Construction/real estate Licenses worth it? Real Estate |
- Construction/real estate Licenses worth it?
- When you build a Modular Home through a company, is the septic, well and basement covered, or do you have to sure that up separately like you do with purchasing the land?
- Buy a house now or rent and save?
- Foreclosure scam? [AZ]
- How do I invest using OPM?
- First time home buyer advice needed: Townhome or Single Family
- Should I Invest In A Foreclosed Home In GA From Auction With My Father ?
- [Bay area] Number of days to get loan approval
- Managing tenants in DC while living abroad
- Depending on tenants to pay mortgage in Washington DC?
- Construction Background looking forward to getting a real estate salesperson license?
- How many investors are in your neighborhood?
- Biggest problems you face as a realtor/brokerage?
- Hold real estate with virtual address?
- Buying a home with HOA
- I’m afraid I might be short on closing costs.
- [Florida] Is this a complex roof?
- Cannabis real estate?
- Resource for Real Estate laws in different states
- Is it a red flag that a condo (3 unit property) does not have an HOA? Should I avoid or is it ok?
- How Many Houses Did You Sell Your First Year?
- Separate addendum for closing credit?
- Questions about VA home loans.
- Common Origination Fee Amount
| Construction/real estate Licenses worth it? Posted: 01 Feb 2019 04:53 PM PST I started buying properties two years ago at the age of 28, my family's net worth has gone from negative $60,000 to positive $150,000. I think I know what I'm doing now and I am positioned to kick up the volume. I've been purchasing properties below market value repairing them renting them and refinancing them. I have the fortune of being located in a affordable rental market. I've had really good experiences with property managers, and fundraising. However, Some of the contractors and real estate agents that I have dealt with have been miserable. I made the mistake of hiring a guy without checking his state license. That cost me $18,000. My state law seems to indicate I can hire labor And oversee the construction myself. But the local building inspectors have given me hell over doing this. Many unlicensed contractors trying to trick the owners into pulling permits (or go with out) while they oversee the work. That's a legal in my state, whoever pulls the permit has to oversee the work. Also I'm starting to partner A few people who want to invest in real estate but don't have the time. It could be beneficial to act as the general contractor for those projects. Getting a license is not terribly difficult in my state, it only requires a test and $50,000 bond insurance. As far as my horrible experience with real estate agents goes, most of the good buyers agents have no understanding of real estate investment. They are not much help In negotiations and making offers, they are mostly another obstacle to overcome rather than an asset. Instead I've been contacting sellers agents directly allowing them to represent both the buyers and the sellers. But I feel like I'm still doing all of the work of a buyers agent without any of the commission. The one house I have sold hasn't been that great of an experience either, the seller's agent that I had didn't do anything special to represent or sell the property. They mostly just answered their phone and unlock the door. My state requires a few hours of classes that I'm not particularly eager to attend. But I'm looking at flipping houses soon and being the agent could ease things. But then again I'm much better at buying properties that I am at managing construction crews or unlocking doors for buyers. I'm also considering buying out of state in other markets. What's worth it? [link] [comments]  |
| Posted: 01 Feb 2019 05:59 AM PST |
| Buy a house now or rent and save? Posted: 01 Feb 2019 02:00 PM PST Hello all, this is my first time posting here. I wasn't sure how much detailed and personal financial information to provide but I have all of that ready to post if necessary. Caveat: I live in Stavanger, Norway but any advice, even if you think it may not apply, is welcomed. My wife and I want to buy a home but the bank will only give us a loan for a home value much lower than we know we can afford. I know this because the mortgage on a house 1.5x the value of what they will loan is several thousands less than what we're currently paying in rent & our house savings account and we're still able to contribute 15% of my salary to retirement savings and 13% to my employer matched pension plan on top of regular living expenses (food, utilities etc). So we could continue renting and saving until we can afford to make up the difference or we could buy a smaller, less expensive house now and then "move up" 3 years down the road. (We would have to move up as any house we could "afford" is smaller than our growing family will fit 3 years from now). However I'm not sure if buying now is the more