I constantly hear that you should invest in Real Estate, is it all It's cracked up to be? Real Estate |
- I constantly hear that you should invest in Real Estate, is it all It's cracked up to be?
- I’m 23(M) and want to buy a duplex. What’s the reality?
- Deal fell through, now I'm out of a house.
- Backing Out of New Construction
- Is it pretty common for appraisals to come back exactly at the offer price?
- Home Selling Advice, please!
- Appraisal came in $70k under sale price
- Lower offered countered with higher than list price
- Decreasing Property Value - First Time Homeowner
- Backing out of an offer
- Will I be clear to close?
- My girlfriend's aunt wants to buy a place to rent to my girlfriend - but there's a problem
- Risks of a long closing time frame?
- Pest inspection found termites...but...
- WTF is going on with our rental property?!
- TEXAS - If I buy a home with a medallion on the front indicating that it is historic and registered on the historic homes registry... is there a break in my Texas property taxes?
- Anyone from Philadelphia? Looking to purchase a 3 unit to house hack. 1st time investor from NJ
- NJ: is it even worth buying a house at this point?
- Reddit Negotiators: gimme your ideas! Found out the pipes are bad during due diligence, what are your suggestions? FTHB
- Are there any recommendations for Home Warranty companies?
- Military to College; where to start?
- First time home buyer, taxes are scaring me off of everything
- Coop Contract Fees
- First time home buyer, modular question
- How to tell what floor an office is at?
| I constantly hear that you should invest in Real Estate, is it all It's cracked up to be? Posted: 27 Feb 2019 01:12 AM PST It sounds great one hand but on the other is tenants not paying or damaging the property that puts me off and just generally having to repair things. I've seen a few shows which have tenants not being evicted for a year or more due to the laws in place. Do none of you ever come across issues like that? Maybe I'm just expecting the worst. [link] [comments]  |
| I’m 23(M) and want to buy a duplex. What’s the reality? Posted: 26 Feb 2019 07:45 AM PST I'm currently 23, living at home while working at a job that pays $60K. I have $40K in savings, and I really like the idea of owning a duplex. Would love to rent out the other unit to pay off the mortgage. My credit score is 740 and I'm in no debt, if that makes it easier to get a mortgage. My questions are: 1. Is the smartest thing to put down 20%? 2. What's the reality of how quick I can rent out the unit? 3. Is there some educational video or website I can learn more off of? I want to make sure I study every aspect before I go through with this. [link] [comments]  |
| Deal fell through, now I'm out of a house. Posted: 26 Feb 2019 03:44 PM PST Long story short. We've been trying to move. We found a house we loved and made an offer contingent on ours selling. Ours sold cash the first day listed. Our deal on the house we want fell apart because it didn't appraise (well it did but Fanny came back and said this is risky we want a second appraisal - which was seriously lower than list price). So now I'm stuck here all homeless and pissed and wandering what my options are? Find a cheap air bnb for a while. Weekly hotel seems a bit more than I want to pay. I'm thinking about buying a camping trailer and just saying "fuck it, unexpected extended camping trip". Anyone ran into this before. What did you do? [link] [comments]  |
| Backing Out of New Construction Posted: 26 Feb 2019 10:57 PM PST I am thinking of potentially purchasing a new construction house where the builder will require 5% of the purchase price as a deposit in escrow and it will take roughly 3-4 months to build. If I changed my mind for some reason could I back out in the state of Missouri and get my 5% deposit back within a certain time period or am I locked into buying the house? [link] [comments]  |
| Is it pretty common for appraisals to come back exactly at the offer price? Posted: 26 Feb 2019 10:48 PM PST First time buyer and my appraisal came back exactly at my offer price which wasn't a standard number. I know the appraiser had access to the contract info fwiw. [link] [comments]  |
| Posted: 26 Feb 2019 04:44 PM PST cross posted to r/real_estate My husband and I are gearing up to sell our first home. No one in our immediate families has done this in over 25 years, so no one we know has any real advice to give. We're interviewing listing agents right now, and are struggling to decide between a few of them, and some other things: Background about the house: Built in the early 1950s, Ranch style in the suburbs. Zillow estimate says $155k, we're thinking more realistically $140k range. For the area, the bathrooms are pretty good, kitchen is pretty terrible. We have a list of things we'd like to get done before listing it, mostly cosmetic. Town is solidly middle class, most homes are $100-250k. There is very little chance that our home would EVER sell for more than $200k even if it was perfect (new roof, new finishes, etc). Right now we're not sure which agent to choose, and what we should do to our home to help it sell.
