Are there loopholes around putting 20% down on your first Investment Property? Real Estate |
- Are there loopholes around putting 20% down on your first Investment Property?
- What are some good tips for features to look for (or avoid) in a house?
- (NJ) Buying a pre-foreclosure?
- Any recommendations of a good book/guide to read on how to sell your home without a realtor?
- Underwater in a money pit. Renting doesn't seem feasible. Do I have any options? Short sale? Strategic foreclosure?
- Seeking Advice: Selling agent of a house we’re interested in is a friend of ours. Pros/Cons? (NJ)
- Rebuilding or a remodeling
- SoCal Loan Origination fees
- First time home buyers: The house we may buy needs a new roof but isn't leaking yet. How long should we wait until putting on a new roof? (KY)
- [GA] Will setting up utilities in a new house prior to closing impact my financing?
- What are the implications of living on your investment properties?
- Dealing with a difficult seller. (MI)
- Home upgrade HELOC still deductible?
- Any tax implications of transferring a vacation home into a LLC with the new 2018 Tax Legislation?
- Soundproof condo buildings
- (US-KY) Just signed offer on house, found out some misinformation about the area and may need to back out.
- Florida Realtors (maybe Colorado Realtors, too) - How does the new "School Choice" law affect the importance of a home being in a good school district?
- At what point do you consider hiring someone to help take care of your properties?
- Buying a house as a grad student?
- Is income from house a buyout taxable?
- Looking to apply for a mortgage, few credit questions for a joint application.
- Can someone simply explain "cash out refinance"
- How to perform year-end adjustments to Quickbooks (RE Specific)
| Are there loopholes around putting 20% down on your first Investment Property? Posted: 04 Jan 2018 03:47 PM PST I see people say sometimes they put 5% down on X property with X units. My lender told me I need 20% down, but I'm wondering how there might be ways around that. Explain like I'm 5! :-) [link] [comments]  |
| What are some good tips for features to look for (or avoid) in a house? Posted: 04 Jan 2018 06:30 PM PST First time buyer here, and I have a general question: Do any of you veterans have advice around features to look for (or avoid) in a house? For instance, I hate in-ceiling heat, and I imagine it is a huge pain to maintain. I really want a full HVAC system. What do you think? And also, crawlspace vs. slab? House sloped on bedrock or flat on dirt? etc. Any tidbits would be appreciated, because outside of little things like garbage disposal and whatnot, I don't have very informed opinions. Thanks! For reference: [OR], 200-275K range. [link] [comments]  |
| (NJ) Buying a pre-foreclosure? Posted: 04 Jan 2018 09:36 PM PST First time homebuyer. Found a house I like on Zillow, there are Foreclosure Attorney details dating 4 months ago. Went to the County's clerk website and found a "Lis Pendens Foreclosure" document with the same attorney information dating back 2 month. I drove by the house and by the exterior it seems to be in great condition but cannot confirm if someone is still living there or not.
Thanks! [link] [comments]  |
| Any recommendations of a good book/guide to read on how to sell your home without a realtor? Posted: 04 Jan 2018 08:47 AM PST |
| Posted: 04 Jan 2018 04:43 PM PST [MD] Bought in 2005 near the height of the bubble. It was our first house, no money down so we had to have a 2nd balloon mortgage. The house was renovated by the previous homeowner and they were less than honest and assuredly didn't have permits when the built the home as we've found some horrors that we've had to fix over the years (joists not connected to the foundation, asbestos in the attic, a sleeping bag used as insulation to name a few). I think inspectors were just rushing through houses at that point and approving everything because of the boom. Anyhow, I've been a good soldier, never been so much as late on a payment even through the recession. I've refinanced twice, which really screwed me because I then didn't qualify for a HAARP loan to help consolidate the mortgages. My family has outgrown the home and we're STILL underwater by about $50k. Now noticing some foundation issues and the depression of sinking more money into this house has me extremely bitter. I could be approved for another mortgage and there are larger houses that would better suit my family for less than what my house is worth. I could rent this house, it's livable, but I fear I would have to deal with things such as the asbestos or god knows what else the previous homeowners have done. I'm also looking at having to rent it for probably $400-500 less than what my mortgage is. Short sale? I don't even know, it's just a depressing situation all around. I also live in a state where I could be sued for the remainder. [link] [comments]  |
| Seeking Advice: Selling agent of a house we’re interested in is a friend of ours. Pros/Cons? (NJ) Posted: 04 Jan 2018 07:45 PM PST |
| Posted: 04 Jan 2018 11:25 PM PST |
