Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?
816979
I pay 8% (of rent) to management company. Also I pay them 50% of the first month rent when they bring in a new tenant and sign a lease. This is in OR. I have heard up to10%. 8-10% seems to be normal.
797301
if you have lived in the house for 2 of the last 5 years the tax on anything less than $250,000 profit is ZERO. ( $500,000 for a couple)\nif your gain is more than that or you do not qualify, then they charge about 5% on the gain (profit) for poor people and 10% or 15% for others.\nif you have not lived in the house two years, but maybe 6 mo or 1 year, you may qualify for the maximum exclusion rule if there is a good reason for selling and moving. ask tax man to explain it to you.\n maybe they will give you a percentage of the $250,000  exemption pro-rated, say $125,000 for 1 year etc.\n\n if the house is a rental, you can do a 1031 and use the money from it to buy another house. ( then have zero tax to pay now) then after the sale. you can get a loan on the new house to pull out your equity.( not the other way around) check with tax guy for advice. the tax is seferred until you sell without rebuying. or it is waived if you die and pass the house on. that is the best way.
778538
From a private landlord you should expect no discount. Also they are under no obligation to sell, you should expect to pay full market value.
171536
This is a tough one, but here is a suggestion.\n\nFirst I assume the owner has a loan that has a due on sale clause and cannot be assumed. Try these first if possible.\n\nNext thing if you work at it you can do this. It might be a long shot with each person, but you will eventually find someone willing. You need an investor. This isn’t something like finding one in a thousand like it might seem. A lot of people, at least 1 in 10 or 20 invest in real estate. So every community has a lot of investors. You are going to set up a deal that is too good for them to pass up and then show it to 25 people and one of them will go for it. Put an ad in the paper in the investor section something like invest in this lucrative real estate deal and you will have your phone ringing off the hook of people to try it out on.\n\nHere is what you want to happen. They will buy the house from the current owner, and they will lease option the house to you. Since the market is poor in that area you should be able to get a good deal. Keep in mind the reason they offered it to you first is so they can sell it for more than it is worth and avoid a commission on top of that. So any price they offer you will likely be way more than they need. Unless you are dealing with abnormally nice and fair people. \n\nSo lets assume the house is worth 90k to 100k for the illustration here. The range is if you want to sell it quick or let it sit a while on the market. Although the range might be larger the way you describe the area. My guess is the 18 months on the market is one house with a problem that the stubborn owner denies.\n\nFirst you need to be able to negotiate with the current owner. They can sell the house fast with an agent for 90k, of which 82k is what they get, 5400 commission plus 2600 taxes and closing fees. So you can offer 90k-5400 and it will be the same for them. They have to realize this is true so take time to explain it. If they agree that they would sell it for that then you would do best to put an offer in writing and write in the buyer as “your name and/or assigns”. The “and/or assigns” means you can assign the contract to someone else. The investor you will now search for. \n\nYou will need more time than average to close, which might trouble them(might need to raise the price a bit). Or, you may need to add something in the contract like this contract is void if the owner happens to find another buyer willing to pay at least $90k. This way they can still try to sell it while you put the deal together. They will get to keep your earnest money as well if you fail to buy the house, so put as little as they will take, but it does need to be at least $100 or so to be considered a legal contract. You might also add something like more earnest money, to the tune of $100 will be handed over each month to keep the contract good for up to 90 or even 120 days if they will go for it.\n\nNow you will try and find an investor. It has to be a good deal for them and of course you would like it to be a good one for you. Part of your pitch will be that you are trying to split the good fortune and that since you “found” the deal you want some of it. So they are going to buy the house for the contract price you negotiated of 84600. Then simultaneously lease option it to you to buy it for 100000 in three years, or however long you think it will take you to save up enough money and build up your good credit to buy a house. Presumably the house will be worth more than 100000 or you need to lower your price. Be sure this option contract gets recorded along with the other papers.\n\nThe lease part of a lease option works like this. You rent it for say 800 a month now, assuming this is market rent you will start renting it for 900 a month and 300 of that goes towards your down payment (all negotiable of course). So if you end up buying it you only pay 600 a month rent. If not then you paid 900. Good for both sides. You will also agree to handle all rep
