[MA] Trying to buy our first home - current owner flipped out over inspector Real Estate |
- [MA] Trying to buy our first home - current owner flipped out over inspector
- Buying a fixer in WA - are these realistic issues to fix
- Property backs onto a quiet residential road
- Tax guy advised us to have an LLC for our rental property - some questions.
- What are the big Tax breaks for Investment Property?
- Family wants to gift (?) current home to me for various reasons
- [UK] Please help a uni student out [x-posting in UKProperty]
- Should I open an LLC and should i open a business bank account in it's name?
- Commercial real estate investing
- I think my listing agent is useless. Are my expectations unreasonable?
- New mortgage near retirement (post-foreclosure)
- HELOC loan for rental property capex?
- How do you find and talk to an owner of a house without going to a realtor? Is there a website or something where these guys are out there?
- Buying a condo in NYC as an investment property
- New Agent Need Advice
- Why do some say to never pay off a mortgage
- (PA) First Home Purchase - Mechanic's Lien on Recently Rehab'd Home
- Cannot find a decent fourplex for purchase in Charlotte NC, is building reasonable?
- Can Real Estate Investment be 100% Tax Write Off as "Business Expense"
- Community with Single Family and Town Homes?
- Upgrade Costs: Home in Coto De Caza, CA
- Delaware - Earnest Money Protections?
- Irregularities in the Closing Disclosure? (Nevada, US)
- Our offer's been accepted! But now having trouble deciding between lender options, and clock is ticking. [FL]
- [TX] How to swap mortgages between myself and parents
| [MA] Trying to buy our first home - current owner flipped out over inspector Posted: 26 Feb 2018 03:17 AM PST Our agent hasn't been all that helpful, so we're looking for other thoughts in general. We found our dream home and it has features that aren't desirable to many (lots of acreage locked up in a forestry plan, needs new septic, high taxes, old house, etc.) although this is a seller's market. Owner has been there 60 years and trying to sell it for about 5 years. She was asking $520k but we negotiated down to $495k, below which she wouldn't budge. We had our inspection this weekend and the owner was there the entire time flipping out that the inspector was "so rude" and saying out loud how she "doesn't trust him" and has "never seen anything like this". He was just doing his job. We'd like to bring in an electrician to look at some potential problems before purchase & sale, but our agent is saying she doubts the owner will let anyone in her house again. What would you do? Is it excessive to ask an electrician in after the home inspection? Electric was OK (200 amps) but they found one working knob & tube and a lot of ungrounded outlets and missing GFCI outlets. We'll have a high use of electricity and want to make sure we're not buying a huge problem or safety risk. [link] [comments]  |
| Buying a fixer in WA - are these realistic issues to fix Posted: 25 Feb 2018 04:44 PM PST Hey there, Me and my partner are trying to buy a house and it's been tough going... our financing puts us in the absolute bottom of the market - buying at 325k or lower. We found a house we love but it needs some work, all found on a preinspection.
All of these issues feel like realistic tasks, although I know the total would probably be costly. I have some experience in repair from growing up with my dad fixing our house, and he's good at this stuff (tore down and rebuilt my childhood home himself - all with permits and to code). Am I crazy to take this on with limited experience, or is this a good place to start? Help! Tl;Dr - I feel like I have no choice but to buy a fixer... how much fixing is realistic for a first time home buyer? [link] [comments]  |
| Property backs onto a quiet residential road Posted: 25 Feb 2018 02:54 PM PST I am interested in a property in Aurora, Ontario in Canada that has a wonderful backyard but there is construction currently underway where from my backyard there will be a residential road separating the house with new multimillion dollar house developments. Essentially the road will be for a gated community and there is a 5m space between the backyard fence and this road. Am i overthinking this? Is it going to be a problem for reselling? Would love to hear your opinions. [link] [comments]  |
| Tax guy advised us to have an LLC for our rental property - some questions. Posted: 25 Feb 2018 11:50 AM PST This may belong in PF. We have a condo as rental property. (Thanks housing bubble.). After depreciation it comes up as a loss. (Also had some expenses this year that made it a loss anyway) Contrary to prior years, our longtime trusted tax guy mentioned that we should get an LLC for our condo. In the past, when I asked, he said there wasn't a good solid reason for it. Now, with our higher incomes, and possibly the new tax plan/brackets, and the property being a loss after everything, he says we should. We will set up an appointment with him to discuss, but I want to understand as much as I can beforehand. The tax guy isn't the best communicator, but does a great job with our taxes. Why is the loss a factor? How will it help our taxes and refund? How expensive is it to move the condo to an LLC? New deed? Closing costs? Can anyone who has gone through this explain it a bit? Edit: Sorry Location Bot - NJ [link] [comments]  |
| What are the big Tax breaks for Investment Property? Posted: 25 Feb 2018 08:01 AM PST What are some of the big tax breaks for investment property? [link] [comments]  |