prudent option vs. renting and saving. I know that we won't be able to save the difference in 3 years, so we would be talking about a much longer savings period (probably closer to 8 or 9 years) in order to make up the difference and as renters we would be free to move to new housing as our family size and situation dictated. However, assuming that the value of the house we would theoretically buy stays the same over 3 years and I'm making the same as I am now (with an annual 1.25% increase), is it ridiculous to assume that the bank would give me a bigger loan because I have much more collateral after buying a home than I did 3 years ago? TLDR: Does purchasing a smaller house now give me more purchasing power for a more expensive house 3 years from now if market values and my income haven't changed? I hope this makes sense and if you need additional information to provide proper advice let me know. [link] [comments]  |
| Posted: 01 Feb 2019 07:36 PM PST My gut's telling me something weird is going on with this property, but I can't pinpoint exactly what. Wholesaler buys a home in 2018 for 50k, and sells it to a guy with whom he does a lot of deals (let's call him Mike), within a week for 75k. Mike takes out 35k in additional financing against the property. By Nov, the original lender--a small time local financier--puts the house in foreclosure for Mike's original 75k loan. None of the loan money was used towards improving the home which is still practically uninhabitable. All realty websites estimate this home's value at 65k. The lender that has initiated proceedings has done many, many financing deals with Mike. Possible relevance: County assessor still shows wholesaler as owner, but all title checks are showing Mike as owner. Mike also owns about 100 other homes. Lender has foreclosed on Mike before. Two weeks before auction, Mike and his realtor buddy with whom he owns several properties put the home up for sale for 110k (basically trying to get both of his loans paid off). I contact him with an offer of 85k: decent, enough to pay off the first loan, and probably more than what the house would get at auction. Flat-out refusal. Won't settle for under 105k. Says he'll remove the listing that day since it's going to auction, but it stays up for the week. Day of auction, we find the trustee postpones sale to this Monday. Auctioneer warns us that the trustee is... not very trustworthy, but doesn't elaborate. We call the realtor to see if the home is under contract as the reason for deferment. It's not. We up the offer to 95k, still stays firm at 105k. At this point I'm digging through the the recording docs on everything related to the seller, his agent, the lender, and trustee. All I can see is that they've all done business together on many other deals. In fact, the realtor assured the auction could be called off if we closed that day, which realtors have since explained is practically unheard of. At this point I just get the feeling that there's something amiss. a) why are they staying firm at 105k when it's unlikely that there will be many other bidders on this property? b) if the lender and seller do so many deals together, why initiate foreclosure proceedings? c) title check came back normal (two liens, senior is initiating proceedings, junior stays with seller and doesn't convey with property). Why do I get the feeling that the wholesaler, seller, or lender can still screw us if we take possession? What am I missing here? At this point just based on gut instinct I think I'll pass on the property but I'm wondering if someone else with more experience can see something obvious. [link] [comments]  |
| Posted: 02 Feb 2019 02:00 AM PST So I went to a rich dad seminar today, and they talked a lot about there being 12 different forms of opm (other peoples money) that you can use to pay for your real estate. I didn't really wanna splash the cash for the more expensive seminar considering I'm under 18, but I decided to come here to see if anyone knew anything about OPM funding. For more info pls ask :) Any responses are appreciated [link] [comments]  |
| First time home buyer advice needed: Townhome or Single Family Posted: 01 Feb 2019 11:42 PM PST My fiance and I were just pre-approved a few days ago to buy our first place! Yay! But now we are having issues agreeing on what we are looking for in a home, not in terms of looks, but in terms of what is a better investment. While we both agree a single family home in the area we want to stay in would be ideal, our max budget of $350k is very in between of getting a small older home, or a fairly new condo/townhome. We are looking at two places tomorrow: A 1700sqft townhome style condo built in 2007, 2 car garage + driveway and no yard for $345k in our preferred area (hoa $212), and a 1300sqft single family home (updated, but closed off galley kitchen and a slightly weird layout) that is about 15 minutes outside of our preferred area which has a slightly higher crime rate, on a .21 acre lot, built in 1977, 2 car garage and driveway, also listed at $345k. I know Zillow isn't super accurate, but here are the "zestimated" appreciation rates for each: ONE YEAR FORECAST $380,751 (+8.3 %) Single family home: ONE YEAR FORECAST $361,697 (+4.1 %) Portland Metro Area, Oregon. TLDR: [link] [comments]  |