771615
Man... where are you going to find a fourplex for 100-200k?  Madagascar? Somalia? Sudan?  Just kidding, but that's pretty "down market".  \n\nHere's some tips:\n\n1) You can get an investment for around 4x-6x your salary from a bank. Think around 120k-180k. \n2) You can generally get something that is 80% levered (where you put 20% down and even more levered if you have good credit/reserves). Sure, you can get 100% financing - but you don't want to stretch yourself to the breaking point. Tighter credit policies also make it difficult to get more financing. Don't do exotic financing like negative amortization or interest-only as you can lose your shirt easily. Go 30 or 15 year fixed. \n3) Don't go so cheap on the four-plex (speaking from experience as I owned a fourplex).  It is better to deal with a single unit that costs the same. Your tenants are a) going to take MUCH better care of your place because they are generally more respectful of property, b) you'll have less people living in your place doing wear/tear/accidents and c) you will have less headaches managing fewer people. \nPeople do REALLY stupid things with your stuff, especially when the deposit is only a few hundred bucks instead of $10,000... my person experience, tenants flood the bathrooms, put the washing machine outside, shoot out all the lights with a bb-gun, dig up the decorative tree in the front yard, go four-wheeling on your lawn, iron on the carpet, knock down a fence, pay late, skip rent, dump trash outside, dump their kiddie pool water next to the building, bash in closet doors.  Each small thing will cost you 1-12 months in rent lost money at the low end.  My single unit place in California that cost 3x as much as my four-plex had much fewer tenants, less wear and tear, no headaches, was easier to sell and netted more money (downside was lower average occupancy).  \n5) Start with a single-unit fixer upper in a working class neighborhood.  Don't invest too much money in fixtures that don't have a positive return.  Put your "sweat capital" into things that make it habitable (e.g. painting, fix the plumbing, make sure the doors/windows/roof all look good). I'm not saying you sould be a cold-hearted slum lord, but don't waste money on things with negative NPV. \n6) Unfortunately, it takes money to make money. Get a good job.  Take side classes/certificates/degrees to make sure you can make more money in the future.  It took 10 years for me to make enough money, but once I did, making money was much easier when you have money. Learn about investing.  Knowledge is very powerful - which you can then use to make your money work for you.  Read, read, read.  Go to the library. Borrow books from friends. \n7) Don't be afraid to take some risks.  You are going to screw up. You are also going to do things very well.  But you need to take risks to get ahead.  When things go wrong... and they will go wrong... take self-responsibility (i.e. don't blame someone else) and learn a lesson for the next time. \n8) Cut way back on your spending.  It's going to suck, but you can turn your sacrifices into cash, which you can then use to fuel your investments.  Don't play the "keeping up with the Joneses". You don't need the latest gadget, a new car, new clothes, take-out dinner, the nice cut of steak, the fabbo trip.\n9) If you REALLY feel like you need to invest now, get friends to invest with you.  However, make absolutely sure you have a contract that is iron-clad.  Designate a chairman, voting system and equity rules because friends/family and money don't mix.  Some will flake and not work their share. Some will want to do it their way and only their way.  Some will want to back out if things go badly.  I will never work with family/friends.
1167629
your best bet is to check with the realtor you plan on listing the property with. \n\nclosets are very important nowadays, moreso than in the past.\n\nas long as you have ample closet space, you should be fine. but, if there are say, NO closets, you should consider adding some or coming up with some alternative. \n\nthey don't necessarily have to be WALK-IN closets, but just average size for that house, room, etc.
33421
Contact a local real estate professional in your area. Tell them that you would like a general CMA or Comparable Market Analysis. Let them know that they don't have to come and view your home as you just want to know what similar homes are selling for at this time. Most agents are able to email you an analysis based on general information about your home up front. Just let them know that you will consider them, should you ever wish to place your home on the market. \n\nThey will then send you the analysis via email for FREE. This way you get what you want and they possibly may get a listing in the future if you like the service you received. \n\nI have been in Real Estate for many years and provide this service all the time. Sometimes people just want a general idea for estate purposes, or a possible divorce. I also provide this information to buyers (especially to investors) to help them determine the value of a property prior to making an offer to purchase.
