$26K duplex, should I buy this and attempt to rent it out? Real Estate |
- $26K duplex, should I buy this and attempt to rent it out?
- Updated interior or Larger Yard?
- Landlords, what are your "first time buyer" horror stories? What avoidable mistakes have you made?
- Landlord pays tenant for eviction w/o cause or rent hike
- Selling two adjacent parcels at the same time?
- First time homebuyer in eastbay
- Rental Property tax deductions
- [KY] Buying a 'Pre-Foreclosure'
- Buying in Oakland CA for profit?
- Comparing long term vs short term rental (Airbnb calculations)
- Accidently Listed Cosigner as Co-Borrower
- Setting offer apart
- Advice for selling fixer upper
- Holdover Clause - Selling To Family
- [CA] Should I be concerned about the lack of information on the Transfer Disclosure Statement? Especially regarding the foundation
- What is considered to be the best interior improvement for a property that will give the best return when comes time to sell? Bathroom, Kitchen remodel?
- Family home: Rent-to-buy option?
- [TX] Prospect home’s property owned by city?
- Realtor is no good at communication
- Underwriting is requesting that I replace the carpet in the home. Is this a normal condition on a loan? Ga
- 1031 and LLC partnership question
- Is offerpad too good to be true?
- Buying a house, owner has 4 dogs, west valley Arizona
- Selling my first house.
| $26K duplex, should I buy this and attempt to rent it out? Posted: 07 Mar 2018 06:35 PM PST Any thoughts on if I should buy this duplex for $26K? Given the price point, it looks fairly clean. Is there something I'm missing? I would probably have to buy it with a 7 year personal loan, and it would probably cost me $500 a month including taxes. But each unit, after fixing them up, should bring in at least $600 a month or possibly more. I do have cash saved to improve the property. https://www.realtor.com/realestateandhomes-detail/305-Hartson-St_Syracuse_NY_13204_M41725-81416 [link] [comments]  |
| Updated interior or Larger Yard? Posted: 07 Mar 2018 06:00 PM PST I'm in the Charlotte, NC area and I'm considering bidding on 2 different houses with a under 2k difference in asking prices. They're roughly the same age, but one has been updated with modern appliances, flooring and fixtures. The other seems to have much of the original fixtures and touches it had from the 90s but has a significantly larger back yard with a privacy fence. Both seem to be in great condition with the major difference being the yard vs the modern fixtures. The only other differences that might affect my decision is that the property with the nicer house might be marginally more convenient for my commute and access to shopping. Any thoughts on how this affects value and appreciation or cost to maintain? [link] [comments]  |
| Landlords, what are your "first time buyer" horror stories? What avoidable mistakes have you made? Posted: 07 Mar 2018 07:29 AM PST I've seen lots of how-to and success stories about getting into the rental property business, but what are the negative stories that would make me change my mind on getting involved? Landlords, what are your "first time buyer" horror stories? What avoidable mistakes have you made? What was your strategy when starting out? What's your goal? Are you making a living off rental property? Is it realistic to think you can? Does everyone start with small properties before 6-figure investments? Do you buy at foreclosure/auction, or do you find a regular priced property? Is it worthwhile, or is it a pain in the ass? Does it occupy all your time, or do you have free time? Can any dummy do this? Or will i be in over my head? Who thought it was for them, and then realized it wasn't after buying a property? Is $5k profit per year worth it for one property? I'd have to plan to scale it to feel like I'm getting anything from it. How manageable is it to scale to 20, 50, 100 properties? Am i destined for success if i can acquire a property, or will i get burned? Potential markets: Florida, Indiana to start. [link] [comments]  |
| Landlord pays tenant for eviction w/o cause or rent hike Posted: 08 Mar 2018 01:10 AM PST http://www.oregonlive.com/portland/index.ssf/2018/03/portland_makes_permanent_rule.html This affects real estate in Portland, OR. I operate in Washington state. This may not be occuring in my state, but they are my neighbor and it is important to be aware of the news going on around us. [link] [comments]  |
| Selling two adjacent parcels at the same time? Posted: 07 Mar 2018 04:34 PM PST (California) I'm trying to sell two vacant land parcels that are adjacent to each other. Can I sell them at the same time under one contract? Or do they both need their own separate sales contract? [link] [comments]  |
