A lot of work, but is it worth it? [US-WA] Real Estate |
- A lot of work, but is it worth it? [US-WA]
- Buyer asking us to make 20 repairs, not all cheap. We countered and offer to do quite a few of the items but they're still insisting we finish the list. Is is normal to be expected to make this many repairs when selling a house?
- What are different ways you can make profit with a real estate license?
- [First-time buyer] [FL] How do I go about "shopping around" for a mortgage?
- Teardown house on corner, former hoarded house. What is the value for sale now? Please help
- Seller pulled home off market after 3 offers?
- Alternative ways to monetize bare land?
- Central air in 100 yr old house [NJ]
- New House - NASA FCU Mortgage
- What are the pros and cons to leaving my gf off my home loan?
- [NJ] Things to do/not do when viewing apartments
- Question about tax implications
- Best & Final Offer - Feeling Slighted
- Some questions about first time home buying?
- Learning about development
- How is this not fraud?
- Best way to inquire about house not on the market?
- I bought a property, what is its grade?
- My landlord is selling the duplex I live in. What are my rights?
- Buying Raw Land In Oregon
- Buying an investment property in Humble Tx. Good deal ?
- Purchasing out of state?
- What are the challenges of real estate investing on a large scale?
- Why not get an ARM now, and refinance before the rate increases?
| A lot of work, but is it worth it? [US-WA] Posted: 05 May 2018 01:46 AM PDT In Washington, my fiance and I have made an offer on a house that had an asking price of 220,000 and it was accepted at 222,000 with the seller not covering any closing costs because we like the home and there were other offers. The house is from 1940 and it has a guest/mother in law house in the backyard that is unfit for living as well as a couple other problems according to the inspection and sewer scope done today. With the little bit of context out of the way, my problems are only a few but big problems for us. This guest house, as I mentioned before, needs some work. I don't know the specifics because we haven't had a professional come out yet but it looks like the guest house has very moldy walls, poor flooring and we aren't sure about if the plumbing and electrical are even working in it. With this problem, we also need to "sleeve" or "burst" the sewage pipes because they have roots growing in the cement pipes. We also have some light plumbing problems in the kitchen which I'm not too worried about but it's worth mentioning here. Finally, we have some structure damage and would need a section repaired on the back side of the house. Also small, 2x2 foot section in the living rooms hardwood floor needs to be replaced due to water damage because of the plumbing problem mentioned above. Let's set the guest house aside for right now, as it is something I'm not too worried about and wasn't even inspected. With the plumbing, structural damage and sewer problems, should I walk? What are my options here? Is this something I should have the seller fix since I simply can't afford all of this? Back to the guest house, say it's only some mold and flooring, should I repair it or should I tear it all down? What if it's really bad and I need new plumbing/electrical work done? know it's a hard question because I don't currently have pictures or even a real list of problems but if there are options, I'd like to hear them if possible. I'll be contacting a contractor at some point if we stay but I'm trying to figure out if we should even stay based off the problems unrelated to the guest house. Sorry if this post is a little jumbled up, may come back and do some formatting and cleaning up of this post but right now I'm still kinda freaked out from my inspection and it's late and I'm kinda hungry. I don't know but thanks for any advice. [link] [comments]  |
| Posted: 04 May 2018 05:21 AM PDT It should be noted that this is a 1960s rancher that we renovated. The kitchen and bathrooms have been updated and the basement finished, but at the end of the day, it's still an OLD house. I don't feel it's reasonable to expect it to be in perfect condition with nothing wrong with it. We are also already paying $8,500 towards their closing costs.
