We Cannot Continue to Ignore the Crisis in Affordable Housing Real Estate |
- We Cannot Continue to Ignore the Crisis in Affordable Housing
- URGENT I Have No Idea What To Do. Closing Horror, Please Advise
- Investing in Multifamily with family’s money.
- Asking agent to pay for her mistake?
- Los Angeles Rent Control - Installing Subwater Meters
- REO Properties
- Radon test part of Home Inspection?
- Seller's disclosure obligations
- Getting a desirable tenant to sign?
- Assigning value to a waived inspection
- Is now a good time to buy properties to rent?
- Realtor/Open House Questions
- Downfalls of taking out a "second" mortgage i.e. 80-10-10?
- Lender appraisal waiver
- What're the most common pains?
- Friends Bought A House, But The House Has No History. How?
- Is this allowed in Canada?
- Rent Increase Query (AZ)
- Is a mortgage possible?
- Advice needed: sell to a flipper or cut and run? Rental property in Indiana.
- Learning the commercial market
- Selling my property w/o an agent?
- Still underwater in Central Fl condo but almost there- when can we list?
- Changing search location and agent?
| We Cannot Continue to Ignore the Crisis in Affordable Housing Posted: 29 Apr 2019 03:09 PM PDT https://lasvegassun.com/news/2019/apr/29/we-cannot-continue-to-ignore-the-crisis-in-afforda/ Excerpt: "It is not acceptable to me that over 500,000 men, women and children in our country are homeless on any given night — including many thousands in Nevada. A decade ago, Nevada was the epicenter of a housing crisis that saw thousands of Americans thrown out of their homes and big banks bailed out by the government." [link] [comments]  |
| URGENT I Have No Idea What To Do. Closing Horror, Please Advise Posted: 29 Apr 2019 07:17 PM PDT We sold our house and purchased a new one in the South and the loans of all parties are approved. Congratulations to us, but we were blindsided by our buyer's attorney, who decided the other day to require us to come up with the actual plans for our home that was built in 1972 instead of the original survey in order to prove that our garage is original. We were supposed to close on our house tomorrow and then close on the new house on 5/15, but now I have no idea what is going to happen. I sent our original survey along with those of two of my neighbors who have the same model and got this response from my Attorney, "What we need is a copy of the Plans submitted to the Town upon which the CO was issued....that Plan would show the garage was original to the house. I'll share this (copy of the original survey for three homes on the block) with buyer's atty as sign of our good faith efforts to satisfy him, but I think he'll want something more." What more does he need? There are at least two streets with the same model that we have, and everyone didn't have a party one day and decide to add a garage onto the house. It's the way it was built. The end. I have no idea what is going on here, and this is the first I've heard about any CO for the garage because it is the original. Obviously we're not closing tomorrow, but what if I'm not able to get the original plans from our town to satisfy this guy? Is he trying to scuttle this deal? And the buyer's attorney is from a different county, so I'm even more confused as to why he is involved and what his motives are pertaining to our county. Is this a money grab or something? Please, I need advice on how to handle this. My attorney seems unconcerned, we have no idea whether these plans are even available at our town hall, or how long it might take to retrieve them if they're buried somewhere. We can do nothing but wait until whatever happens happens and we are potentially in danger of not closing on either house, and this is going to cost us thousands of dollars. I had to notify my agent down south about what is transpiring and I'm hoping the seller won't decide to go with someone else. This is serious. Please Help. I've owned other homes and have never had to deal with something like this just before closing. I have no idea what to do or what this "something more" the other attorney wants. [link] [comments]  |
| Investing in Multifamily with family’s money. Posted: 29 Apr 2019 07:25 AM PDT My family has 3 fully paid off single family rental properties ($600k net worth combined) with a 5% cash on cash return, and I have a few of my own multi family rental properties where I'm making considerably more. I would like to set up a contractual agreement where my family sells their SFR properties, then loans my Limited Liability Company the proceeds at a 20% interest only loan, and I then use that money to buy stabilized rental properties. They would get a guaranteed headache free 20% annual return, and I would get the 5% extra (25% Cash on cash return properties), plus equity in the buildings I buy as I make principle payments on the loan, as my management fee. I would also be personally liable for any gain or loss in appreciation. I figure taxes will be very simple, as they get to claim the straight interest income, and I'm able to claim all of the rental property deductions myself. From my research I haven't seen any legal issues with this plan. It doesn't violate securities law, nor does it violate any real estate law I'm aware of. And I think the setup of it benefits both sides equally. But I'd like to present this here incase I've overlooked anything. I figured this was a better arrangement than a group LLC or REIT. I appreciate your insight. Edit: My family's money is funding just the 20% down payment. So I would pay them 20% APR on 20% of the purchase price, and then get an 8.375% APR commercial loan on the remaining 80% of the purchase price. From my end it's 100% Loan to Value. Edit: For the 80% of purchase I'm not using a bank, I'm using a private commercial lender, which does not care where the down payment originated from. [link] [comments]  |
