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    Real Estate Safety Thread Real Estate

    November 30, 2018

    Real Estate Safety Thread Real Estate

    Real Estate Safety Thread

    Posted: 29 Nov 2018 03:20 PM PST

    I think its important we do this every once in a while.

    I've spent the last 2 weeks in a bunch a sketchy af buildings deadbeats have been breaking into to steal crap, and I got a notice from our local board about someone luring women agents so its been on my mind.

    So RE folks here, whether you are rehabbers, investors, agents, or property managers, what do you do to make sure you get home safe at night? What should you do?

    I use to be pretty good about always keeping a calendar (my wife has access too) so if I go missing she would at least know where I was and who I was meeting with. Also sometimes it can be a good idea to call someone on the phone, or text where you are and say to call the cops if you don't text back in 10 minutes or whatever.

    A few others when you aren't alone-

    • Always let the prospect be in front of you. You should be between them and the nearest exit.
    • Flip the deadbolt or lock when you enter so the door can not be slammed behind you.
    • Do not schedule any appointments without getting a name and number. Call this 15 minutes before both to make sure they gave you a real number and you don't get stood up.
    • When you enter a structure, announce yourself. Be LOUD. If someone is there that shouldn't be, you do not want to sneak up on them.
    • If someone creeps you out a lil bit, call anyone, call your own vmail, call time and temp, doesn't matter, and say "Yes this is so and so, just checking in I'm with mr. whoever for our appointment. I will check in after we are done."
    • If someone creeps you out a lot, trust yourself and get out. Say your kid just got sick and needs picked up, your husband who is a mma fighter had a car accident, etc. Doesn't matter, just leave. There is always another $, not always another day.
    • If you work in apartments, take your prospects ID and lock it IN YOUR OFFICE until you return. This does two things. It makes sure they didn't give you a fake name, and it makes them unsure about getting back in or who might be there and there is damning proof of them being there if something happens to you.

    What else you all have?

    submitted by /u/NumNumLobster
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    Renting to first time renters

    Posted: 29 Nov 2018 08:54 AM PST

    I have 3 applications in for a property, all for first time renters. I've narrowed down the one with good work references and a stable income that is well over 5x monthly rent. They've been living with their parents. They'd pay first, last and security deposit. Any advice on working with first time renters?

    submitted by /u/cocoindo
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    Title Insurance

    Posted: 29 Nov 2018 06:57 PM PST

    Looking to purchase land, and then building new construction about 4 months thereafter. Might be a silly question, but I'm purchasing title insurance at the time of the land purchase, correct? Will that cover me even after the new construction is complete, or do i need title insurance on the full amount of the land and construction?

    submitted by /u/noneofyourbizzness
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    Owner-Builder loans. Where to get them?!

    Posted: 29 Nov 2018 07:59 PM PST

    Been to several local banks and credit unions and they don't offer them. They have construction loans where I can't act as the general contractor.

    Do you know any online bank or other bank that does owner-builder loans?

    submitted by /u/Throw_Me_Away_STAT
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    Any major disadvantage to buying a house with partner even though we aren’t married?

    Posted: 29 Nov 2018 01:07 PM PST

    I've been with my fiancé for 9 years and we are getting married next year. We both have great credit (upper 700 fico scores) and no major debt except for credit cards. We are currently renting and our lease ends July. We aren't getting married until November next year. We have the money for a deposit for a house but we're wondering if us being unmarried would affect our application for a house. We were thinking about getting married but not really getting married just so that we can apply for the loan together. Thoughts? Thanks!

    submitted by /u/WhatlsReddit
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    Please, advice, I'm planning to buy a condo in NYC and condo has Solar Panel.

    Posted: 29 Nov 2018 07:34 PM PST

    Hello everyone, I need advice, I'm planning to buy a condo in NYC. This condo under lease with Solar Company for the next 19 years. Can anyone say is this a PLUS or MINUS? I will have to get this lease under my name, bге I really doubt, do I need this.

    submitted by /u/VMLCHNV
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    Newbie questions about becoming a Landlord / Renting out condo (Southern California)

    Posted: 30 Nov 2018 01:12 AM PST

    My family is outgrowing our condo so we plan on upgrading to a SFH. I am thinking about trying to rent out my condo but without a property management company because it would take up half of my cash flow. I have some questions, some may be dumb and I kind of know the answers but just want to be 100% sure..