| First time homebuyer in eastbay Posted: 08 Mar 2018 03:22 AM PST Hello ! My girlfriend and I are currently looking for a home to buy in east bay preferably Hayward. Got an approval rate of 4.5% 755k max on 10% down with monthly roughly 4500/m. I have FICO 805 with Median score of 755 as my credit score. My lender says that my PMI % is .21% which I believe in considerably low, but he says it's because I have such high credit score. Anyway my mortgage maximum payment is 3800/m between me and my girlfriend, 3300 for me 500 for her. If we went with a 700k house, we would be at 4200/month, 400 dollars over budget. However, we are planning to rent out the 2 other rooms. Is it too much of a gamble to try to rent out 2 rooms out to renters ? (My gf and I currently live with 3 other people and our monthly rent is 1400. 1100 from me 300 from her.). My yearly income is 167,000 and hers is 41,000. I'm a nurse and she's in HR. We are In our late 20s. Debt : 200/month student loan, 415/m car loan In my calculation, renting out the 2 rooms for 800 per room will go into my savings. (Right now I save about $2,000/m). My question is It better to buy now and rent the rooms out and hope equity goes up ? Or should I wait? I hate that I have to rely on a renter to make up for that 400 dollars a month, but with today's market esp In the Bay Area, it's difficult to do. Our hopes is that in 4-5 years the market will appreciate in value and we will be able to get some equity. [link] [comments]  |
| Rental Property tax deductions Posted: 07 Mar 2018 06:11 PM PST I'm looking into buying a rental property and had some questions regarding what I can deduct from taxes. I know that you can depreciate the building over 30 years or so, or itemize and depreciate somethings faster. Can I also deduct any fixes or improvements to the building? For example if I upgrade the ovens, or if I build a new floor entirely would I be able to deduct either or both? [link] [comments]  |
| [KY] Buying a 'Pre-Foreclosure' Posted: 07 Mar 2018 05:54 PM PST Hi all, I am looking at several different properties on Zillow right now and most of them say: 'Pre-Foreclosure Auction'. It will be a while until I actually purchase one of these properties, but when I do, how should I go about it assuming that the property is a 'Pre-Foreclosure Auction'? Should I contact a foreclosure agent asking for more details on the auction or should I leave the current homeowner a letter asking if I could buy it from them? I would appreciate any suggestions! [link] [comments]  |
| Buying in Oakland CA for profit? Posted: 07 Mar 2018 01:21 PM PST My mom is retiring, she has a condo in Palo Alto CA worth about a mil. THANKS! [link] [comments]  |
| Comparing long term vs short term rental (Airbnb calculations) Posted: 07 Mar 2018 06:03 PM PST In long term buy and hold real estate investing there are guidelines that give rough estimates on cash flow, such as the 50% rule. Are there any rules like this for short term rental like with Airbnb? Theoretically a STR will make 2-3X what a LTR would make. But I don't know if these figures account for all costs such as tax, pm, vacancy, utilities, etc. If your LTR rents at $1000 a month, you can rough estimate it will cash flow $500 a month. How much will a STR of $3000 cash flow you? [link] [comments]  |
| Accidently Listed Cosigner as Co-Borrower Posted: 07 Mar 2018 07:18 PM PST Hello all, My parents are buying a house and my brother-in-law was going to be a cosigner on the mortgage. My parents are putting down 275,000 from the sale of their previous house and the mortgage will be 50,000. When filling out the paperwork they accidentally listed him as co-borrower instead of a cosigner. How will being a co-borrower affect my sister and brother-in-law's ability to buy their first house vs being a cosigner? Thank you. [link] [comments]  |
| Posted: 07 Mar 2018 01:07 PM PST Location: Oregon We have been trying to purchase a home but have been having a tough time because we live in a high demand market. We are first-time buyers with 20% down on conventional loan and can quick close. All offers so far get rejected because it seems all sellers want no appraisal or inspection. We can't do this, so even if we offer a bit more it is rejected. We have tried other options like no repairs under 1000 and inspection within 7 or less day, but it doesn't make a difference. How do people handle this and what other additions do people try? [link] [comments]  |
| Advice for selling fixer upper Posted: 07 Mar 2018 06:23 PM PST Hi, my wife and I are likely getting a divorce and need to sell the house. It's in upstate NY, built in 1920, pretty run down after living in it for almost 15 years. Roof is obviously patched and needs replaced. Sheds are decrepit. Floors are permanently dirty. Kitchen is tiny, though redone in the past 10 years. We have not much $$ to do repairs, and my ability to do physical labor is limited. The value of the home on zillow is $150K. Probably going to sell it as a fixer upper. Any advice? How much less can we expect to get for it sold as-is? Thanks. [link] [comments]  |
| Holdover Clause - Selling To Family Posted: 07 Mar 2018 12:56 PM PST Our house has been on the market for 3 months with 0 showings. My sister approached me about maybe buying our house privately. Since she is my sister and has obviously seen our house and knew about us selling it before we listed it, would the holdover clause still apply? She never viewed it through an agent or during the listing as she knows our house well due to coming over all the time. Would a holdover clause be enforceable in this situation? We currently have a conditional offer on a different house through the same agent, so she'd still get paid in a round-a-bout way when/if we purchase the other place. I am located in Canada. [link] [comments]  |
