[NY] Considering buying a storefront with an apartment above it for my residence, what do I need to know? Real Estate |
- [NY] Considering buying a storefront with an apartment above it for my residence, what do I need to know?
- FTHB: Dream house but not dream location, or better location & fine house?
- CA salesperson exam
- Crossposting for more info/suggestions
- Nearly have rental property paid off, anything I should do?
- Scratching our heads over this counter offer - help!
- Down Payment options.
- [California] 11 years+ of past due of HOA dues, foreclosure, possible reverse foreclosure?
- lower cash offer vs mortgage for fixer upper
- FSBO question - USA - UT
- 7%
- [NYC] First time buyer, looking for some advice on re-doing the floors
- 20yr old hungry for real estate, need some advice from the pro's!!
- Need advice regarding inherited commercial property appraisal for sale and 1031
- FTHB - Offer was accepted, crack in foundation+leak. How do I leverage?
- Private transaction question
- Initial CD vs Final CD: 3 Day Waiting Period
- Investing on part time income
- How much are municipal services worth? Sewer and water vs well and septic
- Multi family unit upstate NY - possible to rent out without spending lots of time on it?
- Question for those in Chicago
- Should I sell or rent my place out? Details inside
- Looking for property owner information in Riverside California.
- Looking to buy my first piece of property
| Posted: 02 Oct 2018 06:56 PM PDT I don't know if this is the right place to ask, but /r/CommercialRealEstate seems to be more geared towards brokers or investors. I'm using a throwaway since there is a potential to give away more information than I would like to on my regular account. I live in a small village in the Southern Tier of New York State, and I currently rent an apartment. Assuming it's relevant, I make ~$40k/year, am unmarried (no kids), and my current rent is $500. I was looking at options that would be cheaper than or at least comparable to renting, and came up with three options that would fit my budget:
My question is this: If I go for option 3, what restrictions are there on what I can do with the property. I'm assuming that I would be able to use the upstairs apartment for my personal apartment. But I don't know what restrictions there would be for the storefront. My ideal scenario would be to use it as a workshop, and make products for online sale as a side-gig during the slower times at work (retail supply chain, so a lot of variability over the course of the year). And what is the difference between a commercial loan and a residential loan? Thanks [link] [comments]  |
| FTHB: Dream house but not dream location, or better location & fine house? Posted: 02 Oct 2018 01:29 PM PDT Im in TN. As the title says... I found a dream house... i know i know.. don't fall in love with a house that isn't yours... but it really is beautiful and a dream. And at the exact budget I'd like to hit. But the location is not great. Like 35 -40 minutes from good restaurants, my friends, any social activity. Or do i stretch my budget to be closer to town/life with an ok house that will be fine. (I drive an hour each way to work - so this would be about halfway between work and social life... ) Also maybe of note: the selling history: it has been put on the market 2 years to the day,(Ie current owner purchased 6/2014, put on the market 6/18... ) this has happened with the last 2 owners...is that weird? I'm sure i know the answer but i can't resist the hive mind. [link] [comments]  |
| Posted: 02 Oct 2018 09:00 PM PDT premiers hi-grade exam kit +online computrainer i have been doing both of these religiously mid 80% average on all 14 tests for 6 months. i just got cleared to schedule the exam. would you recommend taking a crash course since it's been a while since i finished the course or am i good with both of these resources? i'd rather not pay $199. all input appreciated [link] [comments]  |
| Crossposting for more info/suggestions Posted: 03 Oct 2018 03:57 AM PDT |
| Nearly have rental property paid off, anything I should do? Posted: 02 Oct 2018 02:08 PM PDT I have a rental property which was originally my own home, then turned into a rental 6 years ago. In only a couple more payments, the mortgage will be paid off in full and I'll own the place outright. Assume 2 things:
Do I have to do anything else besides make the last payment? Do I get a title mailed to me like with a car or anything? Anything else to worry about? I've never paid off a house before. [link] [comments]  |
