Advice: Oahu market is on Fire. But I might be forced to move there. Real Estate |
- Advice: Oahu market is on Fire. But I might be forced to move there.
- First time buyer - Agent wants me to sign a new amendment without the word 'mold'
- Seller pocketing payments in seller finance flip
- Real Estate into the Blockchain!
- Am I thinking correctly about buying my FiLs house?
- Are “tract” one-off home builders common in the SF Bay Area?
- Paying off car at start of mortgage process
- How do people find duplexes?
- Need advice on possible first real estate purchase
- Fixer Upper: Residential or Commercial?
- (Pa)Issues with builder at new home.
- [VT] What does "house site has been blasted" mean? I live in Tx currently and I am not familiar with the term.
- Proper etiquette for dealing with a realtor in a hot market
- Should I be getting more info from my mortgage lender?
- First Time Homebuyer - $1k in lieu of installing vent fan?
- [IL] When should I drop the price on my house?
- [FL] Fist time home buyer need advice
- What do you think of companies like Homeunion?
- First time home buyer buying a FSBO home. We have so many questions and can't find answers. [WI]
- Buying house overseas?
- [AL] 4 unit property auction (first time home buyer)
- Inspection reveled a lot of things need replaced. What to do?
- Can anyone give me some insight on FHA loans?
- First time home buyer- what MUST i include/ask my realtor about, regarding the contract.
- [MN] Best Time of The Year to Buy A Condo
| Advice: Oahu market is on Fire. But I might be forced to move there. Posted: 29 May 2018 02:47 AM PDT There's a good chance I will be moving to Oahu within the next three months. I do have a couple questions if anyone out there is familiar with the market. I will lay the ground work a little, then ask questions. 1. Income: 115k a yr. no debt and a VA loan is a possibility(prefer 0 down) but would go up to 40k if it's advantageous. Would I even be considered for a 650k+ mortgage? If not what number do you think the banks would feel comfortable with? 2. I am familiar with the area, and prices seem slightly inflated at the moment. Would it be better to rent and wait for either a correction or retirement (4yrs away)? 3. I am looking specifically for windward side north of Kaneohe south of Haleiwa. Should I just jump on anything I see in the price range since it's slim pickings? If you were in this situation would you think it's better to rent or buy? Rent or buy I will be moving to another country within the Polynesian islands after my time in Hawaii. [link] [comments]  |
| First time buyer - Agent wants me to sign a new amendment without the word 'mold' Posted: 28 May 2018 09:02 PM PDT I really feel like I'm in a pickle. Any advice would be greatly appreciated!! My offer was accepted on a home in MN. The inspections were done and there is some mold in the basement and attic. We offered the sellers an amendment to the purchase agreement with a choice to remediate the mold and repair damage, or lower the purchase price. They agreed to lower the price. Now my agent sent me a new amendment for me to sign that just says we agree to the lower purchase price and nothing else. Agent says he doesn't want the word 'mold' on the agreement, and doesn't want our lender to know about the mold because it will be a red flag and the lender will insist it be remediated prior to closing. Agent also says it isn't enough mold for an appraiser to flag and told me not to talk to the lender about the mold. Now that I know all that, I would much rather just have the seller fix it now and pay full price. Can I ask the seller to repair it now instead of lowering the price, even though they already agreed to the lower price? Is it normal to get a revised amendment? Is it possible that the mold is not bad enough to raise a red flag on the appraisal? Thanks so much! [link] [comments]  |
| Seller pocketing payments in seller finance flip Posted: 28 May 2018 09:23 PM PDT [ID] Hello everyone, My SO and I recently took on a property as a flip investment that had some great margins (just under six figures). The house didn't need a lot of work and we were going to use loans for most of the financing. The owner later agreed to seller finance it if we paid him on top of paying off the loan, which saved us a significant amount in terms of interest expenses, but all of the loans we were considering would not do just the rehab. We decided to just try and fund it all ourselves and move ahead with the seller financing. A contract was signed with the local title company and we have been paying the owner rent since we have been working on the house. Project was about 6 weeks in when we received a full price offer from the first couple who asked to see it, house appraised at just under what we were asking, but still left us with a large amount of profit at the sale. We