• Breaking News

    Tuesday, December 5, 2017

    Realtors Predict Tax Bill Will Cause Housing Prices To Drop In Every State Real Estate

    Realtors Predict Tax Bill Will Cause Housing Prices To Drop In Every State Real Estate


    Realtors Predict Tax Bill Will Cause Housing Prices To Drop In Every State

    Posted: 04 Dec 2017 12:26 PM PST

    Source

    So, for a California resident, how this new tax plan will affect us if you buy a house for >$500k and <$1million?

    submitted by /u/badfishbeefcake
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    Should I have the surveyor mark the corners of the property?

    Posted: 04 Dec 2017 05:50 PM PST

    Closing on our first home; need to decide if we want to pay to have the corners marked. Our attorney recommends it so we are inclined to do so, but would like to be sure it is necessary. Are they asking us to pay $125/corner to place a pin into the ground instead of placing a temporary flag? This is a typical (presumably) rectangular suburban lot, so can I safely assume there will be four corners?

    I've Googled about this but came away more confused; sorry if this is a very amateur question!

    ETA: Sorry, LocationBot: I'm in NJ.

    submitted by /u/uncoupdefoudre
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    Would you buy a house in San Francisco right now?

    Posted: 04 Dec 2017 09:20 PM PST

    We've been in the market in SF and a bit south for a few months now. We've finally learned we just need to get kicked in the balls and over bid by 30%. But with he passage of the tax bill, would you buy a house here now (this is mostly directed at CA people as this is such a crazy market). Things move so fast here that you have to make offers within a couple days of things coming in the market so I don't have time to truly sit on this decision.

    submitted by /u/e---z---h
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    To Pay Second Installment of Property Taxes this year or wait for next year. Pending Tax Reform.

    Posted: 05 Dec 2017 12:37 AM PST

    Would it make sense to pay my second installment of property taxes before the end of the year? Would it count towards my deduction for Property tax? I live in California so with the pending tax reform I may not be able to deduct anymore. Any thoughts, my first time paying property taxes.

    submitted by /u/jespicy
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    MIL wants us to have her house. How can this happen? (Ohio)

    Posted: 04 Dec 2017 05:21 AM PST

    My mother-in-law is in poor health. I was over the other day, just the two of us, and we were talking about the house. She wants us to have it, either if she goes into a home or just to inherit.

    There's about 11k owed on the mortgage. She pays "around $100" a month.

    If we were "given" the home, what does that mean, exactly? Do we need a new title? Is the mortgage now in our name? Does the mortgage change if my wife and I put on it instead of MIL? Is there any other information I need or questions I should be asking?

    EDIT: Oh man so much great info here, guys. Thank you!

    submitted by /u/im_at_worq
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    Question about real estate exam

    Posted: 04 Dec 2017 08:52 PM PST

    I'm taking my Oregon real estate exam here Thursday and was wondering what study tools to use besides my learning course (ProSchools) that helped better prepare you for the exam? Also any curveballs or frequent topics that were on the exam? Would love to know, thanks!

    submitted by /u/bren_ham
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    Is my plan realistic with 10k?

    Posted: 04 Dec 2017 10:50 AM PST

    I want to get started in real estate I'm 21 only 1k in credit card debt that I can pay off and a 620 credit score which is low due to a problem with a wrecked car that the insurance took for ever to pay for. I have 10k that I can put down on a rental property. I'm looking a duplexes in Buffalo in the 70000 range. Worst case 650 per unit so 1300 total which after expenses should be decent cash flow(I could be wrong I'm new at this). Then after a year if I understand correctly refinance for another duplex that I would occupy half of, then do this over and over again. Am I being optimistic? Is this a realistic goal?

    submitted by /u/Djdaly
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    KB homes quality in the SF Bay Area

