What can I do to increase the value of my house for rental? Real Estate |
- What can I do to increase the value of my house for rental?
- Buying new construction: Do I need a real estate agent?
- Inputting Depreciation in TurboTax
- Trying to buy a second home
- Why are condos/townhouses so expensive? Why are people paying the cost of a single free standing house for what amounts to an apartment?
- How do you find a good realtor without any connections?
- Unique Situation - Assistance with a Rental Tax Question?
- Are we overthinking this - first time buyer, worried about trees
- Prop 13 transfer of beach property
- move in before closing?
- First time buyers in Bay Area
- Pros/Cons of SELLING As-Is Home
- Renters, trying to buy our neighbor’s house
- Warranty deed who can give?
- House near city boundary: could it be rezoned into another city?
- Tenants haven’t paid rent for 4 months?
- "Price increases by $20k tomorrow" Marketing ploy?
- Dallas Cheaper Housing
- Upstate NY -- where would you buy a house/condo?
- Do home inspectors look for unpermitted work?
- Options for a new furnace?
- Coto de Caza home ineligible for homeowners policy.
- Quick question about selling house
- Any way to avoid paying capital gains for home sold after 1.75 years?
- Why buyer agent doesn’t want to send repair list to lender?
| What can I do to increase the value of my house for rental? Posted: 07 Apr 2019 11:22 AM PDT My wife and I are buying our first house, but because I'm in the military we'll only be able to live here for ~3 yrs before I get stationed somewhere else. It's in central California just south of San Fransisco, so the housing prices out here are insane and probably going nowhere but up. We want to hold on to the house for as long as possible in order to build equity and have as much property appreciation as possible, so renting it out after we move on is our best bet. My question is what can we do over the next three years to increase the value of the house, driving up how much someone will pay to rent it and hopefully also decreasing potential vacancy periods. The kitchen has already been remodeled, we're having asbestos laden popcorn ceiling removed and will refinish the ceiling, and are considering taking out the paneling on the inside and replacing with drywall. What are some (relatively) small either DIY projects or contracting I can do to increase the value of the house? [link] [comments]  |
| Buying new construction: Do I need a real estate agent? Posted: 07 Apr 2019 05:08 PM PDT First-time home buyer here. This may be a naive question, but: Is it common to engage a real estate agent for new construction? This weekend I visited a model home in a subdivision that's being built by a single builder. I liked what I saw, and I would like to proceed. I was surprised when the builder said that because I initially toured a model without a real estate agent present, they would not be willing to pay a buying agent. However I don't like the idea of making a purchase without some party representing my interests. I assume that would include an inspector and a real estate lawyer on my dime, but are those all that I need? The builder made it sound like bringing in an agent would be a deal breaker, going as far as pointing out that they had me on camera visiting without an agent and insisting that I should have seen a small sign on the door about this matter. He also said that "less than 10%" of the buyers for the 300 homes they had sold had used buying agents. In other words, the expectation that I would even have a real estate agent for this purchase was out of line with the norm. Is this true? [link] [comments]  |
| Inputting Depreciation in TurboTax Posted: 07 Apr 2019 07:40 PM PDT My accountant had been telling me for awhile to do my own taxes. So I thought this year I'd give it a go. Has anyone found an easier way to get depreciable assets like appliances and such in to TurboTax but in a less pain in the ass way than just brute force and a lot of time? [link] [comments]  |
| Posted: 08 Apr 2019 01:35 AM PDT I bought the first one relatively cheap at 90000, and in one year the value went up to 150,000. I recently found a renter for it that offered 1500 a month, my mortgage and HOA is only 800. I am trying to get another place in the 150,000 range. Is there a way that I can keep the two mortgage payments separate so I can pay one down quicker? I also want to get the new home with my VA loan. The first one was conventional. Edit: I've paid the first loan down to 65,000 in less than two years, if that helps me. [link] [comments]  |