| Should I Invest In A Foreclosed Home In GA From Auction With My Father ? Posted: 01 Feb 2019 11:39 PM PST TL;DR: Live in Georgia. My father and I plan to buy a house to someday put on market for rent to earn additional income. His idea is to buy a bank foreclosed home from auction to fix up but neither of us, realistically, have the funds to do so and I refuse to invest all of the savings I've amassed over six years into something neither of us are very knowledgeable about. He refuses to listen to reason and I refuse to wholly commit. His strategy is to cheaply repair a house, have it inspected, and rented out like "section 8" housing but I know it's not as easy as he makes it out to be. Neither of know what the laws or regulations are here in the county or in GA and from what I've heard, he could care less. I want my father to realize his dream and this would be a great learning experience for me but I need to do this smartly and reasonably. What tips, facts, or advice should we be aware of? Straight, simple, most logical answer: no, but I am not doing this so much for myself as I am doing this for my father. Before he had kids, while he was with my mother, he's always wanted to be a homeowner. That dream came true a few years ago when he bought an old house in Georgia which is where he and my mother live now. Considering I am almost 25 years old, my parents have wanted to own a house for more than 30 years, so it's taken them a long time. Not to mention the cost of repairs which they're still paying for to maintain the house even now. When the two of them were younger, they attended a foreclosure auction in hopes of becoming homeowners but the first time, the story goes, my father got too excited and lost a bid after bidding more than he had (had only 3k cash; ending bid was $15k). Both of them still remember being in the minority as most of the attendees at that auction had thousands upon thousands of dollars in their pockets and official documents and all sorts of things they still, to this day, have no clue about. Now that I am out of the military, and have saved up about 30k during those 6 years, I'd like to use some of that to help my father become a landlord by buying a house and making profit by renting it but I've done some research and are aware of some of the pro's and con's of doing so. My father is also very stubborn and dives headfirst into things without thinking an ounce first, which has gotten him and my mother into a lot of trouble in the past which they are regretfully still paying for now, so as I say to him that I'd like to do this and do that to learn as much as I can, he is already planning to go to an auction and start bidding, preferably with a hefty sum of my savings. I can already see the look of both disappointment and "are you fucking serious, just trust me" on his face every time I try to speak up and defend my case. Today he's adamant about visiting some of the houses featured on a government property page from a site I had gotten from a worker at the local courthouse. I love Reddit, which is why I am entrusting most of my advice come from the great minds and powerful collective of this and other subreddit. As I do, I looked around and found a post on r/personalfinance about a someone around my age who saved up $30k and was plainly asking what to do with it. I'd like to follow the financial advice from that post and vehemently avoid some of the bad news I've read on other subreddits concerning foreclosure homes as I am not all a "deep-pocketed professional". I've never personally dealt with a legal team (e.g. a lawyer, RE agent, attorney etc.) such as I'd have to have one to buy a bank-owned home and from what I can tell, my father would rather not deal with them at all probably because the two of us combined wouldn't have enough to pay them (probably). Following that, any repairs the auctioned house would need, I doubt we'd be able to afford; I did read about a 203k loan though, but are still clueless. Same goes for any unpaid liens, taxes, or fees against the property, such as which I just learned about less than an hour ago. And with my thinking, I'd like to hire a professional (e.g. an architect, etc.) to inspect the house with/after us to ensure we're close to finding all the faults and damages but just the thought of bringing in additional outside help makes my father quiver. He's so passionate about this, and talks a good game about how easy it would be for he and I to take it and fix it up and put it on the market for rent but I know it's one of those "easier said than done" cases, 1000%. Still, I know the