| Posted: 07 Mar 2018 07:01 PM PST Categories among the Earthquake Hazard Report are 90% "IDK's" or "Doesnt Apply" [link] [comments]  |
| Posted: 07 Mar 2018 10:31 PM PST I am considering slowly doing some improvements to my home. Wondering what I should focus on the most that would give the best return if I decide to sell. Location is Elk Grove, California. [link] [comments]  |
| Family home: Rent-to-buy option? Posted: 07 Mar 2018 03:35 PM PST Hi all! Hoping to get your input on renting-to-buy a home. Is that even a thing/viable option? Currently, my mother-in-law and her sister control the trust that owns the home we are renting. We'd never be able to afford a down payment here in southern california, so we're thinking of creative ways to purchase the home. Any advice? Thank you! [link] [comments]  |
| [TX] Prospect home’s property owned by city? Posted: 07 Mar 2018 08:27 PM PST So I'm trying to gather information for my parents. They're wanting to buy a house but they recently learned that part of the property that looks like is the house's is actually the city's. From what I can gather it's property that the city was planning on using for utilities/light posts I believe? The city ended up not using that piece of property it turns out but it's still owned by the city. Is there anything they can do with going ahead and trying to own that piece of land as well? Or if they can't, would their be any future potential problems? My dad was wanting build on said land. Any advice on where to just start looking for information would be appreciated. I don't really know much about real estate. Thank you! [link] [comments]  |
| Realtor is no good at communication Posted: 07 Mar 2018 02:24 PM PST Hi /r/realestate, looking for a little advice. We live in a small Illinois town (7,400 pop) where basically everyone knows everyone else. We've been working with our realtor since March of 2017. It's a tough market and we're picky so we knew this could take a while, but all through last summer and fall properties seemed to sell fairly quickly. We found the perfect home in November a little over our top budget, so in order to buy we have to have a contingency in our contract that we sell our house. The sellers accepted a fairly low offer, which surprised us, and started an uphill battle. We had our house listed within the 3 day mandate by the contract, thinking it'd be a pretty quick sale. Well, December, January, and February were really slow around here (as they tend to be, but I've heard it was an especially slow winter) but we still got a handful of showings. We had our contingency extended for another 60 day period in January, and our contingency is set to expire again Monday the 12th. We renewed our listing contract a couple of weeks ago and that will expire May 15th, so we requested the contingency to expire the same day and just be done with the whole deal if we still haven't sold. The last couple of weeks I've heard very little from our realtor. We had an open house on February 24th and evidently there was a buyer here that was "sincerely interested" according to our realtor, who had seen it before during a private showing. This buyer apparently has to sell their home (which isn't listed) before buying. It's not our realtor's buyer. Sunday the 25th of February I e-mailed our realtor asking if we could extend the contingency to the aforementioned date. She said she'd look into it and again told me she thought this buyer was interested, and that the home we're under contract for was to be shown that Friday (the 2nd). So I gave her the benefit of the doubt that they were waiting to see how the showing went before following up. Fast forward to Monday and we'd never heard anything, so I sent her a quick e-mail to follow up, asking if they'd made a decision. I heard nothing. So yesterday I texted her asking again if she'd heard, reminding that I'd e-mailed the previous day. She responded saying she couldn't check yesterday (Monday, 9 days after my initial request) but it was on her list for that day. I still haven't heard from her and I'm tired of following up. This has been SOP working with her over the last year. Anytime we have a request or question that can't be answered by her immediately I always have to follow up in order to get a response. Only rarely is she prompt in a response. We chose to work with her because she sells the most houses in town. She was also my 8th grade reading teacher, which shouldn't be a deciding factor, but I'm now thinking she's too busy for her own good. We're now hung up in this deal that could go on until May 15th if the sellers extend the contingency and I'm fed up. I should have an answer to this simple question by now. I feel like she's given up on us (really I can't imagine why we've had nary an offer - I think we're fairly priced). Is there any recourse we could have to get out of our list contract? What do you guys think? Should I keep going after her for information? She's looking to make a pretty good commission between our purchase and sale but I don't feel like a priority at all. Even after showings if I don't follow up with her myself I never hear anything and I'm just pretty over it at this point. It's maybe not a big deal for her but this is a big life altering thing for us. I've even been in contact with another seller who is working with her and she has the same issues with communication. At any rate I'm learning a lot about what not to do when I finally get licensed in a couple years! [link] [comments]  |