1153050
Tell your family to leave or have them evicted. Then lease purchase out your homes. You'll make more money than if you were to rent them out and you will get some non-refundable option fees. It's a win win situation, you get to sell your property for a little above fair market value, you don't have to pay agent fees, the tennants will pay their rent on time or they will lose their ability to purchase the property, and few other perks. The tennants will like it because they will eventually own a property with little money down for a little more than what they currently pay in rent. Any investor who takes your property will do the same. Your other option is to short sale the properties, but I would only do that if you can't lease purchase option them.\n\nBecareful of *investors* who purchase your property "subject to" existing liens and then collect rent for a few months and bail while letting the property go into foreclosure and you left holding the bag.\n\nRegards
1098641
10 million people in NYC.  At least 10,000 of them have the Carlton Sheets tapes and are pursuing the same homes as you would be..\n\nEven the most undesirable areas in NYC are going to be prime targets for flip transactions.  NYC is an expensive real estate market to cut your teeth.  \n\nYour best bet are smaller college towns where the real estate market is more affordable and there are a lot of tenants who can rent if the market tanks before you can sell for a profit.\n\nMost investors who live in large cities prefer to invest in these smaller towns.  However, they do not have the stomach to deal with tenants.  They  want turn-key investment properties (in other words, they do not want to invest a lot of time or money to fix up bad homes) and great management companies.  If you are willing to do the dirty work to renovate the properties, it may be worth $5K to $10K beyond the cost of the repairs.  If the home is $500,000 this premium is only 1 or 2 % of the price to an investor who doesn't want to get dirty.  If the home is $100,000 this is 5 to 10% of the price, which is a nice return.\n\nMy advice:  find a nice college town with a pretty vibrant real estate market.  Buy an older home, modernize, renovate, fill up with paying tenants, and sell for 25% to 50% more than you paid.  Net after repair costs should be 10 to 20%.\n\nStay away from NYC unless you have a lot of $$$ to lose!
403889
I used a similar service to find a job in LA.  They gave me a coputer print out listing jobs in my field in the local area and left the rest up to me.  I was gauranteed a new list until if found a job then charged $150.00 for their service.  I would recommend cruising upperclass neighborhoods looking for rental signs to get the best deals.  Granny houses include 2 and 3 bedrooms sometimes.  Also sometimes you get use of features on the property that wouldn't be present in a stand alone rental.
77751
There is so much to do.  We just went through it for the 3rd time.  buying a house isn't a fun thing.  it is stressful but rewarding in the long run if you do your homework.  \n\nYou don't need to have a realestate agent.  We bought all three homes without using our own personal agent and we also sold both of our homes without any agent.  What you DO need to have, is a good lawyer to handle all the paperwork and contracts.  ( ours cost about $800) small investment but very worth it!!\n\nI would start looking for a home AT LEAST 3 to 4 months in advance of when you actually want to be moved in.  The hunting part can take 2 to 3 months even longer if your picky/ or there isn't much to choose from.  Then comes the closing process.  This is the time you get the mortgage loan, the title, the home inspection, and all other legal stuff out of the way.  Finally you will be ready to close on the home.  This is the day that was set by the bank, you and the seller for the ownership to change hands.  \n\nYou will need to have enough money in your bank to cover the down payment you will be putting - along with closing costs.  the average closing costs are about $5,000 to $8,000.  So you need to be ready for that.  \n\nI would suggest not to get in too deep. don't go for interest only loans, they are a bad idea.  If you can't afford a house with a regular fixed rate mortgage you should probably hold off until you are finacially ready.  \n\nThere is just so much more than what I posted above.  If you are serious about buying a home - you should start researching it many months in advance so that you will not be in over your head and get taken advantage of. \n\nGood luck
435467
I'm going to try to focus into this answer this way, but I might need some additional clarification otherwise.\n\nAs I understand the way that you are asking the question, the house that you are looking at is to be your primary residence, not an investment NNN Tic...\n\nGenerally, they are not favorable options for RESIDENTIAL tenants.\n\nThey would be considered a good option for the tenant if:\n1. NNN rent + expected maintenance + taxes + insurance <= market rent\n2. You can lock in a longterm NNN rent at below market rents\n3. You are confident in the property that you are occupying/no significant deferred maintenance that you would be responsible for...\n\nI really haven't heard of many NNN leases for people's primary residences, but it would make sence.  They are much more common in the investment property/business property arena...\n\nIn the end, you'll have to do the math to determine whether the lease payments plus the additional expenses add up to a good value...
