Beverly Hills property selling for $1 billion Real Estate |
- Beverly Hills property selling for $1 billion
- What to do with 75% finished ugly building
- Is there such a thing contract/loan where home % equity is binding between a buyer and their co-signer?
- I'm considering buying a house with a much higher valuation than the neighborhood average (CA), some questions.
- Should I sell or rent it out?
- Should I sell or fix up my rental?
- Does anyone know about the "lottery" option for low income residents to get first dibs on new construction condos?
- My house appraised for $50k too low. Anyone ever appealed an appraisal successfully?
- [Los Angeles, CA] Old condo building considering approaching developers to rebuild/expand the property....
- Breaking a lease
- Laptop Vs Tablets (New Agent)
- [OH] Found a house I love in a crappy neighborhood
- Question about realtor
- New Construction: Home Inspection(not allowed?)
- Navy Federal vs USAA Mortgage Rates/Fees
- I just bought a house a month ago that has been completely renovated from top to bottom and found out no permits were issued for the renovations. [FL]
- Worth it Attempting to buy a short sale?
- Passing California Sales Agent Exam
- Is a pre-approval number that is significantly higher than we plan to borrow really better?
- Don't want fixer-upper regret, but have no experience.
- House with a tenant lease?
- First Time homebuyer and a Senior (FL)
- M21 - Soon to graduate university; is it better to get started in buy-to-rent properties or build-to-sell?
- Only 1 rental property... Is it worth it to get an LLC? Business vs. personal checking account?
| Beverly Hills property selling for $1 billion Posted: 03 Oct 2018 11:59 AM PDT |
| What to do with 75% finished ugly building Posted: 04 Oct 2018 02:59 AM PDT On my current property we have an old, concrete 40x40ft block building right next to the house. As of now, it is used to just house a lawn mower and misc stuff. It cannot be properly used for storage or a workshop right now because is still has dirt/sand floor, large barn doors that are unsecurable and falling apart, no power, and a roof leak. We are poised to start selling our home at the beginning of the year, would we be better investing the serious cash to turn this into a useable building/workshop, demolishing it (still somewhat expensive), or just leaving it be? [link] [comments]  |
| Posted: 03 Oct 2018 11:18 PM PDT Let's say there's 2 brothers. B1 has 75k cash but terrible credit score. B2 has 25k great credit score. B2 doesn't care about his name on the deed but is willing to co-sign + give $25k to B1. In exchange B2 agrees to pay 25% of whatever the monthly mortgage is to live there+ wants 25% equity if whatever the house sells for in the future when B1 sells. B1 thinks this arrangement is more than fair. B1 now has $100k and is approved for a 20% down conventional on a 500k home. How does B2 ensure the 25% equity is binding? Would this be something that has to be done with a real estate lawyer after successfully purchasing or shouldn't even be mentioned to your lender at all? [link] [comments]  |
| Posted: 03 Oct 2018 06:50 AM PDT I found a house that ticks all the boxes of what I'm looking for:
The catch is it's much more expensive than the average home in the area (+$75k). The area is primarily houses that were built in the 50's and 60's, and most of the area residents are quite old and, to be blunt, dying off or going to old folks homes, so a lot of the houses coming on the market are being sold by their baby boomer children. However the area is close to the newish subway station that leads directly into downtown. A few properties have been torn down and townhouses have been built in their place. A few have been renovated by house flippers. New condo towers are sprouting like mushrooms about 3-4 kilometres away. In the case of this particular house, it's expensive because it's a brand new house which was built by the insurance company after the old house burnt down. Quality looks impeccable though of course I would do a thorough investigation. It will continue to be unique in the neighborhood, as any builder tearing down an old house would far more likely build townhouses on top of it to maximize the land value than another single family home. I'm just looking for your general thoughts on this situation. I'm only concerned with how this will affect the value of the property, I do not really care about making friends in the neighbourhood.
