Explain it to me like I'm 10: Refinancing a Home and when it's useful Real Estate |
- Explain it to me like I'm 10: Refinancing a Home and when it's useful
- Redfin Mortage - has anyone used it? What are the pros and cons?
- Does the old adage of ‘worst house in the best neighborhood’ still hold true?
- Can I offer to purchase a house and or land not for sale?
- Texas Realtors - Home Murder
- Any websites that connect real estate buyers/sellers like a forum?
- Most expensive condo in the complex
- Can we afford a $1.2 million house?
- New Hampshire real estate market
- Buying units out of state
- Apartment Shopping.. Use Agent? If so, who?
- Is it a bad idea to buy the land so far ahead of time, and sit on it making payments, until I am ready to build the home?
- Tax question on buying neighboring property (upstate NY)
- Buying land in rural Tennessee
- First Time Selling - Are these repair requests reasonable?
- [FL] Question about "smart" technology for landlords/apartment owners.
- Tips on to make the best offer on a house I know I want?
- FHA Loan For 4 Unit DTI Question
- FHA 203k loan with installing a septic in (House Springs, Missouri) question
- Help: Risks/benefits of purchasing an empty commercial building? I’m a first-time buyer (commercial and residential).
- Best place to find resources for low-income / first time buyers in my area (Albuquerque)?
- Buyers sidelined in nj
- I have a 203k renovation loan going on. I now have no faith in my contractor finishing on time, even after a 30 day extension. A lot isn't done.
- Old Out of country mother charged $8500 for sudden "repairs"
| Explain it to me like I'm 10: Refinancing a Home and when it's useful Posted: 07 Oct 2018 07:28 PM PDT Learning real estate on my own and I'm trying to grasp the concept of refinancing. Here's what I vaguely understand so far... Refinancing is for when you want to draw out equity you've paid off from your home in order to have more money to (reinvest? Pay off debts? go to the club? whatever you want?). So they take 80% or less of the value of your home and put it against what you paid off... Idk how this math works exactly... Yeah. [link] [comments]  |
| Redfin Mortage - has anyone used it? What are the pros and cons? Posted: 07 Oct 2018 02:43 PM PDT |
| Does the old adage of ‘worst house in the best neighborhood’ still hold true? Posted: 07 Oct 2018 07:49 AM PDT Long Island, NY — first time home buyers found a home near the top of our price range in an absolutely wonderful neighborhood, with houses on the same block going for double the price of the home we looked at. It needs a substantial amount of work from what I can tell, (disgusting carpets, wood paneling, water spots at a few locations of the ceiling, tiny & incredibly outdated kitchen, full bathroom remodels) We do have a retired contractor and current electrician in the family who both seem to think we should go for it and make the fixes/updates, becoming more in line Home-value wise with the rest of the neighborhood. As a first timer at this, would this be biting off substantially more than I can handle? It being near the top of our price range means a home improvement loan is out and this would likely be a slow process getting everything done [link] [comments]  |
| Can I offer to purchase a house and or land not for sale? Posted: 08 Oct 2018 01:43 AM PDT Long story short, My parents property has a fair amount of land around it on 3 sides. All 30 acre peices, it's very rural community, and I want to purchase these parcels and add them to my parents property. They will enjoy it and as the sole inheritor I'll get them in the long run. Now, they aren't for sale, as this region is the type that land rarely comes up for sale but is usually just passed on from family to family. I have the money to buy the land outright, I know it's a longshot but I can't seem to find anything wrong or illegal about writing up a letter and giving it to the neighbors, to offer to purchase their land. If they say yes, then we can get more formal with an assessment and contract. Any thoughts on this? I don't see a downside but I like the group think. Thank you. [link] [comments]  |
| Posted: 07 Oct 2018 03:50 PM PDT I've got a question regarding a murder in my home. A few years ago, my wife and I purchased a home out of foreclosure. After submitting our offer, we were informed that there had been a murder in our home. The previous owner had shot and killed his wife about three years prior to our making the offer, and therefore, the house had gone into foreclosure. Needless to say, we got the house at a great price. Neither my wife nor I were bothered in any way by the news. We understand that a seller must disclose this murder to any potential buyers. However, for planning purposes, does anyone know whether or not this disclosure has a "statute of limitations" so to speak (i.e., a set amount of time after which this information does not need to be disclosed)? Alternatively, if we were to rent the house, would the potential tenant have a right to be informed? Bottom line is that this information will likely reduce the value of the home, and I am curious how to best navigate our eventual sale. Thanks in advance to all! [link] [comments]  |
