[Article]Oregon to Become First State to Impose Statewide Rent Control. Real Estate |
- [Article]Oregon to Become First State to Impose Statewide Rent Control.
- What to look out for when buying a cheap lot/land?
- Mother In Law Apt. Boise ID
- First time homeowners - NOT prepared to tackle a fixer-upper of this magnitude
- Michael Jackson's Neverland ranch has been reduced by a whopping $69M
- If I can not see inside the building how risky is it ?
- Perfect Credit, No work history - Will i qualify?
- The classic: Priced low due to slant in floors...
- Rent out mobile home
- Pros and Cons of Rent Control
- What is a good investment deal if you buy a house and your parents pitch in to fix it up?
- How do you guys feel about HOA's
- Mortgage options?
- question about town house near schools and having no air conditioning in unit(CA)
- Any recourse here?
- The Case of the Sinking Condo
- Looking into being a FTHB with a VA loan, any downsides to having 0 down and using as an "extra" payment?
- My Realtor Did a Bad Job, But Did He Break Any Rules?
- What happens when rent control takes affect ?
- If you are aware of an impending major tax increase on your property, are you required to disclose that prior to sale?
- Is My Realtor Advocating For What I Want?
- Putting an investment property under an LLC?
- Question about assignment of 50% interest in RE Notes and Mortgages
- Dilemma: Larger house with Cosmetic issue Vs. Smaller house with many upgrade, which one do you choose? What aspects to consider to tell a house has great bones?
| [Article]Oregon to Become First State to Impose Statewide Rent Control. Posted: 27 Feb 2019 08:29 AM PST Yay for bad policy! https://www.nytimes.com/2019/02/26/us/oregon-rent-control.html Edit: Here is the bill: https://olis.leg.state.or.us/liz/2019R1/Downloads/MeasureDocument/SB608/Enrolled [link] [comments]  |
| What to look out for when buying a cheap lot/land? Posted: 28 Feb 2019 01:06 AM PST I live in Los Angeles where even lots can run north of 200k So I was wondering, when seeing lots that are a more reasonable price, say 30-60k, what should I watch out for. I already notice some of these lots are in the middle of a hill or between properties basically making them useless. So what other things should I take into account? I want to own a home and have construction experience as well as plenty of time and patience to build. Would love to be able to do it in my hometown of Los Angeles but the only shot I have is buying a lot and building myself. [link] [comments]  |
| Posted: 28 Feb 2019 01:03 AM PST Can I build one on my property if I'm still paying on mortgage? I'd pay full cash on the apartment, so no additional loan, just would still be paying my original loan. Then drop all cash on the apt. Is this something I can do? [link] [comments]  |
| First time homeowners - NOT prepared to tackle a fixer-upper of this magnitude Posted: 27 Feb 2019 09:17 AM PST We're currently on week 48 of an estimated 8 week project. We've spent upwards of $150,000 (including more than $10,000 on unexpected hotel living expenses) and we're not even done yet. Here are some pictures of the current status of the build. We live in Los Angeles and built about $100,000 into the budget for the renovation, but NEVER thought we'd spend as much as we've needed to. We originally brought the house knowing the second story was unpermitted and we'd have to get it up to code, but didn't realize how many other things were wrong with it. It was honestly like peeling an onion - the plumbing and electrical needed to be completely replaced, the floor joists were all done incorrectly, we needed to get the whole rest of the house up to code, our architect and engineer got into multiple fights with our contractor AND the city, we needed to do additional earthquake retrofitting, the city we live in actually asked for a bribe to "speed along the process," and we butted against so many unnecessary permitting road blocks that we honestly almost threw in the towel multiple times. And I got pregnant about a month into the project - which means my due date is about NOW and we don't have a home yet and we're still living in a hotel. Honestly dealing with our terrible city makes me understand why more young people don't buy houses and fix them up. The process is so murky and almost impossible to navigate. And extremely expensive. At one point we realized we'd have to underground our utilities if we wanted to add more than 50% of the house's original square footage to the renovation, but realized to do that we'd have to go under the street or get an easement from two neighbors - which would have cost an additional $50,000 AT LEAST. Then we looked into it more and we could appeal to the city on the basis that it's a "financial burden" but the appeal alone would have cost $3,000. THEN we realized all our city council member's houses were exempt from this rule. We just gave up and stayed under the 50% expansion, which didn't make sense safety-wise for making our walls flush with each other, and created an awkward layout - but there was nothing we could do unless we wanted to add more money and lots more time. It's been exasperating. We're finally on the home stretch - but we never imagined it would take this long or cost this much. We understand why there are professionals for this type of home buying project. Anyway - enjoy some pictures of this horrific experience. [link] [comments]  |