We accepted all repairs except:
Our rationale for what we did not accept is because some of it was clearly visible during the home walk through and should have been factored into what they decided to pay for the home (the broken lamp post, the foggy sliding doors, the messed up brick behind the house. This is all aesthetic stuff that does not affect safety or functionality). The fireplace... we've NEVER used them, don't know anything about them. They're pretty much just decoration. I told my real estate agent I wasn't sure if they worked when we listed the house, I don't know if that was communicated to potential buyers (edit: just spoke with my agent and it was). My dad said there's a chance getting them functional could involve knocking out the brick behind the house which is WAY more money than I am willing to spend. We opted not to replace the staircase because it isn't actually broken. Same for the microwave. They responded and are basically saying they still want us to do the rest of the repairs. We definitely don't want to lose the sale, but I wasn't planning on spending thousands of dollars fixing up this house more than we already have. Is the buyer being unreasonable? I'm happy to offer them up to a $1k credit but honestly I think they're asking a lot of us and aren't being realistic about what you're getting into when you buy a 1960s home. Just because we made some updates doesn't mean it's reasonable to demand we make it flawless before they buy it. Especially since we're already paying $8,500 towards their closing cost, which brings their total offer we accepted down to $11k below asking when you factor that in. Help me out guys. We're young and inexperienced and I'm not sure what to do here. EDIT: Thanks guys! This community is so helpful! I still need to discuss with my husband and get his opinion, but this is where my head is currently at: I would like to offer them three options, 1) they accept the original list of repairs we agreed to and nothing else, 2) we make all repairs except to the fireplaces if they agree to raise the purchase price by $5k, or 3) they release us from our contract and we relist the house ASAP. It's already been off the market a month now so if they're planning on backing out I need to know today so we can get it back up. Since this got so many responses I'll be sure to post an update to let you all know the outcome. Thanks guys <3 [link] [comments]  |
| What are different ways you can make profit with a real estate license? Posted: 04 May 2018 04:08 PM PDT Currently in the state of Ohio. Make a pretty decent salary from IT but quite honestly it's one of those jobs where no matter how many hours you put in, you're at your limit. I've watched a few youtube videos from successful realtors, and even wholesalers(Which from what I read is borderline illegal without a license?) I'm also interested because I've ran into plenty of people who own multiple homes and just let them sit for years and just use them for vacation homes. They don't bother renting it out simply because it's not worth the hassle. So if I were to obtain my realtor license, and attempt to branch out on my own, what are some ways I could make money? I know I could sell homes and get a percentage cut, but what about being a property manager? Or like mentioned before wholesaling? Lastly I'd like to hear some of your opinions and experience on the whole ordeal. Seems like there's two sides- some stating that a lot of the get-rich-scheme is bullshit, while others are actually making quite a profit from following through. [link] [comments]  |
| [First-time buyer] [FL] How do I go about "shopping around" for a mortgage? Posted: 04 May 2018 05:48 PM PDT I'm no expert, but my stats are ideal. Mid 30's, 10+ year employment with the same company, 20-30% down on a sub 300K house, 800+ credit score, no credit card debt, 1 small car loan that's $215 a month that I could pay off tomorrow if I wanted. I've put this off for a while out of laziness and other personal factors. I think it's time now. I'm single, so I'm heading into this myself, with no experience. I do have some slight help.
I've heard, "Start with your bank and then shop around." No I don't have an agent yet, but I've heard to get pre-approved first. Quick glance online shows chase saying 4.625% for a 30 year fixed. If I go in to my local branch, might it be better? I saw a post yesterday here that said to check with bankrate.com, which I'm seeing 4.250% as the lowest and several at 4.375% Those seem a lot better, is there a catch? So start with Chase in person to confirm a rate and then maybe ask my coworker and friend's dad what they can do, and then start checking with these random online sites (none of which I've ever heard of, but this whole thing is all new to me)? Thanks for any advice/comments. [link] [comments]  |
| Teardown house on corner, former hoarded house. What is the value for sale now? Please help Posted: 04 May 2018 03:15 PM PDT Have a house that mom abandoned after dad died from cancer. It's a hoarded home and it's falling apart. The property is in North Jersey and the estimated value is 450,000 on zillow (this would probably be close to the value if the house wasn't a teardown). The outside looks alright but has some boards and the inside is uninhabitable due to mold and garbage. Mom has no retirement money and is getting old and wants to sell the house. Please help, i have no experience or knowledge with real estate. Who is the best kind of person to sell the house to? Contractor? Private sale? How much of it's original value does a property lose in this situation, is the land worth anything? They just built a 1 million dollar house across the street and all the houses in the area are very nice and selling fast for 400-600k on the same street. Mom has gotten calls about selling the house but doesn't where to begin in terms of it's value. [link] [comments]  |
| Seller pulled home off market after 3 offers? Posted: 04 May 2018 10:59 AM PDT Hi, so we submitted an offer to a house we wanted at a little over asking price since we found out 5 offers had come through. Last night we were notified that they had 11 showings yesterday and 2 still today and that we were the final 3 offers they were considering and would know by tonight. Last night I noticed the MLS now says off market. Is this normal? What does this all mean? Location: Illinois [link] [comments]  |
