First time lessons Real Estate |
- First time lessons
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- First Time Home Buyer: How to effectively and efficiently search the market for deals on properties?
- [IA] My house has been up for sale for over a year, someone inquired about renting-to-own, should I follow through?
- Need help with deciding to prepay principal or continue investing in stock portfolio.
- Due Diligence: Cash Offer Questions Things that Don't Make Sense To Me
- Moving across the country so we put up a post about looking for an apartment to rent. Realtor contacted me saying he could help and that his services would be free since landlords pay realtors to bring in tenants. Is it truly free?
- My landlord is verbally abusive and says we lie about things needing fixed. Help?
- Understanding a real estate LLC and the month to month cash flows.
- Getting my license. (Cincinnati)
- First Time Home Buyer - Avoiding A Flip
- Can I take a real estate license course out of state?
- Is it legal for executor of the estate to list the house for sale without a signed listing agreement from one of the owners?
- Easiest way to locate drafts?
- Building a Back House (CA)
- Possible short sale? Getting jerked around.
- How do you go about finding a partner?
- Market dead until new year?
- Question for independent Broker/Owners
- Structural issue from home inspection - rotted sill plate - worth calling engineer?
- Underwriting a mortgage an existing rental agreement: what to expect?
- Florida Real Estate Instructor Exam
| Posted: 07 Dec 2018 04:12 PM PST I've posted a few times about us selling our house in San Antonio. It's my first time selling and I went into this super naive but I am extremely glad I follow this thread! Our first realtor was a nightmare. Long story short, after 3 months and no showings, no offers, we decided to switch agents after she held our house hostage. I ended up reaching out to u/canonconstructor after asking a few questions about photography. She showed me examples of what we should be getting vs what we're getting and got us in contact with this super awesome realtor in our area. One day on the market and we've already had 3 showings and one cash offer. Y'all, learn from my mistake! Shop around for agents! Interview them! If you don't connect with your agent, get rid of them! Don't try to make it work. You'll end up with your house held hostage and bitter over the entire experience. [link] [comments]  |
| Posted: 08 Dec 2018 12:04 AM PST Hey, I have been looking into buying a duplex that I know has been on the market for at least a year. Realistically how much do you figure I could knock down the asking price? It's at 700,000.00 currently and has not moved. There is a large company that owns the whole block. I live in a town dependant on industry work and it has been a stagnant market for a couple years, but I know full well in ten years time it will pick up again. Any advice? What would be too much of a low ball price? I don't want to insult the guy but am also not interested in paying full price. [link] [comments]  |
| First Time Home Buyer: How to effectively and efficiently search the market for deals on properties? Posted: 07 Dec 2018 06:53 AM PST I am 22 years old and will be purchasing my first home soon. I'm looking for cheap/ugly/torn-up properties in the South-West Florida Area that I can fix-up and rent. What are the best websites/tools that I can use to scan the market and get my name out there so that I can see a new listings as soon as possible? For example, I'd like to be on the emailing list of every realtor in the area so that they can send me new listings asap. I regularly check Realtor.com and Zillow.com but was wondering if there are other websites better suited to find new listings as soon as they hit the market. Any help, advice, recommendations will be appreciated! Thanks! [link] [comments]  |
| Posted: 07 Dec 2018 02:27 PM PST I moved to rural Iowa for a job that was great. So great that I decided to buy my first home because I figured I'd be in the area for at least 10 more years. Two years later my job went away and I was living in a part of the country where I had no job opportunities within a two hour commute. Long story short I moved to find better job opportunities. Unfortunately our house has been sitting on the market with only a few interested parties even bothering to look in person and only after my wife started posting the house on Facebook and the local newspaper's classifieds page (area is so small there's no Craigslist). Someone said they love our house but can only do a rent-to-own scenario. I can only find information from a buyer's point of view and it sounds like 90% of the time it's either a scam or it doesn't work out. I don't want to rip this person off, really I just don't like making two house payments a month along with utilities and not being able to keep up the house anymore due to it being over 1000 miles away, so it's very tempting. TL;DR Any suggestions for dealing with a potential rent-to-own tenant and not screwing them over but also protecting my home? [link] [comments]  |