additional income we could get from a renter would help cover a lot of expenses for my parents - mostly bills. In doing some research, I've learned about HUD homes in the area and got a good site from a subreddit post but also read that you'd need a realtor to make any bids. There are also properties called "estate sale homes" that are easier to purchase than foreclosed/bank-owned homes(?). Some of it depends on the area, county regulations, and the time of year, but it's all a gamble. If you've read this far, I sincerely thank you for your time and patience and look forward to whatever words of wisdom you can share with me because I need it. I don't feel so bad when I imagine taking things slow and precise but I also get the feeling that I'll have to somehow, someway, have to talk my father out of it entirely if we can't agree on things, like budget and professional help. [link] [comments]  |
| [Bay area] Number of days to get loan approval Posted: 01 Feb 2019 10:01 PM PST We have put an offer for a single family home in San Jose (95136) with 21 days closing. After speaking to a couple of people I am now scared if I will be able to secure a loan within 21 days. How feasible is it to close the loan within this timeframe ? If it matters, I am on L1 visa and excellent credit score. [link] [comments]  |
| Managing tenants in DC while living abroad Posted: 01 Feb 2019 08:53 PM PST I just posted a question about buying a house that in DC that would require tenants to help pay the mortgage in DC: https://www.reddit.com/r/RealEstate/comments/amauhj/depending_on_tenants_to_pay_mortgage_in/ But here's another doozy. There is the slight possibility that I would go abroad for a job for a year or two. Piggybacking off of my previous concerns, would anyone be able to also share their experiences managing properties while they are abroad? I feel like I've received lots of advice and opinions from people in my life but I've noticed that no one know really seems to have actual experience with what we are dealing with. Thanks for the insight Reddit. [link] [comments]  |
| Depending on tenants to pay mortgage in Washington DC? Posted: 01 Feb 2019 08:43 PM PST Hello Reddit, I am really eager to purchase a house in DC, particularly rowhome in Washington DC. However, when we look in places in NE, we're pretty priced out with what we want (.5 miles to metro station). C Several places have catched our eye we are looking at one place which would put our mortgage at $3,000 a month (factors which include taxes and home insurance). With my wife's and my salary combined, it would be much easier to consider a mortgage in the sub $2000s. Therefore, in order to do this, we have seriously considered renting out (or Airbnb) the basement to get us into that comfortable range. My question is... how crazy is this to do? In DC, considering the housing shortage, is it always reasonable to find decent tenants? My wife and I are pretty excited by the idea of making money with our home, but are also pretty financially conservative. Therefore, so big decisions like these make these a bit nervous. Would you be able to share your thoughts on this decision? Thanks so much Reddit! [link] [comments]  |
| Construction Background looking forward to getting a real estate salesperson license? Posted: 01 Feb 2019 08:09 PM PST I am not sure if this is the right place to ask this but I have 7 years of construction experience. I have recently become increasingly interested in the real estate business. I was wondering, does anyone have any tips as to where the best place might be to get this license? I have come across this: https://www.realestateu.tv/?gclid=Cj0KCQiA-c_iBRChARIsAGCOpB3uRdtJZmshBcU7ZwhNLSHM9yaxsBuBQFUr7pLK8piv8yFVV0CEB2kaAomWEALw_wcB They're NY Approved (my home state). The course is only $99. Any guidance or help is appreciated. Thank you! [link] [comments]  |
| How many investors are in your neighborhood? Posted: 01 Feb 2019 07:32 PM PST Doing some research on market rent for my town (Aurora, CO), I looked up similar houses to mine in the area. I searched up public records of 15 houses listed on RentoMeter with the same number of bedrooms. Here's what I found:
I'm still very new to analyzing neighborhoods, so don't really know the context of what this could mean. I don't know if the 50% LLC sample is average, high, or low. Anybody able to shed some light on what I've found? What other information would you look for when analyzing a neighborhood? [link] [comments]  |
| Biggest problems you face as a realtor/brokerage? Posted: 01 Feb 2019 05:36 PM PST Hey guys, I am currently doing an in-depth study on the problems realtors face as I'm going to be specializing in marketing for real estate brokerages. My question to you is: What problems do you face which seem to be those humps that hinder growth? If you could, please state whether you own an agency or not. I'm looking for any and all problems even if they don't seem to be directly marketing related. Some examples are: •maintaining sufficient inventory/listings •lead generation •agent retention •no clarity on exactly what our agents do that is successful vs what is not For any responses I deeply appreciate you taking the time to help me out! [link] [comments]  |
