Crosspost from r/insurance via r/legaladvice Real Estate |
- Crosspost from r/insurance via r/legaladvice
- 20 years old - 30k - interested in flipping.
- Do ‘exterior’ houses have less value than ‘interior’?
- Builder won’t change a gas line - can we do it ourselves during construction?
- How do you go about finding a Real Estate Agent?
- Seller Wants To Push Back Closing Date
- If my lease ends May, when should I pick a house, so I don't have overlapping payments?
- 2nd cell phone line?
- Any experiences with renting out a property while out of the country, please share.
- Second-time buyers - found the dream house but neighbours on one side a little shabby
- Does commercial real estate law vary significantly between states? (US)
- First time investor out of Louisiana. Want to make an offer but not sure of rehab costs.
- I have a primary residence that I'm going to convert to a rental, and I'm planning, in two years, to sell the house, taking both 1031 and 121. If I put the house into an LLC (for asset protection), will that disqualify me from taking the 121 deduction?
- Have home inspection on 4-plex next week. Anything I should look for in particular vs a single family home?
- Interesting article on Real Estate (Ca)
- Legal Environment of Business (BUS3 80) from SJSU approved by DRE "Business Law" requirement for CA salesperson application???
- Advertising for Seller Financing
- (Kansas) I think our lending just fell through, but I'm not sure if there's anything that can be done or not.
- Cracks in Brick/Masonry surrounding Slab Foundation
- The House Needs Work
- Buying my grandma’s condo
- Looking to get Preapproved for a loan. Are sites like Rocket Mortgage any good or should I consult with a local lender? Any tips would be appreciated [NJ]
- TN - Any Referrals for a CPA to help guide a first time landlord?
| Crosspost from r/insurance via r/legaladvice Posted: 09 Jan 2018 06:07 PM PST I'm pretty sure I'm screwed, but I thought I'd check with experts just to make sure. I bought my first home in December of 2016. It's the upper left unit of a fourplex. Home inspection went great, the place was built in 1976 but the previous owners did a lot of renovations and it's a very contemporary home. A little backstory even though it may not be completely relevant... I'm a lady who has had no real home maintenance experience thus far as I've always rented previously and had landlords to handle things that went wrong, or lived with a significant other who fixed things. Also, I live in Anchorage, Alaska and the ground moves a lot between earthquakes and freezing/thawing each year. Anyhow, this summer I started noticing bulges in the ceiling where nails (screws?) were starting to poke through. It's gotten noticeably worse as summer progressed into fall and winter. There are cracks all along where the ceiling meets the wall in almost every room, plus cracks along the ceiling from one wall to another in the hallway. My kitchen cabinets even don't meet the ceiling anymore, there's at least a half inch gap between them. Now that this has started happening, you can see where it was covered up previously. There are pieces of plaster falling down from the the cracks where the ceiling meets the wall. You can tell where someone threw a bunch of spackle and then painted over it in all of the seams because it doesn't match the wall mudding. It's pretty obvious that someone fixed it up just enough not to be noticeable while trying to sell the place. Since I am not very knowledgeable in regards to home ownership, I'm just wondering if I have any options here. Other than contacting a contractor and paying to have my ceiling fixed myself. Since the HOA pays for the roof, etc (basically everything outside my inside walls), I was only given renters insurance when I bought my home and I think that only covers my material possessions inside. Edit, I checked and I do have a "quality plus condominium" policy. Any help would be appreciated. [link] [comments]  |
| 20 years old - 30k - interested in flipping. Posted: 10 Jan 2018 12:44 AM PST I am 20 years old and have been interested in the flipping homes/ buy-renovate-rental business for quite some time. My father used to buy and remodel but never really knew the real estate side of things - he knew the construction side, which he then passed down to me. I just filed my application for a Real Estate Salesman - and have accumulated a savings of $30,000. My question being - would it be smart to invest in a flip with my savings money (along with loans and things of that nature). I planned on buying my first house with the savings at one point, but would rather try my cards at flipping a house to begin my career. Omaha, Nebraska [link] [comments]  |
