Remember, you'll never regret passing on a house. You will regret buying a bad house. Real Estate |
- Remember, you'll never regret passing on a house. You will regret buying a bad house.
- 10 year tenants.... Being charged extra for paint, walls, carpet.
- HOA is considering banning or restricting rentals. Are there any studies showing the economic impact to resale values for such retroactive restrictions?
- The city is going to build a public transportation line. How does this usually affect home prices
- Buying First home - Wanted help with the upgrades
- When selling a house: is it worth waiting out to the 2nd or 3rd months, or is the best offer going to happen in the 1st month? (USA)
- Tips to finding the right mortgage broker
- Seller not adhering to request for repairs
- Stumbled into "a little gem"... now what?
- What sites show appraised value
- Parents are getting old and thinking about selling home. What should they do?
- (NY) 23, trying to buy a condo in Long Island City, Astoria or Brooklyn.
- [FL] Looking into buying my first condo. Advice?
- Cash out re-fi and tax question (so much fun!)
- ADVICE for a first-time buyer in TN. :) Realtor or no realtor?
- Are leasing commissions typically paid on base rent or base rent plus CAM in the case of NNN leases in Northeast U.S.?
- Is there a camera product to allow me to monitor a home during rehab? (No electric, no wifi)
- Any recommendation on Bathroom Fans?
- [CAN] Owners living with SO, what's your legal arrangement?
- First time buyer needs help with Dept. of Ag loan.
- [PDX-OR area] Buying a 'pre listed' with same realtor. What are some Tips, Tricks, things to know?
- Is this normal when buying a REO?
- [MA] Insuring a new property... Not sure of the dates
- A condo by a big, car-congested street
| Remember, you'll never regret passing on a house. You will regret buying a bad house. Posted: 26 Feb 2018 05:09 PM PST Just a reminder to those shopping around. Listen to your gut and be realistic with your finances/plans. If you pass up a house, so be it. There will be others. However, if you buy a house and hate it or there's way more work involved, you will regret it. [AZ] I just signed my cancellation letter for the purchase offer. Some things came up during the inspection, and even before turning them over to the seller, knew it would be a lot of work. Either they lower the price a lot (and I still have to find money for repairs), or they do repairs and then price goes up where I'm already near my max. Not to mention how all this is being tied up with the lender and what the appraiser finds. EDIT: Maybe I should say you will regret passing on a house but hopefully it won't cost you as much money. EDIT 2: Maybe this reminder should be for first time buyers only. [link] [comments]  |
| 10 year tenants.... Being charged extra for paint, walls, carpet. Posted: 26 Feb 2018 02:16 PM PST As the title says. Just moved out of a house we were in for almost 11 years. We replaced the carpets, added air-con, painted and did all the repairs ourselves (the landlords would not do it and said the house was 'as-is' but gave us verbal permission to deal with the problems. Anyways, 11 years later with minimal maintenance took its toll and the house is in rough shape. Mainly the exterior paint, which is peeling and falling off. Anyways, we paid our first and last months rent as well as a large deposit when we moved in. They kept all of it, and are trying to charge an additional ~ Do we have any ground here? The walls were damaged, and the carpets were pretty fucked up (after 11 years, and us paying 6k to have them replaced when the owner said tough shit). However, I just dont think its our problem if we have been here so long and had ZERO inspections and oversight. Edit: This is in California [link] [comments]  |
| Posted: 27 Feb 2018 12:54 AM PST I bought my condo five years ago with the knowledge that I could rent it out (VRBO, Airbnb, etc.) to help defray costs. I'm in a resort area of Hawaii so we get a lot of vacationers. Fortunately I'm cash flow positive, slightly, but I would have to sell if the HOA board decides to implement rental restrictions. The same folks who are arguing in favor of such restrictions are arguing that our property values have fallen while other developments nearby have seen increases. I think their numbers are BS. Regardless, if they are going to use that argument, I would think restricting rentals would cause values to take an actual big hit. It seems like basic economics of supply and demand. They would be reducing the pool of potential buyers who can't afford to buy in without cash flow to mitigate costs. Anecdotally I think about 60% of current owners rent their places full or part time, but the board is stacked with some anti-rental folks, so anything could happen. I'm hoping to provide some evidence (economic research studies or anecdotal if necessary) that they will be making a big financial mistake. Any thoughts, links, or ideas would be much appreciated. Thanks very much. [link] [comments]  |
| The city is going to build a public transportation line. How does this usually affect home prices Posted: 26 Feb 2018 10:26 PM PST The Indy Red Line would be the cities first major public transport service. Many of the areas I am considering are near the proposed path. Is this typically a good or bad thing? [link] [comments]  |
| Buying First home - Wanted help with the upgrades Posted: 26 Feb 2018 06:32 PM PST We are buying our first home in Atlanta, we decided to go with a new construction. With the new construction comes the confusion of upgrade selections. Wanted help from fellow home buyers to make our decision. The home plan is for around 3000 square feet and it is on a slab, it's in a community with around 100 homes. The elevation that we are going with has front brick exterior and also the standard cabinets have peanut butter color. The builder is quoting $8000 for 2 sides brick making it total 3 sides brick exterior. Also they are quoting $5700 for level 1 upgrades for the cabinets and island which has the color that we like. I'm constrained by the budget so wanted to make a right decision considering the future appraisal of the home because we are planning to re-sell after 7-8 years. My question would be.