| Posted: 04 Jan 2018 06:42 PM PST I'm seeing a fee of 2.65% and some generic sites have said 1% is common. Is this standard now and in SoCal? It is for a conventional HFA. Should I be asking in a different sub? [link] [comments]  |
| Posted: 04 Jan 2018 06:15 AM PST My wife and I are in the process of purchasing our first home and we know it needs a new roof. We are in negotiations with the seller about receiving money for the roof etc... but my question is how long can we wait to put a roof on? The roof currently is showing no signs of leaking, is it important to get a new roof on before it begins to leak? I just really want to maximize the life of the existing roof before we invest in a new one, but I also don't want to set myself up for an expensive repair if it begins leaking and we don't realize it until much later. Thanks for the help! [link] [comments]  |
| [GA] Will setting up utilities in a new house prior to closing impact my financing? Posted: 04 Jan 2018 07:35 AM PST We're about a week away from closing on both the house we're selling and the house we're buying. Everything is happening on the same day. My wife and I both have excellent credit and we're putting 50% down on the the new house. My plan was to set up the utilities in our new house ahead of time so everything would be on and working when we move in. The electric company that provides service to our new house is Georgia Power, which is different from the one we currently use. When I went to sign up for service I saw that they wanted my Social Security number because they're going to check my credit. Now I'm a bit worried that setting up the utilities is going to impact the financing for the house we're buying. We bought our current house 12 years ago and I don't remember how I handled it back then. Could this affect my loan or are my fears unfounded? [link] [comments]  |
| What are the implications of living on your investment properties? Posted: 04 Jan 2018 06:35 PM PST I want to get a triplex or quadraplex and live in one of them while renting out the others. How will this affect my mortgage loans and taxes? Is there something I should know? Pros and Cons? I live frugally and I figured it would save me more money to live in my own rental property than someone else's. [link] [comments]  |
| Dealing with a difficult seller. (MI) Posted: 04 Jan 2018 10:53 AM PST Here's the story. I have a business that I'm ready to run out of a historic building in a downtown area. Cost of building is $549K and it's around 11,000 sq ft. and built in 1936. We will occupy the entire space....so all 11,000 sq ft. are needed to outfit it. The seller wants to sell to us because he likes our business idea, but I'm currently competing against a bank who wants to buy the building as well. He's been dangling this fact in front of me for a month now and now states that our competition is ready to submit a purchase agreement. This could be a passive bullying tactic. Why would he reveal my potential competition to me other than to jump? We tried to negotiate a 30 to 60 day due diligence with the seller but he won't budge and wants our commercial purchase agreement immediately. His company is going out of business and he wants to get out of the building fast. I'm beginning to think that his asking price is way too high since every building on the block for sale is for $425K and not selling. I'm also curious as to what buyer is fine without a due diligence period since this an very old building that needs inspection. What would you advise me and my commercial real estate agent to do? I'm beyond frustrated with this guy it's been going on for a month now and he's unwilling to negotiate. [link] [comments]  |
| Home upgrade HELOC still deductible? Posted: 04 Jan 2018 05:30 PM PST As reportered here: https://www.ocregister.com/2017/12/28/heloc-loans-might-still-be-deductible-under-new-tax-plan/ Have you seen other reports? Considering borrowing some for upgrades. Catch is I put 20% down, and while the I'll be borrowing less than half for the upgrade, I'm not sure how they calculate loan:equity ratios for home additions. Related question: what's the best rate one can reasonably expect for a 20 or 30 year HELOC? Credit rating is well above 750. Would consider refinance as well, but rates have ticked up since purchase just last year. [link] [comments]  |
| Any tax implications of transferring a vacation home into a LLC with the new 2018 Tax Legislation? Posted: 04 Jan 2018 05:08 PM PST I have a vacation home that I will be renting out this summer. If I transfer it to an LLC would there be any taxes on the asset changing hands? How about if I sold in a couple years? capital gains of any type? [link] [comments]  |
| Posted: 04 Jan 2018 10:59 AM PST Is there such a thing as a soundproof condo building where you can't hear your neighbors upstairs or next door jumping up and down and shouting unless you and they have windows open? Or if no buildings are that soundproof, how soundproof are the best ones? Location = anywhere, such as [CA] [TX] [FL] [MA] etc. [link] [comments]  |
