What does the process look like for purchasing commercial real estate? Real Estate |
- What does the process look like for purchasing commercial real estate?
- [CA] How to handle Ridiculous HOA
- Whats the downsides of buying a cheap rental property.
- Adversion possession claim resulted in change in boundary, what all needs to be done ?
- [CA] Is it Possible to Buy Investment Property w/Friend?
- Real estate agent that will search the US for specific kinds of property for a business? (Anywhere in the US)
- Landlords: Small v Big
- Inherited home in [OK], should I sell or rent?
- Calculator needed for rental property
- A general real estate question on the buying process
- Home has no value?
- Appraisal for Heloc came back low due to issues ...
- Recently demolished home, now a vacant lot next door.
- Prepping to sell inherited properties in [IN] and [NJ]
- New agent feel lost
- [NY] First time buyer Long Island - Offer accepted, next step(s).
- Do I have rights if I sublet?
- [CA] Rights of subordinate creditors in foreclosure
- Help coming up with an offer for an overpriced home in a buyers market
- First Time Home Buyer - NYC
- [DC] Can we call dibs on an apartment 3 months before it opens?
- UK new properties from Bloor. Any good?
- Question of Transfer of Death Deed
- Moving to Florida and Buying a home.
| What does the process look like for purchasing commercial real estate? Posted: 27 Nov 2017 05:44 PM PST |
| [CA] How to handle Ridiculous HOA Posted: 27 Nov 2017 10:13 PM PST Back in Dec 2013 I bought a condo in Los Angeles with $450 HOA and read the rules and regulations which looked fine. The building was built around 1989 and a lot of the same people who bought then still live there so average age is around 60 years old (35 total units). After 1 year the HOA went up to 525 + 169 3 year special assessment for ugly renovations. I rent the other room out to help pay they mortgage which the other owners are not fans of. They made a new rule where only owners can use amenities (Pool, Gym and Club House) so my roommate is not allowed to use so they are now moving out. They then banned Airbnb and having more then 2 roommates a year. They now added a 1,000 fee for each time a roommate moves out and keep adding rules / fees every year. Since not many units rent, I'm not able to swing the vote. The property value has been doing well due to location so I don't want to sell, what other options do I have? [link] [comments]  |
| Whats the downsides of buying a cheap rental property. Posted: 27 Nov 2017 08:51 AM PST I'm looking at places like Ohio, Spokane, Pittsburgh where livable houses are in the 50k range. Is the rental market really bad in those places? What's the downside to getting a 50k single family home and renting it out for like 650 a month. Even if the house value hlgoes down how much can you possible lose? [link] [comments]  |
| Adversion possession claim resulted in change in boundary, what all needs to be done ? Posted: 27 Nov 2017 11:25 PM PST A section of neighbors property was excluded and added to my property. Survey company gave legal description of excluded property We sent it to record at the county and legal description is updated in assessor site. However, I am not sure if all we need to do is done... I read a surveyor's post on reddit that documented an issue with some survey and filing... I did not understand it, what is a "subject deed" and what more do need to do to make sure all is in the clear ?
[link] [comments]  |
| [CA] Is it Possible to Buy Investment Property w/Friend? Posted: 27 Nov 2017 08:45 PM PST Hey all, I've been trying to figure out a good move to get into an investment property. I'm unfortunately in California but I'm in a decent spot financially. I've got about $100k in stock, a really steady income ($120k/year), maxed out 401k's each year, decent emergency fund, etc. My stock is all in a single company and I have a really close friend in a similar position with similar income, stock, credit etc. We're thinking of liquidating about $50k each (plus fees to get an attorney to draft an agreement) and going in on a house together. I've got a few property cash-flow sheets floating around and I'm just starting to get really stressed out. Is it remotely possible to buy a non-FHA (won't live in the house) property in California and make money on it? I'm looking at areas like Manteca, Modesto, Sacramento and even if I get something around $300k I'd still have trouble getting something that has positive net income (unless my math is wrong). Not to mention the new tax changes which might make things even harder. I guess my hope is to buy, rent, and hold for a couple years then flip it and have enough to buy my own property without a partner. Am I crazy? How do some people get into real-estate? I've read a few of the top posts and FAQ's here but it seems like a lot of folks started with properties in their hand already. I feel like I have a lot of money but still can't buy a house even in a cheaper city with a partner. Any resources I should be taking a look at or might have missed? Really appreciate any help. [link] [comments]  |
