Any investors have horror stories about buying at the wrong time? Real Estate |
- Any investors have horror stories about buying at the wrong time?
- [CO] Rent-to-buy from Family- What should I know?
- Delayed Financing/Cashout Refinancing and House Hacking
- Advice for someone who wants to eventually rent out a home, but will be graduating with $100k in loans?
- This posting really intrigues me. What do you all think? (SE Mass)
- Vegas - Buyer's Agent
- What are the ways I can lose my house after already paying it and having a fixed rate on the mortgage?
- [Las Vegas] Which sources of social media do agents on r/realstate find most effective for procuring new business?
- Insuring a home before closing/possession date?
- (BC-CANADA) need advice on a situation we had with our realtor and unrepresentation
- House payment before closing?
- [SC] Wanting to make an offer on newer house soon, any tips or things to ask for?
- 500 year floodplain. Would you buy?
- In the state of Florida, which city/county are homes most frequently sold and purchased?
- The Investment Process Help: Buying a home to rent out
- First time home buyer
- Just sold my home through Opendoor.com (Review)
- 1031 Exchange question
- Foreclosed home - how low is too low?
- What do you look for in property inspectors? Best way to become one?
- Why would a bank only put a house up for auction?
- Giving offer directly to selling realtor
- Commercial Real estate on LoopNet legit?
| Any investors have horror stories about buying at the wrong time? Posted: 03 Dec 2018 06:40 PM PST Seems like a lot of people have been asking if we'll see a nationwide correction recently, and they always get the same answers - there's supposedly no way to tell, and prices will be back to where they are now in a few years anyway. But does anyone have any experience where they bought right before a recession and and never got out from under it, and had to take a serious loss? I'm sorry if this seems to be harping on the same thing that others have asked, but you can understand my extreme cautiousness as this will be something of a make or break property for me (first time I'm trying to do a full rehab and don't want to spend more money than it will realistically be bringing in in rent over the next couple years.) [link] [comments]  |
| [CO] Rent-to-buy from Family- What should I know? Posted: 03 Dec 2018 01:59 PM PST I have a weird situation that I hope to get under control soon-ish (aiming for 6-9 months) but I have no idea where to start. The situation is that I am renting my aunt's house after she moved to another town. No big deal, I thought, it worked for everyone since my aunt left half her stuff in the garage/yard. She's talked about selling the house again, and I wouldn't mind buying it. If I can afford it, of course. The last listed price was $112K and I've done per-approval estimates that put me around $120K. So I should be alright, I think. Now, if this can be a strict business deal, I'm hoping my aunt would agree to sell to me, and hopefully take into account that I've paid the mortgage for the last 3 years. I am vaguely aware of a $50K lien on the house, which I hope isn't a huge pain for buying the house. Once I have an idea of where to start with this, I'll be sure to get specifics, but for now, I don't want to poke the sleeping bear, so to speak. Anyway, I have some questions like if I need a real estate agent at? If I did, would that fee be a lot? I'm also curious about closing costs in a situation like this. I was reading that it's often 3-5% of the home value. I also was wondering if I'd need to have a full-on inspection done or not? Or is this something the seller would have to decide? Does the lien change the process a lot? TL;DR I'm looking to buy my aunt's house but I'm unsure of where to start. I'm also hoping this situation could be less expensive than if buying a house up the road. PS. I already don't have a very 'happy family' relationship with these people, so I'm not worried about the emotional aspect. I already know from by brother buying our parents house that it's a stressful situation. [link] [comments]  |
| Delayed Financing/Cashout Refinancing and House Hacking Posted: 03 Dec 2018 05:28 PM PST My goal is to legally obtain owner occupant financing as I house hack through my city. I'm in the process of trying to buy my second property, and I've talked to two mortgage brokers who have both indicated that obtaining owner occ. financing might be tough. I am trying to move from a house on a better side of town to a house that costs half as much on the other side. I'm considering using delayed financing or a cash out refinance to mitigate the difficult underwriting process. The idea is I will be able to prove I am indeed a resident, making them more likely to lend to me. I've read that I will likely have to accept a higher LTV than a normal owner occ might. But I figure it's worth it for the lower rates. Thoughts? [link] [comments]  |
| Posted: 03 Dec 2018 01:38 PM PST Hello everyone! I'm currently a senior in college who is beginning a graduate program to become a Physician Assistant next year. Essentially, I will be making approx $90-$100k a year at 24 years old but I will have about $100k in loans over my head. Does anyone have any advice as to what I should do to educate myself now about real estate for when I graduate grad school? Any books I should start reading, podcasts to listen to, blogs to read? I want to eventually purchase some type of home and begin renting it out but I have no idea if that is possible until I pay off my student loans completely. Sorry for how completely general this post is, I just don't know where to start!! [link] [comments]  |