    • 1) So becoming a landlord doesn't require a license or create some kind of "small business" company?
    • 2) I see online templates out there to create lease agreements, so I really don't need a third-party or lawyer to draw it up? Do I need to send a copy to someone like a housing/rental committee of the state/county?
    • 3) Do I need to report to anyone I am becoming a landlord and my tenant would become a renter? Only my HOA?
    • 4) How do I show the IRS that I am actually renting out my condo? I suppose the only time I would show statements, rental checks, lease agreements, repair receipts, etc is if I get audited?
    • 5) There doesn't seem to be a need to have a third-party involved in this whole process when everything is going fine? This also seems to be a really private transaction. How about something like if we mutually end the lease agreement early?
    • 6) As you can tell from my questions, I could probably use a book/websites on "How to get started" any suggestions?
    • 7) Any specific tips/laws I should know about in the San Diego area?

    TYIA, sorry on top of being a newb, it's late (after midnight) so my wording is a bit off. I couldn't sleep thinking about these questions lol.

    submitted by /u/coppee
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    2008: after the crash, what did you do as a realtor/brokerage?

    Posted: 29 Nov 2018 12:18 PM PST

    I'm curious to know how folks in the thick of the industry weathered the 2008 crash.

    I do a lot of work with realtors and brokerages and want to get some additional insight to round out my knowledge of how the industry works—and how it responds/responded to adversity.

    submitted by /u/mastergrater
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    Buyer cannot close on agreed closing date - MN

    Posted: 29 Nov 2018 09:07 AM PST

    Hi. Buyer signed purchase agreement back on 9/16. Closing date is supposed to be tomorrow, 11/30. We received a call from our agent last night that they want to push out the closing date because they have not been able to sell their house yet. They need a bridge loan, which they needed to have their parents co-sign. The delay is due to getting the underwriting in place for the bridge loan. They have asked us to sign an amendment to push out the closing date by one week, and have the co-signers added to the PA. However, due to circumstances that I won't go into and are not really relevant, we are leaning towards letting the buyers know we intend to cancel the deal. Are we obligated or can we be compelled to accept the amendment and consummate the deal? I don't think the buyers are in a position to go through a legal battle. Are we at risk of being sued by either agent?

    submitted by /u/PattyWackAttack
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    How does collateral work on construction loans? (TX)

    Posted: 29 Nov 2018 07:28 AM PST

    Hello, I'm going to be applying for a construction loan and want to use the land as collateral for the down payment. It should cover the 20% that the bank is asking for as down payment. How does this work exactly? Is the loan amount for the 80% only and if so how does that affect how the builder gets paid?

     

    The builder quoted me around $190k for the construction. He said he could also raise his price to around $230k on paper so that we wouldn't have to put any money out of our pockets for the down payment. Since, I want to use land as collateral for the down payment I'm having a hard time deciding if this is a good idea or how it would even work. Can anybody help? Thank you

     

    Edit: It's commercial property

    submitted by /u/imrewn
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    1031 Exchange from NY to WA State (Real Estate Question)

    Posted: 29 Nov 2018 08:12 AM PST

    Does anyone here have any insight on how a 1031 Exchange works? Specifically, the property is being sold in New York state and another property to be purchased in Washington state. Thanks much!

    submitted by /u/NouveauTacoMan
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    buying back home from in-laws

    Posted: 29 Nov 2018 04:18 PM PST

    My apologies if this is not the best sub for this question- please direct me if you are aware of a more appropriate place. Ok, so due to a variety of reasons I will not get into, my in-laws purchased the house we are living in and we have been "renting" from them for the past 4 years (in quotes because we pay for absolutely everything). The plan was to buy it back from them after a few years, but I dont see any possibility we will have enough of a down payment saved to make this happen. There is now a significant amount of equity in the house, and my in-laws are not looking to make a profit on the sale when we eventually purchase from them.