| Asking agent to pay for her mistake? Posted: 29 Apr 2019 03:00 PM PDT |
| Los Angeles Rent Control - Installing Subwater Meters Posted: 29 Apr 2019 08:29 AM PDT Hey guys, I'm a landlord that acquired a two 1000 sq ft units on a single property in a rent controlled area of LA, I'm finding that my tenants (2 families) are excessively using the water and would like to install sub water meters so they can take on the cost of that bill and become a bit more responsible with their usage. I acquired the property with the tenants grandfathered into the lease, its also rent controlled which throws in a whole new element of what I can and can't do. I haven't been able to find any legal information on whether installing sub water meters is allowed at this point, from what I've been able to gather and imply is that I wouldn't be able to install from the get go and have them start paying this portion of the utility as it wasn't written into the original tenant lease agreement. Does anyone have any experience in this area of the matter? [link] [comments]  |
| Posted: 29 Apr 2019 07:17 PM PDT How do I obtain REO properties from the bank? If possible how do I even find these properties? How can I look at a suspect-able property and search to see if it's owned by the bank and the lien it has etc.? [link] [comments]  |
| Radon test part of Home Inspection? Posted: 29 Apr 2019 07:09 PM PDT So my Realtor is subpar... he came highly recommended and i am extremely disappointed, but i digress... i live in Wisconsin and recently had an offer submitted to purchase a home. The seller accepted pending a home inspection. My realtor and I spoke about getting a septic, well, home, & radon inspection. But when I set up my home inspector, he contacted my realtor and then my realtor called me saying that Radon testing wasn't in the offer contingencies and needs to be a separate contingency, is that true? It makes no sense, how would that not be a option if getting a home inspection? Also the contingency language is set up like "if the home inspector recommends a Specialist (like for a roof inspection or something out of his realm) that would fall under the contingency as well. So how does Radon not qualify? I'm so frustrated. Edit: update- just re-read the entire contract again. It specifies "testing" other than CO2, Natural Gas or LP as a separate test that needs to be agreed up... we'll see if the buyers agree. [link] [comments]  |
| Seller's disclosure obligations Posted: 29 Apr 2019 10:07 AM PDT Full disclosure, my husband and I are completely new to purchasing property and we are currently searching for our first home and learning along the way (so my apologies if this post seems naive). My question relates to an experience we had with a home we were under contract to purchase until this weekend. We are buying in a very competitive market (NYC commuter suburbs in NJ), so houses come and go on and off the market quickly. We were outbid on a few homes before our realtor showed us one that had been on the market for about 4 months. It had everything we were looking for, but we (our realtor included) were a bit skeptical as to why it had been on the market for so long. Based on the listing history, it had previously been under contract in December, but then was relisted only 5 days later. Of course our realtor pried into this with the seller's realtor (who had not been the listing realtor for the last contract), and the sellers revealed that the previous potential buyers were also first time home buyers who just got "nervous" at the last minute. It had been disclosed that the roof and chimney would need repairs, and we had been able to get the offer price down for this reason. We show up at the inspection and as luck would have it, we have the same inspector that the last couple had. He immediately says he remembers the house and pulls up his prior report. Long story short, he discovered last time that the entire foundation needs replacing, as the grading is all wrong. The wood shingles were rotting because they were too close to the ground, and the rot had even gotten to some of the interior walls (conveniently these damaged walls were hidden behind appliances or furniture). The only solution was to raise the entire house, replace the slab foundation, replace all of the damaged walls, and treat for the inevitable mold. In our minds, this is major structural damage needing extensive work that the sellers were fully aware of and should have disclosed. Interestingly, they had changed realtors since the last near-sale, so their current realtor said she had not been made aware of the prior inspection results. We are working against a deadline (I'm pregnant and we are currently in a 500 sqft apartment in the city) and we wasted nearly two weeks in which we could have pursued other opportunities. We watched other homes in our budget come and go on the market in the town. Maybe I'm just being over emotional about this (pregnancy hormones are in full force), but do we have any sort of claim to get at the very least our inspection payment back? [link] [comments]  |
| Getting a desirable tenant to sign? Posted: 29 Apr 2019 10:02 AM PDT Hello all, I have been in the process of reviewing tenants for one of my triplex homes. It's in a C class neighborhood with a lot of undesirable candidates. The neighborhood is starting to move towards B-class with more desirable tenants starting to realize the potential. I'm in St. Paul, MN if that helps. Anyways, I've had a very desirable tenant reach out and say they would like to come look at the house tomorrow. Are there any types of discounts or anything I could potentially offer to make the home seem even more appealing? Thank you for any advice. [link] [comments]  |