| Need help with deciding to prepay principal or continue investing in stock portfolio. Posted: 07 Dec 2018 07:08 PM PST I currently have a mortgage of ~$500,000 at 4,95% and am looking at whether or not it makes sense to prepay the principal given my situation. I have an $85,000 regular brokerage account stock portfolio that throws off monthly dividend income of $220. I have historically just done dividend reinvestment on these, but am now thinking I might want to just use that monthly to prepay principal on my loan. What are the pros and cons of doing so? What do I need to be including in my calculation to make a good decision for this? Thanks. [link] [comments]  |
| Due Diligence: Cash Offer Questions Things that Don't Make Sense To Me Posted: 07 Dec 2018 07:04 PM PST I'm not too familiar with all of the ins and outs of real estate in the US, but something I experienced lately doesn't sound right to me, and I wanted to get some clarification. My spouse and I found some really good properties in the US. So far the realtor has recommended that we make a formal offer, because we really want one of them properties. We are considering making two offers for two different places because one of them is nice, but we wouldn't buy it unless our really low offer was accepted. The realtor has asked us to show proof of finances. I don't understand this, because we are cash buyers. I thought if we made a serious offer, and we were paying cash, it wouldn't mean we had to get any formal proof of cash available. The other thing she says is that the sellers would want to be sure that we would close before Christmas. Is this typical that cash buyers have to show proof of having funds? I already told her that I obviously wouldn't make the offer if I didn't think I could pay for it. I mean, what's the point? She seems to also stress that it's important and attractive to the buyer that we could close in two weeks. I never thought of having a timeline for a close. I assumed a close happens in however long it happens. It seems to me that if the seller is wiling to sell, there shouldn't be a lot of formalities to this. Just simply make the offer, close the deal, transfer the money, right? [link] [comments]  |
| Posted: 07 Dec 2018 03:38 PM PST I mean I can see it being free but then we'd most likely be stuck with only the places he has contacts with. Is there a catch? [link] [comments]  |
| My landlord is verbally abusive and says we lie about things needing fixed. Help? Posted: 07 Dec 2018 07:35 AM PST Hi everyone. I just found out that I have no insulation in my apartment, and the windows are so drafty, it blew the cling wrapping we did on them. I just got this months gas bill and its doubled since last month. My landlord has been very abusive since we moved in, accusing me of 'breaking the electricity' and accused me of lying about the massive leak we had in our ceiling. He's also told my roommate that "we don't have to fucking live there if we don't want to". We really need this fixed, because even if the heating is on, it doesn't do anything to stop the cold. But we're scared to bring all this up to our landlord, since we've already asked about certain repairs that he yells at us about. Any advice? [link] [comments]  |
| Understanding a real estate LLC and the month to month cash flows. Posted: 07 Dec 2018 06:47 PM PST Let's say I had my own real estate investment company (LLC) (I'm 21 and starting to save for my first down payment). I would be receiving my month to month cash flow from tenants, but what do taxes look like? What restrictions and obstacles are there? What are the benefits of creating an LLC? What does having an LLC look like compared to not forming one? [link] [comments]  |
| Getting my license. (Cincinnati) Posted: 07 Dec 2018 09:31 PM PST I've been thinking about getting my Real Estate license forna few years now and it seems I'm finally about to take those steps and get myself started. Over the past few weeks I have been talking to most of the large brokers in the area and one of the hardest things I will usually here is "It is quite possible that you won't make a penny for 6 months or more." I'm not going to let that get to me, but it does make me think more about how I should go about finding the correct broker for me. Wondering if I should get my license and start off trying to be an assistant to a seasoned agent while I learn more about the business but only take an hourly rate and prospect on my own time for lesser commission. Do any seasoned agents have any tips, advice or general knowledge you could share? [link] [comments]  |
| First Time Home Buyer - Avoiding A Flip Posted: 07 Dec 2018 10:52 AM PST My fiancée and I are beginning to look for a home and we've run into one item that we don't really see 100% eye to eye on. We have looked at some open houses and have seen a few with our agent and my future better half tends to go a bit gaga for some renovation/flip tropes that I am much less excited by (stainless appliances, granite/quartz counters, crown molding, new cheap cabinets, fresh paint etc). I don't have any desire to buy a place that needs to be gutted to the studs, but I am fairly handy and don't mind doing finish carpentry and paint work myself, and am looking forward to the sweat equity you can gain from those projects. My concern with this is that I view flips fairly dubiously (even when done well) because of the profit motive. I believe very strongly in aligning incentives and even honest people will subtly (or not so subtly) make decisions in a short-term profit driven way. In short, anything with a positive ROI has been done, and while the work might be good, it's all been done by someone who won't be living in the house in 5-10 years (when poor work really begins to show). In my mind, the best possible outcome from a flip is still not great. You've paid to turn a rundown home into a nice, safe place to live and have also paid for the profits + 6-12 months of interest on a construction loan. Am I wrong in my thinking here? If not, what are some ways you have helped a SO see past the shiny gadgets when buying a home? [link] [comments]  |
