What to do with $330k equity? Real Estate |
- What to do with $330k equity?
- [Buyer] Am I right to be angry at my agents?
- Why is obtaining zoning information such a nightmare?? Is there no centralized .GOV database map with the zones for each property?
- Appraiser gave us worst case scenario; coincidence?
- Mortgage rates slightly up, applications at a 9 year high.
- Is it common for appraisers to use comps that are more than 6 months old?
- Thoughts on the BRRR method?
- Cincinnati, Ohio Undisclosed easement. Yard will be destroyed as they dig up the back 10 feet and tear down a fence (not on the easement) to get through our yard with equipment.
- My First Big Purchase ,Advice?
- Real estate apps or programa
- Astoria Queens NY Commercial Property Taxes Cost 40K+ Range, Is This Normal?
- Picking between preferred lenders.
- Splitting Land w/Restrictions?
- Title Co. won't release funds because I'm doing a VA Rehab loan (CA)
- Was buying a home easier or harder than you thought?
- Under contract and issues with inspection
- Should we buy an apartment right out of college?
- Buy or Walk on Duplex in DFW
- How to get Argus Certification cheap?
- New construction and home owners insurance
- Wildly different quotes for lawyer fees
- CA - Removing Loan Contingency (after Approval or Funding?)
- Online Real Estate Help
- I was told that I was on Public Sewer, I now have a 10k bill for a new septic tank.
- Underground Oil Tank?
| Posted: 25 Apr 2019 06:27 PM PDT My wife and I have an investment property in Pasadena, CA that gets us about $250/month income. We have $330k equity in it. I'm thinking, we should sell the house, get that equity back in cash, and use that cash as down payments to purchase smaller properties around the country that, added together, would generate a lot more than $250/month in income. Her argument is that Pasadena is a nice place, the value of that property is just going to go up overtime, and the situation is set so why mess with it? Who is closer to being right here? [link] [comments]  |
| [Buyer] Am I right to be angry at my agents? Posted: 25 Apr 2019 03:22 PM PDT Sorry if this seems like a wall of text, but this situation has been driving me nuts all week. Monday morning, my lender says I need a foundation inspection since the appraisal pics showed some dampness on the floor. No big deal, I reach out to my agent same day, radio silence until Tuesday. Part of the issue during this is I was trying to get info from the lender if they had someone they wanted us to use, or if I could set it up. That's another matter for another thread. Come Tuesday, my agent says he doesn't have anyone in mind to do it. I search and find inspectors, visit them on Wednesday and get that arranged. At no time does my agent suggest that I need to reach out to him about scheduling this with the homeowner. I reach out to the sellers agent about scheduling and getting info on repair work the sellers did, and she says there's an issue with the purchase agreement she's been trying to get my agent to fix for a week. An issue big enough that she can't submit for title until it's solved. She also mentions scheduling though CSS, but doesn't explain what that is. I reach out to him about that Wednesday, radio silence until this morning. She mentions scheduling though CSS, but doesn't explain what that is. I sent him and his assistant a come to Jesus email stating that I'm not sensing a sense of urgency this close to closing. We're supposed to close on the new property on May 10th. I manage to get the purchase agreement issue solved, but I don't hear anything about the inspection from him. I also email the sellers agent about scheduling, and she says it needs to be done through CSS. I work in IT, and CSS has a very different meaning to me. She mentions this, but doesn't offer to help move anything along. Don't get me wrong, she's not my agent. But I'm buying her clients home, so I'd think she'd want to help out if she could. So here we are at 6pm on Thursday, 15 days to close, and I've got an inspection arranged for 4pm tomorrow that I'm not even sure is going to work because no one said we needed to schedule this through a special portal that I don't have access to. I'm paying my guy a lot of money on the sale of my home (more than likely too much, TBH, but I'm past that point as we close on ours next week), and I'd bet the sellers agent is making bank. I feel like I'm doing a lot of their work for them. Am I wrong to be angry at them at this point? [link] [comments]  |
| Posted: 25 Apr 2019 04:57 PM PDT |
| Appraiser gave us worst case scenario; coincidence? Posted: 25 Apr 2019 06:28 AM PDT Buyer here. We've been house hunting since December and finally came across a house we adored and that felt right. Original listing price was 270k but we were told by our realtor that it was priced low to start a bidding war. This didn't surprise us. Two previous houses we wanted: 1. listed at 275k and sold for 300k in closeby neighborhood. Another listed at 250k and we offered 262k; house sold for 286k. So we put in our offer for the subject home of 292k with an 8k escalation clause because I truly felt someone would go to 300k. There were 10 offers and we were told by the seller's agent that our offer was "very close" to another but he countered us with 292k purchase price but only if we agree to go 8k over the appraisal value in cash upfront -IF it doesn't appraise at 292 or higher. So we would never pay more than 292... we felt like with the hot market that we had to accept but mostly because we loved the home. So in our eyes, the house is valued in the 292 - 300 range (obviously based on our offer), especially considering how nearby homes have sold. We figured if the house appraises for, say 250, then we pay 258 and are at least paying much less for the home. If it appraises for what we offered, then great. Worst case scenario: It appraises for 284k and we still pay the full 292 only with 8k in cash instead of through our lender. So of course the appraisal came back at exactly 284, our worst case scenario. The appraiser was able to see the addendum to the contract that stated we would go 8k over the appraisal UP TO the purchase price of 292. It's like he purposely appraised it that way. Can you think of any reason he would do that? Or am I just dealing with an awful coincidence here? We would much rather hold onto that 8k upfront and mortgage it instead, so we are doing our best to appeal. [link] [comments]  |