| Assigning value to a waived inspection Posted: 29 Apr 2019 10:20 PM PDT How does one go about assigning value when comparing two offers - one with a waived inspection and another without? [link] [comments]  |
| Is now a good time to buy properties to rent? Posted: 29 Apr 2019 09:47 PM PDT Hello, I'm new to the real estate world and I'm asking for the opinions of the ones who have invested in real estate for a while. My long term goal is to own 100+ properties that will continue to generate cash flow for me. However, with the current market, is it a good time to buy? If not, how do I determine that? Ideally, I'd like to invest in multi unit house as a start to divide my risk in renting wise. However, the idea of buying a property for 20k-30k repairing it by hiring a contractor then renting it out and getting a bank appraisal after the repair then taking a loan out on it instead of selling to save on taxes is also very intriguing. I know it's not as easy as it sounds but if people can do it so I can. I don't have a lot of cash but I do have excellent credit and currently financing my own mortgage. I work a full time job 50-60 hours a week and get 3 days off. I get paid well. Any advice/tips will help a lot. Thank you! [link] [comments]  |
| Posted: 29 Apr 2019 10:10 AM PDT My boyfriend and I went to an open house yesterday. He was very interested in purchasing the house, had proof of his ability to purchase it, excellent credit, etc. We traveled a significant amount of time to get there. Once there, the realtor informed us the owners of the house were already in negotiation over two other offers that had been placed earlier in the week. My boyfriend, after seeing the house, was prepared to put in an offer over asking price. The realtor looked...panicked to say the least. She immediately switched to an argument of "I can't believe you're not represented today by a buyer's agent." Well, it was an open house, so we figured we could drop by, which is usually how it works, right? My boyfriend asked her if she could write the offer as a dual agent, given that time was short. She said she could but she would rather mention it to the seller verbally. She called back later and said they were not interested, that they were going with one of the previously placed offers, and there was no offer in writing (but remember, this was at her suggestion!). She then tried to offer him some other properties she had listed. By then we felt like we'd wasted our time so....no. My question is, is it typical to hold an open house when already in negotiations? Why not just cancel it instead of wasting people's time? Why would an agent not want to at least seriously consider an offer over asking price? Any insights into her side of things? I've bought and sold many times over the years and never run into this. Thanks in advance for your help! [link] [comments]  |
| Downfalls of taking out a "second" mortgage i.e. 80-10-10? Posted: 29 Apr 2019 10:46 AM PDT Our best option for owning a home in Los Angeles is a 80-10-10. Putting down 10% of purchase price then taking a mortgage for 80% and then a second for the other 10% of the DP. Do you have any experience with this? If we do this, we free up a lot more liquidity (like 100k) for emergency funds, etc. We do not have enough liquidity for 20% down (you will not convince us we can't afford a home that we can't afford 20% down on btw). Thanks! [link] [comments]  |
| Posted: 29 Apr 2019 08:10 PM PDT My lender has given me the right to waive the appraisal. The house I'm buying is a great house $350K and in a great neighborhood. All of the comp houses sold for the same or more. My agent said it could easily be appraised for $375K. So, my question is.. wouldn't I be better off just saving the $500 appraisal fee? It certainly would be nice to save the money when it's guaranteed to appraise. [link] [comments]  |
| What're the most common pains? Posted: 29 Apr 2019 08:10 PM PDT Hey guys, After a couple of months of work as an agent working for an experienced broker, I started facing a lot of pains. I have to deal with a lot of paperwork, the available tools just suck. All my weekends are booked. Also, I noticed we work with a specifics mortgage brokers and I don't get it why we don't expand our fleet more. My question is to the most experienced brokers: What're the most common pains which I can face in my future career and how can I prevent them? [link] [comments]  |
| Friends Bought A House, But The House Has No History. How? Posted: 29 Apr 2019 04:22 PM PDT So, here's the story. My friends said that they closed on their house a few weeks ago, but when I check Zillow, Redfin and the other sites the house doesn't have any sales history in the listing and it says "not for sale" (as opposed to "sold" which is what I'd expect). Does anyone know why this would happen? [link] [comments]  |
| Posted: 29 Apr 2019 07:52 PM PDT Just a quick question. Was wondering if it's legal in Canada to buy a couple acres of land and live in a trailer or camper on that property without the intention of building a modern house. Does it have to be outside city limits? [link] [comments]  |
