Stumbled across a perfect house...that wasn’t listed anywhere Real Estate |
- Stumbled across a perfect house...that wasn’t listed anywhere
- Escalation clause?
- I want to break lease in Alberta due to upstairs tenants being weed smokers.
- Thoughts on how to handle this home buying situation
- Disclosing Info
- I want to know how to tell if a house is in a safe neighborhood.
- Does buying a home make sense in my mother's (57) situation?
- Would it be possible to buy a cheap condo at 19 years old? Making 16 an hour working full time
- Wholesaling?
- Pros/cons to purchasing a duplex to live in and rent
- Housing market predictions in the US
- After trying to be flexible and financially smart, I'm having trouble with making a decision among many options...
- Land sell/donation questions?
- New condo NYC: how to tell if it's bad construction
- Can an LLC donate it's property to a charity?
- Renovating a condo?
- Real Estate internship?
- Looking to take the Florida Real Estate Broker exam - doing the 72 hours online - but looking for some good study questions that are similar to the exam to help out with!!
- Buying a Co-op in NY state Questions
- Landlord asking for full SSN. Is that necessary?
- Can I afford this house?
- Short Sale Negotiations
- What to look for when shopping for a seller’s agent?
| Stumbled across a perfect house...that wasn’t listed anywhere Posted: 13 Apr 2019 02:06 PM PDT I was driving around a neighborhood checking out some houses I had seen on Zillow when I noticed balloons and an Open House sign on a popular intersection. We decided to take a peek and we were in shock! A completely gut renovated, move in ready masterpiece. When the realtor was done walking us through, I asked him if the house had been posted online for sale and he said no. That he doesn't post his houses online or on any listing service. The house had a for sale by owner sign on the window. We're curious as to why a realtor would not post a house online? Is this a flag of some sort? [link] [comments]  |
| Posted: 14 Apr 2019 03:34 AM PDT Thinking about making an offer and adding an escalation clause. List price is 749k, we're planning to offer 750k and 1k over competing overs up to 767k. My question is this...can they say they have another offer when they don't? Are escalation clauses a bad idea? We've been discouraged from using them in the past since we have been at the top of our budget and our realtor didn't want the other agent to know we had any more wiggle room but this house is a full gut so obviously anyone that buys it can afford to do some work. Would love to hear your thoughts. Thank you! [link] [comments]  |
| I want to break lease in Alberta due to upstairs tenants being weed smokers. Posted: 14 Apr 2019 01:53 AM PDT I'm wondering if anyone could provide me with some advise on how I can break a lease in Alberta with minimal preferably NO penalty. New tenants moved upstairs last year I rent the basement its a properly split suite household, we have caught the upstairs neighbors smoking weed in the suite, on multiple occasions. (this is a smoke free suite) Before that we had unreasonably noisy neighbors, they were removed and replaced with these ones. I have complained about the skunk smell on multiple occasions, and told that "it was dealt with", but I'm getting to the brink of going insane when the heat kicks in and all I can smell is a substance that smells like a skunks ass. My thinking is, I did not agree to this when I signed lease, and I'm planning on telling my landlord one last final time that is this continues for the next month I refuse to pay 700$ (is this even a good idea help me reword this please) for a suite that smells like this. When there are other places on the market for the same price and same benefits, (utilities included) that have separated ventilation. I'm wondering do I have any ground to stand on if I move and break lease? (it will be 2 years on January 4th I re signed earlier this year on good faith) I need a responsible sensible and mature solution or I'm going to be a jerk about it and I don't feel like that's going to help me in the long term. I'm at the end of my wits. I've been too nice and too friendly for too long. I'm Sick of settling and I need to be taken seriously. [link] [comments]  |
