PEOPLE: Read contracts before you sign them!! Real Estate |
- PEOPLE: Read contracts before you sign them!!
- Getting mortgage for investment property
- Have you ever written letters to homeowners asking them to contact you first if they ever consider selling?
- Thoughts about buying a house next to a cemetery?
- Looking for detailed list of most landlord-friendly states
- Buying a house that the current owners have been a bit lax on maintenance. How should we do the initial offer?
- What are some big time do’s and don’ts when buying homes to rent out to tenants? [IN]
- [OH] Inspector found mouse traps and droppings.
- First time homebuyer: Home attributes no one thinks about until too late?
- Purchasing a home in LA
- First-time Homebuyers in Dallas Suburb
- Principle Paydown in Rental Calculations
- Question for realtor
- Investing pros: What info sources do you use every day
- Are VA loans usually a better deal than FHA and conventional?
- Looking to buy first home in a new block of an old neighborhood [TN]
- Renovation loan to convert a single family to multi unit
- Logistics of using cash from home sale to buy new home
- Wanted some opinions.
- Buying a duplex, but it has current month to month tenants
- Has there been an update on the flood insurance renewal?
- How can I get my refund from nar and car
- Realator Etiquette Question
- How to contact homeowner selling a house to ask if I can rent it
| PEOPLE: Read contracts before you sign them!! Posted: 07 Jul 2018 01:42 PM PDT Seriously folks, there have been an unusually large number of questions from people here who are asking questions that clearly indicate they haven't read their contracts. Listing Agreements, Buyer Agreements, Sales Contracts, Addenda, etc. Realtors, lenders, settlement agents, buyers, sellers, all pressure for a sense of urgency and a quick response. It's important to be timely, but this is not life or death, it's OK to take a minute. Read BEFORE you sign. Ask questions about stuff that's not clear. [link] [comments]  |
| Getting mortgage for investment property Posted: 07 Jul 2018 07:33 PM PDT If i can afford to out down 20% on a rental property, will i be able to get financing on the rest by only relying on the potential rental income to pay for the mortgage? Or will the bank want to see if i am able to pay for the mortgage from my regular income? [link] [comments]  |
| Posted: 07 Jul 2018 07:21 PM PDT Edit: I am looking to get into a condo development and hopefully can push someone to sell. And cut out the middleman, to boot. [link] [comments]  |
| Thoughts about buying a house next to a cemetery? Posted: 07 Jul 2018 06:30 AM PDT Previously posted in personalfinance but realize here may be more applicable. We're looking to buy a house and my wife and I found one we love on a nice street that's great in almost every way, except that on the other side of the backyard fence is a cemetery. It doesn't bother us as we're not religious or superstitious but I've read mixed things about resale value. There are articles saying it lowers the value, and others like on redfin saying houses by cemeteries sell for more $/ sqft, but take longer to sell. All makes sense as I'm sure it does bother some people. The house is in North Bergen, NJ. The fence blocks the view when in the backyard but from the first floor (kitchen) and second floor (master bedroom) you can see the cemetery. One option is maybe planting tall trees to block out more views. Anyone have any experience buying and living in houses by cemeteries? Did you stop noticing after a while? Did you sell later and how did it go? Any impact on kids in the neighborhood (yours or others)? [link] [comments]  |
| Looking for detailed list of most landlord-friendly states Posted: 08 Jul 2018 04:36 AM PDT There are lots of lists online, but most just have a short blurb about each state. Is there anything more comprehensive? [link] [comments]  |
| Posted: 07 Jul 2018 07:01 PM PDT Hi, My wife and I are in the hunt for our first home. We found a good option in the area we want to live, but when going through the house, we noticed the current owners have been a bit weak on doing regular maintenance. Some things we've found are:
Nothing terrible or unfixable, but things that need to be addressed. They are currently asking for a couple percent over comps in the area for houses that require minimal work. I plan to come in at a price that matches the comps, minus the amount I need to address the issues above to bring things up to modern standards. I'm kind of worried that they'll be offended with what I offer, even with documentation of the work needed to justify the price. I am meeting with our realtor tomorrow to talk options regarding our first offer, but I wanted to know beforehand if there are options to consider that would make the offer less insulting, while not sinking myself into a money pit? Do you typically come in with an offer and state why its low, or do you just give the offer and see what they say? [link] [comments]  |
| What are some big time do’s and don’ts when buying homes to rent out to tenants? [IN] Posted: 08 Jul 2018 01:54 AM PDT Bonus questions: Is it stupid to buy multiple homes before having any one home paid off? What's your experience with renting out homes? What's the difficulty-level in finding tenants who consistently pay, and pay on time? Alright, I'll stop with the bonus questions. I suppose I should just stop being so ignorant, and read into rental stuff more. [link] [comments]  |
