment, the market is crazy right now but I feel it will never be the "right time" what do you think? [link] [comments] |
| If you were 20 with 500k cash, what would you do? Posted: 06 May 2021 11:30 PM PDT From perspectives of people with lots of real estate experience, what would you do to grow a real estate portfolio the healthiest way? [link] [comments] |
| Posted: 06 May 2021 01:54 PM PDT Hello everyone. I am a 20 year old with $40,000 saved up. I am planning on buying land soon. Although I have no credit card, no credit score. And do not wish to get one. Is there a way I can still finance this land without credit? If so how? All input is helpful thank you. [link] [comments] |
| Posted: 06 May 2021 08:06 PM PDT So I have been thinking about investing in real estate, but I really have no experience in this field. I will appreciate if anyone can provide some resources so I can get more information. Also, don't have a lot of money, just want to start up. Will appreciate everyone's input. [link] [comments] |
| Construction of a building: what are the steps? Posted: 07 May 2021 01:23 AM PDT So far I've only invested into apartments or houses, with little to big make overs. I believe the next stage for me is to build apartment buildings. I realise that part of the ability to make an apartment building (small to begin with) lies within the local network I can have (local council, land owners), the financing, the commercialisation, and then the technical part. Am I missing something? On the actual building process, I could deal with architect and/or engineers but I'd like to understand the whereabouts as in anything I do with my life. Where do you advise me to start? Architecture course? Civil engineer courses? Is it worth it? TIA [link] [comments] |
| Commercial RE interest. Where do I start? Posted: 06 May 2021 05:10 PM PDT Currently a landlord - managing 6 condos/townhomes. Recently I started considering getting into commercial real estate but I know nothing about it. For those of you who have experience, is it worth getting into commercial vs residential? Due to covid commercial took a hit so I'm thinking now it's the best time to invest. Thoughts? [link] [comments] |
| Renting our furnished condo short term in San Francisco... Posted: 06 May 2021 04:50 PM PDT I am wondering if there is a good website I can use for the lease, the rental application, etc. Also, any tips for me would be appreciated. I am curious how much people would ask for with the deposit. I was thinking 1 months, but they are only staying for 2 months (but then we are fully furnished with our personal stuff...) Is Zillow rental application and lease agreements a good source to use? [link] [comments] |
| Posted: 06 May 2021 10:37 PM PDT Anyone change agents working in the same office? When I started real estate investing, I just went to open houses alone and made offers with the listing agent. At one open house, there was an agent who was hosting for the listing agent. He was pretty new to the business and seemed willing and eager to help in my search. So I started using him as my agent to make offers on properties. Several years and purchases later, he's more established in the business and does very well. But now I'm considering changing agents. I recently had a deal fall through and later learned that he was representing another client on the same house. On another house, when I showed interest, he told me that it had offers over $1.1M, which was more than I cared to spend. He later told me that another client of his won the house.. for $999,999. Another deal went into attorney review, but someone else offered higher. I was livid and told the agent that I don't want to get into a bidding war, but to try to find out what the other offer was to see if a counter was possible.. the agent told the other agent that we wouldn't be raising our offer and our deal was terminated. After looking at a few other open houses on my own, I met an agent that seemed really friendly and turned out we had several mutual friends. He works in the same office as the other agent. Should I switch to this other agent or am I just creating problems for the two agents since they work in the same office? Or should I just go back to making offers with the listing agent? [link] [comments] |
| Current owner of one property, looking for options regarding relocation. Thanks! Posted: 06 May 2021 10:26 PM PDT Current scenario: I have $128,000 remaining on a condo where similar units are selling for $185k-$195k, being rented for $1,250-$1,400. The HOA plus 15 year fixed (2.99%), taxes, insurance, etc. is about $1,150. Refinanced several months ago (did not do a cash out refi) to get lower rates and remove PMI. I'd rather live an hour away, due to work requirements where similar units are renting for $700, I could buy a comparable condo for $120,000 in the area as well. I could also afford the mortgage on a 30 year $300k home (I wouldn't buy something so large, so young, but that's my threshold) if I'm not carrying the condo mortgage, or have renters covering the condo. Are there any options those with more experience would recommend in regards to renting the condo and purchasing a second modest location, even if it means renting in the $700 area? I have enough liquidity to cover the mortgage for a few months while waiting to rent it out, but not sufficient liquidity to cover a significant down payment without a HELOC, refinance, etc. An additional point is that the condo is in an area with high appreciation that is fairly sticky and resilient to market crashes, whereas the property in the relocation area is appreciating quickly (as is everything) but at a slower rate, and certainly over the long term will not appreciate as quickly. [link] [comments] |
| Posted: 06 May 2021 10:12 PM PDT Supply and demand, current lumber costs, telework location adjustments, fed rates, and banks issuing high risk mortgage loans are all factors. But inflation is creating massive asset value loss and gonna catch up eventually. [link] [comments] |