So my main questions are:
Apologies for the long post, but thank you so much for your help and advice! Edit: Home Pics [link] [comments]  |
| Appraisal came in $70k under sale price Posted: 26 Feb 2019 09:39 PM PST Currently under contract for a home. Appraisal came in at $960 for a sale price of $1.03. Also I waived my appraisal contingency to make my offer more attractive. Now the bank is asking us to cover the $70k difference, which I could but it will leave a $0 balance since it changes my LTV number. What are my options? Can I get a different appraiser to get appraised value closer to the sale price? Do I just need to bite the bullet and pay the difference? If I waived my appraisal contingency, would asking the seller to come down from $1.03 to $1.01 be out of line? [link] [comments]  |
| Lower offered countered with higher than list price Posted: 26 Feb 2019 10:44 AM PST We are in Northern Ontario, if that helps. Our house sold and closing is May 1st. We are looking to have a smaller mortgage and made a decent chunk of profit on our last house, so we are okay with going with something with good bones that just needs updating inside (floors, walls, kitchen, bathrooms). We found one that is a decent size that we think we can work with. It's ugly on the outside and definitely needs new siding, and most of the updates (furnace, windows, roof), though they seem to be in good condition, are still almost 15 years old. Currently, the house is rented, but the tenants have not paid for 3 months and are being evicted. But it is big enough and has potential so it was the only one we've seen so far that we both agree on and it's in the area we want. There is a smaller house nearby currently listed at $174K that is fully renovated, and one that is about the same size but completely modern and renovated with lake views for $250K. Through our realtor, we learned the seller has listed the house on and off for two years and has a lot of equity in the home. With the tenants not paying and the property not selling after multiple attempts, we thought they would be motivated. They originally listed for the last few years at $214K, and dropped it to $204K when they relisted this year. It's been on the market at that price for 65 days. We decide to go in at $185K and asked for an ESA (electrical certificatation), for the furnace to be serviced, and for the property to be vacant on closing, hoping they would come in a little lower than their asking price. Our usual realtor was out on a conference, so it was someone else handling the offer for us. She warned that a lowball offer could insult the seller and cause them to counter at list price, which sounded absurd to me that someone would be insulted. Given the circumstances and how it has failed to sell, plus the work that needs doing over time, it didn't seem unreasonable to offer less than asking price by 10%. Well, the next day the realtor says "They were insulted" and their offer countered HIGHER than their list price, $207K and refused to service the furnace, provide the ESA or ensure the tenants would be gone by closing. When I told my realtor that the seller did not appear to be negotiating in good faith (and she is encouraging us to just offer list price and hope they agree to concede on the other terms or agree to fix things during the inspection process) she said that the property has been a nightmare with tenants not paying. I tell her that is not our fault nor our problem and that we are walking away from the offer. We are comfortable walking away from the house, the market will pick up soon as Spring comes. But what else could we have done? Or moving forward if the seller reconsiders when we call their bluff, how should we negotiate this? Is this just a nightmare seller we should avoid, or was our offer insulting? Could we see what happens in a month and resubmit the offer? Sorry for length! [link] [comments]  |
| Decreasing Property Value - First Time Homeowner Posted: 26 Feb 2019 01:39 PM PST Throwaway account because I don't want my lame life choices to be forever linked to me. Cool! My husband and I bought our first home in June of 2017. We had a baby on the way, and wanted a single family home as opposed to the apartments we had been living in for 8+ years. We bought our house for $215,000 with an FHA loan and 3.5% down. At the time, I did some (clearly very amateur and obviously not great) vetting of the city, and I thought it seemed like an okay place to live, and one of the only areas with starter homes available (We live in Connecticut and Fairfield County is absurdly expensive). Since we bought the house though, property value in the city seems to be going down. Our appraisal was for $218,000, and I know Zestimates aren't always accurate, but our Zestimate is currently at $203,000 which seems horrible. I like to keep an eye on comps nearby and they're all over the map -- some sell for only $180k, lower than their Zestimate, and some new renovations sell for like $275k. Zillow also says it predicts home values will rise 3.3% in the next year. How accurate are these numbers? I feel stupid and that I made a bad choice and I already want to leave since the school district here is not good. I just really don't want to lose the money we used to put down on the house due to decreasing property value, as it was a wedding gift from my mom. [link] [comments]  |