| Thoughts on how to handle this home buying situation Posted: 13 Apr 2019 09:28 PM PDT I'll try and make this short and to the point, will provide more information if needed. There's a house on the market for over 210 days, which here in Houston is almost unheard of, even for the dump houses and whatnot. This house is owned by a business out of Nevada, they bought it about 15 months ago from another company. Flippers I assume. Anyway; the inside of the house is immaculate, brand new never used appliances, including fridge. All brand new flooring, quartz countertops, on a huge lot. Thing is, the house has basically been abandoned, the yard has grass and weeds reaching 3+ feet high, you drive by and you don't want to know what the inside is, but it's really nice. Anyway, it flooded from Harvey, but owner (company) doesn't know how much it took. They don't know how old the roof or HVAC system is, these two are key. The company won't even get a free estimate on the roof or give me literally any information about the HVAC system. I asked if I could get someone to look at the roof, I'm told I can only do this after an offer has been accepted on the house. Which yes, I understand, I'm giving permission for someone to go on a property I don't own so I see why'd they'd be hesitant. But here's the rub, I lose my Option money ($250) no matter what. I have a huge issue having to pay a non-refundable $250 just to know something the seller should absolutely know already. This is information that should be provided to me in Seller's Disclosure, not something I have to pay hundreds of dollars to know. TLDR: House has been sitting for 7+ months, seller doesn't know condition of roof or HVAC. I have to pay non-refundable Option money, $250, just to get someone to look at the roof and give me an idea if this property can work for me. I hate to think this is just a case of "cost of doing business" but I already shelled out over $700 in Option and Inspection money on a home I had to walk away from. I'm not in the business of just giving out money here, buying the house is already costing me enough. Thoughts and suggestions. [link] [comments]  |
| Posted: 13 Apr 2019 06:19 PM PDT I am NOT a realtor nor have ANY experience in the field. I have read that Realtors have to reveal if there was a death in the house or termites and the like. My question here is weird. I was listening to a podcast about paranormal activity. Some of the stories had paranormal activity within a house recently rented or purchased. So if you had a house where "weird shit happened" to the previous owner(s), are you obligated to reveal? [link] [comments]  |
| I want to know how to tell if a house is in a safe neighborhood. Posted: 13 Apr 2019 10:59 PM PDT I was looking at houses in the suburbs and I had my heart set on that because I feel really safe there. But there are some nice houses in bigger cities as well. But I've been told it's more like pockets of safe areas and I would like neighborhoods of safe areas. How can I look up and tell if a place is safe? [link] [comments]  |
| Does buying a home make sense in my mother's (57) situation? Posted: 14 Apr 2019 01:58 AM PDT Posting on behalf of my mom, who is very confused about whether or not she should buy a property or continue leasing after her current contract expires in August 2019. She has $0 in savings, earns about $50,000/year after taxes, has a Roth IRA with about $170,000, and is about to receive an inheritance settlement of about $25,000. She works and lives in Southwest Florida, where rental prices range from $1200-$1700/mo for the kind of places she's looking at and she's been quoted for mortgages of about $1500-$1700/mo. She would take some money from her IRA to purchase a new home, she says. She also has a perfect credit rating, not sure if it matters, and she's single. I know almost nothing about finance, but my instinct is that buying property this late in her life in an area where housing is already overpriced is a bad idea. If my instinct is correct, is there something else she should be doing/investing in to help her ease into retirement? I worry about her because she always asks my advice about financial decisions, as if I know better! That's why I turn to you, Reddit. Thanks in advance. [link] [comments]  |
| Would it be possible to buy a cheap condo at 19 years old? Making 16 an hour working full time Posted: 13 Apr 2019 04:05 PM PDT |
| Posted: 13 Apr 2019 08:08 PM PDT So basically wholesaling is a loop hole to sell properties with no licensee and net the remaining amount once seller gets his asking price. In my state agents aren't allowed to keep the remaining money if they sell it above asking price so how come wholesaler can? [link] [comments]  |
| Pros/cons to purchasing a duplex to live in and rent Posted: 13 Apr 2019 07:56 PM PDT We are weighing the options of purchasing a duplex instead of a home. The duplex is about 1.5 times more than a house but with the additional rental income it seems like a good opportunity. It's like having the money from two mortgage payments for one home. Besides the hassle of being a landlord/finding good renters, Are there any drawbacks that I am not seeing? Will a conventional 30yr loan work for a duplex or would it be considered an investment loan? Are there any tax advantages to living in and renting a duplex? [link] [comments]  |
| Housing market predictions in the US Posted: 13 Apr 2019 05:44 PM PDT Hi there. I came to this subreddit in hopes to find housing market predictions but I can't seem to find any recent posts. I currently live in a condo in a city (Boston) and am looking to move to a suburb for more space and great public education system (thinking long term). I keep going back and forth on timing bc i always here people (inexperienced in real estate) say the bubble is going to burst etc. Any strong predictions on when there will be a large shift in the housing market? If so, what sort of data are you utilizing to support these theories? Thanks in advance. [link] [comments]  |
| Posted: 13 Apr 2019 07:26 PM PDT TLDR: We own 2 homes, renting the first we bought and living in the second. Faced with decision of selling either, renting either, buying a third? What should we do? House 1 - bought July 2015 for 209k. 2600sq ft. Lived in for 2 years and have been renting out since for $2k/mo. 15 yr mortgage is $1750/mo at 3%. Remaining mortgage is ~$165k. Worth $260k. Bigger home/yard and older so slightly higher maintenance than House 2. House 2 - bought July 2017 and been living in since. 1200 sqft. 30 yr mortgage is $1700/mo at 4.25%.Expected rental ability of $1900/mo. Remaining mortgage is $258k. Worth ~$300k. Small, new construction, low maintenance home. Yes, we put down about 5% on this home. House 1 is ~4 miles from downtown, House 2 is 1 mile from downtown. Both are in really solid locations in the Raleigh-Durham area with great job/population growth currently. My realtor said there is a net influx of 50-60 people to the county PER DAY somehow. Option 1 - move back in to House 1 for its size and rent House 2 as we're expecting a baby. It's a great rental property, but if we continue to rent, we'll exhaust the owner-occupant capital gains of living in the home for 2 years out of 5 (will expire in Aug 2020). If we refi to a 30 year for cash flow, the mortgage will be ~$1100/mo. Stats - total mortgages (1100+1700) - total rental incomes (1900) = total net mortgage payment ($900). Note that this would build ~$655/mo in equity in the mortgage payments for a "net worth" NEGATIVE NET of $245/mo. Option 2 - buy a third long term "family" home in the $450k range. Will only be able to put down 5-7% for a mortgage all in of $2600. Rent the other 2. Stats - total mortgages (1100+1700+2600) - total rental incomes (1900+2000) = total net mortgage payment ($1500). Note that this would build ~$1250/mo in equity in the mortgage payments for a "net worth" NEGATIVE NET of $250/mo. Similar "net worth" net as Option 1 with more landlord work but also living in a much nicer home. Option 3 - Buy a third home as an investment property. Remain living in House 2. Would require a cash out refi on House 1, resulting in a ~$1300/mo 30 yr mortgage and ~$40k cash out. Have $30k saved that would go toward a 25% down payment on a $300-$350k property. I found a quad on loopnet for $340k ($1600/mo mortgage with 25% down) that apparently has a long history of renting for $2600/mo that I haven't vetted by any means but here are the stats: Stats - total mortgages (1300+1700+1600) - total rental incomes (2000+2600) = total net mortgage payment ($0). Note that this would build ~$1055/mo in equity in the mortgage payments for a "net worth" POSITIVE NET of $1055/mo. Obviously this would be the riskiest, most time intensive, and theoretically most profitable option. Note that we could live in House 1 in this situation with nearly identical stats as the rental incomes are nearly identical. I keep fighting with the fact that there isn't an objectively right decision, no matter how much I crunch the numbers. It comes down to how much risk I want to take and how much I want to be a landlord. It's slightly intimidating thinking about taking on 4 more doors (or a duplex or similar sized investment property) but I really think I can do it. Am I missing something in this? [link] [comments]  |
| Posted: 13 Apr 2019 04:55 PM PDT My father purchased a couple acres worth of land in an in-demand area of SC during the 90's. Well, we never really used it and we've been sitting on the property for the better part of 20 years. We decided a few years ago to just rid ourselves of it to get rid of the annual tax burden. We put the land for sale and it sold, however, one of the acres didn't pass the water drainage test, negating the sale. Recently, we had a realtor contact us saying he'd like to try selling it again, despite what we told him about the test. He claimed the test was probably done wrong and if nothing else he'd sell the land that did pass, separately. After several months he's done just that. My question is two pronged. What taxes will we have to pay on the land and what can be done if the second property cannot be sold? We purchased all of it together for about $13k we've recently sold one acre lot for slightly more than that. We don't own a existing home, as we rent, so does capital gains apply to the situation? I've read that capital gains is for second properties which technically since we do not own any other property it doesn't seem to apply? Can the majority of that money be rolled over into an IRA or something similar and prevent heavy taxation? Secondly, if we choose to donate the second plot (if it does have a drainage issue) or get rid of it some form of fashion can we use that as a tax right off for the value of the land, estimated by the county as $16K per lot? How would that work? I know this is lengthy but it is a bit of an unusual circumstance and I wanted to paint a detailed picture. I thank you all for your time and look forward to any advice you may offer. [link] [comments]  |
| New condo NYC: how to tell if it's bad construction Posted: 13 Apr 2019 04:17 PM PDT Hi Redditors, I'm in the process of buying a condo, new construction, and just noticed the exterior walls have a few rust colored streaks coming out of a seam in the building. It definitely looks like a water stain, and it's coming from the middle, not even a window or the roof. Could this be bad construction? Insufficient flashing? Or am I just paranoid? Please help and let me know what you think! Thank you! [link] [comments]  |
| Can an LLC donate it's property to a charity? Posted: 13 Apr 2019 04:13 PM PDT If the charity is tax exempt are there tax benefits even though the property is under an LLC? What if they choose to donate to a non exempt charity? are there any benefits to that? [link] [comments]  |
| Posted: 13 Apr 2019 04:01 PM PDT Would buying a condo and spending 10 thousand max to renovate mainly the kitchen and living area increase the equity enough for it to be worth it? I'm 19 and my grandpa has been a contractor and home builder his whole life. He would help me to keep cost down. I also would not take out a loan. [link] [comments]  |
| Posted: 13 Apr 2019 09:55 AM PDT I've been interested in real estate a while now but I'm still only young, too young to get a license. I was curious if it would be possible for me to get an internship at a brokerage to get experience before getting my license. If that is possible how would I go about doing that? [link] [comments]  |
| Posted: 13 Apr 2019 02:44 PM PDT |
| Buying a Co-op in NY state Questions Posted: 13 Apr 2019 01:39 PM PDT I am completly new to this and am looking to buy a small co op in ny state nothing big. The asking price is $140k I do have the 20% down for it but my questions are. • Is 20% for a co op mandatory?or does it depend on the board • what would closing costs estimate at and would the seller be able to cover them or is that on me. • and of course any helpful advice would be appreciated thank you for your time. [link] [comments]  |
| Landlord asking for full SSN. Is that necessary? Posted: 13 Apr 2019 05:18 PM PDT Hello, I've been living at this particular house in LA for about a year as a sublease. Now the original lease holder of the house is ending his lease and there's a spot open for a sub landlord to take over the lease for the house. I am planning on taking that spot so met with the landlord and he said he'll run a credit check first. Today I got an email from the landlord with a form asking for my information and my full SSN number. I'm hesitant to provide my SSN because I already know my credit score is excellent as I recently checked. Can I provide any other information besides my SSN for this purposes? Like last 4 digits ? Tax payer identification number? Etc Help will be appreciated! [link] [comments]  |
| Posted: 13 Apr 2019 04:22 PM PDT I want a true opinion from some homeowners out there. I saw a house today that I'm in love with and want to put an offer on. My question is, will I be struggling to afford it? It was listed at 1.07million, annual taxes at 20k. I want to know how much you would think a comfortable income, liquid assets, savings, etc would be? I'm omitting my own data to get some insight. [link] [comments]  |
| Posted: 13 Apr 2019 09:51 AM PDT I am a Boston area real estate investor. I was hoping to get takes on short sale negotiation. Does anyone do short sales? How often? Whats your general experience with short sales? [link] [comments]  |
| What to look for when shopping for a seller’s agent? Posted: 13 Apr 2019 05:48 AM PDT We chose the top selling agent (number of sales) in the area with no success. What should we be looking for next time? [link] [comments]  |
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