Can I hear an ELI5 on buying mortgage points? Real Estate |
- Can I hear an ELI5 on buying mortgage points?
- Is it worth buying a manufactured home in the bay area right now?
- New to housing loans/mortgages and don't understand many terms. How would I qualify for an "80/10/10" jumbo loan?[US/Pacific NW]
- Have enough to down pay for house but worried with the rates rising should we lock in now or wait till 2019?
- How to buy house with cash and get mortgage later?
- Have house under contract that was listed as 3 BD 3.5 BA - but basement bedroom (third bedroom) likely doesn't meet code - will I be in trouble when I got to sell??
- Fresh out of college, looking to getting into real estate...(AZ)?
- Crowdfunding/Multiple Investors for Apartment Complex
- FHA Foundation Certificate
- Duplex: Long Lease Tenant Managing Short Term Rental
- HVAC Contractor Replaced HVAC System w/o Permit
- Yet another post about an unmarried couple buying a home [TX]
- Flipping a house while maintaining current life style
- Offee to home that has been on market for 123 days [OR]
- Buying a property with shared ownership in the UK.
- Have to sell my house. Should I consider buying a foreclosure? [Pittsburgh, PA]
- Rookie real estate investor looking to invest in NYC
| Can I hear an ELI5 on buying mortgage points? Posted: 04 Feb 2018 11:37 AM PST |
| Is it worth buying a manufactured home in the bay area right now? Posted: 04 Feb 2018 10:11 PM PST San Jose, CA Has the quality of manufactured homes improved enough where it's worth purchasing within the bay area? After looking at a few online, it looks better imo but I'm no expert. I also feel that the recent land purchases from big name companies will outweigh the depreciation of manufactured/modular homes within the bay area. What are your thoughts? [link] [comments]  |
| Posted: 05 Feb 2018 03:38 AM PST [USA] Thank you for your time. What would be guaranteed standards to qualify for a jumbo loan ($850k-$950k) only requiring 10% down? Does total debt matter as much as debt-to-income ratio? I am in a semi-unique situation where I started earning a comfortable living over the past few years, but haven't saved much except for an emergency fund and taxes. I've been spending all of my extra cash, basically. I'm ready to buckle down on savings and get my ass out from under a rental payment. So, how might somebody like this get judged? The Negatives: I have little extra savings I'm 24 years old I have ~$5,500 monthly debt counted towards my DTI (according to Wells Fargo DTI calculator. Rent, car loans, student loans) I have only been earning a comfortable living over the past 2-3 years. Across both vehicles and all student loans, the total amount of loans I have is 5, totaling ~$135k. I have a charge-off affecting my Equifax from around 5 years ago. (was for around $2500 which I later paid) The Positives: My DTI is 18% based on $350k income with the Wells Fargo calculator My past 2 years reported income have been $230k then $350k last year, this year will be at least equal to last year. I own a manufacturing company with a high valuation (no intentions of offering it as equity, as it currently supports some of my family and I don't want the company involved in personal interests) I have no home/mortgage loans under my name (this is a positive, right?) FICO is ~785 and Equifax is 700(from the high impact charge-off) So, what should I make my goals if I want to get into a home in the $800k+ price range? Are there any major red flags I mentioned that would likely get me denied? Thank you again for your time, and any information you can provide. [link] [comments]  |
| Posted: 04 Feb 2018 07:55 AM PST We're not in a rush to buy a house, but we do see ourselves buying within the next year or so. Do you think it's better to lock it in now or with last week's down 666 point drop, just wait out a little longer? [link] [comments]  |
| How to buy house with cash and get mortgage later? Posted: 04 Feb 2018 05:20 PM PST We don't have jobs in the city we are looking to buy and we have the liquid assets to buy outright with cash (and have 60k left over). But we want to finance later when we have found employment so we don't have so much in equity and we have more in investments and retirement. What are the steps involved in this process, specifically in Illinois? [link] [comments]  |
| Posted: 04 Feb 2018 10:28 AM PST As I mentioned in the post's title - I put in an offer on a house (that has since been accepted) assuming the house was a legit 3 bedroom rowhome. I'm a first time home buyer and it didn't occur to me that because the basement bedroom has no window, doesn't have required minimum clear height, and is directly adjacent to furnace and hot water heater closets, it likely doesn't meet city code requirements to be a legal third bedroom. The house was originally sold as a 3 bedroom after it was gut rehabbed by a flipper about 15 years ago. Knowing what I know now, would I be allowed to list the house as a 3 bedroom when I go to sell the property in the future? If I have to list it as a 2 bedroom in the future, I'm assuming this will hurt resale value... not sure what options I have at this point, and I'm afraid if I decide to walk from the house I'll lose my EMD. Any advice or follow-up recommendations would be greatly appreciated! [Baltimore, MD] [link] [comments]  |