    My question: is there any way for us to access the equity to use as a down payment on the house? I suppose my in-laws could take a HELOC and gift it to us? It would probably be 25-30k so that would have some serious tax implications I imagine. Thanks in advance for any advice

    submitted by /u/Monoclewinsky
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    Cost to replace shared walls? (CA)

    Posted: 29 Nov 2018 07:03 PM PST

    If one of the perimeter "walls" of a gated community / property is actually the wall of an adjacent building, and that building is taken down, is there any responsibility on the building owner's part to help pay for a replacement?

    I'm guessing the answer is no and my HOA fees are going to be raised to pay for some walls. :(

    AND then I can't really sell my place (which I have been considering) until the new building is complete, because construction is noisy and messy. :(

    (Too bad we can't get Mexico to foot the bill.)

    submitted by /u/smalltowndog
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    Sale Transaction - NACA Borrower - Lots of Delays (Central NJ)

    Posted: 29 Nov 2018 06:56 AM PST

    My wife and I have been under contract to sell our home since 9/4. This transaction has been littered with delays, most seemingly undue. For instance, attorney review took two weeks and the inspection contingency review also took two weeks.
    Communication from anyone on the borrower's side has been bad to terrible. On a regular basis, the buyer's agent does not respond to our agent, their attorney does not respond to our attorney, etc.
    That said, we seemed to have been close as our attorney has been working with their settlement company to get a closing disclosure and a closing date set. However, we cannot get any information on what might be preventing them from setting a closing date or why we continue to be delayed. We were only told on 11/19 that the lender was targeting 11/28 as the closing date. This after previous closing dates of 10/26, 11/12 and 11/19 came and went.
    On 11/27, we were notified that the buyer's lender just ordered 2016 W2 transcripts from the IRS on 11/26 and that these will take 7-10 days to come back. Isn't this something that should be done in step 1 of the loan application process? Should this be a major red flag?
    We are so deep into this that we do not want to back out unless we have to, and we have a contingent purchase that will fall through if we lose this deal, but we are reaching our wits end.

    submitted by /u/mb20x2
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    House listed on MLS under our name, but we don't own it

    Posted: 29 Nov 2018 03:19 PM PST

    I am not sure if you guys could help us with this situation but I will begin. My husband and I just purchased our first home almost 2 months ago. Just a few weeks ago we both started getting calls and texts inquiring about a house we have for sale, and we have no such house. We've been getting tons of mail from realtors looking to represent us to help us sell this house. My husband contacted our Realtor and she was able to look up the property and it somehow became that we are listed as the owners of this house on the MLS. She said she had never seen this happen before. When I searched on Zillow and Realtor.com the sites actually think I'm the owner.

    How do we go about correcting this? Is there anything we need to do? I feel like someone is out there trying to scam us or do some kind of phishing, it's just all too strange.

    submitted by /u/veronicas_closet
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    Landlord rented the commercial space below my apartment to a kick boxing gym and it drives me absolutely crazy. What can I do?

    Posted: 29 Nov 2018 02:59 PM PST

    This is in PA.

    So I renewed my lease earlier this year, since then, my landlord decided to rent the space directly below my apartment to a kickboxing gym.

    They have several sessions a day each lasting about an hour and they rattle my floors and walls, things rattle off of my shelves constantly. I can't get any peace and quiet when they're training. It's just nonstop banging and shaking with the occasional grunting and yelling.

    I'm at my wit's end. Property manager is sympathetic sometimes but tells me there isn't much he can do that wasn't already done. I really like the apartment otherwise and don't want to move out of this place yet plus I'm still under contract til next summer.

    Do I basically just have to deal with it now?

    submitted by /u/donniedenier
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    Considering a career path change into real estate

    Posted: 29 Nov 2018 02:32 PM PST

    I'm young (23m), and wildly successful in the restaurant/night life industry. But the 60 hour work weeks, and the schedule swings (closing shifts followed by open shifts) are beginning to wear on me. Someone said I'd be good at real estate (I'm good with numbers and can talk to just about anyone about anything). I don't know all that much about it, but I'm definitely curious to learn more. Can anyone help?

    I'm in the Midwestern United States if that matters.

    submitted by /u/Phantomshriek
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    We suspect a Redfin agent interfered with an offer that we made.