Thanks very much in advance. [link] [comments]  |
| Posted: 26 Feb 2018 09:44 PM PST Just wondering on a typical house-for-sale listing, how many people see it for the first time in the 1st month, compared to the 2nd or 3rd months? Let's say a house is listed above market value: Basically with all things being equal, is it worth waiting out to the 2nd or 3rd months, or is the best purchase offer most likely to come in the 1st month? [link] [comments]  |
| Tips to finding the right mortgage broker Posted: 26 Feb 2018 06:16 PM PST Up to this point the most I have known about owning a home is the chores needing to be done around the house; mowing the lawn, taking out trash, and the occasional home repair. I am now dipping my toe into the market to purchase a home/condo. I determined my best bet is to get a good mortgage broker to help me figure out what I can afford and best loans to pursue. Assuming this is the correct first step,I am looking for helpful tips for finding a mortgage broker. Any recommendations for brokers in the Los Angeles/Orange County area are appreciated. Thank you much [link] [comments]  |
| Seller not adhering to request for repairs Posted: 26 Feb 2018 04:56 PM PST Hello, I had a quick question about repairs. I'm in the process of purchasing my first home, and I've submitted a request for repairs which includes the following, "Page 20 Area ELECTRICAL SYSTEM ELECTRICAL OUTLETS UPDATE ALL OUTLETS IN HOME" The item referenced in the attached inspection report states, "Consider updating outlets to include a grounding system." The seller installed new outlets in all areas of the home, but did not update the outlets to grounded outlets. We're getting to the final stages of the deal here, and I wanted to know if it's reasonable for me to expect them to update the electrical wiring to include grounded outlets, or if the vagaries in, "UPDATE ALL OUTLETS IN HOME," are enough to let them skate by if this goes to arbitration. We're in California. Thanks for your time. [link] [comments]  |
| Stumbled into "a little gem"... now what? Posted: 26 Feb 2018 03:42 PM PST Bought a house to flip. It's in really bad shape after a fire. I knew I'd have to do a lot of work to it so I got an architect to check it out. Currently a single fam house. Architect tells me that I stumbled into "a little gem", his words. Turns out the house has a "commercial overlay". He says that I can make the ground floor and basement into a commercial space with 3 additional dwellings on top but it cannot exceed 33' in total height and 2500 sft in total space (living + commercial). I'm trying to determine a happy medium where I'm not knocking down the entire house, excavating and starting from scratch (because it's too expensive) but still getting the best use out of the property. Who do I talk to to determine the best possible use? Due to the limited total sft I can build, I'd like to have as much income streams as possible as I'm planning to hold this long term. More importantly, are there any special loan products that are available for this type of thing? Are there special requirements for loans if the property is mix use as opposed to residential? This is in NYC. [link] [comments]  |
| What sites show appraised value Posted: 26 Feb 2018 06:56 PM PST Not sure if any do but if some do I'd like to check on them. Also, I remember looking at a site long ago where it showed each house on the block and within each drawn house it showed a price figure (even off market houses). Do any sites like what I am describing still exist? [link] [comments]  |
| Parents are getting old and thinking about selling home. What should they do? Posted: 27 Feb 2018 12:00 AM PST My parents (late 60's) live in a 2 bed home in SoCal that is worth approx. $350-$400k. They owe the bank $260,000 and make payments of about $1,500. The home has a pretty big backyard with a small studio they built in the back. They currently live there alone with a small dog. I am currently in college and probably won't return home again as I already have great job offers in the city I live in and plan to stay here (Arizona) so I'm just trying to find the best solution for them. Anyway, the area they live in has gotten quite bad in terms of gang violence/drugs and the house has termites and many other issues so they are stressed and want to move into something/somewhere else. What should they do? Where should they go? Who should they talk to? They want their own home in an area that would be somewhat safe. Thanks a lot for any advise. I'm only 20 and don't know all that much about this stuff. Edit: Forgot to say they make $2,500 a month (only mom works). I also send $400 a month to them to help. [link] [comments]  |
