My mother, father, and brother smoke in their house. How hard is it going to be to sell? Real Estate |
- My mother, father, and brother smoke in their house. How hard is it going to be to sell?
- Fellow Landlords--Question--At what point is a live in boyfriend/girlfriend considered "full time"
- Personal Issues & Rent Collection
- Can a seller reject an offer with no explanation(CA)?
- Advice for family friend who inherited tear-down house from relative (Santa Monica, CA)
- Story and question about Put and Call options
- Need Help securing a mortgage. Suggestions? Levittown PA to Johnstown PA
- First time buyer - Loan Estimate vs Closing Disclosure question
- Appropriate Closing Costs? [CA]
- Buying a listing represended by my agent.
- Can someone explain this to me?
- Found a massive insurance claim on house during due diligence
- Are there any free legit sites for finding foreclosures?
- The house my parents rent may be liquidated
- How much leverage is too much?
- New family new to buying
- [TECH] Any one here have useful insight on the NEST thermostat?
- I'm a newbie to all of this. I just wanted some advice to get set on the right path on finding my own place. (SoCal)
- Finding an expert to oversee a complete custom remodel (WA)
- Property Management Software
- I just started a new job. How long would I expect to wait to get a mortgage loan? Does a bank usually require a certain length of employment?
- I want to look at your vacant unit, but I'll never answer your calls or emails.
- VA Loan- Advice on purchasing home before leaving military
- Tax reform. $500k-1million value, purchase price, loan amount, or loan balance?
| My mother, father, and brother smoke in their house. How hard is it going to be to sell? Posted: 05 Dec 2017 02:33 PM PST My mother has a dream of selling her house, at or above market value. She plans on taking out a decent home equity loan to fix up and update the rest of the house to make it more attractive to home buyers. But, there is one big issue standing in her way. She smokes in the house, my dad smokes in the house, and my brother smokes in the house. Heavily, I might add. Basically, there has been at least 2 full time, smokers living in that house since the late 80's. I know this presents some serious problems in regards to selling her house. I am actually kind of worried she might have significant trouble finding a realtor to work with her, let alone finding someone to buy her house. I told her this, before you take out a loan, or begin doing anything to the house. Talk to a realtor and get an opinion from a 3rd party. Get an impartial opinion about what is going to be required to get the house sold. I think my mother is drastically underestimating what it is going to take to get the smell/stains out of the house and the impact that might have on someone purchasing their home for anything close to market value. Does anyone out there have an experience successfully selling or cleaning a smokers home? [link] [comments]  |
| Fellow Landlords--Question--At what point is a live in boyfriend/girlfriend considered "full time" Posted: 06 Dec 2017 03:48 AM PST I am a LL for 15 years, and I have occasionally had this issue. But I see on this subreddit a lot of new LLs and real estate investors on here. I use a 12 month lease usu from June to end of May due to the college schedules around here Am curious how other LLs do it? What "defines" a part time bf/gf from being a full time live in? And how do YOU do it IF the tenant doesn't give you access , etc? Other considerations: a new live in will do more wear and tear, parking, water use, etc. [link] [comments]  |
| Personal Issues & Rent Collection Posted: 05 Dec 2017 06:21 AM PST It seems that when I try to collect rent, I am always inundated with stories of woe...I wondered if anyone had a good workaround/response to this? I don't want to be a cold-hearted landlord, but I need to find a good way to deliver the message that despite personal troubles, I need to do my part to make sure all tenants are held to the same standard and pay rent on time. [link] [comments]  |
| Can a seller reject an offer with no explanation(CA)? Posted: 05 Dec 2017 11:08 PM PST If an offer is presented to the seller, can he reject the offer in writing even if the offer meets the terms of the seller(asking price)? [link] [comments]  |
| Advice for family friend who inherited tear-down house from relative (Santa Monica, CA) Posted: 05 Dec 2017 10:51 PM PST Hello all, As title says, my family friends recently inherited a property from a relative who passed away -- essentially a tear-down on a 7,500sf lot. Lot appraisal ~$3MM with about $100K left on mortgage. Family is divided on what they want to do with the property. I personally think they should use this as an investment opportunity given the rising costs of housing in SoCal, especially in and around SM. Anyone have advice or best practices for a situation like this? What the process might be like to get a construction loan, or something even better? Any and all input is greatly appreciated -- thanks! [link] [comments]  |