| Posted: 28 Nov 2017 02:42 AM PST I'm thinking of going into the rental business sometime in the next five or so years, specifically houses in college towns close to campus. This would eventually turn into a business so where it is in the US, I don't really care at this point-- there may be a good property deal for sale in Georgia and one in the tip of Maine, but they never may come up at the same time. I figure that typical real estate agents only work within a certain area of a state, so what kind of person, real estate agent, or anything else would I look to hire for this kind of research? I'm new to the whole idea of real estate, so please forgive any ignorance on my part-- this is my first attempt to gain real knowledge on this subject. I know it would be very expensive, but I'm just researching as a hypothetical right now, so any and all answers are appreciated. [link] [comments]  |
| Posted: 27 Nov 2017 10:41 PM PST Just wanted to know your thoughts on what it's like to own a couple of properties in a neighborhood (Miami, Atlanta, Minneapolis etc) where a big fund like Blackstone owns hundreds of units and practically controls the market? What are the cons? If any, how do you get past them? Pros? [link] [comments]  |
| Inherited home in [OK], should I sell or rent? Posted: 27 Nov 2017 10:09 AM PST Home is valued at ~$120,000-$130,000. Owe $50,000 for HELOC. House has pool and hot tub (not sure if thats too risky for renting). Located in Lawton [OK], northWest. We have no connection to Lawton (and no desire to be there or near there). We are also concerned about population (i.e. If fort Sill were to close). Our initial thought was to sell and reinvest, closer to us. However, we know this home is ~problem free (and we are familiar with the property). We are planning to buy another home and star investing in real estate anyway. Should we keep this home and rent it, or do you believe the pool/city/location/"distance from us" etc. make for a poor investment? (We know that appreciation is not likely a value in this city) Thanks for any advice in advance. (Edit: we live ~19 hours away by car) [link] [comments]  |
| Calculator needed for rental property Posted: 27 Nov 2017 10:24 PM PST I am considering buying a property to rent for 3-4 years - and then moving in. I am currently renting - and am looking to downsize once the kids leave for college. Does anyone here have a good calculator/spreadsheet for evaluating this type of transaction? [link] [comments]  |
| A general real estate question on the buying process Posted: 27 Nov 2017 09:43 AM PST I'm looking into getting into some RE investing via Buy & Hold properties. One thing that I still am not 100% clear on is the process of buying and the time-period afterwards where I (the buyer) can hire experts to walk through, inspect, and assess the property. My understanding is that the process goes like this:
Please correct me if any of the above is wrong. Secondly, do ALL properties follow this same structure? So whether it be your traditional sale (home owner selling to buyer through RE agents, or foreclosure sales or Sheriff auctions), the buyer is granted the same opportunity to walk through and assess the house prior to the ink hitting the dotted line? [link] [comments]  |
| Posted: 27 Nov 2017 05:19 AM PST (Greenville, SC) Hi there. I currently own a home that I'd like to keep as a rental while purchasing the farmette of my dreams. I recently found a subdivided former dairy farm that has an old home that's being sold "as is" and the ad states that the home has no value. Since I want to keep my existing mortgage, I believe I need to buy a home (rather than vacant land). Is it possible for a home with "no value" to still qualify for a traditional mortgage? I'm waiting on condition detail (for example, I know a home with no plumbing or heat would not qualify since it's hardly a home). Thanks for your input! [link] [comments]  |
| Appraisal for Heloc came back low due to issues ... Posted: 27 Nov 2017 10:15 PM PST And Heloc was denied till roof and other issues are fixed. But my assessment has gone up substantially last couple of years. Can I appeal ? [link] [comments]  |
| Recently demolished home, now a vacant lot next door. Posted: 27 Nov 2017 08:47 PM PST (Wichita, KS) I live in a relatively well-kept, high demand, 80-100$/sqft, 1950's-60's neighborhood. Just bought the house in May '16. Next door neighbor's house was very dilapidated and was the talk of the neighborhood for years (decades even) before I got here. As luck would have it, the old eyesore got demoed by the city on my one year anniversary at this house (May '17). Wooo property value bump! Anyways... I really like the neighborhood and see this vacant lot as an investment opportunity for myself for future building for a new primary residence for myself. Owner is 75ish year old lady that lives out of state and is unreachable, according to my neighbors, and hasn't lived on the vacant property in at least 10yrs. According to my research, she owns the property outright, seems to be married, and living in a primary residence in the DFW area (appx appraised value of $350k with no delinquent taxes records). Does not seem to be dead. Yes, I creeped hard. The vacant lot has an appraised value of $20k and could realistically go for $25-35k to the right