When will cap rates rise? Real Estate |
- When will cap rates rise?
- Made an Offer, Accepted But... (NY)
- Looking For Buyers
- VA Home Loan. Nail the door shut? (NC)
- Best search method for houses? (CA)
- Does anyone have experience with CalVet home loans? (Not VA, Calvet Specifically) (California)
- Bought new home, old home still on the market. Any way to ease the burden of 2 mortgages?
- Bought a newly built condo. Will likely be selling within 5-7 years. What mortgage options should I choose?
- Boundary dispute
- [VT] Getting ready to make an offer. Do I need an agent?
- I just read this amazing book on commercial real estate!
- I am out of town during my 7 day Option Period (Austin, Texas). Do I need to be present for the general inspection on a new build?
- Divorcing - Fighting over the House post Harvey Flood Damage
- Realtor question
- What are the steps to follow before purchasing Onsite Caravans?
- [ARIZONA] Landlord not making repairs on house, moving in tommorow
- What to do with my back "yard"?
- When Comparing 2 Lenders, should I just accept one or should they fight for the lowest rates?
- I'm starting to think realtors are the laziest, greediest, and dumbest profession out there.
- Change Closing Date for Vacation?
- Power cables near new property
- Couldn't finish signing closing documents on last day of the month
- Could you put a down payment on a house without credit?
- Best ROI for these renovations/improvements
- (MN) - Looking for advice on what to offer on a cosmetic fixer upper w/ unfinished basement in this market
| Posted: 31 Jul 2018 02:37 PM PDT Cap rates are getting very close to current interest rates in multi family properties, and I've even seen incidencies of cap rates lower than the interest rate. Why are people still buying in the face of that headwind? Do they really think they can create that much of a value add? Furthermore, if the rates do get inverted, what kind of opportunities does that create? [link] [comments]  |
| Made an Offer, Accepted But... (NY) Posted: 01 Aug 2018 03:39 AM PDT Please excuse me if I sound confused, it's only because I am. I am hoping that someone in this sub will be able to help me. Here's our current situation: We made an offer on a house. On Monday, we were told that the offer was accepted and our agent was going to submit the binder; fine, all dandy and were happy and now looking for an inspector to look at this home this weekend. Yesterday afternoon, our agent called and said someone offered the home owners about 10K more, and they promptly accepted. Later that night, my husband called our agent back and asked how could this be possible, if a binder was already submitted and a verbal agreement made? Simply put, our agent said that it doesn't matter if a binder is in place, because other offers can still be made and accepted during this time. Is this true? Do sellers have the right to accept another offer even with a verbal contract with other buyers? Or, is our agent just jerking us around? Any advice or guidance is really appreciated! TIA [link] [comments]  |
| Posted: 31 Jul 2018 07:38 PM PDT I am a commercial real estate agent in Los Angeles, CA & am working with a few off-market motivated sellers. My problem is I don't really know how to find buyers for my properties. They are multi family properties and one of them even has pre approved plans from the city for an additional 5 units (literally ready to break ground). I have created OM for the properties and have found a few people who seem interested but, haven't heard back from them after sending a NDA and the OM. I feel kind of stuck because I can't list the properties so I don't know how to reach out to potential buyers. I was thinking maybe through social media? But, it is kind of hard to advertise a property when it is off-market because I can't disclose the address of the property. If anyone has advice on how I can reach out to more buyers please feel free to let me know. I like to add that I have been also calling multi family property owners in the area and asking if they are looking to purchase another property but, it doesn't seem to be going anywhere. [link] [comments]  |
| VA Home Loan. Nail the door shut? (NC) Posted: 31 Jul 2018 05:56 PM PDT I'm looking into buying my first home with a VA home loan. After months of looking I think I've found the home for me. The only thing is off the kitchen is a very crappy and broken down balcony. I know the seller won't fix it, and I can't afford to fix it (yet). If I screw the door shut that leads to the balcony making it inaccessible will that pass the inspection? Crazy question, but it's the only thing keeping me from really going for this house and I can't find any answers online. [link] [comments]  |
| Best search method for houses? (CA) Posted: 01 Aug 2018 02:09 AM PDT I never looked into buying a house as I am young myself but I would like to look and see what options are around my area. Is there a specific app or website that is good to find houses for sale around my area/state? Thanks in advance! [link] [comments]  |