| Alternative ways to monetize bare land? Posted: 04 May 2018 12:22 PM PDT Looking for creative ideas to monetize 1 acre of bare land in the Florida panhandle. The lot is in a semi-rural area roughly 15 mins from the city, is on a paved road and not in a flood zone (Zone X). Can get electric and there is already a well. Too far from a highway for a billboard, and Verizon has not responded to my request to install a cell tower (cell coverage is awful in this area, including along the highway). Being unsure of how a rural rental would perform, I am skeptical about building a house onto it, and absolutely want to avoid installing a mobile/manufactured home. What are some unconventional ways you have (or have heard of) monetizing bare land? [link] [comments]  |
| Central air in 100 yr old house [NJ] Posted: 04 May 2018 10:48 AM PDT What can I expect to pay to install central air in a 3k sq ft 100 year old house? I know cost can vary a lot but what's the high end of what this could cost? Would love to hear from someone who's done something similar. [link] [comments]  |
| Posted: 04 May 2018 03:30 PM PDT |
| What are the pros and cons to leaving my gf off my home loan? Posted: 04 May 2018 09:11 PM PDT I got approved for an FHA Loan on my own me and my gf think it might be a good idea to leave her off the loan with the potential of using her first time home buyer credit 5 years down the line and depending on the market at that time either selling or renting out my purchase. Leaving cynicism out of this is there any benefits or downsides I'm not seeing to this plan? Thanks in advance this is California if that matters [link] [comments]  |
| [NJ] Things to do/not do when viewing apartments Posted: 04 May 2018 08:52 PM PDT I will start viewing some apartments (with intent to buy) with my agent this weekend. I'm wondering if there is proper etiquette when checking out apartments. Q1: On the first visit, is it normal to check thoroughly little details like whether the sockets and light switches works, filling up the sink, etc. [as recommended here]? I feel like it's a bit awkward especially if the current owners are still occupying the space. Q2: The questions I have for owners are just "what's the heating system (gas, electric)?"; "HOA fees and other monthly fees? What does HOA fee cover?"; "HOA rules, if any?"; "Why are you moving out/selling?"; "If I have follow-up questions, what's the best way to reach you?". Anything else that I'm missing? Am I asking too many unnecessary questions above? Q3: I guess what I'm trying to understand is if this is the first and only time that I'll have a chance to inspect thoroughly of the apartment before making the buy/not-buy decision. Since this is the seller's market, I'm afraid if I like an apartment, there'd not be another viewing/inspection opportunity before I submit my offer. Am I wrong to think that? Thanks in advanced for your answers/suggestions! [link] [comments]  |
| Question about tax implications Posted: 04 May 2018 08:31 PM PDT To make a long story short, we wanted to relocate back to Florida. My mother in law offered to pay off the mortgage of our house in Tennessee as a loan until it sold so we were free to purchase a home in Florida without any issues. Our home has sold in Tennessee and we have paid them back. My question is, since we are married filing jointly and it was our primary residence less than $200k, are there any unique tax implications I should be aware of because of the strangeness of the off the books money used to pay off the home? Any advice you could give would be great. [link] [comments]  |
| Best & Final Offer - Feeling Slighted Posted: 04 May 2018 08:07 PM PDT I put an offer in on a house. There's apparently other offers on the table so the listing agent asked us for our best and final offer. We submitted our best and final offer by deadline only to find out that the listing agent is still going through with an open house this weekend. I can't help but wonder why the agent asked us to submit a final offer if he is still going through with an open house. Why not just tell us that the seller wants to think about our offer instead of asking us for our best and final? Should I be offended (because I am)?? Doesn't seem like this is how deals should get done. [link] [comments]  |
| Some questions about first time home buying? Posted: 04 May 2018 06:37 PM PDT My husband and I are hoping to buy our first house as soon as possible. We are currently renting a house, and getting an amazing deal on the rent, but we are just tired of renting, we don't love the house we're in, and we just found out that the next door neighbors are going to be tearing down their house and building a new one, and we don't want to live next to a construction site for the next year. Here's our situation: I'm a stay at home mom and he's been at his job for two years. Before that he was in the military, so we're eligible for a VA loan. He makes $56k + $1000 bonus here and there. At the end of October he is scheduled for a $10,000 raise and in Oct. 2019, he will get another $12,000 raise, so in under a year and a half, he'll be making 78K (I also work part time a few weeks during the holidays and bring in about $2000/year). If he is to advance in his career beyond that, we will probably have to move to a new state in 3 or 4 years, so that's what we're planning on. We want to buy a house, live in it for a few years, and keep it as a rental if we move. I assume a lender wouldn't be interested in what he claims he'll be making in a year, but that's part of how we figure what we can personally think we can afford. If we have to wait a year and a half to buy, that would be disappointing and less than ideal, but okay. We live in a part of the country where housing is expensive and it would cost at least $350 to buy a nice enough house that it would be worth moving out of the house that we are in. We personally feel that we could afford a $350K, maybe 400K at the most, but we don't know whether or not we would be approved for a loan. Since we qualify for a VA loan, we technically don't need to make a down payment, but we could afford to dip into our savings and put down maybe $50K. We both have good credit and could probably bump it up to over 80 pretty easily by paying down our credit cards. Other than a few thousand in credit card debt that we regularly pay off, we have no debt. We also both have parents who are financially stable homeowners who would be willing to co-sign on a loan for us. My questions are: 1. Does it sound like we might be good candidates for a loan of at least $350,000?