    Posted: 04 Dec 2017 04:16 PM PST

    Hi,

    Our family is looking at buying a new home with KB homes. The house we are interested is really nice that is build on a hilltop. The house is in the 1.3M range. I am looking online and found a lot of horror stories with the builder, so we like to know if anyone owns a kb homes in the SF Bay Area. What is their experience like dealing with this builder. We didn't see the house as it built, so we couldn't tell. I am worry about the foundation. What is the build quality like?

    thanks

    submitted by /u/whopaysthebill
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    Resources to determine whether I should sell or rent

    Posted: 04 Dec 2017 07:52 PM PST

    I have the opportunity to purchase a townhouse below market value (let's focus the discussion on what I will do after purchase, not if I should be concerned about why it's being sold at below market value). What are some resources I can use to determine the rental and resale market in my area?

    Further complicating the issue is that my rental option would be limited by a VA loan, so I would have to refinance if I decided to rent it due to VA requirements. Though I expect to be able to get 20-50K in equity if I refinance.

    Other issues that concern me are that my city has some larger, more expensive houses so it's difficult to compare them to townhouses when gauging rental or resale value.

    submitted by /u/sspunisher
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    Being the only minority in the neighborhood...... weird feeling.

    Posted: 04 Dec 2017 03:35 PM PST

    Not sure where else to post this, not exactly RE related, but kind of is.

    Me and my wife just purchased our first house, we are in our early thirties, have a baby. House is in a nice Los Angeles Suburb, homes in the area go for $500-600k.

    We have started to meet some neighbors and it seems like almost all of the neighbors are white. Me and the wife are Asian, and to be honest I feel a tiny tiny bit uncomfortable. Its not an actual disomfort, its just sort of a weird feeling being 'different'

    I am used to being around other minorities (grew up in Los Angeles where ive been around other minorities my entire life mostly hispanic). These people are EXTREMELY nice, as in so nice I am not used to it and feel like its too good to be true. This is also something I did not expect to be uncomfortable with, as quite frankly this is what we wanted. But has anyone else gone through something similar? We love love love our area and are excited about raising a family here.

    submitted by /u/Deadliftingfool
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    Previous owner's Propane company Filled my tank 6mo after closing

    Posted: 04 Dec 2017 05:10 AM PST

    So here's the situation: - I bought a house in July (Central NC) with a large in-ground propane tank - The tank is owned along with the house, in other words it's not owned by any propane company. - I have not setup an account with any propane company since we're using propane very slowly, it'll last well into next year so there hasn't been any need. - I just watched on Ring (December) as the propane company that the previous owner had connected to the tank and I assume filled up.

    The previous owners have been terrible with not forwarding mail (they stopped by several times the first few months to pickup their mail, each time I nicely let them know how to setup forwarding, never done). In general they seem like really disorganized people, I assume this means they didn't cancel the propane service.

    How should I proceed here? I didn't ask for the tank to be filled, and had been planning to wait until spring for better prices. Since that option has been taken away from me I definitely don't want to reimburse anyone at full price for this.

    Should I do anything now or just wait for something to happen? Likely the company will send the bill to the previous owners at my address and as with all other mail I'll put it back in the box marked "moved", and it'll eventually end up at the dead letter office. What happens when no one pays the propane company?

    Edit: Add location

    submitted by /u/Ben2018
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    [Seattle, WA] New home builder tried several times over a span of 3 years to fix a leak. I finally got someone else to fix it due to his lack of responsiveness and inability to fix the problem. Is he responsible for reimbursement?

    Posted: 04 Dec 2017 05:15 PM PST

    How does one exactly buy a property with cash?

    Posted: 04 Dec 2017 07:25 AM PST

    Hey guys,

    I am new to this subreddit, I am looking to buy a property with cash, my realtor suggest that I wire the money 1 day before closing. I am not sure if there is a better approach. What is the best way to do this?

    Also a bonus question, can I buy a property with cash in my personal account and have the ownership of the property to be under my LLC?

