Real Estate Investing: Monthly Motivation Thread: May 21, 2021 |
- Monthly Motivation Thread: May 21, 2021
- What is the general consensus on what would happen once the mortgage moratorium ends on 6/2021? Will it help the house supply? Lower prices? Keep them stable?
- Duplex plans
- Grey is going Passé (risks of remodeling in a style at the end of a design trend cycle)
- Work for an REI company. Are we going under?
- How to get into syndication deals if you're not accredited?
- Thoughts on Sheet Vinyl for kitchens and bathrooms?
- Rate my multi family
- California homes are too expensive, thinking of buying out of state
- Under Contract on my First Investment
- Mortgage Lender says I should not pay off my debts before closing. Is this right?
- Real Estate Investing for everyone
- LLC advise
- Question about renting my SFH (long island NY)
- VA’s IRRRL loan rate program— could I ever hope to get a better rate? We are about to get to 2.25% for our rate.
- Newbie here! Is it possible to buy a rental property without a 20% down payment ?
- How to Decide to Invest??
- Are you likely to hire a person to live in your investment?
- Best city in arizona to invest in real estate?
- Double Occupancy Duplex
- [Resource Request] Staying current on FHA, VA, USDA guidelines
- How to take ownership of Deed through quitclaim?
- About to try to negotiate my first off market deal. How do I do it?
- Just downsized from my 2400 sqft Hardy plank 2006 Craftsman for 2000 sqft brick colonial built in the 80s.
| Monthly Motivation Thread: May 21, 2021 Posted: 21 May 2021 12:00 AM PDT Monthly Motivation ThreadWelcome to this monthly series. This post will repeat monthly, on the 21st of every month. This is your opportunity to share your successes, accomplishments, as well as provide us with an update on your goals and strategies as they pertain to Real Estate Investing. Example Questions:
Veteran investors feel free to provide useful tips and feedback to other people's goal, as well as some of your recent successes, or failures. [link] [comments] |
| Posted: 20 May 2021 10:44 AM PDT Mortgage moratorium (supposedly) ends this June. If Biden doesn't extend it again, and if it actually comes to pass, what then? As of 2020, people were talking about a "new wave of foreclosures" but 2021 came, and all we've seen is houses appreciate in price 20-30% over the last 6 months. Seasoned real estate investors, what do you all think? [link] [comments] |
| Posted: 20 May 2021 07:19 PM PDT Does anyone use stock duplex/triplex plans or do you hire an architect for each? If you don't hire an architect, where do you get your plans. Thanks. [link] [comments] |
| Grey is going Passé (risks of remodeling in a style at the end of a design trend cycle) Posted: 20 May 2021 05:43 PM PDT The grey wood flooring, grey cabinets, grey accents, grey trim, etc. has been a trend for about ten years now. Should I reconsider the idea of remodeling a rental property in a style that might be at the end of it's popularity and lifespan? Is this a mistake, similar to decorating with shag carpeting, glitter emblazoned acoustic ceilings, faux wood paneling, and harvest gold appliances in the early 80's? People still did it, but in hind sight, they probably shouldn't have. I guess I can understand the neutral look might have a bit more longevity. And quite possibly, overall, it seems our culture has slowed the rate of change in interior design trends, probably because we all have so much less time on our hands, and we have just prioritized other areas in life. Maybe I should just Live, Laugh, and show some Love for the grey. [link] [comments] |
| Work for an REI company. Are we going under? Posted: 20 May 2021 08:05 PM PDT I work for a real estate investment company that purchases class C/D multifamily properties with heavy value-add opportunities. The company is fairly new (5 years) and owns around 600 units. I'm their first employee and I've worked with them for 8 months. We (the company) partners with a local nonprofit to secure affordable housing. We have 50/50 equity with the nonprofit. The partnership is a pain (they control the bank account, we do all the work) but they (my bosses) say its worth the energy because our partnership allows us to not pay property taxes. Our company handles the investor communication, asset management, and all Capex. We front the money for all unit renovations and Capex items. The nonprofit then reimburses us (using our renovation budget from the bank loan) after we submit loads of paperwork. After we complete any work we submit an invoice to them using our expenses. We front all the money from our company bank account (to write checks to contractors) and our credit card (to buy material). Buying on credit works because we're getting reimbursed on everything. However, the nonprofit has been taking longer and longer to pay our invoices. Currently, they owe us over a months worth of invoices (over $100k in reimbursements). Since they've taken so long to pay us (out of our own renovation budget) we couldn't pay our credit card bill on time. I also have companies calling to put down deposits on work we want to schedule that I have to keep deflecting with bullshit excuses until we get paid. Our credit card company was supposed to give us a window of time to secure the funds but the CC company cut the cards off early. Our contractors are calling trying to buy material and can't because the cards are frozen. I'm fairly new to REI. From my point of view, it seems like their (my company) business model is completely fucked and not sustainable. Is this normal???? Should I start looking for another job? Or should I trust that it's just the bureaucracy of working with nonprofits/government arms? They still manage to pull off great returns with investors and they manage to raise property values quickly and efficiently (higher RR, fee income, etc). [link] [comments] |
