Have 100,000 dollars, would like some advice on what to do next. Real Estate |
- Have 100,000 dollars, would like some advice on what to do next.
- Closing deadline in 6 hours. Need advice after granting more then 3 extensions for buyer
- Should we take out a home equity loan to remodel the kitchen/baths? Planning on maybe moving in less than two years.
- I’m under contract to buy a home. Seller wants to sell house as is but there needs to be electrical work done first and he wants me to pay for it. Escrow repairs?
- Is there a bubble?
- [CA] Interested in a house but can't decide if it has a flooring problem.....
- How long did it take you to find your first client and completed your first transaction?
- Raising Rent in California
- I Want to be Respectful of my Real Estate Agent, But... [MO]
- What is the minimum down payment on a duplex [UT]?
- Home Equity vs. Renting. Pricing for Pals [OR]
- [California] Half way into escrow my (buyer) agent wants to "clarify"(cut) promised rebate
- Second inspection - not in contract ?
- (IL) Pre Licensing Course Question
- Landlord is screwing me over on damages, what can I do?
- Hot market - buy with conventional, refinance with VA?
- Need advice about the legality of disclosing that there may be something wrong with my home before putting it on the market
- [NY] Mortgage Issue
- beginner questions
- Tenant wants to see what her options are..
- First Time Home Buyer in Ohio
| Have 100,000 dollars, would like some advice on what to do next. Posted: 28 Nov 2017 03:27 PM PST Hell guys, I have some money saved up and want to know what is the better decision with 100,000 dollars. SHould I build a guest house and earn rent that way, or keep it in the mutual fund? A little background, I have a steady job making 67k before taxes, a mortgage (1,500/month), no other debts, and an emergency fund. I recently came across 100,000 (after tax) and I am wondering what is the better investment. I have talked to contractors, real estate agents, and an architect. It would cost about 100,000 for me to build a guest house, including permits, and I can earn about 1,500 a month with it. the added resale value is estimated to be around 100k also. I could also just put it into an index fund and earn a solid 4-10% a year. What do you guys think is the better choice? I am perfectly prepared to be a landlord so that part should not be consider a negative. [link] [comments]  |
| Closing deadline in 6 hours. Need advice after granting more then 3 extensions for buyer Posted: 28 Nov 2017 06:28 PM PST Selling my house in Las Vegas. Quick run down: $292,000 Offer accepted - 9/11/17 $4000 towards buyers closing costs. They put 1k EMD $500 towards 10 day rent back. There going FHA Initial closing: 10/11 Buyers need extension - No problem Extended to 10/25 Buyers having issues with bank approval Extended to 11/10 with $1k EMD being released without refund if not closed. Buyers cant close - EMD Released Buyers add co-buyer to help with financing Extended to 11/28(today) Other notes: Repairs requested from inspection: $1000 Completed The dilemma I am having in this very moment is that appraisal came in on point(dont know exact numbers) Same model house down the street on market for $325k with major difference a 3 car garage and some cheap upgrades for kitchen and crap. Plain backyard where I have a built Gazebo which added $6k to appraisal when I purchased. Ive taken over 3 1/2 weeks off from work total for moving which cost me over $3k in lost wages - I feel like I'm losing so much by extending this thing for even one more day when its been over 2 months of paying interest and this house has prolly gone up at least 1% in the past 2-3 months. Was thinking of asking for $5-6k cash to extend for the amount of money I have lost giving extensions. Any ideas or advice would be appreciated. [link] [comments]  |
| Posted: 28 Nov 2017 08:47 AM PST Hello. We're planning on moving back to our home state of IL from western WA, if all goes well, in the summer of 2019. Our house has gone up in value around $100K, but has pretty dated kitchens/baths. If things continue as they have with real estate values here, the value of our house will most likely not go down, and could very well continue going up. Should we spend the money (home equity loan) on a remodel or should we skip it? A house up the street recently sold for a pretty decent amount, and it's ugly as sin. It wasn't even on the market too long. We will obviously want to get as much as possible from the sale so that we can pay off cc debts and have a good down payment, so obviously we'd need to at least make up the difference between the remodel cost/loan in the sale price, but would prefer to get that amount and more. Thanks for the advice. [link] [comments]  |
| Posted: 28 Nov 2017 11:59 PM PST Florida. My home inspection revealed old electric which is so bad I can't get my 4-point inspection for the house, which means no insurance until it's fixed. The rest of the house is redone and amazing. It's odd they didn't upgrade the electric. After going back and forth with the seller, he gets an estimate of 3.4k in repairs and tells us he doesn't want to do the work but instead wants to credit us the amount. The thing is, I can't get insurance for this house until it's fixed and I certainly can't fix a home I don't own. My agent and his agent suggested the seller put 3.4k into an escrow repair fund with the title company and then I could ask the insurance company if they'd approve and get me insurance once the house was mine and the electrical was fixed using the money in escrow for this. I can't understand why he wouldn't just fix the damn electric instead of all of this red tape. I told them I wanted to see his electrical estimate to confirm it was from a reputable source before I agreed. Are escrow repairs like this common? My agent says they aren't common but they exist and my insurance company should be Ok with this. What are your thoughts? Thanks in advance!! [link] [comments]  |
