[US] This is the guy who built a 35 unit portfolio in <10 years. I'm doing a live AMA on /r/RealEstateInvesting, wanted to invite everyone there Real Estate |
- [US] This is the guy who built a 35 unit portfolio in <10 years. I'm doing a live AMA on /r/RealEstateInvesting, wanted to invite everyone there
- FHA 203k loan for multi family/duplex? Am I dumb for wanting to do this?
- Confused about cash flow and net income of a rental
- [CAN] Buying rental property. Advice?
- Ohio is looking at doing online notarization. Do any other states do this? Does title take? Anyone done an e-closing?
- Housing costs- what am I forgetting?
- Contractor installed laminate floor without leveling first. He says this is normal because it is a "floating" system?
- Hey American and British real estate peeps, what is the deal with buyers agents?
- Those who bought ground floor apartments close to the street, how do you make it livable and enjoyable?
- How long does eviction take?
- [CAN] Buying a rental property. Advice?
- LO Changed Mortgage Companies
- Comps dont support price...
- What are the best/top new construction home builders in Las Vegas?
- How much does homeowners insurance need to be?
- I’m purchasing a duplex where the utilities are together, does this mean i have to pay for tenant’s utilities or could I make them not included in the rent?
- For FHA loans, how does having a co-signer (or co-borrower) affect how a lender views an applicant's DTI ratio?
- Potential 4plex - Landlord "didn't get around to" filling vacancies
- House will remain occupied until closing in two weeks. Anything we should know?
- Choice of Lender?
- Questions to ask realtor (condo/townhouse)?
- Hawaii
- Best Way to Search for Rental Homes???
- Need help- real estate agent temporarily moving states
| Posted: 02 Mar 2018 11:14 AM PST I've posted a part of my story on here a few weeks ago about building a portfolio of 35 units in less than 10 years. I'm doing a live AMA on /r/RealEstateInvesting right now, so wanted to invite you all there: [link] [comments]  |
| FHA 203k loan for multi family/duplex? Am I dumb for wanting to do this? Posted: 02 Mar 2018 10:57 PM PST I'm looking at purchasing a rental property in the next 6-12 months and I'm thinking of strategies. The one I'm really intrigued by is purchasing a ~150k duplex or multifamily with an FHA loan at 3.5% down, and performing 20-50k in renovations through the 203k program. My theory is that if I take my time and find the right property, I could renovate the property to a where the value of the home is now noticeably higher than the loan amount, at which point I could refinance out of the FHA due to my added equity in the home. At the moment I am fairly inexperienced and have only ballpark guesses at what 20-50k in contracted renovations even looks like. I'm currently working on improving my understanding of renovation costs, but in the meantime I wanted to post my idea/strategy here and get more knowledgeable people's input, thanks! Auto mod, I'm in Ohio. [link] [comments]  |
| Confused about cash flow and net income of a rental Posted: 02 Mar 2018 11:34 PM PST Does the 50% rule take in to account taxes? Example is $400 mortgage. $1000 rent. Should see $100 cash flow per month based on the 50% rule. That is $1200 a year. Is that net profit after taxes? [link] [comments]  |
| [CAN] Buying rental property. Advice? Posted: 02 Mar 2018 08:47 PM PST I have a credit score of 600. I have about $65000 in my savings. I have a line of credit for $25000 that has no balance. I have about $25000 remaining on my vehicle loan. I live in Fort McMurray Alberta. My moms house burnt down in a fire and just got rebuilt. My father recent passed away from cancer leaving her with a large life insurance cheque and a large empty house. I will be living there for the foreseeable future to keep my living costs down. So I'm looking to buy a house to rent out somewhere in Canada. Should I buy cheaper with a larger down payment? Should I buy a more expensive place but with a smaller down payment? I'm looking at downtown Vancouver because I think it will be easy to rent out and pay the mortgage down. Is this a good idea? Any other markets look good? I'm wanting to live in Vancouver eventually so that's also swaying my decision. [link] [comments]  |
| Posted: 02 Mar 2018 10:22 AM PST |
| Housing costs- what am I forgetting? Posted: 02 Mar 2018 01:06 PM PST I posted about my partner's reluctance to buy a place even though we need to change our living situation elsewhere and I've run the budget by him, but I wanted input from Reddit as well. He's having a hard time with the costs of everything, but he's never been the guy who does any of the finances, either the input or outflow of them. I'm hoping to break it down in a more detailed way than what I already have, and fill in any gaps we might have. Income Take home = 8313/month. Includes deductions for retirement, FSA, gym and monthly commuting passes for both of us Costs Top mortgage+HOA+tax cost = 3650 as 30% of gross pay Utilities = 450/month, using high number for padding, current for similar sized place is 150-200/month Food including restaurants = 450/month (we spend about 350 now, adding 100 for padding) Credit cards = $1500/month - this includes clothes purchases and travel that could be cut back fairly easily Savings = 2215/month Roth