Buying a vacation house and renting it out on AirBnB while not in use. Real Estate |
- Buying a vacation house and renting it out on AirBnB while not in use.
- Frustrating landlord and rent applications
- Interest rates went up but my housing market hasn't caught up in prices leaving homes sitting for many days, how much less should I offer now?
- Online or in person course?
- Why do higher household income areas have less rental properties available? [Can]
- Rent To Own - Are they typically crap?
- Combining Equity from 2 Rentals?
- Advice on Vetting a Real Estate Sales Agent (CA)?
- Buying my first home soon. Getting my Ducks in a Row. Advice welcomed. UT
- Real estate in Austin
- I'm moving in 3 years. Should I invest in the house now or just let buyers try to deduct needed improvements from price in the future?
- AS-IS Contract: Discrepancies in 9(a) and 20 additional terms on contract
- Listing agents and open houses (SF Bay area)
- [Illinois] Tax Sale?
- Plan for double the equity
- Low income but large downpayment - how much can I afford?
- Good location to buy land?
- FSBO - As seller, how much is "fair" for hiring an agent JUST for paperwork
- How to make a condo worthwhile?
- Multi-family Investment Plan in the Midwest
- Handling my Fathers Estate without a Will (Texas)
- Where to Begin?
- Need advice. We moved into my father in law’s house. Now he’s in pre foreclosure
- Bought my first home in another state, mortgage lender asking to verify when I would relocate with my employer
| Buying a vacation house and renting it out on AirBnB while not in use. Posted: 02 Dec 2018 06:36 PM PST I am thinking of buying a vacation house (2-4 bedroom) for us to stay occasionally, and rent out on AirBnB while not in use. This will be the only mortgage and therefore I don't plan to apply any rental income towards mortgage qualification. The area is in Santa Barbara County and is within about 5 hours drive from where I actually live. My main questions are: (1) How to find a right realtor? (I assume this has to be something who understands short term rentals regulations and potentials). (2) How to estimate short-term rental potential myself? (2) What to be aware of? (3) Is this in general good or bad idea? My goal is to be able to cover at least property tax by renting it out on AirBnB. Also, we might eventually move there full time, though unlikely. [link] [comments]  |
| Frustrating landlord and rent applications Posted: 02 Dec 2018 09:00 PM PST To make a long story short, I had a falling-out with my current landlord of 6 months. I asked her kindly to fix some basic things on the house(I never complained before this) and she told me she didn't want to deal with complaints or fix anything. She was angry and asked me to find a new place to live because I was too difficult. I didn't want to pay that rent price when she was not willing to hold up her end of the deal. Now, I am filling out rental applications that ask for current landlord contact info. What should I do? I've been a great renter and the house looks better than it did when I moved in, but she probably won't attest to any of this. Thanks in advance! [link] [comments]  |
| Posted: 02 Dec 2018 07:12 AM PST People are basically asking the same exact prices if not more from 3% days. None of the houses are selling or are selling extremely slowly. I see specifically 3 houses I am looking at.
EDIT: I am happy to wait 1 year when prices have caught up and people are taking off 5-20k off the listing. Should I do that instead? I have a feeling interest rates aren't even done going up yet. [link] [comments]  |
| Posted: 02 Dec 2018 04:02 PM PST I am 17 years old and on my way to become a real estate agent when I turn 18. Like everybody else I have to take course and NYC it is 75 hours. I also know that you must be sponsored by a broker after. I was wondering if It was better to take a online course at home which is sub a hundred dollars, or do a in person course paying 3-400 dollars? Does it make any difference?thank you guys and gals! [link] [comments]  |
| Why do higher household income areas have less rental properties available? [Can] Posted: 02 Dec 2018 09:24 AM PST I've been looking at different municipalities in my area (North of Ottawa, Canada) and the housing data shows the province averages about 33% units being rentals. In the municipality I'm concerned with, rentals make up only 7% of units. Major differences I've noticed are median household income levels and median house prices are almost double the surrounding municipalities. Have there been studies about this or could anyone point me towards some resources that explain why this is? [link] [comments]  |
| Rent To Own - Are they typically crap? Posted: 02 Dec 2018 10:48 PM PST I've been searching around for some rent to own offers in my area, and have also started looking into metros within an hours drive as well. I seem to keep coming up with properties in terrible neighborhoods. Any suggestions on how to find properties other than just searching the internet? Should I get a real estate agent involved? Is this within their scope of work or would it be an annoyance? I'm finishing up a degree in interior design/architecture and looking to find a property to renovate and use it to show my ability and sell my service. Goal is to build a real estate portfolio along with offering design services. [link] [comments]  |