| Do ‘exterior’ houses have less value than ‘interior’? Posted: 09 Jan 2018 07:28 PM PST Referring to houses on the outside edges of subdivisions that back up to 2-4 lane divided 35-45 MPH roads with subdivisions across from them. Opposed to a house on the interior of the subdivision say on a cul-de-sac. [link] [comments]  |
| Builder won’t change a gas line - can we do it ourselves during construction? Posted: 09 Jan 2018 09:14 AM PST We are having a house built on contract near San Antonio, Texas with Lennar as our builder. We asked during the design phase whether it would be possible to plumb a gas line to the utility room so that we can use a gas dryer, but the sales rep said that it would be too big of a change and they can't deviate much from their plans. The house is currently done with framing, wires, and plumbing, and we've observed that since the utility room backs up to the kitchen, the gas line for the stove is in the perfect location for the utility room as well. Just replace an elbow with a T and add a cap and you're done. Super simple. We've notified our RE agent and he has approached the Lennar sales rep about making the plumbing change, but he affirms that they can't deviate from the plans. This would be a simple fix for a plumber to cut into the drywall after the house is ours but I'm wondering if we can get away with making the change ourselves before the drywall goes up. The gas is already hooked up and under pressure but still, there would never be an easier time to change it than now. How risky/legal would it be to go in and modify the gas plumbing without the builder's approval? [link] [comments]  |
| How do you go about finding a Real Estate Agent? Posted: 09 Jan 2018 10:37 AM PST |
| Seller Wants To Push Back Closing Date Posted: 09 Jan 2018 07:04 PM PST I am set to purchase a FSBO condo in Denver Colorado that is set to close on the 16th of the month. Today I received a text from the seller asking if we could push the closing date back to the 26th, this is something I simply can't do because of my schedule. Now, the closing agreement does have written in it that the seller is to pay $150 a day if, after closing, he fails to transfer possession. Have any of you experienced this before? I'm just trying to prepare for any upcoming scenario... [link] [comments]  |
| If my lease ends May, when should I pick a house, so I don't have overlapping payments? Posted: 09 Jan 2018 06:50 PM PST Little background: I'm pre-approved for a loan, I could make an offer on a house whenever I need to. When is the right time? Should I wait until March? April? [stl] [link] [comments]  |
| Posted: 09 Jan 2018 01:58 PM PST I'm currently self-employed here in Houston and have been for 10years. Next month I start my next career as a RE agent. Should I get a second cell phone specifically for my RE contacts? Or just continue using the old cell number? My phone rings non-stop as it is, just curious if someone has started using a 2nd line and wishes they just had 1line to manage. Any advice is appreciated. [link] [comments]  |
| Any experiences with renting out a property while out of the country, please share. Posted: 09 Jan 2018 02:27 PM PST Also, besides hiring a property management company, what other options are out there? [link] [comments]  |
| Second-time buyers - found the dream house but neighbours on one side a little shabby Posted: 09 Jan 2018 08:44 AM PST I think the title says it all. Ontario, Canada. We have owned our first home for three years (2 storey, gorgeous everything, average hood, 2 bdr) and we're looking to upgrade to something with more bedrooms and a larger office space within the next year or so as we'll be starting a family. We found one house a while ago that we liked but found the price a touch too high (needed nothing beyond paint, great hood, great neighbours, pool, etc.). We have just found an absolute STEAL of a deal in an older neighbourhood that's very quiet, close to amenities (5-10 min drive to a populated city area, convenience store 3 mins away), has a freakin' theatre, comes with lots of nice furniture, young home, needs no work, good schools, average hood. One side has a cute little older couple in a small home, and the other side ... the neighbours need to do some work on the home: junk in the backyard, old sunfire in the front, house itself needs new siding and some love. We'd install a taller fence, but I don't want to screw ourselves when we'd be selling in 10ish years. TLDR: Our dream house is beside the sketchy house on the street. The rest of the street is fine, a mix of older and newer homes that are well-kept. For that price in similar areas we haven't found anything nearly as nice that's turnkey. Would you do it and fence it, or suggest moving on and crying about the amazing house? [link] [comments]  |