| Posted: 26 Feb 2019 09:07 PM PST Are there any penalties if I back put of an offer if that's the only thing I signed? Basically an offer submission. [link] [comments]  |
| Posted: 26 Feb 2019 09:01 PM PST I got approved for a loan with special conditions. I just need to provide a pay stub with my recent pay increase and provide my college transcript covering a gap of employment. I wrote a letter explaining that I attempted to go back but didn't finish so it didn't reflect on my transcript. I've been at my job for 22 months since then. Am I screwed? Everything else is all done (inspection, appraisal, homeowners insurance). I would be putting 10% down as well. If this is a problem and I don't get cleared to close, will I get my deposit back and the money I spent on home insurance for a year? [link] [comments]  |
| My girlfriend's aunt wants to buy a place to rent to my girlfriend - but there's a problem Posted: 26 Feb 2019 07:27 AM PST So my girlfriend has bad credit and consequently has had a very hard time finding a place to rent. I won't go into details but her living situation right now is very bad, so she really needs a place sooner rather than later. We've tried all kinds of things (finding a rent by owner who will look past her credit, etc), but with no luck. In comes my girlfriend's aunt, who has the idea of purchasing a mobile home to rent for her. As far as I know it would be mortgaged, and the lot is not for sale, so either my girlfriend or her aunt would be paying lot rent. Enter my girlfriend's aunt's know it all friend (who has no background in real estate and has already steered my girlfriend in the wrong direction several times). This friend is claiming that the sellers will want to check my girlfriend's credit before the sale (presumably because they don't want the aunt to default and lose the lot rent). My question: could this be true? I am hoping she doesn't know what she is talking about and that my girlfriend's aunt will research it enough to actually find out, but I'm not counting on it. Would really appreciate any insight at all! Edit: I meant to say in the title, this is in Pennsylvania. [link] [comments]  |
| Risks of a long closing time frame? Posted: 26 Feb 2019 08:46 PM PST We put in an offer on a house and the seller wants a closing date of May 28th. This actually works fantastic for us, so we're ok with it. My only concern is with our loan. We're pre-approved for a 5/1 ARM. Does having a closing date that far out add any additional risks to the loan not getting final approval? Assuming nothing changes for us financially in that time. [link] [comments]  |
| Pest inspection found termites...but... Posted: 26 Feb 2019 08:06 PM PST The inspector said there were no signs of any damage? Wants to charge $580 to treat said termites. It's winter...how can I have termites and no damage? And the "treatment" from what I read is sticking a stake in the ground near where they were found. [link] [comments]  |
| WTF is going on with our rental property?! Posted: 26 Feb 2019 07:43 PM PST We moved into our forever right after Thanksgiving this last year and instead of going through the headache of trying to sell our old house, we decided to rent it out instead (weird situation with the possibility of the county buying it in two years to expand the road it is next to so it was actually more in our favor to rent but that's for another post). We bought the house in 2016 and it was a flip but before that was historically a house that was rented out. The layout of the house makes it a perfect rental (4 bedroom, 3 full bath with two rooms up stairs and two rooms down) and we had absolutely no problem with finding tenants. We are new to renting and being landlords and wanted it to be completely hands free so we did end up going with a local property management company to manage it for us. They found tenants within a weeks of posting it and they moved in two days after Christmas. Well, they have only been in there for two months and we have had countless issues with plumbing since. First it was an issue with the kitchen sink leaking. Okay that happens, got it fixed (though it took a week because the tenants failed to answer their phones and get the fix scheduled). Then the garbage disposal apparently wasn't working two weeks after that. Ummm Okay fixed that whatever. Then ONE week later after the garbage disposal issue they submit a ticket saying the kitchen sinks were clogged. Now I'm getting to the Wtf is going on point. Same plumber went out and snaked the drain saying it was just normal build up and not the fault of the tenants. THEN ONE MORE WEEK goes by and there is now an issue with the washing machine where every cycle it apparently would leak from the wall?! The property manager said that the plumber thinks it was a main line back up cause all these issues so he re routed the kitchen lines and didn't charge us cause he felt bad that he's been out there so much. But of course it wouldn't be a normal week dealing with these tenants if they didn't report some problem and just yesterday we get another ticket in saying that the two year old dishwasher is now leaking in multiple places. I haven't been in the house since but it makes me sick to think of the possible floor damage from all these leaks that seem to happen every single week now. I honestly have no idea what to do at this point. We lived in that house for three years and never had these kind of issues, let alone every week. The property manager and plumber think that all this is happening possibly because it went from one married couple who only really operated out of one bathroom and would do laundry two to three times a week to four single adults (and possibly two extra people that aren't on the lease but that's also an issue for later) now suddenly using all the bathrooms frequently and just running the systems more. The house was built in 87 so it's not new by any means. Is that a thing? Could it be there are too many people in that house for it to handle? I'm not a shitty landlord and we make sure that everything gets fixed immediately but I'm almost embarrassed that they have issues every week. We want long term tenants and I don't want them to leave if they think the house is a lemon. I'm assuming it's not one thing that will fix all the random problems but if anyone has any ideas of what I can do to solve all these issues that would be great. Or is this just something I'm going to have to address and fix when the issues come up individually? I'm beyond frustrated and I don't understand what is happening and how after three years of living there, suddenly everything is failing after two months of tenants. This is also impacting our positive cash flow on the house because we have to use the extra money to fix everything all the effing time (and don't get mad at me for saying that. I understand that's the price of being a landlord but I'm just voicing my frustration. It's annoying that nothing positive, cash or otherwise, has come out of renting our place out yet and with every week having a new issue it seems like it never will yield anything positive). Advice or comforting words. Please and thank you. [link] [comments]  |
| Posted: 26 Feb 2019 06:59 PM PST |
| Anyone from Philadelphia? Looking to purchase a 3 unit to house hack. 1st time investor from NJ Posted: 26 Feb 2019 02:42 PM PST Hey everyone, Looking for some guidance/advice on Philadelphia. Ive been looking for a 3 unit property in a decent area to live rent free and or breakeven while living there then if i move out after a year, it will cash flow 200/per door. The problem is philly is block by block. If anyone can tell me their experience which areas to look at and not to look at would be greatly appreciated. Been researching online but some times contradict one another. Trying to buy asap, was preapproved for 415k using conventional loan 5 or 10% down @4.40 [link] [comments]  |
| NJ: is it even worth buying a house at this point? Posted: 26 Feb 2019 05:42 PM PST I'm looking to move from south jersey to central jersey (middlesex county-ish) this summer, but from my general scanning on Realtor the past month or two, it seems like anything 300k or less gets me nothing more than a townhouse while 20 miles south, 300k would get me a 4bed/2bath sfh with a modest yard in a good school system Is the pricing pressure really that drastic from the nyc to nj influx? It seems a bit outrageous. [link] [comments]  |
| Posted: 26 Feb 2019 01:34 PM PST First time home buyer here so I'm not sure what's normal or not for negotiations. The more ideas the better so I have an idea of how this usually works. Home inspector found all the pipes need to be replaced in a townhome. What are some negotiable ideas? Piece off the top? Sellers foot the bill? Price off the top plus some due to us not being able to move in immediately (is that a thing?) Cost estimated around 2-5K. Not a proper quote from a plumber but a ballpark from the inspector. Possible slight foundation issue as well that we have to call a foundation guy for. [link] [comments]  |
| Are there any recommendations for Home Warranty companies? Posted: 26 Feb 2019 09:27 AM PST Looking for good experiences with home warranty recommendations and also gotchas. Are the any that cover structural damage? [link] [comments]  |
| Military to College; where to start? Posted: 26 Feb 2019 04:51 PM PST Good Evening everyone, Active duty military here. I will be graduating from the local community college with an associates in Business Management, in the Spring 2019. In 2020 I will be transitioning from active duty to the reserves while going to full time for Construction Management for around 2-3 years in the Southern Utah area. Now the question is... When I transfer out of state I plan on using the VA Loan benefit to start investing in real estate while in college, (starting off with a year of owner occupancy of course) Aside from the research, and networking I can be doing until then is there anything else you would all recommend as far as strategy is concerned? The plan is to go for a multi-family but due to full time education I'm considering doing a single family and house hacking it out with the girlfriend and roommates. (The real goal here is to live for free, learn the ropes, begin cash flow and hold on to the monthly housing allowance I will receive from the GI Bill) Oh, and I plan on taking the first semester off to build a full time work history and get to know the area as well as save up for any additional expenses. Any feedback is appreciated, looking to network and learn. Thanks in advance. [link] [comments]  |
| First time home buyer, taxes are scaring me off of everything Posted: 26 Feb 2019 10:47 AM PST So I used to own a condo, but taxes were negligible and hardly ever crossed my mind. I sold it last year and moved in with my parents while I shop around for an actual home. There's a specific area that I would really like to live in and have almost exclusively been limiting my search. Tax rate is 2.58%. Home values have increased a lot in this area since the crash, especially the last ~5ish years maybe. Seems to be leveling off a bit, but I would expect them to continue increasing over time unless there's another major market shift. It's an old neighborhood but has had a major revival effort in recent years and has become popular with a young professional crowd due to its proximity to downtown and central location, so I doubt it's desirability will drop off a cliff anytime soon. A lot of new development happening right there in the actual neighborhood too. I'm looking at all of these properties and people are paying pretty varied tax amounts on homes that seem comparable in value. Of course the appraised values on the county auditor site are different, but market values should be relatively close. But the taxes are all over the board. I see some recently sold homes (say like 2017) where the auditor seems to have used the sales price for the next year's taxes. So a previous owner was paying some reasonable amount for 10 years with one or two slight value adjustments during that time, but no reason to suspect a massive jump,. Then they sell it and all the sudden the new owner is hit with a tax bill 35% higher than the previous year on the same exact property (ex. Home sold April 2016 for 231,000. 2016 taxes were $4216. 2017 was $5711!). I know about tax abatements for property improvements but this massive increase seems to be only directly related to the sale of the house. Is this standard, to immediately use a new sales price for the tax appraised value? This feels crazy to me, like someone is getting screwed (the new owner, or the government for not collecting nearly enough before.) I was doing a lot of my budgeting/shopping based off last year's taxes on the properties I'm looking at, but now I guess I should assume I'll be paying taxes based on my purchase price? That's going to make me want to massively slash the amount I'm willing to spend I think, which is disappointing for what I'll likely be able to get at that price. I don't even know where to start factoring in how much of this might be offset by claiming this on my income tax filing. Maybe it's not as big a deal as I'm making it out to be if I can get some of it back there? Sorry for the extremely long rambling post, I guess I'm just looking for any and all advice on how best to think about and consider taxes when purchasing a home. I thought I was feeling pretty good about this move but now I'm getting terrified I'm going to unexpectedly blow my budget to shit and be house poor for years to come. Thanks to anyone that read this and thanks in advance for any thoughts or advice. [link] [comments]  |
| Posted: 26 Feb 2019 04:44 PM PST Hi There, So my lawyer is preparing the contract paperwork and she mentioned the below fees that will be due at closing. Do they seem in line with what is charged usually? The coop is located in Westchester county, NY. Lien search/title fee is approx. $300.00 due at closing. UCC Financing filing fees of approx. $150-$200.00 will be due at closing to your lender. Thanks :) [link] [comments]  |
| First time home buyer, modular question Posted: 26 Feb 2019 12:22 PM PST Hello all, I am currently in the due diligence process of my first home; a modular. The crack in the ceiling where the two sides were put together is a huge eye sore. The house was built in 2015 so it has had time to settle, but if repaired, will the crack come back with the expanding and contracting with the changing weather? TIA [link] [comments]  |
| How to tell what floor an office is at? Posted: 26 Feb 2019 07:16 PM PST Have my first internship interview tomorrow at an office building downtown Vancouver, BC. The address, for example is stated as 1311- 600 Oak Street. Does this mean, the office is on the 13th floor (1311) ? Thanks [link] [comments]  |
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