The house I rent is being sold, it's buy or move - first-time buyer! Real Estate |
- The house I rent is being sold, it's buy or move - first-time buyer!
- Seller wants time after closing to remove belongings
- Why is fear of recession not priced into current cap rates? Do you think we are near the top?
- A plea to real estate developers: pick some easy street names, y'all.
- Should I lease this huge house or just move out?
- How to invest in property when there's an annual depreciation?
- FSBOW
- Concerning Condo Docs - Increasing HOA fees over the years and low reserve fund
- Lower the seller's price down by 15-25%, to match their rent rolls? [OH]
- Is generating wealth properties really this easy or am I missing something?
- Where to find investors
- Will adding an HVAC and replacing flooring add value into my house? [OR]
- I have property with an easement, but the easement owner(s) are no longer in the neighborhood. Is there a need to purchase the easement?
- Should I go ahead and get pre-approved?
- Best places to learn?
- Moved out and landlord won't answer regarding cleaning up rental property
- Concerns about Seller's Disclosure
- Selling my first house, we currently live in...any tips?
- Want to buy house with abandoned house next door - HELP!
- Getting PA Real Estate License
- Expensive Homes Being Built Close to Me
- Where can I find storage unit complex listings? Or at least more information/better sub.
- Just want estimates
- Redfin vs Zillow?
| The house I rent is being sold, it's buy or move - first-time buyer! Posted: 05 Apr 2019 06:20 PM PDT To preface, I'm 25 y/o and have never once considered buying a house. I received a call from my property manager two weeks ago saying that my landlord is declaring bankruptcy, and the court / bank would be selling the house to pay off the debt. I have the option of buying it, or presumably being forced to move by the new buyers. I only intend to live in this city for a max of 5 more years, so if I do buy the plan is to sell or rent once we move cities. They are asking $100k and saying the house is worth more, but the court is only looking to settle debts not make profit. Checking records on sites like Zillow shows the previous buyer (my landlord) bought it for $98k in 2014. They still owe $92k on the house, plus closing costs does put it around $100k. Zillow and other sites do estimate the house in the $120-140k range, but I have no idea if these estimates are trustworthy. The agent is asking me to go ahead and sign an intention to purchase contingent on satisfactory inspection and appraisal. I am concerned about exactly how these contingencies work. It is an old house, and I'm expecting the inspection to find a fair number of issues. That's not my worry though - truthfully, I have not made up my mind on the house, so I am worried that the house will come back clean(ish) and I am unable to argue that it is unsatisfactory, and I am locked into purchasing this house. I am doing as much research as I can, but am just not ready to make a final decision yet. I am also concerned that the inspection is going to deal with mostly safety and structural issues, when there are other minor issues that I would absolutely want fixed if I owned this house, such as certain outlets and switches cutting on and off periodically, or a light fixture that seems to blow any bulb I put in it within a few weeks. Are these things that an inspector is going to be able to give me a repair cost on, or are those things going to be considered "cosmetic" since they're not dangerous? And on the appraisal, the agent told me to expect the appraisal to come back exactly at the asking price, because appraisers are unwilling to appraise a house for more than asking price, because buyers could use that to get a larger loan than they need. I am unsure if this is accurate, but either way, I really would want to hear from an expert that this house is genuinely worth the $120-130k that I want it to be worth for me to really be interested in purchasing. Again, I was not in the market for a home, this is just a "good deal" that may have landed in my lap. I just want to confirm that before buying. I don't know if this is possible. Lastly, if I do buy, what sort of loan do I take for this? I've compared a 30-year and a 15-year loan, as well as looked at options for down payments. I only have about $20k in savings, and could put as little or as much as I needed into the house, up to 20% to avoid PMI. I would be worried about that emptying my savings when there will inevitably be more costs coming, not to mention remodel costs that we would like to take on. Is there a particular type of loan I should be looking at if I believe I'll be selling the house within 5 years? TL;DR, questions:
Thanks so much for reading. [link] [comments]  |