| People want to tax the already suffering retail sector with fines when spaces can't get leased up? Posted: 06 May 2021 09:41 AM PDT |
| Posted: 06 May 2021 03:00 PM PDT How do you guys go about getting references for contractors, handymen, accountants... In my first year as a landlord I've worked with a lot of "professionals". The property I bought I had a lot of minor work to be done. That constituted about $10k of work and labor. A good chunk of it I did myself. I want to own multiple properties. I don't see it being feasible or prudent to do a lot of the work myself forever. My biggest gripe of all the references. Either they are cheap and careless(and relatively unprofessional). Or pros who want to overcharge or scope creep a given project. I just need someone who does what I ask at a reasonable rate. Really I'm not asking for a miracle just someone who does a decent job. [link] [comments] |
| 2 month lease of personal condo - insurance question Posted: 06 May 2021 08:56 PM PDT Hi I am leasing my condo for 2 months, fully furnished. I have my personal condo insurance on the place. Do I need to have the renter get renter's insurance (do they offer such short terms?) and do I need a separate landlord or commercial policy? Thanks [link] [comments] |
| Posted: 06 May 2021 08:09 PM PDT Hello everyone! I can understand why someone would use a business loan to fund their investment property but how would one use a business credit card for an investment property? Would small things like paint be purchased? Reparation tools? What are some ways that you guys leverage your business credit and LLC for your businesses? I may or may not be on the right track, currently educating myself. In advance, thank you so much for your time and advice ! [link] [comments] |
| Closing on some homes with a new lender with 5 year lock on interest rate Posted: 06 May 2021 01:12 PM PDT Tell me what I need to know about this. What should be my plan of action? I am purchasing five, single-family homes for a total purchase price of $365,000. The lender that I am going with is offering a 20-year loan, but after 5 years, I have to take 1% higher than the current interest rate. Is this typical? I have four other single-family homes, but they are all loans under my personal name. This is the first one that I will be taking out under the LLC. [link] [comments] |
| Posted: 06 May 2021 01:04 PM PDT Hello I have one investment property that has a long term renter in it. Over the last 3 years they have never been late on a payment and keep the house in a condition like it was there own. I moved to a new city but kept the rental. I am currently renting but have enough equity in the rental to purchase another property. But I am running into the issue that major banks I've looked at do not have home equity loans on rental properties! I feel like my only options are to sell the rental house and reinvest that money into two separate homes. I can't be the first person that has been in this scenario so any help would be greatly appreciated. [link] [comments] |
| Civil Engineering background- is it useful in this area? Posted: 06 May 2021 07:42 AM PDT I'm a licensed civil engineer with background in residential, commercial, and industrial design, permitting, entitlements and construction. Curious if anyone out there has a similar background and has applied it to RE investing? Or just anyone with thoughts on this. I'm trying to determine my best entry here to real estate investing and not sure becoming a landlord is the best way to apply my knowledge. Seems like I have good practical knowledge in terms of how a project is approved and built. It's the business side I need to learn. Really appreciate any thoughts anyone has. I have read about wholesaling commercial property but might be a bit too ambitious for a newbie. Thank you! [link] [comments] |
| Posted: 06 May 2021 06:29 PM PDT I'm hoping to get some advice for a dream that I have, and I want to know the financial feasibility of this as well as the business and tax implications. So, a short background is that I make a good income and work remotely. I'm currently renting. What I want to do is to live half of the year on the beach and the other half in the mountains. I want to choose a tax friendly state that would be my home state where I would live over half of the year (i.e. over 183 days), but besides that I want to make it almost 50/50. I have a dream that I could own a condo in both locations, and then rent both condos out for half of the year while I live in them the other half. I'm thinking that this would allow me to pay off most of the mortgage in both locations and build equity. I most likely can't afford to own two houses at the same time without the rental income, but with the rental income I could definitely pull it off. Is this something that people do? Does it make sense to mix rental income with a personal residence when considering tax implications and everything else? I have been reading a lot about how you can't deduct losses if the property is considered a personal residence (living 14+ days or rented over 10% of days lived in). Ideally I would live in Colorado in a mountain town (i.e. Boulder) for 183+ days and then California or Florida in a beach town for under 182 days. Both residences would be rent friendly locations. Any reactions to this from a business or financial perspective? Any advice? I have a friend that is doing this 50/50 thing with one property on the beach while renting in the 6 months he is not living on the beach, and he is able to pay off over 3/4 of the mortgage by just renting for 6 months. But I haven't personally heard of anyone doing this with 2 properties that they would both be living in and renting half of the time. I appreciate any advice on this matter. [link] [comments] |
| Psychology tips to help sell a house? Posted: 06 May 2021 02:43 PM PDT Any psychological tips like certain colors, smells, lights, etc that help sell a home better? For example I read... A black door helps sell a home for 6k more. Use cinnamon scent..etc... [link] [comments] |
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