IRAs (x2 year) = 11000 HOA covers most repairs but add 1000/year for internal maintenance (i.e. internal plumbing issues) This has not been at all what our apartments have cost, our apartments have run maybe 100-200/year Yearly savings = 14562. Discussion Now the X factor is we are trying to have a kid. If/when that happens, we have a combination of our parents doing caregiving and daycare available to us, at $12000/year for 5 years. If this for some reason stops working out, my partner plans to quit his job and stay home full time. This will reduce our income by about 15k a year, with no daycare costs. This is also not a likely situation, but we are budgeting for it. The other factor is the 11k/year into the Roth IRA can stop for 5 years and pay for daycare or the difference in income if he stops working. I max out my 401k at work and our retirement income is currently way above what it "should" be for our ages. Using the calculators online if I stopped putting money into the Roth IRA for 5 years we are still looking at a very golden retirement as far as I can tell. The other X factor is as the breadwinner, if something medically were to happen to me during pregnancy and/or birth, it could be an issue. I assume that my medical insurance takes care of a lot of it, I have really comprehensive insurance that includes maternity care, but I'm not sure how to really check that. EDIT: college funds - we have parents who have committed to helping with college, and we figured out that for 1 kid you should put 400/month into a 529, and we can cut that out of our travel budget. It's not realistic to think we'll be going on fancy vacations with a little kid so we can safely remove that. [link] [comments]  |
| Posted: 02 Mar 2018 10:48 PM PST Hey guys, So doing a remodel on my condo and the general contractor installed my laminate floor earlier this week. Afterwards while walking on it I noticed there were several areas where when I step on it the floor would "sink" a little bit and basically not be a hard flat surface. There are several places like this, and while not major, it is noticeable. And in 2 of the rooms the floor is basically "caving" in towards the middle of the room. If you take a really long piece of wood and put it in the middle of the room, the middle of the wood is not touching the floor (there is like a 1-3 inch gap) if that makes sense. He told me this is normal because the laminate floor is a "floating" system and thus not glued to the floor. He says it might look a little weird and feel a little weird but this is perfectly normal and won't have any problems. However, he didn't flatten the floor before he installed the laminate floor and he didn't ask me if I wanted to flatten either. So... is what he is saying correct? Or should he have asked me if I wanted to flatten before he installed/you are supposed to flatten before installing? [link] [comments]  |
| Hey American and British real estate peeps, what is the deal with buyers agents? Posted: 02 Mar 2018 06:29 PM PST American and British real estate shows get a lot of air on Aussie TV. We do have them here but I don't know anyone who's used them. What do they do? How do they work out their fee? Who pays them? Is it worth it for a home under 200k? Edit: Victoria, Australia. [link] [comments]  |
| Posted: 02 Mar 2018 04:09 AM PST I wanna buy an apartment on a nice building (small European city, 50k people). Most of the buildings around here were built in the 1970s, so this building (2004) is a good deal: new, modern, good price, excellent location, 5 mins on foot from my workplace, etc. The only drawback is the fact that 5 of it's 7 windows (bedrooms and bathrooms) face the street (average traffic) and are less than 5 meters away from it. The current owners live with those almost always closed, and I know that lack of air circulation + bathroom = disaster! I want that place though, I don't want this to be a deal breaker. What's the best way to make it livable? How can I fix the whole "open windows = smog gets in"? Any advice guys? Thanks! [link] [comments]  |
| Posted: 02 Mar 2018 08:27 PM PST Hi. My Grandmother has fallen behind financially and quit paying her Mortgage 18 months ago. She lives in Michigan. She has living arrangements already set up in California after she gets evicted. We were just wondering how long we should expect until she gets that notice. The last update she received was 11 months ago and it said after they sell the house she would have 3 months to leave. That was 11 months ago and there hasn't been an update since. Is there any way to check if the house sold or anything at all? She isn't complaining because during this time she's living there mortgage free but still we would like to know what to expect. Thank you. [link] [comments]  |
| [CAN] Buying a rental property. Advice? Posted: 02 Mar 2018 07:56 PM PST I have about $65000 in my savings. I have a line of credit for $25000 that has no balance. I have about $25000 remaining on my vehicle loan. I live in Fort McMurray Alberta. My moms house burnt down in a fire and just got rebuilt. My father recent passed away from cancer leaving her with a large life insurance cheque and a large empty house. I will be living there for the foreseeable future to keep my living costs down. So I'm looking to buy a house to rent out somewhere in Canada. Should I buy cheaper with a larger down payment? Should I buy a more expensive place but with a smaller down payment? I'm looking at downtown Vancouver because I think it will be easy to rent out and pay the mortgage down. Is this a good idea? Any other markets look good? I'm wanting to live in Vancouver eventually so that's also swaying my decision. [link] [comments]  |