| Any websites that connect real estate buyers/sellers like a forum? Posted: 07 Oct 2018 11:53 PM PDT Anyone know of a website that connects buyers/sellers of real estate internationally? I have some properties in Asia that I am interested in selling. I'm willing to sell at a 4% net yield and their value is expected to rise, as is the rental income. I will also approach brokers locally, but would like to see what international investors would be willing to pay for the same yield. Any suggestions? [link] [comments]  |
| Most expensive condo in the complex Posted: 08 Oct 2018 03:33 AM PDT I'm looking at buying a nice condo in a not-so-nice complex. The unit is nice, the area is good, but the complex itself is not. The other units have sold for well below this seller's final price. How likely is it that I will lose money or struggle to sell when it comes time to sell the condo? For anyone who would like more details: This condo's final price: 100k. Most recent sale of another unit in the complex: 95k (same as the 100k one, but carpet instead of laminate and without crown molding). Other sales in the complex in 2018 were usually 80-90k. There were a couple in the low 60s. The complex looks like an apartment complex. Each building has a shared hallway. This one's shared hallway has stained carpet, the main door is very hard to open, and it smells like cigarette smoke. It's a harsh contrast from the beautiful interior of the unit. There are units in nearby complexes with private entrances and nicer grounds for around 100k, but the last one that was for sale just sold. I know because I tried to buy it. Since this unit has been on the market for 50 days with no pending sales, I'd say it's only selling now because there are no other units left in this price range within a few miles. If this will be hard to resell, how much time or money might I lose? Thank you in advance. This will be my first home purchase and I want to make sure I'm not doing something stupid. [link] [comments]  |
| Can we afford a $1.2 million house? Posted: 07 Oct 2018 04:14 PM PDT The cliff notes: We live in Los Angeles and love a certain neighborhood. An average house that doesn't need work is $1.2mil We have $100k in savings and combined gross income is about $300k. No children. Monthly debt of $600. Young professionals. Currently renting for $2700 but we'd rather put money into a home. I'll answer any questions. Thanks [link] [comments]  |
| New Hampshire real estate market Posted: 07 Oct 2018 06:27 PM PDT How is the New Hampshire real estate market? I'm interested in apartment buildings, a type of real estate that is prominent in major urban areas, and I was wondering if New Hampshire has a good apartment complex market. [link] [comments]  |
| Posted: 07 Oct 2018 09:48 PM PDT I live in San Diego and I am a Realtor so I know how to analyze an investment, but I have a question about purchasing in Pittsburgh, PA. My wife's family is there so I have been a few times and know a bit about good and bad neighborhoods. The price to buy 2-4 unit properties in San Diego is quite high, so it would take me much longer to save enough to invest properly here. Then I look in Pittsburgh and you can buy a triplex for $300-$400k. My goal would be to cash flow, as I know appreciation is not as high as CA. I'm sure the rents are lower than I expect. Are there other issues that I'm not taking into account about that part of the country? [link] [comments]  |
| Apartment Shopping.. Use Agent? If so, who? Posted: 07 Oct 2018 07:30 PM PDT My situation is a first apartment after my first big boy job when I graduate in December. Honestly I don't care about size, just quality. (Prefer a complex with management over someone's upstairs or slumlord, prefer no bed bug risk or roaches etc, maintenance) Give me a studio for all I care as long as I can get a parking spot for my car and pay for an extra for my motorcycle. [link] [comments]  |
| Posted: 07 Oct 2018 03:31 PM PDT I found a empty lot for about 10,000 sq. ft. for $45,000, but it is next to a large lake with beautiful fully grown trees all around. No trains, near services and utilities, etc. I already have a plan to build my own house in the future, but probably have another 1-2 years before then. I am only 24 years old, is it too early? I would be living in an apartment during the time until the house is built too.
