- Moving from Dallas to a small town in Oklahoma in a couple months... Blown away by the prices. 4-plex listed at $165k and an 8 unit multifamily for $330k. What questions do I need to ask?
- If you had a condo you didn’t need, would you sell it now or rent it out (making $200 over mortgage payments), hoping for a slow but steady appreciation over the years?
- Buying Sight Unseen - Worst Case Scenario on Foundation Damage
- How to determine if land is ripe for MultiFam?
- How does rental property LLC work?
- Paying rent to myself while house hacking a duplex
- Would you sell?
- Bidens tax proposals have me worried.
- Texas home buying process (update)
- Shared Well - Potential Stumbling Block?
- 1031 or sell and move to an IRA?
- What are some things you look for in a multi family commercial investment?
- Commercial building and lot with mobile home present.
- How can I tell which areas are good for investing?
- Building Capital
- Need help/advice with SFH being appraised as a multi-family home
- Best HVAC for duplex for independent controlls?
- What were/are your favorite resources for getting started with real estate investing?
- Those that cashout refid recently, tell me your tricks to getting a good rate
- Help me understand real estate investing but, for apartments.
- Will removing name from title help cost basis?
- Any help out there?
- Land Value Evaluation
- Should we sell?
- Any updates on TREIA, the REI club in Raliegh, NC? The facebook page is quite slow, and website seems to be disabled.
| Posted: 10 May 2021 05:48 PM PDT First time real estate buyer pre-approved for $400k at 3.1%, 20% down. Don't think I'd be able to use that for the 8 unit (need a commercial loan?) but the numbers on the 4-plex look good and it's in a slightly better part of the neighborhood. https://ibb.co/z7kvBSS I am moving late July/early August. I'm thinking about making an offer on the 4-plex now and using a PM company until I move up there. I am inexperienced and probably don't know what I don't know. What questions should I be asking? How much info can I get about their tenants, rents, past performance? [link] [comments] |
| Posted: 10 May 2021 04:35 AM PDT If the $ generated by the rent seems too little to justify this as an investment, how do you know that investing the proceeds from the sale is a more lucrative option? [link] [comments] |
| Buying Sight Unseen - Worst Case Scenario on Foundation Damage Posted: 10 May 2021 07:30 PM PDT I'm looking to buy a 1600 sqft SFH in Charlotte, NC in a highly competitive area. The home will be listed this upcoming Friday (5/14) and I am going to attempt to pick it off before it officially hits the market, at which point I would be competing with dozens of offers. To do so means submitting an offer, sight unseen (I know it's not recommended!), along with non-refundable (but creditable towards closing) due diligence money of $10,000. This is the ONLY home on the market in the area. My biggest potential concern would be potential foundation damage. The home was built in 1936, and the listing mentions the basement was encapsulated and in 2018 the foundation was re-enforced. Is it a red flag that these items were called out in the listing? If there does happen to be major foundation damage, how much in repairs could one expect as a worse case scenario and an average case scenario? [link] [comments] |
| How to determine if land is ripe for MultiFam? Posted: 10 May 2021 04:05 PM PDT According to the city zoning tool it is zoned for multifamily single story residential. Is there a more official way to certify this is true? The owner of this vacant parcel is willing to sell to me and I don't want to buy a dud/lemon property that can't be built on. The city planner requires 14 days to a month for an official impact report inspection and I fear this seller might sell before then. I called the city and they just refer me to this online map tool. [link] [comments] |
| How does rental property LLC work? Posted: 10 May 2021 10:35 PM PDT In the form of tax. I understand all profit that my rental property generates goes into my LLC's bank account. How do I get paid from my rental property and at the end of the year what kind of income would that be in tax? [link] [comments] |
| Paying rent to myself while house hacking a duplex Posted: 10 May 2021 02:40 PM PDT This is my first time house hacking a duplex. I am moving the title of my property to a LLC For liability protection. Of course the loan will stay in my name. My question is do I have to pay rent? I have heard that you need to pay rent to the LLC to maintain the corporate veil. If you live in it without paying rent then you are not conducting the business practices of the LLC properly and you will not have the provided liability protection. Obviously I will be paying rent to myself And that makes no sense , but I want to make sure I follow the rules. If it's true I may not even move it to a LLC since I'll basically be paying taxes twice. Anyone familiar with this? [link] [comments] |