| Can I take a real estate license course out of state? Posted: 07 Dec 2018 08:30 PM PST I'm currently in Texas but will be moving to NYC in about 5 months. I have a friend over there that's going to help get into the market but obviously I need my license first. Can I start with the course from here in Texas so when I move over there I can just schedule and take the test? Is that possible? [link] [comments]  |
| Posted: 07 Dec 2018 11:43 AM PST This is in NJ. I've been posting on the legal forum about a related issue but have since gotten more info: 1. Grandma died in 2012, just found out there IS a will, she left her house 50 50 to my mom and aunt. 2. Also just found out my aunt is the executor of the estate. 3. Found out the deed to my grandma's house is 100% in my grandma's name. -is it legal for my aunt, as the executor, to list the house for sale without a signed listing agreement from my mom? -Is it legal for my aunt to list the house for sale while the deed is still in my grandma's name? Thank you! [link] [comments]  |
| Posted: 07 Dec 2018 01:11 PM PST Its consistently 30 degrees outside, and our thermostat is at 65, which is the same as a neighbor (who has a newer house). But when I'm home I constantly have to be bundled up because its freezing and the only reasons I can think of is either the fact that there are multiple drafts or that we have radiators. [link] [comments]  |
| Posted: 07 Dec 2018 03:54 PM PST Can I build an unattached studio apartment in my backyard to rent out on Air BNB? [link] [comments]  |
| Possible short sale? Getting jerked around. Posted: 07 Dec 2018 03:28 PM PST Hi everyone. My husband and I are looking to buy a house for the first time. I found a buyer's agent recommended through a friend. Said agent was out of town, so we dealt with her teammate. Teammate was fine, showed us houses, we found one we loved. It is a super unique house, passive solar/earth contact in a great school district. It doesn't have any HVAC, a bit on the small side, odd layout, and has been on the market for over 100 days. We figured since it was so odd and since it is almost winter that it wasn't too unusual that it hadn't sold (despite everything else selling like hotcakes around here). It was originally listed for 185k which was at the top end of our budget, so we weren't sold just yet, but we did tour it. Comparable sales per the assessor web site is about 225-275k. After we toured it and within a couple of days, the price dropped to 170k. We decided to make an offer, we love the house, it checks off all our boxes, we can swing it, we have the down payment, etc. We wanted to offer 170k plus seller pay closing costs. I tell the agent. I peep the assessor's website one more time and notice taxes haven't been paid in 3 years. All of a sudden, our realtor starts throwing around the term "short sale." Our realtor says that the selling agent previously had an offer for 183k plus seller agreed to pay 3k of closing costs. "At this price the sellers would only walk away with $337 after they paid off liens/taxes/mortgage." I asked why that offer didn't go through. "The buyer was asking for more repairs than the seller was willing to make happen." Well, we love the house, so we decide to offer 185k and have them pay essentially 5k (4,440 closing costs plus 600 home warranty) on direction of our realtor (her other suggestions included 183k plus seller pays 3,000 closing OR 180k plus we pay all closing costs). We wanted to have some spare cash to make some cosmetic updates and have some for a rainy day. Also, newbie. Maybe it was a dumb move, but we wanted to avoid this "short sale" and get it done and over with. Plus it seemed to be priced below market, we seem to be in a sellers' market currently... paying 185k didn't seem awful. Our realtor said the selling agent said this would be a deal without short sale. We submitted this offer with a day and a half to accept, simply because Thanksgiving was the next day and figured facts and figures were already decided beforehand, right (contingent on inspection, blah blah)? Earnest deposit delivered to our realtor. At the eleventh hour, our realtor says "The seller's agent double checked bank payoff and tax delinquencies and discovered the seller's owe about $20k more than the seller's thought. With these numbers he tells me there will be a total $5k delinquency. The bank should be able to approve the short of $5k without sellers having to bring money to the table." Our offer technically expires, but there is a "gentleman's agreement" and the listing is marked as pending and supposedly there will be no more showings. Then every 1-3 days we get / request an update which is basically along the lines of... "waiting to hear back from bank, should be today or tomorrow." THEN today, two weeks from initial offer we get this: "The bank is not going to approve the shortcoming. The agent has let me know we're not 5k short, we're 7k short. Therefore, if we needed seller's to cover the $4,440 + 600 in closing costs, we would need to increase the offer by $7k to get the deal done."
