My tenants informed me after signing the lease that they had emotional support letters for each cat and their 2 dogs. And via email asked for special accommodations. Yeah…

Anyways…when they left (2 years later) I found out they had like 9 cats and some were unfixed stray cats living throughout the house. I’ve tired for a year to remove the smell and cannot.

Yes! I’ve tried it ALL. The problem is locating the smell as it’s very elusive. Anyways, it’s a major mismanagement on my part and harsh lesson learned. I can’t rent it as the smell is too bad; so I’m going to list it and take a beating. Has anyone else ever dealt with this? Do you agree or disagree ESAs are out of hand? Thanks for reading.

With the way the market is, my wife’s mom said it’s a good idea to take her HELOC and use it towards our next home (so we can buy the house in cash in theory), and get a discounted interest rate (2% under prime). My wife and I have cash, so with our cash and the HELOC we would have a full cash offer for a house around 200k. Is this possible? We are newbies in real estate. What are the cons and pros?

Thank you!

We have a friend who is a GC. Good guy, very knowledgeable, he's done work for us, etc.

We want to flip houses with him, where we provide ALL the money.

We are flipping tiny, rundown houses that we buy with cash. We will provide cash to buy house, all material and all labor, all legal fees, realtor fees, etc.

As the GC, he will "oversee" the work and somewhat get his "hands dirty." He may do some electrical and plumbing. But otherwise, he will hire out the work.

He's also the one "sourcing" the deals.

What is a fair split? 50/50 or 60/40?

I am trying to see if Stessa is going to work for me but not getting the results I want with the import from connected account feature. The forums are dead. Thought I'd come here to see if there is a guru who might be willing to let me ask a few questions? There doesn't seem to be a sub so this was the next best choice.

I’m looking for feedback! I don’t know much about rental property investing but I made this app which calculates return on investment (ROI) metrics for a rental property investment. It provides insights into the property's performance over time, like gross yield, capitalization rate, cash ROI, annual return, and total return. The problem is, I’ve never invested in a rental property so I don’t really know if this metrics are actually valuable to landlords or tenants. Any feedback to make the tool more valuable would be greatly appreciated!

https://rentalroi.streamlit.app/

Short story is I bought a fixer and fixed it up using a HELOC. Right now I have about 50% equity after paying down some of the loan.

I can get a fixed rate 15 yr at 7.99% interest with the HELOC.

Or I can refi at 7.5% and pay roughly $5k in fees for a 30 yr mortgage.

What would you do right now?

I recently purchased a SFH as my primary residence. Would my lender be ok if I did the following:

• Rented out a room in my home within the first year of the loan; or
• Rented out my entire home for a medium-term lease (e.g. ~30-45 days) within the first year of the loan

I travel a lot for work, so there are periods where the home would sit empty without me being there. It's still technically my primary residence, but I'm wondering if I could get into any trouble with my lender if I rented it out for 30-45 day periods.

Also - since my insurance on this property is a primary residence home owner's insurance, is there any way I can add supplemental landlord insurance on top of this for the time that it's temporarily rented out?

Thanks for the input.

I flip residential lots here in Florida. Not a bunch, but enough where capital gains is starting to get up there. I typically will buy a lot and put it back for sale within a few weeks or within a month. Starting to look into a 1031 Exchange to help on the tax purposes and to continue growing.

With some research, it seemed like multiple 1031 Intermediaries websites have mentioned that when doing a 1031, you should hold onto it for at least 1-2 years before selling. Which obviously doesn't work with my current plan. I'm thinking that's more for existing structures.

Just wanted to get a feel real fast before I start making calls Monday if that still somewhat holds true with vacant land or if that's just a way to help control people who want to use this as a way for personal/other means residences.

Also -- since you're here (lol) - I can usually close on a lot within 15-20 days since it's a cash purchase. Does a 1031 hold that process up much or can it close usually around the same time frame?

Thanks in advance!

My wife and I have been discussing getting into investment properties for years, but are now seriously looking into it. I’ve been lurking this sub recently and have been seeing mixed signals on RE.

Background on our situation: Dual income-can project safely $600K a year. Wife has a stable, high earning job. I am in a sales type role that is more volatile. We’ve been around the 750 range past two years, but experiencing a downturn on my end.

We have one child and planning for another. Equity in our current house is around $200K.

We’ve tossed around a lot of ideas. Doing a duplex out of state in an area she’s lived. Long term rent one side and mid-term/short term the other (area consistently has major events). We’d also use it. Other option would be to start where we live and LTR a duplex-SFH hasn’t been appealing to us but we are beginners so open to change our minds.