| Michael Jackson's Neverland ranch has been reduced by a whopping $69M Posted: 27 Feb 2019 10:12 AM PST It's been on and off the market since 2015 - dropping from it's original price of $100M to it's current sale price of $31M. Will this be enough to get a buyer? [link] [comments]  |
| If I can not see inside the building how risky is it ? Posted: 28 Feb 2019 02:35 AM PST Also there is somebody already living in one unit will they be evicted as soon as I become the owner ?. Is it worth putting a bid on it ? [link] [comments]  |
| Perfect Credit, No work history - Will i qualify? Posted: 28 Feb 2019 02:22 AM PST I'm in a situation in which i'd love to buy a home but don't have the work history to qualify for financing, I do online marketing and work odd-jobs so my income fluctuates - What can i do in this case? am i screwed? [link] [comments]  |
| The classic: Priced low due to slant in floors... Posted: 27 Feb 2019 09:53 PM PST This is in Minnesota....The description says to see the structural engineers report in supplements. The house is up against a Marsh in a high income area at a good price due to just this....it is priced low due to slant floors, help me out folks. What might that possibly entangle? [link] [comments]  |
| Posted: 27 Feb 2019 09:18 PM PST I'm thinking of buying a cheap mobile home to rent out. Has anyone done this? What do I need to know? The plan is to buy one for sale on a mobile home park and then rent it. What do the park managers usually charge? I'm in N Las Vegas. Does that charge encompass management fees or is that extra? I've got a call in and am expecting it to be returned tomorrow and I'd like to know what the community thinks. [link] [comments]  |
| Posted: 27 Feb 2019 09:04 PM PST I was talking with my roommate (live in SF) about rent control this past week or two and with the Oregon law getting passed the topic was brought up again. I am decently well versed in economics/business so I feel like I have a decent understanding of how rent control works. She was under the impression that rent control helps everyone and only hurts landlords, meanwhile I was trying to argue that rent control can create supply and demand issues which can be more detrimental to the local housing market. Can anyone help compile some good resources/articles/opinions on rent control? I can find a few, but want a good source for this information as it is a hot topic here in San Francisco. Want to hear what everyone thinks good/bad, everything I have found is pretty market driven so it is sometimes hard to relate too. Wanted to know what this sub thinks! [link] [comments]  |
| What is a good investment deal if you buy a house and your parents pitch in to fix it up? Posted: 27 Feb 2019 08:02 PM PST I bought a house for $300,000 and my parents offered to fix it up for free. They pitched in $15,000.00 of their own money to do some upgrades. We're putting the house on the market for $500,000. How much equity should my parents get in this scenario? [link] [comments]  |
| How do you guys feel about HOA's Posted: 27 Feb 2019 07:16 PM PST |
| Posted: 27 Feb 2019 06:48 PM PST I currently have 2 mortgages: FHA loan on a rental property (used to be my primary residence) and VA loan ($188k) on my current residence. I am moving out of state soon and wondering if there are other options for getting a home loan without 10% down. Can I use more of my VA benefit before my current residence sells? Any other options? Thanks in advance for any input. [link] [comments]  |
| question about town house near schools and having no air conditioning in unit(CA) Posted: 27 Feb 2019 06:46 PM PST a town house I am looking at in gardena, CA, is by a highschool and elementary school. I looked at the crime rate near the area and it wasnt that bad but it was like right next to the house, a few petty crimes in 2018. I heard being near a highschool in particular makes a house unattractive. There are actually 2 town houses I am looking at within a few blocks within each other, both surrounded by schools and petty crimes. One of them is nicer than the other, but has been on market for 200> days and honestly the price isnt ridiculous, ~440k for 3 bedroom 1200 sqft and remodeled modern looking place. Should I be concerned by these facts? In general I feel the price are ok and area is ok, I plan to live in the unit permanently or as long as the forseeable future, but I cant ignore the fact that the house needs resale value. Lastly, the unit I want to put an offer on has no A/C but has central heating.. its a 5 unit complex and the unit is around 1200 sqft as well. Is having no a/c okay? should I put in a lower offer than the listing price (430k). Is it expensive to install my own a/c, I definitely eventually want one and would like to negotiate that, not sure if thats possible though. almost forgot... is it a red flag if this 5 unit townhouse has what they described to me as 'informal hoa with president/secretary/treasurer' [link] [comments]  |