| Posted: 02 Mar 2018 07:31 PM PST |
| Posted: 02 Mar 2018 06:45 PM PST How do I make sure appraisal comes in high? This place is renovated top notch and highest by 10 percent more than anything that ever closed. New York [link] [comments]  |
| What are the best/top new construction home builders in Las Vegas? Posted: 02 Mar 2018 10:57 AM PST Can you explain why or can you share your experience working with them? Edit: My husband and I are getting our first house in the Southwest area around spring/summer. I prefer single story since we have a 2-year old son and a 3-year old border collie. We have checked a lot of builders—like Pardee, Richmond American, Pulte, Lennar, Century Communities, KB Homes, Calatlantic, Beazer, D.R. Horton, Emerald and more in different areas of Vegas. Our favorite style is Pardee but it's a bit pricey for us. The other one is Richmond American Homes. I wanna stay I'd say max 370k including the upgrades and lot premium. [link] [comments]  |
| How much does homeowners insurance need to be? Posted: 02 Mar 2018 10:14 AM PST In the USA and I'm a first time home-buyer. The cost to rebuild our home is lower than the amount we'll owe on our mortgage. We have received conflicting information. Is it required that the homeowners insurance policy covers at least the loan amount? If not, what does the group recommend covering? Home is a 2 family home (we'll be living in bottom unit) and the loan will be for $590k Thanks for your help in advance! [link] [comments]  |
| Posted: 02 Mar 2018 05:30 PM PST |
| Posted: 02 Mar 2018 11:05 AM PST For background: I'm a freelancer, and will soon start working full time at a client's company. I know part of the FHA loan terms is showing a steady source of income, and I'm not really sure how that works for self-employed individuals. But that's not really what my question is about. I don't make a huge amount of money to begin with (around 50-60k), so in the event that this damages my chances of getting approved for an FHA 3.5% loan (I'm sure it does), would having a co-signer significantly boost my chances? Let's assume my co-signer has a stellar credit score, and a decent chunk of savings/income. I'm looking at mostly triplexes and fourplexes, (in Minnesota, if that matters) and I know you can apply 75% of the projected rental income for a multi-family unit towards your qualification for the loan. What happens in the scenario where the rental income pays for almost all or all of the mortgage payments, but my own personal income is relatively low. Will having a co-signer change how a lender views this situation significantly? I've read that your DTI can be as high as 50% in rare cases for an FHA loan, would having a great co-signer be one of those rare cases? I'm 100% sure the real answer is something along the lines of "it depends", but if anyone has any experience with these issues, I'd really appreciate the insight. [link] [comments]  |
| Potential 4plex - Landlord "didn't get around to" filling vacancies Posted: 02 Mar 2018 04:55 PM PST Hi Everyone, I'm trying to house hack for the first time by purchasing a 2-4 unit property which I can live and rent in. I am looking at the numbers on a particular property that I am looking at and there's a really weird discripancy: To start its a 4 unit quad with 3 1br and 1 3br unit. It is on a busy street (double yellow line road, speed limit 45) in a residential area with off street parking in a private driveway. Unit 1 br units are fairly small (one of them can barely fit a queen bed) , about 500-600 sq ft each, and the 3br is on the second floor, fit between two separate floors. The units rent for 700, 725, 800, and 1150. Fully rented in 2018, it's projected to make ~$40k per year. However, according to the landlord's bookkeeping, the property generated ~33k in 2016 and ~34k in 2017. It would appear as if the properties had prolonged vacancies in both of those years. My realtor told me that the property owner said that the units are "sit for no longer than 4-6 weeks depending on how quickly he moves to turn them around". This owner owns multiple properties and is a little bit older. My concern is that I'd be buying a property that's difficult to fill. It's hard to imagine an owner allowing a property to sit for 6-8 months, not collecting rent, because he hasn't "gotten around to" filling the vacancy. Is what he is saying realistic? What can I do to verify that the property is not a stinker and that I will actually be able to rent it? [link] [comments]  |
| House will remain occupied until closing in two weeks. Anything we should know? Posted: 02 Mar 2018 09:23 AM PST Oklahoma As the title says, we are closing on a home in about two weeks. The previous owners have divorced and are splitting the money. The ex-wife (and maybe a grown child) are still living in there. No word on when they will be moved out but of course we expect they will be gone by closing when we get the keys. Is there anything we should know? Everyone I've known has bought their homes already vacated. If any damage is done and unreported will it be our responsibility? We don't anticipate any problems but as we all know people can be irresponsible when they feel no more responsibility for something. Just curious, thank you! Edit: bad sentence structure [link] [comments]  |
