Real Estate Investing: Warning About Cody Sperber [Reposting my original post from r/realestate] |
- Warning About Cody Sperber [Reposting my original post from r/realestate]
- Any experience with Islamic banking?
- Seller signed contract; refuses to close
- College Real Estate
- Land with “No Zoning”
- Housing Authority/Section 8 willingness to pay what I'm asking?
- Are Zestimates good indicators of equity?
- Property Management Co. and Taxes
- Exit strategies? Isn’t there only one?
- Opportunity Zones and Multi-Family
- LLC for my investment property that will be an Airbnb in a different state
- How can I start?
- Interest only loan at 4% ?!
- Finding a lender that does lower loan amount investment properties
- Where to find properties to flip?
- TX Platting questions:
- Looking to buy questionable land...
- Cash + home equity for down payment...
- What to do with my money?
- Hindsight: Would you get back into LIHTC and RD properties, or would you go straight market?
- Residential over commercial
- Cashout refi on a Texas Investment Prop. possible?
- New investor needing guidance
- SFR to Apartments
| Warning About Cody Sperber [Reposting my original post from r/realestate] Posted: 12 May 2021 07:13 PM PDT The course is completely useless and full of information you can find on both this subreddit as well as other real estate subs. He will never tell you how to actually DO anything (i.e: generate leads) Also, it should be mentioned that it is marketed as a one time purchase course, however a month later I was hit with a renewal fee 3x the size of my initial purchase. Disputed to my bank and got refunded, then Cody's team somehow reversed it. Clearly this is how he makes his money. For further evidence see attached link (article regarding many other people's experience with Cody) [link] [comments] |
| Any experience with Islamic banking? Posted: 12 May 2021 04:32 PM PDT I heard usury is not allowed so I googled Islamic banking just to see if they offer mortgages. It turns out they're slightly different but are essentially the same thing. However, the rates seem much better and they even allow mortgages for investment properties Does anyone have any experience with loans like these? I got a rate from Guidance Residential and I'm pretty sure that I'll go with them or a similar company for my next purchase [link] [comments] |
| Seller signed contract; refuses to close Posted: 12 May 2021 09:07 AM PDT I'm wondering if anyone else has experience in this weird situation. We signed a contract to purchase an investment property, which is owned by a Chinese LLC (didn't know that before we signed.) Original closing date was in April, we asked to push it out to last week to get our LLC bank account lined up, they agreed and then crossed out that date and put in today's date. One of the 2 seller signatories signed the addendum, the other has not. There is a definite language / cultural barrier going on, but essentially the seller's agent told my agent today that they don't want to sell the property anymore. We're hiring an attorney to fight them on this to either close on the property, or to make it so they cannot sell it to anyone else. Any one else have experience with this type of situation or any suggestions as to what else to do? EDIT: Florida LLC with Chinese nationals for clarity purposes - appears both reside in China Timeline - we signed the contract on 4/7; they signed on 4/9 and 4/12 for a closing date of 4/28; on 4/26 we requested to move the closing date to 5/4, one of the sellers agreed and signed it on 4/28 and he changed the closing date to 5/12, we did not receive this document until 5/10 and signed it even though one of the sellers did not sign it. Edit 2: We've been ready to close since the 3rd, the title company told our agent that closing cannot occur as the seller doesn't have a bank account for the LLC to send the proceeds to. This is bizarre as it's a Airbnb type property that we know is rented out almost every week. Hired lawyers and speaking with them in the morning. [link] [comments] |
| Posted: 12 May 2021 11:50 PM PDT Opinions vs renting to families? My college has high demand with little on campus housing, and houses are instantly selling then getting rented for what seems to be 500-800 profit a month on a 330k house. I just checked and someone purchased a house 5 days ago and now it has 18 contracts when it was listed yesterday. Is it worth renting to college students, though? I am a college student now with some e-commerce profit and I want to try and grow a portfolio, and this area seems pretty good. I can also advertise my listing on the college website, and choose to rent each room or just do it as 1 rental. [link] [comments] |
| Posted: 12 May 2021 08:21 PM PDT I've come across a property in NY that seems like it would be good for developing multiple dwellings for rentals. I contacted the agent and they told me there was "No zoning" on the property. I've never come across this, any advice/ suggestions? (I have contacted the municipality's building department, have not heard back yet) [link] [comments] |