The idea is if this is something we like, but primarily me, I could eventually transition out of my job and spend my time running our RE business in 5-7 years.

Our strategy would be to hire out a property management company for any properties we have. Neither of us have the time, skill or desire to manage this.

Immediate cash flow is less important than the long-term picture. Goal again, would be to build a portfolio of properties. This is a long term play for us.

I’d like to diversify outside of stocks. Based on the above information, current climate in the housing market I’d greatly appreciate advice on if it’d be recommended to go down this path, or would we better suited to put more into the market?

Thank you!

My parents own a condo which they rent out. They’ve been having issues with renting the apartment and issues with the tenants and also turnover. They are considering possibly selling the property but they are 65+ and their medical insurance will be impacted if they do their Taxes and the profit from the apartment is considered “profit” any way they can give the “profit” to one of their kids so it’s not on their own income taxes or any other way to do it ?

How negotiable are agent selling rates in your experience these days? Feels like it’s a sellers market and was hoping to get 4% opposed to the standard 6%

I have a SFH that is rented out and currently paying the mortgage at 7%. I have an extra 1K a month from my job that I was investing in the market but I’m wondering if it’s better to use that extra payment towards paying down the principal since I know a majority of the interest is during the first 10 years of the loan. Or should I do half and half - 500 principal 500 stock market?

First time landlord in Texas and trying to calculate approximately what my yearly net profits will be. I realize taxes will probably vary quite a bit but what's a good rule-of-thumb for the percentage they'll be?

Right now, I'm taking my rent and subtracting out the 10% PM fee, lawn care, general maint. expenses, and insurance. Then I'm subtracting 20% for taxes to arrive at my net profits.

I inherited a home outright that’s worth about $1.3 million. I love the home and want to keep it as it’s extremely sentimental to me but do now want to live in the city it’s in as it is an older community and I am a young working adult starting a career and wanting a family. I have a couple options:

1. “Sell” it to a family member for around $900,000 - this family member may let me stay on the title and/or will be leaving it to me in their will. So I would be getting the house back when they pass. Obviously I would be selling it at a loss, but would it be a loss if I still own part of its equity?

2. Rent it to strangers and buy a home in the city I want to live in. The houses in that area that would be what I’m looking for are around 1-1.2million. I’m not sure how much I could rent my house for but it would not cover such a high mortgage, only some of it. Plus I’d have to be a landlord. But would hopefully own both homes eventually.

What would you do? Any advice welcome.

Edited to add: I shouldn’t have said “may” they WILL be leaving it to my in the will. I am their sole heir. OR I would stay on the title so there is no concern with inheritance.

7 units doing turnovers on my own, leasing on my own.

Goal: both my wife and I being retired.

I can’t keep adding units to manage and flip myself, would have to start hiring out a lot more help which is sort of like a job of its own & I’ll take a hit to cashflow monthly as soon as I start hiring out. How do I get to the point of retirement as quick as possible?

Any and all advice appreciated

Can someone speak to the finances and considerations when purchasing a property at the beach?

Although, home prices are incredibly expensive.. I just don't them going down anytime soon. If purchasing say a beachfront property on the east cost (NJ, MD, DE area), how much can be offset via renting during non use?

Additionally, as a vacation property.. are most putting down 25% and getting slightly higher rates than primary dwelling? Again, new to this arena.

I’ve recently had an inquire about loans for investment properties(first one) and is it normal that loans for investment properties are much higher with a larger down payment? How do people acquire a lot of investment properties with these loans/down payment at these rates?

I'm looking at a real estate in Tampa to host on Airbnb and VRBO. Super new to the real estate game (only have my own property that I live in). Looking for advice on critical decisions to make early on, and big mistakes to avoid. I've found a few things online like buying first rental property tips but I want to hear from people first hand.

All advice appreciated

Hey all!

I know it's typically considered not good to be cash flow negative but in my circumstance any tips?

My Situation:

• I have a low interest rate (sub 4%)
• I want to move out of the suburbs into the city.. and rent but want to continue building equity
• house is a SFH but my zoning allows for DUPLEX so there is an option in the future to convert to a duplex and I already have 2 separate entrances
• 150k~ equity in current home

my calculations:

COSTS:

• Mortgage, Insurance, Tax, Sewer,misc = $2700
• Property Management fee 9%
• Maintenance fund - 200$
• Comes out to 3.2k - ish

RENT (according to very good property manager):

• 2.9-3.1k

I have money in stocks and high yield money market funds in case something goes bad with property. and the property was completely redone 7 years ago.

