Experience with AirBnB Real Estate |
- Experience with AirBnB
- Approaching a homeowner about buying their off market house
- Negotiating with builder on a new-build home a month before closing. Am I nuts?
- Question on Easement
- Can I do better than the listed, advertised mortgage rate?
- Appreciation near JRA Cycle in Medford (MA)
- [MI] Considering investing/starting a Storage Unit business
- This makes sense, right? Leasing out independent 1st floor of rowhome
- New licensee here! Now what...?
- Is this a tear out and a complete redo?
- Building a Prefabricated Home: Is It a Cheaper Option than Buying a Standard Home? (IL)
- Opportunity zones: business property qualification?
- Need exam studying advice!
- Landlord Dispute
- Second Home or Investment Property?
- So I am taking my precourse for my license and one of the questions is.......
- Would you buy a home near an oil pump jack?
- Buyer Running Ethernet Before Closing on New Build?
- Buying Foreclosed Homes- Risks?
- I have scholarships— what should I study to learn about mortgages?
| Posted: 11 Nov 2018 04:49 PM PST Hey guys, I'm posting here wanting to know people's experience with buying a house preferably in a vacation sort of area and renting it out via AirBnB. I'll list the questions below.
Any other general tips of pieces of advice would be appreciated. Thanks in advance. [link] [comments]  |
| Approaching a homeowner about buying their off market house Posted: 11 Nov 2018 03:53 PM PST Hello all! Thank you for reading my post. I am new to this sub. My husband and I have been home shopping, but there is no inventory in the area we want. Our agent has pulled the comps in the area, and there are some homes that, should they be listed, would be in our price range. There is one in particular that would be a perfect fit. [link] [comments]  |
| Negotiating with builder on a new-build home a month before closing. Am I nuts? Posted: 11 Nov 2018 05:01 AM PST So, my wife and I signed up for a new-build home in Feb in a tight housing market (Denver) for a $600K home. Since then interest rates have risen almost 1% and home prices in the neighborhood next door have taken a 5-8% haircut on similar homes. We are in a super fortunate position to be able to buy a house with a lot down or (stretch) with cash. With interest rates rising I keep doing the math on what a normal family income needs to be to afford a home here, and it seems like anything over 550K is becoming unaffordable to all but the top 10% of income earners here (~30-45K households). I talked to my real estate agent, and he acted like I was crazy to want to negotiate a lower price. We put down $23K earnest money, which we'll lose, but the same payment in January for a $600K place will only buy $540K worth of home now. Rent in a similar home is ~$32K/ year, which is less than we'd pay in Mortgage, Property tax, HOA and Insurance (~$40K assuming 20% down with 4.875 rate, which we have locked in). Am I nuts for negotiating? It just seems like we're at the top of a market with the fed raising rates. We're looking to be in the home 5-7 years before moving closer to the mountains with our two young kids. Wife is flexible with renting, which we've done since we've been together—have moved 4 times in the last 6 years to 3 states for work. Appreciate any input. Edit: Thanks so much for the responses. It does look like there is a failure to close clause, so there isn't much room to negotiate. And I do think we're experiencing the buyer's remorse early. Thanks for the comments about the real estate market in CO and seasonality. Looks like we're buying a house👍 Edit 2: For comments about me screwing the builder—my dad was a small contractor, and if this were a small-time builder doing a custom home there is no way I'd go back on a deal. They have been terrible to deal with from flipping the house and telling us they didnt have to inform us "as per the contract" (we found out at our breaking ground meeting) to terrible craftsmanship (0 pride in their work by the subcontractors, who were also largely different than the ones from their previous subdivision). If you were dealing with this builder I promise your sentiments about honoring agreements would disappear as fast as mine did. If [link] [comments]  |
| Posted: 11 Nov 2018 05:32 PM PST We are in the process of having a portion of our land bought by the city so they can start a road construction project. We signed some paperwork earlier last month and agreed to the terms. The city called me Friday afternoon and said my lender has requested to be included as payee on the check. So my question is, what does that mean? Does the lender end up getting the funds or do they just want to be witness to the transaction? I asked a representative at the bank and they didn't know. [link] [comments]  |
| Can I do better than the listed, advertised mortgage rate? Posted: 11 Nov 2018 02:11 PM PST So I might become a first time home buyer sometime in 2019, trying to do my due diligence and homework now in preparation. When researching potential mortgage rates, a simple google search list several results. Bankrate.com tells me the best 30 year fixed rate is 4.625%, and a couple after that are 4.75%, Nerd Wallet shows me 4.75%, Trulia/Zillow shows me 4.75%, etc. All the online quote aggregaters are showing me basically the same thing. Now I'm not ready to reach out to lenders/brokers and get actual quotes yet, I'm just planning/window shopping right now, plugging numbers into my spreadsheet. (Don't worry, I understand rates change and the difference between rates and APR, etc.). My question is, if I see quotes online, is that the rate I'd likely get? If I was actually ready for a mortgage today and started calling up lenders/brokers tomorrow having them try to beat each others quotes, will they come down? If so how much better could I theoretically do? I'm just kind of looking for a rule of thumb, something to help me plan. Hoping for something like, "Whatever the best rate online is, you can usually beat that by at least 50 basis points if you have a great risk profile and shop around" but also prepared for "whatever the rate online is, they usually won't move much off of that" and hoing it's not "nobody get's the advertised rate, whatever they advertise, add 10-20 basis points to it." About me: Husband/wife combo, each with an 800ish credit score. Both gainfully employed and can provide proof of income. Prepared to put 20% down. Targeted home value will likely only be around 0.75-1.25x annual earnings. Planning on 30 year fixed. Just trying to educate myself on mortgage rates. [link] [comments]  |
| Appreciation near JRA Cycle in Medford (MA) Posted: 11 Nov 2018 03:54 PM PST Working with my agent to find a single family. We were looking at a listing near JRA Cycles in Medford which looks great and is under market. She cautioned that the low price is due to the fact that that area in Medford has not been appreciating, and that if we were to buy there we had little chance of a high ROI if we made extensive updates. Anyone have experience with this area? Just looking for a second opinion! [link] [comments]  |
| [MI] Considering investing/starting a Storage Unit business Posted: 11 Nov 2018 05:16 PM PST I've been mulling the idea of starting/owning a storage unit business for some time. I haven't started a deep dive into my research, but am looking for advice especially from anyone in the business. I understand business loans require a good deal of planning, but to get the ball rolling for any advice or discussion here is a list of reasons I'm leaning towards Storage.