    Thanks!

    submitted by /u/Winterwind17
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    Real Estate Agents. Let's talk about we find new clients, and how we provide them value above the average agent.

    Posted: 04 Dec 2017 05:07 PM PST

    I want to know how everyone is getting new clients, and which ways are better to spend your time and energy on. As we know, leads converted into contracts is our bread and butter for our business.

    I'm planning on going door to door and just handing out a simple but beautiful looking card with my picture, a simple paragraph about what I can provide for the client if they decide to choose me as they're seller or buyer agent, and my contact information. I'm still thinking of ideas on how to add a bit of extra value to my proposal.

    As for me, I'm 26, and currently serving and hosting at a well paying restaurant in town. I just received my real estate license today, and I've recently been hired at a major real estate firm. I will be meeting with my principal broker to discuss things tomorrow and to make an action plan. I'm very new to real estate, but I have tons of energy and I'm willing to do whatever it takes to make sales happen. I will be keeping my serving job until my real estate career takes off. I have plenty of disposable income to help market myself and my services, but I'm certainly not planning on simply throwing money at this and hoping to become successful.

    I'd like to know experienced agent's thoughts and opinions and what their best methods of getting new leads is, and any other advice useful for a new agent in the business. Fire away.

    Located in Portland, Oregon.

    submitted by /u/DavidN333
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    [AK] Going to negotiate buying the neighbor's land with no set price. Advice welcome!

    Posted: 04 Dec 2017 01:01 PM PST

    Looking at our borough map, I realized the land next door was vacant. It's 2.6 acres and has some sunny spots (a premium in this climate). We're interested in just having a little more elbow room.

    It's an older couple who've had the land for decades. They've sporadically been trying to sell it for years and I get the impression they want it off their hands.

    I have a pretty good idea of what this type of land would be listed for (~20-30K) and, obviously, we want it for the lower end of that. It's pretty steep (less usable land) and brushy (more work for it to actually be usable). I'd happily pay $15K today, but I'm not sure it's worth more than $20K to us, given we already have a pretty good chunk of land and a place to live.

    Any tips for getting the price we want, when we don't really know what they might ask?

    submitted by /u/littlegojira
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    Want to buy an owner-occupied duplex ... does attached/detached matter when it comes to financing?

    Posted: 04 Dec 2017 04:08 PM PST

    My wife and I plan to purchase a duplex and live in one unit and rent the other out. We would be using an FHA loan. We're located in Washington state.

    I seem to remember reading at one time that it's more difficult for lenders to underwrite a detached duplex -- i.e., two separate buildings on one property -- than to underwrite an attached duplex. Does anyone know if that's accurate? I haven't been able to find anything definitive.

    submitted by /u/LunacyBin
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    [MD] Does it make more sense as an investment to put a down payment on one property for 100k, or two properties for 50k?

    Posted: 04 Dec 2017 12:03 PM PST

    Basically I am looking at buying an apartment to rent out as well as live in. I have two potential listings that I am looking at

    Which of the options below would be best? Also, both these houses are in the same neighborhood.

    The other townhouses/condos/apartments in the neighborhood are renting out for around 1,600 - 2,200. I was thinking of trying to list it for around 1,500 - 1,600 to get renters in there ASAP.

    Listing 1: (2 bedroom)

    Price: $249,500

    30/yr Mortgage payment with 100k Down-payment:

    $706 /mo

    15/yr Mortgage payment with 100k Down-payment:

    $1,052 /mo

    30/yr Mortgage payment with 50k Down-payment:

    $942 /mo

    15/yr Mortgage payment with 50k Down-payment:

    $1,404 /mo

    (These numbers are without taxes and HO payments)

    Listing 2: (3 bedroom)

    Price: $273,500

    30/yr Mortgage payment with 100k Down-payment:

    $819 /mo

    15/yr Mortgage payment with 100k Down-payment:

    $1,221 /mo

    30/yr Mortgage payment with 50k Down-payment:

    $1,118 /mo

    15/yr Mortgage payment with 50k Down-payment:

    $1,640 /mo

    (These numbers are without taxes and HO payments)

    submitted by /u/kingdomart
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    Offer/pre approval/offer

    Posted: 04 Dec 2017 03:41 PM PST

    I just got pre approved for a 160,000 dollar mortgage. I am looking at a house, but they are asking 135,000. The house smells like smoke, and the seller is "highly motivated". The property was owned by a relative who either passed or is in a home, and they just want to sell it. There has been no offers, and it has been on the market for about a year. It needs medium updates, and professional odor treatment. Factoring in the cost of repairs, and smoke (which has been to reported to decrease property values up to 29%) I want to offer 100,000. Is that rational? Located in Connecticut.

    submitted by /u/fudruckers135
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    What is your go-to real estate software?

    Posted: 04 Dec 2017 11:27 AM PST

    I'm a software trainer looking to break into the real estate world. Always had an interest in it. I see a lot of great stuff out there such as CoStar, Zoho, Salesforce, Netsuite, Corelogic, etc...what is some of your go-to software, even if it's not CRM?

    Thanks

    submitted by /u/datgeorgejones
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    [Lease / Sublease] How to best ask question to a realtor requesting "proof" that they own the property or are the property owner's agent?

    Posted: 04 Dec 2017 04:56 AM PST

    WITHOUT SCARING THEM OFF LOL -- signing lease soon don't want to ruin it

    I am renting a sublease

    State -- Hawaii

    submitted by /u/0ahu
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    [TX] and [WA]

    Posted: 04 Dec 2017 01:40 PM PST

    Just sold my current home and have a sizeable (160k) liquid. I'm going to be taking a chunk of that to purchase rental property in either TX or WA. I thinking of spending 50k on the total purchase/closing of this property. Are there any ways to decide how to maximize the return based on location? I thought I should look at San Antonio for TX and further outside Seattle for WA. Doesn't have to be those and definitely not settled to anything but the states in general. Any help would be appreciated.

    submitted by /u/entropeeee
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    What would you do?

    Posted: 04 Dec 2017 05:08 PM PST

    You own a home free and clear worth $500,000. What are your next steps?

    EDIT: Assume this is Dallas, Texas.

    submitted by /u/youshouldcallsaul
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    VA Loan/Relationship Question

    Posted: 04 Dec 2017 12:59 PM PST

    Location : D/FW, Texas

    My fiancée and I will be married next March time frame. She's got 3 kids and we have 1 together. Ages range from 6 months to 12 years of age. We currently are in a 2 bedroom apartment and are so compacted we can't function properly.

    My credit is good (700+), her's isn't (sub 600 due to previous divorce). Our income together not too shabby. While I pull in a salary of about $50k/year, she averages about $35k/year commission based (dog grooming).

    This is more income related more than anything. I intend to use my VA Loan benefit for the house. Now, I have around $900/month in child support to pay (only for the next year or so), and she collects $600/month. We have a couple of car notes that total about $700/month in total.

    Question 1 : How much house can we afford? I presume about $180k. With zero down which the VA can do.

    Question 2 : Do we HAVE to be married if we include her income into the calculation? Or can we use my credit history/scoring + her income without her being on the note?

    We are looking to move between April and September of next year.

    Thanks!

    submitted by /u/Splitz300
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    Does it make sense to pool money for real estate investments?

    Posted: 04 Dec 2017 11:47 AM PST

    Pretty much I have two friends that I have grown up with that both want to buy property. We each saved up around 100k, so around 300k in all. Does it make sense for each of us to pool our money together to buy places for us to live in as well as rent out? Or, should we all just keep our investments individual.

    What are the pros and cons of pooling money together?

    Will we make more money over time pooling money or does it all even out?

    [MD]

    submitted by /u/kingdomart
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