| Posted: 28 Nov 2017 11:58 PM PST |
| [CA] Interested in a house but can't decide if it has a flooring problem..... Posted: 28 Nov 2017 11:45 PM PST Found a great mission style home that my wife and I actually agree on! Only downside is they converted their patio into a extra room and the floor is slanted. I assume it was slanted originally for the patio and proper drainage. I can't fanthom why they didnt level it, but that is why I am here! It is fully tiled and the walls are sounds without any signs of cracking soooo whats a guy to do? It is noticeable because they added trim along the bottom and it really shows it. Will it cause problems in the future? What can I tell my wife to let her accept this flaw? Thanks for your thoughts. [link] [comments]  |
| How long did it take you to find your first client and completed your first transaction? Posted: 28 Nov 2017 08:26 AM PST Just out of my curiosity. And if you can, please tell me that story since I feel like your 1st time must be quiet special for ya. [link] [comments]  |
| Posted: 28 Nov 2017 07:03 AM PST I have a client who hasn't raised rent on her properties. Some have remained unchanged since 2001. She is going to provide a 60 day notice of rent change and would like to set the rent slightly below the market rent rate for the area. Is there a percentage or limit she should be concerned about when increasing rent? [link] [comments]  |
| I Want to be Respectful of my Real Estate Agent, But... [MO] Posted: 28 Nov 2017 09:01 AM PST My wife and I are planning on buying a house, moving, and then selling our current house. We have found a real estate agent company, and one REA in particular has been showing us houses. We have not signed any form of agreement with the REA or his company. To date, he has shown us 11 houses on two days, and will probably show us two more on a third day yet to come. All of this has involved a lot of driving and time on everyone's part; the houses are spread across rural Missouri, and both our REA and us have been driving. It is probably worth noting that, due to our particular wants in a property in terms of location, house, and land, my wife has been the one to find the vast majority of these properties, not our REA. During our search, my wife and I found a house for sale by owner. We viewed this house without our REA since the seller is operating outside of the NMLS. We would like to make an offer on this house, handling the contract and inspections solely with the help of our lender, but we don't want to spurn the efforts of our REA. Also, we still want his company to list our current house. Should we send him some sort of monetary gift like a consolation prize? Should we offer an increased commission percentage upon selling our current house? Should we do something else perhaps? There's no guarantee the private seller will accept our offer anyway. I also want to proactively answer a question that will probably get asked in response: "Are you crazy? Do you know how much is involved in buying a house?!" Yes; I work in the mortgage industry. I have spent the past few weeks diagnosing how pre-approval letters are generated out of borrowers' Encompass data, adjusting the handling of lead call queues, testing a service for REAs to see their clients' pipeline statuses, and making enhancements to our loan teams' borrower texting system. I work with some wonderful people who are willing to provide advice, but I figured I'd throw Reddit a line as well since Reddit often yields some really interesting points of view. Anyway, I know there are a lot of steps and a lot of pieces of paper. Also, yes, if the private seller accepts our offer, I will require addendums into the contract to provide escape clauses in the event of a low appraisal (lender-required) or poor outcome of inspection (me-required). [link] [comments]  |
| What is the minimum down payment on a duplex [UT]? Posted: 28 Nov 2017 06:02 PM PST I own a home but am looking to move closer to the University (where my wife works and I will be doing graduate studies). What is the required down payment percentage on a duplex? I was told it was 15% by one person and 5% by another person. (I think maybe the person that told me 15% didn't realize we would be owner occupying the home...). We could probably swing the 15% but I would rather keep that extra cash on hand in case of repairs... (I'm not sure if % down on a loan is a state by state, county by county or nation wide requirement...?) We are in [UT] (salt lake county) Thanks in advance! [link] [comments]  |
| Home Equity vs. Renting. Pricing for Pals [OR] Posted: 28 Nov 2017 05:42 PM PST A friend just bought a house and wants myself and another mutual friend as roommates. Great! The trouble is, how do we sort a fair price with him in the master bed/bath and paying towards owning the home? Mortgage @ $2,450. Utilities ~$250-300 Monthly. ~$1,000 Annual Insurance Specs: 3 bed/2.5 bath, 2,400 sq ft house built in '92 valued at $465K in an area where its value has increased almost $100k since 2010. Large common areas, large back porch, central heating/cooling, fairly-well landscaped, remodeled kitchen, attached garage. 8,700 sq ft lot. Our best guess so far is $720 + utilities for the two of us with him covering the other $1,010 + utilities. Is anyone getting the short end of the stick here? How would you decide? [link] [comments]  |