| Scratching our heads over this counter offer - help! Posted: 02 Oct 2018 10:44 PM PDT My fiance and I are in the process of purchasing our first home. We recently bid on a SFR property listed at $235k. It had been on the market for 60+ days and was originally listed at $250k before decreasing in asking price a few times. We bid $230k and asked for $5k in credit for closing costs plus the seller's appliances, with 30-day close and 17-day contingency period, and gave the seller 48 hours to respond. We figured this offer would leave some wiggle room for us to open the door to negotiations, but the seller responded with a crazy counter that we're very confused about. First, the seller extended the deadline as they were out of town. We received their counter 96+ hours after offering, which listed the following terms: - $245k selling price - $1k credit from seller for buyer's closing costs + appliances left in home - All contingencies must be removed within 10 days of offer acceptance - Property sold in as-is condition - All inspections for "educational use only" (buyer can't back out due to inspection results) Is this counter unreasonable? We think so, but are seeking advice and help with next steps. Thanks for your time. [link] [comments]  |
| Posted: 02 Oct 2018 07:39 AM PDT Background: The wife and I are purchasing a property for $542,500 and have the following options available to us. We would likely be living here for 5-10 years and within the next 2 years would like to finish the basement to add an additional living space and bedroom to the property. We have enough for a 20% down payment but have the ability to recieve a loan from the parents to increase the down payment to 25%. The loan would be interest free and we would be able to pay that back within 6 months to a year. Any insight on which would be the most ideal route to go and why? A) 20% down payment and finish the basement in 2 years using our own funds. Do not take the loan. B) 20% down, and use interest free loan to finish basement immediately. C) 25% down, payback the interest free loan within 12 months and finish the basement in 2 years. Thanks in advance! edit Should have made this distinction before, the wife and I are viewing it as a loan because we would like to and have the ability to pay them back with our annual bonus payouts however, they are viewing it as a gift and do not expect to be paid back. [link] [comments]  |
| [California] 11 years+ of past due of HOA dues, foreclosure, possible reverse foreclosure? Posted: 02 Oct 2018 07:05 PM PDT Recently joined the HOA board, I found out one of the units has 11 years + of non-paying HOA dues, racking up $41k, the HOA filed a lien in the past on the unit, the unit is listed on the market but keeps being listed, delisted, listed, pending (accepting backup offers). I was told the HOAs can do a reverse foreclosure and that comes with risk. How can he still live there and does the board have any options? $50k owed to the HOA, property worth with investment of $20k $300k, owes the bank $160k [link] [comments]  |
| lower cash offer vs mortgage for fixer upper Posted: 02 Oct 2018 05:48 PM PDT SO I am selling my late mom's house that I lived in. It needs work. 2300 ft2 5bed2.5ba. Most of the walls need skimcoating and painting, hardwood floors refinished, various trim and cosmetic work, kitchen gut, bathroom master near gut. others also need work, needs beam to correct settling on one wall between garage and rec room ground level/slab. Otherwise HVAC new, roof insepcted good, no termites, basement good, water heater new. Our agent priced it appropriately (290k) and we have 7 offers in a week. I believe move in ready is 390-410k 5 offers are crap in the 240's and 250's, 1 275k cash, 1 290 mortgage. I am trying to decide is it worth 15k to go cash? We had an offer fall through. 280k cash just never gave earnest and walked away a week later with no explanation. What do you think. Realtor is worried inspection will turn up something crippling we don't know about which I doubt that will need to be in all future disclosures. [link] [comments]  |
| Posted: 02 Oct 2018 08:20 PM PDT First time selling a house FSBO. The buyers have a realtor... will the buyers realtor send over the seller due diligence paperwork? I do have an attorney on retainer if it comes down to needing someone in my corner. [link] [comments]  |
| Posted: 02 Oct 2018 07:48 PM PDT What do think of 7% apr? Buying my second rental and that's the rate I am looking at. 15% down payment [link] [comments]  |
| [NYC] First time buyer, looking for some advice on re-doing the floors Posted: 02 Oct 2018 07:36 PM PDT Hi r/realestate ! I'm hoping to get some advice relating to a potential apartment purchase in NYC. I'm considering purchasing an apartment in a pre-war building that, while generally really great, does need to have the floors redone. This may be limited just to replacing the floors itself (which a contractor estimated at $10-12k in total) but could also extend to replacing the beams below the floors as well (which a contractor estimated at $20-30k in total). A contractor also estimated the project would take 2 weeks for just the floors, and 1 month for the floors and beams. Does anyone in NYC have experience redoing the floors and/or beams in an apartment of about 650 square feet? What was the experience like? Were there any unexpected problems that came up (e.g., plumbing or electrical issues)? I'm just trying to gauge how accurate this estimate is, and whether the process would be really burdensome. Thanks so much in advance for your feedback! [link] [comments]  |