| Seller wants time after closing to remove belongings Posted: 05 Apr 2019 09:06 AM PDT Hi all, My wife and I are in the process of purchasing a fixer upper. The seller wants 3 months after closing to empty out the garage. She would have the former tenant of the house do this work because she lives out of state. For the first few months, it would be just my wife at the house and we're not feeling comfortable with this scenario. We're thinking maybe we offer to clear out the garage for the seller in exchange for some money off? Any thoughts or advice are very much appreciated, this is our first home purchase. Thanks for your time. Edit: Seller is elderly. Thank you for the responses so far, they're very helpful! Edit 2: Upstate New York. Edit 3: Thank you so much for the great feedback, everyone! Lots of great tips, advice, warnings, and ideas! Looks like we have some negotiating to do. [link] [comments]  |
| Why is fear of recession not priced into current cap rates? Do you think we are near the top? Posted: 05 Apr 2019 08:01 PM PDT Real estate is selling for very low cap rates right now in major cities. It is rather upsetting as finding deals that cashflow is harder and harder. It seems the general viewpoint is that we are near the top of a bull market but why is the risk of us being near the top of a cycle not priced into cap rates? Deals are selling right now at cap rates so low that the deals do not perform unless they appreciate/rent increases. Do you think we are near the top of a cycle? Can we not be in a cycle and real estate continue appreciating for the next 10-20 years with just minor corrections here and there with overall steady growth? Are we just used to cap rates being high from after crash and this could be the going cap rates real estate provides for decades to come? Maybe some older folks can comment on what they saw historical cap rates as in major metros? [link] [comments]  |
| A plea to real estate developers: pick some easy street names, y'all. Posted: 05 Apr 2019 09:26 PM PDT Just sold my house in a new-ish community where every single street name was about forty bajillion characters long. It didn't fit on any damn form, and it's a pain in the ass to spell out for anyone on the phone. My in laws had a similar neighborhood: Sunset Hills, Overlook Ridge, Clouds Rest, etc. I won't even get into using the same house numbers on adjacent streets (why?). Listen. I guarantee you there is an underemployed philosopher or historian who would love to craft some beautiful, concise names for you. Locke Ave? Hume Dr? Spinoza Way? [link] [comments]  |
| Should I lease this huge house or just move out? Posted: 06 Apr 2019 12:09 AM PDT My fellow redditors, I moved to LA for work a year ago and found this big house on Airbnb and decided to rent a room. The house is big 4Bed/3Bath and it's in a pretty nice neighborhood too. I lived here for a year and now the guy who was leasing the house from the landlord is closing his lease. Now I have two options: 1) Find a new place to live and move out with all my stuff end of the month Or 2) I could take over the lease for the house, continue living here and rent the other rooms via Airbnb. Now after doing all the math, based on calculation if I manage to rent all the rooms, I live rent free but there's a big deposit to the house, 1 year lease to sign and I would be responsible for all the bills and bringing in new tenants. Should I take the risk of putting in deposit and the rent for the next month and hope people will rent it? Or Should I just move? Help will be appreciated!! Edit: another important thing to know is the commute to work. I have a full time job and it's 8 mins from here [link] [comments]  |
| How to invest in property when there's an annual depreciation? Posted: 05 Apr 2019 03:17 PM PDT I'm in Alberta, Canada and the housing market has been steadily dropping the last 5 years. My rental property is down 40k. I keep reading about these people that make a killing off properties. Just want to know what I'm doing wrong or how to restart. Thanks [link] [comments]  |
| Posted: 05 Apr 2019 10:28 PM PDT Anywhere to read up on the proccess of buying a house For Sale By Owner? We will be first time home buyers and there's been a lot of FSBO popping up on our market. We don't really know anything about the whole thing. We would rather use an agent but there's been more FSBO on the market more than anything. [link] [comments]  |
| Concerning Condo Docs - Increasing HOA fees over the years and low reserve fund Posted: 05 Apr 2019 04:54 PM PDT Hi Reddit, I recently put in an offer on a condo and learned that it was accepted! However, when looking through the condo docs, a couple of points of concern have come up... 1.) The HOA has risen consistently the past three years. Although it isn't a big number, the HOA has increased $20/month per year. 2017 - $200; 2018 - $220; 2019 - $250. Why is this happening... and does it reveal something about the condition of the building? 2.) Also, the reserves of the 6 unit building has a little less than 15k which is, in my understanding, only like one year of operating expenses Are these red flags? Or are they just typical things you go through when owning a condo... Thank you Reddit and really appreciate your insight! [link] [comments]  |