| [California] Half way into escrow my (buyer) agent wants to "clarify"(cut) promised rebate Posted: 28 Nov 2017 04:00 PM PST The short: Real estate agent promised to split her cut of the commission 50% after broker fees. Half way through escrow she now wants to "clarify" that she meant she pays whatever Redfin pays. On a $750,000 house with 2.5% commission she would pay $3.75k to the broker and we should each get $7.5k. Instead she says I get $3k as that is what Redfin offers. The only thing I have in writing is an email where she promises the 50% cut of around $7k. We never once discussed Redfin commissions. What are my options? Long: She basically told me today that it is because she needs the money and doesn't have any other houses closing and isn't in a financial situation to share her commission. I told her that we never discussed a lower commission and she should have clarified this before we made an offer. I did most the work attending open houses and finding properties I wanted to see. This is my first home purchase and the experience has been awful. I learned my lesson to get a reputable and good agent. I was having to tell her of specific documents for CAR Seller in Possession Addendum versus her writing 2 bullet points and wanting to negotiate the rent afterward and hope they move out... Having to rewrite the offer and counter offers 5 times due to mistakes etc. Things get awkward as I still need her to help to do her part in making sure we close. [link] [comments]  |
| Second inspection - not in contract ? Posted: 28 Nov 2017 09:12 AM PST Fun keeps on going with this process ... 4 days before closing buyer wanted to do their walk through. Not a problem, items agreed upon during inspection resolution were fixed, we are still living in the place and have a rent back clause for 2 days after closing to get into our new place At the walk through they're there for almost 2 hours. Turns out they did a second inspection and are now complaining about a few things that their first inspector didn't say anything about (because they aren't a problem, the things they're pointing out are either $5 fixes or just how things are done and they clearly don't know what they're talking about ). Their agent is going to take care of these items themselves to make the client stop bitching and keep the deal moving forward My question is how common is this ? Can they even do a second inspection ? I'm fairly certain we are under zero obligation to fix anything because the inspection deadline and resolution deadline passed 3 weeks ago. Are we just dealing with someone who's a huge pain in the ass ? [link] [comments]  |
| (IL) Pre Licensing Course Question Posted: 28 Nov 2017 02:08 PM PST Hi, Just wondering if I could take the pre-licensing course before I turn 21(or 18 with 48 semester hours in college) ftp://www.ilga.gov/jcar/admincode/068/068014500D04200R.html Ill have 48 semester hours by the end of May 2018 and I will only be 19. Is it a possibility to take the 75+15 hour pre-licensing course right now, before I am technically eligible to get my license? Also, does the completion of the 75 and 15-hour courses ever expire? Any insights would be appreciated! [link] [comments]  |
| Landlord is screwing me over on damages, what can I do? Posted: 28 Nov 2017 02:01 PM PST I have three damaged doors in my room. they are each very basic flat single panel doors and he is charging me $500 for each door which is wildly overpriced given I have found similar doors for 40 - 70 dollars. I Brough up the issue to him and was told to "read the lease". is there anything I can do in this situation? Edit: I live in Texas [link] [comments]  |
| Hot market - buy with conventional, refinance with VA? Posted: 28 Nov 2017 01:18 PM PST Hello! We are looking to buy a house in a fairly hot real estate market. Houses sell in days, sometimes over asking. Because of this, we are afraid that if we use our VA loan benefit we are going to get our offers turned down. We are hearing this is happening from friends and from real estate folks in our area. We qualify for conventional - but we will not have 20% down to avoid PMI. Rent is expensive here, we risk getting priced out of the market, and we are frankly done with renting. So to the questions: Is it a reasonable option to use a conventional loan to buy a house, with the intention of refinancing with a VA loan in the near future to get rid of PMI? Is there something limiting how soon we could refinance? Would the costs associated with refinancing with a VA loan make sense compared to the cost of PMI? I'm not sure if this is a good idea or not. We are looking at houses in the 300K range, and we have 30k saved toward the down payment. Thanks for your input. [link] [comments]  |
| Posted: 28 Nov 2017 01:09 PM PST Thanks in advance for your help. Here's the story: Last spring my wife and I purchased a home, our first. It has wood paneling across all four sides. It was built in 2011. We bought the home in April. By the summer, a form of black mildew, or mold, began to form on the exterior of the wood. I tried washing it off with some soap and water, but that didn't work. For reasons that are completely unrelated to this mildew, my wife and I have decided to sell the home in the upcoming year. (Long story short: it's not the home we want. We want a place with a little more land/less street noise - we bought the wrong place, lesson learned). I had a paint/pressure washer guy today come out and look at it. He said best case scenario it was damp when they put the siding on, moisture got trapped inside and now the moisture works to find its way out. He's just about 100% certain that it's happened before, and the previous owner had it pressure washed and stripped, thus covering up the problem. But that would be a legally okay thing to do, as I understand it. Worst case scenario, there's mold inside the home. The paint guy doesn't think that's the case, but it could be. He recommended hiring a mold expert who will come out and do tests to determine if this is the case. Here's the problem: my wife and I are hesitant to hire this person because if it turns out that we have a serious mold problem, we'll have to disclose that information. We're hesitant to pass the problem on to someone else as it may have been passed on to us, because, well, it's not a cool thing to do, but we may be talking about tens of thousands of dollars or more. So I'm wondering what you would do? 1. Hire the mold guy to figure out what's up? 2. Stay away from the mold guy, get the place looking good, sell the home and be on our way? Thanks again for any thoughts you might share on this. [link] [comments]  |