So those are just some of the thoughts I'm having. Was hoping to get some helpful insight! Thanks again. [link] [comments]  |
| This makes sense, right? Leasing out independent 1st floor of rowhome Posted: 11 Nov 2018 11:13 PM PST A house I may put an offer in at (700k, 1900 sq feet) has a first floor that I can pretty much make independent (own kitchen, bathroom, etc) while I live in the 3 br/ 2 bath on the 2nd and 3rd floor. They would be totally separate and share a small backyard. My mortgage and taxes come in at 44,400 a year, and if I rent out the first floor for 1600 a month, with 5% non-occupancy, I assume I'll make ~18,000 per year. SO, my net "expenditure" (after renovations) would be roughly 26k per year. NOW, on a 30 year note at 4.8% (assumed), my equity gained per year begins at 9,500 annually...so by my estimate, the "total cost" of irretrievable money per year is 17k, which is 1500 per-month. My local area is set to appreciate due to incoming businesses soon (Nova, Amazon) so I assume a bit of appreciation may occur. This almost seems too good to be true, though. Am I crazy? Can I live in a SUPER awesome location with a SUPER awesome place and sort of subsidize it by leasing an extraneous portion of the house? Let me know if I'm thinking about this wrong mathematically. [link] [comments]  |
| New licensee here! Now what...? Posted: 11 Nov 2018 06:59 AM PST Hey All! I'm so excited to announce I passed the exam last week after months of studying. I live in Boston, so I want to get selling homes immediately. What can people suggest I do as a complete and total newbie? How do I start selling homes? [link] [comments]  |
| Is this a tear out and a complete redo? Posted: 11 Nov 2018 02:50 PM PST I am trying to help an investor buddy with a house. He hired an electrical contractor to redo the electrical, and the contractor split on him but not before leaving a bunch of wires rat nested in the Attic and a bunch of electrical boxes in walls some with wires coming out and some with not. He needs to figure out if the wires were actually ran properly and if they are going to the right place. Other than doing it visually since the sheetrock is already up, is there a tool or some sort where you can trace out wires and determine whether they are the same wire at two different ends? What is the best way for us to get these wires organized? Hiring another contractor is out of the picture right now because they are now over budget and out of time. It is going to be up to us to get it fixed. [link] [comments]  |
| Building a Prefabricated Home: Is It a Cheaper Option than Buying a Standard Home? (IL) Posted: 11 Nov 2018 04:04 PM PST Hi everyone, so a few of the types of homes I'm referring to are built by companies like Dvele, IdeaBox, WeeHouse, Square Root Architects, and LivingHomes. So what I'm wondering about is if buying a piece of land (approx $30k) and building a basic, non-luxury, prefab home would be cheaper than buying a normal home of similar size? Would things like land-prep and large appliance purchases make building a prefab home more expensive overall? Thanks [link] [comments]  |
| Opportunity zones: business property qualification? Posted: 11 Nov 2018 11:50 AM PST I have a basic question about opportunity zones. I know a lot of the rules here are still murky, but I'm trying to understand if this sort of situation would qualify:
Would this qualify as a qualified opportunity zone business property? [link] [comments]  |
| Posted: 11 Nov 2018 11:00 AM PST Hello all! I am scheduled to take my class and state exam in Maine next week. This was a self study course which I have been working on for the last few months. Because of this, I'm struggling to remember things I learned from the beginning of class and I'm also struggling with the real estate math portion. When I try to study, the information is not sticking in my mind. I also have a habit of studying the wrong information, and skipping over the important stuff. With my test coming up in a few days, I'm getting very anxious! To those who have passed their school and state exam, what study techniques worked for you? And what advice might you have for me? Thank you so much! [link] [comments]  |
| Posted: 11 Nov 2018 06:56 AM PST Hi guys, I had a question regarding a dispute with my landlord. I returned my keys in July to the leasing office and she said I was good to go. But then I received a move out statement in September that charged me for September rent and lost keys when my lease was to August. I've tried contacting the property manager but she said I was responsible for all charges because they never received my keys. I'm not sure what to do as I did return the keys and I'm assuming the leasing agent misplaced or lost the keys. The property manager said a collection agency would be contacting me. This isn't something I have to pay for right? Because I did in fact return the keys with my roommate. [link] [comments]  |