| Lower the seller's price down by 15-25%, to match their rent rolls? [OH] Posted: 05 Apr 2019 08:13 PM PDT If the seller is asking for $1,000,000 for their multi family, so according to the 1% rule...they should be collecting $10,000 of rents per month. But they are only collecting $7,500 of rents due to various reasons. Is it feasible to ask for a 25% price reduction? I don't live in the top USA cities so the appreciation is unlikely to double in the next 8 years. I wouldn't expect my property values to go up much in 5-10 years. My Ohio "Rust Belt" state has been seeing less people vacate this decade. Buying and waiting for appreciation, to increase the rents, is not my game. [link] [comments]  |
| Is generating wealth properties really this easy or am I missing something? Posted: 05 Apr 2019 05:13 AM PDT Ive got two properties excluding my place and I am getting paid good rent for them. I live in London and demand is pretty good for the short and long term. Do I just remortgage my new property and then purchase a new one and continue that cycle for as much profit as I want? [link] [comments]  |
| Posted: 05 Apr 2019 06:45 PM PDT I'm an agent in a new area of my state. I'm looking to work with people who want to buy multi-family properties but I'm not sure where to find them. Should I talk to small business owners? [link] [comments]  |
| Will adding an HVAC and replacing flooring add value into my house? [OR] Posted: 05 Apr 2019 06:44 PM PDT New homeowner here. I've owned the house for a year now and have not done any remodeling/updating yet. I'm planning on having a ducted HVAC installed and replace my carpet flooring with laminate. My house is 1000 sq ft, so having 1 zone hvac should be sufficient, but I'm curious if this adds value into the house. [link] [comments]  |
| Posted: 05 Apr 2019 02:26 PM PDT OK, so I have a piece of property on an easement. The property is a vacant lot that we use as an extended yard, so we will never build a house on it, perhaps a fence one day. There are 3 lots that are attached to the easement and only one has a house on it. The owner of the other vacant lot, JIM, recently talked to me about having the 3 of us purchase the easement. Currently its owned by a title company, but there are about 6-8 names attached to the easement as well. None of the people actually live near, or access the easement ever. It is only needed to access these 3 lots, and nothing like a lake or anything. JIM is really pushing me to go in with him on the purchase in order to get all of the current owners names on the easement. Is it worth my effort and money to do that? He says I wouldnt be able to sell the property without it, but the previous own I bought from sold it to me. Regardless I do not plan to sell the property at all. Edit: Ont thing I just realized is JIM is on the end lot of the easement. He built a fence around his lot which includes the easement. He may be pushing the purchase because he wants the right to include the easement with his property. I believe he is looking to sell. [link] [comments]  |
| Should I go ahead and get pre-approved? Posted: 05 Apr 2019 05:47 PM PDT Hey people of Reddit. My spouse and I plan on buying a house in ATX fairly soon. As some of you may know the housing market is rough for first time home buyers here. Our lease is up in August. We're debating on if we should go ahead and get pre-approved now while mortgage rates are lower and risk mortgage payment and paying the remainder of our lease. Or if should hold out a month or two and risk mortgage rates increasing? Side note, we can afford to pay a mortgage and rent just not ideal. [link] [comments]  |
| Posted: 05 Apr 2019 01:57 PM PDT I'm looking into real estate as an investment strategy since I just graduated university and will soon have my first paycheck. Other than bigger pockets, do you have any suggestions on how to learn about real estate investing? [link] [comments]  |
| Moved out and landlord won't answer regarding cleaning up rental property Posted: 05 Apr 2019 05:31 PM PDT Lease was terminated back on Mar 21st and we moved out. Have been working with a realtor the entire way, who was acting for the owner and is relisting the property. He said not to do anything regarding cleaning because he was working with the owner on potential upgrades like new floors and painting the walls. So I have been pretty much on hold this entire time. This whole time, the realtor has been bringing in his guys to give quotes on upgrades and cleaning, etc, etc. Somewhere in the middle (a week ago), just to show good faith that I wanted to do my part, I brought in a company to give me an estimate on cleaning the place. In the meantime, the owner has been trying to low ball each and every person the realtor has brought in and hasn't pulled the trigger on anything. Last week, I told the realtor that I was going to give the owner two options. Either I pay $1000 in cash and the owner deals with cleaning herself, or I bring in the one company I had look the place over (they quoted me $1100). And I told the realtor I wasn't