| Fresh out of college, looking to getting into real estate...(AZ)? Posted: 04 Feb 2018 02:22 PM PST I'm a marketing major set to graduate this Spring. I have been diving into applications and interviews for sales positions with tech companies and IT advisory firms, and then more strategic or media positions with ad agencies... initially, my ideal job would've been in an ad agency because I am drawn to the creative but also logistical atmosphere. However, real estate investment has been in the back of my mind and I'm now revisiting that thought. I haven't done extensive research aside from looking at different firms, which focus on commercial or private rentals, but my question is, where do I even start? What should I look for in a real estate firm when I'm looking for a position? Do real estate firms offer other positions that may be more geared to marketing? And any other information that you think may be relevant to this question would be great! Also any good book recommendations on this topic? Also, I'm from Virginia, but I am planning to move to Arizona for my post-grad career. [link] [comments]  |
| Crowdfunding/Multiple Investors for Apartment Complex Posted: 04 Feb 2018 09:05 AM PST I want to start owning shares/portions of apartments complexes (not REITs) but of course I need to find fellow investors. I've been looking at crowd funding websites but a lot are either for accredited investors (have anetworth of $1 million) or they are loans for the owners and don't go on indefinitely like rental checks. Basically I want to throw $15k at an apartment complex and be a partial owner and receive part of the rental checks of said apartment complex. So if an apartment say cost $500,000to buy or build and I invest $15k I would get a certain percentage of the rental income after expenses. Is this a thing? I would love to get in on something like this. Im in Seattle WA. [link] [comments]  |
| Posted: 04 Feb 2018 08:49 AM PST (Charleston, SC) I wholesale, the buyer requested seeing the FHA foundation certificate for the house but the seller can't find it. Is there a way online or by phone that he could request to have a copy of it? Thank you. [link] [comments]  |
| Duplex: Long Lease Tenant Managing Short Term Rental Posted: 04 Feb 2018 05:44 AM PST I'm looking at a few coastal duplexes mainly for short term rental use (VRBO, Airbnb, etc). I was wondering if anyone has any experience leasing one unit to a tenant with a multi-year lease far below market rate, with a stipulation for them to manage the short term rental in the other unit during tourist season (cleaning, unit prep, contact point, etc). There is a lack of affordable housing in the area, many semi-retired folks, and not many jobs. The season in this market is roughly four months. It seems like this could help make the property cash flow, and would avoid vacant property issues in the off months. I have some experience with long term out of state rentals and have worked in the hotel industry before, but STR's would be new to me. I doubt the returns would be too high, but the investment would be more of a hedge against rising property prices in our target retirement destination with light personal use of the unit that is an STR. Therefore, I would probably be fine if revenue didn't cover all maintenance, but would like it to cover at least fixed expenses. Ideally, would like to defer as much maintenance as possible, and then renovate and convert to SFR primary residence in 10-15 years. [link] [comments]  |
| HVAC Contractor Replaced HVAC System w/o Permit Posted: 04 Feb 2018 08:22 AM PST Last week my MIL had an HVAC contractor wholly replace the HVAC (indoor and outdoor units) system of the grandparents' home. While doing some research the night before when they first told me, I found out the following: -) HVAC Contractor is licensed in my state -) There was no work permit for this change -) The city requires a permit for replacing mechanical equipment like an HVAC system My question is this: what are we missing by the lack of a work permit and how would this affect the selling price of the house? I have a background in building science, so I'm going in this weekend to do a duct blaster test and manual J load calculation because I'm 98% sure it has an oversized system for the house. PS: In Central Texas, Comal County. [link] [comments]  |
| Yet another post about an unmarried couple buying a home [TX] Posted: 04 Feb 2018 01:02 PM PST Just as the title says. We are young couple, 24, and both make $72k/year. We have been together for 4 years and are considering buying a condo. The main reason for this is we have moved every year since we've been together (I've moved every year for the past 6 years) through college and whatnot. We have a pretty nice apartment, but still feel like we're low on space. We have a cat and a dog, and both require desks in a shared office (actually our dining room) because we work in tech and work from home sometimes. We also entertain. As it's coming closer to the end of our lease, we are considering our options. We can either try to get a bigger apartment and pay more, or take that money and buy a home. We both like to cook and I'm into gardening (what little I can manage in an apartment), but want something with minimal upkeep and not too much space, so a condo seems like a good option. Also our area seems to be growing a lot (DFW area) and we definitely feel pressure to buy. And as the title states, we are unmarried and have no plans of getting married anytime soon. We are comfortable in our relationship, are level-headed people, and agree we will just split everything 50/50 if anything happens since our incomes are the same and one person won't be paying more or less than the other. I have no debt, a 401k and a Roth IRA that I contribute to every paycheck. He has a car loan with less than $12k that he will have paid off within 18 months. I understand we would need to get a lawyer to draw up a legal agreement on ownership, equity, etc. I'm thinking our budget would be $250k max. We are going to shoot to save 20% for a down payment. I suppose my question is, are these good enough reasons to buy, assuming we get the right legal agreements setup beforehand? I understand we will always be discouraged from buying as an unmarried couple, but we are also ready to get out of an apartment. [link] [comments]  |