really cashed out with our anticipated close date coming at the end of the month to make sure it was all finished, and two day's before closing, the offer was pulled (citing cosmetics) and they even paid us their earnest money. We haven't really shown it to anyone else and it was just placed on the MLS. I'm confident it won't be on the market long, but we were notified today that the owner's loan is in foreclosure because they have not been paying the rent since we have had the property, citing a negative balance plus fees of what we had paid them, but wasn't given to the bank. With today being a holiday, I didn't do much research and most places I would ask were closed, but I'm very concerned now with how this will affect the sale of the property. We've invested a lot of money, even to the point of taking on some significant debt and a few IOU's for subcontractors contingent with the sale, so I'm worried the owner pocketing our money is going to keep me from selling it to someone else. If things go really sideways, I'm likely going to be paying this for at least a few decades. The margins are so great that I could take a god-awful lowball on it and still get out, but now I'm concerned on if I would even be able to do that. Thoughts, questions, advice? Thanks in advance. [link] [comments]  |
| Real Estate into the Blockchain! Posted: 29 May 2018 03:04 AM PDT Dear enthusiasts, I stumbled a lot of recent articles regarding real estates moving into the blockchain through various projects, currencies, coin offerings, etc. Has someone encountered anything like this? As a landlord, I'm considering such efforts as a way of investment, as this might enhance my doings. Any opinions? [link] [comments]  |
| Am I thinking correctly about buying my FiLs house? Posted: 28 May 2018 04:00 PM PDT My parents in law currently are in the process of building their final house and currently live three houses down from my wife and I. We live in a metro area that is very close to a lot of attractions and is an overall very desirable place to live. Our house is completely redone and worth about $320-$330k, 2 car garage and a colonial, with a .2 acre lot. Our parents house is 19 years old, split level, 3 car garage with the third largest lot in our subdivision, .35 acres. Houses are their design are selling for $375-$400k left and right so I know that updating their house would greatly increase the investment. We owe $200k on our house currently. They offered to sell it to us for $310k on a 3 year land contract at zero interest. Their layout and lot are really enticing us, however we don't know if it makes sense. To me, it seems like a no brainier but I'm wondering if that's because my head and heart are telling me to blindly say yes. I posted this to a different subreddit and one user suggested I pull the equity from my house and use it for the down payment on my FiLs house and use mine as a rental. Edit: my location is Michigan [link] [comments]  |
| Are “tract” one-off home builders common in the SF Bay Area? Posted: 28 May 2018 10:50 PM PDT A friend of mine has been looking into getting a home made in the Bay Area (Watsonville, aptos area) and the quotes he got on having a house made were all in the 300 $/sf range. I had thought that you could get a non-custom house made for around $150/sf, so that number seemed really high. I was hoping to have a home built in the future so this was disappointing to hear. Does anybody know if home builders in the area will give a more reasonable cost for just an off the shelf copy-pasted California home? Or is that type of price per square foot only feasible in Southern California now? [link] [comments]  |
| Paying off car at start of mortgage process Posted: 28 May 2018 05:50 PM PDT I have an accepted offer on a home ($280k) and have agreed with the seller on $5k in credits at closing from the inspection results. I am putting 10% down. Planning to close in late July, early August. I expect closing costs will be ~$6-7k. Downpayment is 10% ($28k), so ~$35k minus $5k seller credit, closing at $30k. We'll start the mortgage process this week. I am also planning to downgrade my car. I have a company vehicle and drive my personal car ~50 miles max per week. It's KBB private sale is $22-23k. I have $7k left on the loan ($262/month). I don't really drive it enough to enjoy it or get its full utility. I would like to downgrade to a pickup truck for the upcoming home improvements. I'm looking at used trucks, $6-7k. My liquid assets right now (excluding retirement) are ~$58k, so I have plenty to cover the closing costs. Am I screwing up the mortgage process by paying off the car loan now? I'm paying off my only other debt (reducing DTI). And I still have plenty to cover the closing costs. My DTI with the mortgage is ~28%, plenty of buffer. The pickup truck would be really helpful after closing to start. I should also come ahead ~$14k in liquid assets. I'm not sure if I'm missing something about the mortgage process, if I should keep my finances as simple as possible? Location: Illinois [link] [comments]  |