| Story and question about Put and Call options Posted: 05 Dec 2017 11:59 PM PST Hope everyone is having a nice day... so I was wondering if anyone could shed some light on how they work. I'm wondering in particular if you have to pay stamp duty when purchasing land and/or property under a put and call option. Basically an estate near me is try to sell all the land lots before even being registered. The way they're doing this is by asking people to pay only a 5 grand deposit to then sign a contract to say you will buy and build once the land gets divided and registered(which could be 2 years away). Now I'm just a poor kid so the only chance of me going through with this is if I can avoid paying stamp duty under a put and call option. My thinking is that if in 2 years I still can't afford to buy and build, then I should be able to sell the contract, and at the very least, make my deposit back, if not profit. I'm from Sydney, Australia so I'm sure other countries have different guidelines but any knowledge will be a big help. I'm sorry if this was long winded but thanks in advance!! [link] [comments]  |
| Need Help securing a mortgage. Suggestions? Levittown PA to Johnstown PA Posted: 05 Dec 2017 08:11 PM PST Long story as short as I can. pop died a year ago. left me with $176k in debt and a house that was supposed to be mine 20 years ago (loaned him a lot of money when I was young) he never put it in my name AND remortgaged it. SO the escape hatch is now a noose. I have been working 100+ hours a week for this past year and have made it from stage 1 (end up living in my car if I can't make this work and bankrupt) to Stage 2 I have enough equity and low enough debt now that selling the house can pay all my debt left to me from him (it was in my name so it did not pass with him) SO the problem is stage 2 means the debt can go away but then I have no place to live. I am not going to make it to stage 3 (debt payed off new house payed off) the business is dying the mortgage is rising. its unsustainable. I have to move to a lower COL before my credit takes a dive when I start to default on shit. I found a new house in johnstown that is utterly the description of perfect. $37k 2300 SQFT low taxes low cost of living plentiful resources and work. With the rent from family and my youtube channel combined with delivering I will have more income with lower debt and bills. House will sell for $145k to $155k cash as is. $88k will goto the bank and the sewer lien. that leaves me with about $50k or "JUST" enough to pay off 100% of my debt. but I have to buy the new house. that means a mortgage. I will have about $5k in cash in the next 2 weeks. My CU would approve me for the mortgage but they won't do one for such a small amount. the problem is my income is largely not W2 (at least not yet) $15k a year delivering $6k in cash mileage from the shop and my customers (not on W2) about $1200 a month in rent from the 3 family members that will move out with me (I am stuck taking care of them now) so plenty of income just not W2 income. and although all the debt will be paid off after the move and sale of the current house if nothing goes sideways that does not count now. its such a damned small mortgage. I can work "mcdonalds part time" and pay that down without a sweat. how do I get approved? suggestions? resources? options? I have MAYBE 1 week. I doubt the house will stay on the market for much longer than that as its one of the very few of this size and condition and move in ready. I can't sell the house first. I have to move first then sell. too much stuff and people and no resources to perform a "fast large" move and I would prefer not to lose everything I own. My credit is good 704 but utilization is high 54% I have paid down $17k of the debt over the last year. never missed a single payment on anything anytime every. period. no one single "mark" on my credit in that regard. no judgements no liens (on me) any suggestions? I asked for 2 month deferred payment on the mortgage. but apparently you have to MISS two payments first THEN they will consider it. consequences for doing that? I know it will be a credit hit (which is fine since its in my dad's name so his credit) as long as they get their 100% pay off they will never know and never care. but are their other consequences to doing this? can they inhibit the sale of the house in that 2 month period? just a bad idea in general? SOO damned close. so close to escaping this utter living hellish nightmare I am stuck with. If I can get out to johnstown to this perfect house at 1/3 what I am paying now ($1500 a month) and lower utility costs