Any additional tips, advice and insight would be appreciated. Thanks [link] [comments]  |
| Posted: 04 May 2018 06:19 PM PDT What are the best sources to learn about RE development? Im fascinated by the skyscraper scene and would love to go into that some day, even if it's taking part in a multi-investor project. [link] [comments]  |
| Posted: 04 May 2018 09:05 AM PDT Hi there. My screw-anyone-for-a-buck relative is about to start another get rich quick scheme and I'm not knowledgeable enough to know just how bad it is. Please chime in if you have anything to offer! So here's the situation: he (41) is in a land contract to buy a historical house in a downtown neighborhood. He's been in this contract for about three years, but hasn't paid on it in two years because he's been unemployed or irresponsible with money pretty much my whole life. He's in the middle of being sued by the homeowner (seller?) for unpaid "rent" and late fees and also has a lien against him for the house. I should mention that he was in a terrible motorcycle accident a few years ago and therefore has a disability lawsuit pending also. He now plans on renting the house to a third party (whom he met at a liquor store), collecting rent from this person, and moving an hour away to start over. This just sounds so illegal to me. He hasn't paid the homeowner in years but can collect income from renting the same home? Can anybody explain to me how anyone could think this is a good idea? He explains it by saying that the house belongs to him outright and that he can do whatever he wants with his home. How is t his home if he only paid 8 months of a 10 year contract? This relative is a very close but toxic family member who doesn't seem to think things through. I want to help him stay out of prison. Edit: location is Michigan. [link] [comments]  |
| Best way to inquire about house not on the market? Posted: 04 May 2018 11:48 AM PDT Background: There is a fairly old house near my work that has been vacant for at least a few years. Plywood over doors and windows, the whole 9. BUT the brickwork looks strong, the roof is still intact, and someone mows the yard at least a few times a year. After doing a property search, the owners live out of state and the house is part of a larger parcel that they own (something like 100 acres) that is used for farming. The house has maybe 1.5 acres in front of it, leading to the road, that is not used for agriculture which I would also be asking to buy. All of that is to say, would it be best to enlist a real estate agent to make contact with the owners or should I? Will it make a significant difference either way? Also (and I know no one can really answer this, just asking for gut feelings), what are the odds that they would be willing to sell? Thanks, [link] [comments]  |
| I bought a property, what is its grade? Posted: 04 May 2018 05:27 PM PDT Hi all, I see investors talking about their rental properties as A, B, C etc. and I don't know how those grades are determined. I recently acquired a 3/2.5 property on Blue Grass Pkwy in 46143. The zip code has a higher median income than the rest of the state but I have no idea what grade my property is when investors ask. Thanks! [link] [comments]  |
| My landlord is selling the duplex I live in. What are my rights? Posted: 04 May 2018 09:35 AM PDT Back story: I live in Minnesota. My landlord is selling the duplex that I live in. My husband and I moved from upstairs unit in to this much nicer, and more spacious unit downstairs. It's been wonderful. Rent is cheap and my mother is moving in to the unit upstairs now. The landlord agreed to wait until my mother's lease was up and left the unit unoccupied. The week she was supposed to move in we got the news that they were only letting her sign, at most, a 6 month lease. They were really trying to pressure her in to a month-to-month lease. Apparently, the landlord wants to sell the place so if the buyer wants the place to be owner-occupied they can just move in upstairs (kicking my mother out of her home in the process). We are furious. We feel very used and lied to. But my mother still wants to take the 6 month lease because the rent is cheap and she will be able to save money. So I'm going to have to move her again in 6 months. Sigh. There is a chance an investor will buy the place and be happy with the stable family unit occuping the home. But if that isn't the case it is very very unlikely my husband and I will get to keep living in the nice downstairs unit if it ends up being owner occupied. We don't want to buy the property because it is riddled with very expensive structural problems. That we know the landlord has been trying to hide.. caulking over the large 45degree angle cracks in the upstairs. Spraying sealant over the stone foundation to hide the