| Posted: 07 Mar 2018 07:10 PM PST Of course I'm in the process of purchasing a home. I'm a FTHB. I'm using the USDA loan so I can use the money to do some repairs to the home as it's a REO and the bank is not going to repair anything. Even with it being an REO, it appraised 17k more. Yday the appraisal was 10k more. Today I was sent a new appraisal and it stated they increased the value by 7k bc the carpet will be required to be replaced. Now, the carpet isn't clean but I have had a professional cleaning company come out and state that they can clean it and it'll look new. Ifs really not that bad. My realtor and my loan officer are both shocked by this condition as it's purely cosmetic and something we can repair. Is this normal? My loan officer suggested we just wait for underwriting to send the conditions but this is stated on the appraisal. How should we proceed? [link] [comments]  |
| 1031 and LLC partnership question Posted: 07 Mar 2018 02:37 PM PST I purchased a property in 2015 under my personal name, then transferred title to a joint partner LLC. We would now like to sell the property and do a 1031 exchange. My Business partners finances are better then mine. Can we quit claim the title to his name, sell the property with a 1031 and then purchase a new property under his name and then transfer title back to the LLC? Any one have experience with this? [link] [comments]  |
| Is offerpad too good to be true? Posted: 07 Mar 2018 05:45 PM PST We've been saving up to buy a house. We know the exact subdivision we want to buy in. (Central florida) We're somewhere around half way to a 20% down payment towards the average cost of our dream home in that neighborhood. We currently have 77k left on the mortgage of the current home. We had a realtor come out a couple months ago who quoted us a resale price of around 145k. Then we'd have to pay her 6% commission from that. My husband heard the offerpad commercial so he submitted the info on our home to them. Their first offer just based on what was submitted was 160k. Now that's just the first offer. I imagine after they send their inspection guy out that offer will dip a little, I know the a/c here is on its last leg and there's a few minor cosmetic things it needs. I'm so skeptical of the process, it's seeming too good to be true that we could essentially get enough in escrow to put at least 50-75k down on a new place and pay off the old one? If we sign their contract, and they send their inspector out will the offer drop to an unreasonably low amount and will we be stuck with it? I read their proposed contract, but didnt see much that answers my question. [link] [comments]  |
| Buying a house, owner has 4 dogs, west valley Arizona Posted: 07 Mar 2018 08:47 AM PST My wife and I have been house hunting for a few weeks now. We've stumbled on one that checks pretty much every box we set for ourselves. Here is the kicker, when we went to see the home the current owners were still there. They had 4 dogs, I'm not 100% sure on the breeds but it was 3 pit bulls and a small dog like a chihuahua. There are a lot of stains on the carpet 1st and second story, holes in the drywall, damaged moulding, scratched tile etc. Do they have any obligation to make repairs before vacating? Is this something I should negotiate for? It's been on the market for a week (long time for AZ) and my agent says it's marked about $7k more than comps. Thank you! [link] [comments]  |
| Posted: 07 Mar 2018 06:07 AM PST What's up all. You guys really helped me out when I bought the house I'm discussing three years ago (had a lot of questions about the 203K program) and now I'm on the other side of things. Basically we did a lot of work over the last few years, and at the advice of my realtor we put our house on the market last week (she said it was a hot market and we expressed our desire to move into something larger). She was right, and we got an offer within three days. They offered $500 over asking (220,000) and we owe a little under 118,000. We're paying 5% in realtor fees, so basically at this point I'm just curious as to what the other costs are going to be? How much can we realistically expect to take home at the end of this process? Thanks for reading, and thanks for your help in this whole process! Edit: House is in NJ [link] [comments]  |
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