| Hold real estate with virtual address? Posted: 01 Feb 2019 04:37 PM PST I currently own one property and am planning on purchasing more soon. I also plan on traveling and moving around a lot in the near future and I don't want to change the address with the county, insurance etc every time. Is it ok to just create a virtual address and use that? Anyone has done that before? They scan all the incoming mail and email it to you. To be clear; I never lived at that property and I cannot use it as address. Simon [link] [comments]  |
| Posted: 01 Feb 2019 04:01 PM PST Thoughts on purchase a home that is in a HOA community? I don't have the CC&R right now. My agent says if we go into escrow we will definitely get it, but isn't that a bit too late? Can I get a copy of the CC&R myself or will the HOA not provide me with one? It's a SFH neighborhood...homes range in the 900k-1.1M range. Gated community and pool/spa. $110 per month. All I know right now is that they aren't strict on parking cars in the driveway/streets...they just say no abandoned vehicles. This will not be an investment property and I will mostly likely never rent it out. I'll either live in it or sell it outright many many years down the line (15+, if at all). [link] [comments]  |
| I’m afraid I might be short on closing costs. Posted: 01 Feb 2019 02:39 PM PST Closing on a new construction house in Delaware the end of March. I have all the money I need to close but that's it..nothing more. I'm afraid something could come up in the next 2 months that'll put me under what i need. Should i ask the lender to finance some of the closing costs? And if so, when should i mention it? I'm nervous that I'll not have savings for awhile. Also I'm putting 15% down [link] [comments]  |
| [Florida] Is this a complex roof? Posted: 01 Feb 2019 02:38 PM PST Roof overview: https://imgur.com/a/aGsD63E Called some roofing contractors for an estimate. Two responded. One is coming next week. The other one supposedly came today, but no estimates, yet. Basically, the home inspector told my sister that the roof on her potential new home is gone. Less than 1 year of use. The inspector said that some of the shingles were breaking apart, so he had to step on it carefully. She's trying to come up with a counter offer with her agent. I told her to get an estimate on the roof first before she throws some number. Anyway, if anyone has any experience, I'm just looking for a ballpark figure of what it would cost to do a total roof replacement. My sister seems to think it'll cost around $10k, but another friend told me that based on the complexity it could be $15k. If the roof pictures in the link above look like a complex roof, I'll tell her to plan for a $15k investment. [link] [comments]  |
| Posted: 01 Feb 2019 05:54 PM PST Im not sure if this belongs here, but I'm looking to partner with someone. I have the experience and infrastructure for the business, I'm just looking for someone that can buy a property so I can do everything there. I know pretty much everything thats on market in the areas I'm looking thats a good deal. If your interested open up a chat with me, I can send some of the properties ive gone over numbers on to you. Ill lease for 2 years minimum and buy the property from you after that, Ill need leeway on the rent for the first year until November. Ill rent for at least a fifth of the property value and we can discuss NNN terms. I'll be living there and taking care of everything on site myself personally. I can send you weekly update videos on how the farm's going and everything. [link] [comments]  |
| Resource for Real Estate laws in different states Posted: 01 Feb 2019 01:52 PM PST Hi All, the Real Estate laws appear to vary by states. I'm interested in learning more about laws in different, particularly the ones related to Anti-Rebate, Minimum service requirements in Commercial and Residential Real Estate Brokerage. Do people have suggestions on where to look? Thank you. [link] [comments]  |
| Is it a red flag that a condo (3 unit property) does not have an HOA? Should I avoid or is it ok? Posted: 01 Feb 2019 01:44 PM PST I saw a unit I'm interested in. It's just a 3 unit building and it's the top floor unit. I found it odd the listing did not have a monthly HOA fee so I asked the listing agent and she replied that 'the 3 current owners of the units have disbanded the condo association so there are $0 monthly fees. If you're financing part of your purchase this may not be the building for you" What exactly does this mean if a condo has no HOA? Is it worse that the property is not implementing one? It appealed to me that there was no monthly assessment obviously because it makes the total monthly payment less.. However, does this mean the 3 owners are taking a risk that if something bad happens to the property, everyone is going to be out of pocket a large amount? This isn't a huge 20+ unit building. I assume the HOA covers the common stairwell, front lawn, roof, etc? Does this mean the 3 owners must have worked out some personal agreement on how to pay for these things, or does it mean there's no structure if there's no HOA or what? Anybody familiar with a disbanded HOA? Why did the agent advise to me that if I am financing, this may not be the property for me? Curious to learn more and hear insight on this. Thanks [link] [comments]  |