804937
I'm fairly sure this is a rip-off.  Do the math on the offer and see, but I think when you lease to buy, you are paying way more overall than you would if you just BOUGHT it.  I think it's for people who can't make a big payment each month.
742692
Here's the thing about rental properties:\n1.  Make sure you have at least 10% down for the purchase, because most lenders will not go higher than 90% LTV on an investment property.\n\n2.  Make sure you either know how to perform maintenance on the property, or know someone who is both skilled and honest.  You'll need to know someone who can do plumbing, roofing, gutters, windows, drywall, flooring, landscaping, the list goes on.\n\n3.  Start looking for tenants when you sign the purchase agreement.  You don't want that property sitting empty.\n\nRental properties can sometimes be a pain.  But, they can be very lucrative.  I have a former client that owns about 10 of them, and makes a buttload of money of them.  You may also want to look into a property management group.
1114416
I was just in VA last week and picked up a paper, I thought it was free. I don't remember the name but it has thousand of classified ads in there. The paper was all over different businesses. I seen an ad in there for a farm house with 7 bedrooms for 800.00 a month. I was going to Winchester and I believe that paper covered the Fredericksburg area. Not to mention, I walked out with the paper and seen the  1.35 cost for it uuukkk! I thought those classified papers were free.It did have a lot of rentals, if you're seeking a mobile home try to buy it with owner financing it.for you. You'll;; be better off , going that route..
412377
Luaren, \n\nWith out knowing what part of NYC your talking about, and where you live. I would say that most if not all locations are over priced. If you do a cost analysis of the potential rental income to cash flow, you might be floating in red ink right off the start. It would most likely be looking like you would have to place a 10% down on a property valued at 230K (that's a very conservative number), and if your only clearing 500 dollars a month after paying for your mortgage and other maintenance fees (and that is a very liberal number) your cash on cash return is extremely low. At that rate you would have to keep the property for at least 46 months to recover from your initial investment and that doesn't include the cost of the closing. In most cases, you wouldn't even be able to cover the cost of the mortgage payment since your interest rate would be higher because of the fact that it's an investment property. You would have to do your own due diligence in researching not the property value market but the rental market to see where the trend is moving towards.\n\nHope this helps...contact me directly if you have any other questions.
316920
Sounds good to me. Start talking to a bank or a reputable mortgage broker. Let them tell you how much they will finance and put down as little as possible. Keep looking for a house. Remember location is very important. Keep an eye on the neighborhood you are looking for a house and see how long it takes for a house to be sold. Also find out from a Realtor, how much the house price has gone up since last year on average. When people look at the house, they estimate the fair value based on square footage. In that sense, fixer-upper with larger square footage than typical neighbor houses would be a good one. Cul-de-sac is also  nice. Avoid houses on busy street. \n\nKitchen and bathroom remodeling is a must. A hard wood floor in even one room make it an upgrade. Estimate the material cost and add it to the house cost. That what you need to sell the house for to get the money back. Extra will be your profit. See if that's a reasonable expectation. Also don't forget, when you sell the house let's say in a year or two, you need to pay 6 % (more or less) to a Realtor unless you sell without one (which may be difficult). So, you need to add that to your cost, too. Good Luck.