Top 20 home inspection photos from 2018 | Star Tribune Real Estate |
- Top 20 home inspection photos from 2018 | Star Tribune
- Rental application question
- First time landlord - any tips or gotchas?
- Good scenario but questions
- Looking for advice about my real estate position
- Question Regarding Hard Money Rates
- Commercial vs. Residential RE Investing
- When does new inventory usually show up?
- Where to find equity for larger real estate deals ($15+ million total capitalization)?
- Probably a silly question:
- Best way to go legit with my roommate situation?
- Real Estate Agents: What is the biggest problem your buyers face at live auctions?
- Need advice on how and if I should negotiate a realtor’s commission
- Dumpster pricing
- What happens when you sell a house after doing work without permits
- Home inspection turned up some vermiculite in the attic. Looking for advice on proceeding
- Any experience with Renovation Realty from Buyers side?
- Quick Home Improvements
- First time home buyer questions
- Future first time homeowner --> book suggestions
- New Home Buyer - cancelling a contract
- [FL] I’m being told I need two separate insurance policies doubling my original expected cost. My property consists of two separate structures; one CBS built in 1924 and the other Frame built in 1935.
- Investment Property or Residential First Home?
- I am so done with property managers and shit
| Top 20 home inspection photos from 2018 | Star Tribune Posted: 01 Jan 2019 04:07 PM PST |
| Posted: 01 Jan 2019 10:55 AM PST For a rental application, is it typical to be asked to social security number, checking and savings account number, bank branch, driver's license number. I'm new to the US and this feels like I'm giving some random person a lot of my information that maybe I shouldn't be. They're also asking for $500 deposit now, before I've even sent off the application form. Is this normal? EDIT: Thanks to everyone that responded. I've got a better idea of what to do now. [link] [comments]  |
| First time landlord - any tips or gotchas? Posted: 02 Jan 2019 12:21 AM PST In a few months I'll be putting my primary residence up as a rental, but I've never done this before. Are there any things I should look out for as a first time landlord, or something you wish somebody had told you when you started out? My PITI on the property is 1750, but it should rent for 2750 at a minimum with ease. I have a trusted property manager who will do all the dirty work, at a rate of 8% of monthly rent (when rented). Still attempting to learn all the tax implications, but reading as much as I can about it. [link] [comments]  |
| Posted: 02 Jan 2019 03:23 AM PST Wife recently let me know her parents are giving her 1-1.5MM to invest in NYC real estate and we can live rent free paying HOA and tax. We love battery park and FiDi areas, but want to get some experienced professionals opinions on these and other areas. We are early 30s with a child on the way. Thanks for the advice! [link] [comments]  |
| Looking for advice about my real estate position Posted: 01 Jan 2019 02:11 PM PST I currently own a home using a VA loan that's being rented out with tenants living there. I'm in another state and looking to purchase a primary home. It seems I have a few options to me and I'm having difficulty figuring out which to choose. My current VA loan is at about 3.5%. It's valued at around 400k with 300k owed on it. Option 1: refinance the VA home to a conventional investment property and use the VA loan in the new state. Will need to pay closing costs of both homes but will get best rates and lowest payments per month Option 2: use a Navy Federal loan similar to a VA loan (no down and no PMI) - closing costs estimated at 25k Option 3: do 5% down on a new home with no PMI (will need to take about 20k from a retirement account to afford the down payment Any suggestions? [link] [comments]  |
| Question Regarding Hard Money Rates Posted: 01 Jan 2019 07:28 PM PST I'm located in the northeast and have a friend who has many houses he's flipped for guidance. I'm planning to hop in to do a few flips and have a few prospective units of interest. His hard money lender was charging 8% no points and 10-20% down. Based on some googling / research in local groups I'm not seeing anything anywhere near those terms. I just wanted to check is the above rate to sweet to find online? and if so should I just focus my search on people I can meet through networking? or what would be the best arena to find someone for best hard money terms? [link] [comments]  |
| Commercial vs. Residential RE Investing Posted: 01 Jan 2019 06:30 AM PST Hi all, I have started RE investing 20 yrs ago and ended up with several residential properties. Over the last 20 yrs, I sold most of my properties and invested the proceeds into equities. I now have most of my net worth tied up into equities and I think it is a good time to reallocate and diversity my assets into RE. However, I am more interested in investing in commercial real estate for a variety of reasons. 1) I think there are fewer market participants and therefore potentially better opportunities. 2) I have access to more capital than the typical individual investor ($3-$5mm) which I believe would provide me with a competitive advantage. 3) I do not require liquidity and can stand a 5-15 yr hold period which could also provide me with an advantage. I noticed most of the posts here are related to residential RE investors. Are there any other commercial real estate investors here? I am looking for resources to learn more and maybe even co-investors. Edit: I am located in Canada, but willing to invest in the US as well. [link] [comments]  |
