What are concerns you can think of in me renting out two of the three suites in a home whilst living in the third? Real Estate |
- What are concerns you can think of in me renting out two of the three suites in a home whilst living in the third?
- Getting my real estate broker license in September. What can I be doing now to better prepare for the agent life?
- Thinking of opening my own brokerage. Help talk me into, or out of, stepping out on my own. (Florida)
- [IN] Worried we're rushing and getting swindled on our first home
- [MA] Are we expecting too much from our agent?
- Does anyone else feel like the housing market is due for a correction?
- 17 year old attempting to become a real estate agent
- Appraisal Higher than Expected
- US - Plan to purchase a home but do not have the cash in full
- How long did you study for the state real estate exam ?
- I'm a renter who didn't do a walkthrough checklist when I moved in; I'm concerned the landlord will take advantage of me upon moving out.
- Our Agent gave us the wrong information
- Just Pre-Approved for a Mortgage. First Time Home Buyer. Now What?? [Nevada]
- Selling an apartment with a tenant
- A generic-sounding LLC bought a distressed property next to me. How can I research it?
- Do I need a real estate license? [TX]
- Buying my Grandfathers house, need some advice.
- Buying a house to live in when you already own lots of investment properties: how hard is it?
- [Illinois] Question on job status for receiving a home loan.
- Potential first time buyer in SoCal, nervous about high pre-recession prices. Could there be another bubble?
- Need advice: trying to sell house after one year and some major issues are coming up
- Need Guidance Getting Started (MA.)
- Habitat for Humanity as General Contractor (Texas)
- Depreciation of a primary residence that is infrequently rented?
| Posted: 08 Feb 2018 01:40 AM PST I'm 20 years old and interested in building a real estate portfolio. I've grown up around people who invest in real estate and I see it as a very viable long term investment. Would it be ill advised to purchase a home with an FHA loan, live in one bedroom, and rent out the other two? I'd charge ~1.2 times the monthly FHA payment for the total of two private suites. My cost of living would be ~$200/m to live in the house. Sure I'm not making money, but I'm making large payments on equity to the loan while also being able to live on my own. My main concern would be the relationship between me and the renters. Has anyone had experience living in the same building and having shared space with the renters? Do you recommend keeping the relationship purely professional? Do you think befriending them would be smart? Ideally I'd enjoy being friends with the renters, but I don't ever want them to get an idea they can skip a payment. I'm just looking for anyone who may have had experience with this. Thanks Located in Ohio, location bot made me do it. [link] [comments]  |
| Posted: 07 Feb 2018 07:03 PM PST |
| Posted: 07 Feb 2018 06:52 PM PST I've always hung my license with larger companies. I'm thinking of stepping out and opening my own shop for a few reasons. Brokers of /r/RealEstate, what made you decide to create your own company instead of staying with another one? And if any of you went solo and regretted it, I'd love to hear those details as well, if you don't mind sharing. The main reason I want to do this is the splits. I don't feel I'm getting a lot of value by giving up 30% of my commission plus monthly desk fees to a large, national name. Referrals from the company are few & far between, our location doesn't get any walk-in traffic, and I still need to spend my own money to market myself. Sure, everyone knows the national brand name, but I'm not convinced that provides much benefit. Second, I want to have more control over my marketing and personal brand. I'm tired of having to get approval for everything I want to do that isn't standard. Custom sign? Need to get it approved. Fancy non-template business cards? Get it approved. Postcards and mailers? Approval required. Marketing plan? Better make sure the broker approves it. I would need to get my broker's license, but that's $500 and a couple of weeks. I know I'd have more expenses with E&O insurance and broker MLS access, but one deal keeping that extra 30% would more than cover those. What are some of the other pros & cons of working for a broker versus being a broker? I'm talking about creating an independent shop, not buying into a franchise. [link] [comments]  |
| [IN] Worried we're rushing and getting swindled on our first home Posted: 07 Feb 2018 04:44 PM PST The seller recommended a local mortgage lender because "it's easier to work with them". That lender quoted us 4.375% 2 weeks ago, but now that we are in processing, they say the rate increased to 4.75% because of "the market". We originally went with them because the seller offered $2000 toward the closing fee, but now we read the loan estimate has $3000 in loan costs and $2000 in "other costs". Our closing date is Feb 20, but I'm worried they are taking advantage of our inexperience and time rush. Is this normal??? [link] [comments]  |