buyer. The lot currently has $22k in taxes, $1.5k in delinquent taxes and $20.5k in specials for city demolition. I'm considering offering via written snail mail letter the following: Clean title transfer of the vacant lot with the following conditions: 1. All existing '15 and '16 delinquent taxes principal and interest paid by seller (her). $1.5k 2. All existing special (demo) taxes paid by buyer (me). $20.5k 3. Total sale price of $1 4. Closing costs and title insurance split 50/50 What do you think about this plan? Am I missing anything? I want to get in before it goes through tax foreclosure and auction. Am I correct in assuming my special taxes would be due in 2 installments in 2018? Should I get a lawyer? I have a (quasi-realestate) lawyer friend I could hire, but don't want costs overrunning on this transaction. Edit: tax appraisal hasn't caught up with demolition, appraised value is still in the $90k's. Is there an appeal process I could go through that isn't crazy expensive? [link] [comments]  |
| Prepping to sell inherited properties in [IN] and [NJ] Posted: 27 Nov 2017 08:38 PM PST My family has inherited 2 properties - a lakefront home in rural Indiana, and a condo in Atlantic City. We know we'd like to sell both as no one in the family lives close to either property, but I'm trying to research on how to get started. The Indiana property: The NJ condo: I'm at a bit of a loss for how to get started, but I'm assuming I (located in NY) will need to physically go to assess both properties to decide what work may or may not be required before sale. We are not time sensitive but I'd like to start making progress and need help moving in the right direction. [link] [comments]  |
| Posted: 27 Nov 2017 09:54 AM PST Hi, I'm 24 years old and just started working little bit a month ago. I join a broker which offer many training but mainly for lead generation, which is great but I haven't got there yet. I still dont know how to do buyer and seller presentation and stuff. I tried to do open houses and door knocking every weekend, I feel like I have a great conversation with the potential clients but nothing happen yet, and I kinda feel scare about the next step which is presentation that I know nothing about, and that hold me back many times. 2nd thing is about the door knocking, I will tried to hit up expired, fsbo but I don't know the step after that. I mean I still need to do presentation but I feel like expired and fsbo they need little more than that compare to 1st time seller or buyer. If you have any tips just let me know. Thanks. [link] [comments]  |
| [NY] First time buyer Long Island - Offer accepted, next step(s). Posted: 27 Nov 2017 07:58 PM PST In short, I recently saw and made an offer on a home on Long Island. The offer accepted was 400k. I am a first time buyer and was already pre approved for the mortgage from my bank at a good rate. I do not have a realtor for the purchase, which I know was stupid on my part, however am now looking into getting a real estate lawyer to complete the purchase. My question is, what should I expect next? I have a general idea of the next few steps (lawyer, inspection, appraisal, etc) but am unsure of the specifics. I know I need a real estate lawyer, currently in the process of getting in touch with one, also I need to have the home inspected. Should I wait to have the home inspected until I speak with a real estate lawyer or should I find an inspector on my own and get the home inspected ASAP? I know also that at some point the home needs to be appraised by the bank, again is this something that will be done after getting a lawyer? Is there anything I should expect in the process or should I simply take it step by step and let the lawyer figure out most of the paperwork and details. Any help would be greatly appreciated, thanks. [link] [comments]  |
| Posted: 27 Nov 2017 09:47 AM PST I am considering renting off someone (room in shared accommodation) If the landlord wants the current occupant to stay for their contract (6 more months) I won't be able to move in. Alternatively I could just pay the current occupant the rent and live there anyway whilst they move out. I am just worried if the current occupant suddenly decides to move back in can I be kicked out? Also what if they move back in and I've paid future rent? (England) [link] [comments]  |
| [CA] Rights of subordinate creditors in foreclosure Posted: 27 Nov 2017 10:52 AM PST The CEO of a credit union based in Los Angeles told me that junior creditor claims are wiped out when a more senior lienholder files foreclosure on a given property. He told me that if a first lien creditor foreclosed on a property with a $300,000 first lien claim and a $200,000 second lien claim on it and I purchase the property for $350,000, then I am not liable for repaying the second lien claim. Does this logic resonate with anyone who has experience working with foreclosed homes? It makes sense to me that the first lien claim would be preserved post-auction if the second lien creditor foreclosed on the property, but to say that the second lien claim is wiped out entirely seems awfully punitive to the second lien creditor. [link] [comments]  |