| Posted: 27 Feb 2019 05:57 PM PST First, I apologize if this is not the right place to post this. If so, please point me in the right direction. If it is helpful, this is in AL. I have a house on the market (~50 days since listing), and this past weekend I was dealing with two offers. I was countering back and forth with one until a better offer came in. We went under contract with the better offer. Now, three days later, the buyers are asking us to sign a release stating their inability to gain financing. This is where it gets interesting... My agent, whom I love by the way, spoke with their agent and had the situation explained like this... The buyers unknowingly already had a contract on another house. They had completed the home inspection and while they were countering with the home owner on fixes, their agent accidentally let the home inspection contingency expire without them knowing it (MISTAKE #1). Unhappy with the way their negotiations were going, they sent the home owner a release. That release was sent to that homeowner this past Friday (5 days ago). They didn't hear back over the weekend, just assuming that it was the other home owner's agent not getting it done over the weekend (MISTAKE #2). On Sunday (3 days ago, 2/24) they put in an offer on my home and we accepted. Now, they are just finding out that they "made a mistake" by letting the home inspection contingency lapse and that they are technically still under contract with the other home owner. They are now asking for a release from our contract due to their inability to secure financing for our home (which is true, they can't afford both). They want the earnest money back as well ($500). While this is technically legal, it reeks of unethical/negligent behavior IMO. Whether they or their agent acted in bad faith or negligence, I am now out of two offers (due to losing the first one by taking this one) and obviously my home's image on the market will be affected as well.
Lastly, am I overreacting? [link] [comments]  |
| Posted: 27 Feb 2019 05:11 PM PST Hello all, I'm cross-posting this with r/Ask_Lawyers to cover my bases. Three years ago my parents bought a condo in a 55+ community. The community is managed by a property management company, not a condo association. If anything goes wrong with the property, the management company takes care of it (e.g., a flaw in the plumbing system causes backups in the bathroom several times a year. The management company sends out a plumber to clear out the pipes every few months to make sure these backups don't occur.) My parents' condo is one of six units built above a row of six garages. A year and a half ago, we started to notice that the living room floor was at a slight angle. Fast forward another year and a half, and the floor has sunken significantly. This is beginning to cause all kinds of damage in the living room and bathroom as the floors and ceiling separate from the wall. The management company sent out a contractor and it was determined that 1) a support beam is bowing, which is causing the floor to sink and 2) my parents are responsible for its repair and any resulting damage. My parents are in their 80's and are not dealing with this problem at all. I am going to take care of this for them (whether that means moving forward with the repairs or fighting the management company). I have never owned real estate, however, and am not sure how to move forward. Any guidance would be greatly appreciated. Thank you! [link] [comments]  |
| Posted: 27 Feb 2019 04:14 AM PST I was playing around with a mortgage calculator with the following amounts: - $350k Home Value - 5% Interest - 0% PMI (VA Loan) - 1.25% Property Taxes (default value based on natl avg) - .35% Home Insurance (default value based on natl avg) - $50k to put down - 30 yr Ammortization Using the calculator, it shows with a $0 down payment and using the $50k as an extra payment, it reduces the loan time to 22 years and "saves" $131k over a $0 down/$0 extra (total payment of ~$680k over the life of the loan). If I instead use the $50k as a down payment, we're looking at the full 30 year ammortization with a total of ~$808k total payment. Seems like a $122k savings over the loan period (and reducing it by 8 years) is a no brainer, but are there any downsides to doing it this way? Edit: For those asking, currently looking in CO, but wasn't sure the state made much difference to the question asked. Edit 2: The 5% interest rate is just the default for the calculator and I'm expecting it would be lower (800+ credit score range). While I understand having a lower interest rate would reduce the overall savings difference between the two methods, it didn't seem relevant to the primary question. Additionally, in case it comes up, the $50k isn't my entire savings, just what I've decided to use as my potential down payment. Edit 3: Thanks all for the assistance, /u/downwithpencils helped me realize I was overlooking the difference in monthly payments, which when corrected, reduces the difference to under $1k. [link] [comments]  |
