HOA changing rules with no notice to limit rentals. Real Estate |
- HOA changing rules with no notice to limit rentals.
- How hard is it to live in converted warehouse in an industrial area? What are some things I should be aware of?
- (PA) Once you have Passed exams for real estate salesperson. Do you have to be affiliated with a brokerage to obtain a license?
- [FL] Young first time buyers interested in a 100yr old house. Is there anything we should look out for before making an offer?
- First time homebuyer needs advice.
- How do I find out who is an owner of a property?
- [IA] Any way to recoup inspection fee?
- Owner Occupied Eviction in Oakland, CA
- Am I pushing too hard for this crazy developer deal? Does this only make sense to me and no one else?
- Any recommendations of real estate cameras?
- Is it considered bad form to offer much lower than asking (AKA are we going to piss off our agent)?
- [NC] Bought a townhome, developer changing layouts up after the fact?
- Dad got an email about refinancing his current loan. How to verify the legitimacy of the person?
- Looking to finance a my first home purchase (multi-family). Lender says rent rolls need to cover the mortgage payment.
- Tenant wants to pay less rent due to construction noise nearby
- What is the best type of floor to get in a house?
- Gifting a house to an LLC - Want to cut all ties from the house
- Confused about mortgage payments
- TV wall mount considered part of home?
- Building a house - Kitchen Upgrades?
- Renovation Questions/Advice (Renting to Singles)
- [NH] $7,572 in closing costs and bank is saying USDA won't help with them
- [DC] Dare I Consider FSBO?
- [WA] Moving out of state, first time home buyer, looking at mobile home. I need some serious guidance.
| HOA changing rules with no notice to limit rentals. Posted: 06 Feb 2018 10:31 PM PST When I bought the property, the HOA seemed investor friendly but all of a sudden I got a notice in the mail that they have changed rules at the last meeting I didn't attend that a majority of the people present voted for it. They are adding rules where each tenant has to be approved by them, no rentals for the first 12 months of ownership, only 20% rentals at a time allowed and some other changes. Can they do this and what are my options now. How do I find other investors in the community so we can discuss options? I don't want to sell really as it's a nice cash flowing property with a good appreciation potential. This is in North Dallas in Texas. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2018 08:08 AM PST This is just a long-term pipe dream I've been thinking about, and, before I get ahead of myself, I want to be aware of any oversights I might be making. There is a particular area in Dallas called the Design District which primarily consists of old industrial buildings. I've seen a couple of these buildings converted into single-family homes and sold off. Here is a recent example of one on the market right now: https://www.redfin.com/TX/Dallas/2278-Monitor-St-75207/home/40126063 If you take a look at the 'street view' of it, you can see that the area is not one where someone would traditionally live. I'm just curious to know what sorts of things you have to be aware of when living in an area like this. I imagine, given the size of these buildings, that utilities would be astronomical. I'm not sure how things like taking the trash out work, and I assume that you'd still have access to phone/internet. This area is rapidly gentrifying so a lot of these industrial buildings are being converted into shops and restaurants, which is the only reason I'm even remotely curious about this. I imagine there isn't too much information on this type of stuff, since it's probably really uncommon, but any information or advice would be appreciated. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2018 09:18 PM PST So I have passed the exams. Must I find a brokerage before I can submit a application for a license? Pennsylvania [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2018 07:41 PM PST So we saw a house today that we love, but it was built in 1920. Counters, cabinets, floors, appliances, bathrooms, doors, everything was updated. However I'm just wondering if there are any glaring issues we should look out for? The only thing holding us back from putting an offer on the home is it's age. We're still in our 20s and even though we have various family members who can fix just about anything minor, we don't typically have surplus cash on hand for major repairs. We backed out of a contract already because the townhouse had a bad subfloor on the second floor bathroom, and we weren't interested in what would become a fixer upper. Which is why we're so hesitant to make an offer right now, as we don't want to throw more money at another inspection if it's just going to fail. I'm basically just wondering if there is anything specific to an older home I should be paying close attention to, or if it's age even really matters. Thanks! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| First time homebuyer needs advice. Posted: 06 Feb 2018 06:16 PM PST Looking to buy in Dallas TX. Budget is $250k. We have found a nice area that we really want to live in but can't seem to find anything at our price point. There are a lot more houses at 275-300k. I could afford it but money would be very tight if I spent that much on a house. Should I look in other areas? If I look in an area with not as good of schools I can find a house that is in budget and fits my needs better. I'm likely to only be in this house for 3-5 years. Should I sacrifice the good schools so I can get a more affordable house? Am I risking not being able to sell if I do that? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| How do I find out who is an owner of a property? Posted: 06 Feb 2018 05:56 PM PST Is there a website I can use to find out who is the legal owner of a property? I am located in NYC if it matters. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| [IA] Any way to recoup inspection fee? Posted: 06 Feb 2018 06:04 AM PST We've been trying to buy a property from a very adversarial seller. We finally agreed on a purchase price and proceeded with the inspection. The inspection revealed major issues - the house is not up to code, the electrical wiring is dangerously incorrect, the house itself is much older than described in the listing, it's listed as having a "crawl space" but is actually on pylons and the space underneath is so irregular that it may be impossible to fix the wiring etc, there is high radon, and so on. Our realtor told us last night after the inspection that a previous sale on this house recently fell through because of the inspection. However the disclosure, which is dated after the last inspection, mentions none of this at all and lists "no known issues." This feels like fraud to me. Is there any way to recoup the $500 I just spent on an inspection for a house I wouldn't have pursued if the disclosure had listed these problems? Apparently this house is almost entirely DIY and is not even close to being up to code. Any input appreciated. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Owner Occupied Eviction in Oakland, CA Posted: 06 Feb 2018 05:57 PM PST I am considering purchasing a condo with a renter that has been there for 6 months. I have heard that I can't do an eviction in Oakland, that it would cost money to evict, or that the renter could simply refuse. I would consider just letting the lease expire, but I do not want get hit with mortgage fraud if I do not move in within 60 days of purchase. I really love the spot, what can I do about the situation, or what can I expect? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2018 05:42 PM PST I live in a sellers market, high cost of living area and own the last multi-family lot on a block that is rapidly developing into rows of townhouses. I also live in a city that is undergoing incredible growth and yearly property development. I get letters and messages every week asking if I'd be willing to sell my home. There are 3 listings right now in my whole city for similar zoning. However, my worst fear is that I will not afford to buy another home/do not want to carry a mortgage at current home prices. I've come up with a CRAZY solution instead where the developer gives me some amount of money (or pays for the remainder of my mortgage) AND builds me a new home on the lot. His cost to build is significantly less than my cost to buy. So in my head, he comes out with the same margin and I come out with a place to live and no mortgage. I know that in his head, he is also losing the profit on 1 out of 5 homes. But, that being said, is this kind of deal something people have pitched? Am I asking for too much? What can I ask for that would be reasonable and benefit me the most? This is how my math checked out (I made really conservative assumptions on value of new home ($650k) + value of construction ($250k):
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| Any recommendations of real estate cameras? Posted: 06 Feb 2018 01:53 PM PST I am looking to purchase a decent camera and gimbal mount. I've been researching different cameras and there is a very large range of quality and price, and honestly I feel a little overwhelmed. I was wondering if anyone here had any experience and/or advice for someone just getting into the real estate photography game. I will be using the camera to photograph and create video tours of properties, as well as record vlogs for my website. So other than good pictures, other must-haves are HD recording and an external microphone input (for a lavalier microphone, most likely). I have also read from some more experienced real estate photographers online that 60 fps is very useful tool to have as well for smoothing out the video in post by having the ability to slow down the playback and keep quality. The top end of my budget for this is about $1,000 for both camera and mount, though I would obviously go cheaper if I can do so without