| Does commercial real estate law vary significantly between states? (US) Posted: 09 Jan 2018 11:19 AM PST I want to find an attorney to review a commercial lease contract for a building in NH while I'm located in PA. Would a PA attorney be able to help me? [link] [comments]  |
| First time investor out of Louisiana. Want to make an offer but not sure of rehab costs. Posted: 09 Jan 2018 12:51 PM PST First time investor here. I want to rehab the property. Wanting to put granite on all of the cabinets kitchen and bathrooms. Tile tub surrounds in both bathrooms. Tile floors in bathrooms and kitchen. Wood floors for the living rooms and bedrooms. All midgrade finishes. I know I can't get an exact answer but any help/advice would be greatly appreciated. Thank you. https://www.zillow.com/homes/7353-Estelle-Dr,-Denham-Springs,-LA-70726_rb/ [link] [comments]  |
| Posted: 09 Jan 2018 06:37 PM PST I've heard conflicting advice and want to be 100% sure. Even my accountant wasn't certain! Thanks. [link] [comments]  |
| Posted: 09 Jan 2018 05:58 PM PST Hi guys! Title pretty much says it all I guess. I'm buying my second rental home- this one is a 3300 sq foot 4-plex. This will be my 3rd home purchase (and I had one built as well) so I am a little familiar with the process, but I was wondering if anyone had any advice about multi-plexes in particular. This house is in excellent condition as far as the eye check goes. Incredibly well maintained in all appearances. Thanks so much! [link] [comments]  |
| Interesting article on Real Estate (Ca) Posted: 09 Jan 2018 01:58 PM PST Interesting article on investing, what do you guys think? https://smartasset.com/mortgage/5-reasons-why-your-first-home-should-be-an-investment-property [link] [comments]  |
| Posted: 09 Jan 2018 05:38 PM PST Cannot get confirmation from BRE or SJSU... anyone apply to the DRE using Bus3 80 for the "Business Law" requirement?! Please let me know.... Thank you! [link] [comments]  |
| Advertising for Seller Financing Posted: 09 Jan 2018 09:37 AM PST Hi, I'm thinking of posting signs around town in eastern Washington State reading the following: GET BIG CASH NOW GET MONTHLY PAYMENTS SELL YOUR HOME (CELL #) To those of you who have advertised for seller financed deals & won deals, what do you think? I see signs around my town using the typical lingo: we buy homes, fast cash, etc. In my case, I cannot finance an entire home purchase, but I can provide sizable down payment (up to 40k) and can fund my rehab costs (up to 35k). I've put postcards in doors and made cold calls. I'm having trouble finding a person willing to do a seller finance deal with terms. I thought that by posting my strategy on the sign (e.g. monthly payments) I could target people interested in that and weed out the dozens of calls where I'm selling a strategy to someone just looking to lump-sum sell the home. I plan to flip the home I buy. Thanks for all the advice! [link] [comments]  |
| Posted: 09 Jan 2018 11:26 AM PST We're buying a house and in the very beginning we asked the lender if they do loans on manufactured homes. He said yes without checking fully and now it turns out they don't do loans on manufactured homes on more than 10 acres. The house we are trying to buy is on 15. Our realtor and lender are talking to each other now to see what can be done, but I feel like its pretty clear that the lender can't lend to us. My question is, does this mean our offer to the seller is void and that our financing "fell through," or can the contract still continue on if we can secure financing in time? Our credit is very good and I am confident we can get lending through another company, but could the seller of the home we want decide not to sell to us now because the lending is not coming through the same lender as was described on our offer? [link] [comments]  |