| [OH] Inspector found mouse traps and droppings. Posted: 07 Jul 2018 04:14 PM PDT Obligatory throw away account and moving into panic mode. Alright, so my family and I are knee deep in the buying process for our first house. We've been having a lot of issues finding a reasonable house in our price range that will pass a VA home loan inspection. This one seemed to be a winner until we met with our own inspector this morning. He discovered mouse droppings in the attic and in a cupboard in the kitchen. There were two recently placed mouse traps under a sink upstairs. We've already signed paperwork for the offer and the sellers signed off on being unaware of any pests in the home. I'm at a loss right now. Not sure what kind of recourse is available, if any, for their lack of disclosure on their part and I'm not sure how this will impact things when the VA inspector rolls through. With it being a Saturday, we haven't reached out to the realtor yet and I'm essentially reaching out to internet strangers for input. This may be a horrible idea or a good one. Guess we'll see. Thanks for any advice in advance. [link] [comments]  |
| First time homebuyer: Home attributes no one thinks about until too late? Posted: 07 Jul 2018 01:31 PM PDT Hi all, I'm shopping for my first home in a pretty homogeneous 1940's neighborhood. I'm looking for a deal, which basically means a fixer-upper. As a result, I'm not super interested in what the kitchen/bathroom/flooring looks like right now cosmetically as I intend to update those things over time. Also, things like plumbing and electrical I intend to take into account in the house price (eg if the house needs 15k of electrical and plumbing work, that will be reflected in my offer as necessary). Since this is my first go-around, what are some house attributes that cannot be changed in an economic fashion (IE you're stuck with them once you've bought the house)? Here's some I've considered so far: 1. Obviously location (for me, proximity to work, parks, greenways, etc.) 2. A little less obvious is orientation of the house and windows. Since I'm in North America, I think I generally want the living spaces to have a majority of windows south-facing for the most ideal natural light. What else would ya'll suggest? [link] [comments]  |
| Posted: 07 Jul 2018 03:36 PM PDT So I'm in a tough position because I'm torn either way. I have about $175k in cash, make about $150k/year and have a wife and 2 year old son. We moved to LA 3 years ago now and want to buy a house, but our current rent is $2k/month. If we buy a house where we want our mortgage would be $3k+. I have no debt to my name and have been saving a majority of my earnings. We are in agreement that we want to stay in the LA area, but what would you do? [link] [comments]  |
| First-time Homebuyers in Dallas Suburb Posted: 07 Jul 2018 07:15 PM PDT Hey! Long time lurker, first time poster. My wife and I are in the process of searching for our first home after renting an apartment this first year. We are looking in the far north Dallas, Plano, McKinney area. My credit has been solid up until recently, when I saw my father's credit cards I was on had large balances that I was unaware of. I have since been removed from those accounts, but my credit is now somewhere between 630-690, depending on which bureau you ask. Right now we have gotten a quote for a 3% down FHA loan for a 300k house for about 2200/month, with an APR of about 5.7%. The 5% conventional loan option we were quoted totals about 2800/month, with an APR of about 4.7%. We have zero debt between the two of us. Collectively, my wife and I make about $105k a year, and have about $50k in cash, investments, etc. personally, I am hesitant about upping our housing expenses at least $1000/mo, but we are trying to find something closer to my wife's work that has more room. We are currently paying about 1250/month. Ultimately, my primary question is this: is it worth it to pay a little more now and "grow into" the house we buy, or should we stave off buying until my credit improves? We also worry about future interest rate increases, and are wondering if we would be able to offset the increased interest rates by improved credit rates. Additionally, we are trying to buy in the $300k range, but are eyeing a townhouse for $350k. Is this a legitimate option? Is our budget feasible? Are the interest rates we are being quoted legit, or should we shop around for other options? Thanks so much for your help! [link] [comments]  |
| Principle Paydown in Rental Calculations Posted: 07 Jul 2018 03:30 PM PDT I live in the Vancouver area where real estate prices are insane and caprates are very low and I'm trying to evaluate whether it makes sense to invest in a rental property in this market. It seems most downtown places will require a 25-30% downpayment for cashflow to break even. I was wondering if it makes sense to accommodate principal paydown when running a cash-on-cash return calculation? Because even if you break even (0%), accommodating principal paydown (removing principal payments from expenses) usually gives you about 5-6% which doesn't make it look too bad compared to alternative investments (stock market). Still very much new to real estate investing and want to make sure I'm not missing anything here. Does considering principal paydown make sense when trying to compare to other investments? edit: spelling [link] [comments]  |
| Posted: 07 Jul 2018 12:30 PM PDT Good afternoon! I'm in Georgia, USA! We just signed a contract to sell our house (yesterday). Today my neighbor came over to tell me that her son wants to buy our house for list price. What are my options here? Am I stuck paying commission? Is this something I could negotiate with my realtor at this point? Thanks! [link] [comments]  |
| Investing pros: What info sources do you use every day Posted: 07 Jul 2018 09:07 PM PDT Interested in knowing what pro investors use every day to stay on top of things. [link] [comments]  |
| Are VA loans usually a better deal than FHA and conventional? Posted: 07 Jul 2018 05:16 AM PDT Do they have better interest rates, lower fees, etc.? Or is their only advantage in how likely a veteran can get one? [link] [comments]  |