sacrificing too much quality. I have been hiring out this whole process in the past but I now have someone in house who can do it so I'm hoping it will pay off in the long run. Here is the camera I am kind of leaning for at the moment. However, it's difficult to know what exactly it is you don't know about a subject, so I decided to ask the experts. Thanks guys/gals all so much for any suggestions. I really appreciate the help! (Edit to please the robots: Kentucky) [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Is it considered bad form to offer much lower than asking (AKA are we going to piss off our agent)? Posted: 06 Feb 2018 09:51 AM PST Edit: We're in Canada. So there's a house my husband and I walked through that we want to put an offer in on. It's listed at 239k, but it's absolutely not worth that much based on the condition of the house (nice renos but they only did cosmetic stuff) and the neighborhood. The owners bought it for 160k two years ago and renovated the main floor/did some landscaping. The basement is unfinished except for a non-legal bedroom and a bathroom. It's been on the market for 4 months, originally listed at 259k, then dropped to 239k a month ago. We want to offer around 220k, willing to negotiate up to 225k max for the house. The problem is, our realtor spoke with theirs and it sounds like they sunk a lot of money into the reno and aren't wanting to come down on the price. We haven't put an offer in yet, so there's no way to know whether their realtor actually spoke to them about it or not. Would it be foolish of us to put an offer in anyway knowing it might be rejected? We think 225k is a fair price, and actually not that far off from what they are asking (just over 5% lower). Most houses that sell in our city are going for between 3 and 5% less than asking lately. Our realtor has been putting a lot of work in with us and we don't want to piss him off or hurt his reputation with other realtors. But we also really like the house and can't possibly know how the sellers feel about our offer without making one. So we're stuck. What should we do?? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| [NC] Bought a townhome, developer changing layouts up after the fact? Posted: 06 Feb 2018 07:34 AM PST Basically, I bought a townhome in Nov. 2017 that is is a whole new massive development and is to finish being built around June 2018: Phase 1 is the new townhome (58 total) & Phase 2 is 2 buildings for commercial use. Phase 3-6 are offices/apartments that are going to be done ~2022. That was what we were told and what all the renderings and plans we were shown. Sometime in Dec., my buddy sent me over a set of 'Approval Drawings' that showed Phase 2 instead of being commercial to be more townhomes (adding another 58 ish units). I'm a bit concerned about this:
This just seems shady to change the plans without telling the home buyers. Are they allowed to do this? Do I have any recourse here, or am I just sort of at their mercy since I bought? EDIT: For further clarification, I marked up a little rendering of the site. Here is a rendering of the site. You can see Block C is where the townhomes are the townhomes themselves being Phase 1 & retail being Phase 2. Here is that same image marked up. The new drawings show where the retail was, now gone and replaced with additional townhomes that increases the whole townhome area. This is just me marking up a rendering that I already had saved, this is not the 'Approval Drawings' I mention above. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Dad got an email about refinancing his current loan. How to verify the legitimacy of the person? Posted: 06 Feb 2018 03:54 PM PST My dad got an email (copy pasted below) and phone call about paying less monthly. It's not from his current lender. The person is asking for my dad's information such as ID, SSN, and the such before giving him refinancing options, which makes sense. However the way he's introducing himself seems odd. It's like those car dealerships offering you a car for only $500/mo but then you see the breakdown later and it's all fees everywhere. I checked the guy's NMLS number and it shows up. However there's no contact information on the NMLS check site. When I search the number, it doesn't come up with the company he's working for. They have a lot of offices throughout the nation it seems. Lakeview Loan Servicing.We're in CA. the guy is in NC. I'd feel more comfortable having a local person to do my refinancing with, I mean we don't have to go through this guy right? Surely he can't have the best deal possible. My dad got an email: Hello "Michael", Thank you for your time today. Here are a few options that we can provide at no cost to you: 30yr fixed loan Total monthly payment $1,905 Principal payment $396 Interest payment $1,509 20yr fixed loan Total monthly payment $2,277 Principal payment $839 Interest payment $1,438 15yr fixed loan Total monthly payment $2,728 Principal payment $1,291 Interest payment $1,438 Your current loan has a Total