How do some ‘small’ landlords get so rich? Real Estate |
- How do some ‘small’ landlords get so rich?
- Realtors!
- Landlord looking for advice- tenants refuse to cooperate with fumigation
- Buying my first house, 5.125% interest?
- Finally able to pay all cash for a condo.
- Seeking Last Minute Advice! Seller Needs an Answer ASAP...
- Dishonest sellers
- High CC balances vs High Interest Rate Loan
- [IL] Letting an offer "sit?"
- What technology should I invest my $ in?
- Mobile homes
- Zillow is messing up our Modular listing
- Septic system - potential dealbreaker?
- Do you know about the benefits of investing in real estate property?
- Advice, selling a property with an old house VS demolish and sell with new house?
- Help!I'm I Making a Terrible Mistake? Buying First Home
- New realtor (Virginia) looking for advice on getting first listing...
- Want to look into buying property outside of Ca.
- Any way to find homes which are for sale and for rent at the same time?
- There's a property I'm interested in, but can't figure out who to contact.
- Rejecting a tenant due to a recent DUI conviction
- New Home Purchase - Private Appraisal $25,000 Higher Than Bank
- Interesting comments and view point from different sub
- Have an opportunity to buy a great investment property. Selling for 201k, but appraised for 160k. Not sure what to do.
| How do some ‘small’ landlords get so rich? Posted: 28 Jun 2018 08:02 PM PDT I would consider myself a small time landlord I have 3 duplex's 6 units and gross about $7k and after expenses and mortgage I take home less under $1000 monthly. I went to a real estate convention to meet other small time landlords and these people were incredibly rich without owning much more units than mine. What are some people doing differently and how does one start making big cash flow? [link] [comments]  |
| Posted: 28 Jun 2018 06:01 PM PDT Recently signed with Keller Williams in northern SD. Im no stranger to markets & finance as i actively invest and follow stocks. But, im having hard time understanding what i should be looking for to follow and make sense of the housing market besides interest rates. For example if i wanted to see how tech did today i'd hop on the NASDAQ or how the overall economy did i'd look at the SPY. What metrics or questions should i be familiar with when trying to become an expert at understanding the housing market and valuations in my area. Any concepts or ideas you think would help a new Realtor would be greatly appreciated thanks! [link] [comments]  |
| Landlord looking for advice- tenants refuse to cooperate with fumigation Posted: 28 Jun 2018 09:09 AM PDT Hi all, I live in California. I'm not looking for legal advice per se, as I am an attorney and in my lease agreement it requires the tenants to fully cooperate with fumigation. However, short of kicking my tenants out, have any of you experienced an issue like this? Here is my predicament- I'm a condo owner, so there is an HOA. The HOA has decided to fumigate. My tenants want Thermal termite treatment, which is more eco-friendly, and they have a baby they are worried about. I get their concerns, but Thermal treatment is less effective and more costly, so I highly doubt I can convince the HOA to pursue that route. Have any of you seen this predicament before? I have already emailed the HOA to see if they are willing to pursue thermal treatment but I think I know what they will say. Any advice is appreciated, I have a feeling there is no real options in this situation besides holding my tenants in breach of the lease agreement. [link] [comments]  |
| Buying my first house, 5.125% interest? Posted: 28 Jun 2018 11:07 AM PDT Maybe it's due to the bullshit marketing I see everywhere, but 5.125% seems a little high for a 30-yr fixed? Am I high? It's a house well within my budget, and I'm putting 5% down. My credit scores are between 710 and 750. I have a car loan and student loans but they are current. Total balances under 30k. Am I getting ripped off? Do I have the ability to negotiate with my lender on interest rate? How would I go about doing so and is it typically worth it? Thanks I'm in Pittsburgh PA USA Edit: I asked my LO if he could do any better and his reply: "That is just what I disclosed at…that is not final. We usually look to lock in after the appraisal comes through, but I will keep my eye on it." [link] [comments]  |
| Finally able to pay all cash for a condo. Posted: 29 Jun 2018 03:49 AM PDT I went from a 1 bed 1 bath and detached garage, to a 3 bed 2 bath with a 2 car garage. It feels so amazing to not have a mortgage, and I even paid a few thousand less. Im in the Seattle area and I found a nice little place called lakeland hills where the demand is low, the homes are all nice and pretty new, and places are all going for below asking price. Its just crazy to me because this is a neighborhood of about 6k people and its all middle class. It has the best schools in its area. There isnt any real poor areas on the hill. Im trying to figure out why its so cheap, and I believe it is the commute to Seattle being the worst possible traffic you can imagine, and the distance south from Seattle as the two big factors weighing it down. Well it also has absolutely no culture. Complete cookie cutter community that didnt exist 20 years ago. The secret to driving to Seattle from here is to take the sounder. If you go by car, youre going to have a bad time. Its about a 10 min drive and 700 car parking area to take the sounder to work though. Im just wondering if the spike in home values will push down further south, or if things will start to settle down in the area. I plan to