How can I locate my leach field? Real Estate |
- How can I locate my leach field?
- Buying in the winter vs summer? Is one season preferable? Why? Montreal, Canada
- Best books for real estate investing or specifically rental property
- Does a new home depreciate like a new car over a couple years?
- Land for $1 - what's the catch?
- Missing HOA minutes
- [Pittsburgh, PA]Post-closing tax claim
- HELP- VA Loan Less then 12 Months ETS. Are we doomed?
- S8 and LIHTC user question
- Offer on House
- First Time Home Buyer- Needing Advice
- First Flip
- PMI vs. Down Payment??
- Can I re-negotiate for seller to cover closing costs?
- First Time Buyer: Please See Post for Some Requests for Guidance
- Buying first house- issues with me getting mortgage but fiancee providing down payment?
- Real estate license,,,, worth it as an investor?
- If a Ground Lease tenant trashes their building right before being evicted is there any limit to what they can do? [NY]
- How to approach seller financing
- [NYC] Buying First Coop - Mortgage Contingency and Closing Date Question?
- a developer left me a message today, wants to talk about buying my house
- Need some advice for a first time house buyer. Fear the house is high maintenance ?
- Best studying resources for exam? (Florida)
- Need Some advice on land real estate decisions
| How can I locate my leach field? Posted: 01 Nov 2018 02:46 AM PDT I need to dig a drainage system leading around one side of the house and the septic tank goes out in that direction, but I have no map of it or anything. [link] [comments]  |
| Buying in the winter vs summer? Is one season preferable? Why? Montreal, Canada Posted: 31 Oct 2018 09:21 AM PDT My wife has the opinion that we will have a harder time buying our first home during the winter and more people sell during the summer. Is there truth to this? I understand, people wouldn't want move when it's cold and there's snow on the ground. As a first time home buyer is there a time of year that is "optimal"? Is it harder to get a decent home inspection during the winter months? If less people are buying in the winter wouldn't prices reflect that? In my case we are talking about a house not a condo. Most likely a small single detached home, 2 adults and a baby, potentially a second child coming in the next 3 years. [link] [comments]  |
| Best books for real estate investing or specifically rental property Posted: 31 Oct 2018 06:12 PM PDT |
| Does a new home depreciate like a new car over a couple years? Posted: 31 Oct 2018 08:07 PM PDT A friend is looking to sell a 2 year-old house in a development that is still being built. How will two years' worth of worth of wear-and-tear impact the price compared to the identical home model being built a couple blocks away? No major damage or changes inside. It's in a boring, growing suburb of 3-4 bedroom detached homes. The new home is listed for ~$30K over what he paid. [link] [comments]  |
| Land for $1 - what's the catch? Posted: 31 Oct 2018 10:07 PM PDT I have been looking for a place to install a manufactured house. Money is tight. I was looking at a few properties in this one particular community, and found what seem like some fairly decent prospects. The property I was most interested in is going for $4,900, with about $1000 association fee that includes amenities and unlimited trash. There is central water and sewage. The taxes are listed at just over $1500 for 2018... Then I came across a listing for a vacant lot, in the same community, listing the price as $1. The owner claims she was going to build on the property, but never got around to it, and would rather see it go to someone who would put it to use. She says the dues and taxes are current, and there is a $300 fee for resale certificate. From what I can tell, the topography is not an issue - that is, it is on a fairly flat lot, but not at a low point where flooding should be an issue. What am I missing here? What could be the catch? What do I need to find out to ensure I am not getting suckered into something? From the research I've done so far, the taxes on the lot I was looking at seem like they could be extremely high - but I am not sure of that, because from what I understand, they should fall below a certain percentage of the land's full market value, which might be significantly higher than the sale price. I'm a complete novice if that doesn't come across. Please help, I am in a situation where I can't afford to make any mistakes, but I don't have much time to reach a decision about where to put my house. Any insight or info is greatly appreciated! Thanks in advance. [link] [comments]  |