| Posted: 02 Mar 2018 04:47 PM PST In California. I'm looking to buy some new construction. I have to prequal with a big bank, and that same bank is the preferred lender (the builders/bank collectively will give significant credit, about 1.5 points worth). Obviously the bank will do the loan. I do have free choice to choose my long-time lender, who can shop around for possibly better loan products. Is there chance that passing on the 1.5 point incentive will get me a better deal? Nothing come for free, so maybe if I go with their preferred lender I'd have a higher rate or get hit some other ways. [link] [comments]  |
| Questions to ask realtor (condo/townhouse)? Posted: 02 Mar 2018 12:21 PM PST Hey everyone (My location is Washington ST), I'm looking for a new potential home or condo/townhouse. I am here looking for advise on if I should buy a condo and if so, what questions should I ask the realtor? The potential lot: The one i'm going to be viewing has a mortgage that will be $500/mo at 84k (cost of place) and HOA of 140 (covers water/trash/yard maintenance/parking lot) 2 BD 1.5 Bth + two stories +open fence park/no playground in the center but no club/pool/gym/etc. Location is next to lots of good stores/schools/bus station which I also like. Good central location. This is my first time venturing into the housing market. My current lot: I currently rent land and have a paid off manufacturer home (built early 70's). 2/BD 1/bth. (got it for 9k) I currently pay land rent for the community at 350(covers water/trash)+ taxes= 460/month but I been wanting to move out of the mobile home community since they are really picky landlords like they are pushy/picky on our yard work, keep raising land rent when they do not do much changes for the community, and my mobile home is really outdated, requires new electrical wires/has an old furnace that prob wont last another year,ac keeps tripping the electrical box and summer is way to hot inside while winter is way to cold inside (bad insulation). And summer/spring/fall we have ant problems. I also have a 7 year old son who lives with me, I am a single father and temp inside is not comfortable a lot of the times. I also have a paranoia of fire due to old manu.home a lot of the time. I have no home insurance since places wanna charge me like 200/mo for it since its an old ManuFac home. :P Maybe I should invest more in this lot but I dont know if its worth it anymore. Overall: At this point, I rather pay 650-700 for this condo but i've been reading a ton of post saying HOA is bad/unpredictable. or people saying get a house instead of a condo. So I plan on seeing the condo first to see what I think of it in person & wanna see what should I be asking or looking for? [link] [comments]  |
| Posted: 02 Mar 2018 03:50 PM PST How hard could it be? With such a transient housing market (military being moved around every 3 years), agents must be making money hands over fists. The demand is always high, the supply, always low. If you are a real estate agent, why wouldn't you move to Hawaii to take advantage of the buying and selling frenzy there? [link] [comments]  |
| Best Way to Search for Rental Homes??? Posted: 02 Mar 2018 10:55 AM PST My family is looking for a home for rent in the Tampa FL area, and I'm just wondering where we should go to find the most complete list of rentals in our area. We've looked on Zillow, Trulia, Relator.com, Hotpads.com, etc... etc... and found lots of stuff, but I have a feeling there's a lot more out there that we just don't know how to find. And the homes go so fast, it's like everyone else knows about them before we do. Any suggestions? Thanks! [link] [comments]  |
| Need help- real estate agent temporarily moving states Posted: 02 Mar 2018 01:33 PM PST Hi all, My boyfriend is a real estate agent and his career is going decently - he started last September and is getting by with real estate and doing some part time delivery job work. He enjoys RE and is honestly the perfect match (personality, work style, etc) for the career. He graduated from college last year and I am about to graduate this spring. We are very committed to each other and want to start a life together. Here's the issue: I am a business student and have a great job opportunity with a well-respected company doing what I love - problem is, it's a year-long fellowship in Boston, MA starting in February 2019. Say I take this opportunity and my boyfriend comes to live with me in Boston, MA for the year. What is the best choice for him regarding his real estate career? Should he hang his license in MI for the year and work part time in MA with something like Uber while building his online presence away from home? MA has no reciprocity with MI but you can get an education waiver and just take the test to get licensed - should he get a license and try selling RE in MA for the year (Boston is a better market for RE)? Or is there a way to continue doing business in MI while temporarily away in MA? [link] [comments]  |
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