stay here for a very long time. The place I bought less than 5 years ago for $110k I sold for almost $265k. The market here is just insane. Im just hoping it will push on down south. That the area will keep booming from job growth. Right now Seattle is doing everything they can to stop the city from being a success by overtaxing businesses and driving all the big players away. So this has me kind of worried. That and higher interest rates will slow things down for almost undoubtedly. $780k Median price in Seattle, $950k median price on the east side. The north side is about $650k. However south of Seattle barely cracks $400k median home price. I just hope since this is the last affordable place to go(that isnt high crime), demand raises in time. Anyone from Seattle know the market well enough to know if I made a bad move here? I know from a quality of life standpoint it was smart, but financially speaking, Im somewhat worried I bought at the highs. Again almost this whole area has people listing above what they actually get. Which is unlike the rest of the Seattle area where you have bidding wars such as when I sold my place. [link] [comments]  |
| Seeking Last Minute Advice! Seller Needs an Answer ASAP... Posted: 28 Jun 2018 03:27 PM PDT Hello, I am a first-time home buyer in Maine. I just learned I have about 90 minutes to make a decision on a home and the biggest financial decision of my life. Very long story short, we agreed upon a price of $179,900 for the home. The inspection revealed significant mold in the attic (estimate of $3,500-$5,000 to remediate) and electrical work which will be about $1,000. She agreed to pay $4,000 towards closing and $3,750 towards repairs. The appraisal came back at $173,000 and she is now offering to sell the home at that price and $3,000 towards closing, and nothing towards repairs. How reasonable is she being with this? Thanks in advance for any thoughts/guidance you can provide! This is my first time buying a home and it has been disappointment after disappointment for us. :( [link] [comments]  |
| Posted: 29 Jun 2018 01:14 AM PDT Arizona. Found a cute house with a pool. It has previously been up for sale at 265 and the buyers (and back up offer) pulled out due to inspection finding issues with the pool. The sellers fixed the pool and relisted at 272. We came along and offered 266 and they accepted. The previous disclosure conveniently left some questions blank about leaks, foundation and pool issues. Inspection was today and showed slipping in the foundation, a roof issue over the patio, and some water inside the light in the pool that trips the breaker, as well as leaking pool equipment. The realtor says they had the pool resurfaced, before it went back on the market and they were asked for receipts, because any pool folks worth their salt would have noticed and fixed the other issues. Turns out they got a friend to do it. Hear the alarm bells ringing? They denied having the previous inspection results, but let slip today that something we found wasnt in the other inspection. Well it looks like the sellers and the realtor are trying to sell the house for as much as possible without doing the work. If the work was done and done properly I wouldn't have an issue, but if they're trying to save a few bucks by getting their buddy Juan to do a crap job, I'm gonna have issues. Do you walk away from a seller like this, or do you try to make them accountable by having the repairs done with a licensed contractor? I heard they're into the house for about 240k, and so if they spend a chunk of money to get it fixed, it may put them upside down. [link] [comments]  |
| High CC balances vs High Interest Rate Loan Posted: 28 Jun 2018 08:48 PM PDT I have 4 credit cards, two lines of credit, and a loan (plus car loan and student loans but those are irrelevant I think). I am approved for a loan through Upstart for 29.78% for 5 years. This would pay off 3 credit cards and about half of the 4th. All of the interest rates are lower than that on the cards, but as they are revolving credit I find it very hard to just pay them off and leave them alone. I want them gone ASAP, thus the application for the loan. My main question is when buying a home (first time homebuyer) is it better to have a lot of CC accounts and high balances/low credit available or is it better to have this high interest rate long term loan? Yes, I clearly have a spending problem and as I am getting older I am trying to turn it around and close these accounts (: Arizona [link] [comments]  |
| Posted: 28 Jun 2018 06:35 PM PDT We are trying to sell our home in a small market in Illinois. Currently we're listed at 157,000. Tuesday we received an offer for 147,000 plus she wanted several household items (appliances plus some decorative pieces of mine and even a few pieces of furniture), any extra paint (which I understand), and for us to patch and paint any nail or screw holes in the house. She doesn't want a home inspection further than her dad coming over to give it his blessing, and she's putting 100k down, which does give it attractive terms. We're not desperate to sell so we countered at 155, willing to leave paint, patch holes, and leave very few of the items she asked for (appliances and curtains only). She came back at 150 and wanted an itemized list of things we'd be willing to leave. I gave her the list and told her 154 was our final number and we'd close negotiations then. Everything aside from the itemized list and final number was verbal, and those were only in e-mail. There were no contracts aside from the initial offer contract, in which we were allotted 48 hours to respond. Just a few moments ago I received a forwarded e-mail from my agent stating the buyer is going to "let the offer sit" for a few days, go see our next door neighbor's house on Saturday (very similar house to ours plus much bigger yard and pool, which she had said she didn't like, and theirs is listed at 159) but so far my neighbor has not received a request for a showing. Has anyone heard of letting a verbal offer sit? I know we haven't signed anything with any time limit, but this seems fishy. I'm thinking it's a tactic to try to get us to drop our price? I should also mention the buyer's agent was up until 2 weeks ago her step-daughter (SMALL TOWN, seriously). The agent was completely upfront about this. [link] [comments]  |