| My Realtor Did a Bad Job, But Did He Break Any Rules? Posted: 27 Feb 2019 04:37 PM PST My realtor did a really poor job representing me as I was buying my first home, and unfortunately I didn't realize it until too late in the process. My question is: do I have any recourse other than leaving him a bad review online? Here is a list of some of the things he did that I have a real problem with: -After the home inspection, there was a list of a few things that I needed the sellers to repair before I was willing to buy the home. He represented to me that the sellers had agreed to fix these things, no problem. A few weeks later, I discovered that the sellers had NOT agreed to fix these things, and while we got the big things addressed (after a lot of stress and hand wringing and me threatening to pull out of the deal), I am moving into a home that has two items from the Notice of Required Repairs that were NOT repaired and that I will have to do myself, at my own expense. I don't have any recourse against the sellers themselves, as I don't believe they ever signed the Notice of Required Repairs, and my realtor never said anything to me about this. -Our realtor said he "gets all his clients a home warranty." I had to give this up in order to get some of the above-mentioned repairs done by the seller. -Our realtor didn't really represent to me that I had a choice in terms of a number of services related to closing. He never indicated that I had any choice about my title insurance company or where my home warranty came from. He also recommended only one home inspector and gave my contact information to a mortgage lender without my consent and without any warning, despite knowing I'd already received a pre-approval letter from a different lender. (I suspect, although I couldn't prove it, that he gets kickbacks from some of the companies he recommends.) -Our realtor told me the exact "bottom line" number that the sellers were at (a number that was significantly lower than the listed price). This is information that I don't think the listing agent should have disclosed to him, and I also don't think that our realtor should have shared it with us. -We had a concern about something in the Seller's Disclosure that was patently untrue. He composed an addendum to fix this and it was rejected by the sellers. He never told me any of this, had his assistant send me a second email asking me to sign the unchanged disclosure paperwork, and only mentioned that the addendum had been rejected once I asked about all of this. Other things he did that were shitty but that I'm less concerned about: -Told me an inspection was going to be done on a Friday. Kept telling me he was waiting for the inspection report. Never told me that the inspection hadn't actually been done on a Friday. I didn't discover this until the next Wednesday. -Got super defensive when I explained my concerns about the sellers not making the repairs I needed them to make. -Didn't really pay much attention to my wants. (Example: I said I didn't want a house in a certain area. I kept getting listings from that area.) -Didn't really discuss with me that what I wanted wasn't realistic within my price range. I had to figure that out on my own and adjust my standards. -Didn't keep an eye on the timeline for the offer letter - I had to remind him that the offer was about to expire before he composed an addendum. -Didn't keep an eye on the closing timeline; once I was in the last week of escrow there was a lot of scrambling related to mortgage paperwork, changing utilities over, setting a meeting time, etc. Again, I had to ask him about whether the closing date was even still happening. -Didn't get me the seller's disclosure when I was supposed to receive it. -Talked shit about the listing agent to me. -Didn't ever have me sign an agreement with him for him to be my buyer's agent. So, obviously, he was a shitty realtor. And some of this is my fault for not knowing or finding out more. But some of this feels like he made some really unethical choices. I wonder - do I have any recourse other than leaving him a bad review online? [link] [comments]  |
| What happens when rent control takes affect ? Posted: 27 Feb 2019 12:23 PM PST I have some single residential unit homes in Oregon. What can I expect when rent control kicks in? what will happen to the purchase price of rental ? I understand it will become fixed rental income with mass demands and shortage of supply lock at X price. Will this have bad outcome on the property value or pricing ? [link] [comments]  |