| This posting really intrigues me. What do you all think? (SE Mass) Posted: 04 Dec 2018 02:46 AM PST |
| Posted: 04 Dec 2018 01:47 AM PST Just started the search process after getting preapproved by a mortgage broker who I was recommended to from a realtor. I decided to work with the realtor's coworker as I had a good experience with their recommendation. During my initial phone call with the realtor, she mentioned a few things that confused my parents who are guiding me throughout this process. First, she mentioned that the market in LV is still a seller's market right now so repair/seller's credits are unheard of. Second, she seemed to mention that there's not much room for negotiations right now even on houses that have been sitting on the market for 30+ days. I understand that every market is different but at the same time it seems like she doesn't want to get too involved with negotiations? [link] [comments]  |
| Posted: 03 Dec 2018 10:01 PM PST I've been looking at homes for awhile. I was thinking maybe wait to see if the market does tank in 2020 but at the same time I already live in the Bay Area and homes only get more expensive from here on out. If I purchase my first home with a FHA loan and a fixed rate. If the market tanks what causes me to lose my home? Is it simply just my house will lose so much value it's not worth the loan I took out on it? I'm assuming I can't refinance because the bank has already used the money to help me purchase the property. I guess my real question is in what ways can the market tanking force me to sell the house when I have a fixed rate? [link] [comments]  |
| Posted: 03 Dec 2018 08:20 AM PST I've tried Facebook marketing with no luck (though a fellow agent did well there when our State was offering 1st time buyer grants), Instagram has been decent exposure but no real business has come from it, I don't bother with Twitter (anyone find it good?)... and I wonder if anyone's had success using the Fb Messenger RE Bot? [link] [comments]  |
| Insuring a home before closing/possession date? Posted: 03 Dec 2018 04:36 PM PST I am to close on my home January 4th, and take possession January 11th. I am being asked to begin insuring the home December 20th. Is this normal to the process? I am seeing conflicting opinions and thought I'd ask here. [link] [comments]  |
| (BC-CANADA) need advice on a situation we had with our realtor and unrepresentation Posted: 03 Dec 2018 02:20 PM PST Some context first, my wife and I have been working with our realtor for 7 months now, trying to find a family home to be happy with for the next decade or two. We have a number of particular requirements for this home and only a few locations in town we would consider, which has made it difficult to find what were looking for, a couple have come close, particularly the most recent one. Our realtor texted us a couple weeks ago saying a house is coming up soon that he feels we will be interested in, we waited, it popped up on market and we went to see it, it met most of our criteria, we wanted to make an offer, then my wife discovered its our realtors listing and he cant represent us in this transaction, meaning we will be unrepresented. We felt uneasy to say the least. We spoke about our uneasy feeling with our realtor, he said we need to just trust him, that he is looking out for us but technically his loyalty falls to the sellers. But we are welcome to find another realtor. We had no one to advise us if this house was a good price point or any other informed advice. He is normally very honest when we look at houses together but with this one he had nothing to say, nothing negative, it felt like he dodged our questions about the house when we saw it. I spoke with a friend of mine in the realty game, who said protocol is he should have directed us to one of his associates to represent us right off the bat, and should have told us he was the listing agent right away. Anyways, we liked the house, feel regrets for pulling our offer, because we did it out of mistrust. We arent sure if these feelings are justified or if their is actual foul play here or just oversight on our realtors part, btw he has been a realtor for 10 years. [link] [comments]  |
| Posted: 03 Dec 2018 07:18 PM PST Our closing date is after my mortgage payment due date. I'm waiting to hear back from the mortgage company but what's the standard? Should I make my payment as usual this month? [link] [comments]  |
| [SC] Wanting to make an offer on newer house soon, any tips or things to ask for? Posted: 03 Dec 2018 06:37 PM PST Hey there, 1st time here, I've been reading a bunch of threads here and figured I should make my own! Our house is listed at ~215k. 4bed/2bath single level ranch style. Built in 2016/2017 with just the one owner currently. I really don't imagine any major things could be wrong with this place but also don't want to be jaded and cover all of my bases. This is my first time making a real offer and going forward on a major home investment. We have purchased 2 homes before but they were much cheaper and in an extremely rural area so there wasn't a whole lot involved other than knowing the people selling and then buying basically. I'm curious if there's anything I may want to know outside of what my agent and such will help me with. Of course I will be looking for a highly rated home inspector but I will also be scouring the home myself. I'm more than capable of navigating attics/crawl spaces as I worked in satellite installation and have been through more than my fair share. I'm mostly looking for information on things to add into the contract, I've heard things like, ask for a professional cleaning from the seller, mark down any items that could possibly be removed from the home (mirrors, fans, light fixtures, stuff like that?) are there any others that would be worth mentioning? I'm open to all help, suggestions or ideas about this. Thanks for the time! 👍 [link] [comments]  |
