|
You'll probably get a lot of poo poo posts like Elephantheads here. Here's a thread on Fatwallet that's been around for more than a decade. Most boards that have to do with investing usually have a rental property thread on it, so just browse around. The main thing I've seen is to make sure your property has good cash flow. Don't get trapped into the logic of "well they're paying down the principal so I'll be making money when I sell" mindset.
|
#
¿
May 8, 2013 21:29
|
|
|
|
| # ¿ Apr 29, 2024 07:48 |
|
|
TouchyMcFeely posted:Things are starting to look a little clearer now. Thanks for everyone's efforts. That's about right. It's a purposely conservative number.
|
|
#
¿
May 10, 2013 15:35
|
|
|
Gringo Heisenberg posted:I've got a question about property management companies, if anyone has experience with those. When, say, a government organization tells a rental property's management company that X needs to be fixed, what is the process like? Can the property management company go ahead and do it, do they need to get permission from the owner, do they have a certain amount that the owner lets them spend on repairs without needing approval, or something else? I'm not 100% sure for single family homes, but generally with things like code violations if it's on the outside they can just send someone out to do it. If it's inside, they give a day or two warning to the tenant that someone is coming in. Major repairs will always involve the owner in some way.
|
|
#
¿
Jun 2, 2013 17:48
|
|
|
How much is this insurance costing a month? Just from the numbers you're giving it's like $80 a month, which can't possibly cover all those things.
|
|
#
¿
Oct 22, 2013 21:31
|
|
|
moana posted:I'm considering buying another single-family home in a city a couple of hours from where I live to rent out, and would like an outside opinion. Unless you have the financing already, it's pretty drat hard to get an investment property without 25% down. Which it looks like you don't have. I also think they will instantly reject you for having to take out a home equity loan for it (not sure on that one though). As for the rest, I wouldn't want to be stuck with a house several hours away in a semi-rural area dependent on upkeep from an uncle. I mean, you can take the hit financially pretty easily, but I think there's a much higher chance of it end poorly for relatively little extra cash flow. Harry fucked around with this message at 01:17 on Dec 31, 2013 |
|
#
¿
Dec 31, 2013 01:08
|
|
|
You do have to factor in that commercial space can be vacant for a while and even a quick turnaround will take like 6 months of no rent.
|
|
#
¿
Jan 3, 2014 03:13
|
|
|
moana posted:I'm certainly not in a huge rush, but with interest rates so low You keep saying this but it doesn't make sense. If interest rates rise (doubt it), house prices will fall. Buying houses as rentals has been a really hot investment for a few years now. There's a lot more flipping than you think, and very few people actually hold it for any meaningful time.
|
|
#
¿
Jan 4, 2014 01:31
|
|
|
adorai posted:I don't think it correlates as well as you are implying it will. There are still many cash buyers, and some people who are selling simply aren't able to if home prices fall too much, keeping those properties off the market. I do agree that home prices do move in accordance with rates, but my house isn't going to lose 10% of it's value overnight if interest rates rise by 1% and either are potential investment properties. In fact, some investment properties may even rise in price as potential homeowners are priced out of mortgages and are forced to continue renting. I never said they'd fall that drastically if it goes up 1%. You sure as hell are going to have a drop in value if they go up to 6% though.
|
|
#
¿
Jan 4, 2014 04:14
|
|
|
Depends how much time you have, but there's a thread on Fatwallet that's been active for like 11 years. http://www.fatwallet.com/forums/finance/59627/ Pretty much any site that deals with finances has rental property topics. Here's a good one on 2+2. Spex x goes into pretty good detail early on in the thread so I think it's a good read. He talks a little more about finances than the fatwallet one does. http://forumserver.twoplustwo.com/30/business-finance-investing/ask-me-about-real-estate-investing-99351/ Pretty much every site you look at they all say get a property that actually cash flows positive.
|
|
#
¿
Jan 4, 2014 04:39
|
|
|
A couple of things off the top of my head: 1) It might be years before they try to purchase it 2) Plans could change 3) Might use eminent domain to buy at a price they deem to be the fair market value (aka not whatever he wants)
|
|
#
¿
May 1, 2014 03:56
|
|
|
They're expensive, but you can setup a lockbox at a bank. It will have a fixed mailing address, and just send you a list of check images that were received that day. As for the tenants needing their hand held, that's just one of the downsides of taking subsidized housing. It's also why a lot of landlords in that situation just include utilities as part of the rent. As for the property management software, you might want to try this: http://www.yardi.com/markets-we-serve/residential-property-market/single-family-homes-property-management-solution I've used their multifamily solution before, and I'm imagining it's just the same. Probably going to be a bit pricey though. Bloody Queef posted:Did you read his post where he stated that his tenants typically don't have internet or checking accounts? He's kind of dealing with a different situation then is common. This is actually unbelievably common. Even at nice properties, it's rare to have lower than 20% of the people living there paying by money orders. Harry fucked around with this message at 18:30 on Sep 1, 2014 |
|
#
¿
Sep 1, 2014 18:26
|
|
|
FlashBewin posted:Trimming this down to avoid needless details... Not sure if it matters or not, but it's in Michigan. When originally setup, that might have been the way to go but I can't imagine it being worth it now.
|
|
#
¿
Sep 4, 2015 00:48
|
|
|
Actie posted:Anyone here got experience with umbrella policies for LLCs? I'm buying a few rental properties with some partners. Each property has its own LLC and its own landlord's policy with a good amount ($1M each) in liability coverage. But we're risk-averse and wary of litigation and would like an additional layer of liability defense. Getting even more insurance would just be lighting money on fire for no gain.
|
|
#
¿
Sep 21, 2015 03:16
|
|
|
Actie posted:Why? Because you have multi member LLCs and have them split out per property. Combine that with the fact that virtually nothing will cause more than a million dollars worth of damages makes it extreme overkill.
|
|
#
¿
Sep 23, 2015 00:13
|
|
|
Actie posted:Well, I wish this were true, but there are a great number of things that could, in litigation, result in over a million dollars of damages. Is it possible that you missed the fact that I was talking about liability insurance, not premises insurance? You've already made up your mind. Go get it.
|
|
#
¿
Sep 23, 2015 23:51
|
|
|
TouchyMcFeely posted:I'm confused by your first post. The landlord said he'd send them the deposit at one point. I can't imagine a scenario where this is anything other than releasing them from their lease.
|
|
#
¿
Mar 12, 2016 15:54
|
|
|
|
| # ¿ Apr 29, 2024 07:48 |
|
|
Arkane posted:I'm planning on converting my primary residence to a rental property. There's no real benefit of putting it into an S-Corp. It'll be single member so your liability protection doesn't exist, and you can't sell it to your S-Corp, you would quitclaim it which would probably trigger the loan to being due. And depending on your state, just by having an LLC/S-Corp you have to pay a certain fee. California I think is $900.
|
|
#
¿
Jun 27, 2017 02:12
|
|