    Posted: 29 Nov 2018 02:22 PM PST

    For years, my wife has been occasionally looking for a home here in Los Angeles. The last year my wife has occasionally, once every couple of months, used Redfin to see homes. We were preappoved a while ago, well over a year ago, so our info, credit and preapproval letter wasn't up to date. While we were just keeping an eye out for something special, as everything we wanted seemed out of our price range.

    Over the weekend, my wife scheduled to see a house using a Redfin agent. The house was perfect for us and met all of our needs. It was a dream home. It was something special and it was in our price range. However, the offer was due in one single day.

    So the Redfin agent gave use his lender to contact to get an offer in ASAP. We contacted the lender multiple times with no response. Text, phone and emails were not responded to. With such a short deadline, we decided to contact an agent that was recommended to us through a friend.

    We did so and the new (non-Redfin) agent had a lender set up, us preappoved, and our offer letter submitted within hours.

    We informed the Redfin agent that his lender wasn't responding to us, we had a short time to get the offer in, so we were going with another agent and lender.

    He immediately fired back a text saying that it's highly unethical todo so and if the sale goes through, he is entitled to the commission.

    But the Redfin referred lender was not responding, we had a short time frame and we just didn't feel comfortable waiting any longer and especially with the aggressive tone of the text messages from the Redfin agent. We were not going to lose the chance to get a bid in on a home that we loved while waiting around for a lender to respond who was not responding, and still has not btw.

    We submitted the letter yesterday morning. Our new agent receives an email from the selling agent saying that the offer was rejected. Which our new agent said is highly unusual. Then the new agent receives a bunch of text from the Redfin agent saying that it's unethical what he did and accused the new agent of soliciting us from the Redfin agent. Which is far from the truth. The Redfin's suggested people were not responding, so we felt more comfortable going with somebody else.

    So our new agent suspects that the Redfin agent interfered and contacted the selling agent and scared them off.

    So we contact the Redfin agent and ask he interfered with our offer. He says no, he would never do that, but immediately claims it's unethical for the other agent to "steal" us from him. He claims that he never contacted the the selling agent.

    We tell our new agent this. The new agent then shows us text messages from Redfin agent to our new agent accusing him of "soliciting us" from him and he "has been in contact with the selling agent" (which he already said that he didn't do). The new agent shows us an email from the Redfin agent that was CC'd to the selling agent saying that the offer was unethical and the Redfin agent was entitled to the commission if it was going through.

    I'm afraid this would all scare off anybody from our offer as they wouldn't want to get caught in a lawsuit from the Redfin agent.

    I feel like I'm caught in a pissing contest between agents.

    Ultimately it seems we are losing our dream home that we have searched for years to find all because of agent code of conduct that we feel we did not break.

    What can we do? Can we report Redfin to the better business bureau?

    Is this normal?

    We are so heartbroken that we lost this house.

    submitted by /u/billbobb1
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    Any advice for a young and eager guy?

    Posted: 29 Nov 2018 05:37 AM PST

    Hi there,

    I'm a 19yo guy one year into my Bachelor of Business Management, majoring in Real Estate and Development ( I also do marketing courses etc with my degree) with a part time retail job on $25k a year. I'm a good looking, well spoken, and motivated guy and I really believe I had the determination it takes to become a successful real estate agent. I'm also learning everything I can about investing in both stocks and property, reading recommended books and watching relevant youtube videos and saving around 70% of every pay check. I'm not interested in relationships, and solely want to focus on my career, money, and gym. The problem is, I am really not sure what the best way to go about starting my career in real estate at this point is, since I want to get a job at a firm, but am worried that I won't be a very good agent while in uni, and the consequential poor salary will make it hard to actually save and invest.

    I'd really appreciate what people with the benefit of hindsight could recommend, is it best I quit my retail job and try get a job with a firm (remembering I'm in uni) to learn as much as I can while I'm young and don't have many expenses, or should I continue with my job and studies, saving and investing, and on finishing uni in two years time, apply for my license and get a job with a firm? My end goal is to be a successful realtor, real estate and stock investor.