black mold and cracks. Using double stick tape to keep cheap flooring down. Stuff like that. Also, the landlord is using a woman who lost her rental agent license to write my and my mother's lease. I don't know what to do about that. Another thing. There was an inspection that yielded many red flags and this is when the landlord decided to put it up for sale. My mother's unit wasn't fully inspected because it was unoccupied at the time. How do I make sure that this actually gets done? My husband and I are good tenants but we are messy people and still haven't settled in from the move since we have a lot of stuff. How clean does our place need to be for the showings? Is there anything I can do to help the prospective buyers know about the bad structure of the house? *tl;dr: Crappy landlord is selling the duplex we live in and lied to my mom about being able to sign a year lease and doing other shady things. What can I do to protect my family? * What rights do I have as a tenant whose slumlord is trying to sell the place? How clean does my place need to be? [link] [comments]  |
| Posted: 04 May 2018 04:20 PM PDT I am planning on buying some raw land in Oregon, but I have never bought real estate before and I am planning on paying cash for the property. Looking in the Rogue River valley, between Ashland and Medford areas. I understand that a lot of land there is zoned as recreational, since I am a first time buyer, should I hire a real estate attorney or just find a local agent? [link] [comments]  |
| Buying an investment property in Humble Tx. Good deal ? Posted: 04 May 2018 03:53 PM PDT I have signed a purchase agreement to buy a SFH in Humble Tx, 2006 construction. The property was not flooded during last hurricane. The monthly rent is coming out to be $1700k. This is part of 1031 exchange which seller is performing with dozens of property in his portfolio. They are claiming 2yr worth of rent and would have sub lease right. Property would be rented to section 8 tenants. I have personally been at property, met with seller and tenant. I liked the deal, is there something I need to worry about?. This would be giving me opportunity to positive cash flow from first year. Also, if this deal seems interesting let me know, seller has more off market properties before he post them on roofstock next month. [link] [comments]  |
| Posted: 04 May 2018 03:44 PM PDT I currently live in CA, the bay area to be more exact. My wife and I were pre approved for 650k but the market here is insanely competitive and that coupled with a VA loan and us wanting to keep the cost lower to keep the monthly payment reasonable we're thinking about leaving the bay area now because it seems impossible to buy here in our range. We love our jobs and my company has many positions open in CO. How would I go about getting a loan for a house somewhere I don't currently have a job or live, I'd be willing to buy, send my wife and somethings out and join her once I land a position. Is this possible? [link] [comments]  |
| What are the challenges of real estate investing on a large scale? Posted: 04 May 2018 02:39 PM PDT Hi all, Just a quick background on myself. (TL;DR below). I'm a 19 year old college student at the University of Iowa majoring in finance but my real interest in life is real estate investing. I'm a big follower of Bigger Pockets and other successful real estate investors on the web and am currently just trying to soak up as much knowledge as I can. After listening to the BP podcast for years and pouring over hundreds of youtube videos from other entrepeneurs, one thing I've noticed is that a lot of the content out there (including on this site) is almost entirely dedicated to small time deals. I'm talking houses, duplexes, small apartment complexes, etc. Many people have found a lot of success in those markets, but I often wonder why people don't expand to bigger things. If you're someone who has been successful dealing with small properties, what's stopping you from going for 50+ unit apartment complexes or luxury apartments? To be more specific, what are some of the barriers of entering those kinds of markets? Grant Cardone makes it sound easy, but obviously there are numerous challenges to making that kind of leap. Thoughts? TL:DR; If you can make it with small properties, what's stopping you from chasing bigger properties? [link] [comments]  |
| Why not get an ARM now, and refinance before the rate increases? Posted: 04 May 2018 12:02 PM PDT This was suggested to me by my local credit union rep, who says I can refinance at any time without penalties. ARM's have such a bad reputation and I understand why, but I don't see any downside to this. Edit: location is NC. ARM's are 2/1, 3/1, and 5/1 [link] [comments]  |
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