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| Tax question on buying neighboring property (upstate NY) Posted: 07 Oct 2018 08:51 PM PDT The properties on my street are all fairly narrow, but deep. Except for mine. My neighbor Tim has owned his property and a piece of vacant land right behind me for decades. I could use the land to make my backyard much deeper. This land has no road frontage, I think the only way anyone could build on it is if Tim cut his land in half and gave 1/2 of it to the land, so the land could have a driveway or an easement or something. The assessed tax value is MUCH less than a similarly sized piece of land anywhere else in the town. I assume it's because no one could build a house on the land. So my question is, if I bought this land, would the city continue to tax this land at its' current assessed value, or view it as part of my property, with much higher property/school taxes? [link] [comments]  |
| Buying land in rural Tennessee Posted: 07 Oct 2018 05:02 PM PDT Me and my girl are wanting to buy a piece of land in a rural part of Tennessee that's within 15 minutes of a town. I have done research and talked with my banker and our current plan is to find about 10 acres for $40-$50k. Then put a mobile home on the land to live in. We would look to build in about 5 years when our cars and land is paid off. What costs do I need to know about and plan for when buying a rural piece of land away from town? I know I will need quotes on running utilities to the land, but other than that I'm not really sure. [link] [comments]  |
| First Time Selling - Are these repair requests reasonable? Posted: 07 Oct 2018 12:25 PM PDT Our house (1400 sq ft rancher) went under contract last weekend. Asked $219,900, buyer offered $208,500 and we accepted with no counter. The inspection was done Wednesday and we got the repair requests Friday. I feel like some of them are fair and some of them are frankly bullshit. Our realtor had minor surgery Thursday and we won't really have a chance to talk to him about it until tomorrow, but I'm worried. Can someone just let me know if these are all reasonable? 1.) The seller agrees to have a qualified, licensed roofing contractor: - remove the existing roof (shingles, tar paper, flashing, etc); - replace all plumbing collars; - install new flashing around the chimney; - install new ice and water shield where necessary; - install new shingles. The buyer and seller are to coordinate on shingle color and design. Should the purchaser opt to upgrade the shingles from three tab to architectural/dimensional, the purchaser will be responsible for the difference in cost. Seller agrees not to start roof replacement until style and color have been mutually agreed upon. *For this one, I want to give her a credit - if I'm paying for the roof, I'm picking the shingles and style. If this falls through, I'm not going to be stuck with her choices. 2.) Remove a tree (this isn't on our property, so we don't have to worry about it) 3.) The seller agrees to have a licensed, qualified contractor: - Ensure that 100% of the crawl space ground is covered by a vapor barrier; - Correct the improperly installed "shoring" in the crawl space; - Identify the cause of and correct the water stained floor joist in the front crawl. *I don't know enough about this stuff to quibble, I'm going to see what the contractor says tomorrow 4.) The seller agrees to have a licensed, qualified plumbing contractor: - correct the slow drain in the front bathroom; - correct the leak in the hall bath tub hot water fixture; - correct the discharge for the dishwasher in the crawl; - replace the damaged areas of gutter. *We think the drain is fine (it's the secondary bath, not the primary, and I think "slow" is subjective). The leak is minor and isn't new since the house was on the market. The gutter "damage" was visible prior to an offer being made. 5.) The seller agrees to have a licensed, qualified electrical contractor: - correct the double tapped panel breaker; - properly mount the dryer outlet; - place the furnace wire in conduit; - install a cover on the rear exterior outlet; - restore the attic fan to working condition; - install grommets in the attic and crawl space junction boxes; - correct the frayed wire in the center crawl; - correct the non-working smoke detector. *The smoke detectors work - the inspector was not so great. We're also going to fix the exterior outlet cover, more damage by our shithole tenants over the last two years 6.) The seller agrees to have a licensed, qualified HVAC contractor service/clean the furnace and filter. *The house was a rental and the tenants didn't know how to clean the filter (it's not a typical filter). "Cleaning" the furnace was in reference to it being dusty. We have since cleaned the filter and furnace ourselves. We've already accepted almost 6% below asking, with us giving her $2500 towards closing on top. We feel like she's nitpicking asking for all of this. I'd love to get the input of others if what she's asking for is reasonable and what we should refuse. Edit to add: We're also paying for a home warranty, per her request. [link] [comments]  |