| Posted: 28 May 2018 08:09 PM PDT May be a naive question, but I'm genuinely curious, as I consider buying my first home as a duplex. I try out Redfin and filter by "multi-unit," but most properties that show up are just "half-duplexes," which I presume is the sale of only one-half of the duplex. I see some "full duplex" results, but is there a way to just filter by "full duplex?" Or how does browse for full duplexes in general? [TX] [link] [comments]  |
| Need advice on possible first real estate purchase Posted: 28 May 2018 10:47 PM PDT Hello r/RealEstate! My girlfriend is probably leaving California for a while for medical school, and I wanted this opportunity to begin my journey in real estate investing. It will be a great way to provide her a place to call home while in medical school, and could be a great way for me to enter and purchase my first property. Now, real estate doesn't seem feasible to a 23 y/o in the Bay Area of California, but I believe it is possible out-of-state. Although some may hesitate to buy out of state, I will have a reason to travel to the property time after time and actually be present to monitor the condition of the property as time goes on. If anyone has input on how this could be good or bad, please feel free to let me know. I am here for all advice and I will be reading and absorbing this information to make the best judgement. I would ideally like to have a two-family (multi-tenant) property with my girlfriend occupying one space and renting out the other. Or another idea would be to go for a single-family home, my girlfriend occupy a room and rent out the other rooms. I am hoping these two scenarios will cover the cost of monthly payment on a mortgage, and allow my girlfriend to be stress-free of rent. Even though I would ideally like to travel to her once a month, I'm sure I'm assuming correctly that it doesn't mean that I can handle all the extras to come with owning a property. Whether it be maintenance and management, tenant screening, etc. So would it be best to sign on a property management company to help with the weight of owning a property? Are there any laws (I know it's unclear what state, but any general input would be helpful) or rules on how much property I have to own or profit I must calculate to receive to sign on a property management company? What are some of the main concerns I have possibly neglected to review? Any consideration to help me better understand possible scenarios to come would be appreciated. As with any first time investment, people can become very enthusiastic and forget to consider some of the most important factors to a new step. I wanted to reach out to this community which I have followed for a while to engage the intelligent people to learn from y'all. Thank you very much for reading and thanks in advance for any thoughts you'd share! [link] [comments]  |
| Fixer Upper: Residential or Commercial? Posted: 28 May 2018 08:37 PM PDT I bought a historic fixer-upper home at a foreclosure auction last month and recently discovered it's also zoned for commercial use. I had planned to renovate it and use it as a residential rental but now I'm wondering which is the best way to go. Here's a little more background. The home is at the edge of a historic neighborhood right outside our city's downtown. I currently own two other historic homes in the neighborhood (including the one where I live), both of which I've completely renovated. This house I just bought is surrounded by residences on all sides, so it never occurred to me that it would be zoned commercial. Anyways, gentrification is finally coming to our city (midsize city in the Southwest US), so this house would be a great location for a restaurant, coffee shop, or quiet bar. I've never invested in commercial property, or even considered it, so this would be a totally new thing for me. What would be some of the upsides/ downsides of going commercial? What advice do people have? And to be clear - this would be to rent the space to someone who wants to open a business, not to open the business myself. Really appreciate any advice! [link] [comments]  |