| [MA] Are we expecting too much from our agent? Posted: 07 Feb 2018 12:14 PM PST First time buyers and wondering if we expect too much from our agent. Our agents had an initial phone conversation with us and we told her what we were looking for. Based on that initial conversation, we receive daily emails, although when we click on them they have some of our red flags (no-dogs allowed condo, no yard, etc.) that we mentioned during the call. She has a very long round trip (from our perspective) to get back to us, average of 2-3 days. We live in a seller's market. A few houses that we were interested to see were sold while we waited for her to get back to us. Is this a normal time to get back to clients? She does not give advice on the neighborhoods even thought we told her we only recently moved to the area and don't know the area that well and could advice. Her role is basically to get us into a house we want to see if there are no open houses. We have worked with her for two weeks and she has showed us one house so far, and we found that house ourselves. The other houses we found she either wasn't able to come to their open houses with us, or they were sold before she could get us access. Thanks. [link] [comments]  |
| Does anyone else feel like the housing market is due for a correction? Posted: 07 Feb 2018 05:52 AM PST With all the recent stock market dips and corrections it makes me wonder how the housing market will do in the next 2-3 years. Any thoughts? [link] [comments]  |
| 17 year old attempting to become a real estate agent Posted: 08 Feb 2018 03:55 AM PST Hey, I'm 17 years old, I live in Australia, and want to become a real estate agent. The main reason I want to become an agent is to learn sales (I think it's a very important skill for any business) and because I want to eventually invest in realestate. I will get my licence once I turn 18, I have 3 months until then. My parents are willing to support me so money isn't a big issue. If you we're me how would you go about getting your foot in the door. For example, should I apply as a PA ? And how can I get a mentor? Any advice is appreciated, even if you are not from Australia. Thanks :) [link] [comments]  |
| Appraisal Higher than Expected Posted: 07 Feb 2018 10:15 AM PST I'm in the process of securing a loan on an investment property that I purchased through an LLC in Chicago, IL. I paid cash for the property, so there's no outstanding mortgage. Initially, I intended to use the capital to finance a major renovation to the unit. The lender I am working with caps the LTV at 80%. Prior to the appraisal, I began to have concerns that the property would not appraise for more than $75k (I was seeking $60k for the loan) and I decided I would scale back the renovation and only make cosmetic improvements. Today I learned that the property appraised at $115k, meaning I can take out more money than I initially planned. Would it be totally reckless for me to take out a larger loan amount and use that money as a down payment for a multi-family building? Chicago's real estate market is surprisingly affordable and I have confidence in future rental growth, but I don't want to over leverage myself. I own a own home (outstanding mortgage), actively investing in mutual funds, and have okay savings, but I am not rich by any stretch. I have no other debt outside my primary residence's mortgage and whatever money I take out against the investment property. The lender has offered a 20 year amortization schedule, with the interest rate starting at 4.8% for the first five years and increasing to the prevailing Wall St Journal Prime Interest Rate plus 1/2%. The rate would further increase every 3 after year 5 to match the Wall St. Journal Prime Interest Rate plus 1/2%. Even though I've accepted the 20 year amortization schedule, the goal is to repay the loan in 15 years (~$500 per month). I'm expecting the unit to rent for ~$1k per month. [link] [comments]  |
| US - Plan to purchase a home but do not have the cash in full Posted: 08 Feb 2018 12:36 AM PST I plan to purchase a home for $200k and I only have $40k. The owner say he will sell the home to me for $200 and we can go thru escrow and he will allow me to finance directly with him for the rest of the amount. And once it is paid in full he will transfer title over. Is this possible? What is this called? [link] [comments]  |
| How long did you study for the state real estate exam ? Posted: 07 Feb 2018 11:16 AM PST I have completed my courses and been approved to take the state real estate exam for California . Just wondering how long people usually spend studying for the state exam . I have several years experience investing in real estate so a lot of the terms and concepts in my courses were familiar . But I'd like to pass the first time and not retake it as well . [link] [comments]  |
