Buying Not Yet Subdivided Land (PA) Real Estate |
- Buying Not Yet Subdivided Land (PA)
- Mortgage company says preapproval conditional on selling current house
- Owner Occupied Duplex Advice
- I am currently a junior in college and I would like to try and obtain my real estate license here in California. I was hoping someone could help on the first steps I could take in getting all the courses I would need and laws that may be important
- How do I leverage my home's equity into a rental? Is this possible? Details inside.
- What counts as a "qualified" contractor?
- Is RateGravity any good?
- What’s the difference between compound interest and mixed interest
- I'm currently in escrow on course to buying a new home, with the new year starting, is it ok if I go exempt on my next paycheck?
- Missouri: Appraiser says no repairs recommend?
- (MASS) Selling and capital gain taxes
- FTH who wants info on buying a fixer upper.
- Should I hire a realtor before or after I have been pre-approved?
- No showings or interest in 12 Days
- [NYC] Advice on income properties.
- Please me save my family home from foreclosure!
- Bought my first house outright
- [WA] Single-family vacation home short-term rental viable?
- Who holds last months rent deposit? Landlord or brokerage?
- When buying new construction: should “bonus” commission paid by builder to buyers RE agent be disclosed to the buyer? Homeowner: if you believe you’re being represented for 3% commission but seller will pay them another 3% bonus, 6% total, should that information be disclosed to you?
- Condo types?
- [OR] Buying an owner-occupied duplex with 45k/yr income?
| Buying Not Yet Subdivided Land (PA) Posted: 29 Dec 2017 01:09 PM PST I am attempting to purchase an 10 acre plot off of a farm. The farmer has not yet subdivided which is where our issue is. We both agree on total sale price, but he wants about 10% of the total sales price as a deposit which he can use towards subdivision fees. My answer to that is "fuuuuuuuuuuuuuuuuuuuuuck no" obviously. Has anyone else bought not yet subdivided land and how did you handle the subdividing details? I am working with an RE Attorney, we just finally got back the seller's agreement of sale and he's out of town until next week and wanted to know reddit's thoughts. [link] [comments]  |
| Mortgage company says preapproval conditional on selling current house Posted: 29 Dec 2017 07:13 PM PST I own a home values safely beyond what I owe on it by at least 20%. The mortgage plus escrow taxes and insurance is less than $650. I am looking to move to a more convenient neighborhood and would be taking on a mortgage plus escrow payment in the ballpark of $700-$800. My mortgage company says they will preapprove me conditional on selling my current house. I hate that idea because that means any offer I make on a house won't take the house off the market until my house sells. I think I can afford to pay double mortgages in the short terms and should not have a conditional pre-approval. My monthly income from employment is $3000 net, plus I get $850 in SSI/adoption subsidy payments for my child. I have no credit card debt, and my only largest bill other than housing is a $200 car payment. At income $3850 monthly, I could afford to cover both mortgage payments (totaling less than $1500) until my current house sells. Is this something I should absolutely not consider? Location [Midwest] [link] [comments]  |
| Posted: 29 Dec 2017 10:55 AM PST Looking to start my real estate investing through owing a duplex and living in a unit to minimize living costs. My plan is to pay the money from rent into the mortgage after I have 6 months of savings. What are some things I should know going into this investment? [link] [comments]  |
| Posted: 29 Dec 2017 09:38 PM PST |
| How do I leverage my home's equity into a rental? Is this possible? Details inside. Posted: 29 Dec 2017 07:51 PM PST Hey there, We bought our first home in Portland, OR 2 years ago in a very trendy and rapidly gentrifying neighborhood. My home is literally a block off one of the hottest blocks in the city with Bars/Restaurants/Music Venues etc. It's a killer spot. We just refi'd the property to 430k. We owe 339k. It's about 1000 sq ft. 2 bed. 1 bath. Some updates have been made, but could really use some major remodel work (kitchen, etc). Would be fine as a rental, but isn't exactly pretty. Structurally sound though. We see the following 2 scenarios:
In both cases above, keep some cash on the side for emergency repairs/etc. Is this possible? Are there books I can be reading to advise me on this? Any advice? [link] [comments]  |
| What counts as a "qualified" contractor? Posted: 29 Dec 2017 12:05 PM PST We're under contract to buy a house in Atlanta. We had the house inspected and submitted an amendment with a list of repairs we wanted done. We would have preferred that the seller had just given us the money to do the repairs ourselves because it would be a lot easier than having to verify that the repairs were done to our satisfaction, and because the seller's response time to all our requests has been so slow that we weren't comfortable with him taking care of it. But he said he would have the items fixed himself instead of giving us money, and he waited until the night of last day of due diligence to respond to our amendment (we had submitted it almost a week beforehand). We thought that if we countered then we wouldn't hear anything back until after due diligence when we had lost all our leverage, so we accepted. One of the things the inspector found was mold in several places around the house. On the list of repairs we requested was that the mold be remediated by a "professional mold remediation