Wall Street’s Big Landlords Are So Hungry for Houses They’re Building Them Real Estate |
- Wall Street’s Big Landlords Are So Hungry for Houses They’re Building Them
- Seller failed to disclose home was a mobile home
- Late night worry. Credit score ding pre closing
- Property Taxes Increase 10x when it goes to the bank?
- Is a Special Assessment for my Rental Property Tax Deductible?
- Purchased a home and immediately requires $5000 in repairs to be habitable.
- First steps for moving out and do some investing? (NJ/NY)
- Escrow payments increased with the new servicer of the loan
- FHA 203K Loan in New York?
- Where to next?
- Pay of student loans or buy first Property
- My calculations are showing insane amount of ROI on real estate. Can you find the flaw, if there's any?
- Going for my License in FL, and have a couple questions.
- Hello reddit. Im 23 years old and saved up 100k cash, I live in the tristate area and I'm looking to get my feet wet investing in real estate.
- Rights of Survivorship
- What to do with current home?
- Anyone built their own home before?
- What kind of market are we currently in?
- Builder pushed move-in data to two weeks after closing - who pays costs?
- House flippers, I have s question for you.
- Good or Bad
- NYC apartment hunting
- What's this Payoff Tracking Service?
- Getting most value for selling house
| Wall Street’s Big Landlords Are So Hungry for Houses They’re Building Them Posted: 03 Jan 2019 09:50 AM PST |
| Seller failed to disclose home was a mobile home Posted: 03 Jan 2019 03:48 PM PST In a weird spot and not sure the legality of things and actual house value and need some input. Currently using USDA guarantee loan. In the inspection process for a beautiful 2-story lake home. Appraiser says everything checks out and it's single family, concrete slab, etc. Our inspector however comes out from under the house and says "Wow I would have never have guessed this in a million years" and says the house was originally a mobile home apparently and was just completely overhauled and built upon. He suggests we do not move forward until we have a structural engineer come out and review that it would be safe since the two of the walls could still be from the mobile home, but we have no way of knowing until we opened them up. He says legally he must list the home as "mobile home" for his company/insurance due to what he found. This worries me for many reasons. 1)Usda does not approve mobile homes. The appraisal OK'd the house before the inspection saying it was single family. The report falsely claims it was concrete slab, the house is not as the inspector saw, it was piers. So I'm assuming we will need a reappraisal anyways. My realtor is saying the loan would still go through due to USDA definitions on mobile home and I could move forward. However I'm not comfortable with this. I want it reappraised and do not want to pay the new fee since it contained wrong information. Also the title shows single family if that matters. 2) Do we go by the title/appraisal single family home classification or the inspectors mobile home for insurance and everything else in the future? 3) The seller has owned this property the entire time and must have known it was previously a mobile home. However they did not list this on the disclosure, is that okay? Also other disclosures were not listed such as fireplace never worked. My realtor basically said it's a he said she said kind of thing and we can't do anything about it. Overall worried about future resale when a new buyer comes in and sees exactly what I did even if the structural engineer approves everything. First time buyer and do not want to end up with a house that will be super difficult due to conflicting classifications or does it even matter? Don't want to waste more money and time if this kills future sale. Edit: To clarify further, only a small part of the house has leftover mobile home structure. Realtor thinks we have them pay engineer to see if it should be remedied. [link] [comments]  |
| Late night worry. Credit score ding pre closing Posted: 03 Jan 2019 08:05 PM PST Going through the home buying process for the first time. I contacted a lender who prequalified me and ran my credit. Score was 635 combined and suggested opening an additional credit card in order to increase my score to get a better rate or qualify for a different loan. So I applied for a credit card through my bank, but was denied. No biggie I thought and shrugged it off. This was right after Christmas. On New Year's Eve we went with our realtor and found an amazing house well below our budget and prequalified amount. We put an offer in and got accepted. Today I signed the loan documents to get the approval started, but one of the things i read online started to concern me. It said that during this time, you should not apply for credit as it can lower your score and get your mortgage denied. This is the exact opposite of what I was told. It especially worries me because I just got the deny letter yesterday and per credit karma I am not showing a hard inquiry yet. I know it will show though soon and I'm worried it will lower my score from what it was today when I signed the documents. For what it matters, my scores are 639 and 631, combined for 635. Were applying for an FHA with 3.5 down. Home will be financed for $136k. What should i do in order for this to not deny my loan? [link] [comments]  |