| Family wants to gift (?) current home to me for various reasons Posted: 25 Feb 2018 04:11 PM PST Hello, There's 17 years left on the mortgage, ~234k left to pay @ 3.25% fixed. When bought, house was appraised at 320k, when it was refinanced it was appraised at 380k. A similar place next to us was recently appraised for 450k. They need to get their names off the title. How would they go about gifting or transferring the title over to me? What details/fees would be involved? I'm currently active duty military, if the title were passed to me, how can I use the VA Home Loan in this situation? Should I? I'm a total noob when it comes to anything real estate related and am not sure what else to ask right now. Also mortgage is like 1300/mo, I get 2k+ as an allowance for housing so I'm not worried about the m. Thanks a bunch! [link] [comments]  |
| [UK] Please help a uni student out [x-posting in UKProperty] Posted: 26 Feb 2018 12:17 AM PST Hello everyone, I hope it's okay to post here, otherwise I'm sorry to bother you. I'm doing my final degree project on real estate in London, and I've sent out a hundred emails but got 0 response. Is there anyone in real estate or /property development that would be willing to answer a couple of questions? Thank you for considering my request! [link] [comments]  |
| Should I open an LLC and should i open a business bank account in it's name? Posted: 26 Feb 2018 02:37 AM PST Pretty much what the title says. I'm going to buy a third and possibly fourth rental property this year, so I want to get the business side of things together before taking that next step. Definitely want to get a business account to make standardized deductions easier...should I open an LLC to purchase properties under? And should i put the account in it's name? Figured I'd ask here. [link] [comments]  |
| Commercial real estate investing Posted: 25 Feb 2018 12:50 PM PST I was wondering if anyone would be willing to post some examples of a commercial property that you recently purchased and the numbers involved with it. For example, down payment, interest rate, type of loan, monthly payment, property tax, miscellaneous expenses and rents. I'm just trying to get my an idea of how commercial real estate investing works, and how the cash flow works out. Thanks! Edit: Wording [link] [comments]  |
| I think my listing agent is useless. Are my expectations unreasonable? Posted: 25 Feb 2018 05:59 PM PST Please bare with me as this is my first time selling my home so I'm not too sure what to expect. In early January we decided to put our house on the market. We went with an agent that has been well known and reputable in the area for a very long time. I live in Canada and we've had a very cold winter, with the weather just easing up this last week or two. I expressed to the agent that I am eager to sell, but want to be sure that this was a good time to list the house. I personally didn't feel that right after New Years was ideal, especially given people's general lack of desire to be out in the cold, but she assured me that it was a fine time to list it. Truthfully, I think she was just eager to snatch up the listing ASAP so that I didn't have time to consider going with someone else. The agent was in my home for possibly an hour total when we signed the paperwork and she quickly looked around and suggested somethings to tidy up and/or move before pictures were taken two days later. Two days later, I expected the agent to return with a professional photographer but instead she came alone and quickly snapped some photos on her own. The pictures came out horribly with the lighting and colours being off, the frame not being straight in most pictures, and many of the nicest parts of the house not photographed at all. The pictures look dreadful and are completely unflattering to the house. They don't at all represent what it looks like in real life. Other than being told to move/hide a few things here and there, nothing was done to stage the house whatsoever and the agent hasn't been back since. I also gave her a list of recent upgrades that have been done, but barely any of them are noted in the description and it doesn't say anything at all that would make the house stand out. A snail mail flyer was sent around featuring my house, but I don't think any other advertising has been done. Nothing can be found online except for the listing itself. I feel that in 2018 it's safe to say that most people put flyers straight into trash and online/social media is vital for marketing. Many other agents in my area are very active on social media, but my agent doesn't seem to be at all. She herself has not brought even one potential buyer for a showing. I asked that the agent keep in contact and let me know any feedback that people have after showings. I would like to know what people like and what they don't like. In the 2 months since the house has been for sale, she called once in regards to this. The house has yet to receive an offer. I'm still very eager to move, and so naturally I want my house to sell, but I'm feeling quite frustrated at this point as I don't think the agent has put forward any effort to try to attract buyers. Isn't this what the commission is paid for? I always thought that agents are supposed to help stage the house, assure attractive pictures are taken and market it in every way possible to try to attract the most buyers and ultimately the best price. If not, what are they needed for? Are my expectations out of line? Am I wrong to feel that my agent isnt making any effort? [link] [comments]  |