| Posted: 29 Apr 2019 03:46 PM PDT Hi, I am a landlord, and my 1 year lease is about to come to an end at the end of June. I did not put an auto-renewal clause in the lease and had a 60 day notice as well. While talking about doing an inspection this weekend, the tenant brought up (over text) that they want to extend for a year. I did the inspection and also responded over text that we will be increasing the rent by 10%. Since all properties in the area are renting for higher and our other services we provide have also gone up in this last year. The tenant isn't happy about this and responded with a quip that it would save us trouble of finding a new renter and that the notice is too short to increase rent. Am I within legal limits to increase 10% and lease expiry is in end of June, so it is sufficient notice? While the tenant hasn't taken great care of the property, the damages aren't much. There is some damage to the garage which we plan to rectify and bill them for it. They are forever busy and only respond to texts. Besides these hiccups, rent has always been paid on time, so there's that. Edit: Typo: 10% TIA! [link] [comments]  |
| Posted: 29 Apr 2019 07:21 PM PDT I've got a friend who wants to buy a house. Has 500ish credit, all from about 4 credit cards that went unpaid and we're closed in the last year. Probably about 5k total. He also has a federal tax lien he has been paying on time for years and that is about paid off($1,300 left). He will have about 40% to put down on a house. If he pays off those outstanding debts, and has a big down payment, is it even possible for him to get approved for a loan? [link] [comments]  |
| Advice needed: sell to a flipper or cut and run? Rental property in Indiana. Posted: 29 Apr 2019 06:30 PM PDT Hey there, thanks for reading. So I'm in a dilly of a pickle here and not sure if I'm leaving thousands on the table here or not. Just put my rental property on the market in Indiana for $109k. I owe $63 on it. I live out in Arizona so I have not physically seen the house in 3+ years. Had a great gal renting the house until last month when she found a property of her own to purchase. So showings have been going well and I got an offer from a known flipper in the area. $68k- claims there is mold in the attic, all electrical needs replaced (not up to code, he says) and the list goes on. I learn he bought a house one block away for $58k, and just sold it for $135. Same house, but mine has a one car garage. So I get a home inspection to see if he's giving me the high hat and he is. True, things need fixed, but not to that magnitude. New furnace and water heater needed, gutters, flashing around the chimney, minor electrical and plumbing the sump outdoors would get it up to snuff. So what should I do? Attempt to get a loan to fix things? Sell to the flipper? Do nothing and hope for an understanding first time homebuyer? Any thoughts are appreciated. I'm prepared to run the subcontractors from AZ, it's what I do for a living of that makes a difference. Thanks! [link] [comments]  |
| Learning the commercial market Posted: 29 Apr 2019 09:21 AM PDT I'm going to be entering the commercial market in Nyc as an agent soon and I was wondering the best ways to learn the market. Also, if anyone has advice on finding clients or any general advice for a new agent. [link] [comments]  |
| Selling my property w/o an agent? Posted: 29 Apr 2019 02:18 PM PDT Is this something I can do? Say I don't need to find clients I have someone who is ready to buy it. Do I need an agent? [link] [comments]  |
| Still underwater in Central Fl condo but almost there- when can we list? Posted: 29 Apr 2019 09:09 AM PDT Bought a 1/1 condo as a single gal in CFL in Sept 05. Later, married in early 08 and hoped we could fix it up a little and sell but we all know what happened. Current mortgage balance is 85k. My Redfin/Zillow home value estimate is $73-85k. I'm aware that those websites aren't the most reliable. Question is, if we list soon (in maybe 6 months) at 85k (or whatever the magic number is to break even) knowing the list price is higher than the market and wait, does this negatively affect the perceived value and appeal? I would expect it to just sit on the market until hopefully the market catches up. Looking at comps, realistically we are looking at $65k to sell today. A flipper just sold the condo to an investor above us for 60k about 6 months ago. My sister is a new realtor (about 1 yr exp) and would have her list it. I have not asked her to really get involved yet because I don't want to waste her time. I'm more in the research phase now. Between mortgage and HOA we pay $800. We can rent for $900 but we really just want to be rid of this property and we have no desire to be landlords. We would rather just stick it out, but we are unhappy with the neighborhood and lack of space. We have no desire to short sell. TL, DR: I'm wondering should we list as soon higher than market price and wait... or wait and sell when the market finally catches up with my mortgage amount? When do I get realtor involved? Any advice appreciated. [link] [comments]  |
| Changing search location and agent? Posted: 29 Apr 2019 05:11 PM PDT When we started looking for a home there were two potential locations we were looking that are about 1 hour-1.5 hrs apart from each other (we commute into the city and the locations are on opposite sides of the city). We finally decided on one area to look and have been searching there for about a month or two. We have an agent from there who we are very satisfied with but are starting to get discouraged about the homes available in our price range. We are having a change of heart and thinking to start looking in the other location in addition now in case the first area doesn't work out. How does it work with the agent? Do we tell her and she drives an hour (or more) to show us homes there? Or do we switch to an agent local to the new area? We did sign a contract with our original agent so would that prevent switching? We are fine sticking with our original agent in theory but concerned she won't have much local knowledge of the new area we are looking in but not sure if we can have two agents? (Also the two locations are in two different states in case that changes anything) [link] [comments]  |
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