| Property Taxes Increase 10x when it goes to the bank? Posted: 03 Jan 2019 08:28 PM PST Hi all, new to this sub. Does anyone know why property taxes would suddenly have a 10x increase after a bank secures a property instead of an individual? In reviewing the tax history for a 60 acre parcel in Putnam County, Florida, once the property owner changed from an individual, to the bank (I'm guessing foreclosure but not positive) suddenly the taxes increased 10x for the bank. Is it because the prop taxes couldn't increase more than a certain percentage, but then once it changed ownership the county was allowed to bring it up to modern day rates? If an individual (let's say me) were to purchase the property, should I expect the tax rate to go back down? I suspect not, but not sure. Thanks!! [link] [comments]  |
| Is a Special Assessment for my Rental Property Tax Deductible? Posted: 03 Jan 2019 07:11 PM PST I own and currently live in a condo in a mid sized building in Chicago. I am most likely moving to a rental property with my partner across town and will likely rent my condo for the foreseeable future. I know my monthly HOA dues are tax deductible. However, there is a special assessment coming next month for elevator repairs (>$10K for my portion). In the event I turn this into a rental property, does a 'special HOA assessment' such as this fall under a deductible repair? One other question - do I need to notify my lender of the change from primary residence? When I purchased over a year ago it was never meant to be a rental property so I'm not sure if it changes anything with the loan terms if I end up renting it. Thanks in advance! [link] [comments]  |
| Purchased a home and immediately requires $5000 in repairs to be habitable. Posted: 03 Jan 2019 11:24 AM PST Purchased a home in Michigan in October, moved in November. Paid for an inspection, everything looked good except for some outdated wiring in some parts of the house. I noticed gurgling in drains immediately upon moving in and the sink backed up the first time I ran the dishwasher. Just had Roto-Rooter come out to fix what I believed was a clogged line. Turns out, since the house was built in 1900, the main line is either broken or has a "building trap." A "building trap" is essentially a large version of the trap you see under your sink. It cannot be cleared if it is a building trap. The main sewer line must be escavated and replaced. So now I have no way of eliminating water from my house meaning the house is inhabitable. I was told by Roto-Rooter that they have seen people sell houses instead of wanting it pay for repairs. Is this something that would have been required to have been disclosed, do I have recourse, or is there any better options for repairs? Thank you, I'm at a loss on what to do. [link] [comments]  |
| First steps for moving out and do some investing? (NJ/NY) Posted: 03 Jan 2019 07:52 PM PST Hello All, So I am ready to fly the coupe from the parents house and wanted to know what's the best way to handle this move, i am 26 and have a decent amount saved up. I defiantly want some cash flow from a property but not sure what the best option is. I work in downtown NYC and the closer i am the better (for commuting sake). I've listened to some pod casts and heard that buying a duplex and living in one and renting the other is an option the only thing is, NY/NJ is super expensive, so i don't think I would be in the green every month (which i'm kind of ok with, if i can get it so i'm paying lets say $500 out of pocket to cover expenses vs renting for almost $1700+/month that's fine by me) Also, was looking at maybe doing a 2BR/2 Bath condo and rent out the other room in the Hoboken/Jersey City area, I wouldn't mind doing this however to find a place like that places are well over 500k, so i think it will pretty much be like me paying 1700+ out of pocket even with a roommate, (these are just numbers based on using calculators on zillow and realtor.com) I know the steps are to check with a lender to see what i can afford and get a RE agent to find a place, but i just want to get some opinions on how to do this the right way. should i stick to something in the suburbs? I do see some decently priced 2 family houses but, even if i do that how do i know if there is strong rental potential in certain neighborhoods (my first thought is aim around mass transit hubs) When it comes down to it I want to move out and make it as easy/cheap as possible to pay for some living space so i don't have to break the bank and rent from someone else, and then progress from there. is this a good approach? Thank you all I look forward to your feedback/suggestions! [link] [comments]  |
| Escrow payments increased with the new servicer of the loan Posted: 03 Jan 2019 07:09 PM PST I just got a home and after paying 1st payment to my loan servicer, it got sold to a different servicer.