| Posted: 10 May 2021 02:18 PM PDT My husband and I are very small scale. We have 4 rental houses. Being a landlord is not our full time job. The housing market in our area, like most areas I'd imagine, has exploded. We have a house we could sell for 300k. We have 150k into it. We've been renting it out for over a year. There is another house in the area we are looking to buy for 135k and probably will have to put 20-30k into to fix it up. We are thinking that potentially after fees and taxes If we sold our 300k house we could buy the other house and reduce our debt by 100k. My husband and I hate debt. I know there is good debt but the thought of being in debt drives us crazy! Would y'all sell the 300k house or would you hold onto it and keep renting it out? We are currently getting $1600/month for it. Thank you for your advice! [link] [comments] |
| Bidens tax proposals have me worried. Posted: 10 May 2021 06:01 PM PDT I know about the possibility of losing the stepup basis and some capital gains tax. What are the other things in the agenda that could affect Landlords and Realestate investors ? Thankyou [link] [comments] |
| Texas home buying process (update) Posted: 10 May 2021 08:02 PM PDT Now that everyone (lender, seller, agents, title co, inspector, appraiser, insurance agent) have gotten off my back and I finished my panic attack, I have realized that I forgot that there are other things I should be wary of. First-time home buyer advice please—-what things should I keep an eye out for during the walk-through (day before closing)? My friend's advice: -check that the house hasn't burned down -no damage to the walls and floor during seller's move out -electrical and water location of things...(...)...(I am paraphrasing because I wasn't paying attention when he was talking... something about turning on and off the water...? Not the valves. Something outside. In the ground. -negotiate buying their w/d and/or fridge? -something with electrical (help) Help! Yes, I know I am screwed. Yes, you will all be invited to my housewarming party. Except for the guy that made the comment about me being a noob. [link] [comments] |
| Shared Well - Potential Stumbling Block? Posted: 10 May 2021 11:13 PM PDT I am interested in buying almost half an acre zoned for Multi-Family. It was previously part of a larger piece of land and is the last vacant land in the area. The owner is willing to sell, but has told me that the well on his property provides the water for the neighboring home which he does not own. I really don't understand the agreement or how this could be possible, but I would like to cut off the neighbors and use the well for my own units. Does the neighbor have a legal right to my future well? Can I just cut them off? [link] [comments] |
| 1031 or sell and move to an IRA? Posted: 10 May 2021 03:08 PM PDT I have a single family home that I have rented just enough to cover the mortgage plus $100 a month. The problem is that it is Portland, Oregon and this place is becoming ridiculous for taxes and rules. I am 47 and trying to decide if I should sell it and put the money after taxes into a IRA, or 1031 it. The problem is finding a place to do a 1031 giving this crazy market and I wouldn't buy in Portland. Right now before capital gains I would get roughly $150 out of it cash. Thoughts? [link] [comments] |
| What are some things you look for in a multi family commercial investment? Posted: 10 May 2021 01:01 PM PDT For context I don't know anything about real estate investment but I have partner that's looking at a property. What are some things you look for? [link] [comments] |
| Commercial building and lot with mobile home present. Posted: 10 May 2021 09:40 PM PDT I'm currently under contract for a commercial property that was once a store front and is now being used as an apartment. It is a two story building, first floor is renovated and rented to a family. Second floor is completely gutted. On the lot there is a mobile home that is also renovated as being rented by a family. Our purchase price is $45k. We have tried to get commercial loans but keep getting denied due to the mobile home. At this point we are considering sinking our savings into the property just to acquire it. Does anyone have any advice or experience in a situation like this? I was thinking that once the property is purchased we can simply just borrow against the equity of the property but I'm afraid we will continue to run into issues because of the mobile home. [link] [comments] |
| How can I tell which areas are good for investing? Posted: 10 May 2021 09:35 PM PDT I keep seeing posts and comments on how certain areas are good to start getting into REI, and some places are really bad for REI, like California I think. How does one judge the quality, or decide whether or not that area is good for real estate investment? [link] [comments] |
| Posted: 10 May 2021 09:13 PM PDT I own a small apartment building and I'm looking to buy another at the end of the year. I am a little frustrated with the pace of growth because I am bootstrapping the capital with a full time job in technology. Other than your job what are ways you guys came up with the capital in your early years? Side gigs? Another side hustle? Liquidating all your other investments? [link] [comments] |