| Posted: 27 Feb 2019 03:50 PM PST We are under contract to buy a house in Philadelphia. In Philly, if you renovate or build a new house, you can apply for a tax abatement on the improvements to the property for 10 years. The abatement stays with the house, so if it is sold again before 10 years is up, the next owner would also benefit from it and pay lower taxes. Most houses in Philly that are renovated or are new construction come with the tax abatement, it's a super common thing and one of the reasons Philly is experiencing a building boom. Half of the realtor signs on houses in Philly mention it in big bold text. The house we are buying was renovated and has extremely low taxes. On the county website, there is an exemption listed on the house that covers all the improvements, starting in 2014. It looks exactly like the tax abatement we had on our last house. The low taxes were a strong factor in our drive to buy this house. It is priced higher than everything around it, so the lower taxes made it much more appealing. Before we put in an offer, I asked our realtor to verify the status of the abatement, since taxes were so low. She said it looked like it was abated according to the county website. I told her I checked the county website as well and saw the same, but that she has access to more people and info than we do, and asked her to verify the abatement status. This was about 3 weeks ago, when we still had contingencies on the house and still had some leverage. In the meantime, we passed all of our contingencies, and the house we're moving out of is sold. Flash forward to today, less than a week until closing, our mortgage broker calls us and tells us the title company found out the house is not actually abated at all, and the taxes will be 1900% higher than what was on our loan estimate, and what it is currently sitting at according to the county website. Apparently, the sellers had a LOOP exemption on their taxes, which is not the same as a tax abatement and does not transfer to the next owner. It is a tax exemption given to homeowners in Philly who live in their property for a long period of time and improve the house. The seller is an architect and home builder, he personally livedo in and renovated the house over the course of 20 years. The LOOP exemption was not disclosed to us by the seller, and neither was the tax increase. Our mortgage broker said that in the 500 deals he has executed, he has never seen this before and he really didn't know what to do. Since there would have been 4 years left on the tax exemption if it was traditionally tax abated, this is a total loss for us of about $16k. Our realtor is denying that she had any accountability in discovering this for us, but we did ask her to verify the tax status prior to submitting an offer and she didn't do anything. I'm thinking if she had reached out to the seller's agent and asked about this, they definitely would have explained this to her, but she didn't ask and assumed it was a standard abatement based on the same public info that I already had, and didn't do any further research. I also feel the seller should've disclosed this, since they knew taxes would increase, but it wasn't listed anywhere. Most people looking at the listing would assume it was tax abated because it's a common thing here, and most sellers know having an abatement makes your property much more appealing and easier to sell, so I feel it was used to their advantage. Should the seller have disclosed this and is our realtor at fault for not discovering this sooner as we had asked? It doesn't seem reasonable to legally be able to list your house, knowing taxes would increase from $200 per year to $4000 per year, and not disclose that to a buyer. [link] [comments]  |
| Is My Realtor Advocating For What I Want? Posted: 27 Feb 2019 11:11 AM PST Hi folks, let me preface this by saying I love my realtor (MR). I've been dealing with him off and on for over five years now. In the past I've dabbled a few times with the idea of picking up an investment property, and he's schlepped me out to a few local fixxer-uppers - so now that I'm looking at upgrading to a nicer home in my area, of course I'm going to use him. I recently had a classic home buyer heartbreak moment, where the house of my dreams got away because a bid was accepted right before I could look at it. In the interest of trying everything we possibly could, I submitted a backup offer and waited until closing - and, of course, like 95% of home sales, it all went through in the end. This is where things turn downward again. I've looked at every home that meets minimum specs for me with MR at this point in my area, and found two homes I loved. The first got away - and now the second one is on its way out, too. We had asked the seller's realtor (SR) for house #2 to touch base if there were any bids, etc., because we were letting our backup offer ride out (house #2 had been on the market for over 200 days at this point). Of course, SR forgot about us and a bid was accepted just before house #1 closed up. I found out the same day house #1 closed. Queue double-heartbreak. So now here I am left with a second scenario where I'm at the disadvantage. Having had a few days to mull it over with my wife, and get my emotions is check a bit, I decided I wanted to fight a bit for this place. I gave MR the go ahead to put in a solid backup offer, and asked him to get hold of SR, when the closing is, and see if anything can be negotiated