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| Posted: 03 Jan 2019 07:06 PM PST Hey Reddit, I've saved up about 100k in cash and want to get my feet wet in real estate. I'm 25, work full time and have no student loans. I was wondering if anyone can give me any recommendations for proven FHA 203k lenders in New York. I want to buy a property in my hometown of Sleepy Hollow, but the market is super hot due to the crazy new developments, my only option seems to be to buy a destroyed foreclosed home and renovating it. Any advice really would be greatly appreciated. Thanks! [link] [comments]  |
| Posted: 03 Jan 2019 06:39 PM PST Hey all! I've been in real estate for six years. I started with no experience and knowledge as an executive assistant and have moved through every background role possible - listing coordinator, marketing specialist, closing coordinator, and a freelance person where I did a little bit of everything, including coaching, social media, and training. I taught myself everything I know and am proud of my history and knowledge base. I'm currently a transaction coordinator at an Atlanta firm. I'm increasingly unhappy, mostly because of the lack of work, office politics, stagnant pay, and seeing everyone else advance based simply on seniority, not knowledge or talent. But I can't figure out where I would go from here. I feel like I've done it all, but I don't want to waste this skillset that I've developed over these 6 years. Where can I go, in an office environment, that will lead to growth, both professionally and monetarily? [link] [comments]  |
| Pay of student loans or buy first Property Posted: 03 Jan 2019 06:05 PM PST Hello, I would like to diversify and get my feet wet with real estate. Most places I read say the first thing you want to do I pay off debt first. I follow this thread like a psycho and would like some good advice / experiences. Currently make 60k with 20k in student debt. Would take 2 years to pay off. Looking to purchase a 2 unit duplex around 100k. [link] [comments]  |
| Posted: 03 Jan 2019 02:42 PM PST For the sake of research, let's use this house: Let's assume the following: Buying Price (after 4% discount): 200 K Monthly Rent (from Zillow estimate) $1,350 Other (HOA fees, Lawn Care, Trash, etc) 0 Interest Rate 4.2% Costs of Repairs (Make Ready) 16 K Utilities (Assuming renter will pay) 0 Down-payment Percentage 20.0% Property Taxes (Percentage of Property Value) 1.2% Insurance (Percentage of Property Value) 0.5% Property Management Fees (Percentage monthly) 10.0% Leasing Costs (Annual) 50.0% of one month rent Maintenance Reserve (Percentage of monthly) 5.0% Appreciation Rate 4.4% Rent Appreciation 3.0% Average Closing Cost 3.0% Length of Mortgage (Years) 30 These assumptions will produce the following data: https://docs.google.com/spreadsheets/d/1zeEUy-aGemhjwdzyuxDgQ4z4U31VSSRaj5FWOUtWFO0/edit?usp=sharing If you look at column V, I'm seeing insane amount of Annual ROI. Is there something wrong with my calculations? Can you please review and provide feedback? I really appreciate your inputs. Thanks. EDIT: The appreciation rate for property and rent is taken from historical average, and the house in the example is just used to illustrate calculations. I'm interested in finding out if my calculations are off and whether or not I'm missing something. I understand that there's a lot of assumptions here, but let's just leave it at that for now. [link] [comments]  |
| Going for my License in FL, and have a couple questions. Posted: 03 Jan 2019 08:09 AM PST Volusia/Daytona Where is the best place to start to get a leg up on the testing and classes?Does anyone have a good repository of information?I've found the 100 Question sample test online through Real Estate School (.)Com , Not 100% sure its accurate? Can anyone recommend a good on-line or in person course to take my 63 hours with?I'm looking at Real Estate Express right now. Thank you for any info. [link] [comments]  |
| Posted: 03 Jan 2019 11:36 AM PST Hello reddit. Im 23 years old and saved up 100k cash, I live in the tristate area (NJ) and I'm looking to get my feet wet investing in real estate in order to acquire an additional income stream which can supplement my current full time job. I'm fairly well read on the subject and have about 2 years of research under my belt but with no real experience yet. Just wanted to reach out and see who in the area has experience and might be able to guide me to the right direction since it seems that based on my profit modeling with financing most of the properties in my area are barely profitable after budgeting for thing like capex and maintenance. (Unless I'm willing to buy in less than desirable neighborhoods). It seems like the only profitable avenue at times is 100% cash deals. Im looking to own multifamily properties between 2-4 units each somewhat local to my area. I can potentially raise another 100k with a partner but ideally id like to work alone on my first property. [link] [comments]  |
| Posted: 03 Jan 2019 03:29 PM PST Hey all, Quick question. Bought a home not long ago with my girlfriend. We didn't think ahead to the idea of what would happen if one of us passes away. We did not bring any of that up specifically when we bought the house. We live in Maine. Since we bought the home together do we automatically have rights to survivorship? If I come through the mortgage paperwork should it be in there somewhere specifically? If we don't have this agreement can we add it now or solve that issue some other way? Thanks all! [link] [comments]  |