| Posted: 07 Feb 2018 06:29 AM PST Here's the quick version: I'm renting a house in NC from a couple who lives in NYC. When I moved in, I worked with the husband and he was great. However, neither of us did any paperwork other than the lease agreement. The house was built in the 60s, had some renovations, and had renters before us. Between us and the previous renters, almost nothing was done to the house in terms of touch-ups, repairs, cleaning, etc. I didn't mind much because we really wanted to live in this area so we were willing to make compromises. Fast forward to today - we're moving out in 2 weeks. The husband/wife who own the house are divorcing and now I'm only working with the wife. I heard she was a b!tch from the neighbors and soon learned they were right. My concern is that she will basically take ALL of my security deposit which is a fair amount. Almost everything wrong with the house, truthfully, was that way before we moved in. Our main contribution will be some patched holes in the walls from hanging various things and I won't be doing any touch-up painting to those spots because the paint left here is now bad - it's thick and gloopy. What do I need to know to come out ahead on this? When we do the walk through I plan to tell her that these things were "like this before we moved in" - but she didn't do the initial walk through with me, her husband did. Also, we have no punchlist from when we moved in. Thoughts? Thanks! [link] [comments]  |
| Our Agent gave us the wrong information Posted: 07 Feb 2018 03:09 PM PST Central WI So, I know this kind of intrudes on legal advice, but we are first time homebuyers looking for a home. We saw a house that we really liked in our price range and we decided to make the offer. When we were viewing the home our agent told us that it was on a shared well. We asked about septic or sewer, since we wanted to know for sure and he told us sewer. Well it turns out he was wrong and the house is on a septic. I really didn't want to deal with a septic, and I have told him that. I didn't find out until after the seller signed our offer and the earnest money was sent. I wouldn't care if we lost the earnest money at this point. I am pretty upset with our agent. The listing did not specify either, which is why we asked him at the showing. edit: I found out when I called the town directly and they informed me there was no sewer to that property. But it sounds like, from our agent, that this isn't enough for us to terminate our offer. We haven't done the inspection yet, but the idea of a 40 year old septic frightens me much more than a 40 year old well. I really didn't want to get into the septic situation. I like not having to worry about everything I put down the sink or drains. Anyone think that we have rights? We do have a witness, my Mother in law, who was there and would testify that he did tell us sewer. Sigh. [link] [comments]  |
| Just Pre-Approved for a Mortgage. First Time Home Buyer. Now What?? [Nevada] Posted: 07 Feb 2018 06:53 PM PST I reside in Nevada, specifically Las Vegas. As the title states, I had gone through my credit union and was Pre-Approved for a mortgage. I have a letter in my hand with the amount I was pre-approved for. This will be my first ever home and will be my primary residence. Other than actually getting a pre-approval, I have no idea what I'm doing. I'm hoping someone can point me in a direction or give me some sound advice. The property management company that manages the rental I lease also does real estate and they mentioned that if I use them they will give me $750 towards closing. Aside from that, I don't really even have a RE agent. [link] [comments]  |
| Selling an apartment with a tenant Posted: 07 Feb 2018 08:10 AM PST [Location: MA] I have an apartment I am renting out to a tenant. For various reasons, including a job re-location to the west coast, I am considering selling the apartment as I don't have a property management company and don't really want to deal with the hassles of owning property that is subject to an HOA while living thousands of miles away. Am I better off telling the tenant that I don't want to renew the lease and put the apartment on the market then, or just try to sell it with the lease/tenant? I could probably sell for $180k, rent is $1500, but property taxes and HOA fees add another $8k a year in costs. [link] [comments]  |
| A generic-sounding LLC bought a distressed property next to me. How can I research it? Posted: 07 Feb 2018 04:32 PM PST There is no google info on it and the name is super generic with a Las Vegas address. I'm not in Nevada. As far as I can tell from the assessor, they don't own any other property in my county. Any tips appreciated. [link] [comments]  |