| When does new inventory usually show up? Posted: 02 Jan 2019 02:41 AM PST Is there usually a period in January when sellers looking to sell in the new year put houses on the market? I'm looking to finally buy a home this year and have been monitoring the homes available in the area. It's mostly old inventory from last summer or fall. [link] [comments]  |
| Where to find equity for larger real estate deals ($15+ million total capitalization)? Posted: 01 Jan 2019 07:58 PM PST I know that most commercial banks (Bank of America, Wells Fargo, Chase, Citi, HSBC, TD, and even regional banks) will lend up to 85% on serious new real estate developments (new multifamily buildings and commercial/office projects) for developers with a decent track record. Sometimes syndication is needed. Where do people find the equity to get the larger financing for larger projects? For a $200 million new multifamily building in Jersey City, assuming 70% leverage, where do developers wrangle the $60 million of equity needed to get the construction loan? Do investment banks make introductions on behalf of developers (sort of like equity prime brokerage) or where does a mid-level developer get the keys to do serious, larger projects? Assume that the projects are real, vetted, with all plans for construction and design completed. Please no suggestions about REITs or real estate private equity, often those are exit parties that bu developer projects. Please give examples if you have any. [link] [comments]  |
| Posted: 01 Jan 2019 10:09 PM PST So, after having the last two places I've lived get sold out from under us, the lady and I are highly interested in buying our own place, with blackjack and hookers. I'm eligible for a VA home loan, which I vaguely understand as being good. According to credit karma, I've had pretty decent credit, though it just took a bit hit. I have no idea as to why either of those is the case (never had a loan of any kind, and pay my fucking bills), but the digits run in the 670 area last I looked. Ah, to illustrate my discomfort, I've been a poor kid my whole life. Never had a loan for anything, never financed anything, after developing a severe paperwork allergy by being exposed to the US Army, I've signed as few things as possible. The DMV gives me massive anxiety. The idea of being on the hook for money that isn't in my pocket is also a certain kind of madness. I've eaten out of dumpsters, lived in squats, odd corners of warhouses, and out of vehicles. I've read a bunch of threads about negotiating with car dealerships out of sheer hilarity- I'll buy a $200 junker, scavange the parts to staplegun the fucker into running condition, and then part it out when I can't get the necromancy spells to work anymore. So, now you've an idea of where I'm coming from, I've been poking into the idea of buying a house-type thing, and it all seems like way too much paperwork, b.s. boxes to check, and nonsense. Like way, way worse than the DMV, but maybe not quite as bad as the army? Is there some kind of quick-and-easy, straight-across market for these things? Or is every property in the CONUS ensconced in this wrapper of regulations, inspections, bullshittery, and forty useless fucks all trying to take a slice of pie they had nothing to do with making? And if it is all of the aforementioned quackery, is there a solid guide y'all can point me to? Or is the property purchasing situation too convoluted for there to be a decent general overview of the process? [link] [comments]  |
| Best way to go legit with my roommate situation? Posted: 01 Jan 2019 06:10 AM PST I own a condo and rent out a room to my roommate who hasn't signed a lease or anything. They pay at the beginning of each month for that month. I don't want to get screwed over by some kind of housing laws, how should I go about getting them to sign a lease? Is there anything else I need to do to be safe? [link] [comments]  |
| Real Estate Agents: What is the biggest problem your buyers face at live auctions? Posted: 02 Jan 2019 12:59 AM PST Hey Real Estate Brokers, I have a few questions for you and I am interested in knowing. A lot of the young and new buyers, what is causing them the most doubt when bidding at live auctions? Is it because of they don't expect how many other bidders have come and suddenly they are bidding outside of their budget? How many sales won have fallen through? How many spectators do you get in one crowd? [link] [comments]  |
| Need advice on how and if I should negotiate a realtor’s commission Posted: 01 Jan 2019 01:23 PM PST We are selling our house this year and want to use the realtor that helped us buy our current house. He is a broker but he sells all his own houses. We did a walk through with him and he says he is confident he can sell our house easily due to location and house condition. We figured as much since we bought the house due to the location and heard the local market was a seller's market. He showed us a sample breakdown at three different price points he could theoretically sell it at, there was a 5% commission which presumably is his "normal" commission. We didn't sign anything, he just said he will touch base with us in few weeks. We then spoke with my FIL who suggested talking with a few other realtors to get different perspectives. He also suggested checking around to see what the commissions are for other realtors and to use the different commission rates offered as leverage in negotiating a lower commission for the guy we want. We do plan on speaking with a couple of other