| Combining Equity from 2 Rentals? Posted: 02 Dec 2018 10:41 PM PST Have 2 rentals. Rental A: Worth 135k. Have a HELOC at 0 balance with a 95k limit. Rental B: Worth 100-110k. Free and clear. Is there a product that would combine the equity from both rentals and give me a line of credit at 70-75% value? Or am I better off just getting another line of credit on Rental B? Thanks in advance! [link] [comments]  |
| Advice on Vetting a Real Estate Sales Agent (CA)? Posted: 02 Dec 2018 10:16 PM PST Any suggestions for vetting an agent for selling a property? I looked at who successfully sold property in my area recently (similar location/property) and sent them inquiry emails. What questions should I ask them as part of the vetting process? I have no intentions to sign on with anyone before speaking to multiple agents and probably won't sell until the spring (which I mentioned in my email). Thanks! [link] [comments]  |
| Buying my first home soon. Getting my Ducks in a Row. Advice welcomed. UT Posted: 02 Dec 2018 04:13 PM PST Hi! I'm looking to buying a first home in the SLC valley within the next year. It's going to be a VA loan. Both me and my partner are going to sign marriage documents so both our income/credit will be considered. We both have credit around 720 we make about 80k together and live well below our means. we have about 2k on the USDA rewards card which we will pay off immediately when we start looking(keeping it at the level for optimal credit benefit for now). currently we have 7k and rising of savings which will go into earnest money, loan fees and closing costs. We rent a room month to month so there is no reason to rush or hurry outside of the market going up. We are looking for homes around the 230k to 250k mark with 3 bedrooms. We would be wanting to live in this home long term. it may be a town home, but I lean more towards single family, to avoid HOA nightmares) I've written a list and cost of things we'd need to buy in the home (furniture, kitchen, tools, yardcare etc...) First question, does anyone have recommendations for loan officers and buyers agents that know UT/SLC? I signed a long time ago with a century 21 realtor after being pre-approved this summer, but later asked broker to be released as this realtor clearly did not have our best interest in mind. So this time I'm taking the time to research and find a realtor/agent that will have my back when I get pre approved again. Our plan is to rent out 1 or 2 of the rooms so we can live somewhat worry free. 600+utilities per room seems about market fair. Plus if we start a family later down the line we would have ample space to do so. I want to save about 1-2% of the mortgage worth each year for upgrading and maintaining the home. I would be a first time landlord. So my knowledge is lacking, even though I've lived in a shared home situation my entire adult life. I know to collect first and last month's rent. I don't know as much on getting background checks or credit. I could likely find and edit a contract from online. I think 6 mo leases would be adequate, as I won't be upside down without the income, but i do want a stable rent income and clear expectations laid out. How do i go about house insurance at that point? is there anything special I need to look into if I'm only having 1-2 people living with us? And what tax information do i need to have prepared if I am keeping renters? What laws are important to know and keep in mind? What what are the best things to look out for in terms of good and bad tenants? Is there anything I've overlooked? and THANK YOU! this subreddit and the landlord subreddit have been extremely helpful as I gather information. [link] [comments]  |
| Posted: 02 Dec 2018 09:47 PM PST I'm thinking of buying an investment property there. Smart move? [link] [comments]  |
| Posted: 02 Dec 2018 12:32 PM PST House: 1904 Craftsman in LA. I'm going to move in 3 years (95% probability). House needs roof, new heating system, modern electrical system, exterior paint and wood repair, gutters, and new pool heater. Should I spend the money ($150 K = ish) and do the improvements now even though it will cost me in financing, no peace and quite, dealing with contractors etc. ? Or should I just wait, sell as is, and let buyer try and deduct cost of improvements when I sell in the future? What is the better move? [link] [comments]  |