| (Pa)Issues with builder at new home. Posted: 28 May 2018 03:44 PM PDT So me and my wife bought a new house in November. Decently priced, its a half a double with another half a double next door (4 units in total). I believe in my state (pa) we get a given warranty for a year for certain things. We have drywall cracking, broken windows, minor sink holes, basement leaks, erosion issues the list goes on. None of these are real major but big enough to cause concern. The builder we can never get ahold of. He only seems to care when there is a major issue(neighbors house started to flood due to no sump in sump pit). So recently my attached neighber got ahold of him and cursed her out over phone. She just want him to come out and look at the roof and sump. He did come out and flipped shit at her and in front of her toddler. He belittled her the whole time trying to make her look stupid. When asked who put our roof on he said he has no idea. He is the signed contractor for every part of our house. I gave her a sheet to give him and fill out for water heater warranty, he out right refused and left. I caught the 20min argument on my security camera and its disturbing at best. We do plan on getting a lawyer. But is there anything else that i can do to put pressure on this builder. Im in contact with my real estate agent and they are looking into it as well. I told everybody that i do not wish to speak to him directly anymore and that he should not be allowed near women or children anymore. Thank you for your time. [link] [comments]  |
| Posted: 28 May 2018 06:30 AM PDT Thanks u/lettersfromthesky for let me know I could post the link. Here is the home in question. Looking for a home in Vermont. From the post, "The proposed house site has been blasted and will allow for a walkout basement with broad views of the mountains"... Oh, and how do you have a walk out basement? Anyway, thank you for your help. p.s. Sorry if this is not an appropriate submission. Let me know if I did anything wrong and I will fix it. Edit: Thanks everyone for the replies! [link] [comments]  |
| Proper etiquette for dealing with a realtor in a hot market Posted: 28 May 2018 10:17 AM PDT We are first-time homebuyers and have a realtor who seems great, and she's very enthusiastic and informative. However, we live in a hot market where houses are sometimes sold within hours of being listed. Is it acceptable for us to try to arrange viewing appointments without waiting on her to do it, or is that considered rude? [link] [comments]  |
| Should I be getting more info from my mortgage lender? Posted: 28 May 2018 11:18 AM PDT I made the mistake of just going with the mortgage lender my realtor suggested and not shopping around. Now I have my offer accepted on a house and am filling out a loan application this week and I don't really have a good idea of what rates for the loan and PMI I can expect. I have just been basing my budget off of online rates. I know I should have done my due diligence beforehand, and I just emailed them and asked them to give me a quote, but I'm kind of irked that my lender hasn't been upfront about these things. Anyone know if this is standard to walk into an application process without knowing the exact terms they're gong to get? [link] [comments]  |
| First Time Homebuyer - $1k in lieu of installing vent fan? Posted: 28 May 2018 02:41 PM PDT Hello. We've had an offer accepted on our home and had the inspection completed. We sent a list of repair requests to the sellers and they have countered. They have agreed to fix everything we have asked for but are giving us two options; 1) Fix everything, include a home warranty and 2) Fix everything but not install a new bathroom vent fan and still include a home warranty. If I can get $1k off my closing costs, I believe that I can find someone or install a fan myself for far less than $1k. Am I thinking about this wrong? Any advice appreciated. Edit Located in the Midwest, US. [link] [comments]  |
| [IL] When should I drop the price on my house? Posted: 28 May 2018 03:23 PM PDT I'm currently trying to sell my townhouse without much luck. My real-estate agent has only been somewhat helpful, originally listing it around 160k. A townhouse down the street, which is the exact same size, came on the market at 155K. After 30 days with only 1 showing on our property, we dropped our price to mach theirs. We've now been on the market for approximately 45 days, and have had 1 open house and only 1 showing. At the open house, only 2 people showed up to see it. It's in good condition and is clean for the pictures that were taken. I'm wondering what you guys think I should drop the price to and when? The obvious answer would be "ask your agent" but the guy hasn't done much in terms of guiding my decisions, he's basically just doing whatever I request... I've entertained the idea of firing him but I'd rather stick it out a little longer with him. I am located in southern IL, near St. Louis, MO. Thanks [link] [comments]  |