agents to get a feel for the market but I'm not sure how yo go about asking for a lowered commission. From my understanding, a commission can be negotiated but our leverage is usually based on how easily the house can be sold. I have heard our local market is pretty good and our location is desirable. Our realtor said he could sell it pretty easily and quickly and for a profit. Given all this, am I in a good spot to ask for a reduced commission from him? I have also read a reduced commission is not always good since it can detract buyer's agents from sending clients to my house due to a lower split commission. However, a reduction of 1% commission is thousands of dollars so I am entertaining the idea if it doesn't hurt the sale of our house. Aside from taking with other realtors, how should I go about negotiating a lowered commission with the realtor we want to work with? Should I just ask him up front if he's willing to lower his commission due to how easy the house sale is? We are willing to sell at a mid tier price point he suggested which may take longer but he says is still a good price—should I use that as incentive to ask for reduction in his commission? Should I try to see if other agents will offer a lower commission and see if the realtor we want is willing to go down a bit? Or should we just forget it and let this guy keep his suggested 5%? He was quite good when we were looking to buy and negotiated a quick deal when we wanted our house which already had a bid on it. I'm a newbie at this so any advice would be welcomed! [link] [comments]  |
| Posted: 01 Jan 2019 06:53 PM PST Running some numbers to potentially buy a 4-plex. [link] [comments]  |
| What happens when you sell a house after doing work without permits Posted: 01 Jan 2019 02:49 PM PST Hello, my in laws finished off their basement with a full bathroom, kitchen, and dining area (no bedrooms) . The work was done by family that all have professions in the fields or work but they did not pull any permits. What are the ramifications for this now that they're thinking of selling. One realtor told them they could only sell the house for cash due to the work done. I think that sounds a little nuta but this is not my area of expertise. Any feedback would be appreciated. TIA Edit: this is for Massachusetts [link] [comments]  |
| Home inspection turned up some vermiculite in the attic. Looking for advice on proceeding Posted: 01 Jan 2019 10:01 PM PST We put an offer on a home that we really like. After some negotiation (we got them 20k below list), they accepted our offer, contingent on inspections. It's a older, rural home that has undergone a few sizeable renovations, so thorough inspections were really important to us. We felt that the inspection went quite well, few issues that we're happy to resolve over time, but no major structural issues. The inspector did find vermiculite in a portion of the attic located in the older part of the house. I'm leaning towards changing our offer price to deduct the cost for professional removal. We've got two young children, and I know that if undisturbed it's typically not a major issue, but I feel kind of hamstrung in case we ever want to do renovations in that section of the home. I feel like it's a job we'll eventually end up doing, even if its a decade from now. It's looking like removal costs would be about $5000. We're in a tough spot as we've already negotiated down quite a bit. Hard to say if they'll budge much on this. Has anyone dealt with something like this? Any insight would be greatly appreciated. [link] [comments]  |
| Any experience with Renovation Realty from Buyers side? Posted: 01 Jan 2019 09:16 PM PST My husband and I are interested in a home that is listed by a company called Renovation Realty (mostly CA/West Coast I think). We had never heard of them so I googled, and when googling the top recommended auto-text included "complaints". This is a company that works with sellers to lend them money for renovations to sell their home and handles the sale. The houses usually are older, not updated since the original owner and sounds like they "flip" the house for the seller to get top dollar. After looking through their Yelp there are a few people who purchased a home renovated by them who left reviews complaining of shoddy work, roofs leaking after first rain, cabinets not installed properly, etc.... So I'm asking if anyone has experience buying a home from them? And if not, any suggestions if we move forward with an offer and inspection to ensure we truly take a deep dive look at the work they did to be sure it's not going to fall apart in 6 months? (sorry if this is not allowed mentioning the company name, I can remove if needed and just ask about the inspection suggestions) [link] [comments]  |
| Posted: 01 Jan 2019 01:36 PM PST I am moving into a new house and looking for ways to improve the place a bit. What are some quick ways to add value or improve the look and feel of a house. I'm thinking of things like installing soft close cabinet hinges, under cabinet led lighting, etc. [link] [comments]  |