I had all but given up finding a single family home and was ready to settle for a townhouse, so it's incredibly tempting to jump on this as I don't think anybody is building single family homes anymore within this proximity to the city. Even at the listed price it's within my budget. [link] [comments]  |
| Posted: 03 Oct 2018 07:13 AM PDT I'm 38 and have a condo in the San Francisco Bay Area. My parents have a house here that they don't live in. They've been trying to convince me to move to their house and rent out my condo. A little background info. My condo is worth $700k according to Zillow. According to Zillow as well I can rent it out for $2600/month. HOA increased quite a bit each year and currently at $450/month. Property tax little less than $5k/year. My plan is to move into my parents house and house sit for an unknown number of years. Could be 2 years, could be forever. My question is. Should I sell my condo or rent it out? I have no experience with managing rental property, wouldn't mind trying it out. My condo is in a great school district (Cupertino, for those that's familiar.), but it's a tad old (built in 1970). The HOA is high but tax is low. I paid $265k when I brought it and if I can sell it at $700k, it seems if I sell and the economy tanks, I can buy another. But if property value continue to rise, then I may not be able to buy anything back in the good school district when I need to (currently married no kids). If I rent it out, I have some hassle, modest return (honestly I feel $2.6k/month rental income for a $700k condo is a bit of a loss), but if I need to then I can put my future kids into a high school that has a 99% college admission rate. That's a big deal to me as well. So what should I do? Ask me anything. [link] [comments]  |
| Should I sell or fix up my rental? Posted: 03 Oct 2018 10:39 PM PDT I have duplex that are in rural Iowa in a town with less than 8000 people, so the price does not fluctuate very much and unfortunately I don't see a lot of potential for appreciating either. Both side of the duplex has a lot of tear and wear repairs, I think several windows and door need to be replaced, deck need to be replaced, and of course paint and carpet needs to be done too. Due to so many wear and tear, it gets to a point that it is very hard to find tenant, or the tenant is not very high quality. The total of those repairs may ended up around 20k, and my bought the duplex for 100k. I listed the duplex on market this summer at 120k and apparently every people think it is overpriced given the condition of a home. Another hard thing is that since there are so few duplex in the vicinity, it is even hard to find comparable. I wonder should I sell the home at probably 100k, or should I fixed it up and hopefully sell at 120k or higher? The property is 4 hour away from my residence and every activities has to been managed by my property manager. Another thing is that near my current residence there is a much better market to be invested in, so any extra cash from selling will help. Thank you in advance for your help. [link] [comments]  |
| Posted: 03 Oct 2018 11:16 AM PDT Hi- So I heard that if you are a resident in an area where there a brand new condominiums being constructed, you have a high chance of being able to rent out one of those condos for a very low price. I'm talking about NYC. IS this true? And if so can someone direct me to a link where can I read more about this "lottery rule" ? Thanks [link] [comments]  |
| My house appraised for $50k too low. Anyone ever appealed an appraisal successfully? Posted: 03 Oct 2018 12:41 PM PDT Hi, I am selling my home. The agreed upon price was $476k with $6k back at closing. The appraisal just came back for $420k. The appraiser used a sale from over a year ago for one comp, and another house with no garage (mine has an oversized 2 car garage) for another comp, and both of those homes are located 7 or 8 miles from my home further from the highway, so I feel these are erroneously pulling down my home's value. The rest of the comps range from $470k-$525k. The house across the street from me which is very similar (except they have a pool and I don't) is on the market for $525k (I know active listings aren't weighted as heavily, but still). The appraisal didn't include my bonus room over the garage in the square footage, the garage itself, or that I have Central Air, so I feel this is not an accurate appraisal. Has anyone ever successfully gotten their appraisal increased? Based on what research I've done, it doesn't seem like people have a lot of success with this, but my buyers have already sold their home, all my things are packed, and my new home is contingent on selling this one. I can't make up the $56k difference to buy the new house and I don't know if the buyers have the extra cash to meet in the middle (which would still be a huge hit). My realtor pulled pages and pages comps before we listed which showed that it "should" sell for $470k. Something seems off here. Thanks for any input... [link] [comments]  |