| What technology should I invest my $ in? Posted: 28 Jun 2018 08:25 AM PDT I'm an agent working at a small brokerage that doesn't offer tech. I have budgeted about $1,000 a month to invest in technology (website, CRM, email marketing, PPC?, etc..) What would you prioritize if you were me? [link] [comments]  |
| Posted: 28 Jun 2018 07:51 PM PDT What are the pros and cons with a mobile home community? I am looking in the Los Angeles county area. [link] [comments]  |
| Zillow is messing up our Modular listing Posted: 28 Jun 2018 01:06 PM PDT Hi all , we've listed our house for sale. Yaaaay! (Southeast US) There was an immediate problem. The major aggregator sites (Zillow, Realtor, Trulia) are incorrectly classifying my Modular home as a Mobile/Manufactured home. Boooo!! Our agent has correctly entered the listing into the local MLS database; the issue is that Zillow (etc) doesn't have a category for Modular and is lumping it into the same group as Mobile. I've spoken to a couple people who I consider experts, and they suggested to have my Agent modify the MLS listing from "Modular" to "Other Residential", and then BOLDLY disclosing the fact that it's modular in the Remarks. This would trigger Zillow to classify it as a Single Family Home. Im hoping someone has experience with this, and how they worked around it. This house will never sell when Zillow is screaming at people that it's overpriced by $70k. [link] [comments]  |
| Septic system - potential dealbreaker? Posted: 28 Jun 2018 01:53 PM PDT My wife and I put in an offer on a single-story house in western Washington state. It was built in the 1950s. Everything has been upgraded. The wiring and plumbing has been upgraded within the last 5-10 years, there's no laminate flooring, brand new appliances, etc. It looks really nice. We're having an inspection done soon, so we'll see if there are any issues that crop up, but it looks promising. The one major issue with the house is the septic system. It appears to be at LEAST 50 years old, if not older. The seller recently had it inspected and according to the report that was provided to us, it is on good working order. But our research has indicated that the average lifetime of a septic system is around 40 years on the high end — when we spoke to the county health department, we were told they recommend that they be replaced every 25 years — so it seems likely that if we buy this house, we're going to need to replace the septic system sooner rather than later. Is it possible that if the septic system is very high quality that it could last for years to come without needing replacement? Is that something a professional would be able to tell just by coming out and inspecting it? We were thinking of having someone come out to estimate what it would cost to re-do the septic system, and then asking the seller to take off half of that amount off the purchase price. Does that sound feasible? [link] [comments]  |
| Do you know about the benefits of investing in real estate property? Posted: 28 Jun 2018 10:28 PM PDT If you are looking to know about the different benefits of investment in real estate property , read out some useful information by visiting at https://3cre.com/investing-retail-space-pros-cons/ [link] [comments]  |
| Advice, selling a property with an old house VS demolish and sell with new house? Posted: 28 Jun 2018 03:18 PM PDT My father has a rental property located in Manhattan Beach california 2 houses from the sand. Its a 1930's duplex, its been kept up as time has gone on but no major renovations have been done. I'm not that knowledgeable about real estate. If we were to sell it as is it is very likely the buyer would demolish and build something new. That is what the majority of the lots in the area have done. Financially would we be better off to demolish it ourselves and have something new built then sell that vs just selling as is? Or would we only get the cost of the new house and demolish back, making it a wash vs just selling with the old duplex on it? [link] [comments]  |
| Help!I'm I Making a Terrible Mistake? Buying First Home Posted: 28 Jun 2018 03:16 PM PDT Hello everyone, I am in the process of buying my first house. The market in my area (Colorado Springs, CO) is pretty crazy right now. We offered 265k on a house and it was accepted. Well after the inspection and appraisal, we found out that the house needs all new windows. The house appraised at 265k. The seller refuses to make any repairs to the windows, he will only be making minor repairs here and there. Also, the radon test came back a bit high...again he refuses to do anything about it. I am in a time crunch, and its either this house or rent. My husband wants to buy, and make repairs slowly, but I am not sure if that is the way to go. Any advise? ETA: Our rate is locked at a 4.6%, I am assuming if we walk away and look for another house (which I prob wont be able to do really) it would increase. :( [link] [comments]  |
