How to tell if I am financially ready to purchase my first home? (TX) Real Estate |
- How to tell if I am financially ready to purchase my first home? (TX)
- Buying rental property in Baltimore, MD. Good idea or headache?
- First house, planning future of the home, either renting or selling
- Took at look at a foreclosure
- First time buyer of a triplex in bay area, how do i know a good cap rate? (CA)
- Carreer advice for a stay at home mom
- Options for buying in CT
- Experience with David Weekly?
- Cash out refinance of private mortgage
- [Louisiana] Does a built-in oven increase a home's value? How about a double oven?
- Managing rental income/expenses
- When should I get my appraisal [MI]
- What factors determine prices in towns with a wide range of house prices? (Connecticut, US in specific and the US in general).
- Buying a condo cash to rent from my business account (CA)
- Help Regarding Buying
- Legal income property question
- [FL] Not sure if this is even the right subreddit for this question but am I allowed to convert a larger space into smaller rooms to then sublease those rooms?
- Taking Califonia Real Estate Test soon. Any study guides or any extra help that could help me pass?
| How to tell if I am financially ready to purchase my first home? (TX) Posted: 30 Dec 2017 04:42 PM PST I am trying to determine if my spouse and I are ready to purchase our first home. Rent in our area is high and we are planning on staying in the area for the foreseeable future (10+ years). After taxes, retirement investments, and insurance payments we bring home around ~4800$ in net monthly income. We have roughly 50k in combined student loans that we have been aggressively paying off. We also have a small car loan with roughly 6k left on it. I am confident that we could afford the monthly mortgage payments but my concern comes with the upfront costs of buying (down payment, moving costs, etc). As we have been paying down our student loans as much as we could each month we don't have as much cash on hand as I would like. Beyond the down payment, what other upfront costs should I be considering? I have been planning on ~500$ for a home inspection, 500-1000$ for moving costs, and another 1000$ for miscellaneous costs. Are there other fees that I need to pay at closing that I should budget in? [link] [comments]  |
| Buying rental property in Baltimore, MD. Good idea or headache? Posted: 30 Dec 2017 05:09 PM PST College senior, new to the real estate game so excuse my naivety. I'm looking to get started in real estate ASAP once I secure a job out of college and hopefully make my first purchase within the next 2-3 years. Ideally I'd like to own a number of rentals to provide some passive income for myself and my family. One of the markets I've been researching is Baltimore and wanted to see if you guys had any input. Here is an example of a property that I've been looking into. TLDC; 3 bed/1 bath townhouse foreclosure that seems to be in mostly good shape for $25,000. From comparables I've seen in the area, it appears that you could rent the property for anywhere between 700-1000 a month. So I had a few questions because it seems like too good of a deal... 1) Being in a lower income area, is this going to be a nightmare rental that is a constant cycle of evictions and home repairs? 2) Will property management companies take such a property? I've read that a standard fee is 10% so it seems to be totally worth the cost considering I am located in CA. 3) Are there other hidden costs (insurance, upkeep) that would make a property like this pointless? Sorry if these are silly questions but I figure you gotta start learning somewhere and I've seen a lot of great feedback in this sub so far. My rationale/probably poor math for making this kind of move would be if I could buy the property with cash, it would pay itself off in 5 years or less and with by building a portfolio of these properties, I could generate a good chunk of money while outsourcing the dirty work to property managers. Please let me know your thoughts and put me in check. All advice and mentoring is appreciated! [link] [comments]  |
| First house, planning future of the home, either renting or selling Posted: 30 Dec 2017 04:42 PM PST Title. Here are the details. Let me know if you need more information: I bought this house last year for 128k. It is in a really good place in the city of Murfreesboro, TN, a top ten fastest growing city in the nation, and less than a mile from the interstate and many restaurants and shopping places. It is also considered a duplex, at 985 sqft on a 4500 sqft lot. My wife and I are fine where we are but considering an upgrade in the next 4 years or so. The houses in the area, including the other half of the duplex are comped at like 140k to 150k so I'm wondering what my best options are here? I'd like to redo some things in the house, not any major remodeling (stuff like replace floors because we have 6 different floors--I know--or faucets or we've even considered pouring concrete out back and building a covered porch). Are we looking at outpricing ourselves out of the market or is renting even a good idea? It's an excellent neighborhood and the city is growing so rapidly that I believe we could turn a profit fairly easily. I have seen a few rentals nearby that comp well with my house but I'm wondering if it's worthwhile. [link] [comments]  |
| Posted: 30 Dec 2017 03:48 PM PST Took at look at a foreclosure today. Considered buying it until I checked the basement and found some things that point to big problems. Can anybody elaborate on this? The house has a septic tank. From the looks of it, either the septic was not emptied or the pipe broke from the outside-in https://www.dropbox.com/s/4v1le7o9uenp7j5/2017-12-30%2016.25.58.jpg?dl=0 Additionally... the hot water heater is all bloated with deposits all over the place. Is this a sign of something worse, or just neglected maintenance? https://www.dropbox.com/s/8qv8eydkk3we5bi/2017-12-30%2016.29.14.jpg?dl=0 [link] [comments]  |