| Mortgage rates slightly up, applications at a 9 year high. Posted: 26 Apr 2019 12:04 AM PDT With mortgage rates slowly increasing and applications at a 9 year high how will this affect the housing markets. Supply of previously owned homes at a record low, people can't afford to move or the housing demand that great? [link] [comments]  |
| Is it common for appraisers to use comps that are more than 6 months old? Posted: 25 Apr 2019 03:07 PM PDT My girlfriend's mom recently sold her house for $450k but when they had the appraisal done it came back at $425k. I noticed that the appraiser used a comp that had sold 10 months ago, even thought there have been 13 comparable sales in the last six months. If the appraiser only included 6 comps in the appraisal, why would they use one that is almost a year old? That same house actually sold literally one day after the appraisal was completed for 5% more than the sale price on the appraisal. I feel like this really affected the value of my girlfriend's moms house in a negative way TL;DR is it common for appraisers to use year old comps when there has been plenty of activity in the last 6 months? [link] [comments]  |
| Posted: 25 Apr 2019 02:53 PM PDT I am trying to learn more about real estate investing and I have seen multiple articles endorse the BRRR method which means Buy, Renovate, Rent, Refinance. What is the consensus on this strategy and what would someone need to look out for if they pursued it? [link] [comments]  |
| Posted: 25 Apr 2019 09:24 AM PDT Hi all. Thanks in advance for any responses. My wife bought our house in summer of 2009, right before we met. Last year we got a notice from bp that they would be checking on a pipeline in our yard. This was a surprise to us as we weren't aware of one. I checked the closing docs for the house and it lists easements-none. I checked the county auditor site-none. I dug up the original plat book for the site and sure enough-10 ft easement for a pipeline. Fast forward to this year and they are now telling us they are digging up the back 10 feet of our yard to do maintenance. Do we have any recourse against the original sellers, appraiser, or bank for the non disclosure? Edit to add a plat image of the easement/property. Fence is right by the number in the middle of the property. TLDR: 10 foot easement not disclosed at time house was purchased. Easement now being dug up and our yard destroyed. Is there any legal recourse? [link] [comments]  |
| My First Big Purchase ,Advice? Posted: 26 Apr 2019 02:07 AM PDT I'm looking at a 1 acre lot in town "no building its just land". The dream is to build a nice kit home on for 100k or less . It's got no utilities on it but does have road access . They want roughly 20k, i could only put down a quarter of the entire expense right now. I landed a well paying job about 7 months ago & have decent enough credit. [link] [comments]  |
| Posted: 26 Apr 2019 02:05 AM PDT Hi guys, im currently managing 12 houses. I currently have a secretary who manages it with stacks of paper/folders and tells me when rent is due. I want to go digital, what apps or programs do you guys recommend? [link] [comments]  |
| Astoria Queens NY Commercial Property Taxes Cost 40K+ Range, Is This Normal? Posted: 26 Apr 2019 01:59 AM PDT I was looking at some commercial property in Astoria queens, and the tax is 40K plus for a commercial property worth around 2M only. Is this normal or am I the only one thinking this is insane? [link] [comments]  |
| Picking between preferred lenders. Posted: 25 Apr 2019 05:01 PM PDT I am looking at new construction homes in Yelm, WA. The builder has 2 preferred lenders and I would like to know more information if anyone has specific or general knowledge about these 2. I will be using a VA Loan for the second time. Guild Mortgage On Q Financial Questions I have include:
Thanks in advance! [link] [comments]  |
| Splitting Land w/Restrictions? Posted: 25 Apr 2019 04:05 PM PDT Has anyone ever dealt with this? Essentially my parents are wanting to move to the county I live in and buy some land (Around 10 acres or so). The restrictions here mean you need 5 acres for 1 home to build on it or 15 for 2 homes (Which makes no sense) if it's in a rural area. Is it possible to split a 10 acre lot into 2 plots (We are wanting to build a house next to them and share the land essentially) as opposed to them buying 15 acres? Thanks! [link] [comments]  |
| Title Co. won't release funds because I'm doing a VA Rehab loan (CA) Posted: 25 Apr 2019 06:48 PM PDT I thought I had completely closed on the house, I was waiting to receive the closing package from escrow. However, my agent calls me and tells me that they have been going back and forth with the title company all day. He informed me that the title co chose to not move forward with my loan. The reason being that they have not done a VA rehab loan before. Yesterday, they requested I sign an Indemnity Agreement, so they would not be responsible if the contractors put a mechanical lien over the house in case the contractors don't get paid. I signed it, but I guess that wasn't enough. My agent and loan officer have been looking to find another title company that has experience with VA Rehab loans, but will probably not record until sometime next week now. That will put me over my rate lock date, so my agent is also asking the lender if they can cover the extension fee, since it isn't my fault we are going over. Shouldn't the title company have known wether or not they would handle a VA rehab loan before taking it this far? [link] [comments]  |
