Rental Property Investor · Overland Park, KS · Member since 2015 · 492 posts · 234 votes
I once started out on this site asking tons of questions. If you’re starting out feel free to ask me questions and I will answer the best I can. Below is my experience for context.
@Ilmar Molder, sr. I was recently reading about this. Not sure there’s an easy way to know who is occupying it... but if there are renters you will have to honor their current lease until it’s over (or so I’ve read and is the state in my state of ND).
New York City, NY · Member since 2014 · 1 post · 1 vote
5y
Hi William, this is my very first post on here so here I go! When purchasing a home for investment how do you set up an LLC for that home? Thanks for taking the time out and doing this "Ask me anything" post!
Has COVID affected you negatively in any way? As in, trouble evicting bad renters? Or evicting renters who have lost their job due to the economy and cannot pay rent? Only asking to see if now is the right time to get into rentals or wait until things get to somewhat normal and focus on flips instead. Thanks for offering to help out beginners.
Real Estate Agent · Oxford, OH · Member since 2020 · 24 posts · 6 votes
5y
@William S. My baby is due in June. Just got pre-approved. What thoughts, tips, guidelines (criteria) do you have for buying that 1st home, so that I can leave it behind as a rental? I’d like to repeat this process as many times as I can until I don’t have to move to acquire more properties.
Realtor · Fremont, CA · Member since 2020 · 2 posts · 0 votes
5y
@William S. How can I build units in my backyard? I have a swimming pool that I want to get rid of as well. This is the quickest way to get into real estate for me. Wondering how I can take action on this.
Rental Property Investor · Atlanata, GA · Member since 2020 · 3 posts · 1 vote
5y
@William S.
I’m about to buy my first investment property, looking for duplex that I would live on one side and rent the other. I found a realtor and I’m pre approved for a loan. Is this the right way to look for investment property with a realtor or am I doing it wrong in this tight market? Should I be looking for a duplex that one sides rent at a price that covers part of the mortgage or the whole thing? Trying to determine my price point. Some of the more expensive duplexes that are in desirable areas have a very high price range.
Real Estate Agent · Baltimore Maryland · Member since 2019 · 98 posts · 74 votes
5y
Would you recommend using hard money for my first investment? I'm looking to buy a residential rental property (either owner occupied or not) and I'm weighing my options b/t conventional financing or hard money. What do you think?
@Ilmar Molder, sr. I was recently reading about this. Not sure there’s an easy way to know who is occupying it... but if there are renters you will have to honor their current lease until it’s over (or so I’ve read and is the state in my state of ND).
Yeah I figured we would have to honor any lease agreement in effect, but does that mean the rent payments now come to me since I would be the new owner of the house.
Rental Property Investor · Fort Smith, AR · Member since 2020 · 53 posts · 48 votes
5y
@William S.
Everyone talks about off market deals and I’d love to find one but I don’t have enough capital to buy one with cash (I live in northern CA). I hear them say “Get one on contract, THEN find a lender.”
Since traditional lenders aren’t likely on a property that needs work, do people really find hard money after the fact? Seems like putting something on contract before having a loan would be pretty risky.
New to Real Estate · OH · Member since 2020 · 15 posts · 4 votes
5y
I have recently purchased my first property, which I currently live in and plan to rent out within a year. Plans have changed a little, for the better, and my girlfriend is moving in and we will be renting out her house now, still with the intent to rent out mine in 2022. My question is, what is the most important thing we need to look for when starting this process? We want our first property rented out within the next month. Any pointers you can give would be greatly appreciated!
I am just starting out, and am currently raising the down for my first property. The strategy id like to use is the house hack with a duplex. I am looking at duplexes in my area, and found a few that I'd consider buying.
My huge concern is tenants. How did you find managing the tenants of a house hack, and do you have any tips for helping me find the ideal renter, and warning signs to look for. Essentially what I'm trying to ask is, what red flags should I look for in a bad renter, and what signs of a good renter should I look for?
What are your thought on using a Heloc on your personal residence to purchase a rental property? Or what are your thoughts on Helocs in general? We live in an extremely hot market and would like to stay local, but our agent thinks the most affordable way to purchase is by paying all cash. Our mortgage on our personal residence is fully paid and we have cash set aside that we can put toward a property.
Looking at a property at a tax deed sale in CA. We did a lot of due diligence so far, drive by to make sure the house is still standing, check out the neighborhood, possible resale value, etc. During the drive by we noticed the house was still occupied. is there a way to tell if the house if occupied by the owner or a renter? If the renter, does that mean the rent now goes to us?
ilmar
Asside from the legal options you can bargin with the occupant. You can over to give them some cash and pay moving fees, etc. More info
@William S. Hey William. 22 years old and just trying to get in the game. I’ve been doing my homework but the amount of systems that go into buying homes can be overwhelming. How/why did you decide to take the conventional route and go with a realtor for a rental? What are some viable ways to gain insight and knowledge and the steps one must take to closing on their first property? Thanks in advance!
NJ (new jersey) · Member since 2019 · 39 posts · 9 votes
5y
@William S.
Hey William! Good day to you, sir.
I just bought my first 2-fam rental in northern NJ for 390k at 20% down 6 months ago. I spent about $12k renovated the floors, walls, kitchen appliances and bathroom. I have one tenant and expect a second one soon. Fully rented out I project a $500/mo net profit. plan to have it appraised for higher afterwards to do a cash out refinance. I’m not sure how this step works and I am seeking advice.
Let’s say it appraised for $450k and I still owe $300k left. How do I calculate how much money I get back to buy another property? Thanks.
Flipper/Rehabber · Member since 2019 · 11 posts · 10 votes
5y
@William S. I have 6 acres of land in Silsbee, Texas outside the city limits but city water and sewer are available. I would love to build single family dwellings on this property. I own the land outright and have about $100,000 in seed money. What is best avenue to secure funding for this type project?
I'm out of state and my rental will need a new tenant. I will self manage, but I'm looking for creative ways to place a tenant. So far my plan is to either hire a PM for placement or market it wherever I can (I assume I won't get in the MLS). Craigslist, Zumper, Facebook Marketplace, Zillow and whatever else I can think of. I'll require an application and credit check up front (not sure the best option for this and background checks yet) and try to minimize my potential pool of tenants. Then I'll have a phone conversation and try to hire someone to meet them at the house. This should only be a few families before I get a signature.
My question is do you have any ideas on how I can improve or alter my plan?
Who can I hire to walk them through and how do to get the final keys to a tenant? Also an pre move in inspection video walkthrough would be nice with the new tenant.
This is where my plan has holes. Who is the best option? If I pay someone $50 to show 4 times and then I pay them to to do a video walk through, assist in singing papers after walk through, handing off keys etc I may end up spending $300-400. I wonder if I pay a few hundred more to a PM and I don’t have to do any of it.
Anyways, cool post I’ll consider any ideas you have. Thanks!!