| (NY) 23, trying to buy a condo in Long Island City, Astoria or Brooklyn. Posted: 26 Feb 2018 01:28 PM PST Hi all! I am 23 y.o working in finance making around 90-100k per year. 20k liquid cash, 20k liquid equities +35K in ROTH IRA. What are my best options for leveraging myself into a place I can subsequently rent out? Thank you for the help [link] [comments]  |
| [FL] Looking into buying my first condo. Advice? Posted: 26 Feb 2018 11:02 AM PST I will try to give as much information as I can with my limited knowledge. I would like to buy real estate, and build equity early. I am a 24 year old web developer, and make $40K a year with little to no debt. My credit score is currently at 750. I managed to save $14K in liquid cash while working. I live in South Florida in Broward County (More specifically Coconut Creek), I'm aiming for a 2 bed/2 bath condo that costs 80K. HOA fees are around $400/month. I plan on putting 10% down for the mortgage which by estimation would put the mortgage in the $370-450 month range not including PMI. I will not be looking for an FHA loan or ARM, but a conventional loan. I plan on staying in the area for the next 5 years. I might consider renting the unit out, but most likely I will live in the unit. Do you think this is a bad idea. Can I afford to do this? I feel like I can do this but is there a variable I'm not considering? All help is greatly appreciated. [link] [comments]  |
| Cash out re-fi and tax question (so much fun!) Posted: 26 Feb 2018 07:42 PM PST I am considering buying a rental house in tye SF East Bay and using cash from a refi of a different rental house in Portland for the down payment AND improvements of the new Bay Area house. Am I safe from taxation if I do not use all the cash out refi money for the purchase? Can I still write off all the improvements, interest and escrow fees from both transactions? What are the negative impacts/ramifications of my plan? Thanks Reddit!! [link] [comments]  |
| ADVICE for a first-time buyer in TN. :) Realtor or no realtor? Posted: 26 Feb 2018 07:35 PM PST I am working with a mortgage lady and currently in the process of getting approved for a loan. She told me that she could probably get me 90k. She then went to say that I need a realtor and sent me her info. I have heard from some people to NOT use one because of the fees. But I have heard they make it easier. Is that true? I asked the realtor when she got in touch with me and she told me that the seller pays the realtor fees and that I will not have to pay her anything.... not really sure what to do. I really want to do the right thing and make the transition smooth but don't want to pay anything extra.. not sure what to think here. [link] [comments]  |
| Posted: 26 Feb 2018 07:29 PM PST I'm doing an analysis of an office property in NYC, and was curious whether brokers typically try negotiating the commission on the NNN rent plus CAM? Would the broker try increasing their percentage to get more out of the lease? [link] [comments]  |
| Is there a camera product to allow me to monitor a home during rehab? (No electric, no wifi) Posted: 26 Feb 2018 07:03 AM PST Is there a security camera / product out there that can be used while the house is being rehabbed in another state? I go there daily but leave at night. Looking to add cameras to front and back and inside of house... but to a home with no WiFi or power. Features. AC adapter is ok but should also run on batteries. Using satellite tech to email images without WiFi / internet access in the house. Indoor / outdoor / night vision. Recording to sd card / hdd locally. Just throwing my thoughts out there [link] [comments]  |
| Any recommendation on Bathroom Fans? Posted: 26 Feb 2018 03:08 PM PST Got a commercial space with bathroom In the industrial space. Lots of guys work there. To be short, need a really strong fan. Any recs? [link] [comments]  |
| [CAN] Owners living with SO, what's your legal arrangement? Posted: 26 Feb 2018 11:03 AM PST About to purchase my first home on my own, and I'm planning to have my girlfriend live with me. We've been together for a few years, and will (hopefully) get married. Before that though, in a year we will become common law, and similar divorce rules would come into effect in the event of a break up. Other redditors in a similar situation, how do you have yourself protected? Did you have your SO sign a lease? Do you have a legal equity split agreement? Do you just hope and pray you don't break up? Thanks for reading/replying! [link] [comments]  |