company". When we went to the house a few days ago to check on a few things we met the person the seller had hired to do the repairs. He's a handyman and the work he's done so far seems solid. However he told me that he was the one who did all the mold remediation. I'm no expert but he seemed to know what he was talking about regarding the mold and the process he went through to address it. But when I think of "professional mold remediation company" I don't picture a jack-of-all-trades sort of person like a handyman. We did have a company that specializes in mold to give a quote and describe the sort of work that would need to be done, and not all of their recommendations were done by the handyman. I know things can change once people start getting their hands dirty but it just added to my concerns. My agent has asked the seller if the handyman is qualified to remediate mold, but as far as I know Georgia doesn't have any sort of licensing or certification for mold remediation, so I don't know if "professional mold remediation company" even has any real meaning here. There wasn't a lot of mold found and this isn't something that's going to make us walk away from the house, but I'm mostly concerned that the seller seems to be playing a bit fast and loose with what was requested in the amendment. Any advice on how should I proceed regarding this? [link] [comments]  |
| Posted: 29 Dec 2017 06:45 AM PST I got this Facebook advertised to me -- they seem to be an online mortgage broker who claim to charge lower fees. But I have no knowledge of this space at all. Anyone here heard of them? Is their offering legit, or no different to what my local mortgage broker would do? (no affiliation whatsoever, not advertising, just curious) [link] [comments]  |
| What’s the difference between compound interest and mixed interest Posted: 29 Dec 2017 09:21 PM PST What's the difference and how much do the interest % vary? [link] [comments]  |
| Posted: 29 Dec 2017 09:12 PM PST Keep in mind my pay period starts 12/31 and ends 1/13. Escrow ends 1/22. Would me going exempt on my next paycheck that would pay me on 1/18, affect anything in the escrow process? I'm honestly just trying to save a few extra dollars as I pick a few OT hours. I'm in Los Angeles, California. [link] [comments]  |
| Missouri: Appraiser says no repairs recommend? Posted: 29 Dec 2017 08:53 AM PST This is my first time buying a house. The appraisal just came back, $1500 under contract price, but also said "no repairs recommend" ? Isn't that a conflict as my home inspection report found a few things that needed repair. I would also think that it limits my bargaining with the sellers to get the issues fixed. (Issues; roof rafters reinforced, chimney repair) [link] [comments]  |
| (MASS) Selling and capital gain taxes Posted: 29 Dec 2017 08:21 PM PST So we are selling our home after owning for a little over 2.5 years and will (hopefully) be making a small profit. The whole taxes on capital gains is a little confusing because the rule is you have to live there 2 out of 5 years of ownership but it hasn't been 5 years for us yet. Is this as simple as needing to own for longer than two years to avoid having to pay taxes on the profit? Or is it more convoluted with the whole 2/5 rule? The profit we would make is most likely to be around or under 10k, so we aren't talking a lot. Will someone please explain like I'm five? Thanks in advance. [link] [comments]  |
| FTH who wants info on buying a fixer upper. Posted: 29 Dec 2017 07:03 PM PST I would just like information pertaining to my situation. I want to buy a home for the first time but would also like to buy a house I can profit off of by fixing up since I have certain skills to fix up a house and have home improvement in my future as a career and want to devote my time to it. I want to know if there are states that maybe offer special programs specific to my situation. I know there are grants for first time home buyers but any specifically for fixer-uppers? I would be willing to relocate if needed. Grants that are much better in certain states? Edit: Location- Sandy, UT [link] [comments]  |
| Should I hire a realtor before or after I have been pre-approved? Posted: 29 Dec 2017 06:33 AM PST I'm beginning the process of buying my first home and have identified a realtor that I want to meet. She comes highly recommended from three different trusted friends that have all purchased their first home with her. I am unsure if I should contact her before I start working on pre-approvals or if I should wait until after. [link] [comments]  |
| No showings or interest in 12 Days Posted: 29 Dec 2017 12:16 PM PST PA. Listed our house on December 20th. Haven't had a single showing. A sign it's priced too high or is this a terrible 2 weeks to try to sell a home? Our last two properties we owned were sold within 2 weeks. Starting to freak out a bit as we need to sell as a contingency. [link] [comments]  |
| [NYC] Advice on income properties. Posted: 29 Dec 2017 08:10 AM PST Hey all, I'm a first time homebuyer (designer) looking into purchasing an income property. Currently the plan is to buy a two bed then convert dining room into an alcove. Having two roommates would basically pay mortgage + property taxes so I'm breaking even while I renovate. Once renovated, I'll rent it furnished and move to a family property. QUESTIONS: Any common pitfalls / red flags on properties (other than HDFC) I should know? Also curious about tenants in nyc (I know they have extended rights) so any advice would be appreciated. I'm qualified solo for the cost of the apartment (30 yr fixed) but would I be able to get better mortgage rates if I tell them it's an income property? [link] [comments]  |
