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Real Estate Investing
Needing help making a big decision
RyanM If you refinance the home to be a rental, would the payment be low enough to provide a net monthly profit (after also accounting for taxes, maintenance and property management)? If so, my personal choice would probably be to keep and rent it, if not the decision would be tougher but I might still consider it depending on the situation, there is after all nothing better than having someone else build up your equity for you. If you do decide to keep it, work with a reputable property... [ more ]
Maria Angelica V. Colmenares Looks like you have options here.... :-) 1. sell and by buy at your new location. This will allow you to keep your taxes low and the new loan will give you deductions :-) 2. You can rent and pay off the mortgage on its own and buy another and still have deductions Good luck! There are other vehicles to consider. [ more ]
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Real Estate Investing
Is low interest rate really an advantage in todays hosing market ?
Riva951ie Hello @Viralkumar I think it all depends on your current rate and what you are trying to accomplish for now or in the future. In my case, I refinanced 2 of my rental homes. 1 was 4.125 and the other was at 4.25. I was able to get them down to a rate of 2.875, dropping my payment down ~200 per home. Pretty much giving myself a raise of 400 monthly. I mainly did this to reduce my Debt to Income Ratio for when I plan on buying another home, I will be able to and not limited. However, I am still... [ more ]
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Real Estate Investing
Unrealized Capital Gains
RyanM It’s not that he’s being mean or anything but as an immigrant he doesn’t necessarily understand the consequences of certain decisions. To him it’s perfectly reasonable for him to think when he is gone his wife would be able to continue their household as is and not have the govt take away their home. That is the problem with these things. Exactly as you said, you know how to maneuver around such impacts but the average lower income person doesn’t know how to or if they even do doesn’t have... [ more ]
vodster First of all the current cap is $5 million of inheritance. So she could inherit a lot of house and money and not pay anything. The point here is does death wipe the slate? I don't think that's necessarily fair. If you sold it before you die you would have to pay capital gains tax, and so if your descendants sell it, they should pay the tax. And a $1 million dollar exclusion is pretty generous. Bear in mind after that you pay capital gains which is 0% on the first 10k, 15% on the next $500k. [ more ]
RyanM I realize there is a desire to “get those rich guys” but reality is the super wealthy will find another shelter. The scenario described is actually pretty scary for this reason: My mother in law lived with her husband in a San Francisco home they had for nearly 40 years before his passing and him being kind of the traditional guy from his era had the home in his name only. Their only income was social security but that was fine as the house was paid for decades ago. Without the current... [ more ]
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Real Estate Investing
Not Sure Where to Begin
Nancy As a Realtor for 54 years I’ll tell you this “How to make a small fortune in Real Estate? - - - Start with a large one! Before you buy EDUCATE yourself on all the laws and market and pitfalls. Learn learn learn BEFORE you invest [ more ]
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Real Estate Investing
Need advise on selling a home
Nef Double check on the so-called savings with respect to the 'Agent Fee'. I stumbled on information that mentioned you truly don't or can't disregard this fee. It's somehow still part of the transaction. Maybe someone with more intimate knowledge can chime in and give a much more clearer description and if this is true or not. GLWS - And be careful with making an emotionally driven decision that may circle back to bite you. [ more ]
blaise_89 👍
Steve My recommendation would be to have it appraised and then sell it to either your friend or list it with a Realtor. If you sell it to your friend, which is totally your choice, they either have to come up with their own financing (like through a bank), or you would provide it, and there are other people that may help. No different than selling them your car. Either someone gives them the money to give to you, or they make payments to you. Also just because the Zestimate is a certain value does... [ more ]
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Real Estate Investing
getting into rental properties
Nef @American.Champion , It is great you are starting early in life. Time will be your best asset. Make a strong effort in educating yourself in real estate, never stop learning. Also become disciplined in the art of savings. Having 'skin' in the game with your hard cash goes a long way to build credibility which will allow more opportunities to be presented. Be great at analyzing deals quickly and as accurate as you can - whether it be a single/multi, a house hack or flipped home. Keep in mind... [ more ]
Riva951ie Hello @American.Champion I would personally not be buying at this moment since it is a sellers market. I been holding off on buying since the prices are so high. I rather wait it out a while longer to get a better deal. I know we cannot time the market, BUT me personally, will take that risk and wait. For now, I am saving up more capital to give a bigger down payment to drop monthly payment. If you buy at a higher prices, your ROI will be lower. I have 3 properties in California. 1 in Norcal... [ more ]
Gabe Private lenders, hard money, transactional funding lenders usually don’t care about your credit score as much as they do the deal. If they do ask for a credit report, it’s to look over your credit history to verify your credit worthiness. Also, the interest will be steep, but still a good way to get funding fast. [ more ]
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Real Estate Investing
Real Estate Investors: Are You Buying, Selling, or Waiting right now??
RP Hi Nathan, I am keeping an eye on the market and would make a move if the numbers/scenario fit, but I'm also being patient. There are still decent properties on the market now but you need to be informed, know your numbers and know what works for you. Be patient, because it is a seller's market and you don't want to be in over your head and spend too much. Best to wait it out and keep your eye out for the right one. [ more ]
Riva951ie Hello! I am currently waiting during these weird times. It seems to be more of a seller market, hence why I am holding off. During this time, I am focusing on paying off one rental property and also saving up to buy the 4th for me to live in when things cool down a bit. I know Jaspreet also has a video on his IG stating that he is also holding off. Just does not make sense to buy right now depending on your goals. For me, it does not make sense. [ more ]
Michael Treas Hello All, My family was flipping before flipping was considered flipping so its something I’ve always wanted to do. I’ve heard many mention another housing market crash so I’m using this time to learn and study all I can so hopefully when the market prices go down I can make some good deals. -Michael [ more ]
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Real Estate Investing
What’s your experience with real estate investing? Just learning? One property in? Ten properties in? A hundred properties in?
Riva951ie @Nathan_Gregory So far my experience has been great on my end besides a few hick-ups, but its normal. Cant always be smooth. I have 3 properties. 2 in SoCal and 1 in NorCal. Its definitely easy passive income when things go great. When you find a great tenant, its awesome. Coming up with capital can be challenging depending on your financial situation. [ more ]
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