| How to get into syndication deals if you're not accredited? Posted: 20 May 2021 05:10 PM PDT Right now I'm mostly invested in the stock market, but I also do hard money loans with a friend who has his own business doing rehabs / flipping. I want to find a more long term way to invest in real estate without becoming a landlord. I'm currently building my own business which I work on for 6 days of the week, and if I don't allow myself to take at least one day off I'll burn out completely so I really don't have the capacity to buy my own units. I want to get involved in some syndication deals, but my net worth is only around 300k and I only make ~120k per year so I'm not an accredited investor. Are there any ways to get involved with syndication deals if you're not accredited? [link] [comments] |
| Thoughts on Sheet Vinyl for kitchens and bathrooms? Posted: 20 May 2021 08:57 PM PDT Looking at flooring options and wondering if I should go with sheet vinyl. I love how cheap it is, and honestly the rocky/tile patterns look really good. I also read some pretty good things about them so I am very tempted to put them in my kitchen and bathroom, but I worry this will be frowned upon when I go to sell my house Is sheet vinyl generally looked at as cheap for flips? Or is it acceptable in mid-class area homes? [link] [comments] |
| Posted: 20 May 2021 03:22 PM PDT Hello, I'm new this subreddit and real estate so please go easy on me. I purchased a 3 family home in Massachusetts in summer 2019. I paid 395,000 for the house with 0 down using the VA Loan. I'm currently renting two units; one for 1750$ (2BR)and the other for 1250$ (1BR)utilities not included. I'm living in the largest unit (3 BR 1.5 bath), I figure I could rent it for 2400$. My mortgage is 2450$ a month. But I've invested 110,000 in repairs and renovations. And there's still plenty of improvements I need to make. On a scale of 1 to 10 what would you rate my multifamily? [link] [comments] |
| California homes are too expensive, thinking of buying out of state Posted: 20 May 2021 11:36 PM PDT The idea of buying and investing in a home has piqued my interest. Wife and I are in our early thirties and are thinking about buying our first home, we have about $50k in combined savings, both have good steady income & great credit. Problem is we're currently living in the capital of tech industry and homes here are no less than 900k for 1,000 sq. feet. No thanks. We are originally from Illinois and who knows if we'll ever end up moving back, at least not in the near future. So, if we do decide to invest in a home i think it'll most likely be outside of California. We've been thinking about possibly buying a house near family in Illinois. We could rent it out, hopefully build some equity & hope it pays for itself. This could end up being our home in the long run if/when we decide to move back or we could sell if the opportunity presents itself. Thoughts on this idea? Is investing in a home out of state too complicated? I'd love to hear anyone who's experienced this. [link] [comments] |
| Under Contract on my First Investment Posted: 20 May 2021 03:32 PM PDT I am officially under contract, locked in a lender, wired earnest and things are moving forward. Nerve wrecking but this will be a move in the right direction for my child's future. The current seller wants a leaseback for 60 days which we agreed to. Then the real task begins. How do you qualify good or bad candidates? When using services such as cozy.co would they rate applicants for you? How about pet deposit? Refundable? Non-refundable? Anything else I need to do? [link] [comments] |
| Mortgage Lender says I should not pay off my debts before closing. Is this right? Posted: 20 May 2021 10:16 PM PDT I have enough for my down payment , closing costs and some cushion after paying off my $10,000 debt. I just got preapproved for a loan but I am wondering why she would tell me that. She told me it was so I can have cushion for any addition repairs or extra closing costs but is this just so my debt to income ratio can be really off and she and the underwriters will make me get a really high interest rate? Thanks in advance [link] [comments] |
| Real Estate Investing for everyone Posted: 20 May 2021 08:05 PM PDT Anyone care to share their thoughts about the DFW real estate market in Texas at this time in order to successfully acquire new properties in this cutthroat market . Looking for good knowledgeable veterans who may have done this or are doing this in order to take into account on anyone's personal journey . Who may stumble across this thread . [link] [comments] |
| Posted: 20 May 2021 08:01 PM PDT I just bought 3 properties: 2 with a 50/50 partnership with someone and another where I'm the sole owner. What is the best way to structure the LLC's to own these properties? Should 3 LLC's be the best way. Or 3 LLC's owned by one main LLC? What are the pros and cons of each? Disclosure: I will consult a CPA, but wan to hear thoughts first. [link] [comments] |