This just doesn't seem right. Like I said, this is my first time buying a house and it just seems all sorts of wonky. Thanks in advance. [link] [comments]  |
| How do you go about finding a partner? Posted: 07 Dec 2018 03:27 PM PST Once you've scaled up to 4-5 doors. And have a good amount of equity / cash to invest. Is a partnership with another RE investor a good idea to look into? My approach so far has been buy and hold rentals, does a partnership model work for that, or is it best for buy-and-flip? [link] [comments]  |
| Posted: 07 Dec 2018 07:26 AM PST Looking for some thoughts... I'm in Dallas, TX and recently sold our house. We're looking for a new one, put in an offer on one but couldn't make a deal. Now, it's December 7th, there is nothing in the entire market my wife is willing to put an offer on and nothing new is hitting the market. My fallback for calming her fears is that people are waiting until the new year to list, os we just need to be patient until then. Obviously, I'm guessing, but does that even sound logical? [link] [comments]  |
| Question for independent Broker/Owners Posted: 07 Dec 2018 07:03 AM PST Does anyone have experience with leaving big name brokerage and starting a micro broker/owner brokerage in a large competitive market? What are the pros and cons compared to starting a 1-3 person team at brand name brokerage? I am leaning towards starting my own broker/owner brokerage with a virtual office set up, keeping costs down. My goal would not be to add new agents and recruit but if an agent wanted to work under my brokerage I would be fine with it. My primary goal of this switch would be more control, flexibility, bigger split, and building my business/brand. Thanks for your input! [link] [comments]  |
| Structural issue from home inspection - rotted sill plate - worth calling engineer? Posted: 07 Dec 2018 06:44 AM PST New to this sub so appreciate your help! I was wondering if the following was a major structural issue requiring a structural engineer. I'm in contract for a 100 year old renovated/flip house in Central NJ. Home inspection wasn't too bad considering the age and the fact that it's a flip. He noted the following problem: "Sill plate has localized rotted sections that need replacement - basement front wall" Here are some pics (i believe this is how ppl share pics on reddit correct me if I'm wrong!) https://imgur.com/gallery/GuIUTDi The basement is full finished aka hiding real problems?) and he found this by removing one small covering. I've called a handful of structural engineers and they are charging between $400-850 and say they can't guarantee they can find further structural issues and will only do a 30 minute visual check. Is that sufficient to determine if there are major structural issues? Or, is this sill plate problem no big deal and a not so expensive repair I can negotiate? Thanks for your help. [link] [comments]  |
| Underwriting a mortgage an existing rental agreement: what to expect? Posted: 07 Dec 2018 10:18 AM PST TLDR: We're closing on a house in the next few months. We have an existing rental agreement. This is a really cheap unit we moved into specifically because we were planning to save for the downpayment throughout this coming year and look to buy at the end of next year, but my accountant cleared a lot more cash this year and we found an great deal on a property. So with interest rates on the rise, we went ahead with it. But we're still in an existing lease that we can get out of by virtue of the landlord being pretty awesome. The underwriter may want a letter from her. What sort of assurances does an underwriter require in a situation like this? --- As far as the lease, we're not worried about getting out of it because of the relationship we have with the landlord; she offered us month-to-month or a year lease, and let us choose. (She deliberately keeps it insanely under market and only cares about covering her expenses/real estate taxes--incidentally, it's a building where all the units in it are regularly rented by referral through a network of Mormons in the area. Longer story, but the gist is that we can cancel this lease whenever we want with no consequences, and we can get her new tenants who are just as good as us tomorrow if we needed to.) Anyway, the mortgage broker said that we'll probably need to give the underwriter a letter from the landlord releasing us from the lease at some point. Any underwriters here? I can get that from the landlord, but I don't want to blindside her with our moving, more because she'll be pretty sad (she's kind of become a surrogate grandmother to us) and I'd rather tell her about everything after the holidays. I was planning to tell her after we close, A) because I don't want to bother her if the deal falls through and B) since we will still need a month or two to renovate the house while we're still in this apartment, and that would be plenty of time to arrange helping her screen new tenants. So my question is: what sort of assurances does the underwriter need specifically in this situation? In the short term, could we show them we have the cash on hand to break the lease if for some reason our landlord became possessed by the devil between now and closing? Or is a signed letter the only option? [link] [comments]  |
| Florida Real Estate Instructor Exam Posted: 07 Dec 2018 06:07 AM PST Does anyone have any advice/study material for taking the Florida Real Estate Instructor Exam/ Any Real Estate Instructor Exam? I am planning to take this exam soon, and can't find exact material that could help me. Thanks! [link] [comments]  |
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