| Looking to buy first home in a new block of an old neighborhood [TN] Posted: 07 Jul 2018 12:51 PM PDT I'd love to hear your opinions on this subject and any guidance you may have. So I'm looking to purchase an empty lot on a street that basically contains all new construction. From talking to my realtor this lot will conclude the building of phase 1 with phase 2 to follow in 2019. With the amount of real estate left in the neighborhood I don't foresee them being able to build many more homes in phase 2. My concern is that this street is located in a middle class neighborhood where the majority of houses were built in 1920-1950 and are selling for about $100/SF. This street is currently going for about $130/SF. My concern is buying a property and it depreciate at a higher rate than the surrounding neighborhood (if it were to depreciate for any reason, economy, etc). It's one of those scenarios where you always hear that you shouldn't buy the nicest house in the neighborhood however what if the entire street is comparable? Is this a bad idea to buy into this neighborhood? [link] [comments]  |
| Renovation loan to convert a single family to multi unit Posted: 07 Jul 2018 03:00 PM PDT I found a big Victorian for dirt cheap around where I live - 6 beds, 5 baths, ~4000sf GLA. I'm generally aware of renovation loans but not certain if it's possible to convert a single family to a multi family with that sort of financing. Anyone have experience with this? I don't have a great deal of cash in the bank but enough to demonstrate 6-12 months PITI and put 5-10% down depending on if I go into this with a family member. I currently own a home and would look to sell and occupy this new property as my primary residence within 6 months of closing. Edit - northern Kentucky [link] [comments]  |
| Logistics of using cash from home sale to buy new home Posted: 07 Jul 2018 12:30 PM PDT We own our house outright and are looking to move. We'd like to use the cash from our home sale to buy a new house, without taking out a mortgage. How does this work logistically when making the offer and during escrow on whatever home we end up purchasing? Does this make us less attractive buyers to home sellers? Surely people do this, I'm just trying to figure out the logistics. Would prefer to totally avoid dealing with mortgage/lenders if at all possible. Thanks in advance for any insight/experiences. [link] [comments]  |
| Posted: 07 Jul 2018 05:15 PM PDT I don't know if this belongs here, so if not feel free to take it down. I am currently renting out a 1 bedroom 1 bath with a roommate. The deal right now is he gets the entirety of the living room as his room and I get the actual bedroom. Now I usually keep to myself but I occasionally have friends over. Whenever I have a certain friend over we like to smoke and since he doesn't smoke that often he gets knocked out. Like 10-12 hours of sleep. Now I usually have work the next morning and so I let him chill in my room and sleep and chill until he feels ready to leave. He doesn't bother anyone. Now my roommate says he is uncomfortable with him being there even though they don't even see each other and wants me to stop letting him sleep while I'm not there. I believe that's not a problem since he isn't bothering anyone. I wanted a second opinion on the matter if anyone was willing. Thanks! [link] [comments]  |
| Buying a duplex, but it has current month to month tenants Posted: 07 Jul 2018 01:25 PM PDT How do you go about kicking them out? I plan to live in the unit where they live. I am just asking in a very general way I have no experience. I didn't buy this prop yet either. I am asking mainly to see if it is a headache to vacate the place or should I only be looking for houses with no one in from the start. [link] [comments]  |
| Has there been an update on the flood insurance renewal? Posted: 07 Jul 2018 05:08 PM PDT All I can find is that it is set to expire July 31st. Anyone have an update or still the same? [link] [comments]  |
| How can I get my refund from nar and car Posted: 07 Jul 2018 01:21 PM PDT I just became a real estate agent back in April and I paid the association fees for mls,car/nar. Supra and normal association fees. All total I paid close to 8-900 dollars. I then joined another brokerage as an associate agent for Rex. And they don't require me to have any fees since they don't associate with mls and everything I mentioned. I got a refund of only 215 dollars back. I feel ripped off because they said I could only get a refund of unused mls . Not nar nor car. Any advice what to do is greatly appreciated. I'm in California [link] [comments]  |
| Posted: 07 Jul 2018 05:00 PM PDT I am a first time homebuyer located in an area that is close to a state border. I am mainly looking in my current state for a home and have a real estate agent licensed in my state assisting me with my search. Since the market has been so hot and homes selling so quickly, I am now considering at looking across the border at homes in the other state, even though I wasn't initially considering this. The houses in the other state are located like 10 mins from where the houses I am currently looking at in my state. I love my real estate agent however...I believe I heard him say that he is only licensed in my state and not the other state... so... how does this work if I want to start looking across the border at houses in the other state? I know other agents at his agency are licensed in the other state, but I dont want him to lose a commission... though I do want to check out some other houses. What's the proper etiquette to approach this with my real estate agent? Edit to add location: Kentucky USA [link] [comments]  |
| How to contact homeowner selling a house to ask if I can rent it Posted: 07 Jul 2018 04:06 PM PDT I have been searching for a rental home/apartment for about a month now and have recently discovered a home that has everything I am looking for; except it is for sale and not for rent. I reached out to the listed agent who basically told me to piss off (I'm assuming he receives no commission if the home is rented and not sold). I have since then been trying to find a way to reach out directly to the home owner. In my research, I have found the home owners name but have no way to contact him. Any advice on how to get in touch with the home owner and ask the question? Thanks! [link] [comments]  |
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