| Question about renting my SFH (long island NY) Posted: 20 May 2021 07:23 PM PDT I've recently purchased a SFH. It has the following: 1st floor: 3 bedrooms, kitchen, living room, dining room bath. 2nd floor: two bedrooms and a bath. I purchased it on a conventional mortgage. Can I live in one bedroom a rent out the rest? I was thinking of renting the entire 1st floor and the one bedroom in the second floor. [link] [comments] |
| Posted: 20 May 2021 06:28 PM PDT VA Streamline refinance, or Interest Rate Reduction Refinance Loan (IRRRL), is one of the best options for homeowners who already have a VA Loan and would like to refinance into a lower interest rate. We want to wait and consider a cash out refi to help pay family member's student debt. Could we ever get a lower rate or might we lose our chance!? Plus we'd get our VA loan usage back if we did a non VA cash out loan. [link] [comments] |
| Newbie here! Is it possible to buy a rental property without a 20% down payment ? Posted: 20 May 2021 08:12 AM PDT I want to slowly build up some rental properties for passive income. If you can buy a rental property without a 20% down payment, what are the downsides ? [link] [comments] |
| Posted: 20 May 2021 05:42 PM PDT Are there any ratios or calculations that are commonly used to decide whether to invest or not? I've read about cash on cash and IRR, but is there a minimum number to hit? For instance: $180k SFH, $50k down, mortgage approx $800. Would rent for $1,300 which makes monthly cash flow before other expenses $500/month. How would you guys analyze this type of deal in order to make a decision? [link] [comments] |
| Are you likely to hire a person to live in your investment? Posted: 20 May 2021 05:33 PM PDT I love the idea of being a property manager for someone. My question is, would you hire a si gle person to live on your property and mange the land/house? Why or why not? [link] [comments] |
| Best city in arizona to invest in real estate? Posted: 20 May 2021 05:15 PM PDT |
| Posted: 20 May 2021 09:16 AM PDT Rookie real estate investor here I came across a possible investment property (2 unit duplex). Is it a good idea to purchase a duplex as an investment vs a house? Also, both units are occupied by long term tenants. Is this a good thing since they are established tenants? What are the pros/cons going in with tenants already established? Thanks in advance. [link] [comments] |
| [Resource Request] Staying current on FHA, VA, USDA guidelines Posted: 20 May 2021 09:12 AM PDT First post here, so mods fee free to tell me if this is the wrong place to ask. Long story short I am leaving my nmls-licensed MLO position to take a more "avant-garde" role at an investment firm, where my main tasks will be to advise on current mortgage guidelines for federally insured mortgage programs. Over the last 8 years at my position, my company has always provided resources on up-to-date regulations and requirements, but since I will be relinquishing my nmls registration and removed from the company intranet, I will need to be more proactive in staying current on guidelines. To any independent mortgage brokers and real estate investors more on the financial side: what are the best resources you've found to stay up-to-date on guidelines, and how do you get notified if major requirements change (I.e. FHA and VA requiring higher credit scores at the beginning of the pandemic last year) Thanks in advance for your help! [link] [comments] |
| How to take ownership of Deed through quitclaim? Posted: 20 May 2021 07:55 AM PDT So the long and short of it is that my ex-wife and I own a property that I want to take full ownership of through quitclaim deed. We have executed a contract for me to pay her cash for a percentage of equity, and it return, she will deed the property over to me. Here's where the problems start. We stipulated in our divorce decree that I would sell the property within 36 months of the divorce being final. Since she wants to buy another property with optimal financing and I want to stay in the property we own, this is reason we came to the new agreement. I'm also trying to refinance and the problem is that the title company doesnt want to take on the liability by not following the divorce decree. My solution is to go ahead with the quitclaim deed on our own but I'm not sure of the best way to do it. Hire an attorney, go through the county, online software? Again, I want to refinance and the title company is uncomfortable with having a divorce decree even though a new agreement has been executed. What should I do? [link] [comments] |
| About to try to negotiate my first off market deal. How do I do it? Posted: 20 May 2021 07:22 AM PDT So we have bought two wholesale deals before without a realtor, but I'm going to negotiate with a seller on Saturday for our first deal on our own. I assume I can just use the ny realtors standard contract and fill in the blanks to come up with a contract and then send to a lawyer to process. Are there anything's I should watch out for or keep in mind negotiating this deal? It's for a cabin in the mountains in New York State. [link] [comments] |
| Posted: 20 May 2021 05:03 PM PDT |
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