| Second Home or Investment Property? Posted: 11 Nov 2018 10:57 AM PST So here is the situation. I currently live in Denver with a mortgage on a place. I am moving back home to Minneapolis. My father is going to take out a mortgage on a condo for me but I will be paying the monthly costs until my place in Denver has been rented out long enough for me to acquire the mortgage officially. I will be named on the title and the property is 75 miles away from my fathers home. Does this qualify as a second home? We were originally quoted 4.25% interest rate but now the underwriters changed it to 5.25% because of "The type of building it is" and are asking questions such as "If you were to rent it out how much would you charge?". The Condo's HOA has a restriction on the number of units that can be used as rentals and we couldn't buy it and rent it out immediately even if we wanted to. They are also now trying to restrict what the seller was going to pay for closing costs in half. We are using a small Credit Union to originate the loan (Not my choice) and I do not trust the loan officer/underwriters to know their shit. I can explain why if needed. [link] [comments]  |
| So I am taking my precourse for my license and one of the questions is....... Posted: 11 Nov 2018 11:59 AM PST If Mary list her house for 100k and it sales at listed price and her cost was %80 of listing what would her profit percentage be? The answer is %25 not sure how to get that answer? Any help? [link] [comments]  |
| Would you buy a home near an oil pump jack? Posted: 11 Nov 2018 08:39 AM PST My parents recently saw a house for sale in a nice suburban area in Southern California. They really like this house and would like to purchase it, but the only (possible) negative is that less than 1,000 feet away, there is a single small, active oil pump jack which is presumably drilling for oil in the area. The oil jack is completely silent and is surrounded by homes and an open hillside, but we are wondering if there are any health/environmental concerns associated with living in close proximity to an oil drilling operation. We did not notice anything negative such as foul odors or chemicals during the 15-20 minutes we were touring the house property, nor did we feel dizzy or nauseous. The sight of the pump jack was a curiosity more than anything - it seemed completely out of place in this well-manicured hilly residential neighborhood - but I just want to make sure that living next to it won't cause health problems down the road. For the record, there aren't any oil refineries or other industrial uses anywhere in the area other than a handful of random pump jacks located in various parts of town - apparently this area used to be a major oil producing area in the early 20th century, with a little bit of oil still extracted nowadays. [link] [comments]  |
| Buyer Running Ethernet Before Closing on New Build? Posted: 11 Nov 2018 06:55 AM PST Hello, sorry if this has been asked before, I couldn't find anything. I'm a buyer who signed a purchase agreement with a builder. The purchase includes a standard cat5e installation to a couple rooms. But I want the whole house to be wired with cat6a. I met with their tech contractor to discuss and was blown away by how much they were going to charge me to upgrade to cat6 (they didn't offer 6a) and per extra port. I decided to do it myself after closing but it would be much easier to do it before they put up the drywall. However, the contract specifically states... The Purchaser agrees not to do, or cause to be done, any work, or alter or cause the alteration of any portion of the improvements, whether complete or incomplete, on the Property before Closing. I'm wondering what's the worst that could happen if I go ahead and run my own ethernet anyway? I won't be altering the structure in any way, just running wire. Let's assume I do it to code and model it after their install. Let's also assume I already asked the builder and foreman if I could do it and they both said no. Thoughts? Thanks in advance for any advice. I appreciate it. [link] [comments]  |
| Buying Foreclosed Homes- Risks? Posted: 11 Nov 2018 08:36 AM PST Interested in the idea of buying foreclosed homes for cheap and renting them out. What are some of your experiences with the purchasing process, risks, pros/cons, and any overall advice? [link] [comments]  |
| I have scholarships— what should I study to learn about mortgages? Posted: 11 Nov 2018 06:42 AM PST Basically, I have my Masters degree in Economics and I am employed and own my house in cash. I want to leverage my house, it will become a rental property and I will buy another rental property. The mortgage side of things, when looking at the schematics of how this will work, is becoming really interesting and I have $1500 left in scholarships. I'm wondering if anyone has a class or course I should take? Or if someone has a different class they think would be a good idea, I'm open to suggestions. Edit: I am physically unable to leave my house right now, and I have surgeries scheduled, I probably won't be independent again for another 6 months. But I have scholarships, and I find the mortgage part interesting. This is why I am asking for classes, I cannot go talk to a mortgage person about my situation because I don't really have a situation right now AND I want to learn about all of it, I think it's interesting. [link] [comments]  |
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