| Posted: 31 Oct 2018 06:14 PM PDT (Oregon) I'm in contract to buy a condo, and the contract says that the seller will provide all minutes of meetings for the preceding 12 months for the HOA and board of directors. My agent sent me a website where the HOA docs are stored, and from the list of minutes files I can see that they meet every two or three months. However, the last minutes posted are from May, and it says that the next meeting will be in July. From this I can assume that I'm missing at least one or two of the latest minutes. Should this be something of concern? Or maybe I'm just being too paranoid of something important being discussed in these last two meetings that I won't know about? If this is indeed a big deal, how should I go about it? [link] [comments]  |
| [Pittsburgh, PA]Post-closing tax claim Posted: 31 Oct 2018 08:04 PM PDT Hi all, I bought new properties recently. I closed on August, 24. It was investment properties. The seller did not pay taxes and on my HUD, it is noted that I pay all the tax up to this year. I am now receiving notice of back taxes now from the tax office (city and county/state) for 2018 when these taxes should have been paid (this is what my HUD says). I am trying to contact my agent but do not have any reply so far. After buying several houses, this is the first time this happens to me and I start to worry if everything was correctly executed. Who is liable to pay the charges I paid on the HUD? Is it the Settlement agent? Any potential actions I should take? Thanks for your help! [link] [comments]  |
| HELP- VA Loan Less then 12 Months ETS. Are we doomed? Posted: 31 Oct 2018 06:12 PM PDT My husband and I are both currently active duty with less than 12 months until ETS. I have until June 19 and my husband finishes in March 19. We are currently in the process of buying a home through Navy Federal and we are using a VA loan. This is the second time we are buying a home using a VA loan (our first house is in my name only, this one will be in my husbands only so we can take advantage of the lower funding fee rate for first time buyers) but we are running into a slight problem because my husband is due to get out in March. Since he has only 5 months left, they requested proof that he will be working at a job in the same field once he separates. No problem. My husband was offered a 85k job in the same field that he accepted and is due to start while on terminal leave. We thought that would easily clear things up but alas it seems to have made it more complicated. The offer letter contained a number of contingencies regarding background checks, renewal of his clearance, funding, etc. Basically, things that take time to do and will in no way be finished by the time we close in 3 weeks. I mean why would they be? My husband still has 5 months left and it takes months to go through most of those things. Well, Navy Federal said they will try to work with us on the contingency obstacles but they will have to "pull some strings" in order to get approval from the VA. Navy Federal has requested my husbands DD214 (a document that doesn't exisit right now because he is still active duty for 5 more months) and "some sort of government issued document" that shows he will be honorably discharged (again... that's five months from now). I have given them his statement of service as well as his enlisted record brief that shows he is eligible, has no flags or pending disciplinary actions, and is overall a great soldier but they either forgot I've already submitted those papers or they are now in the mindset he is almost out and want discharge related papers...papes that we will not be able to get at this time or before closing. My questions are: is this loan doomed? What are the chances of the VA accepting his proof of future employment even with the contingencies? Can we apply for a different type of loan or will we run into the same problem? What else could we possibly provide them that will help satisfy whatever the hell they are looking for? I could rant all day how stupid the rule about no less than 12 months ETS is. I get it, they don't want people getting loans they can't pay for during their transition. But come on, we both have a lot of time left and we are lucky that he already had a job offer set up. We could lie and say we "intend" to re-enlist just to get past this hurdle but I'm not about to commit loan fraud when we were originally told having an offer letter would suffice. Oh and before anyone asks, I already carry our first home in my name and would not qualify for this loan on my own. We'd run into the same issue if we did it jointly and since I am not reenlisting, yet too far out to get a job offer, we found it easier to not go in on the loan together Any advice or direction would help a greatly help. I'm losing my mind and the stress of buying this house is getting to me. Every time we think we are good to go.. NOPE just kidding something seems to screw it up [link] [comments]  |