| First time buyer of a triplex in bay area, how do i know a good cap rate? (CA) Posted: 31 Dec 2017 12:55 AM PST Hi all. I'm a long-time lurker, posting here for some advice. i'm doing a 20% convention loan on a owner-occupied triplex in hayward(a suburb in san francisco bay area), the cap rate is about 0.04 including the costs to fix the house up front. i'm also including $300/month(please let me know if i am underestimating this) in addition for all the units for repairs etc. This is not an area with quick gentrification, nearest BART is 1.5 miles away. So i doubt this will appreciate too much. Is 4% cap rate in hayward or suburb of bay area worth the hassle of maintaining 2 units worth of tenants? Anybody interested, this is the house, price is now 850k with 20k worth of repairs: https://www.redfin.com/CA/Hayward/21498-Oak-St-94546/home/1373632 [link] [comments]  |
| Carreer advice for a stay at home mom Posted: 30 Dec 2017 08:35 PM PST My wife is a stay at home mom. One kid. Would a carreer in real estate be too time demanding? What would be a good starting job for her? Is it feasible to be a part time agent working 20-30 hours a week? We're in Indiana. We don't really need her income to survive, but some extra cash would be nice. She is getting bored at home... [link] [comments]  |
| Posted: 30 Dec 2017 09:23 AM PST I am looking to buy a second home within CT instead of renting (family expanding). I do not have a credit score over 600 due to co-signing a vehicle with my now ex-wife who is vindictive and purposely pays late/skips payments. My score has dropped over 150 points since 2014. I also do not have much saved towards the purchase of the home but I hate the thought of renting and not being able to call it my own. I have called a couple of real estate companies and I was told that I need to have a sizable down payment, credit score of 660+, and 2 years of consistent work history -although right now I only have 4 months. I was laid off in November 2016 so that break in employment is unfavorable (although I am going to school with the help of the state). Without FHA, without renting, what options are there? Thank you (I rarely post, I just sit back and absorb but I need advice) [link] [comments]  |
| Posted: 30 Dec 2017 04:21 PM PST My daughter is looking at buying a home from David Weekly here in Houston. While I have a fair amount of home buying experience, I've not bought new and thus never have bought from DW. I'm interested in any feedback you may have with them - purchase experience, repair/warranty, construction quality, longer term value, etc. Thanks... [link] [comments]  |
| Cash out refinance of private mortgage Posted: 30 Dec 2017 06:17 PM PST Situation: I have had an offer accepted to purchase a primary residence for $285k. $100k down payment (from sale of current property) and financing the rest on a 30yr fixed. During the underwriting process several repair issues have come up that the seller does not want to fix (home is priced under market for that reason, appraisal came in at 300k). Long story short, the lender will not close the loan due to repair issues and an escrow hold back for repair will not work for me because I do my own work and do not want to pay contractors for the repairs, also some of the repairs really cannot be completed until spring. So my idea is to amend the offer to $275k without financing contingency as I would use $175k cash (proceeds of sale and savings) and use a private mortgage from a family member ($100k). The private mortgage would be formalized and recorded. I want to pay off the private mortgage ASAP so as to not tie up my family's capital. I would then make the necessary repairs to meet Fannie mae requirements and do a cash out refinance, paying off the $100k mortgage and taking an additional $50k back to my savings account. So assuming the property still appraises for 300k+ I am wondering if this sounds feasible. I have read the Fannie mae delayed financing rules and it seems to make sense. Are the rates and fees for a cash out refinance a lot higher than a conventional loan? I have not spoken with a lender about this yet. Thanks in advance for your help! Happy new year [link] [comments]  |
| [Louisiana] Does a built-in oven increase a home's value? How about a double oven? Posted: 30 Dec 2017 07:50 PM PST Looking to get new cabinets. Different options for ovens,
Do any of these things really affect home prices? I know I personally like built-ins. They look cleaner.. [link] [comments]  |
| Managing rental income/expenses Posted: 30 Dec 2017 07:42 AM PST I recently purchased an 2 family house and will be living in 1 unit/renting the other unit. To manage income/expenses/taxes, we are creating a new checking account for the rental unit - we were told to avoid mixing personal and "business" funds if at all possible. This was advice we got from several people (realtor, local landlords, online), but we are not sure how to fully do this. Looking for some reddit feedback on our current plan:
This seems pretty straight forward, but we're not sure of the following: * How would we get our initial seed money out? * How can we use the finds in this account to pay for things like water, trash, taxes, insurance, and mortgage - these "expenses" for the rental unit are confounded with the expenses for the owner occupied unit. [link] [comments]  |