going to budge on either of those. Still no answer. At this point, I'm concerned about getting my security deposit ($4200) back in time. I'm in CA and the law states that it has to be given back within 21 days of the end of the lease/vacating the property and also that their are daily interest charges the owner must pay for each day they are late. At this point, I'm considering writing an email to the owner (and cc'ing the realtor) and basically saying "Hey...I've given you options...pick one. Either way, I except my security deposit to be delivered on or by the 21 days and if not, you will be paying me interest." Obviously, I'd be a little more tactful in my wording but that's the gist of it. I told this to the realtor and he said to do it. Should I send the email? Or should I just have the place cleaned, without getting a response? Problem with the latter is that it was agreed upon all three parties (myself, owner, realtor) that I would get it cleaned per approval by owner and realtor. The realtor is fed up with her shit and I'm pretty sure he'd sign off even if I just went through the place with a leaf blower...but the owner seems to be nitpicking every single little thing (according to the realtor). I'd hate to spend the money on the cleaning company only to have the owner up and complain about something and expect me to pay extra. [link] [comments]  |
| Concerns about Seller's Disclosure Posted: 05 Apr 2019 05:05 PM PDT I am posting from a throwaway account, because I don't want to risk being identified. We are in the process of purchasing a new home (Central Utah). We are still pretty early on in the process. We just received the seller's disclosure and there aren't a bunch of major issues noted, but some concerns. Here is the list of the main callouts: Broken oven - not sure of specific details, but it sounds like there is an issue with the igniter. Water heater - according to our agent, there was some rusting and some minor flooding caused by improper drainage. The homeowner fixed it themselves by adding some piping. Previous flooding - They had a homeowner's claim due to a busted pipe and some pretty decent flooding. It was fixed by a disaster cleanup crew. Flooding/drain backup in the yard - the homeowners had a pipe break in the yard, under the lawn. I don't fully understand this one, but they had a company repair it to the satisfaction of the insurance company and home inspector. Yard flooding - it seems this is an easy fix. The basement occasionally has some water leaking by the window wells due to the way the sprinklers are positioned. Window wells - the current home owners had to dig out the window wells and have them reattached because they were pulling away form the house. Master bathroom - the hot and cold water lines are reversed in the master bathroom for tub, shower, and sinks. They are not labeled, but they are the opposite of what you would expect them to be. Our agent was surprised to see these items and while he didn't outright say it, I got the impression his surprise was because these are not things typically listed in the seller's disclosure. I don't know if that is true, because this is my first home purchase. I am speaking to my agent, but would also like to get additional input so I can feel confident about moving forward. Are these things typically documented on the disclosure? Are any of these things deal-breakers? If we ask for the seller to fix some of these things or adjust the price of the home and they refuse to do either (this is something our agent feels is a possibility), what's next? A friend suggested the seller may have listed so many things because they want to back out, but they are under contract and therefore, they are somewhat forcing us to back out instead. Does this make sense to anyone? Is this a common thing? If we can't get the seller to agree to fix these things and we decide to move forward with the purchase, will these things being documented in the seller's disclosure screw us later if/when we want to sell? I appreciate any input provided in response to this. I don't have any close family members or friends I can trust to be 100% direct and honest with their opinions. And I'm hoping to get some insight from people with knowledge/experience on these matters. I think I can trust my agent, but it's tough when you know they benefit from the sale. [link] [comments]  |
| Selling my first house, we currently live in...any tips? Posted: 05 Apr 2019 01:07 PM PDT Was working on a list of items my realtor suggested... My bank guy thats doing all of my paperwork for our new house had another client come in looking to get pre-approved for a house. This person was looking in my neighborhood and in my price range. Needless to say my bank guy said "I know a house just like that". The perspective buyer literally fell in my lap yesterday. He wants to see the house this sunday around noon. I have not finished my list of "suggested items" yet. Can anyone provide tips for showing a house that is currently lived in with 2 small kids and a large dog? Kids love crayons and have used the walls as their canvas in areas. High traffic areas in hallway/corners have chips/stress cracks in plaster. If you have kids, you know what I'm talking about! This is what I plan on doing before Sunday: -clean floors/counters/bathroom/mirrors -vacuum carpets -cut grass/weed eat -declutter kids toys/pictures on shelves -stage things to make it appealing -air freshner Any tips/tricks? [link] [comments]  |