| Housing Authority/Section 8 willingness to pay what I'm asking? Posted: 12 May 2021 05:08 AM PDT I am wanting to build some units on the outskirts of a California City, think Sacramento. The Housing Choice program pay rates are 500-700 more per month than my current tenants are paying in another building I own across the street. Granted, their rents are below market as the tenants have been there long term 10 years + and they usually pass off the units within their family. I haven't advertised a vacancy in a while and word of mouth has always kept them full before hitting the market. Sec 8 says they will do a 2 mile radius comparable but that too is unlikely to find a comparable unit as we are one of the only buildings for 5 miles or so. Lots of warehouse developments coming this way, Amazon to name a few. I'm worried about investing so much money in building these units if I won't be able to get somewhat close to the top of the rate card for Housing Choice. They say there are well over 50K people on the waitlist for vouchers and 7K who have vouchers, many of whom are struggling to find a place that will accept them. With this current housing shortage, what are the odds that Section 8 would say I am priced too high and not pay for their tenants to live in my proposed new building? Do they almost always agree as long as a tenant agrees? [link] [comments] |
| Are Zestimates good indicators of equity? Posted: 12 May 2021 10:15 PM PDT Because if it is, then I just found a house selling with $100,000 worth of equity. I did manage to look around the site and maneuver to the neighborhood details and the house was indeed severely below the other houses' Zestimates. Unfortunately I am not able to actually call or buy this property and I am just finding deals for practice. [link] [comments] |
| Property Management Co. and Taxes Posted: 13 May 2021 12:49 AM PDT I am thinking of getting a prop management company to manage my units (12) Considering they take 10% and the tenants would make their payments directly payable to them, would I just get a lump sum check in my name every month - wouldn't this do away with my business tax deduction or should I form an LLC and have them pay my LLC and then I receive a payment that way? Could I incorporate my LLC in a tax-free or lower tax state that is different from where the units and property management are based? [link] [comments] |
| Exit strategies? Isn’t there only one? Posted: 12 May 2021 05:04 PM PDT |
| Opportunity Zones and Multi-Family Posted: 13 May 2021 12:34 AM PDT I have been getting conflicting information regarding the purchase and construction of Multi-Family Units in Opportunity Zones. Some tell me it is just the rolling of gains from other sources like a sale of a home/stock portfolio into the land that will eventually be tax-free after 10 years, others have claimed that the income from the units will too be tax-free for 10 years. Are either or both of these scenarios true? [link] [comments] |
| LLC for my investment property that will be an Airbnb in a different state Posted: 12 May 2021 04:09 PM PDT Hey guys, I'm stuck on how to go about in creating an LLC for my investment property, currently have 2 and am turning one to an Airbnb. I live in NYC but I have my properties in PA. I plan on creating the LLC through LegalZoom but here is where I'm stuck:
Any pointers are highly appreciated. Thanks in advance. [link] [comments] |
| Posted: 12 May 2021 06:17 PM PDT Hey all! I am planning to start buying my first rental property out of state in 5-10 years (hope my stocks boom as they are predicted to). I was advised to live in it for about a year with roommates in order be able to place a lower downpayment. What advice would you guys have for me ? What processes should I start now in order to be ready by then, or what should I be prepared for? [link] [comments] |
| Posted: 12 May 2021 09:50 PM PDT My mortgage broker said he could do 4% on 10 year interest only. Did not have too many details. But the same person is quoting 30 yr fixed cashout loan at 4.75%. This is for an investment property. Does this make any sense ? Should I take the IO, its a 7 year arm, fixed for the first 7 years. [link] [comments] |
| Finding a lender that does lower loan amount investment properties Posted: 12 May 2021 09:49 PM PDT Hello i am looking at purchasing a property that is 55k and rents for 770 but I can't seem to find any lenders that will do a loan that small. Honestly most seem to want 75 to 100 thousand minimum loan balances. So I was wondering who you guys use for smaller loans [link] [comments] |
| Where to find properties to flip? Posted: 12 May 2021 02:12 PM PDT I recently opened an LLC for real estate operations and I currently have cash on hand to start investing it to the business right away. However, before I do so I was hoping for a little advice since I'm not very knowledgeable in this industry. For my first project I was thinking about flipping a property instead of buying and holding/renting out but I'm having trouble coming across good opportunities for me to do a flip. Most of the properties that I see online are either already renovated, or the houses are gutted and extremely overpriced. How could I start finding good properties for me to flip? I know that there's no secret formula but as a rookie, I"m just looking for insight from somebody with experience with flips. [link] [comments] |
| Posted: 12 May 2021 09:20 PM PDT Looking into purchasing a parcel of about 5 acres but was informed I would need to get it subdivided since it was recently incorporated. I don't plan to split the land up but apparently this needs to be done. Anyone familiar with this? Can't get a really clear answer from anyone. [link] [comments] |