| Do I need a real estate license? [TX] Posted: 07 Feb 2018 04:24 PM PST I want to begin a career in the apartment industry- I'm starting as a leasing agent. Do I need to obtain a real estate license to ever move up in this industry? Community manager would be my ultimate goal, but I have heard conflicting reports on if that job title requires a real estate license in Texas. Any guidance would be welcome! [link] [comments]  |
| Buying my Grandfathers house, need some advice. Posted: 07 Feb 2018 12:24 PM PST Hey all, [QCA, Iowa] First time poster here on this sub. Needed some advice if someone has been in a similar situation. And by no means am I an expert on any of this, which is why I'm seeking help. I'm 22, fresh out of college with a full time job, and owe about $35k in student loans, while making around $30k base + commission this year. My girlfriend is in her final year of college so she'll be graduated soon as well. Recently, my grandmother passed away (Bless her soul), and my grandfather doesn't want to continue to live and take care of the house they lived in. The home is completely payed off, a little old fashioned as far as design but he's done some improvements the past few years. Him and I have had the discussion of me purchasing the home from him for about half of what the market value is right now (Around $100k), so I'd be buying for $50k. It would be in my name completely. Now my question is, if this were you, or has been you, would you buy and flip right away, to double the money, pay off loans and other bills, or rent out for a few years and then sell later on? The home is 1.8 Miles from a University, so college kids would definitely be interested in renting, being a 3 bedroom home. As well as close 4.5 miles from the nearest mall, and within a 5 mile range of the closest grocery store and plenty of restaurants/gas stations etc. It's in a pretty good location. If I were to flip right away, I'd take the profits and put a down payment on another home, but since I'm already getting the home for a significantly low price, I figured I might want to just rent out for a couple years until I plan on buying my future family home (My girlfriend and I are currently renting). Any advice would be greatly appreciated. I'm sure I'm missing some technical terms and other information that I could definitely find out if needed, but it seems to me its a no brainer to rent out a couple of years, for a steady source of income, then sell when needed. Thank you! [link] [comments]  |
| Buying a house to live in when you already own lots of investment properties: how hard is it? Posted: 07 Feb 2018 12:17 PM PST I'm debating between buying a single family home in super-expensive Los Angeles, or taking that down payment money and investing in out-of-state cash flowing properties. Say in five years I own 20 cash flowing income properties. How hard will it be at that point for me to buy a single family home? Will lenders avoid me? Or is it just a matter of keeping my debt to income ratio in check? Thanks for reading! [link] [comments]  |
| [Illinois] Question on job status for receiving a home loan. Posted: 07 Feb 2018 10:04 AM PST Here's my situation: I've been with my current employer for almost 2 years. I have been told and have heard from family/friends that you must be at your job for 2 years before a bank will consider your application on a home loan. I have a wonderful job opportunity that I would like to accept, but my wife and I are planning to sell our home and move in the next year. My family is pressuring me to turn down this job offer only for the sake of keeping my status at my current job. Is it possible for someone to still get a home loan through a bank even if they've only been at their job say 6 months? I also bring to the table: 1. 25-35k down payment after the sale of our current house 2. A co-signer with 770 credit score. I am 22 years old, and my credit is hardly established. It's on it's way up, but it's just not where it needs to be yet. What are my options? Edit: We were fortunate enough to purchase our first home on contract. The seller changed our lives and allowed us to own it rather than rent it. It has since been payed off and we are ready to move on. [link] [comments]  |
| Posted: 07 Feb 2018 12:07 PM PST I (25f) work as a project engineer for a construction company and make decent money for the average person, but not SoCal. My boyfriend and I are thinking about what we are going to do with our future and even though we want to get a house I'm wondering now if that's smart? I want to live in the Corona area because it's safer then where I live now (inland empire) but good luck finding a decent place under 350k. So what the heck do I do? Is it better to build? Should we look into an investment property and continue to live in an apartment? Or does the market appear stable enough to buy at these high prices? We can afford to buy a house but what if the market takes a turn!? Then we are screwed in a crappy house. What if there is a dip in the economy we could have bought at a more reasonable price? These are the thoughts that keep me up at night. Also good to note, I am not afraid of construction projects however my SO is. And I hate the idea of townhouses because I'm afraid of not being able to rent it in the future due to HOA rules and the thought of spending $300+ a month on top of a mortgage. But open to discussion. [link] [comments]  |