| Help coming up with an offer for an overpriced home in a buyers market Posted: 27 Nov 2017 06:02 PM PST We live in a rural area that is economically depressed. Real estate and cost of living is low. Any home over 200k is "expensive," and tends to sit on the market for a long time. We found a nice house that we're very interested in acquiring (upgrading from our "starter home"). Sellers have listed it for $275k. We toured it with an agent, and when we asked him directly "in your experience, what do you think this home will sell for?" He said, "I think they need to come down a lot. I'd say around $200k." Because of the slow market, especially for bigger/nicer/more expensive homes, it's very difficult to find recent sales of comparable homes. There are none in the immediate neighborhood, and within a couple miles, only one in the last 6 months, and one more about a year before that. Those went for $220k and $255k. The 220k was on the market for over a year, and the 255k over 2 years. The house we're interested in has been on the market for about 4 months. There is an element of "this is the perfect house for us," and we recognize that we're willing to pay some premium for that, but not an unreasonable amount. We could just wait it out and see if the price comes down, but we're outgrowing our "starter home" and getting more impatient about upgrading with each passing month. So, the seller is asking $275k. The buyer's realtor says $200k is closer to reality. The buyer is willing to pay a reasonable premium for this particular property, but doesn't want to end up on the wrong side of an appraisal (or take too big of a loss when it comes time to sell). How would you suggest we go about making an offer? We want to get a price that's closer to what our realtor says than what they seller is listing for, but we also don't want to make an offer that's so lowball it's insulting and gets outright dismissed. Oh, and one last thought: While we could get financing even at $275k, it's outside of my personal comfort zone. $200k is well within my comfort zone. I'm not really sure where the line is. [link] [comments]  |
| Posted: 27 Nov 2017 05:59 PM PST Good evening all, I'm looking to purchase a house in NY. This would be my first time buying a home. I got pre-approved for a 200k loan which isn't much but I was able to find a house within that range. My credit score is around 725. The issue is the downpayment that the bank is asking for. I read up on grants and loans like FHA but confused by it. How would I know if the current home owners accept an FHA loan. Are there programs in NY/Long Island that assist with the down payment? Or do I just have to save up. My debt to credit ratio isn't high. Any help or comments are greatly appreciated. [link] [comments]  |
| [DC] Can we call dibs on an apartment 3 months before it opens? Posted: 27 Nov 2017 05:25 PM PST Long story short, my friend and I found the perfect apartment for next school year, but the current tenants will not be moving out until April-Mayish, roughly when we would want to move in. The landlord suggested simply contacting him once he knows their plans, but my friend is pretty in love with this place and wants to sign a lease already. Is there any way to politely ask if we can put down a deposit or something to guarantee we get the apartment come the spring? Essentially, how we can politely ask him to hold the spot for us. [link] [comments]  |
| UK new properties from Bloor. Any good? Posted: 27 Nov 2017 05:51 AM PST Sorry if i am posting in the wrong sub but does anyone have any experiwnce with Bloor homes? There are 2 sites currently being built in my town that i am interested in. I just want to know any positives or negatives with this company. Thanks! [link] [comments]  |
| Question of Transfer of Death Deed Posted: 27 Nov 2017 03:23 PM PST I just got married and my husband already has a house and mortgage in Indiana. We plan to live here probably another five years. He currently has his parents listed as his beneficiaries should he pass away. Therefore, the mortgage would transfer to them. He says to just leave it that way and that he trusts that his parents would sign the mortgage over to me if something would happen so that I could stay in the house. Would this be a huge legal headache? Would it be better to put me on the deed or change the beneficiary to me? I read somewhere that title insurance looks poorly on these changes to deeds so we were weighing our options. I don't know much at all about the real estate world and have never purchased a home. However, my income could easily take on the mortgage myself should need be. [link] [comments]  |
| Moving to Florida and Buying a home. Posted: 27 Nov 2017 02:58 PM PST I live in Los Angeles and it's basically impossible for me to afford a home here so I worked it out with my boss and I will be working from home while living in Florida. We are looking for a home in the 150-175k range and have 50k to put down and can prove that I will be keeping this job when moving. The question is should I be looking for a lender here in CA or one in FL? I am going there in January to look at places and want to get pre-approval if I can. [link] [comments]  |
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