| Posted: 07 Apr 2019 02:53 PM PDT In my book a condo is just a step above a trailer house. Honestly, I would prefer a trailer house because then I can't hear my neighbors arguing next door or above me. So, how do they get away with charging 150k-175k for a 2-3 bedroom condo in my city when you can find 2-3 bedroom houses for 100k-185k? It doesn't make sense to me. What am I missing here? edit- Someone pointed out in the comments so Ill bring it up here- I didn't mean to insult anyone. The 'trailer' comment above was just to give context to the incongruity Im seeing in the market. Why are trailers so reasonable compared to condos? They're both probably made of the same materials. [link] [comments]  |
| How do you find a good realtor without any connections? Posted: 07 Apr 2019 07:22 PM PDT I'm going to be moving to a new city/state for work, long-term. I know absolutely no one in the entire state. Any time I see anyone ask how to find a realtor, the answer is to ask people you know who they used and if they were good. That's not an option for me, nor is it much of an option to meet the person ahead of time either, at least not until I go out there to make a decision. Also, I've never bought a house before so I have no general prior experience to go on. How do I find a good one? [link] [comments]  |
| Unique Situation - Assistance with a Rental Tax Question? Posted: 07 Apr 2019 09:10 PM PDT I posted this in the airbnb subreddit, but I'm not sure that was the correct avenue, as I am not getting any clarification after reading the IRS tax rule. Here's my basic scenario (I rent my apartment via Airbnb): So, per the Masters Exception/14 day rule, as long as you: Rent the property for no more than 14 days during the year AND. Use the house yourself 14 days or more during the year or at least 10% of the total days you rent it to others, then you are not responsible for any tax. Here's where my situation is different. From Jan-Jul 30th, I will have rented apartment A for a total of 14 days. At that point, I am moving to apartment B. From what I see from this rule, it specifies THE property, which I read to be specific to apartment A, which is my primary residence currently. If I went ahead and rented my new primary residence, apartment B for another 10 days from Aug-Dec, I would still meet the requirement, again, of residing for 14 days/10% of the rented time. Would this mean that my 14 day essentially resets and is applied twice, since it seems to be property-specific, and I would also incur no tax liability on the second 10 days? (Ie. Is the 14 day PER property, as long as I fulfill the 14 day living/10% living on property of rented days). I assume it doesn't apply. I'm not trying to do any shady stuff here. I'm simply asking for clarification on what I am reading the exemption as, from the law itself. Thank you in advance! [link] [comments]  |
| Are we overthinking this - first time buyer, worried about trees Posted: 08 Apr 2019 04:32 AM PDT We are first time home buyers. We've had our offer accepted on an older home from the fifties in Florida. We love the home! This isn't our first offer or first inspection, so we have some background as to what can go wrong and be found wrong with the house. But, this is Florida and there are Laural oaks everywhere. The house has three very large oak trees that date back to 1969 at the very least. We did some digging and found historical photos of the area and can watch the tree growth! So, we know whatever tree is there is at least 50 years old. Laural Oaks have a lifespan of 50-80 years and are failing all over this part of Florida. UCF, for example, removed most of theirs and replaced them with Live Oaks because the lifespan is so different. When Laurals die, they often do so from the inside out, so you may not know until they start to fall apart. If they are Laurals, we know they are considered seniors and are on their way out. Would it be wise to get an arborist to examine the trees for health and determine what type they are for sure? I'm concerned that if they are Laurals and need to be removed, that settling could occur that ultimately puts the house at risk. Are trees something that home buyers need to consider? Are we seriously overthinking this? All of our family members have new homes, so seriously, we have no one else that can tell us if this is normal. [link] [comments]  |
| Prop 13 transfer of beach property Posted: 07 Apr 2019 07:40 PM PDT Location is southern CA. A family member has a 2m property close to the beach. It's 100% paid for and the house on it is tiny and old compared to the others in the neighborhood. She wants to transfer the property to her niece as inheritance, but the property taxes are far above what can be afforded and would be more detrimental than helpful. Is there a way around having to pay property taxes in the transfer whether it be pre or post death? [link] [comments]  |