| Want to buy house with abandoned house next door - HELP! Posted: 05 Apr 2019 09:11 AM PDT Like the title says I'm looking to purchase a property - the only hangup that I have is the extremely dilapidated/abandoned house next door. I've done some research into the tax records - house has been owned by the same person since 1901 (so I assume he's dead, or is the oldest living person /s) property was never transferred to any heirs the past 3 years of taxes have been sent to the house and never paid. I want to buy the house next door - great little property, except my real estate agent is concerned of property values if nothing is done with the eye sore next door. My questions are:
Any advice is extremely welcomed!!! Thank you in advance [link] [comments]  |
| Getting PA Real Estate License Posted: 05 Apr 2019 01:46 PM PDT I'm here looking for advice on where I can start my real estate career. I know I need to attend a class to prepare me for the exam, but we have 3 children and I work a regular full time job. I have from 9pm to midnight to attend a class which I know I won't find a classroom for. Are there reputable places I can get started with online coursework? [link] [comments]  |
| Expensive Homes Being Built Close to Me Posted: 05 Apr 2019 01:21 PM PDT I just had an offer accepted on a house for $425,000, while there I could see it was obvious that the road was being expanded and new homes were going to be built. These new homes are situated essentially in the house across the streets backyard. 425,000 is probably the low end of this neighborhood as there was another home that sold 2 weeks before I got mine for 460,000 (4 doors down the road) and another new build a few streets up listed at 470,000. Well about a week after the offer was accepted I noticed 4 new listings, these are the first 4 homes of the new street which are still in early building phase, all I see are parts of the basement so far. They are listed for 675,000, 700,000, 725,000 and 760,000. I know that in the future the town has designated an entire field to be build into homes, this field is about 350 feet west of my driveway and the street i'm on would most likely be extended to become an access road to this new neighborhood, but by no means a main road, it is 100% unable to be a main road due to geography, you come down a feeder road and if you turn east you get to me house, if you go straight 100' you get to the new expensive homes and west to get to this field. Now I'm wondering if homes in this price range are going to become more commonplace around my house, what affect does that have on me? I'm assuming its good but not sure. [link] [comments]  |
| Where can I find storage unit complex listings? Or at least more information/better sub. Posted: 05 Apr 2019 01:13 PM PDT I'm looking for entire self storage complexes that are up for purchase. I'm new to this and wanna get an idea of what to expect as far as price is concerned [link] [comments]  |
| Posted: 05 Apr 2019 04:44 PM PDT So I will be looking at properties tomorrow to buy my first house but I am trying to get a handle on how much insurance will cost me monthly on the properties I am looking at. I am in Florida and the difference in insuring could be significantly different based on where I purchase, so I don't want to choose a property (or start the process of purchasing a property) that I might not be able to afford the insurance for. There are plenty of websites that will give me free estimates, but they all seem to demand my email address and phone number, but I am shopping around really and don't want to be contacted by 10 insurance agents just because I put my phone number into their website. Are their any good resources to get estimates on monthly payments for the properties I am interested in without giving my insurance information to a bunch of companies? [link] [comments]  |
| Posted: 05 Apr 2019 09:03 AM PDT Been looking at homes online for a while now, mostly via Zillow, and have recently tried Redfin out. I like Redfin's app much better, and I find their search filters to be slightly more robust, but I'm confused by Redfin insofar as when I search for homes, there are large parts of the country that are "grayed out". There isn't a single listing of any kind in the entire FL panhandle. The entire states of North Dakota, South Dakota, Wyoming, and Montana are all gray. Eastern Texas has nothing except for a small area around El Paso. Why is this? If Redfin doesn't have complete information, is there another service I would have better luck using? [link] [comments]  |
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