| 500 year floodplain. Would you buy? Posted: 03 Dec 2018 04:50 PM PST Would you buy a house on a 500 year floodplain? It's 200 feet from a river that flows into a pond. Current owners claim they have never owned flood insurance and water has never even gotten into their yard since living there in the past 20 years. House is in MA if that makes a difference [link] [comments]  |
| In the state of Florida, which city/county are homes most frequently sold and purchased? Posted: 03 Dec 2018 03:59 PM PST |
| The Investment Process Help: Buying a home to rent out Posted: 03 Dec 2018 03:44 PM PST I am starting this thread to get a better understanding of the buying and renting process geared towards eventually buying more homes to rent out over time. I am not looking for a "quick buck." I am very new to this idea so please keep that in mind. What is the best way to do this? For example, I buy a house to renovate for about 200k with a mortgage? What mortgage am I looking for? Obviously, I must do my research on the area and make sure that the monthly rent must exceed the monthly mortgage payment. But how do I set it up so that I am able to make a profit in which I can buy another rental property? [link] [comments]  |
| Posted: 03 Dec 2018 03:34 PM PST Hello, My Wife and I are looking to buy our first home in King County Washington (bothell/kenmore) and we have noticed over the past three months prices have been dropping 30-50k and houses have been staying on the market longer. We are wondering if we should continue to wait or buy now while the market is taking a dip. Our household income is around 220k and we have around a 20% down payment saved to avoid PMI and keep our payment lower. The average starter home in this area is around 500-600k. [link] [comments]  |
| Just sold my home through Opendoor.com (Review) Posted: 03 Dec 2018 06:25 PM PST My home was built in 2005, in Arizona, and was well kept. It required no major repairs to the foundation, HVAC, roof, Electric, Plumbing etc. to get market ready. The total amount quoted for repairs from Opendoor was about $7500 and included painting both the interior and exterior (which the HOA required be done by the end of the year) as well as new flooring throughout the house, trash removal, a faucet leak and a few other cosmetic things like holes in the door, and demoing this built in non-working fountain in the backyard, light landscaping to comply with HOA standards and all repairs seemed to be quoted very fairly. The entire process went really smoothly. We'd received quotes from Opendoor and Offerpad online which were similar, and then waited about a month until the market in our neighborhood increased a bit more, and got another offer from each. Opendoor came back with about $4k USD more the second time than the first time they offered, and they offered full market value of our house. The area had rapidly increased in value due to more retail being developed nearby so I imagine they will make some good money on it when they sell it. Offerpad came in about $9k less than Opendoor, and when we told them that, they came back with another offer, but it still did not beat Opendoor. Zillow's offer was also full market value, however they quoted $13k for repairs. We also got a quote from Fast Home Buyer AZ, but they offered us about $25k less than Opendoor, stating that we needed new kitchen cabinets and updates throughout, which we didn't. Opendoor sent out a team of three really pleasant people to check out the house, the HVAC and the roof and then got back to us in about 3 business days with the results of their inspection and their required repairs, which they gave us the chance to either complete or leave to them to complete and then giving them a credit. We had scheduled a close date about 3 weeks from when we started the process so we elected to have them complete the repairs after close. They were very prompt and customer service friendly with all of our questions, rescheduling and needs. I requested a homestead affidavit with the title company, and that was done last minute, and went very smoothly. I was extremely happy with that. Their entire process is online aside from signing the documents right at the end of the sale, which is done at the title company, or you can have their mobile notary come to you for a couple hundred dollars. Every single step online was so easy to understand. The amendments were fast and easy to sign digitally, and the repair estimates included pics of everything they referred to. I did not find any repairs on their list to be ridiculous or unwarranted. We left slightly more garbage and junk in the house than they quoted us for after closing, and they did not delay close or try to renegotiate their credit, and instead were very pleasant about it and waited for us to put the last few boxes in the U-Haul before taking the keys. The funds from the sale were sent to the mortgage company, and the remaining equity deposited into our savings account about six hours later. We had two disbursements, one per person on the mortgage, and so they were able to split up the sale proceeds for us, which saved us moving money around and was really helpful. Overall, I think your experience with selling your home in this way can vary depending on how much time you have to sell your house (we needed to be out quickly), how many repairs need to be done (and how many of those are major updates/repairs), and if you're able to handle those things yourself before your close date. At the end of the day, this is how their numbers broke down: Offer price $203,200 Service charge 6% • $12,192 Closing costs $1,712 Repairs $7,568 Net proceeds $181,728We were very happy with this outcome and would recommend them for anyone else in a similar home selling situation such as you want to sell a newer home that is in a desired area, there are few repairs needed, you need to sell fast. [link] [comments]  |