| Posted: 04 Jan 2018 10:46 AM PST I'll keep it short: We signed an offer on a house, but received misinformation from the seller/builder about a train that runs nearby (Was told it runs max 4 times a day and DOES NOT blow it's horn) come to find out it runs about 24 times a day and DOES indeed blow it's horn even at night. Obviously this could be a problem. We've only signed a counteroffer (Which the seller has accepted). We have NOT given any earnest money or anything yet. How difficult would it be to back out? Location: US, Kentucky. [link] [comments]  |
| Posted: 04 Jan 2018 04:03 PM PST As we know, the school district where a home is located is an important thing to consider when buying (even if you don't have kids since it will be easier to resell in a good district). Florida recently enacted a "school choice" law that allows students to attend any public school in the state, regardless of where in the state they live. Apparently Colorado has had a similar law for a decade. Given that parents can now send their children to any school (with a few limitations) do you find that finding a home in a specific school district is not as important as it once was? [link] [comments]  |
| At what point do you consider hiring someone to help take care of your properties? Posted: 04 Jan 2018 10:04 AM PST I'm considering my options for the next few years and I like the idea of owning a few multi-family investment properties about 30-45 minutes outside my city. Knowing this can be a lot of work, when would you consider hiring either a part-time/on-call handyman, a building manager, or even a management company? Did you base your decision on finances (my properties bring in X, and I'm willing to spend Y% of X on management) or the amount of time you save? Any experiences or personal anecdotes are welcome, I'm just trying to get a feel of what to expect from my options. Thanks! [link] [comments]  |
| Buying a house as a grad student? Posted: 04 Jan 2018 02:56 PM PST I'm a PhD student who started last August and I'm thinking of buying a house (3 bed) since I'm gonna be in this city for another 4-5+ years. Good idea, bad idea? I'd like to rent out the other two rooms to have some additional income on top of my stipend. However, I'm worried about the time it'll take to maintain the house, repairs, making sure my renters aren't breaking things, and all the other time that goes into being a homeowner, and managing that with all the time I need to put into grad school. Is this feasible? I also have a concern about selling the house when I'm done with the program and might want to relocate. I'm looking at houses in "family-friendly" areas (good schools, 3+ bed) since my dad told me those are easier to sell. But tbh I don't really know anything about this and don't want to be stuck with a house that I can't sell. Basically, I think it'd be a great idea because of the additional income and having an "investment" rather than throwing money away by renting, but I'm concerned about selling it and whether I'll even have time for it. Edit: [MO] [link] [comments]  |
| Is income from house a buyout taxable? Posted: 04 Jan 2018 02:46 PM PST I am co-owner (both names on mortgage) of a Wisconsin home with my ex-girlfriend. I moved away, but she remains living in the house. We are in talks of her "buying" my half of the house, and she will remain in the home, but now as sole owner. Not sure if this is technically classified as a home sale? I'm wondering if the profit I make from selling my half of the home is taxable for me? [link] [comments]  |
| Looking to apply for a mortgage, few credit questions for a joint application. Posted: 04 Jan 2018 12:37 PM PST Hi all, recently married and we are looking to buy our first home. I am looking to get pre-approved prior to looking for a house. I have a pretty good credit score of 780 or so, however, my wife is on the lower end of around 630 or so. We just noticed she has about three delinquent charges counting against her which are low charges. Would it be wise to just pay these delinquent charges off right now or is there some weird thing that might get flagged if we do it right before we apply for a mortgage? Also, with those credit scores applying jointly would we even be pre-approved? [link] [comments]  |
| Can someone simply explain "cash out refinance" Posted: 04 Jan 2018 04:41 AM PST Hey, guys can someone explain to me how "cash out refinance" works, if your not that busy and all it's just out of curiosity. [link] [comments]  |
| How to perform year-end adjustments to Quickbooks (RE Specific) Posted: 04 Jan 2018 08:18 AM PST I have a pretty simple set Qb setup, and this year have a bunch of expenses entered. However, due to Quickbooks automatic download of check deposits, the information is not 100% accurate. EG: Landlord gives a check after his fee's are taken out, and sometimes they have a late fee). Also, mortgage payments are entered (automatically) as an expense, but do not break down interest/principal/taxes/ins, etc. Im at a loss on how to reconcile this data and wondering how you guys handle it? Ive searched for days and perhaps im not using the right terms, but I cannot find a simple guide. [link] [comments]  |
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