| Posted: 31 Oct 2018 08:15 PM PDT Hi, Does anyone have experience with using the housing choice voucher (section 8) program or affordable housing units? I have a scenario I am trying to work out and I am not sure if I have considered all the factors or I am missing something. For context, my mother is in the NYC region, one of the more expensive rental markets in the country. So this is the scenario: Current setup: My mother is currently receiving rental assistance from the S8 program which has "no expiration date" since she is on disability. She was renting an old-no frills-no amenities small 1 BR in a very nice expensive area. The rent was $1179, her share of rent was $200, the program paid $979. Market rate for the apartment is probably something more like $1350-1450 per month and her voucher authorizes her to go up to $1400 and still only pay $200 out of pocket. She recently received notice that she won the lottery for a "very low" income apartment at an Avalon housing complex. The apartment complex has expensive market rate apartments and then a handful of low income lottery units, one of which she managed to win the lottery for (with my assistance of course). The building rent is $350 for a studio, but hopefully she should be able to transfer her s8 voucher so that she still only pays her $200 income based share and the program pays the $150 difference. This apartment is in an Avalon complex. The building is stuffed with amenities, a gym, a pool, lounge, washer/dryer in the apt, nice kitchen, grocery store and dunkin donuts on the complex, etc. though there is no parking since the building is next to a train station. The town is not as great as option 1 but let's say it's a 7.5 out of 10, while the previous apartment was in an 8.5/10 town (in terms of how wealthy/nice the town is, walkability, etc.) I've encouraged my mother to take the new avalon apartment on the premise she will be able to transfer the S8 voucher and still pay the $200 per month. Am I doing this wrong? I figure effective rent out of pocket stays the same, the apartments are equal in size even though the new unit is technically a studio,you get access to all these nice new amenities getting to live in a new apartment rather than an old no amenities (no washer/dryer on premises, wonky heater/showers/etc, no pool, but at least there is street parking..)apartment in a slightly below market rate apartment. She does not know anyone in either town. Rent will increase at the same rate, but 3-5% increases (max based on rent controls) on $350/mth rent will increase a lot more slowly than on almost $1200/mth. Plus, she does not have to worry about funding cuts to the section 8 program (if she stayed in setup 1), since her affordable housing unit in setup 2 is already obligated through previously paid developer tax credits (no ben carson pulling the rug out on a ship that has already sailed then) so we know her rent will be $350 and can only increase a few percentage points every year. So, should I advise her to stick with setup 1,which is dependent on large rental assistance payments from s8 program(possibly in danger due to politics, effects of cuts to hud funding are already seen at the local level as her share this year went up from $170 to $200 even though her income did not increase and regs state she should only pay 33% of income towards her share of rent) or go with setup 2 (take the very below market rate studio to lock in ultra low rents going forward but sacrificing most of the assistance money available (and flexibility that voucher gives you to take your rent dollars anywhere in the state from year to year) and moving to an area that is nice, but not as nice, not as stocked with transport options and doesn't have a super walkable central area with familiar restaurants, etc. [link] [comments]  |
| Posted: 31 Oct 2018 10:14 PM PDT First time home buyer here. A few weeks ago I looked at a ~1300sqft house on 2 acres that was listed for $200k. House had been listed for a while (currently 80 days now) and had been sitting way longer than that. Well this house needed some work. Stucco falling off the exterior & fading. Both chimneys done terribly & leaking. One was cracked inside. Needed gutter work. Claimed & witnessed water seeping in between the wall & floor in the basement. Mice inside. Older style interior but not terrible looking wallpaper. There was even more stuff that needed help. My realtor contacted me the other day and said that they were sending the house to auction soon.. So I decided to put in an offer. On a really good day, in this market it could probably go for ~$180k. Zillow is $185k. Between the roof work, basement, gutters, etc. I figured I'd offer them $120k, and I did include a home inspection. Well they did counter offer today with $175k. Which I was surprised lol. But I told the realtor that we were just too far apart. So did I go about this the right way? In a situation like this, are you supposed to offer near what the house would be worth and let the home inspector get them lower the purchase price? I find it difficult to look for houses because I look for what's wrong more than if I even like it. The more I looked, the more I picked it apart. I'm just trying to learn at this point. Thanks Tldr; house has been sitting and needs repairs. Better to offer low or offer asking and ask for lower later. [link] [comments]  |