| First time home buyer questions Posted: 01 Jan 2019 07:28 PM PST I will be a first time home buyer and I have found a condo that I like, however I think there might be some water damage on the ceiling which makes my dad concerned about possible mold. My realtor contacted the condo management company and they said 99.9 % of the time since it's top floor that water damage there would be from the roof. The seller agent claim they weren't aware of the damage, but they will be checking it out. I haven't made any offers on the place and I am going to check it out again this week, but I do like it. I'm just nervous about the water damage. Can I put something in my offer or contact that protects me if there is extensive water damage or to have it looked at for possible mold? I want to protect myself in case it comes back as being worse then it looks of an offer does come into play. In everyone experience here who would be responsible for fixing the damage and can it be added to a contact that I wouldn't close until it's repaired? They are asking about 204k for the condo as well and I am not sure what a good offer would be given what is mentioned above and there are some minor other repairs. My realtor thinks it's worth about 180-190k. It's been on the market for about 130 days. I will be getting a Loan from the bank which I am pre approved for so it will be financed. I have talked to my realtor about this too, but I wanted to post here for some more advice. Any advice is welcomed :) [link] [comments]  |
| Future first time homeowner --> book suggestions Posted: 01 Jan 2019 08:08 AM PST Hi my wife and I are looking to purchase our first home together. We're going to start seriously looking in February or March. Recently finished Rich Dad, Poor Dad - eyes opened to the idea that owning a home is more of a liability than an investment. In a sea of countless books on real estate, any book/resources recommendations out there that would be helpful for a future first time home owner? Thanks in advance. [link] [comments]  |
| New Home Buyer - cancelling a contract Posted: 01 Jan 2019 11:34 AM PST Hi, I signed a contract to buy a new home and then within 3 days I sent an email requesting to cancel it. Then I realised lately that I signed the contract with no contingencies (not even Financial contingency). The contract is a binding arbitration (enforced by law) stating that I MUST build the home regardless. I don't have a real estate agent. The Seller (Big corporate) is not budging. They responded saying, "I'm required to build the home" and I replied again, "No I can Not afford" and then no communication for the past one month (awkward silence). My question is- what they can do? If they sue me at this point (I didn't start construction, didn't even get mortage pre-approval, seller didn't incur any material/service costs)....what are they gaining? How much ($) I'll be losing? [link] [comments]  |
| Posted: 01 Jan 2019 07:04 PM PST I purchased a MF home in July of 2017 and was given one insurance policy but was quickly given notification from the insurance company that they will no longer cover me because there's more than one building on the property. I don't know how they didn't know after binding coverage, but I guess someone dropped the ball. I got a new policy this summer from a broker that told me it was my inspection that caused the initial confusion, but reassured me I still needed two policies. Since I was only paying for one policy monthly, my escrow balance was short about $5,000. Extremely frustrated but I had no other option to pay this out of pocket. My insurance this year is roughly $5,500 for 1,500 total sq ft. My broker also told me that the company I have now is the only company that will insure the property, everyone else refuses because of it's age. Is there a way to lower my cost or am I SOL? [link] [comments]  |
| Investment Property or Residential First Home? Posted: 01 Jan 2019 05:40 PM PST Hi r/RealEstate, Long time lurker, first-time poster here. First off, Happy New Year and a big thank you to this community for being a valuable learning resource! My partner and I live in NYC (Midtown Manhattan) with a combined annual income of $320K. We have roughly $150K in liquid savings, and at least an additional $350K through our vested stock options that can be turned liquid pretty quickly. Some background information: - We plan to get married this year - We have good to excellent credit score ratings - We are unsure how long we plan to stay in NYC, and have not made a decision on where to go next - If we buy a residential property for ourselves, we would want to purchase at least a 2BR to accommodate kids in the future - I have severe claustrophobia so cannot handle the MTA during rush hour to and from work. This limits our options for residential real estate to areas near work, which is in Midtown Manhattan. We currently rent at an absurd rate. This has motivated us to look into purchasing real estate and as potential first-time homeowners, we are facing decision paralysis because of the number of options and the amount of uncertainty for the future. I have a few questions that we're seeking some advice or guidance:
Apologies in advance for violating any rules or issues with post content. Comments and advice all sincerely appreciated. Thanks again and Happy New Year! 🎉🥳 [link] [comments]  |
| I am so done with property managers and shit Posted: 01 Jan 2019 09:08 AM PST Are all property managers and property management companies useless? I never had seen such unprofessional individual and companies, their job are only to screw you up, so shady and disgusting. So how should i manage my rental properties, i have 7 multi family units, that do around 800K a year. Should i start my own management company for my rental properties? I also want to grow my portfolio, this is my first investment property ever. I want to buy more rental units, especially i am interest in multi family ones. How to start my own management property and in the same time looking for new investments opportunities ? [link] [comments]  |
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