| Cracks in Brick/Masonry surrounding Slab Foundation Posted: 09 Jan 2018 11:13 AM PST Alright pros, we have some cracks in the brick/masonry surrounding the slab foundation on a home we are looking to purchase. The home is located in East Tennessee. The front yard is very level https://imgur.com/Fi77UL8. The back yard and right side slope slightly https://imgur.com/29sWMBS and the cracks are in this area that are exposed to the elements. Here are some photos of the cracks: https://imgur.com/lqmOJ3v https://imgur.com/3zQ1nE2 https://imgur.com/fjflFxS https://imgur.com/MZsUGoT https://imgur.com/3YhF92L https://imgur.com/z4Bz7pO A structural engineer will be out hopefully this week to take a look. The home inspector said that he believed that water needs to be drained away from the home with some downward spout extensions. I'm hoping that it's just the casing of the slab that is cracked. We are supposed to close next Friday, crossing fingers. [link] [comments]  |
| Posted: 09 Jan 2018 04:57 AM PST My wife and I have been looking for our first house in San Diego for a couple months now, and thought we had found it. It's in the neighborhood we want, with the good school system, and we'll be close to our friends. The problem is, we're almost maxing out our budget now, and just had our inspection done yesterday. Turns out the roof needs to be replaced, along with the water heater, electric panel, popcorn ceilings, attic insulation, some carpet and flooring, the a.c. and heating unit are from the 90s, so they'll have to be replaced before too long. Besides all of that, the tax bill is going to show up only a few months after we buy, and it's going to be several thousand dollars too. We were expecting expenditures, but this just seems too much. Part of me feels like every house is going to have a list of improvements, but man, this seems like a lot. Should we walk away spending only the inspection money and find something more ready to move into? Edit: on top of all that, the appliances in the kitchen are really dated and need to be replaced. Thanks for all the valuable input, my wife and I have some tough decisions to make, and you've all made that easier with all the points of view you've provided! [link] [comments]  |
| Posted: 09 Jan 2018 10:20 AM PST I'm currently looking at buying my grandma'a condo in New Jersey. I'm looking to move in for the short term and to use it as an investment property in the future. We have already agreed to a price which looks like fair market value and terms it's now just a matter of buying the property. I have enough for any down payment that would be required and any closing costs. My major concern is that that my grandma isn't the most financially responsible. She declared bankruptcy a couple years ago due to credit card debt, which was a good move at the time and she is more responsible now. However, I'm worried that there may be liens on the property. She is having trouble making payments at the moment and is going to be moving into assisted living in the near future. She is up to date with her mortgage. She has had the property on the market but no offers I would consider fair. I am planning on hiring a lawyer to make sure we both get a good deal and I want to make sure there are no hard feelings. My major question is how do we proceed with the sale or transfer? I'm looking at minimizing costs on both ends. I was doing some research and a quitclaim deed looks interesting but they have their risks and considering the circumstances it may not be the best option. I would also like to do a title search and insurance and I'm not sure if it would be an option in this case. I also read that if my name was added to the deed (through quitclaim), I could refinance the property in 6 months and remove her from the title that way. Is any of this even a good idea? [link] [comments]  |
| Posted: 09 Jan 2018 08:42 AM PST |
| TN - Any Referrals for a CPA to help guide a first time landlord? Posted: 09 Jan 2018 08:31 AM PST Hey guys! I have been lurking and researching about buying a renting a home for about two years, and in October of 2017 I closed on my first home. I'm looking to see if there is anyone who can refer me to a CPA in the Murfreesboro/Nashville area of Tennessee. I have found a few CPAs in the area, they don't specifically say they help in this particular area, so was looking for any one in the area who was fond of their CPA instead of just hoping the one I find on my own is knowledgeable enough. Thanks :) [link] [comments]  |
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