| First Time Home Buyer- Needing Advice Posted: 31 Oct 2018 02:49 PM PDT Past the inspection period. Closing in two weeks. Property survey comes back reporting the front face of the house and the front steps are past the setback line. 1. Due to this violation, title company ends up denying sellers title insurance coverage 2. This finding was also never reported to me in the contract, which is a breach of contract I now have an out of this contract if I choose to walk away. I am demanding the sellers to push back closing, to apply for a permanent variance with the city so these findings will no longer be deemed as violations. If they choose not to comply, then I will terminate. The reason I'm pursuing this variance to be done is so it won't be something that bites me in the butt for when I try to resell the house in the future. -The knowledge of this violation will have to be disclosed to future buyers, which could scare them away -I will not be approved for owners title insurance for when I resell this house, which is protection that I would want to have Am I taking the right steps? Any thoughts? [link] [comments]  |
| Posted: 31 Oct 2018 06:48 PM PDT Hello, I was looking for advice on the best ROI features of a house that will really return value when its completed, any advice would be appreciated. [link] [comments]  |
| Posted: 31 Oct 2018 05:42 PM PDT I'm trying to weigh the merits of PMI vs. paying 20% down. I'm new into real estate so any help is greatly appreciated. Basically I'll have around $30k to invest in my first rental property (including closing costs) but that leaves me with not a huge fund for any emergency or major repairs. What are the average costs of PMI if I wanted to not pay the 20% and if I'm looking to eventually acquire multiple rentals is it a better strategy to pay less down and refinance and acquire more rentals or make a large down payment and progress slowly? [link] [comments]  |
| Can I re-negotiate for seller to cover closing costs? Posted: 31 Oct 2018 07:41 PM PDT Just spent a lot of cash on medical bills for a birth and a wife who has been diagnosed with an illness. Basically I want to not have to spend more cash than I already have on the deal. I am wondering in a buyer's market, can something like this be re-negotiated. If so, how should I approach my agent/lender? Any help is appreciated! Happy Hallloooweeeeeeeeeen [link] [comments]  |
| First Time Buyer: Please See Post for Some Requests for Guidance Posted: 31 Oct 2018 05:59 PM PDT We plan on buying a house in cash. Let's say the house price is US$200k. What other outside expenses should we expect to pay beyond the simple cash money for the house? Thanks! [link] [comments]  |
| Buying first house- issues with me getting mortgage but fiancee providing down payment? Posted: 31 Oct 2018 03:28 PM PDT Hi folks, thanks for the help. I'm located in CT. My fiancee and I are trying to buy a house. I won't bore you with our life story, suffice to say we're trying to do it ASAP. We wouldn't be able to do it if she hadn't gotten a large life insurance payout a bit over two months ago. However, she has very bad credit, while mine is OK. So the mortgage has to be in my name, although we're putting her on the title. She's capable of putting down $50K on the $325K house that has passed its inspection. But now the mortgage provider is saying that it would be better if she gave me the money as a gift and the checks came directly from me. I am a little worried that there might be tax or otherwise unexpected implications to this transfer, so I was hoping to get some clarification on that topic. Again, thanks for any advice you could throw my way. [link] [comments]  |
| Real estate license,,,, worth it as an investor? Posted: 31 Oct 2018 06:07 PM PDT I have a couple rentals and want to grow in scale. [link] [comments]  |
| Posted: 31 Oct 2018 05:21 PM PDT I have a hypothetical. A long time commercial tenant is being evicted due to non-payment and lease expiration but they own their building. Per contract, they were supposed to take their building with them when they left but of course they did not. The building becomes the landlord's property once the eviction takes place but they are currently stripping it of everything they can the night before the eviction. My question is, is there any limit to what they can do to the building? They are removing sump pumps, taking all electrical wiring, pipes, capping gas, and generally breaking everything they can (but this is still technically their property.) It's going to make it much more expensive to remove the building once it floods and it's potentially unsafe. They do not have permits to do any of this and I doubt they are using properly licensed contractors (but I can't be sure.) Is there anything the landlord can do to mitigate the damage? [link] [comments]  |