| Does anyone have experience with CalVet home loans? (Not VA, Calvet Specifically) (California) Posted: 31 Jul 2018 03:53 PM PDT CalVet is different than a VA home loan. There seems to be some advantages and some disadvantages. Being that this is my first home I am struggling to see what the disadvantages are when I compare a CalVet vs a VA loan. Can someone tell me why they prefer one over the other? Thanks. [link] [comments]  |
| Bought new home, old home still on the market. Any way to ease the burden of 2 mortgages? Posted: 31 Jul 2018 09:12 PM PDT As the title says, we got a good deal on both of our homes but the 2nd home was such a good deal we bought it without having our old home sold. We make a nice living but 2 mortgages isn't fun, especially since they're both on 15 year fixed (that's how we were taught to finance). That being said, since our old home isn't a "long term loan", is it possible to switch it to a 30 year and lessen the burden? That would at least open it up to renting. However, I don't know if there are a bunch of fees involved with doing this. The interest difference shouldn't be a factor since it (hopefully) isn't long term or we'll rent. EDIT: Kansas EDIT2: Value and monetary situation. "Old house" Property valued at $152k. We owe ~$90k. On Market for $159k New house valued at $310k, bought it for $270k. Both on 15 year fixed. First home at 2.85%, monthly payments ~$1,200. Second home on a 15 year fixed 3.75%, monthly payments ~$2,400. We make decent money, the house payment of the new home is ~25% of our take home. It was hard to pass up when we low balled the higher end home and got it. We have/had a nice liquid savings ~$30k to weather the storm but it just sucks having 2 mortgages. [link] [comments]  |
| Posted: 31 Jul 2018 09:09 PM PDT First time buyer. Just really confused. Location: Jacksonville, FL Both are 30 year loan for the amount of 135k. With 0 points. High interest rate and low upfront costs:
or Low interest rate and high upfront costs:
I will be living at this place for at least one year and renting it after (which I'll use to pay off mortgage). But might probably sell within 5-7 years (or sooner if price is good). Also if I know I'm going to be selling it. Should I pay off more of my mortgage principal or pay the minimum and either save/invest the money? I've heard if you pay off more when you sell you do get your equity in your current property quicker. So that can be used as a down payment or I can save on the side. [link] [comments]  |
| Posted: 31 Jul 2018 07:13 AM PDT When two neighbors are arguing over a boundary line, what is the best course to formally resolve the issue? Is there a public resource, or is this a private matter. Is there some group that specializes in marking the line? What is the typical cost? We're talking space between two single family houses. [link] [comments]  |
| [VT] Getting ready to make an offer. Do I need an agent? Posted: 31 Jul 2018 04:53 PM PDT My wife and I are in the market to buy a house, but hadn't planned on really "starting to look" until this winter. Of course that means we came across a listing for a place in our area and are really interested. We went for a walk through this weekend and plan to go for another with a contractor soon (it's an old house with good bones, but needs some love). I have been pre-approved for enough of a mortgage to get us there and if everything continues to go smoothly, we will want to place an offer on the house soon. So far, we have worked with the sellers real estate agent, but don't have one representing us. If we do decide to move forward and make an offer, do we need to get an agent? How would that even work seeing as I've done all of the work up until now? [link] [comments]  |
| I just read this amazing book on commercial real estate! Posted: 01 Aug 2018 12:24 AM PDT I would def recommend it! The person who wrote it actually wants to share his knowledge where other books I've read before only want to sell you on something else. [link] [comments]  |
| Posted: 31 Jul 2018 11:59 PM PDT (First time home buyer) My offer was accepted 7/31, however, I will be out of town from 8/1-8/7. I set up my general inspection for 8/2 and my agent will attend. I am reading everywhere that I should be in attendance for my inspection even if it is a new build. Should I cut my trip short and come back to town 8/6? Is it necessary for me to be there for the general inspection? What are your thoughts? [link] [comments]  |
| Divorcing - Fighting over the House post Harvey Flood Damage Posted: 31 Jul 2018 11:56 PM PDT Houston, TX The wife and I are divorcing and we're really close in agreement on everything with the exception of the house. Our entire community (287 homes) took in 31" of water or more in their homes (major flood damage). The house has since been restored to its pre-Harvey condition. We tried to put it on the market and have zero showings in 38 days and our realtor added there are 10 other newly restored homes in community that also have received zero showings. We did a short term lease (6 months) starting September 1st to help us get to next summer and try to re-list. The wife wants to walk away from the house and I assume all financial responsibility until the house sales. She's offering that if I sale the house for $350k or less that I walk away with the equity (currently owe $270k) and anything above that equity is split 50/50. The home's FMV before Harvey was $385k and nobody is touching it with a 10ft pole at a listing price of $350k, so my argument is that if I have to play landlord and assume the mortgage and can't sell it or re-lease it for 6 months and hope it sells next year, then she should walk away completely and take the 56/44 split in assets I have offered her, but she is balking at that idea. If I were to hold onto it for 2-3 years and avoid another disaster and sell it for $380k I should still get all the equity. I have a feeling the next step is to get the house appraised by three different appraisers, but even they are dumbfounded on what the true value is of a home in our community that has never flooded before. The price per sq ft for the 10 homes listed in the community ranges from $113-$170 and there are zero comps to work off of, so appraisals are going to be working off assumption based on market history post flooding in other areas. Based on my research I've seen values reduced anywhere between 10-30% in a major flood ridden area, I would also have to refinance if she doesn't want to sign Specialty Warranty Deed and Deed of Trust to Secure Assumption. This would induce a higher interest rate along with fees for refinancing which should be a stipulation in the decree and added to my debt column. I'm assuming appraisals are going to come back all over the place and not be a good representative of what the true value of the home is if there are no comps or history to work off of. And that is why I'm assuming all the risk by letting her walk away and not pay her portion of the mortgage if the house is not leased or sold in a timely manner 6 months from now. Am I crazy for telling her she shouldn't get any equity if she doesn't want to pay her part? [link] [comments]  |
| Posted: 31 Jul 2018 11:22 PM PDT When I go to realty websites and see there listings there are hundreds of homes or maybe a few dozen.Does he realty assign a home for the agent that actually lists the home and has a listing agreement with that house.or are the homes a free for all and can be sold by all there agents randomly? [link] [comments]  |
| What are the steps to follow before purchasing Onsite Caravans? Posted: 31 Jul 2018 09:50 PM PDT |
| [ARIZONA] Landlord not making repairs on house, moving in tommorow Posted: 31 Jul 2018 08:43 PM PDT So I'm supposed to move in tomorrow, Aug 1st at 12pm... I stopped by the property im renting next year (19 people, shared backyard with 5-person house and 13 solo units) and it seems like theirs a lot to do and I'm wondering whats the best situation I can get out of these repairs in the home and the worst. We're a fraternity and we rented out the whole thing, was previously occupied by another house (makes sense in the photos). Basically when we viewed the house 3 months ago and sent in our security deposits it looked halfway decent..way better than this.. old tenants just moved out, basically destroyed it right before they did. He seems to have made a lot of progress on the house so far, but these seem to be some things that he has no intention of fixing at all. Photos attached: https://imgur.com/gallery/RYWSAFk -bad roofing -grafitti on walls and cement -previous tenants items all around property -uneven alignments with door frames, doors covered in cement?? -interior damages (not pictured) missing pieces of trim in bathroom and around tub, missing blubs, outlets not working, not 'move-in' clean -it absolutely smells terrible in all the units [link] [comments]  |
| What to do with my back "yard"? Posted: 31 Jul 2018 08:30 PM PDT My basement walks out to a beautiful wooded area, but it's nearly impossible to keep the growth at bay and the space is unusable. There is only about 10 feet before the area drops into a valley, and it's not packed flat. Additionally, I have every kind of poison ivy growing back there. Every neighbor has a leveled yard and/or deck. I can't afford the yard leveling required, and I don't know where to start with a possible deck. I can provide pictures, but they don't really show depth well. It's a beautiful green wild mess that is absolutely going to hinder any chance at selling in the future. Any recommendations? Flat (ish) area has a tarp down to keep the poison ivy from growing up the house, and is about 20 feet wide by the 10 feet to the lip of the valley. I spray monthly for the weeds and chop the foliage back every couple months. It's a chilly market, with houses sitting for months unless they are 15% below expected market rate. [link] [comments]  |
| When Comparing 2 Lenders, should I just accept one or should they fight for the lowest rates? Posted: 31 Jul 2018 04:20 PM PDT Hi Reddit, I'm comparing two lenders right now and one lender gave me their rates and the other lender is going to give me a rate (which is definitely going to be lower than the one lender). I'm just wondering if I should decide based on this or should I tell the original lender the offer from the 2nd lender?? I just don't want to run them in circles but at the same time I do want to get a good deal, is there an acceptable number of times I should compare their rates and tell them? Or is there some other accepted practice in this situation. Thanks!! [link] [comments]  |
| I'm starting to think realtors are the laziest, greediest, and dumbest profession out there. Posted: 31 Jul 2018 07:43 PM PDT Using lawyers from now on. A realtor just cost me $1600 in legal fees. [link] [comments]  |
| Change Closing Date for Vacation? Posted: 31 Jul 2018 07:13 PM PDT Dealing with a relocation company. Post inspection, we submitted our repair request addendum. The deadline was today but the seller requested an extension. This is the seller's second extension request (the first being an extension to respond to our offer). Our original closing date was 8/22. We go on vacation on 8/31 for one full week. Our lender and agent are confident they can meet the 8/22 deadline and recommend keeping it. Our lender says our rate is only locked in for 30 days so going past this date is a risk. However, I'm having second thoughts about meeting the 8/22 deadline due to the delayed responses. Our closing date is flexible. Our vacation is non-refundable so skipping out is not a viable option. Should we keep the original closing date or close two weeks later when we return from vacation? What are the pros and cons? [link] [comments]  |
| Power cables near new property Posted: 31 Jul 2018 12:34 PM PDT Looking for some advice. I'm a first time buyer in the UK and I've had one issue raised from a survey carried out on the property I'm proceeding with that has given me cause for concern. The survey has come back that there are power cables nearby and that this could be a health concern. I've now gone down the rabbit hole with this, with highly regarded research pieces saying it's fine but forums saying we may as well be moving into Chernobyl. While my health fears have been mitigated by reading well sourced research, my fear is that we could face issues selling further down line. I've spent the afternoon looking at house sales in the area over the last six years and houses in the surrounding area are still selling (on an average of 120 days from listing), but I'm still concerned. It's an absolutely beautiful four bed house so I'd be gutted to lose it, but I just want to be sure I'm doing the right thing. Anyone have any experience of anything like this? Am I over-thinking or suitably cautious? Any advice is greatly appreciated. [link] [comments]  |
| Couldn't finish signing closing documents on last day of the month Posted: 31 Jul 2018 06:02 PM PDT We ran into a snag at the closing table and my verification of employment came in after close of business on July 31st. The title agency told me we could come back the next morning and finish signing documents. Will it still look like the loan closed on the 31st or would the paperwork have to reflect a closing date of Aug 1st? I would assume if the docs showed Aug 1st then the prepaid interest would be much higher which would require more upfront money at the time of closing. That wouldn't be an issue for me but I don't want to run into another delay. Is it normal to have to come back and finish signing closing docs on a different day? [link] [comments]  |
| Could you put a down payment on a house without credit? Posted: 31 Jul 2018 05:49 PM PDT I dont need a loan from the bank I have $400,000 in the bank, but since I dont have any credit how can I get a mortage? [link] [comments]  |
| Best ROI for these renovations/improvements Posted: 31 Jul 2018 04:38 PM PDT Wondering if anyone has metrics/experience on the ROI for these things (central North Carolina if that matters)
We may be considering selling if the potential value is high enough, but these 3 things are definitely on the to-do list anyway if we stay. I figure if we do try to sell, then these things may improve the price by getting more than $1 back for every dollar spent...maybe? [link] [comments]  |
| Posted: 31 Jul 2018 04:36 PM PDT Hey everyone I recently just started looking at homes and found what I think is a great starter and investment home that I can fix up along the way. For those that are in MN this is in the Northwestern suburbs area of Brooklyn Park / New Hope / Crystal / Maple Grove... 1,000 square feet upstairs with a completely open unfinished basement ready for improvement. Upstairs is nicely done and the listing price is $180,000. Kitchen will need some cabinetry work and new appliances to get to the next level and I would want to get it into the 230K range. Selling agent says there are multiple offers and my agent thinks it will go above asking. I've done some research on costs and plan to do as much work myself as I can as I'm handy but also have access too people who can plumb and wire. I think I want to put an offer in for 190K but would love to hear other peoples thoughts. Thanks! [link] [comments]  |
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