| Posted: 08 Apr 2019 04:14 AM PDT would you ever consider letting buyers move in/take possession before closing? Or is this a bad idea no matter the circumstances? [link] [comments]  |
| Posted: 07 Apr 2019 04:55 PM PDT Hey all, bear with me as we are first time buyers so there's a lot I don't know! My fiancé and I are looking for a place to buy in San Francisco and obviously are very overwhelmed ... We have about $150k for a down payment right now (unless we liquidate investments which we don't want to do). We have been looking at properties around the $700-$950k range, honestly I don't think we will get something we like for much under a million. I told my fiancé the other day that we should probably put the hunt on hold and save up for another 6 months- a year til we have a more comfortable cash cushion. That said, I have been seeing a lot lately about putting down less than 20% for a down payment. We have good credit (mine is mid to upper 700s, fiancés low 800s) & good income (around 340k/year). I'm hesitant to pay PMI but I really don't know much about it. Is there a way to put down less than 20% and avoid PMI? Or is it better to pay PMI and be able to put that extra $100k in the stock market? $200k just feels like a big chunk of our net worth to drop into one asset. Any advice would be great. I go back and forth over whether it's even a good idea to buy since it's so expensive. We're paying about $4000 a month in rent and it seems like we could get some extra perks (parking, outdoor space, etc) for about $5000 mortgage which I think we'd be comfortable with. Thanks in advance! [link] [comments]  |
| Pros/Cons of SELLING As-Is Home Posted: 07 Apr 2019 06:11 PM PDT We have signed a contract and secured financing on a new construction that is not contingent on the sale of our current home. We'd like to get out of the current house and basically not throw any more money at it... we've been there for 21 years, and it is a 90 year old basic city 4-square style home in a very desirable FTHB neighborhood. Comps are around $175K for a home of our age and size. We have been in the house many, many years and have not done any major renovations. The kitchen is the worst part of it, not updated since early 90s, with linoleum flooring and ugly laminate counter, etc, But aside from that it's a pretty straightforward 1930s bungalow you'd see in many gentrified cities across the south and midwest. I'm sure if we upgraded the kitchen, painted the walls, redid the floors, refurbished the aging deck, etc we'd be able to sell in the same area as the comps, but I just want out of it, and don't want to have to mess around with ANYTHING at all. Am I being unrealistic thinking we could see for "as is" for around $150K ($20K below comps) without doing much work? The main thing that concerns me would be FHA buyers that require certain inspection standards, etc. If push came to shove I'd be willing to paint the interior, but I don't want to worry about rotten fascia or trim, etc. Am I being unrealistic, and what are some things we should be aware of or prepare for if selling "as is" for a lower price? [link] [comments]  |
| Renters, trying to buy our neighbor’s house Posted: 07 Apr 2019 01:19 PM PDT Hi Reddit Real Estaters, My husband and I are strongly considering putting an offer in on our across-the-street neighbor's house and I'm hoping some of you may have some words of wisdom to help us go about this appropriately. Some background: we are young 30s, two very young children, have been renting our current house directly across the street from the seller for 6 years. We are excellent neighbors and tenants and take exceptional care of our house and garden (if I do say so myself). We've asked our own elderly landlady if she would be willing to sell us our rental but she turned us down, saying the capital gains would be terrible. We're content to rent until the time is right as we love our neighborhood and don't want to move unless the situation is perfect. We live in an area with a VERY hot real estate market where the land value is absurdly high. Our own rental has increased in value by nearly 300k since we've lived here, but most nearby properties are being sold to developers who are tearing down and building up. This is likely what will happen to our neighbor's house. Our neighbor is a lovely woman, she lives alone and takes very good care of her house. It's one of the last smaller ones on the block (like our rental), it has a number of unique and well-maintained interior features, and has a gorgeous well-kept garden. We're friendly with her — say hello and make polite conversation about the weather, the neighborhood, our respective gardens, etc. We don't have a super close relationship with her but know one another by name. When we saw the Coming Soon sign, we bumped into her and told her we were sorry