| New mortgage near retirement (post-foreclosure) Posted: 25 Feb 2018 03:57 PM PST My father is nearing retirement (April 2019). He's been doing apartment living since a foreclosure in (2014/2015). When he retires, he'd like to buy another house. MY QUESTIONS... 1) When signing mortgages, do lenders care about age (i.e. is "are you retiring soon?" ever a factor)? If not, I assume it'd be an accurate statement to say that it'd be easier for him to get a mortgage between January - March BEFORE he retires. Correct? 2) If lenders DO care about age and him nearing retirement, is social security factored as income (in addition to his retirement accounts) when qualifying regarding "future payments"? 3) I understand the traditional rule is "7 years after a foreclosure" for a conventional mortgage. I also read that some would consider 3-4 with a "cry letter" justifying extenuating circumstances, and to that note -- would a divorce qualify? I'm finding a lot of conflicting information on that one. (He lives in Georgia if that's relevant). He'd be putting 20% down if that helps the circumstance at all. 4) How soon should he begin this process? I was targeting to have all down-payment funds pulled by Jan 1, 2019 and him closing before his last day. Thanks for your help!!! [link] [comments]  |
| HELOC loan for rental property capex? Posted: 25 Feb 2018 07:30 PM PST i'm about to close on my first rental property in upstate NY. the property requires a new roof. how should i evaluate whether to finance this out of pocket or through a home equity loan? [link] [comments]  |
| Posted: 25 Feb 2018 11:11 PM PST The reeason i ask is most owners trying to sell go through realtor. How cam u cut the middle man out to make a better deal? Maryland [link] [comments]  |
| Buying a condo in NYC as an investment property Posted: 25 Feb 2018 03:34 PM PST I live in Crown Heights with my wife, we both work in film and television and currently make around 150K / year each. I have roughly 120K in liquid savings, around 15K invested in index funds that I can turn liquid pretty quickly. (I also have a Roth IRA and 401K but I'd prefer to leave those alone). We currently rent a 2.5 bedroom for $2500, which is a pretty good deal. Basically, I don't think we can afford to buy a 2 or 3 bedroom condo to live in, so I'd like to stay in our current place for now. But I would like to invest my savings in real estate somehow, preferably with a positive cash flow. I'm considering buying a studio or 1 bedroom in the 250-400K range and renting it out. Does this sound feasible? Thanks! [link] [comments]  |
| Posted: 25 Feb 2018 06:53 PM PST I just started as an agent in Georgia in mid January of this year. I am currently working with an agent to get trained. She will send me buyer leads for me to contact. As of today (2/25/18) I have received 14 leads. My usual routine is to call them/ leave a vm and then follow up with an email. I then follow up with another email a week later. I have not been able to get an appointment with any of these leads. Obviously I'm very new to this business. Is there anything I should be doing differently to help with lead conversion? Or is this pretty normal for starting up in real estate? Any comments/advice would be super helpful. [link] [comments]  |
| Why do some say to never pay off a mortgage Posted: 25 Feb 2018 10:06 PM PST I have a feeling it is an opportunity cost thing. I just haven't heard it explained fully yet. [link] [comments]  |
| (PA) First Home Purchase - Mechanic's Lien on Recently Rehab'd Home Posted: 25 Feb 2018 11:05 AM PST My fiance and I are looking for our first home and we recently came across a home we really like (~200k). It's currently owned by an LLC that rehabilitated the property and is flipping it. From what I understand it was previously a foreclosure. In the seller's disclosure they state there is a mechanic's lien on the home for about 30k. Currently the seller and the contractor are in court proceedings. We've heard (but do not have firm documentation) that the seller currently has an escrow account to handle the amount due to the contractor. We're try to figure out how to move forward since we both like the property. Our concerns are:
We really appreciate any insight anyone can provide! [link] [comments]  |
| Cannot find a decent fourplex for purchase in Charlotte NC, is building reasonable? Posted: 25 Feb 2018 05:56 AM PST I am looking to build a fourplex in Charlotte. The goal being to live in one of the units and to cut my personal living expenses to zero. That's the simple goal. I'm not looking to make a profit just to live free. What are your thoughts? [link] [comments]  |
| Can Real Estate Investment be 100% Tax Write Off as "Business Expense" Posted: 25 Feb 2018 09:16 PM PST I bought a residential rental property in Ohio for $115,000 cash in 2017. I titled the property to my LLC and set up a business bank account etc. Now that tax season is here I'm curious if I can count the entire $115,000 as a business expense? My tax lady wants to deduct for depreciation, which is the 27.5 year rule for residential, but I'm hoping to get more deductions than that if possible. In case it matters, I live in California and the LLC is in Nevada. [link] [comments]  |
| Community with Single Family and Town Homes? Posted: 25 Feb 2018 09:10 PM PST Edit: This is in Washington State, sorry not sure how to edit the title. My wife and I are looking to purchase a new construction single family home and we're zeroing in on two possibilities:
The community with the mix of single family homes and town homes has a slightly better price point (~10% cheaper) but we're also concerned with future resale value and desirability (how easy it is to sell our future home down the line). What are your thoughts between these two communities with respect to our concerns? [link] [comments]  |