| Posted: 28 Nov 2017 09:15 AM PST Good day everyone. I am going to lay out all the information and would like perspective on the situation and I would like to seek confirmation or additional info. Facts: My fiance and I are in our 20s and have been seeking to start investing our money as soon as possible in order to maximize returns and wealth for when we are older. In order to maximize the amount of money that we have to reinvest in retirement funds, stock market and soon rental homes, we both decided it was in our interest to live at home in order to save expenses. Aside from saving money, it is great to be able to hang out with both families especially since if we were to move out, we would not be able to see everyone as often. Both families think our decision for a better future is great and fully support us mentally and emotionally. All the money comes from us, no one else. The mortgage loan would be solely in her name. She has a 750 credit score and has pay stubs to show that she has been making ~$65,000 a year. We have absolutely no loans and minimal bills/responsibilities aside from $ for food. We have $230,000 in cash that we will be using to invest into our first rental home. We got the pre-qualification done and began shopping around for a house. There was a triplex that we felt was an excellent starter rental home and we immediately submitted an offer and applied for pre-approval and our offer has been accepted by the seller. The seller accepted our offer @$578,888. All three rental units will come fully occupied with leases @ a total of $4,000 in monthly rental income. Home inspection has been done. Contract has been drafted and signed by the seller party. Pre-approval has been completed with my mortgage broker and the only thing that is left is appraisal by the bank and finalization of the loan application. Here is where the issue comes in. I was under the impression that we would be applying for an investment mortgage loan @25%($145,000) downpayment @4.8% interest rate. Leaving us with ~$85,000 in cash, more than enough to cover a year's worth if we had zero tenant occupancy, insurance, property tax, bills. Originally the contract stated that it would be a primary residential mortgage loan and I corrected my lawyer and told him it should be investment mortgage loan and all was well, until we went to speak to my mortgage broker to move forward with the loan application. She claims that I made a significant mistake in changing the type of loan from a primary residential to a investment mortgage loan in the contract. She then stated that because my fiance has no history of investing, the underwriter would be hesitant to approve the loan application and the chances of us getting an investment mortgage loan approval would be very low.. She then insisted that I try to revert the type of loan on the contract back to primary residential loan so that we would "most definitely" be approved and we would be able to seek the benefits for first time home buyers @20% downpayment and 3.6% interest rate. And she also told me to tell my lawyer to pull out a lease from the contract. She claims the bank will not check after closing. Wouldn't this be occupancy fraud..... I am not interested at all to get in trouble with the law, especially if we do get approved for primary residential loan and the bank checks that we aren't living there and then require us to immediately give back the mortgage loan in full or face foreclosure. Risk is not worth taking here. Any suggestions on how to proceed forward ... I will be going forward with an investment mortgage loan because to be frank, I'm not trying to fuck me and my fiance's future. I rather get rejected than deal with the repercussions of the law. I have a headache after the broker telling me that if we go down the investment mortgage loan route, that we would not be guranteed a loan and therefore will never be able to start a rental home. Thank you. [link] [comments]  |
| Posted: 28 Nov 2017 12:28 PM PST i want to get into real estate. i'm confused if this is the correct subreddit for me as i don't wish to be a landlord or anything. i just want to buy and then resell homes to people. i'm in the USA
thanks! [link] [comments]  |
| Tenant wants to see what her options are.. Posted: 28 Nov 2017 06:00 PM PST Not sure if I should be upset. My boyfriend is a landlord for a few properties he owns. Today his tenant text him to say she didn't have the rent money. She told him she wanted to see what her options were and if they could work something out.. Help me because I think I'm being paranoid. Is this something tenants usually text their landlords? What arrangement is she most likely looking for? [link] [comments]  |
| Posted: 28 Nov 2017 11:50 AM PST Hello! My wife and I are ready to make the jump on buying a home. Currently I am researching home warranty's. Any recommendations or advice? [link] [comments]  |
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