    I know I don't need university to become a realtor, and even though I don't really enjoy uni, my high grades and anxious parents make it hard to even consider dropping out. I am still on the fence about university, but I'm hoping it is beneficial in the long run as it could allow me to one day possibly work in commercial real estate (which I believe you usually need a degree for), and will provide clients with some piece of mind given my young age. I'm also beginning to try build a social network through uni for my career, as I don't have that many friends currently (got rid of social media last yr, maybe a mistake). Also on that note, is it worth getting on social media (like instagram) and getting my name out there as much as I can? I deleted it because I felt it was a distraction and wanted to be more productive, but if it is beneficial for a career like this I will get back on.

    Any help would be greatly appreciated, I'm really determined to make something of myself and get my parents out of the financial slump they're in as well.

    submitted by /u/New_Neighborhood
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    Looking to possibly buy parents house.

    Posted: 29 Nov 2018 01:17 PM PST

    My parents have decided to move to a different house that they currently own, and looking to sell their house. I'm interested in buying it due to the area it is located, the school district, the amount of land it sits on, and the possibility making some money off of it if I do decide to sell it. My question to all of you is how does a person go about doing this I currently own my own home, would sell that and use my equity that I built up to put a bigger down payment, or use it to do some major renovating. I think the way it sits it worth 150-160 k and mine is probably worth 170-180. If you have any helpful advice or more specific questions feel free to comment. Located in SW MN

    submitted by /u/Dukebronze
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    Real Estate investors, how are you preparing your properties for a changing climate?

    Posted: 29 Nov 2018 09:13 AM PST

    For real estate owners and investors, how are you protecting your investments against a quickly changing climate? Here are some ideas that I've had, and while I haven't yet implemented these everywhere, it's a start...

    *Low-E windows to protect against intense sunlight
    *Plant trees to provide shade and capture carbon, unless trees too close to the house presents a wildfire danger
    *Insulation and sealing for lower heating and cooling costs
    *Low-flow toilets to use less water
    *Instead of high-maintenance grass, putting in low-maintenance landscaping that is friendly to pollinators
    *Swamp cooler or whole-house fan in addition to air conditioning
    *Larger gutters to capture fast-falling rain
    *Avoiding low-lying flood-prone locations
    "Locations near water, parks, or open lands where food might be grown in the future
    *Locations near public transit or bike trails

    What's on your list?

    submitted by /u/privatefcjoker
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    Buying a home with outdated HVAC - how to negotiate?

    Posted: 29 Nov 2018 09:49 AM PST

    Hi all, we have found a home that is nicely priced and fits our needs perfectly. However, the HVAC was installed in 1996 and is way past its prime. The inspector could not test it as it was too cold outside but said it is likely to die on next failure. Since the unit did not actually die, we are not sure how to proceed. Should we ask for a credit for replacement? Or partial credit? Home warranty seems bad. Get a service contract? What's the best way to negotiate this? Thank you.

    submitted by /u/sanchez4ever
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    Real Estate Books

    Posted: 29 Nov 2018 09:49 AM PST

    What's a great beginners book on learning real estate?

    submitted by /u/dv8_z1d
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    Any Money in "Cheap" Homes?

    Posted: 29 Nov 2018 09:45 AM PST

    I've been following a local investor/builder in his rise to financial independence, and I've noticed a big shift in his habits: he's getting away from flips, getting away from "cheap" builds (under $300k) and now targeting much higher cost builds, stuff in the $500-$800k range.

    ​

    Is that just because there is more profit to be had on bigger builds?

    ​

    As smaller investors or homebuyers, how will we ever be able to get quality builders if they are too busy doing expensive homes? Likewise, I've always heard the building your own home is a lesson in losses, is that just the case in average priced homes with non-investors/analyst types building the wrong types of homes in the wrong areas? Can you make money building nothing but expensive homes and reselling (provided the market is right?)

    submitted by /u/Pollymath
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    Landlord is a Church

    Posted: 29 Nov 2018 09:42 AM PST

    Hi all. My family and I are moving to a house - our application has been accepted and we're ready to start signing paperwork. I find out, however, that the property is owned by a church. Should I be worried about this? Should their status as a non-profit bring up any red flags?

    Thanks!

    submitted by /u/thevaliant0ne
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