| When should I get my appraisal [MI] Posted: 30 Dec 2017 06:49 PM PST Lurker for a little while, first time posting here. Bit of background. Taylor, MI. Wayne county area. My brother and I went in together on a house for me. He took out and equity line of credit from his personal home to help me buy my own. The house is is both of our names and I'm paying him back monthly for the loan. I want to get my own mortgage and pay off my debt to my brother, because he kind of wants his money back. So to my question, when should I get an appraisal for my Home? Should I wait til spring/summer when people tend to start moving or do it now? The market looks like it's steadily going up so I'm thinking if I wait I can get more value out of my house since I can only get 80-85% equity. Tl;dr will my house be valued at a higher price if I want til spring/summer to appraise rather than now. [link] [comments]  |
| Posted: 30 Dec 2017 06:29 PM PST I was looking recently at Greenwich, CT real estate when I noticed that the town had both extremely expensive homes and also ones that would probably be affordable for most people with a middle class job, limited debt and reasonable expenses. I am trying to understand what makes these different houses, which are sometimes in distinctly different communities and sometimes very close to one another drastically different in prices. I don't presume that I will receive a fully complete answer to a difficult question, but I am hoping to at least gain enough information to help me dig deeper into this issue and I will be happy for whatever I do get. Thank You for your time. [link] [comments]  |
| Buying a condo cash to rent from my business account (CA) Posted: 30 Dec 2017 09:49 AM PST My core business is doing well. Last month, we made $100k. I'm currently renting and do not want to settle. I'd like to diversify about $400k to buy a condo in downtown Markham, Canada, where the median condo is $450k. Markham is a town that is becoming a city, and a university is committed to building a satellite campus there. I plan on paying cash from my business account. Once I have the condo, one of my employees with landlording experience will take on the tenant responsibilities. This way I can start collecting cash. With no experience doing such things, I humbling ask for words or pieces of real estate wisdom. [link] [comments]  |
| Posted: 30 Dec 2017 11:07 AM PST I recently foreclosed on a condo in Maryland. I still want to buy a house in the next 1-3 years. What are my chances of being about to do this? I have very good salary and earning power going for me. Thoughts? [link] [comments]  |
| Legal income property question Posted: 30 Dec 2017 12:47 AM PST From a client of mine: I recently purchased a property in Sacramento. It is a multi-unit. While in contract the seller was required to turn over documents, one of which was all the leases to every unit in the property. After closing, my property manager went to the property to introduce himself, meet the tenants, and confirm their rent and leases. In one of the units, the person who lived there was not the same person on the lease. After some back and forth it turns out that this person was in fact not on the lease. And this is what my property manager found out-- The seller was trying to secure one last tenant in order to close. He found a tenant and this tenant was supposed to move in on the day of closing. But according to him, he did not have time to meet up with the tenant on the move-in date so he asked someone in one of the other units to do it for him. This person then decided not to allow the tenant to move in and moved in a friend of his. He even took the deposit from his friend (which he never handed over). What i ended up with was a squatter who refused to leave or pay rent. I had to proceed with eviction. I also decided to evict the tenant that brought in this squatter. And in doing so i also found out that this tenant was never living in his unit and was in fact subletting it to another family (he was there on the day my property manager came to confirm the leases so all this time we thought he was living there). This now meant that i had to evict both him and the family he was subletting to. I tried to contact the seller many times but he would say he's willing to meet and then go silent. At this point i've estimated the total cost of all this (evictions, lost rental income, deposits, etc) to be close to $5000 But i'm not sure what my options are. If you have any insight into this i'd love to hear it. Again, thank you for your time. Can the Buyer sue the Seller on grounds of false lease information? [link] [comments]  |
| Posted: 29 Dec 2017 11:54 PM PST I'm not sure if my question makes sense so I'll try and explain what I am doing. I'm looking to open a rehearsal space that includes 5-10 rehearsal rooms for bands to rent. Most of the options in my area for rent are larger open spaces that I would convert with drywall to make smaller rooms. My plan was to have some rooms run on hourly and some to be available to rent monthly. Am I allowed to essentially sublease a portion of the space to a band and allow them to have 24hr access to their specific rehearsal room? Is this just something I would have to negotiate in the contract with whomever is leasing the space to me in the first place? Just trying to see if this is even a viable business strategy I guess and this kind of hinges on me being able to sublease. [link] [comments]  |
| Taking Califonia Real Estate Test soon. Any study guides or any extra help that could help me pass? Posted: 30 Dec 2017 02:58 AM PST Hello I'm 21 and have completed my 135 hours!!! i feel like there is things i missed and would like to know if theirs any study guides or anything i should know before i should take the test i'm super nervous and want to pass first try! Thank you all! [link] [comments]  |
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