| Posted: 03 Jan 2019 05:33 AM PST The wife and I moved into our house 3 years ago and our mortgage is $720 a month. We could rent out the property for $1100 and move into a new home with plans for a family in mind. Does it make sense to rent out our current home and buy another house? Or should we sell? Downside to selling is we bought the house for $100k and is worth $130k now so we would make $30k, but the housing market is so high right now that we would just plow that back into another overpriced house. Any suggestions greatly appreciated!! [link] [comments]  |
| Anyone built their own home before? Posted: 03 Jan 2019 02:52 PM PST Looking to build my own home in Los Angeles and wanted to know other experience and total costs of the project. Thanks! [link] [comments]  |
| What kind of market are we currently in? Posted: 03 Jan 2019 06:10 PM PST Can anyone tell me if the current market is in a downturn or not with proof one way or another? My husband and I both work in the housing industry.. he's a project manager for a National new home construction company and I just switched jobs as a new homes sales rep back to the design field as a kitchen and bath designer. For the past three years we have been working on starting our own business and we think we could finally make it happen this year where we're not just doing it as a side hustle, but actually quit our jobs and do it full time. I have taken courses in professional organization on top of having an interior design degree and I've been in the remodel/new home construction business for over 5 years (which I know isn't that long in the grand scheme). My husband is working towards being a master carpenter. I know it's cliche but we call ourselves the chip and Joanna gains of Delaware (which is where we live). And In a nutshell, what their show is about is what we want to do. Home improvements, furniture and cabinet building, interior design consultation, organization, interior decorating, etc. My husband takes pride in his work and wants to leave his current job on a good note so he's been honest about us starting our business and let them know they only have him until the end of 2019 at the most. They've been great about it and have given him and us all good feedback, until today when they told him that we should be careful because we're in a downturn market. But as someone who works in the remodel industry, I disagree. I just think his company's numbers are down because of changes they have made, not the market on a whole. Can anyone share their thoughts? [link] [comments]  |
| Builder pushed move-in data to two weeks after closing - who pays costs? Posted: 03 Jan 2019 05:17 PM PST I'm buying a house from a reputable, small, proven builder. They are a nice company, we have a good relationship and I trust them, they have an excellent track record. Our contracted close date is February 1st but they've now told me I won't be able to move in until the 15th so they can finish all the final touches and deliver me a beautiful finished product. I said we could move to close to the 15th and they said they want to keep the 1st (they have plans for the money). I get it and don't really mind but I would want them to cover all costs for the two weeks; mortgage payment, HOA, home insurance, utilities, and property tax. Is this reasonable, is there anything I'm missing? Should I be concerned (I'll be insuring a house that any number of unknown third parties have access to)? [link] [comments]  |
| House flippers, I have s question for you. Posted: 03 Jan 2019 01:24 PM PST In the market for buying and found a flipped home we really like. 2 questions: A, how can yall justify a $100k increase from the original sale price? (I worked interior remodeling for a few years) B, is there anything that one would intentionally hide so a buyer won't see? Thank you! Edit: sorry I'm on mobile. I want to buy a flipped house, not flip a house. [link] [comments]  |
| Posted: 03 Jan 2019 06:46 AM PST If a neighborhood has not had many sales in a 6 months period lets say, would that be a good or bad indicator to buy? [link] [comments]  |
| Posted: 03 Jan 2019 01:11 PM PST Realistically, can we find what we want? We are: _ 3 young professionals (2 9-5 + 1 freelance) _ lived in NYC for a few years _ no credit score because: _ we're all from Europe, 2/3 have solid guarantors... in Europe _ next level introverts, no party or loudness Looking for: _ a 3br with a commute to midtown that's less than an hour _ budget $3000 _ pet friendly (the freelance has a tiny/trained dog) _ move in March I know there's many rules in NYC (credit, guarantors...) but this city is full of immigrant so maybe there's hope for us? Any advice? For now we were only subleasing so despite our research we probably have a lot to learn Thanks [link] [comments]  |
| What's this Payoff Tracking Service? Posted: 03 Jan 2019 01:04 PM PST In the sale of my house, the settlement company is offering a service called "payoff tracking". The only information I can find on the service is on the website owned by the company offering the service. Any reason I should consider paying for this? [link] [comments]  |
| Getting most value for selling house Posted: 03 Jan 2019 12:55 PM PST Location: Central NJ Size: 3 bedroom, 1.5 bathroom (need to verify Sq ft) Bought: 2011 at $160,000 Remaining loan: $134,000 Similar houses selling for: ~$220,000 - $300,000 Roof and HVAC is in good condition. Updated in the past 3-4 years: Siding and Windows, Kitchen floor tiles and back splash and laminate countertop, basement floor tiles Intended major renovations and updates: Complete bathroom remodeling, kitchen cabinets, new SS oven range, fresh interior paint, new molding/door frames as needed, carpet removal and refinish hardwood floor. Possible renovations: new SS fridge, kitchen granite countertop I'm estimating renovation cost $20,000-$30,000. My question is, is it possible to pull in $240K - $250K? [link] [comments]  |
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