| 20yr old hungry for real estate, need some advice from the pro's!! Posted: 02 Oct 2018 06:38 PM PDT I live in Canada, Southern Alberta to be a little specific. The market is good to buy a home but I grew up in the East (Toronto, Ontario) and am taking the jump to move provinces on my own. I've educated myself for a few years about real estate. Strategies and methods all different ways, I'm moving with enough money for a down payment and I'd like to rent out when everything said and done. Any tips, advice, anything is appreciated. [link] [comments]  |
| Need advice regarding inherited commercial property appraisal for sale and 1031 Posted: 02 Oct 2018 06:31 PM PDT Hi REddit, Hoping you can help me figure out what to do next. My parents own a commercial property out-of-state with a problem tenant and are looking to sell and 1031 into something potentially closer or easier to manage. Things looked great when they first acquired it in the early 2000s, as they had a triple-net tenant making timely payments. The tenant then declared bankruptcy and my parents suffered through missed rent checks, lawyer fees, etc. We live in CA and the property is in the Hartford area in CT. To add to the difficulty, my Dad who has pretty much solely run this real estate business is now suffering from moderate dementia. As a result, I've inherited the job of selling the property and recommending others for a 1031. My questions are:
I know that's a lot to digest, but for some strange reason I trust this sub more than any other online venue and would really appreciate your help on this. Even if you can just point out a good resource to go to next. Thanks! [link] [comments]  |
| FTHB - Offer was accepted, crack in foundation+leak. How do I leverage? Posted: 02 Oct 2018 06:03 PM PDT As title states, I am FTHB and an offer was accepted on a home the Wife and I love. The day after the agreement was signed we had heavy rain and I asked to come back and look at the basement. Half of the basement is finished (wood paneling and indoor/outdoor carpet). In the corner of the finished basement a large pool of water had soaked up in the carpet. The seller showed me a picture of a large crack in the foundation that is behind the wall. They sealed in themselves in the spring and it clearly failed. The inspector can not tear the wall down to look at the severity of the crack, but we know it leaks. What do I do? We really like the house! Edit: What are other good subs that can answer this question? [link] [comments]  |
| Posted: 02 Oct 2018 06:01 PM PDT My parents are old and want to move into a smaller house. They found a house and are moving forward from their end. They want to sell me the house. The home is assessed at $490k and they want to sell it to me at $445k. Similar homes in the area are selling for $540k on average. We do not want a realtor involved and will be hiring a real estate lawyer to handle the paperwork. Can we do this transaction below fair market value? I am not familiar with real estate law in Oregon. Any help would be appreciated. Thank you. Location: unincorporated Clackamas county, Oregon. Edit: spoke too soon. Found this post after changing my search query. I still welcome any additional insight. Thank you. https://www.reddit.com/r/tax/comments/69b613/selling_house_to_a_relative_for_less_than_market/ [link] [comments]  |
| Initial CD vs Final CD: 3 Day Waiting Period Posted: 02 Oct 2018 05:46 PM PDT I have a quick question on the required 3 day waiting period after the CD is received. Almost 2 weeks ago I was Conditionally Approval by Underwriting (fix legal name on contract) & Early CD was ordered Last Monday this initial (my word) 5 page CD was given to me and I signed it. 8 days later i got the Clear to close and was told that "copy of the Final Approved Closing Disclosure " would be sent to me to review. My question is. Did the waiting period for the 3 days start after I first signed the initial CD or this final one that will come in a day or two now that I'm clear to close? Online it says there are 3 main conditions that would make you re-wait that 3 day waiting period (which I won't post here) and lets assume the new CD doesn't meet any of those conditions (like a change of interest rate). Thanks! [link] [comments]  |
| Posted: 02 Oct 2018 05:21 PM PDT Currently looking for a full time job but how do i acquire loans or financing with only a part time job? [link] [comments]  |
| How much are municipal services worth? Sewer and water vs well and septic Posted: 02 Oct 2018 11:02 AM PDT I'm comparing two new/new-ish homes, both built by the same builder in similar locations. One is on well and septic and the other is on municipal sewer and water. What kind of price premium would you pay for a home with municipal services? [link] [comments]  |