lower taxes lower COL more options. but how do I get approved? they have not said no yet but it seems to be the problem of reported income level. Much of my delivery income is mileage but since I drive an electric car its cash in my pocket (all legal as long as I use an accountable tracking system for the mileage and calculate it properly) I don't claim the rent they will pay because its not really income. its all of us paying for our home. 2 of them get government checks so its secure income 1 is a contractor. unreliable but never misses rent. the income is their. how do I present it in a way they will digest and accept for the risk? and that is not even counting the youtube channel which could surpass both. soo damned close to escaping this nightmare its driving me nuts. [link] [comments]  |
| First time buyer - Loan Estimate vs Closing Disclosure question Posted: 05 Dec 2017 01:02 PM PST To keep it short and simple. The contract on my new house had the seller giving us a $6500 closing credit. The loan estimate indicates this with a rough estimate of taxes/insurance etc. Total closing cost estimate was $8,341, minus the $6500 and our deposit with the remainder going back into our down payment amount, right? right. Closing disclosure came today as we close in a week. New closing cost is now $7,813.64 (sweet it's cheaper) - going through seller/buyer paid items everything adds up to the closing cost amount, but then seller credit is now $595 less than my contract and my original loan estimate. So I ask my loan officer for clarity and he tells me it's because they paid the loan origination charge of $595 which is normally on the buyer side, so they subtracted that amount from the credit. Does that make sense? Then to add more confusion it goes on to calculate everything else and it says after my down payment amount they actually will owe me $5200 dollars. How does that even work? If I am going to wire them, say $55000 dollars why wouldn't they just subtract that 5200 from that amount so I only have to wire them 49,800? Does that not make sense? My loan originator/office can't articulate an explanation that suits me. So I was wondering if anyone here could. I guess if the origination fee was buyer side closing and credit was $6500 it would be the same number left over, but the end closing amount with me getting paid $5200 after I wire the downpayment is the confusing part I guess now. [link] [comments]  |
| Appropriate Closing Costs? [CA] Posted: 05 Dec 2017 01:32 PM PST First time home buyer here. Just received the Closing Disclosure and I'd appreciate input on if these costs are appropriate. Particularly, should the seller have assumed any of these costs or do any seem higher than average? I'll plan to review my contract in detail to see if there was any error, but my question is more as a learning opportunity for future transactions. C. Services Borrower Did Shop For (I wasn't able to shop for any of these as the seller picked the escrow company, is that normal?) C.1 Title Archive fee: $80 C.2 Title Endorsement: $50 C.3 Title Loan Tie-in fee: $350 C.4 Title Courier fee: $80 C.5 Title Document fee: $160 C.6 Title E-recording fee: $18 C.7 Title Lenders coverage premium: $720 C.8 Title Notary fee: $200 C.9 Title Settlement/Escrow fee: $1512.50 C.10 Title Wire fee: $30 E. Taxes and other government fees E.1 Recording fees: $125 (I thought it was written in our contract the seller would pay for this piece?) F. Prepaid F.1 Homeonwers insurance premium: $1159 F.2 Prepaid interest: $1276.40 G. Initial Escrow Payment at closing G.1 Homeowners insurance (2months): $193.16 G.2 Property taxes (5months): $3756.30 (if I'm being forced to pay this now, does it count to 2017 taxes?) G.3 Aggregate adjustment: -$289.74 (no idea what this one is for) H. Other H.1 Pad Fee Escrow: $400 (no idea what this means) H.2 TC Fee Escrow: $450 (what is this, transaction coordinator?) [link] [comments]  |
| Buying a listing represended by my agent. Posted: 05 Dec 2017 02:50 PM PST Tried posting this before but I'm a dummy and didn't know how flair works since I tend to only lurk in the shadows. A while back, my fiance started looking four first home. We found a great agent through our lender, and have looked a lot of homes. He has been very patient with us and all of our questions. He's been very open and honest (as far as we can tell). After dozens of showings, and getting out bid for a property, we eventually stumbled upon a property for which he represents the seller. He has been very open about his legal obligation to the seller and the kinds of questions he can answer and the kind of advice he can give. He's been very upront since before we even set foot on the property. At this point we are ready to out in an offer, and have told him so, but I'm concerned about our representation. Do we need to get a new agent? I feel bad bringing in an agent when he has done all the work, and as much as I trust him, I know his legal obligation is to the seller. Thoughts? Thanks! EDIT: I'm in Austin Texas if it matters [link] [comments]  |