| Need advice: trying to sell house after one year and some major issues are coming up Posted: 07 Feb 2018 11:05 AM PST Location: US We had to relocate for work and thus had to put our house on market only a year after moving in. Bought for 232k. Had surprise basement wall bowing / leaking that we fixed and had basement refinished. Cost about 30k. Did some other various improvements etc. Listed it at 272k. It's getting tons of showings but only a few offers. One offer we accepted and then they got estimates on repairing deck (18kish) since the company told them they'd want to do a full replacement. Theres some other obvious issues like needing exterior painting (wood siding) but that's all baked into list price. Due to relocation, we had to list at a "sell quick" price to get reimbursed closing costs by employer. Should we consider just listing it "sell as is" if these costs are going to start adding up? Been on market for 3 months with tons of showing. [link] [comments]  |
| Need Guidance Getting Started (MA.) Posted: 07 Feb 2018 10:55 AM PST I'm 23 and in my first year of college. I will get my associates degree for nothing except the cost of books. I want to get into the rental/real estate market, signing up for a night class at another school, it is 10 weeks and will grant me a certification if I pass the exam. Currently I have about $1500.00 to my name, zero debt, but also zero credit. I live at home with my dad, who receives monthly pension income. My plan would be to build credit and get a loan on a small house/apartment for about 60k, and rent it out to him to pay it off. The house we're in now was bought for 50k about thirty years ago, my dad pays $1100 a month and if he rented to own, could have owned it by now. He could afford it no problem, and I could pay the mortgage/loans with that. I want to make the investment now, we live outside of Boston near Worcester, a city that is economically depressed in certain areas, but also has very nice areas. I am a firm believer that when you are at your lowest point, you can make the greatest change. I've heard Boston is growing, Worcester has its own airport, many bars and clubs, entertainment centers, a bus and train station, I believe it has the potential to become a powerhouse for business, and property will become more expensive. As Boston grows, so shall Worcester I believe. The framework is there. I would love any advice, positive or negative. I am very new to this and need guidance, I have a strong work ethic and wish greatly to succeed, just need a little help getting going. Thanks. [link] [comments]  |
| Habitat for Humanity as General Contractor (Texas) Posted: 07 Feb 2018 07:24 AM PST Hi - I am hoping this is the right spot, but feel free to redirect me if there may be a better subreddit. My husband and I are just starting our house hunt in Austin, TX and found a pretty cool house that was build in 1926 and has since been updated. I grew up in old homes and understand that they require more work than a new build, but we want to be sure we understand what we are getting ourselves into as the quality of work can make a huge difference with issues in the future. Our agent pulled permits for some substantial work (air conditioning/heating updates, updating electrical, and new plumbing to the street). I have information on the subcontractors for that work, but the permits show that Habitat for Humanity were the general contractors of the rest of the work and over seeing the updates. I am wondering if anyone is familiar with their work or has thoughts on them as a general contractor. Thanks! [link] [comments]  |
| Depreciation of a primary residence that is infrequently rented? Posted: 07 Feb 2018 12:27 PM PST I established a new primary residence in New England a year ago in January, 2016. I then did a very comprehensive renovation of the apartment, spending a total of $315,000. The value of the property prior to the renovation was $115,000, and this was deeded to me by my father. I do some AirBnB rentals for approximately 8 weeks of the year. Am I allowed to depreciate any of the money I spent in the renovation? HOA expenses are approximately $1250/month. How much of that can I deduct vs the rental income? Thanks for the help ! [link] [comments]  |
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