| First time buyer needs help with Dept. of Ag loan. Posted: 26 Feb 2018 11:51 AM PST Was looking into the rural development program, or whatever it's called, where you have 0 down payment. What am I missing? Where is the best place to get started? Any and all help would be appreciated. I have many things going on but would like to get this ball rolling. Also in CA if that helps. Would love a local I could meet with face to face. Thanks a lot in advance! [link] [comments]  |
| [PDX-OR area] Buying a 'pre listed' with same realtor. What are some Tips, Tricks, things to know? Posted: 26 Feb 2018 01:20 PM PST My wife and I have been looking for a new house, and are using the realtor I used to buy my current house. In discussing our needs, she mentioned she has a client that is a few weeks away from listing that seems to meet our needs/wants. We're contemplating (after a tour of course) putting an offer together before it is listed. However, I am a touch curious as to what everyone's thoughts on doing something like that is? Also, how does it work with the same realtor? We'll likely use this same realtor to sell our current house too, so I would imagine she has a bit of additional incentive here. Finally, any tips/tricks/etc that anyone can share? [link] [comments]  |
| Is this normal when buying a REO? Posted: 26 Feb 2018 09:13 AM PST My husband and I are currently TRYING to purchase a house. Last week, the bank sent the contract. We signed it and sent it back. The next day, Wednesday, they asked for my earnest check. A picture of it and they wanted the check the next day. I did exactly that and took the check to my realtor. My realtor took it the next day on Thursday to the attorney. We didn't hear anything back and it's Monday and still no contract. I asked my realtor is this normal and she said no. She said she would check on it. Is this normal? Update: After my agent contacted the seller's agent, they sent over the signed contract. They also updated all websites with "pending" listed for the home. The bank originally signed the paperwork on Friday evening but it appears the listing agent didn't send it to us. We're officially under contract. Thank you everyone commenting with your experiences and knowledge. [link] [comments]  |
| [MA] Insuring a new property... Not sure of the dates Posted: 26 Feb 2018 04:34 PM PST Hi all, I am running into a bit of an issue with insurance for my new property. To give a little bit of background, I am NOT a contractor / handyman / electrician, nor do I know anyone who would be able to immediately help with this. The house was built in the 1930s and the person who lived in the house the longest passed away recently. The current owner (the child who owned it for him) has not really been informative of the status of various systems like heating, plumbing, electrical systems, etc. All she can say is they replaced the water heater about 10 yrs ago and the roof was done about 10-15. From my visits to the home, I can only figure out the dates from what I see on stuff. I know the water heater needs to be replaced, but they are unclear on when the last time any system has been upgraded since they owned it (which was about 14 years ago). The insurance agents want to know a year on how old the systems are in the house and all I know is what info I have from the home inspector, who didn't really know either. The insurance agents are just really pushing me for dates and there's nothing I can really give them because the person who would have upgraded those systems passed away. TLDR: Insurance wants to know dates on systems and I don't know / know how to find out. What do? [link] [comments]  |
| A condo by a big, car-congested street Posted: 26 Feb 2018 03:52 PM PST My husband and I are first time home buyers, interested in a new development condo in Oakland, CA. The condo is obviously very nice since it's new but the prices are high, as is everywhere else in the bay area currently. Overall we like the place but it's right by a big street, where there is pretty much constant car flow. We are hoping to either rent this unit out or flip it in a couple years... generally, are condos by a big main street not preferred? Would love your opinions! [link] [comments]  |
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