| Can someone explain this to me? Posted: 05 Dec 2017 08:19 PM PST Was going through eBay and saw that they're selling an unfinished condo in Florida with a buy it now price of 500. There's more info in the description but Im not sure what to make of it. Is it a scam? Posting [link] [comments]  |
| Found a massive insurance claim on house during due diligence Posted: 05 Dec 2017 12:46 PM PST Found a massive insurance claim on house during due diligence We're in the due diligence period for the house we're trying to buy. On the disclosure the seller marked that there had been an insurance claim on the property. When we asked about it the seller told us it was due to the septic tank backing up into the house and he gave us an invoice showing that it had been repaired. When we looked into homeowners insurance for the property we found that the total amount of the insurance claim was over $100,000 (value of the property is about $430,000). The repairs to the septic system were under $10,000, so there's still a lot of money unaccounted for. We're currently talking with our agent about how to proceed, but I am wondering if this is a huge red flag? We've had the inspection done already and no major issues were found. I was curious if anyone else has had experience with this sort of thing. [link] [comments]  |
| Are there any free legit sites for finding foreclosures? Posted: 05 Dec 2017 06:31 AM PST I have been trying to investigate foreclosures in the area but I keep finding only sites that make you pay (even if it's a free trial period). Can you point me to any legit sources for this information? Thanks in advance :) [link] [comments]  |
| The house my parents rent may be liquidated Posted: 05 Dec 2017 03:17 PM PST |
| How much leverage is too much? Posted: 05 Dec 2017 05:46 PM PST Looking for advice on how far I should stretch myself. Ive recently purchased a property in an area that I feel is undervalued given the rental market. I am looking to buy either one or two additional properties in the same area over the coming months. Running all the usual numbers on my current property made it a no brainer, and so far so good. The two additional properties would be similar to the current property. Some rough numbers: Property cost: 250–300k Annual rent: 35-40k estimated expenses <50% Basically if I can afford to do 2x 20% down payments on the additional properties, what are the deterrents of being so highly leveraged? Or should I put tge additional cash into a larger downpayment? I am okay with the increased risk and make enough to easily cover the mortgage, insurance, utils, etc. even if all 3 units were sitting empty. Am I missing something? Between the 3 properties I could potentially have 900k in the market using only 180k of my own money, generating cash flow of ~55-60k annually. Id love to hear about other peoples risk tolerance and leveraged numbers. Any feedback or suggested articles would be appreciated! No idea how to do the location thing... this is in canadian funny money. specifically BC. [link] [comments]  |
| Posted: 05 Dec 2017 01:59 PM PST My credit is not great but not terrible. My wife's credit is really good but has been unemployed for a little over a year and is about to be coming into a new job. We need to find new living arrangements we have a deadline to get out of our current home which is 3 months. We know very little about real estate, buying, investing. I've worked all avenues of construction for more than half of my life. I would like to find a home that is in need of repair but I have no idea of how to go about that. I do still very much enjoy building and construction but I really need the mortgage payment to be as low as possible. We have two children I am currently employed but I make approximately 40k a year, and she has not got a position yet (although very promising any day now). We're in Sonoma County California. More than any thing I'm just hoping for advice. Thank you! [link] [comments]  |
| [TECH] Any one here have useful insight on the NEST thermostat? Posted: 05 Dec 2017 05:12 PM PST Do you see a lower utility bill after a few weeks of it studying usage habits? Any LLs bother with it? I am considering it because I would be able to control the temp from any where in the world...or so it would seem. [link] [comments]  |