| AS-IS Contract: Discrepancies in 9(a) and 20 additional terms on contract Posted: 02 Dec 2018 09:08 PM PST Hi everyone! Any information will be appreciated... I (seller agent) received a contract, where it states 9(a) - seller pays 3% of buyers closing cost 20 - seller to contribute 3% of purchase price towards buyers closing cost My question is.... Is the buyer asking both 9(a) and 20?? Which means asking the seller to pay 3% of buyer closing cost AND 3% of purchase price towards buyers closing cost? Or does this look like the buyer agent misworded one? My other question is, this seems like a lot to me.. Is this common? Any information will be appreciated, thank you! [link] [comments]  |
| Listing agents and open houses (SF Bay area) Posted: 02 Dec 2018 08:19 PM PST First time posting here. I normally just lurk. My husband and I have just recently become aggressive about trying to buy a house, we actually did go into escrow on a 90 year old home in the SF Bay area, but backed out after discovering how expensive FEMA special flood insurance is, and just how much knob and tube this house did have (behind lath and plaster). These past few weekends have been a bust with the open houses we did see, and one really got to me today. As we were looking around this house, we identified more hot knob and tube. Since we were the only ones there, the listing agent was following us around. The listing agent was really nice, but started asking if my husband was an electrician, and about the k&t and what it was. It got me thinking, is this some sort of seller ploy, or was she really just naive to the fact that old homes have deal breakers, like ungrounded electrical systems? Is checking for a grounded system some sort of faux pas during an open house? [link] [comments]  |
| Posted: 02 Dec 2018 07:08 PM PST Hi all! My family and I are interested in purchasing a 100+ year old home directly from a woman who is looking to downsize after the death of her husband. We've been through the home and she plans to have it appraised to come up with the sale price. I was looking up some property information on the local assessor's site and it says "Taxes were sold at tax sale. To redeem or get additional information on certificate activity, contact your county clerk." I do plan to contact my mortgage officer tomorrow with some questions and this will be one, and am happy to make a trip to the county clerk's office as well, but does this mean the house should be auctioned off? She hasn't said anything about being behind on taxes and I have the sense she'd be honest with me about something like this (she's extended family of sorts). Is this a red flag? I'm fine paying some back taxes (I've been monitoring this property for a couple of years and this is a new development so it shouldn't be much more than 6 months) in order to get the house if it can come off the purchase price. Thanks in advance! [link] [comments]  |
| Posted: 02 Dec 2018 06:18 PM PST I want to run this plan by people. and see if there is any reason it would not work. I have been under contract to buy a condo for about 6 months while it is being built. I have the price locked in at 218k, but the value has now gone up to about 250k before I have even moved in. I need to stay for a year before I can sell. My plan is the moment I get in the house, get under contract for a condo that won't be finished for about a year after I move in. Since then price will be locked, I can build equity in the condo I am living in, and the one under contract. The risk will mostly be the payment of around $2500 to claim the spot. If it drops in value, I can cancel the contract. Also if it doesn't achieve enough equity, I will lose on payments to the real estate agent when selling. I like the risk/reward ratio, and I just want to make sure there isn't anything I'm missing! [link] [comments]  |
| Low income but large downpayment - how much can I afford? Posted: 02 Dec 2018 10:04 AM PST I'm thinking about selling a duplex I own in L.A., which would net about $150K, and moving home to New Orleans. I work about 36hrs/week, but my pay rate is low (career change), currently grossing ~$30K/yr. How much can borrow with low income but a large downpayment ($150K)? [link] [comments]  |
| Posted: 02 Dec 2018 05:17 PM PST Recently, I have been interested in buying land in Colorado, not out in the boonies but close to a city. I'm just curious if it is even worth the hassle/money to do so. I have been looking all over Fort Collins, Denver, and Colorado Springs. This will be my first time buying property, it seems with the recent growth of the pot industry and with Colorado being a front runner in the field, i'd figure the place is bound to boom eventually. [link] [comments]  |
| FSBO - As seller, how much is "fair" for hiring an agent JUST for paperwork Posted: 02 Dec 2018 02:52 PM PST We're considering selling our house FSBO; if we do all of the marketing, staging, showing, and negotiation, what would you consider a "fair" price to pay for having an agent do the actual paperwork for us and make sure that all the legal I's are dotted and T's are crossed? I've got a quote that seems to be a bit higher than I would have expected, and just want to make sure that I'm not mistaking something. [link] [comments]  |