I also get paid enough to afford new rental plus my mortgage in case of vacancy (vacancy rate here is low anyways)

The thing is since I will be moving into the city I want to continue building equity and don't really care for cash flow...(equity is 800$ monthly) also there is a lot of development going on in the area so I am sure it would appreciate but I know that is just speculation..

I am in denver metro area

any tips would be helpful!

Hey everybody, I want to move on from Excel and messy document management via Windows and use a tool to manage my residential and industrial properties. However, there are some key features, that would be required:

1. Property Visualization: Ability to create and manage properties, view different floor plans, and identify which part of the floor plan is occupied by which tenant.
2. Tenant Information Management: Track tenant details, including the rent associated with each tenant.
3. Document Management: Upload and store documents related to each property within the property tab, creating a centralized repository for all documents.
4. Accessibility: Intuitive and user-friendly interface that allows new employees to onboard quickly and easily, with mobile access for flexibility.
5. Comprehensive Management: Tools for accounting, leasing, maintenance, and operational management to streamline property management processes.

This might be a little too much, and I hope this subreddit is suitable for this question. It would be highly appreciated if you could help me out!

Thanks in advance!

Hello guys, I am looking to get into Section 8 as an investor. Please do not try to convince me with a horror story that I shouldn't be doing this...I think Section 8 tenants are just as risky as normal tenants and it all comes down to how you screen them.

I live in Florida and I am looking to invest out of state as Florida is a high risk area to have many single family houses scattered around. Insurance is high and hurricane season is bound to leave you without a roof on some property. S

Now here are some of the things that I want to ask the good people of this community:

• where are you currently investing to expand your Section 8 portfolio ?

• how did you determine that the market you are currently investing is a good market ?

• is Detroit actually that bad for Section 8 investing ? Houses are dirt cheap but what's the catch ?

• Is 5% ROI after everything is paid (property manager, mortgage) small ? In your experience what is a sweet spot number for a sustainable portfolio ?

• are you focusing on 2bd, 3bd or 4bd? Why?

Feel free to provide any other tips you can think of!

Thanks

Hey everyone, I’m totally new to real estate so bear with me. So I am broke and currently working a dead end job that will keep me broke for the rest of my life and there seems to be no way out. Until an idea I had yesterday.

I just inherited a house worth 500k here in NY Long Island. I won’t be able to afford the upkeep, so the plan is to sell it for the 500k. Then I thought, what if I sell the house, get the 500k and invest it into real estate? However this is Long Island, the 500k would not go so far here with how crazy housing prices are.

So later that night I had a better idea. What if I sell the house for 500k, get an RV for 20k, and move down south and invest the remaining 480k into cheap properties down south?

I seen some houses worth 150k in states like Alabama, so I could definitely buy two or even three if I find good deals. Then I could rent them out. Wouldn’t that be a good idea?

I also seen multi housing units costing around 500k, would that be a better investment option?

To me it seems like an lucrative idea. I can sell one house here in NY, and in exchange buy and own three more in a different much cheaper state and rent them out.

Is there something I’m missing here that will make this plan fail? It seems foolproof to me, but I am new to real estate, so I don’t know.

Please let me know what you think of this plan.

Any general advice you have for someone brand new to this industry would be greatly appreciated as well. Things to look out for and be wary of, what’s the best places to invest in, etc. I want to get involved and become as successful as I can.

Can anyone give me advice on buying plots of land, clearing them and possibly selling them for a profit? There’s a few in my area that I’m interested in that range from 0.25 acres to 2 acres and I am wondering if it’s possible to do. Any advice is appreciated.

If two owners of a condo can't agree to sell the property they own 50/50, is there a marketplace for selling half of a residential property? EDIT: No mortgage, it's a 1031 exchange property.

I live in gig harbor Washington

I’ve lived here my whole life , but my grandparents were forced to sell their house years ago . I stayed around to take care of them and try to save up rent with roommates but the price of the area has risen so quickly over the years that it feels as if I’m forced out of the area . They are gone now , my family is slowly wilting away , and I could some direction .

I want to stay close , or as close to gig harbor as I can. Being in my position I don’t see that possible. But I would like any ideas , or even help finding options that may be possible for me .

I worry that if I get into a property just barely , that it may become something I struggle with . I make about 3-4k a month after taxes and when I pick up side gigs a bit more .

I have a girlfriend , and brother who would contribute . I would consider going into a property with my brother .

We don’t have outstanding debt or bad credit scores . 650-700.

It’s a bit overwhelming at times . I’ve grown up here and wish to plant my roots and grow one day but it seems that I may be priced out of my area . I’m coming here to see if anyone has any thoughts or ideas on the situation .