| Flipping a house while maintaining current life style Posted: 04 Feb 2018 06:26 AM PST I currently am a family man, have a career, and a mortgage. While I enjoy my job and the pay, I would like extra income to send my kids to private school and to begin putting away extra for retirement (possibly a career change into this area). That being said, I do not want to change where I am at in life. I read, watch, and hear of these house flippers who usually start out younger or not married with kids. I've had a hand in subcontracting 2 homes due to hurricane and flood damages and have done installations on those two homes. I'm not a pro at it but I am not inexperienced. Is it possible to start flipping homes without changing the way I'm living? I'm drawing blanks as to how I could finance this without seeking investors for the first house. As stated I have a mortgage and I am confused on lending due to that large monthly payment. Any help would be great! Thanks! [link] [comments]  |
| Offee to home that has been on market for 123 days [OR] Posted: 04 Feb 2018 07:14 AM PST I am wanting to put an offer on a home that has been on the market since October 4th. It's on an odd street and the layout is a little different and the kitchen needs updated but it's 3000 sq ft. and well maintained. The seller was originally asking for 350,00 and waited until January 5th to drop it to 339k. No one has made an offer on the house at all. I am wanting to put an offer of 335k and 4k in closing credits on the table but am worried the seller will be really insulted. Is this something I should be very worried about? Is it possible he be so insulted he he wouldn't work with me? Or I'm afraid someone will just outright offer what he's asking for just as I put my offer in... could he get so offended by my offer he would just accept the other offer and not have a little bidding war? Any advice on the matter is appreciated. [link] [comments]  |
| Buying a property with shared ownership in the UK. Posted: 04 Feb 2018 09:18 AM PST I have a 160k mortgage and want to get a house which is 160k at 50% ownership. What would I need to do now with the agent? Is it pretty straightforward? [link] [comments]  |
| Have to sell my house. Should I consider buying a foreclosure? [Pittsburgh, PA] Posted: 04 Feb 2018 08:32 AM PST Throwaway account since I'm disclosing some location details. I am considering selling my current north Squirrel Hill home and have been looking at a beautiful house in Squirrel Hill that is scheduled to go to foreclosure auction next month. I've never looked at foreclosures before. Here's what I have learned about the house I'm considering: The real estate website shows it was purchased prior to 1960 and research about the purchaser shows that he recently passed away but was quite wealthy. County property taxes (~1 $1,600) are due in March but paid up for the last 3 years. Not sure about City taxes, which are the big burden in Pittsburgh. I estimate that city taxes for this property would run about $6,000/year. Could there be a mortgage on a property that was purchased so long ago or would it go to foreclosure for the city taxes alone? Would a title search show me why it is in foreclosure? It seems like mortgage foreclosures are hard to win at auction due to bank involvement. What are the hurdles if it's just taxes? I can pay cash without issue. If, theoretically, I were the sole bidder, could I potentially get it for the cost of back taxes and the deed transfer? The yard is very overgrown. In your experience, is that a sign of general internal decay as well? Do you have suggestions to assess overall condition of the house? Two people, one of whom is elderly, currently list the house's address as their residence. I have no idea how hard it would be to get them to leave. Is it risky to offer them a short term rental to help them transition to other housing? I dislike the idea of kicking a 79 year old man out of the house and am not sure what is involved in doing so. And are there any options if the current residents trash the place before they leave (would I even be able to tell who did the trashing and when since I can't go inside)? Thank you for your patience and for sharing your experience. [link] [comments]  |
| Rookie real estate investor looking to invest in NYC Posted: 04 Feb 2018 07:09 AM PST Hey guys, I'm looking to maximize $1.3 million in real estate property in or near NYC to help my grandparent relocate. The neighborhoods that I'm looking at are Jersey City, Staten Island, Ridgewood, or Forest Hills. I'm open to hear about other neighborhoods that can I can maximize square footage, comfort, and the possibility to purchase even two properties, one house and one condo. Any ideas or similar experiences would be greatly appreciated! [link] [comments]  |
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