to see her go and we hoped any future buyer would maintain her garden as beautifully as she did. She agreed. We've since crunched the numbers and gotten pre-approved, though I suspect our pre-approval will come in short of the list price. We may have a slight edge in that we would be raising our family there, would not tear it down, and would keep her prized garden up and running, but in our market that edge seems next to nothing compared to $$$. We think the right move is to let our neighbor know that we're thinking about making an offer before it officially goes in the market. How would you recommend we go about that? Just knock on her door? Write a letter? I don't want to insult her with a low offer or outrageous expectations — we're aware it's a long shot but depending on the official list price we want to give it a shot. Thanks in advance! ETA: A few more questions as I continue to think through this. 1) Is there a percentage threshold where an offer WOULD be insulting? My thinking was that we would tell her we were considering it, wait to see the list price, and then either put an offer in or let her know it's too far out of our range. 2) We want to be respectful above anything else. Any advice on how to navigate this in a neighborly way is so appreciated. 3) We don't currently have a realtor as we're really not technically house hunting. Do we desperately need one? There isn't much that would turn us off from buying the house so our thought was we'd just contact her realtor and hire our own lawyer to do the paperwork. 4) As you can probably tell we're real estate newbs, desperately trying to buy into our current neighborhood. Our priorities are not offending anyone (first) and buying a house in our neighborhood (a very close second). I'm congenial and a bit deferential by nature and hate to blur the line but we're trying to find the opportunities as they come. [link] [comments]  |
| Posted: 07 Apr 2019 10:46 PM PDT So I was wondering are title companies the only ones that can hand out warranty deed or can a seller who fully owns the house can as well? Was messing around with some real estate forms and notice there was a warranty deed option. I know with quit claim all you do is take it to the city or county and it's yours! [link] [comments]  |
| House near city boundary: could it be rezoned into another city? Posted: 07 Apr 2019 10:16 PM PDT We are currently looking at a home that is on the edge of a city with good school district. About 2 blocks away is the border to a city with bad school district.
House is near border between Lynnwood and Bothell, Washington for reference [link] [comments]  |
| Tenants haven’t paid rent for 4 months? Posted: 07 Apr 2019 04:13 PM PDT I am a landlord for a property that I own and my tenants haven't paid rent for 4 months and just recently got them kicked out. I live in Ontario Canada and was wondering if I could take my tenants to small claims court to get back rent? If this isn't an option is there any way to get back rent from tenants that refuse to pay rent? The tenants refuse to pay back rent for some reason ( yes I asked them ). Thank you for your answers I really appreciate it! [link] [comments]  |
| "Price increases by $20k tomorrow" Marketing ploy? Posted: 07 Apr 2019 05:09 PM PDT There's a new construction home priced $20k below what it normally is for a "weekend special" since they're trying to sell the house by the end of the month. I haven't seen the house yet because I can't be in the town until next weekend. The seller is willing to take the home off the market until then if I sign a purchase agreement today that's cancellable if I see the house within 2 weeks of signing and don't like it. Should I just wait to see the house before signing anything and basically call b.s. on the price increase (and try to get the house for $280k later)? I know the house is in the right area and $280k is the right price for me. Since it's brand new I can't imagine there being too many issues with a contingent deposit, but I'm a first-time homebuyer so don't really know what to expect. Thoughts? [link] [comments]  |
| Posted: 07 Apr 2019 08:37 PM PDT Hi everyone- I'm looking at moving from renting to buying, but the only affordable for me areas are south Dallas (75203 ZIP) This neighborhood is kinda rough, but has some great remodeled homes. I'm ok with the neighborhood- just bone up on home security and be friendly to your neighbors. I only moved here six months ago, so I'm not exactly sure what the reputation is. I am a single male in my late 20s working in Irving. I want to be close to Dallas which is why I haven't looked at Arlington or Grand Prairie. The home I'm looking at is completely remodeled and around $150k - 1400sq ft. If the neighborhood is moving up, then I'm alright with it. Even if it doesn't- if I buy when it's crappy, I have little risk. Any Dallas-ites out there with opinions? [link] [comments]  |