| Upgrade Costs: Home in Coto De Caza, CA Posted: 25 Feb 2018 02:51 PM PST My wife and I are looking at the following home: https://www.redfin.com/CA/Trabuco-Canyon/23271-Dorado-Dr-92679/home/5056957 It's currently listed at $1,375,000 The owner purchased it barely 4 months ago for $1,135,000. Here is an image gallery of the pictures before he purchased it: https://imgur.com/a/oLRa8 During today's open house, the agents provided a list of improvements put together by the owner, seen here: https://imgur.com/a/blM4w I am curious if any of the experts here could share their opinion about what they feel the total cost of these improvements would be. It seems like quite the stretch to suggest that between these upgrades and the last 4 months, the home has appreciated $240,000. Especially when you compare the two photo albums. [link] [comments]  |
| Delaware - Earnest Money Protections? Posted: 25 Feb 2018 12:54 PM PST Hi Everyone, I'm currently under contract on a home in Delaware. We have an inspection and appraisal clause written into our purchase contract. We went through inspection, and found some large repair items that weren't disclosed by the sellers or noticed earlier on in the buying process. We submitted the inspection report to the sellers, with an attached list of major defects we'd like a buyers credit for. The sellers responded by telling us they'd repair most of the problems themselves (no buyers credit), but completely ignored 2 items on our original list. If we decide to back out, would this disagreement allow us to receive back our earnest money? As per the contract "If seller has refused to correct the major defect, or, a negotiated agreement to correct major defects is not agreed to, than buyer most notify seller if; they'd like to declare the agreement null and void, with all deposit money returned to the buyer". [link] [comments]  |
| Irregularities in the Closing Disclosure? (Nevada, US) Posted: 25 Feb 2018 12:02 PM PST Hey all! My boyfriend and I purchased our first home in Summer 2017, and I just pulled out the closing disclosure for our taxes and realized something odd... I'm the only person listed with our new address. My name is paired with our new address under the borrower information, and his name is paired with his old address. It isn't present in the other paperwork (either we both have our old address listed, or just the new address is listed) which is probably how we missed it. Both our names are on the loan (me as borrower and him as a co-borrower), and when we look up property information in our county both our names are listed there too. But, he doesn't seem to get any mail here...specifically notices from our HOA, despite that he's the one paying that fee. So is this going to cause a problem when it comes to his taxes? Or just overall? (As a side note, he has not changed his address on drivers license, etc either, which I also feel might be an issue). I can't seem to find any information about this online, and I don't have the slightest idea even of who we would call about something like this. Thanks! I'm not sure if I've asked in the right location, so if you know a subreddit this would be better suited to please let me know. [link] [comments]  |
| Posted: 25 Feb 2018 05:45 PM PST FTHB here. After a back-and-forth negotiating weekend, we have a deal to get a house we really like at a good value. The financing I'm looking for is 5% conventional 30-year fixed. I actually got my RE salesperson's licenses a few years ago (never used it), but this part of the process still boggles me a bit. I'm a bit overwhelmed by both the number of lenders out there and the seemingly complete opaqueness as to who's a "good" lender and why. So far I've spoken with/gotten quotes from:
Most of them are all offering similar rates. Alliant appears to be the best in terms of rate and closing costs, but I hear mixed things in general about working with credit unions in regards to mortgages. The sellers have had 3 prior deals fall through due to buyer financing issues. I'm not worried about the appraisal, but I want to work with a dependable lender that won't drag their feet. I already have all my W2s, statements, etc together to provide them on application. Does it matter who my lender is? Local vs national? Servicer or non-servicer? Side note: does it make sense to only start an application with one lender, or perhaps two at the same time? [link] [comments]  |
| [TX] How to swap mortgages between myself and parents Posted: 25 Feb 2018 02:17 PM PST My parents owned a house back when I was in school. They wanted a new house and I wanted to keep the house they originally had so I simply took over the monthly payments, moved in, and then bought a house in my name for them to live in. We did it this way because we didn't want to deal with them selling the house to me and all the fees that would be associated with it. We didn't have a lot of extra cash at the time. So now I pay for their house and they pay for mine. We had the plan that eventually in the future we would swap this out and I think now is about time. My question is what would be the easiest and smoothest transition with the least amount of fees? I wouldn't want to simply co-sign each other's lease because then we would both be liable for both homes if anything were to happen in the future. I was thinking the most reasonable option would be to refinance and hopefully get a small discount by bringing two mortgages at once to the company. I'm not sure how that would affect title of the houses however. Looking for any advice or suggestions! [link] [comments]  |
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