| [FL] Fist time home buyer need advice Posted: 28 May 2018 08:07 PM PDT Hey I've been lurking trying to get a feel of what the real estate market is all about I'm in the process of looking for a house but when crunching numbers if I want to stay in the same budget at my current rental and buy a house I'll be spending 300-500 more a month than just renting. I don't have a 20% to put towards a down payment . The houses I've and that are in a good price for the space are either too far away 45min to 1 hour from.my work while I'm currently 15 minutes from the office or are in bad neighborhoods. Should I wait it out and save more for a down payment and buy in what I consider a better location or just bite the bullet and deal with the increase. Right now.my area y very hot sellers market good houses are not lasting more than 3 days [link] [comments]  |
| What do you think of companies like Homeunion? Posted: 28 May 2018 03:57 PM PDT |
| First time home buyer buying a FSBO home. We have so many questions and can't find answers. [WI] Posted: 28 May 2018 02:38 PM PDT Hey everyone, my husband and I are looking into purchasing a For Sale By Owner home in Wisconsin and we are so lost in the process and have zero idea what to do next or what we even need to do! We've worked with a realtor in the past, and with nothing coming from that after 1.5 years and multiple offers on a few homes in this terrible market, we finally caught a break and through the grape-vine, found a home we are greatly interested in. We are currently living in a rental with month to month rent. As of now, we've we have a verbally accepted offer, we are pre-approved through the bank, have an inspector lined up for when the actual paperwork for the accepted offer is signed, but where on earth does all of this happen. I can't find a step by step guide online and we are so burried up our noses in confusion. This is the sellers first FSBO home also so they equally have no idea what they are doing. I hope this makes sense. We are just trying to figure out what the next step is, where to get paperwork done, oh someone please help! [link] [comments]  |
| Posted: 28 May 2018 08:39 AM PDT Is it possible to purchase a townhome/condo in a different country? For example: I live in the united states, could I travel to London and purchase a home? [link] [comments]  |
| [AL] 4 unit property auction (first time home buyer) Posted: 28 May 2018 04:49 PM PDT Hey gang So FTHB looking at going to a property auction. It is a court ordered auction from what I've been looking for I couldn't find last years property tax in my county on it. I drove by the property today and say a flyer outside of it saying 3 units are currently rented. Behind the property is a big complex (around 60 units I think). So tomorrow I'm thinking about going to the police and asking bluntly if there's been anyone murdered/meth cooked/general violent crime happen in this property. From the outside it didn't look bad and the area it's in is pretty decent. The units are all 2 BR 1 BA, no clue what they're currently renting for. The complex behind it they're getting around $650 for studios. I plan on using the VA home loan as opposed to conventional. The financial planner has preached that using the VA home loan for a multiplex is legal as long as I live in one unit. I'm hoping to score it for around $130k. The auction has a buyers premium of 10% but I'd sure hate to get shot in the gut. Instead of land lording myself I'm thinking about shelling out to a property manager while still living in the place, not sure if this would help me from a legal perspective or if in the worst case scenario they would handle the grunt work. Someone please give me some insight onto how that works. The last few auctions I went to the homes in question looked great and went under market value, (wished I picked up the last one). But being a homebuy [link] [comments]  |
| Inspection reveled a lot of things need replaced. What to do? Posted: 28 May 2018 04:46 PM PDT My home inspection reveled that the water heater, hvac, and roof are all +5 years past their life expectancy. The inspection report said those things need replaced soon. There are also a long list of other expensive repairs to do. My agent thinks the seller PROBABLY won't pay for the specifics above. What should I do? [link] [comments]  |
| Can anyone give me some insight on FHA loans? Posted: 28 May 2018 12:58 PM PDT I want to buy a house buts it's going to take way too long to save up 20% of the house I want so I was looking into an FHA loan as an alternative. I'd like to hear some thoughts on this. [link] [comments]  |
| First time home buyer- what MUST i include/ask my realtor about, regarding the contract. Posted: 28 May 2018 04:22 PM PDT title says it. just wondering what i need to include as far as inspection and closing costs etc. East Tennessee USA [link] [comments]  |
| [MN] Best Time of The Year to Buy A Condo Posted: 28 May 2018 03:07 PM PDT Is there a generally best time of the year to buy a condo in MN? Can you review a condo association's financials before buying the condo? What do you look for? How do you know the condo association's monthly fee is reasonable? [link] [comments]  |
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