Real Estate Investing: Texas home buying process - here’s what it’s like because I’m in the thick of it right now |
- Texas home buying process - here’s what it’s like because I’m in the thick of it right now
- I have about $100-$120k equity in my house , sell or re invest with HELOC?
- Pay off 24k federal student loans or save for a down payment while paying the minimums?
- You have only $10,000. How do you invest it?
- New investor about to head into full time job Denver Area within a year
- Is school rank important in home value
- Canadians investing in US
- Question for CA landlords about increasing rent & 60 day notice
- Can parental HELOC be used as a gift towards my appraisal gap?
- How can I roll my profits from a house sale into my custom build house?
- How to create passive income with profits from my land sale.
- Help me decide whether this is the right time to buy as a young single male
- BRRR financing question.
- Should all partners in a real estate llc own an equal share in all properties owned by the llc?
- Location ideas for rental property investment in the US
- Renting my home and mortgage a new one
- Need help with what to do as a newbie
- Container Home Rental Properties
- How do you find places to buy?
- Can I purchase a duplex/quadplex with a temporary employment
- Looking for landlord's perspective: Why wouldn't my landlord allow me to break my lease early if I am willing to pay half of the remaining rent? We each profit 3x cost of rent this way.
- Seattle House Hack
- Mortgage Process Question
- Can anyone suggest a home inspector in NJ?
| Texas home buying process - here’s what it’s like because I’m in the thick of it right now Posted: 02 May 2021 11:36 AM PDT EDIT: // I did not expect this post to get so many comments and upvotes (and downvotes). Thank you everyone for your kindness and jokes. I.. did not expect to have such a shared experience with people all over the WORLD, not just the US, let alone the state! This may actually be my last life "milestone" so kind support is appreciated :) good luck! This is in stream of consciousness format because this is what it's like IMO (a hot mess), so I pre-apologize for any discomfort. QUiCK! There are 14 other offers!!! Quick! It's due in 20 minutes!!!! You're only offering 10% over?? That's it??? Can you at least pay in all cash?!!? Oh, you haven't had kids yet because you can't afford them??? Can you offer your first born son????Waive appraisal?? As is, right???? A meteor just hit it but can you still put an offer? It's next to a building site for a solid waste landfill, but it should still be worth 400k++!!!!! No Contingencies ?? 10 failed offers and heartbreaks later YEAH, they accepted your offer BUT only if you can close in 21 days!!! And waive the appraisal!!! HURRY Sign it!! Read it!! Oops their agent just called! They got another offer!! You have 15 minutes to sign!! Agent just called again' hurry!!! Hurry! Oh you're pooping on the toilet?? Can you at least DocuSign while on it??? Quick!! You want to actually READ it??? Line by line??! Time is of the essence. OK you signed!! Ok, we gotta get an inspector in the next 4 days, get the escrow in the next 4 days!! Lending approval in 7!! Call the lender now!! Hurry!! Partial appraisal!! Add the termite to inspection and sprinklers.!! Quick!!! Hurry! Fhdoaickalxjdkksgjfjfjdjeksjfjfjrjdsijcksdk [link] [comments] |
| I have about $100-$120k equity in my house , sell or re invest with HELOC? Posted: 02 May 2021 09:05 AM PDT I was looking at a cash refi and dropping some $ on a new property and renting my current one out. I live in Woodstock Ga and the market has been hot like other places. I've gained this in just 5 years and I'm leaning more towards renting my property for $2-2.2k a month which will give me about $500-$700 cash flow. And could pay for my HELOC that I'll use to buy another house, which I'll be living in. I was thinking of just taking out maybe 40k My Woodstock house mortgage is only about $1400. I figured worse case I sell my primary house and gain some MORE equity in 2-3 years. If you were in my shoes what would you do? My goal is to own 2 homes and rent my Woodstock house out for cash flow. [link] [comments] |
| Pay off 24k federal student loans or save for a down payment while paying the minimums? Posted: 02 May 2021 10:11 PM PDT I'm neurotic and haven't been able to decide. My salary is 54k and I'm living at home with my parents. With an after tax salary of 40k, I'd be able to comfortably knock out the loans in a year. Or I could save a down payment, use FHA, buy a multifamily, house hack and move out of my parents home. [link] [comments] |
| You have only $10,000. How do you invest it? Posted: 03 May 2021 12:29 AM PDT I am brand new to real estate investing (like literally just getting interested in it today) I just wanted to throw out a hypothetical number to see how you would try to grow your wealth. Thanks for playing along! [link] [comments] |