| Posted: 03 Oct 2018 08:48 PM PDT I live/own a unit in an old 28-unit condo in a HOT part of Los Angeles. A ton of development going up right now. Our property is close to metro stations so expansion plan requirements would be more lax. Is there a terminology of this approach of approaching developers to rebuild and expand on our property? Is this a feasible idea? I would love to hear your thoughts. I want to approach them, ask them for 1-1.5 years rent to move out and we have a unit within the expanded building. They development company would have the rights to sell the remaining units and keep that money as profit. This would be a low cost of entry (1-1.5 years rent X 28 units would be WAY cheaper than buying the land outright) but would be less profit on the back-end (would have been able to profit off of all the units rather than all the units less 28. What do you guys think? Possible? Stupid? [link] [comments]  |
| Posted: 03 Oct 2018 08:11 PM PDT Good evening, everyone! I have a friend that's stuck in a lease and I'm trying to explore options for him because the situation is incredibly stressful. He entered into a lease and three months later his job was locating him and hour away for clients in another city for the foreseeable future, at least months in advance. During this time he was also looking for a less-stressful job. He decided to relocate to the city where the clients were and happened to find a position at his alma mater there. His landlord was not interested in invoking the job transfer clause of his lease before he found the new position ("didn't qualify", vague & brief clause). He refused to relist the property (my friend would have paid for the relisting expenses). He had my friend sign an addendum to the lease to allow subletting, and assuming it was his only option, he did. The property is now listed however people that seem interested ghost as soon as they learn it's a sublease. Perhaps it's also wildly overpriced IMO, but the impression is that the sublease is holding people back. My friend offered a buyout of the lease of several months rent and to forfeit his security deposit, but he refused. With winter coming and no sublease tenant in sight yet, the worry is that he'll somehow have to pay for two residences as well as mildly heating the empty one. I feel like the landlord knows it's overpriced and is trying to get someone to pay at the price as long as possible. I worry it will result in my friend unable to pay, broke, and going to court over the remainder of his lease. Please help, what can he do to end this? // I also feel it's worth mentioning that this is the first time the landlord has leased out a property and the agent representing him and my friend seems as annoyed and frustrated as my friend is Location: Southern Michigan [link] [comments]  |
| Posted: 03 Oct 2018 09:14 AM PDT Not to sure if this is the correct location to ask but new agent here and looking to invest into a tablet or laptop. Im leaning toward tablet mainly because it is easier to manage if i wanna flip the screen around to show customers certain things, and i believe there are a few tablets you can turn into computers with the keyboard. So for you guys here with actual experience in using laptop, would you recommend it over a tablet? [link] [comments]  |
| [OH] Found a house I love in a crappy neighborhood Posted: 03 Oct 2018 07:20 PM PDT I don't mind the neighborhood. Problem is its a short sale, the owners had done some interior work, the bank had the house appraised and the appraisal value is about 20k more than what the nice houses in the area sell for. I'm willing to pay over average, but I'm not sure how much over I should do. for reference average house sells for about 38k. average nice house about 45k. this house is listed at 64k. Any advice is much appreciated [link] [comments]  |
| Posted: 03 Oct 2018 08:40 AM PDT I'm not sure if this has been asked before but, some Realtors out here in Southern California claim that they can give you off Market listings. They also state it is very time-sensitive. What are your thoughts? [link] [comments]  |
| New Construction: Home Inspection(not allowed?) Posted: 03 Oct 2018 05:49 PM PDT Hello, I am looking to purchase a new construction home from a popular builder in West Texas. We are unable to use a real estate agent(builer uses sales associates). When asking our sales associate if we can hire our own 3rd party home inspector, we were told ,"no". Is this something I should ask someone higher up who works with the builder? We won't own the property until we hand the builder our loan , so I don't want to sneak an inspector onto the construct site and get in trouble for trespassing. How should we press the need to hire our own inspector? If the final answer is in fact "no" , would it be acceptable to go ahead and buy the home, have an inspector come in the week after we move in, and just request the builder fix any findings within reason? The builder claims materials and labor are covered up to one year after closing, on top of the 2-10 warranty. Thank You. [link] [comments]  |