| How to approach seller financing Posted: 31 Oct 2018 05:17 PM PDT I was wondering if there were any investors out there who have properties locked down through seller financing. Specifically I was curious how you guys approach homeowners and ask them if they'd be interested selling you a property via seller financing. I realize some home owners may not realize what this entails and I don't want to scare them away before they can fully understand and consider my offer. Any tips on how to up my game? [link] [comments]  |
| [NYC] Buying First Coop - Mortgage Contingency and Closing Date Question? Posted: 31 Oct 2018 05:14 PM PDT Hi all, thank you in advance for any advice. We're currently in contract negotiations for buying a coop in NYC. The seller wants the mortgage contingency to be 30 days and the closing date to be scheduled for December 1. From what things sound like, the seller wants to close as soon as possible. Given the holidays coming up in November and December, managing agent and board approval of board package process, timing of banks, appraisals, whatnot, is this a rushed and unreasonable timeline? Also, the contract stated that the seller wanted to review and comment on our board package before submission to the board. We decided that was ok for the seller as long as we could censor our sensitive info (SSN/Account numbers, etc) but that was rejected. Is that normal? [link] [comments]  |
| a developer left me a message today, wants to talk about buying my house Posted: 31 Oct 2018 12:09 PM PDT Anyone have any experience with this? I have no idea where the offer or buyout price should be in relation to market value, how to go about negotiating it, or what I should expect to happen next. I haven't called him back yet. The developer bought a bunch of property next to my house about 3 years ago. it's basically a giant corn field. They want to develop it into high end apartments. Today he called and left a message that went something like this: We've talked to your neighbor, and are expecting to purchase his property, and he told us you have talked, and might be interested in selling yours as well. If this is the case, and you do have interest, please call me back. He's a huge developer in our area, and owns a few malls and other large, well done apartment complexes in the neighboring towns. Here's my question: How should I expect the offer process to go? What's fair, in relation to market value? For example, if my house is worth $500k on the open market, what's it worth to a developer? I own 2.5 acres in a very desirable town, in a town where land is kinda hard to come by. My house was cheaper than the average because of the location and odd shaped flag lot, but I would need to be able to afford to stay in town - i'm a firefighter here, and my kids are in the school system - so I would need to make out well enough to move locally. thoughts? Pic for reference showing property layout for reference: [Imgur](https://i.imgur.com/XLGhk9P.png) [link] [comments]  |
| Need some advice for a first time house buyer. Fear the house is high maintenance ? Posted: 31 Oct 2018 02:52 PM PDT Liked a single family home to buy, but a little skeptic after reading the previous work done on the house.
What would you guys suggest? Would this house need very high maintenance or we should be okay with small repairs here and there? Stucco is expensive and don't want to go through this every few years. [link] [comments]  |
| Best studying resources for exam? (Florida) Posted: 31 Oct 2018 10:48 AM PDT I'm currently in the 63 hour course. I'm doing an online one to best fit into my schedule. I have a hard time studying only using online resources. Are there any books or text books that helped you in the process? I like to mix it up with my study material. TIA! [link] [comments]  |
| Need Some advice on land real estate decisions Posted: 31 Oct 2018 10:09 AM PDT I have been presented an opportunity to buy the land that is in my family, before it gets sold to outsiders. It is cropland in North Dakota at 640 acres. The value of the land is around 2 million. I am just an average Jane and wanted to know what I needed to do to try and buy this land. Would opening a business and buying the land under the business work? If so, do banks typically lend that much money to new businesses. So with this land, its not just sitting there, it's currently being rented out by farmers and they pay an estimated 100k a year. With this income on the land, is it feasible to buy the land? Please help me with anything that can be of assistance. I do not know enough about real estate to know what direction I should take. Thanks! [link] [comments]  |
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