| Posted: 03 Dec 2018 01:05 PM PST My parents are planning on selling their investment property and want to do a 1031 exchange to avoid taxes, but can't seem to find a suitable property to buy. My wife and I were thinking about letting them buy our house for the time being and we rent from them at market rates or they gift it to us under the annual exclusion amount until they find something they actually want and then we can buy the property back from them. The taxes from capital gains are high enough to make it worth paying all the transaction costs to avoid them. I'm just wondering if this is all legal. It seems legal, but at the same time it seems like a big enough loophole that it can't be legal, so I thought I'd ask here first since it's just an idea we're considering. [link] [comments]  |
| Foreclosed home - how low is too low? Posted: 03 Dec 2018 10:49 AM PST I recently saw an online listing for a fixer upper bank owned property for $211,900 (in NJ) . I was interested and investigated the property myself (via an unlocked window/no realtor). The listing photos are extremely deceiving and were taken at a much earlier date when the property was in decent shape. Since the photos were taken the in ground pool was possibly vandalized (liner and cover cut, pump taken, trash dumped in pool), the large shed/barn is no longer standing but fallen over and in need of removal, fencing needs repair, there are huge grave sized holes in the corner of the yard, the roof is temp patched and needs repair, the finished basement has mold all over wall, the kitchen and bathrooms are gut jobs w possible mold, the fire place/chimney looks like it needs a new liner and the deck is falling apart, and the mud room is full of mold floor to ceiling & I suspect potential plumbing & electrical issues but no way to tell yet . The "similar homes for sale" are not similar at all and are in much better condition. The listing states a couple annoying conditions. I'd be required to get pre qualified by the bank that owns the home. In order to have the property inspected I would have to turn on the utilities in my name and pay any back owed fees such as water/sewage. I would be reimbursed for the utilities ONLY if I purchase the home. The property has serious potential but will require a lot of work and money just to pass twp inspections. Is it ridiculous to think I could offer $80,000 - $100,000 for a home with an asking price of $211,900? BTW I've called the listing agent to inquire about this but no answer. [link] [comments]  |
| What do you look for in property inspectors? Best way to become one? Posted: 03 Dec 2018 10:29 AM PST I'm interested in becoming a property inspector and see that there are many online programs and associations to join. My question is, what do realtors and home owners look for in a good property inspector? What kind of certifications are you looking for? Do you look for those who are InterNachi or ASHI certified? There are many routes I could take here, but the information is overwhelming. Does anyone have any advice on becoming a home inspector? Which courses did you take to become certified? Are there any programs you recommend? [link] [comments]  |
| Why would a bank only put a house up for auction? Posted: 03 Dec 2018 09:38 AM PST My husband and I are looking to buy another house. We found one that perfect but its bank owned and up for auction. Weve never dealt with that so I have a few questions.
Thank you. [link] [comments]  |
| Giving offer directly to selling realtor Posted: 03 Dec 2018 08:52 AM PST We've been looking in a specific townhome community for the past 6 months. There's a house we loved and at the second open house we lingered a bit and asked the realtor how it would work if without a buyer's agent, we gave the offer directly to him. After some back and forth, he stated it would result in a 1% rebate on his commission end. Is there any downside to this? Should we be expected 1.5% or 2%? the way we see it, we have info on the last 10 identical sold homes in neighborhood, have seen them in person ourselves. We know the selling prices of these homes and know whats reasonable for this home at this point. opinions? Concerns? [link] [comments]  |
| Commercial Real estate on LoopNet legit? Posted: 03 Dec 2018 06:11 AM PST Been looking at a lot of commerical real estate on Loopnet. Many of which claim to be cash positive and have a high cap rates. Main question is why would someone sell if they are such a great investment? I know that life changes need to be made (death, retirement, other opportunities) but is there something I'm overlooking? Another question, how do you decern a good real estate opportunity from a bad one? [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment