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    Thursday, January 4, 2018

    Is It Worth It To Get a Real Estate Agent License for a Part Time Hobby? Real Estate

    Is It Worth It To Get a Real Estate Agent License for a Part Time Hobby? Real Estate


    Is It Worth It To Get a Real Estate Agent License for a Part Time Hobby?

    Posted: 03 Jan 2018 04:23 PM PST

    I have a full time job, but this job is very flexible. I have ample free time during the day and especially after business hours and on weekends.

    I am looking to monetize my free time, and I live in Los Angeles, which has very high real estate prices. Is it advisable to try to earn some side cash by getting a real estate agent license and working at it part time?

    Interested in all perspectives - thanks.

    submitted by /u/Buck_Mulligan_
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    Bankrate.com shows .25% lower rates than anything. How do these work?

    Posted: 03 Jan 2018 10:35 PM PST

    Is there some kind of catch, do they take longer? Are they leaving out X and Y to artificially reduce the rate? North San Diego.

    submitted by /u/thegreedyturtle
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    Gut rehabbing a two unit - should we add sound proofing to the bedroom ceilings?

    Posted: 03 Jan 2018 07:07 PM PST

    The building is about 100 years old and has hardwood floor throughout. Just curious if anyone has any good experience with sound proofing. Figured it'd be easier to add now than later. Thanks! This rental is located in Grand Rapids, MI.

    submitted by /u/LeZygo
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    If you plan to buy a derelict rural house, tear it down, and build a new house there, what expenses should you take into account? The most obvious expenses are the materials and labor to build the house. But what are the other expenses?

    Posted: 03 Jan 2018 06:22 PM PST

    The location, for the location bot, is any rural area in any rural state such as KY, IN, OH, MO, NE, etc.

    submitted by /u/khv90
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    (PA) What to do about uneven floors during "walkthrough"?

    Posted: 03 Jan 2018 03:35 PM PST

    I am in the final phases of purchasing a new condo, which is a rebuild project from an old building. Today, I had the walkthrough of my unit, as the building inspection was preformed separately, for the occupancy permit to be issued. During the walkthrough, it was clear that a large section of the floor bulges up / is uneven in the kitchen/living room area. While it does not cause the cabinets or appliances any issues, it is noticeable and will be both visible and obvious when walking over it.

    My question is, what is my next step? I don't know if it's a structural issue, since I did not get to have my own inspector visit the unit. I have contacted the seller to ask if there is a note of this in the building inspection. I assume the building inspector deemed the building structurally sound as the occupancy permit was issued, but I have no specific details on the floor of my specific unit. I want to protect myself against having a structurally problem in my unit.

    I have contacted the developer/seller and am waiting on a reply...

    submitted by /u/velociraptor_kisses
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    Our new build home didn’t appraise and we don’t have the difference

    Posted: 03 Jan 2018 04:03 PM PST

    Help! We are buying a new build (Meritage) in Phoenix Arizona. The total purchase price with their in-house options and upgrades is $501k and we close in 20 Days. However just today we got a call saying the appraisal was just done and the house only appraised for $485k and we must come up with nearly $17k additional down payment by then. There is no appraisal contingency. Help!!

    If we back out of the contract we lose over $30k and they can sue us! But we don't have an extra $17k! They say well we can restructure our loan from a 15-year with 20 down to less down and a 30-year, but that doesn't help us at all. That means hundreds in mortgage insurance and more interest. Plus, restructuring doesn't give us $17k cash!

    How can they do this to people??

    We asked them to lower the purchase price and they said no.

    In order to meet the 20 percent down we had to borrow money from our retirement account. The contract states we must find a way to pay all the money or they can sue us for default. Isn't our IRA protected? How can they force us to take another loan from retirement?

    Please help me understand our options if any! We are so upset we just want to back out of the house!

    submitted by /u/Alohaluna
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    Seller works at the title company where we closed. Texas

    Posted: 03 Jan 2018 04:51 PM PST

    I didn't feel as though any thing shady was going on, but I learned after closing that the seller works at the title company we conducted the closing at. Is this normal? Conflict of interest? Thanks for the input.

    submitted by /u/Spencer68
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    If I trade a property for another property, is that a taxable event?

    Posted: 03 Jan 2018 11:37 PM PST

    Raised rent in California

    Posted: 03 Jan 2018 07:43 PM PST

    My lease is up in California and my landlord sent me a lease to renew with an increase in rent to keep up with tax increases. Is his investment property affected by the new tax reform?

    submitted by /u/catdog123412
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    Real estate attorney. Only pay when closed? What if due diligence fails? (NY)

    Posted: 03 Jan 2018 04:09 PM PST

    Usually the payment is paid at closing. But what if during the due diligence the attorney recommends not to purchase or the building looks like it has bad financials or something else.

    Is there usually a payment to the attorney at this point?

    submitted by /u/BrokelynNYC
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    US estate tax for Canadian citizens?

    Posted: 03 Jan 2018 04:43 PM PST

    I'm currently living outside of the US and living at home and the discussion of owning estate in Florida came up with my parents. I am a student in college and my parents are both 50s. My dad plans to retire early and live in warm temperatures during the cold months and come back home during the summer.

    I did a little research and came across US estate tax? I know they're still very young but if my dad or mom were to pass away what would happen to the US estate? Would I automatically get it? What if my dad or mom are there and they pass away there? What if I wanted to keep the property for when I have my own family and wish to stay there for vacations?

    submitted by /u/notyourgfscat
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    Bankruptcy and House Title question

    Posted: 03 Jan 2018 02:14 PM PST

    Cross posted this to r/bankruptcy awhile back, and got one answer, but I wanted to ask again in another subreddit to get confirmation.

    Question that someone here might know the answer to:

    Two people are on the title to a house and are equitable owners, but are not married. The house is free and clear with no mortgage and no liens/judgments of any kind.

    Person A declares Chapter 7 bankruptcy over credit card debt before any liens are filed, and is able to exempt the property from the bankruptcy proceedings because the home value and percent equity entitled is lower than state exemption amounts. Person A does not tell person B (who is the co-owner of the property equally according to the deed) about the bankruptcy because the property obviously is not forced into sale due to the exemption.

    A few years later, both people agree to sell the property. Is the bankruptcy that Person A filed going to come up when the title is searched with Person B finding out about it at that point in time? Or will it NOT come up at all?

    Thanks for any help. r/bankruptcy had one reply stating that the secret should be safe (barring that Person B runs a bankruptcy record search on Person A which is highly unlikely). My attorney also says that it's unlikely to show up due to the lack of mortgage and liens, but not guaranteed. Has anyone dealt with a situation like this before who can tell me exactly how it turned out in the title search?

    Location: Ohio (edited to add)

    submitted by /u/thirtygrand2017
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    Undeveloped/unimproved land: Is county assessed value an accurate market valuation?

    Posted: 03 Jan 2018 05:08 PM PST

    Have found an undeveloped lot we like and want to negotiate a fair price with the seller. He is FSBO and I'm currently unrepresented. Figured we could both save some money if there was no realtor involved but I'd like to determine the best/fair price if possible. Is this possible without a realtor?

    submitted by /u/arkiverge
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    Buying land

    Posted: 03 Jan 2018 09:14 PM PST

    So ridal me this.... I was looking at purchasing land. Not bare has to have at least water or electricity hooked up to build a house on. I intend to be an owner builder doing a majority of work myself. I have been working in small home construction/remodels since highschool, I'm about 25 now. I found a 10 acre parcel here in CA that I am putting an offer in on. I had the idea of possibly using the equity if there is any to put a down Payment on a potential rental property, townhouse, condo something. I guess my question has anyone used equality from there home to start a property portfolio? Is there an amount of time or amount I need to pay off before a bank will do an equity loan? Any other subs on this topic?

    submitted by /u/Paullywally44
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    Advice for first time buyer

    Posted: 03 Jan 2018 01:22 PM PST

    My wife and I are about to start looking to purchase our first home. We are both mid 20s, have excellent credit and both have stable jobs. We current live in north Dallas and are looking to purchase in the same area ( Plano Frisco area of north Dallas)

    We have been looking online for a few months and have done some brief online research but still feel somewhat overwhelmed.

    We are currently looking to move mid April, and have started looking for a realtor. Is it too soon to start looking since we are in our apartment until May 2nd?

    What advise would you give? I would love your opinion on anything and everything from things to take into consideration when picking a realtor to financing tips. If there is another subreddit or source I should look into please let me know

    Thanks!

    submitted by /u/Wtripp
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    Buy-occupy-sell

    Posted: 03 Jan 2018 07:02 PM PST

    I am interested in buying property whether it be a small home, townhome, or apartment and wanted to live in it while I put it up for sale. My intention is going through this cycle in an couple of years or less. Any advice?

    Additionally, I have no issue keeping the property if it does not sell.