| Need help/advice with SFH being appraised as a multi-family home Posted: 10 May 2021 08:57 PM PDT I am in the process of closing on a single family home soon and recently received an appraisal that is throwing a few curve balls. It's a single family home in a hot market where the garage was converted to a mother-in-law/guest suite. It's zoned as a SFH home in a SFH neighborhood but the appraiser decided the unit was enough to make it a multi family unit. The issue is I am using a physician loan to purchase this property (and live in it) that will not work for a multi family unit. What are my options? Is it wise to ask and pay for another appraisal and hope another appraiser will view the home differently. I have about 10 days before I need to close so I'm a little tight on time. [link] [comments] |
| Best HVAC for duplex for independent controlls? Posted: 10 May 2021 08:08 PM PDT What would be the best (cheapest) HVAC system for a duplex conversion type project with the goal of having independent climate controls in each unit? 2 furnaces and 2 AC's? High velocity ductless system? Ducted heatpump system? Much of the house is getting demo'd and it is in a cold climate (think Toronto Ontario, Canada) [link] [comments] |
| What were/are your favorite resources for getting started with real estate investing? Posted: 10 May 2021 07:57 PM PDT Hi all. Looking to get started with real estate in the near future and want to start ramping up with info. Blogs, books, and other reading material is great. For context on my situation: I'll be looking around the Seattle area, so HCOL. I'm interested in a multi family unit to live in one and rent the others. Will be coming up on 1 year employment soon (I think I need 2 years employment for a home loan). [link] [comments] |
| Those that cashout refid recently, tell me your tricks to getting a good rate Posted: 10 May 2021 06:57 PM PDT I am looking at a cashout refi. I called the usual suspects better.com quicken etc but they want an application first. Also once i applied the rates are terrible if they even have. this is seattle metro what are the rates you have been getting ? [link] [comments] |
| Help me understand real estate investing but, for apartments. Posted: 10 May 2021 12:08 PM PDT There is house hacking, BRRRR method, fha loans, cash refinancing. All these are for properties with more than one unit. How does investing in real estate work with apartment buildings with purchasing a unit or however many you want, and not purchasing the entire building. Assuming you don't get a property manager, purchasing a duplex makes you a landlord and gives you responsibility to take care of damages or anything that goes wrong. How does it work if I purchase a unit in a building? They already have a landlord and/or a live in super. What responsibility do I have? If the unit can be fixed up, I take care of that right? [link] [comments] |
| Will removing name from title help cost basis? Posted: 10 May 2021 05:35 PM PDT I helped buy a home for my mom in 2016. We put both our names on the title, but she lives there alone. I realize now that putting my name on the title is bad for me in the event of the house passing to me, in that it wont be inherited and wont have a step up in cost basis. What are my options now to secure a tax advantageous future? Can I remove my name from the deed, will that help? [link] [comments] |
| Posted: 10 May 2021 05:25 PM PDT |
| Posted: 10 May 2021 03:58 PM PDT My city has been selling junk homes for pretty much retail. With my strategy of buying and holding through BRRRR I don't feel like the reward is there for how much downside there could potentially be. More recently I have been looking at new construction. I have a few flips under my belt and have accumulated a lot of equity and enough cashflow, but I am a total novice at evaluating a new construction project. What tools can you recommend to estimate the cost of a build and the current value of the land? [link] [comments] |
| Posted: 10 May 2021 11:51 AM PDT Bought house at at $172 Still owe $158 (only had 4 years) Comps in the neighborhood are selling for $200-$215 Our realtor that sold us it would sell it for 4% commission. Initially we wanted to keep it as a rental property (we are military and have had renters in there for 2 years that are interested in buying it)... I'd like to keep it as a rental, it's a good area for renters however, I'm scared of the overall health of the housing market...like waiting for a huge crash of the neighborhood to go bad (it's been great, but nearby neighborhoods are a little scary). New to investing, so would love to hear some seasoned advice-thanks! [link] [comments] |
| Posted: 10 May 2021 03:23 PM PDT I used to be a member of TREIA, and it was often said that this was the largest REI club in the US, based in Raleigh, NC. Granted, they had a pretty huge turn-out at their events, their monthly free dinner (paid by membership dues and paid sponsors) was quite well attended in a huge room. I went to their facebook page and there's little activity. I went to the main website, and clicked on "Join Today" and the button doesn't work in either Firefox or Chrome. I logged in and I see no means of renewing my membership. I could guess what's going on but I'm curious if anyone has more insight. I am aware of the lawsuit, as discussed here, but I feel there's more going on. I wanted to rejoin because I want to find a couple of bird dogs, but now it would seem a waste of money. [link] [comments] |
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