monthly payment $2,690 with 19yrs and 5 months left. Principal payment $711 Interest payment $1,979 It is illegal for me to quote a rate unless it is through a legal document called the Loan Estimate. I cannot provide that until I have a completed application. However, both of these options have rates lower than your current rate and we pay your fees. Let me know how you would like to proceed! Highest Regards, "David" [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2018 12:03 PM PST New Hampshire - 203K laon Lender 1 is telling me this is a FHA requirement. I haven't been able to find it and lender 2 is not familiar with this requirement. Does anyone know if this is truly an FHA requirement or is this more of an in-house policy with lender 1. The predicament is that current rent rolls are way under market rate (house has been in family for 3 generations, current rent covers heat/hot water and other living expenses of current owner) and they will not finance the purchase unless the rent covers the mortgage payment. One option is to have the current seller raise rents to market rate before sale. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Tenant wants to pay less rent due to construction noise nearby Posted: 06 Feb 2018 07:24 AM PST We are renting our condo in a high rise unit in Florida. The tenant is asking for a rent decrease due to construction noise on land nearby the development, they are building more condos etc. I did not know they were going to build anything there since our condos do not own that land and a separate developer is building there. They claim the noise is excessive and wakes them up in the morning and it goes on throughout the day. What are my options here? It doesn't seem like I need to reduce their rent, but they are "expecting" a rent decrease for March and want me to give them a new price. Their lease is over in July as well. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| What is the best type of floor to get in a house? Posted: 06 Feb 2018 10:31 AM PST Looking for answers in regards to resale value AND regards to actual livability - we plan on staying in this home for 20+ years. We have looked at real Hardwood floors AND engineered wood floors/wood tile. Which of these is going to do better with high traffic, pets, spills? (about to have our first baby). Are they easy to keep clean? I hate going barefoot on anything but carpet lol. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gifting a house to an LLC - Want to cut all ties from the house Posted: 06 Feb 2018 08:11 AM PST Hello, I have a completely paid off home that I want to get rid of. I have an aunt who said I can gift it to her LLC and I wouldn't have to worry about it again. I don't care for selling it or renting it I just want to get rid of it. If I gift the house to an LLC will all my ties to the home cease to exist? Also, my aunt recently got cleared for bankruptcy within the last couple of months. Would this create a negative effect on me in anyway? Would I be committing some type of fraud gifting her LLC a home? Thanks in advance. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Confused about mortgage payments Posted: 06 Feb 2018 05:46 PM PST So we are about to buy a house. We were using zillow mortgage calculator and bank rate's calculator to estimate what our payments would be at different prices. Those two calculators are way off from what the lender is telling us. He's saying our payment will be $1,800 at $350k, mortgagecalculator.org says the same thing, but zillow and bankrate say it will be around $1,200. Whats with the huge difference? Will going with different lenders get us different payments? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| TV wall mount considered part of home? Posted: 06 Feb 2018 04:58 PM PST A real estate lawyer told me that anything inside the home that needs tools or hardware to remove, is considered part of the home and to by left by the seller. Can anybody confirm this? If so I'd like to make a case if he takes it down his TV mount. Petty but I have gotten the short end of few different things during the transaction. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Building a house - Kitchen Upgrades? Posted: 06 Feb 2018 06:46 AM PST We had our design center appointment yesterday and my wife is gung-ho about paying $2000 for a built in wall-oven + built in microwave + a 36" gas cooktop. The standard option (free - no additional cost) is a slide in gas rage + OTR. Does the extra $2000 we are spending here increase the value of our home? Will it help resale? I am against upgrading it, but my wife is diehard about adding it. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Renovation Questions/Advice (Renting to Singles) Posted: 06 Feb 2018 10:21 AM PST Hello! I've recently just purchased my first single family home in a B area (Sandy, Utah). Being single myself, I'm planning on living in one of the bedrooms and then I plan to rent out the other three. I'm not extremely close to any colleges or universities (Although there are several within a 20 minute drive) but I am quite close to LOT of white-collar office/tech employers that seem to hire quite a few people around my age. Before I move in I've been renovating and modernizing the place to make it a more appealing property to prospective tenants. As I've been working on it the past while, I've been doing things nicer than I would for a regular rental property as I plan to live there myself for a unknown amount of time. I figure that not only will the home be a little nicer for myself, but I'd also be able to charge slightly more for rent, and potentially be able to get higher quality candidates (I mean, If I have to put up with them, I want to make sure they aren't going to be a problem!) Also, being a bit of a techy, I've put quite a bit of time with the wiring in the house (Wireless switches and outlets, USB plugs, Cat6 Ethernet drops literally everywhere, full house sound system with wireless speakers in the ceiling, etc). With that I feel like other tech-interested people will likely be drawn to it, although I could be wrong. Now with that background information here is what I've been trying to decide: I had a friend mention to me that if he were renting from me he'd love to have his own TV in his bedroom; even though I'll already have one in the upstairs/downstairs living rooms. He said that especially if there would be 4 of us in the house that he'd absolutely love that. Thinking about that I've been considering installing a TV in the wall of each of the bedrooms (Nothing huge, and it'd be a little higher up on the one wall). My thinking is that if I'm already trying to make the house a lot nicer than most other houses that the kind of people who would be interested in it in the first place would also be ones that would really enjoy having a TV in their room. If I do decide to do it it's going to be a bit of a permanent thing, so i really want to see if it's something that's even worth considering. Have any of you had any experience with renting to younger (Less than 35-ish) singles in slightly nicer areas? In your experience what would you suggest? While I'm already doing a ton of work on the house is there anything else that you've done or wished you've done that would have made your life a lot easier? Really any advice that could be pertinent to my situation would be greatly appreciated! I'm definitely new into the game, and I really want to do as much as I can to avoid any big mistakes down the road! TLDR: Thinking of mounting TV's on the wall in bedrooms in a slightly nicer house to rent out to singles. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| [NH] $7,572 in closing costs and bank is saying USDA won't help with them Posted: 06 Feb 2018 05:37 AM PST I'm wondering if this is a common amount to pay on a $164,900 house. Additionally, I saw that USDA will help with these costs after the home is appraised. The bank is saying they can't finish my mortgage app until I tell them exactly how we plan to pay the closing costs. Anyone have experience with this? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2018 07:02 AM PST I've read enough to see that this kind of question might bring out the FSBO vs Agent warriors. I'm really just looking for some constructive advice. Please be gentle and civil. I've inherited a house in a very desirable area of Washington DC -- the location is amazing. The house itself is poorly cared for and run down. Been talking to potential agents and getting conflicting advice about asking price and whether to sell "as is" or whether to do some fixing up first. At the same time, I'm getting lots of calls from folks finding my name in public records as inheritor of the house making sight unseen cash offers for the place, some of which are within the range of asking prices suggested by the potential agents. These offers make me wonder how much value an agent can add here, and I'm considering just finding a good real estate lawyer and just start playing these offers off each other. Yeah, it would be nice to have an agent take care of the headaches and process, but is it worth $60,000? All thoughts appreciated. Thanks in advance! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2018 09:36 AM PST I am moving to Washington state and I am looking at a double-wide on a lot to move in to. The home is a 1990s model. The home is for sale by owner. I have more than 20% to put down on a loan. As I understand it, in these situations I'll need a chattel loan to get this funded. I have good credit, wife has very excellent credit. I have no idea what my order of operations are at this point, or even the best process for buying a manufactured from owner. I think I would like to get pre-approved for a loan but my bank doesn't loan for out of state purchaces. Do I talk to bank in washington? A national lender? Do I hire a buyer's agent? I know a lot of things I can do in theory but I don't know what to do in practice. [link] [comments]  |
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