| Please me save my family home from foreclosure! Posted: 29 Dec 2017 10:48 AM PST My parents bought a house in Southern California back in 1996. When we bought it, it was approximately at $400k. My dad has had several convenience stores and businesses that he needed to take money out for. During the recession, they failed and we lost our businesses. Because of that, the the total due is $757,000. However, the house is now valued approximately at $959,000. The auction date is set for mid January so we have about two and a half weeks. Is there anything we can still do? I am currently in a top university in Southern California and I work almost full time. I am currently looking for full time position so I can buy the house under my name. Is that feasible? The positions I am looking at would pay $65K. [link] [comments]  |
| Bought my first house outright Posted: 29 Dec 2017 03:14 PM PST Should I continue to buy real estate outright or could I acquire more property with the bank's help? [link] [comments]  |
| [WA] Single-family vacation home short-term rental viable? Posted: 29 Dec 2017 02:39 PM PST I live in Texas, and in the next 2-10 years I'd like to move to the Seattle area and own/live-in a single-family home there. I expect when I make the move I won't be employed at the time, making home buying trickier. I've been focusing on Bremerton/Kitsap County (a ferry ride away from Seattle), but I've also looked in the Kent and Monroe areas (South/North of Seattle proper). I stumbled across this listing ($200k water view) and thought such places might be attractive to airbnb / short-term renters. (I don't expect to take action while this property is available, and I would have serious questions about a double-wide on a split lot with easement access, so this particular property isn't part of my question.) So I'm wondering if it's financially viable to buy a single-family vacation home for my use and pay someone else to handle everything about renting it out (airbnb/whatnot) when I'm not there. (2-3 weeks/year plus maybe a couple of weekends would be the max I'd use it as a vacation home I think.) My primary goals would be:
(My emergency can't-afford-two-homes-anymore plan would likely be to sell my TX house with equity and move to the Seattle home which presumably would have little, no-, or negative equity in such a problem situation.) Kitsap county homes would be close to a college and Navy base while being a ferry commute from Seattle, but a home I could afford there would likely have better views for hanging out and chilling out. I'm not sure the Kent area would be a tourist destination spot, but there are airbnb's listed there. Monroe would be closer to mountain recreation, but not that close. So, is this remotely viable? Can turnkey-managed-short-term-rentals on a single-family home help defray the cost of buying a Seattle-area vacation/future home? How much does the area and particular property affect things? Edit: My current price cap is $325k-$350k. Home like this one closer to $200k all seem to be mobile-home-based, and all else being equal I'd rather have a stickbuilt house. [link] [comments]  |
| Who holds last months rent deposit? Landlord or brokerage? Posted: 29 Dec 2017 10:00 AM PST Hello reddit, I rented out an apartment with the help of a brokerage who brought us a tenant. The brokerage wants to hold last months deposit in their trust account. Is this normal/standard? Or should I the landlord be the one holding the deposit since my relationship with the brokerage ends after the lease is signed? [link] [comments]  |
| Posted: 29 Dec 2017 01:37 PM PST |
| Posted: 29 Dec 2017 11:25 AM PST I've seen two types of condos before; one type is where a multi-family house is converted into condos and other type is where it is part of a building like an apartment that you buy instead of rent. Are there specific terminologies used to distinguish between the two? Also, is there a good site where I can find new condos for sale in the surrounding Boston area (North End, Cambridge, Somerville, Medford, etc)? Like one site that would list condos from different buildings or at least get information about the new condo buildings so that I am aware of them? I have come across some, but they are listed directly on the buildings site and I was only aware of them because I just happen to drive by that area. [link] [comments]  |
| [OR] Buying an owner-occupied duplex with 45k/yr income? Posted: 29 Dec 2017 10:46 AM PST My girlfriend and I are looking at purchasing a duplex for around 180k-230k to start our real estate portfolio. She works full time and I am a full time student using the G.I. Bill benefits who is 2 years away from graduating. Together we bring home about 45k annually before taxes. I have an 800 credit score, about 40k split between my savings, IRAs and brokerage, and an additional 60k coming in death benefits from my Grandmother who recently passed. Im not working because I want to focus on school, but am considering getting a part time job to help increase our chances of getting a mortgage loan. Total debt for me is 12k (3.8k on credit cards, and 8k on my truck, all will be paid off with the death benefits) Are we dumb for considering purchasing a duplex? Is this just a pipe dream that will crush us financially? Im reading books, listening to podcasts, and reading forums about real estate and have been for a few years but would like to know Reddit's opinion. Thank you. Edit: I understand each real estate transaction or opportunity is different. Im just curious about what you guys think, generally. Edit 2: clarification on finances [link] [comments]  |
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