| [FL] Question about "smart" technology for landlords/apartment owners. Posted: 07 Oct 2018 04:28 PM PDT One thing I've noticed is that the rental market is incredibly devoid of any smart technology (at least everywhere I've lived). I feel as though it's common sense that smart technology is popular, and I'm sure you could raise rent to make up for the up front smart home improvements (ie: pay someone ~1000 for basic smart device installation, raise rent by $50 a month). So why does no one have it? I ask because I was thinking about offering a service to landlords (I feel like apartments are the best target market) to install smart devices for them. Think of it as a new age home theatre installation company. Is this something that any of you would be interested in? I imagine that people who own single-four family unit homes won't be as interested, but what do I know. Thoughts? [link] [comments]  |
| Tips on to make the best offer on a house I know I want? Posted: 07 Oct 2018 05:52 PM PDT There's a house that, having seen it and knowing the area I definitely want to buy (contingent on an inspection showing everything is up to code and safe and so on), is there a handy way to make the best offer I possibly can? It's currently a rental property, the owners bought it last year for 1.25m, I'm thinking of offering 1.3-4. Their real estate agent has mentioned the number 1.6 but that seems unreasonably high considering they haven't done any serious renovation in that interim. [link] [comments]  |
| FHA Loan For 4 Unit DTI Question Posted: 07 Oct 2018 04:24 PM PDT When applying for an FHA loan for a 4 unit property, 3 of which will be rented out, is the rental income for the 3 units considered in the Debt to Income calculation during the approval process? [link] [comments]  |
| FHA 203k loan with installing a septic in (House Springs, Missouri) question Posted: 07 Oct 2018 11:48 AM PDT I have been looking at this house that I really like for a while now. It's a three bedroom two bath with 916sqft on a little over an acre for about $70000 however, this house was originally listed for $120000 before the septic was flagged by the county after it went under contract. But it has a few problems one being the septic needs to be replaced, now I dont know if it's just the tank or if its whole system or if it makes a difference. Also the house is missing a very crucial lot that is supposed to be with the house, but after the previous owners passed away it left to there son. The house needs a new propane tank or rather converted to electric. Lastly the only other thing wrong with the house is that it needs an $85.00 part on the well. I am mainly wondering how long it would roughly take to replace a septic system and if this just sounds like I would be losing money in the long run? Also this is my first time buying a home. [link] [comments]  |
| Posted: 07 Oct 2018 11:24 AM PDT I greatly appreciate any advice. I have been saving up to buy, and was open to buying my first home or a commercial property. Now, a 4,000 sq. ft. building is for sale in a great location, and it is on the higher end of my budget, but I feel it is too good to pass. Seller is currently occupying the property, and wants to leave upon selling. I've never purchased any residential or commercial properties before. I know very little about any of this. The only risk I know is that the property may be empty for a while, so I'd have to ensure I can cover the loan payment. What should I be aware of? Is this even a good idea? Also, would the property be worth less since I'd technically be purchasing an empty building? [link] [comments]  |
| Best place to find resources for low-income / first time buyers in my area (Albuquerque)? Posted: 07 Oct 2018 01:35 PM PDT Everything's new to us and it feels like we're being a bit pressured by different people who know we're in the market. We're just trying to find some of the best incentives in our area with few strings attached. Should we just try talking to everyone? What small print details should we be looking out for? [link] [comments]  |
| Posted: 07 Oct 2018 10:28 AM PDT Are other potential buyers giving up? Between home prices, interest rates and the really crap houses in our price range, it just seems way better to rent and save the $1000/month difference between renting and buying. [link] [comments]  |
| Posted: 07 Oct 2018 08:50 AM PDT Im really no sure there is enough money left to have another contractor come in and complete it totally. Anyone have any ideas. [link] [comments]  |
| Old Out of country mother charged $8500 for sudden "repairs" Posted: 07 Oct 2018 07:38 AM PDT A property management company agent is asking my old mother to pay $8500 for sudden repairs after a month of no contact about previous repairs totaling another $8000+ . My mother is doesn't know what to do, her sister a real estate agent in the same city as the property refuses to help and communicate with her; and the agent from the management company states that her sister and him were in communication about the new repairs yet left my mother out of the loop and unaware of the situation. I know I'm asking for a-lot and any advice is sincerely appreciated. Thank you [link] [comments]  |
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