| Multi family unit upstate NY - possible to rent out without spending lots of time on it? Posted: 02 Oct 2018 07:52 AM PDT I want to buy a multi family unit and rent it out. However I do not have a ton of free time and want to hire a company to take care of everything(getting renters, maintenance, legal etc). Eventually I want this to be a repeatable process but is this viable? Would there be any profit margin left. My main question is: is it worth it? Any and all advice is greatly appreciated. [link] [comments]  |
| Posted: 02 Oct 2018 11:57 AM PDT Hi! I have been agonizing about this decision and thought I'd get some input from the Reddit community and see if it helps. We're in the process of deciding to put in an offer on a house in the Logan Square neighborhood. It's 3 blocks from the California blue line, the house itself is everything we want and at the price we want. In short, we love it. One small problem. The house sits on this tiny block off of this beautiful tree lined street and the actual street the house is on is ugly. It's behind a restaurant and the street itself needs repaving. It's a small dead end street as well and there are about 6-7 houses on it. We're the third house on the block so literally around the corner from that tree lined street. We are very torn. The house is beautiful. The location is ideal. The street itself, ie curb appeal, is not quite there. From an investment point I know it's a good investment. The area is improving quickly and this place is right next to the blue line. But I just can't shake this small street it's on and how it just doesn't look great. Am I overthinking this? I'd love some thoughts and opinions! [link] [comments]  |
| Should I sell or rent my place out? Details inside Posted: 02 Oct 2018 05:59 AM PDT Moving to a different area of DC, not sure if I should sell my apartment or rent it out. Option A is to rent it out to 'assuage' the financial impact of living in a pricier area of the city. Option B is to sell and save myself the hassle. I'm hoping you guys can take a look at these numbers and let me know what you think. Situation: my apt is in a very sought after area, and is the cheapest you can get for a 2 bed 2 bath at 1000+ sq feet. I can get between 2000 and 2100 a month for my unit. It is a co-op (the buildings in the community are all owned collectively by the owners of the individual units) so its central AC (just got replaced, so good to go). Details: 340k, bought with 10% down, got to 20% within a year, now at 21% down. Owned for 2.5 years, so ~74k in equity. 3.875% interest with a 30 year note (better than market rate right now). 540/month HOAs (this is very normal for my area). When I use realtor.com's rent-vs-buy calculator, and put in all of my information, it basically says that my monthly "rent" (money I won't get back, meaning it incorporates my equity accrual and tax write offs) moving forward is ~1900, and will be ~1800 next year. Keep in mind, I am NOT including the buying transaction fees, because that is a sunk cost for me. When I go on rental property ROI calculators, assuming a 5% vacancy rate at 2050 per month, it shows me having around a 7.3% return (IIR), 46% cash-on-cash return, with a capitalization rate of 3.46% and a total profit of 33k when I sell. My first instinct is to sell. The return isn't high enough to justify the dice roll on having crazy renters. Yet, part of me wonders if I should keep this as part of our portfolio. Doing so would represent around 20% of our net assets at this point. We play pretty risky at the moment (we have a huge employee stock incentive through my company, which places a lot of money in a single stock, altho its done very well, we hold for a year each 'batch' to get rid of short term capital gains) so I feel like keeping a property rented would be good. [link] [comments]  |
| Looking for property owner information in Riverside California. Posted: 02 Oct 2018 01:49 PM PDT I wanted to track down the owners of some abandoned properties in Riverside, Ca. I could not, however, find information from the county assessor. They told me that I cannot find Property Owners by address alone. If anyone is in the know, how would you go about finding abandoned property owners, specifically in California or Riverside County, California? [link] [comments]  |
| Looking to buy my first piece of property Posted: 02 Oct 2018 07:37 AM PDT I started getting really interested in real estate as a kid. I think I really saw the potential. Regardless, I am getting old enough where in the next few years I will be able to actually get into it. I watched this one guy on youtube (I forget his name, maybe when I tell the story someone will know) he bought a 4 unit apartment building, and he lived in it so he could put down much less money on a down payment. I know that this is risky, but it seems like the easiest way for me to get into real estate because it would be the cheapest. What are your thoughts on this? I think it would be really risky, but it also seems like a good beginning to ending the rat race. Also what are some tips you would give a first time owner? [link] [comments]  |
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