| New investor about to head into full time job Denver Area within a year Posted: 03 May 2021 02:07 AM PDT Main question: I get the market is hot and hot everywhere almost, I'm opting to wait a bit while I have the time but if you were starting out right now what would you do? Wait for the market to settle or constantly deal search? I'm stuck in the middle, deals are very thin right now, at least ones that are worth seriously considering due to inflated prices & flippers selling their flips lol Since I'm not physically in Colorado yet, off-market is difficult. My plan was to try to avoid renting if I could, FHA 1st place and build form there. I'm looking at the springs & the in between to Denver, & Denver suburbs mainly. I understand the local laws make multi family/multi units harder/more rare than other parts of the country. But if I do FHA, TLC it raise value to get cash out refinance to a traditional mortgage after the first year and rent it out thereafter I guess that's my most realistic plan right now. Any advice would help! Thanks for reading. A little more context: Ive built up a lot of equity in stocks the past 2 years from both trading and long term investing. I have just under a year before moving and starting full time. Trying to avoid renting or rent for a little as possible. [link] [comments] |
| Is school rank important in home value Posted: 02 May 2021 07:32 PM PDT Never thought about this but heard and think it makes sense. [link] [comments] |
| Posted: 03 May 2021 01:09 AM PDT Hi there, I'm a Canadian looking to buy rental properties in the US. Does anyone have any experience with that? Are banks in the US able to fund it or are private lenders willing to fund it? What do some of the rates look like? Does anyone have any good agents or brokers who deal with this stuff to recommend? [link] [comments] |
| Question for CA landlords about increasing rent & 60 day notice Posted: 03 May 2021 12:04 AM PDT I want to raise the rent on my tenants, and their lease expires on June 30. The rent increase is <10%, and I just realized that new state law requires that I should have given them 60 days notice. It's currently May 3, so I'm technically 58 days before the lease expires. How should I handle this? Do I just let them go month-to-month for the month of July at the current rent, and then start the new lease with new rent on August 1? Or draft a new lease starting in July where 1st month is current rent, and then August onwards is the increased rent? [link] [comments] |
| Can parental HELOC be used as a gift towards my appraisal gap? Posted: 02 May 2021 08:15 PM PDT I am closing on a 460k house hack soon and found out this week that the appraisal came back at 417k, so 43k short of the intended purchase price. While I am planning on a rebuttal, since the appraiser didn't even visit the property, I wanted to consider another option: Based on the appraised value, I am still putting 5% down on a conventional loan. As far as paying the remaining 43k appraisal gap, my parents are willing to use credit they have in their existing HELOC to gift me the rest and can prepare a letter stating that this money will be an actual gift. What else do we need to consider before they call their bank tomorrow and before I call my lender? The consensus in my research seems to be that HELOC gifts are okay for down payments, but does the fact that it's towards an appraisal gap make any difference? [link] [comments] |
| How can I roll my profits from a house sale into my custom build house? Posted: 02 May 2021 11:31 PM PDT I've read somewhere that rolling the profits from the sale of one house into another can save on taxes. How does it work? Both houses (sold and new) will be under 1 million USD in price. The new one will be a custom build. [link] [comments] |
| How to create passive income with profits from my land sale. Posted: 02 May 2021 05:16 PM PDT Hi all, new here. I recently sold off a parcel of land I bought last year for around $450K (purchased for 135K). I'm looking to take a good chunk of these profits and invest in another real estate venture, but something with a consistent monthly income. Any and all suggestions are appreciated. [link] [comments] |
| Help me decide whether this is the right time to buy as a young single male Posted: 02 May 2021 11:09 PM PDT I'm in a semi-unique situation and would like some guidance during this crazy market, given my limited experience. Background: Young 20s single male without kids, starting a new job with salary of 60K. No debt or savings (parents helped cover education). Based on the position and industry, this is a 99% chance stable job for the next 5-6 years with a significant and stable salary bump in the years thereafter. Financing: This is going to be financed through a HELOC (via my parents that I will be paying for) as down and a conventional loan. I would do a cash-out refinance as soon as I can to pay the HELOC off and secure the entire mortgage in my name alone. My parents are retiring in 1-2 years which may make it difficult to wait out the craziness and secure a property in the immediate future. Properties/Location: I'm looking to buy a property to house hack in an area with a strong rental market (big universities and hospitals nearby). I'm looking predominantly at condos, townhouses and entry level SFHs with monthly payments close to their rental values (because I basically put nothing as down payment). When I inevitably leave the area, to rent the property would be $200-300 cash flow negative each month, already accounting for PM fees and monthly maintenance costs. Personal reasoning: Being that this home will also be