out that would encourage them to want to look for an opportunity to get out of their current arrangement. I won't get into details, but basically I'd e-mailed him that I wanted to tackle this thing and try to be a little aggressive, and really see what could be done. Possibly everybody could walk out of this one happy. We had a couple e-mails back and forth, and he said he'd be in touch. That was a Monday morning. This morning, I received a one line e-mail back with some closing information. So here I am, expecting something a little more and a little taken aback. I realize I have pressed MR to be a little unorthodox, but I don't think that it was anything super crazy for a full time realtor to handle. Is MR properly looking out for my interests? Am I expecting too much here? I feel like I've made it clear I'm willing to entertain some unique scenarios (overpaying, basically) to try to win this house, and he's just not interested in looking for solutions / would rather just wait until I find something else. Sorry this is so long, and thanks for your feedback. EDIT: Thanks for the feedback, guys. It's easy as a homebuyer/seller to get stressed out, and a little third party support helps keep perspective. From what I gather, the consensus is that my realtor's a nice dude who's doing a fine job, and I'm just asking for some pretty over-the-top nonsense. I feel a lot better here, thanks. Now I think this has turned into more of a discussion thread about the situation, which is totally fine by me. [link] [comments]  |
| Putting an investment property under an LLC? Posted: 27 Feb 2019 02:37 PM PST Good evening, I recently inherited a house and am prepared to rent it out. I assume for liability purposes it would behoove me to put the house and the income received from rent under an LLC. Can someone explain to me if my thinking is correct here? if so what are the benefits and costs associated with placing a property under an LLC. Where do i get started registering such? I apologize if this is a frequently asked question, please feel free to forward me a website or a post where this has been answered so i can get to reading! best, Asghoig [link] [comments]  |
| Question about assignment of 50% interest in RE Notes and Mortgages Posted: 27 Feb 2019 02:36 PM PST This is a general question because I am aware that real estate laws are different in every state. I am a non-practicing attorney, FWIW. I want to transfer a 50 percent interest in a series of notes and mortgages to my cousin. I am retaining a 50-percent undivided interest. I'd like to both reserve and grant the right for either party to execute releases. My question is should I assign my cousin a 50-percent interest, perhaps stating that I am reserving 50 percent, or should I make an assignment from "Current Owner" to "Current Owner and Cousin?" I will do some more checking on this, but I'm trying to get the paperwork done tonight if possible. The state we're dealing with requires a separate assignment for every note and mortgage, so a lot of paperwork to do (maybe it's just a local rule, but we do as told). Thanks! ADDENDUM: This just got more complicated. I'm selling my cousin a 50-percent interest in notes secured by land contracts (contracts for deed). [link] [comments]  |
| Posted: 27 Feb 2019 02:12 PM PST The two houses have the same listing price. the same number of bedrooms and bathrooms. Both are two-story single family room. Larger House (built in 1998, 4,000 sqft) - Pros: with a separate office, the great living room is 150 sqft larger. The guest bedroom on 1st floor is larger. The bedrooms on 2nd floor are better aranged to have minimum interference. Biggest plus is the hardwood floor is the highest level. The elementary school is better. Cons: there is some sign on the ceiling, which looks like water leakage in the past. Wall painting in the bedrooms and bathroom are terrible. Some cabinets in bathroom are deteriorated and need upgrade. No pool. Smaller house (2 years younger, but 300 sqft smaller for the house itself and for the yard) - Pros: Walls are much cleaner. Some Cabinets and sinks in bathroom are recently replaced, and they look very nice. Small pool in the back yard. Generally this house is better maintained. Cons: No office. The great living room is smaller, with tile. The guest bedroom on 1st floor is smaller. The master bathroom is larger, which takes a lot of room. To this point, we don't know which one we like more. We want to choose one to make an offer. So hope to hear the experts here to give some second opinions. Are there any parameters we forget to consider, particularly about the house itself? I often see a saying in this sub "this house has great bones". How do you determine if a house has great bones? What aspects to consider? The dislikes in the larger house are in 2nd floor. If we want to paint 4 bedrooms and 2 bathrooms, and replace 4 bathroom cabinets (medium quality cabinets but new), how much will that cost if hiring professionals? This is in Collin County, TX. Thank you. [link] [comments]  |
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