    Location: South Florida

    submitted by /u/Venciencias
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    looking to invest in austin, tx

    Posted: 03 Jan 2018 06:05 PM PST

    hey guys, thinking of investing in a home in austin, tx. im a 21 yrs new grad software engineer, probably going to be making a decent amount of disposable income as ill be living at home with my parents in san jose. i have no experience with any type of investing, but as my dad had tried out real estate before this is what id like to try. this my thought process: - austin has very cheap, beautiful homes - austin is a great city, known to be one of the best places to live in america (according to trustworthy articles i found online, its one of the top 10) - UT austin as well as other universities are nearby who are likely to settle down nearby - i have a feeling that austin will become a tech hub

    buying a home in austin with a silicon valley SWE salary seems smart to me, and i also need a home one day to live in and wouldnt mind living there for a while. a pitfall i see is that i should probably save up for a house in california where i want to settle, but looking at those beautiful houses on zillow keeps me wanting more. thoughts?

    submitted by /u/ajeersb
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    Urgent! Translating foreign bank statement to USD [USA]

    Posted: 03 Jan 2018 12:49 PM PST

    Forgive me if this is in the wrong subreddit. Please redirect me as needed.

    I'm in the process of purchasing a condo in Georgia. A hefty chunk of my down payment was transferred from my bank account in India to my bank account here in the US in November 2017.

    My mortgage lender is now asking for a bank statement for my account in India for that month. However, my bank in India can only provide the statement in Indian Rupees (INR) and not US Dollars.

    What's the quickest and most legitimate way to get the Indian statement translated into USD? It's already in English, it's just the actual amounts that need to be converted.

    Thanks in advance.

    submitted by /u/lindburger_
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    Wondering how much to pay per acre in rural British Columbia, Canada!

    Posted: 03 Jan 2018 04:27 PM PST

    Hey there all you real estate pros, I'm completely new to real estate (I know you can trade a house for money, and that's about it) but am thinking of purchasing some property soon. I tried looking online but don't know what to look for, what to pay, etc. I saw a single acre in Sooke (population 11,000) for $850,000 Canadian. I am looking to buy a couple acres hopefully, but not at $850,000 for a damn lot with no house. Any suggestions would be greatly appreciated!

    submitted by /u/okanagantradingco
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    Los Angeles house - am I supposed to get a physical deed to my house?

    Posted: 03 Jan 2018 04:21 PM PST

    I know this might sound crazy and irresponsible that I did not take action on this earlier, but I have been busy almost the past year.

    I bought a house in Los Angeles in early 2017. But, I don't think I recall seeing any physical paper deed to the house being delivered to me at the end of escrow.

    Am I supposed to be receiving a physical paper deed to my house? What does it look like - very formal like a college diploma with a lot of Latin on it and what not?

    I have already paid my first installation of property taxes on the property to LA County. So, in their records, I am the owner. But, I don't recall ever receiving any kind of physical deed on fancy, heavier-than-normal weight paper. Am I supposed to request this?

    I have a mortgage loan - does that mean the bank holds the actual physical deed to the house?

    I will look over all my paperwork later when I get home after work to make sure I don't have a physical deed, but any comments/advice would be helpful. Thanks.

    submitted by /u/colonelklinque
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    Public REIT Vs private?

    Posted: 03 Jan 2018 04:06 PM PST

    Would there be any difference between these too as an investment such as that the former would go down more in value in case of a stock market fall even if they would hold the same assets? I am mainly interested in Europe

    submitted by /u/aelaos1
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    Buying/Building a house (ON, CA)

    Posted: 03 Jan 2018 03:24 PM PST

    For a 1500 sqft home, how big should a comfortable backyard be? I would like to put a pool and hot tub in the back. Those together should be under 300 sqft. Also, how much is normal front yard space be? I'm just wondering if the lot size would be too tight for what we're looking at.

    submitted by /u/bebemona
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    Tennessee frozen pipes...

    Posted: 03 Jan 2018 09:19 AM PST

    Pipe froze and burst at rental property.

    Who is liable?

    submitted by /u/Boneyabba
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    NYC leasing agent salary?

    Posted: 03 Jan 2018 02:36 PM PST

    Currently in commercial brokerage, considering moving to a management company. What kind of salary can one expect as a leasing agent in a luxury residential building in Manhattan (Midtown or UWS/UES)? I'd guess it's somewhere around $40-50k + plus a bonus per lease signed.

    submitted by /u/ill_silent_lasagna
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