my primary residence for the next 5-6 years, I don't mind buying in this market to be comfortable and start accumulating wealth, instead of throwing it out as rent. If my parents retire and therefore might not qualify for a HELOC, it may be difficult to buy a reasonable property on my salary alone when the market maybe cools down in 1-2 years. And as far as when I leave the area, it will be a predictable and relatively small cost to me if I choose to rent it out or sell it to an investor if the market is right. With 20% down at current prices, it would be $200 - 300 cash flow positive each month (aka 10-15% of the monthly payment). My gut is to invest now and take the future risk (i.e. worst case is known small cash flow negative to rent). Best case scenario is that the property appreciates and is in a good market to sell in 5-6 years which seems unlikely given how hot the market is right now. I have been pre-approved and house hunting for a month now. My offers aren't landing, of course despite going over asking, and I'm starting to question if this is financially wise, especially since it is such a big decision. Should I take the risk now? Or wait it out and potentially not own for the next 5-6 years? Any advice for this young, inexperienced homebuyer? [link] [comments] |
| Posted: 02 May 2021 05:05 AM PDT Am I stuck with holding for 6 months before I can refi? I just purchased a condo in my local market, Uptown Charlotte (cannot find a better location Uptown). Elderly woman died and family wanted to sell as-is. Reno will take 3 weeks and I should be able to put a renter in place. I took the unit down with hard money (3 points, 13%). I wanted to BRRR but it appears I'm stuck for 6 months, am I right or wrong? My two options as I see it, flip and make $50k or wait 6 months BRRR and find another. Just a little more context, I won't do much more than break even with a long term renter. They do allow 3 month rentals within the building. I am looking to fully furnish and put it out on the market for $2000/m furnished, with allowing for 3 months, as compared to $1300 long term renter. While there may be more work with the shorter term renter, we are huge Panthers fans and the condo is just a couple blocks from the stadium so the possibility of getting to use the unit occasionally, especially during Panthers game's excites me. [link] [comments] |
| Should all partners in a real estate llc own an equal share in all properties owned by the llc? Posted: 02 May 2021 09:49 PM PDT Assume partners A, B, C and D form an LLC and are each 25% owners and the LLC buys a home. Next if A and B decide to invest in another home with their money (50% contribution each), can the the LLC structure be modified to reflect the following: A: 25% of house 1 + 50 % of house 2 B: same as A C: 25% of house 1 D: same as C. [link] [comments] |
| Location ideas for rental property investment in the US Posted: 02 May 2021 05:39 PM PDT This is probably a question that was asked and answered many times in the past. I scrolled through the forum but didn't find anything relevant. Here goes. Interested in investing in rental property. First time.
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| Renting my home and mortgage a new one Posted: 02 May 2021 08:45 PM PDT My inherited a paid off house which my family currently live in. We want to use it as a rental property and use the profit to cover the mortgage for a new home. I know it's a stupid question but how does the process go? Do I mortgage a new house first then rent the first one the day I move into the new house? I was wondering how does the process work and your experience transitioning from the rental property to new home? [link] [comments] |
| Need help with what to do as a newbie Posted: 02 May 2021 03:10 PM PDT About 4 years ago we bought our home from a family friend for an amazing deal, I was 22 and used a first time home buyers program in FL that gave me 15k towards the down payment on the condition that we don't move for 5 years and the 15k is forgiven, At the time mortgage rates were around 5% and mine is 5% which In today's world is pretty high. Can I Re-Fi my home without messing up the first time home buyers loan? I'd honestly love to get a lower % rate. We owe about 40k left and our mortgage is $423 a month however the home was appraised for $189,000. Should I wait till the five years are up and do a cash out Re-fi to use towards buying another home? [link] [comments] |
| Container Home Rental Properties Posted: 02 May 2021 06:17 PM PDT Hi y'all, I had an out there idea to finish a few shipping containers and rent them out on Airbnb. I know there are lots of legal/technical requirements to making this happen, that's not what I'm asking about. I'm wondering if y'all think this is a good idea financially speaking or not. [link] [comments] |
| How do you find places to buy? Posted: 02 May 2021 05:35 PM PDT I'm looking to try and buy a single family home right now, and I'm not sure where. I have another rental property that has enough equity for a cash out refi and get 2-300 to buy another home with. Looking to buy out of state cause California is too expensive. How do you find places you want to buy, and where do your recommend. [link] [comments] |