| How to make a condo worthwhile? Posted: 02 Dec 2018 11:00 AM PST Seems rule of thumb on condos is they're not a good investment. But there's gotta be a few ways to make owning a condo worthwhile. Are there any? I'm thinking of buying a condo over a house and wondering if that's healthy. [link] [comments]  |
| Multi-family Investment Plan in the Midwest Posted: 02 Dec 2018 02:25 PM PST My had had been to invest in real estate for a while now. I've been holding myself back from pulling the trigger since I would be a first-timer. My high-level plan is:
. The goal I'd like to accomplish is to have the property cashflow positive and under property management so I would be able to limit my required interactions with the property to under 10 hours/month in the long run. I'm planning with the possibility of leaving the area after a year of purchasing it. . After a while, I've accumulated 53k to put into real estate. I plan on holding the property for 5+ years with the possibility of refinancing and re-investing in additional properties. . I tried to get a rough idea of what the cash up-front would be, and I've come upon this: Realtor Fees (6%) Renovation Purchase Price Down payment (20% for conventional) $6,000$10,000 $100,000 $20,000 $9,000 $10,000 $150,000 $30,000 $12,000 $10,000 $200,000 $40,000 EDIT: I've made a mistake and assumed realtor fees would come out on the buyer's side. . I'm having difficulty pinning down a purchase price, since I'm looking at properties with 2-4 units in varying cities. I had spent some time driving around these cities to get a sense of neighborhoods I'd feel comfortable living in and walking at night. . I'm not sure where to start with estimating cost for renovation. I imagine a coat of paint for touch up and miscellaneous minor repairs. It feels strange too that the realtor fees scale up so quickly with the price of the property. . I've been running my numbers with conventional financing at 20%. If the property has at least 1 unit that is livable, I would look into getting an FHA loan for it. . In summary: * Is 10k a decent starting estimate for minor repairs? * Are realtor fees always ~6%? Is there wiggle room here? * Are there any glaring holes in this plan? [link] [comments]  |
| Handling my Fathers Estate without a Will (Texas) Posted: 02 Dec 2018 02:22 PM PST The quick and dirty, my father passed, had a wife(separated), trying to get fathers house sold. He refinanced the house shortly after they got married and her name got put on the deed and they were legally married at the time of his passing. So, from my earlier post on r/legal, (https://www.reddit.com/r/legaladvice/comments/a0rcpb/father_passed_and_trying_to_handle_his_estate/), I have been informed that she can sign a Quit Claim Deed to get the house out of her name for me to sell. The mortgage owed is ~$38k, the house is worth $60-80k in its current condition. As far as I know, taxes and mortgage payments are up to date. Any thing I should be aware of when trying to sell the house, title concerns and "do's and don'ts"?? Do I need to get the mortgage company paid off before sale or during sale or does it matter? Any advice is greatly appreciated. [link] [comments]  |
| Posted: 02 Dec 2018 05:27 PM PST Hello! I'm a 22 year old in college right now and my mother now owns 16 homes in the area and is looking to expand to 25 eventually. She rents them out to people and has a few people she pays about 15 an hour to paint and fix up these cheap ass homes. Anyways, she created an LLC for the business and keeps all the information in files somewhere. Eventually she's going to pass these homes on to me, and I want to be prepared when she does. What kind of questions should I be asking her? What should I be doing right now to prepare? Do I need to become an expert in the legal stuff so I don't mess up on some tax or contract and get in some trouble? Should I try to get a builders license or something so I don't have to pay people to get building permits when I want to fix something in a house? I want her to prepare me now because who knows when she could die but I don't want to bring that up because it seems very selfish and rude to ask about this stuff and plan around her eventual death. [link] [comments]  |
| Need advice. We moved into my father in law’s house. Now he’s in pre foreclosure Posted: 02 Dec 2018 12:47 PM PST After he purchased another home cash, we moved in with the intention of making rent payments, and possibly buying. A week after we moved in he was served foreclosure paperwork. At this point we're not interested in purchasing the house. During Our last conversation he had mentioned that he wanted to try and sell it to someone else, which may end up putting us out to dry. At this point, being in pre foreclosure can he even sell the house? [link] [comments]  |
| Posted: 02 Dec 2018 12:03 PM PST I work in WA but bought a home in VA. Mortgage lender wants confirmation from my employer that I will relocate, but I won't in the near term, I want this to be considered primary home and not investment property what do I do [link] [comments]  |
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