| Navy Federal vs USAA Mortgage Rates/Fees Posted: 03 Oct 2018 05:19 PM PDT Hello, Maybe someone can help me out. We're first time homebuyers getting close on closing on our first, VA approved, home. So far it has been smooth sailing thanks to our agent. We were preapproved with USAA, but a friend of mine (also military) has always used Navy Federal Credit Union for mortgage and suggested to go with them over USAA due to their competitive rates. We have excellent credit and will do a significant downpayment. Would anyone recommend one lender over the other? Why? Thank you. [link] [comments]  |
| Posted: 03 Oct 2018 05:07 PM PDT At no time was this disclosed to me. Only way I found out is the house next door to me is also owned by the same person that sold me this house and they've been renovating it the last month and I was walking by it today and saw a giant STOP WORK ORDER that says "full property renovations without required permits" and that got me to investigate my own house and the lack of permits. Do I have any recourse against the seller? Here are some things I pulled from the paperwork I thought were relevant. https://imgur.com/a/teXaFOW [link] [comments]  |
| Worth it Attempting to buy a short sale? Posted: 03 Oct 2018 04:50 PM PDT Howdy, I live in Northern Nevada. I just found a house that came onto the market as short sale, asking 200K Zillow (ya not super accurate) says Zestimate 400k. which is about what houses in that part of town are going for. listing says cash only , I just sold my current home (divorce, fml) I have 82K in cash and really good credit, and an indefinite rent back from the new owner (they bought it to be a rental) there's nothing on the market currently that is appealing to me. this short sale home is in the exact neighborhood (schools/ commute to work) that i want. my buying agent warned me it could take Months to go through , which while not perfect would be fine with me. I would have to finance the other 118K .. I might possibly be able to borrow the money from my parents depending on how soon their rotating CDs are to their end date. Am i "chasing waterfalls" on this? Should i try and submit an offer anyways? advice ? Thank you :) [link] [comments]  |
| Passing California Sales Agent Exam Posted: 03 Oct 2018 04:42 PM PDT Hey guys, I recently finished the real estate exam scholar prep course. On their last mock exam I got 130/150 questions on the first try. I went through allied schools and also did their exam cram workbook and watched their video series twice. I feel pretty confident, but wanted to ask if you guys recommend any other last exam cram programs? How many weeks of studying before I take the exam would you all recommend? Thanks! [link] [comments]  |
| Is a pre-approval number that is significantly higher than we plan to borrow really better? Posted: 03 Oct 2018 10:26 AM PDT My wife and I are looking to buy our first home. I called the bank and got a pre-qualification for the ridiculous amount of $1.5M. We don't plan to spend even a quarter of that amount, but it made me chuckle, and we gave it to our realtor when we tried to put an offer in on a home a few days ago. The asking price of the home was $385k and we planed to finance $285k. I moved forward with the pre-approval application and listed the home price as $385k. I was pre-approved for the same. My agent is now saying that it would help our chances with future offers (we didn't get the first home because of an all cash offer) if our pre-approval is "higher" because we are in a competitive market. So, is it really better to have a pre-approval letter for an amount significantly higher than what we really are planning to borrow? Will we really look that much better to sellers? Is it even possible to go back to the bank and ask for a higher pre-approval? Any insight on this would be very much appreciated. [link] [comments]  |
| Don't want fixer-upper regret, but have no experience. Posted: 03 Oct 2018 03:13 PM PDT Hello all! Recently I have graduated university, obtained a full-time career type job, and had a little girl. All of this together has started my gears turning on what else I should do about my future. One of the tangents that my brain has pursued is real estate investing. The market I live around isn't the best but I believe there are deals to be had. One house I have found is super cheap (not listed, but has been empty for a very long time) the value on the county tax site is 20k down from 75k (realtor[dot]com has it's current estimate at 101k) in the last 7 years. I decided to go look at the property and it is horrendous... [Here](https://imgur.com/a/7uMdZBx) is a pic taken from google maps. This pic does not do it justice, on the poor end of the spectrum. One of the biggest issues is, it has no foundation. It appears that someone got in there with a jackhammer and removed all the foundation work, aside from what they walls are sitting on. This is the weirdest thing I have ever seen. It might also be worth noting that the listed owners actually go to my church. I don't really know them but have done small talk. So, should I avoid this like the plague or maybe consider it as an investment? Edit: Can't seem to get my link to hide behind the word 'here' and it is bugging me, if anyone can help there too I would appreciate it. [link] [comments]  |
| Posted: 03 Oct 2018 02:16 PM PDT I am considering a house that is currently subjected to tenant lease until next summer. My realtor told me that due to the lease, I would have to get an investment loan which has much higher interest rates (making the house unappealing). I want to know if there is anything else I can do to get this house on a normal rate. (Wait until the lease is near its end? Put down more money for a down payment?) I really like the house, but am not sure if I should even bother with it. My agent tells me it may be a headache dealing with the tenant (because of the unpredictability) and to forget about it. But the house is everything I wanted (location and layout) and inventory in the area is low...market is really hot around here so I don't know if I should wait for the spring market because competition will be even higher at that time. I would appreciate any advice; thanks! [link] [comments]  |
| First Time homebuyer and a Senior (FL) Posted: 03 Oct 2018 01:49 PM PDT Are there any specific programs available to seniors that I need to know to ask about? My mom was preapproved at $120k (they said she'd qualify for more but that's the price that will keep her in a payment range she's happy with). She's got stable income, not huge savings but she has gov pension and social security. Credit - decent, her score is >735, with an almost no debt ( <$1000). I just didn't know if there were down payment programs or anything she should look into or ask about. [link] [comments]  |
| Posted: 03 Oct 2018 05:54 AM PDT Hey all, So ill try keep this as brief as I can - as this is not a situation that I am in at the moment, it is more of a discussion I am hoping to have with some wiser folk (my parents know nothing about the topics & I have little to no experience in any form of investing at all - but it is an area I am very interested in.) So without dillydallying - I am graduating from university in the next few months, and then will be looking for a real person job as I call them. This will basically enable me to get a substantial amount of income per month (€2500 approx) and from the get go I will be starting to save approximately 70% of all income. In my area that I am heading in, a big promotion comes around usually 18 months in if targets etc can be continuously met - which would mean a larger amount of income being saved continuously. Basically what I am wondering is, would it better for me to:
OR Over the past while i have become very good family friends with a construction guy - builds and sells houses. Should I follow some of the advice he gave me - He said he would provide me with some land and I should save €50,000, to then mortage the €450,000 - for a total of €500,000. From there he suggested to build 5 houses, selling them for €350,000 each - resulting in about €1,750,000 before tax. Personally I think it seems a bit too good to be true? Of course the later of the options sounds more appealing - but I thought if anyone someone in hear might be able to help steer me in the right direction. As while both of these endevours are forms of investing, they will both evidently require completely different game plans and approaches. Thanks in advance ! [link] [comments]  |
| Only 1 rental property... Is it worth it to get an LLC? Business vs. personal checking account? Posted: 03 Oct 2018 01:12 PM PDT I'm currently in escrow to buy my first rental property (a single-family house that will probably only generate about $100/month in cashflow). I want to have a separate bank account that all the expenses and rental payments related to this property will go through. Because this is my first and only rental property, I still do not have an LLC. I do plan to have home owner's insurance on the property which will have $300,000 of liability coverage. I mainly wanted to open a separate account for my own book keeping for when it comes time to file my taxes, I'll easily be able to see all the expenses and income related to this property.
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