| Can I purchase a duplex/quadplex with a temporary employment Posted: 02 May 2021 05:34 PM PDT I would like to purchase a duplex/quadplex to rent out for "passive" (I know its not exactly passive since you have to maintain the property) income. However, I have a record from over 10 years ago and have some difficulty finding permanent employment. Despite that I have been employed as a temp worker the past 2 years at a fortune 500 company. However, I do not expect it to turn into a permanent contract due to the background. I really want to buy a duplex/quadplex as I believe its one way to financial freedom (for me it may be my only route lol). I live super frugally and work an insane amount of overtime. I am fortunate enough to not have many bills and I have save a majority of what I earn. This current contract has an end date of September which at that point may or may not be renewed. I have about 65k I could use as a down payment on a home. However, if possible I would prefer to use an FHA loan. However, I am concerned about being approved for a loan with a temporary employment. I have been at my current work place for about 2 years and before that have been working with the temp agency steadily for another 2 years. Last year I made 50k after paying the temp agency. Is it possible for me to be approved for an FHA loan considering I technically do not have a "permanent employment?" Also, if approved could I use an FHA loan to buy a home that is sold as a short sale? [link] [comments] |
| Posted: 02 May 2021 01:41 PM PDT So I am looking for a landlord's perspective on the situation described in the title. I am curious as both a renter, and soon to be real estate investor, and am trying to better understand their reasoning. So I am finishing up grad school and moving to a new city at the end of this month to begin a new job. I am moving on May 31st, yet my lease ends on November 30th. My lease indicates that I am not allowed to break the lease early under any circumstances, but I thought that there might be a deal to be made here; I figured that if my landlord lets me out of the lease at the end of May and I pay him half of the remaining rent, it will save me 3x cost of rent (September, October, November), and allow him to rent the unit immediately and collect 2x rent for June, July, and August (probably not all of June as he will presumably need to clean the unit and screen tenants, although there is high demand in my current location). I suggested this to him, and he said that he will absolutely not consider that, although if I am moving he would like me to break the lease and pay him the full remainder of the rent. I let him know that I would not be doing that, and that if I have to pay for it I will be keeping the apartment until the end of the lease. So I'm not too bothered about paying rent here after I have already moved, as it is a cheap apartment in a very (extremely) cheap area, although I am trying to understand my landlord's reasoning. Is it just a matter of needing to stick to policy so he doesn't have other tenants trying to make deals that fall outside of what's written in the lease? Is there a component of game theory here in which he's hoping that I concede and decide to just break the lease and pay him the remainder of the rent so that he can collect double rent for the rest of the year? Edit: Just to clarify: Not really looking for advice on how to get out of my lease, but trying to learn about why my landlord would make this decision. I plan on buying an investment property in the future and enjoy reading about real estate investing, so I am just trying to see what it is I am missing here. [link] [comments] |
| Posted: 02 May 2021 04:58 PM PDT Hello, I am trying to look for my first house hack. Currently, I am interested in Covington (around Timberlane area) and Auburn (close to Thomas Jefferson Highschool). For all the Seattle investors out there, what do you think would be a more preferable neighborhood to invest in for cash flow? Thanks, [link] [comments] |
| Posted: 02 May 2021 04:15 PM PDT So I am looking to buy my first duplex or triplex to house hack this upcoming month, and am getting pre-approved with a job I pretty much hate going to, and am planning on quitting soon, within the year. I have to co-sign with someone in order to get pre-approved for the duplex/triplex that we will both be living in and renting out, and the other person I am getting pre-approved with is also about to retire from their teaching job next year. I have another job that I just started this year, but its a sales job with a 1099 tax form where with my other job, its a W-2, and I have been there for 3+ years. If I was to quit the job that I have 3+ years experience with l, would I have trouble in the future as far as mortgages go? Also if the other person I am co-signing with goes into retirement, what would happen if I was seen as the only source of income seen on the house? Any help with this question is much appreciated, Thank you. [link] [comments] |
| Can anyone suggest a home inspector in NJ? Posted: 02 May 2021 04:05 PM PDT I found one through ASHI but if anyone has personal recs I'd love to hear them. Currently looking at n older duplex that has a lot of value but needs a trustworthy looking over. [link] [comments] |
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