| How Many Houses Did You Sell Your First Year? Posted: 01 Feb 2019 01:28 PM PST I just passed my real estate class exam yesterday. I plan on taking my state test in about two weeks. If I pass it, I already have a real estate brokerage ready to hire me. My goal is to make $50,000 my first year. That's double my current income. I was just curious to know how many houses can a motivated first year salesperson realistically sell? Any suggestions for someone starting out as an agent? Knowing what you do know, what would you have done differently your first year. Any advice is appreciated. I'm here to learn from those who have already been where I want to be. Thanks in advance! [link] [comments]  |
| Separate addendum for closing credit? Posted: 01 Feb 2019 01:23 PM PST The addendum process that I just went through was shady to say the least. The sellers were originally not willing to look at several safety hazards, and even when I broke them down on some things, they still would not give me enough money to fix everything for myself once I was in the home. However we finally came to an agreement. Now, a few days later after the addendum is finished, my agent comes to me saying the seller would "prefer to have a separate addendum for the closing costs." The sellers have played games thoughout this whole process and I'm just wary now. What could be some reasons for wanting a separate addendum for credit towards closing? All of the terms are the same, just trying not to be taken for a ride. Richmond, VA. [link] [comments]  |
| Questions about VA home loans. Posted: 01 Feb 2019 01:20 PM PST What is really the deal with VA loans? My husband and I put our house on the market in October, and on November 31st a buyer with a VA loan put in an offer. Our realtor warned us that VA loans don't typically get approved for houses like ours that need a ton of work (we left in the middle of a remodel to move across the country for work, and there's some pretty big things that need repaired such as windows and siding). We went ahead and accepted the offer because we just wanted the damn house to be out of our hands. I did a lot of research (on here, and through other online sources) and almost all of the things I read said the VA loans rarely get approved for houses that need any work done whatsoever; contrarily though, I also read that homes just need to meet basic living requirements in order to be approved for a VA loan. Given that our house needs a lot of work, it appears that the ladder option is true. I want to know why there are so many stories out there that state VA loans hardly ever get approved for houses that need work done though. My biggest question is about the appraisal process. The appraisal came back as "no value issues or repair requirements." I was under the impression that the appraisal would come back as an actual number of what the appraiser thinks our house is worth. Is that not the case with VA loans? In case anyone is wondering, our house is due to close on February 8th... the close date has been pushed back twice from December 31st to January 31st, and now to February 8th because things have been taking so long, I assume because the VA takes forever with most things. [link] [comments]  |
| Posted: 01 Feb 2019 12:34 PM PST What would you say is a standard Origination fee? Just doing some google searches, i see people saying .5 to 2%. But what are some real numbers? I'm buying a new home from a builder, and they offer a credit towards closing costs for using their lender. The mortgage amount is $252k. Their origination fee is two parts - a flat $595 and a 1%, coming to (595+2524)=3119. Seems pretty high, but it falls within ranges ive seen online (it's effectively 1.23%). For using their lender, they offer a $7500 credit towards closing costs plus a few other freebies. By my estimate, using their lender is worth $8500. The interest rate im getting is 4.5%, which seems good. I'd like to negotiate the origination fee. But I'm not sure I have any leverage. By my math, just to break even on losing the $8500 in freebies, i'd have to lower the interest rate to 4.1%. Ive got good credit, but i think that's lower than anything out there right now, right? [link] [comments]  |
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