| Posted: 05 Dec 2017 04:25 PM PST Hi there. This is just a throwaway account, originally intended for a post I made in r/personalfinance But that would explain my situation and why I'm here. There I talk about how I want to get out of my parents house, so I thought that while I've made this account, I'd might as well ask you all for advice. In that thread, and in my own real life, I've been suggested the idea of moving to an apartment, but I just can't stomach that. Apartments where I live are expensive, at LEAST $1,000 a month. I would much rather spend that much money on a monthly payment for a home of my own. I'm going to be doing my best to try to save $20,000 for a down payment. I have $1,000 now and I'm going to do my best to work my way up while I research the real estate climate out here. So yeah. I'd just like some advice on finding a small home for myself (and likely just one more person if my girlfriend would ever decide to move in). I'm also interested in just a small condo? I would just hate an HOA. Buy anyway, stupid rambling thoughts aside, I just want to know how to get started. I know that I could possibly ask the government for a small grant as I am a first time buyer as well? Thank you in advance of any and all of your help you guys. [link] [comments]  |
| Finding an expert to oversee a complete custom remodel (WA) Posted: 05 Dec 2017 07:31 AM PST I'm looking at buying a fixer for 700k(standard in my area) and doing a complete remodel, with additions. It'll probably be several projects over the course of a few years and run roughly 3-400k. (Plenty of homes in the neighborhood around 1m, so seems reasonable). I'm wondering what the best way is to find the right person for this job. What I would expect from this hypothetical person (Contractor? Architect?):
Some considerations:
[link] [comments]  |
| Posted: 05 Dec 2017 01:42 PM PST Hello, I am being tasked with finding a property management software solution for a small portfolio of 4 commercial properties (around 200,000 square feet in total). The intent would be for tenants to be able to submit help tickets (or the property manager submits based off of a phone call or other contact method) and to be able to track various issues. Appfolio seems to be great, but they require a minimum of 50 properties and we're obviously not anywhere near that. Haven't done a ton of research yet but there seems to be a million different options. Thanks for your insight. Location is Minnesota, USA. [link] [comments]  |
| Posted: 05 Dec 2017 12:20 PM PST So I will make around $75k a year with no debt and good credit. Assuming I take a loan for around $200k for a house and put about 10-15% down, how long into employment should I expect to wait before someone loans me money? Edit: I make a hourly wage and work in healthcare in Albuquerque, NM. [link] [comments]  |
| I want to look at your vacant unit, but I'll never answer your calls or emails. Posted: 05 Dec 2017 12:02 PM PST I have recently indulged in a management position for an apartment complex. (If anyone can offer exceptional advice, that would be great) I currently have four vacant units, although I have two viewings today, and I despise what I consider lazy renters. Applicant: submits online application to schedule a viewing Me: sends email calls no answer. calls again no answer. Note: in most of these situations I call and email back same day, if not right after. I am not upset that they do not respond, I just find that behavior rather daft. [link] [comments]  |
| VA Loan- Advice on purchasing home before leaving military Posted: 05 Dec 2017 09:05 AM PST I am leaving the military in 5 months and will be moving from San Diego, CA to Ventura, CA (3 hours north) in order to take on a new job. My wife and I (combined income of $190k) want to buy a home using the VA Loan and be able to close and move in while on terminal leave. My wife (RN) is pregnant and will be having our baby shortly after this planned move, and will expect to be unemployed for about 4 months before applying to hospitals in the new area. When applying for a mortgage, if we are able to acquire a loan and close on a house in a new area before both of our employment situations change, are we able to use our current income? I have no doubt we'd be be able to secure a loan with our current combined income, but with my wife technically moving to a new area without a job lined up yet (and therefore temporarily only half our current income), I think it would be challenging if we applied for a loan with my new income only. VA loan requires occupancy within 60 days of closing, and we'd hav no problem doing this. Can anybody with experience offer thoughts on how this mortgage process could work? Thanks! [link] [comments]  |
| Tax reform. $500k-1million value, purchase price, loan amount, or loan balance? Posted: 05 Dec 2017 08:16 AM PST I am not able to get a clear on answer on how this will affect me. But will the upcoming tax reform be for people who have bought at above $500k? People who have a house worth $500k? People who took out a loan above $500k? Or people who have a loan balance above $500k? [link] [comments]  |
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