| Looking to buy questionable land... Posted: 12 May 2021 05:00 PM PDT New to this. Found a good piece of land for a great price. The listing says it might be unbuildable though because it was previously a wetlands area. Looking to get my feet wet in this industry (pun intended). How would I go about figuring if it is buildable or not? [link] [comments] |
| Cash + home equity for down payment... Posted: 12 May 2021 05:22 AM PDT Hello out there...I have a small amount of cash ($20K) that I'd like to put into a single family investment property. The $20K likely won't equate to 20% of the down payment in my market, so I was considering a home equity loan or line of credit to fund the rest of the down payment and try to get the mortgage through the same credit union providing the home equity loan. Does this make sense? Any other creative options I should consider? [link] [comments] |
| Posted: 12 May 2021 04:23 PM PDT This questions probably been asked alot so my apologies. I have 40k saved currently and I've been looking for an investment duplex for over a year. I'm honestly not happy with the pricing of homes currently. I've noticed that we seem to be in some sort of inflation period. Materials, homes, gas, etc are overpriced. I know this price hike is probably due to the stimulus, PPP loans, unemployment, and all the other kinds of government assistance. So my main question is, should I just buy any property I can get my hands on regardless of numbers/price ?. Or should I look into other investments ( Gold, Crypto, etc) for now ?. Or should I hold off and just keep saving hoping for an adjustment in the future ?. [link] [comments] |
| Hindsight: Would you get back into LIHTC and RD properties, or would you go straight market? Posted: 12 May 2021 12:01 PM PDT I am a compliance specialist by trade, so these programs seem very appealing to me. However, I'm sure part of that appeal has to do with exposure, and of course my exposure is strictly from the corporate/employee perspective. My question for experienced owners and investors is, if you could go back to square 1, would you still get into LIHTC and RD properties, or would you just go straight market? If I went straight market, this would be my first rental, a multi-family (fourplex) with about 50% equity from the jump. I'm happy to consider any input, but I would be especially interested in hearing from those who have owned both property types. TIA. [link] [comments] |
| Posted: 12 May 2021 05:26 AM PDT I am considering a historic two-story "main street" property. It is a brick structure in excellent structural condition, however the exterior has been taken down to the studs. New roof and newer electrical and mechanical. The building has been commercial (never residential on second floor). Has anyone had experience with this type of project? I know fire suppression will have to be addressed, but looking for other issues or experience out there on a similar project. [link] [comments] |
| Cashout refi on a Texas Investment Prop. possible? Posted: 12 May 2021 12:19 PM PDT I have a single family investment home near Austin and trying to cashout at 70pct LTV. I have now been turned down by two lenders. The first one mentioned that since I live outside the state of texas, the lender does not allow cashout- refi. The second one today mentioned it is a state rule that prohibits cashout refi on Investment properties in texas. However looking up online doesn't mention anything about this prohibition. I called the popular title company (with whom I was supposed to close) in Austin and they mentioned cashout refi is permitted on investment property. The only restriction is on taking home equity from primary house. The restriction requires the homeowners to come to the title company in person for closing. So the title company mentioned may be the loan agent/lenders are confusing it with that. Has anyone successfully taken out cash from an investment property in Texas living outside Texas? [link] [comments] |
| Posted: 12 May 2021 03:19 PM PDT I want to get on the UK property ladder ASAP. I have found a decent sized plot of land for a reasonable price. I aim to buy it and put a house on it to sell. I nearly have enough money to put down a 10% deposit on the land. How should I proceed? [link] [comments] |
| Posted: 12 May 2021 09:02 AM PDT My wife and I have owned a couple of SFRs for the past 5-7 years and are now planning on graduating to a small apartment complex (10-15 units, portfolio under $1.2 million). I am planning on selling one of the SFRs and using the proceeds for the down payment on the apartments. The numbers do seem to line up. However, I have a couple of questions regarding the process. 1) We lived in the SFR that we are planning on selling. So in the past 5 years, we have lived there for 2 and then rented it out. Does that allow us to exclude capital gain taxes? If not, I will go the 1031 route. 2) We currently don't operate under an LLC but am planning on creating one for the apartments. If I do a 1031, can I transfer from individual owner to LLC? I am not sure how that works. [link] [comments] |
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This is such a comprehensive and insightful roundup of real estate topics, especially the honest warning regarding the Cody Sperber course. It's incredibly helpful for the community to see such diverse perspectives, from photo editing service needs in listings to complex legal hurdles in closing. Thank you for putting this together and providing so much value to fellow investors!
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