| Upstate NY -- where would you buy a house/condo? Posted: 07 Apr 2019 12:39 PM PDT Hi guys, I'm thinking about buying a house/condo in upstate NY but I'm not sure about the city and area. Where would you buy it and why? I need some quiet green place with a 30-40 minute commute to Grand Central station via train. My budget for a house/condo is $550-600k. I see lots of options on Zillow but don't have any real feedback on those places. Thanks! [link] [comments]  |
| Do home inspectors look for unpermitted work? Posted: 07 Apr 2019 09:51 AM PDT I've recently been forced to learn about and deal with unpermitted work. I plan to buy in the not too distant future. Do home inspectors specifically look for unpermitted work? Is there a specialist I can hire for that? This one I'm dealing with was caught by fluke, not the inspector doing a good job. I'm in Florida, Hillsborough county. [link] [comments]  |
| Posted: 07 Apr 2019 05:33 PM PDT Hi all, First off i wanted to just start off by saying thank you for your help in advance! I am trying to get this house, that does not have a functioning furnace, i wanted to hear what you guys would do to repair/replace it the easiest way possible or if i should be worried about changing it ASAP since the weather is breaking anyways. This house will have a crazy amount of equity and is one of the only on market i can afford since the furnace is out and the house is dirty. Any advice would be greatly appreciated. [link] [comments]  |
| Coto de Caza home ineligible for homeowners policy. Posted: 07 Apr 2019 05:30 PM PDT As buyers, we are considering accepting a counter offer on a 2MM+ home in Coto de Caza. The home is at the end of a cul-de-sac and backs to open space. We've been struggling to secure a quote for homeowners insurance as carriers are classifying the home as ineligible due to wildfire danger. Over the last week, we've been denied by over 20 different carriers. They also denied adding supplemental insurance on top of the California FAIR plan, which only covers 1.5MM of structure. I have a limited understanding of the insurance business, but I have heard that it's not unusual for insurance companies to "tighten up" after a bad wildfire season, and then soften again a few years down the road. However, all of the insurance agents I've been speaking with say that they've never seen it this bad, and some are speculating that it may only get worse. We are still waiting to hear back from a few non-admitted carriers but the agents suspect their quotes will exceed $20,000/yr. Does anyone on this sub have experience with this issue? What is your opinion on this...do you think this issue will get worse as the years go on? Is it going to drastically affect home prices? I am afraid that even if I do find an insurance option for this home, I will struggle to sell the home in the future due to challenges securing a homeowners policy. Are there any insurance options that I'm missing? I've reached out to 4 different agencies and USAA. Combined, it makes up 25 different carriers which have denied coverage. [link] [comments]  |
| Quick question about selling house Posted: 07 Apr 2019 04:49 PM PDT I bought my house 4 years ago and my brother and SIL gifted me money for down payment. So, they are on the deed but not the mortgage. I am about to sell my house, and since we live in different states, would he be required to sign anything at closing? I know he/they will have to sign something because they are on the deed, but I am not sure at what point in the process. If its before closing, than they can docusign. If it's at closing I'm guessing a power of attorney would be best. Just looking for some advice out there on this. I'm new to selling a house. Thanks! [link] [comments]  |
| Any way to avoid paying capital gains for home sold after 1.75 years? Posted: 07 Apr 2019 02:38 PM PDT We bought a house intending to fix it up. Sold after 1.75 years, used our profit on the old house to help pay off 2nd mortgage on the new house. Didn't get a 1099s. Who should send it to us? Our old mortgage company? Any way to avoid capital gains on this house? [link] [comments]  |
| Why buyer agent doesn’t want to send repair list to lender? Posted: 07 Apr 2019 01:44 PM PDT My agent (I'm buyer) doesn't want to tell the mortgage company about repairs. She said seller agent will have more work and complicated because mortgage company will ask many receipts And now seller agent is not happy I feel like my agent is on seller side and not on my side (buyer) Why does she worry that seller agent will busy and upset [link] [comments]  |
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