| New realtor (Virginia) looking for advice on getting first listing... Posted: 28 Jun 2018 11:04 AM PDT I've posted on here before. Think I may have deleted my post. New career in real estate. How did you land your first listing? What works, what doesn't? Someone told me to go door to door, I feel like this is pretty intrusive. Thoughts? Advice? [link] [comments]  |
| Want to look into buying property outside of Ca. Posted: 28 Jun 2018 02:46 PM PDT Housing prices are ridiculous in Southern California, so we currently rent and are happy with the current arrangement. I don't know if we're ever realistically going to be able to buy out here. We can't move as our kids are currently in school here and thriving, as well, we have our careers. We were thinking of purchasing property that's more affordable in other parts of the country and renting them out via a property management company for passive income building up our property portfolio along they way. Does it sound dumb to rent your living quarters, but own properties elsewhere? [link] [comments]  |
| Any way to find homes which are for sale and for rent at the same time? Posted: 28 Jun 2018 02:17 PM PDT I'd like to take a sample of homes in a particular city (e.g., San Francisco), and calculate the breakeven point between buying & renting in terms of the number of years you'd need to live in the home. I'm struggling to find homes which are for sale and for rent at the same time. Does anybody know of a website / source for this kind of information? Thanks very much in advance. [link] [comments]  |
| There's a property I'm interested in, but can't figure out who to contact. Posted: 28 Jun 2018 06:34 AM PDT So it's just a house on a lot that, after some reading, was purchased by someone who has multiple properties in my neighborhood and basically left them to molder. Some are fine, one of them collapsed a few years back. They all seem to have been sold off or taken by banks he had mortages with. I cannot for the life of me figure out how I would go about finding this one. It looks like between these two documents and some googling, MK Shore LLC filed for bankrupty last year, which may related to the case with Wells Fargo from this year. I can't find any information on MK Shore LLC other than it is literally an LLC that shares the address of a small plumbing business. Wells Fargo doesn't have any property in my city or county. I'm really lost. It';s a beautiful house, and while it could be structurally unsound, I';d love to get it inspected and go from there. Houses, apartments and lots routinely sit in my neighborhood for, often, at least a decade untouched. There's an apartment building across from mine that has been shuttered for well over ten years alone. God forbid I'd want to buy one through the proper channels and not just squat the place. That said, the 'vacant building' external markings indicate there is interior damage (re: the fire department) but who knows what that actually means. I'd at least like the opportunity to find out! https://nycprop.nyc.gov/nycproperty/nynav/jsp/stmtassesslst.jsp https://a836-acris.nyc.gov/DS/DocumentSearch/BBL (Brooklyn, Block 5893, Lot 38) [link] [comments]  |
| Rejecting a tenant due to a recent DUI conviction Posted: 28 Jun 2018 01:40 PM PDT After performing a background check on a potential tenant, I found that he has a recent DUI conviction. I told him that I have rejected him, but he wants to know why. How do I tell him this? Is there any way he can sue me for discrimination or something like that? Also, how do I tell without sounding too prudish. State: Oregon [link] [comments]  |
| New Home Purchase - Private Appraisal $25,000 Higher Than Bank Posted: 28 Jun 2018 09:47 AM PDT Location: Florida I'm buying my first home and had a private appraisal done prior to the bank appraisal. The property was valued at $25,000 higher than the bank appointed appraisal. Were the bank to also appraise the property at $25,000 higher than they did, putting $30,000 into equity, would this benefit me in any way? The lender claims an initial appraisal has nothing to do with equity, it simply qualifies the sale/loan so the bank will lend money to cover the purchase price minus down payment. He also said equity begins at the initial purchase price, not what it's appraised at. Is this correct or am I missing something. He also stated, "It sounds like you have equity in the property...", implying/expressing that I do - and I should contest the value in a year by either refinancing or having an additional appraisal done. Additionally the bank appointed appraisal accounted for properties 0.70 miles from my home. The private appraisal accounted for properties 0.20 miles from my home where the market value is much higher. Do I have cause for concern or is the information I've been provided with correct. I'm paying PMI on a conventional loan and $30,000 in initial equity would help pay that down. Thanks for your responses! [link] [comments]  |
| Interesting comments and view point from different sub Posted: 28 Jun 2018 09:30 AM PDT After running through some of the comments, it bothers me so much that people just assume that someone who own real estate and rents it out is a slumlord and takes advantage of others!! [link] [comments]  |
| Posted: 28 Jun 2018 12:54 PM PDT I'm in Louisiana. I'd love to own the place. And it has potential to make money. But paying $40,000 over what it's appraised? First time getting involved with any property in addition to one I'd be landlord off. [link] [comments]  |
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