| Was buying a home easier or harder than you thought? Posted: 25 Apr 2019 07:55 AM PDT First time home-buyer. Just curious to see if the underwriting process was dreadful for anyone? I'm so afraid of getting into the underwriting process and not getting approved for some reason. I was pre-approved for $250,000 I make $72,500 a year salary My monthly debt payments (car, student, medical, credit cards) are approx $623 per month total. My median credit scored they used for pre-approval was 674 The lender recommended an FHA down payment assistance program with an interest rate of 4.625% I am waiting to find out if an offer I submitted on a home was accepted. I'm just nervous for the next steps after that! Any advice? [link] [comments]  |
| Under contract and issues with inspection Posted: 25 Apr 2019 08:38 PM PDT Hi - first time home buyer, i am currently under contract for a house in Clifton,NJ. We found a relatively well maintained home and submitted asking price. Upon inspection, we learned of needing a fire safe door, our windows are original from 1940 and may contain lead, our radon test came back over 5, our water heater will need to be replaced and our roof has another 5 years and we need some electrical outlets replaced. We responded with the radon, windows, minor plumbing issue and the fire door. They pushed back with crediting us 1k to repair radon and the fire door. We are upset, we said we will eat the cost for the roof, water heater and he outlets. We are very concerned regarding the lead. We were discussing responding with our lawyer and he provided some input but said the realtor may have some ideas. We considered pushing back about the windows and requesting 10k total credit. Our realtor said that's going to kill the deal. After talking with friends they are telling me lead isn't an issue. We are looking at paying asking for a house that needs a new roof, water heater and windows and still needs overall updating. Are we being ridiculous? I am frustrated because I feel our realtor should have been guiding us better and advising us better. [link] [comments]  |
| Should we buy an apartment right out of college? Posted: 25 Apr 2019 11:16 PM PDT I'm looking for advice about what my fiance and I should do about housing after college. We are both going to be working in Brooklyn, NYC with a combined income of about $190,000. We are both 22 years old and are finishing our undergraduate degrees. He is a software engineer and I am in business (econ degree). We have signed offer letters and are going to start in late June. My parents and his parents both want us to buy an apartment soon so we can start gaining equity. Both sets of parents are super supportive and have given us a total of $100,000 for a down payment (50k each). We also have about $45,000 that we have saved from working in college. Altogether we have about $145,000. We are thinking about getting a 2 Br place in Sunset Park (his parents live there) and our budget is max $650,000. We have been told that showing our signed offer letters with start dates we qualify for a mortgage. We both have excellent credit (780+). We want to start a family in about 5 years, and would like to settle into a place that we can grow into long term. My question is, should we jump and buy even though we are only 22? We are planning to have a friend from college live in the extra bedroom and pay about $800 a month to help take a chunk out of our monthly payment which will likely be about $3000 including maintenance. This should leave us in the ballpark of $2200 a month give or take. Be honest with your thoughts. I want some feedback. TLDR: 22 and thinking of buying an apartment in Brooklyn NY. Stupid or smart? [link] [comments]  |
| Posted: 25 Apr 2019 10:04 PM PDT Hi all, Posting this in hopes of getting some valuable feedback or opinions. If nothing else, just posting to gather my thoughts and just lay it everything out to help me with this decision. First time home buyer, found a duplex in a very fast growing area that sprung up in right around 2012. Right across the street from 3 major hospitals, and an 8 minute drive from Downtown FW. I don't think vacancy would ever be an issue, and there's a pretty big opportunity for the value to continue to grow. Details about the home - built in 1980s, ~1500 sq feet total. Was sold in 2016 for 65k, assuming it was fully renovated, and currently have an accepted offer of 235k. Rents are looking to be around 1050 each side, 2100 total. Not sure if this matters but the one contingency they put acceptance was that I have to remove the tenants myself. Both tenants are on month to month leases, paying rent at 950. I would need to kick one tenant out to self-occupy. Now for the bad nitty gritty - had an inspector come out and check around the house. A ton of minor things that the inspector found that should total up to about $1000, and 3 "big" ticket items that would need attention. On the bright side, all major ticket items are roughly 3 years old or less (x2 HVAC, Heaters, Metal Roof) so major upside there. Electrical and plumbing all check out (from the inspector).
Unfortunately, I heard from my agent today that the seller is completely unwilling to do any of the repairs or provide compensation for the three items we've requested. I've got until tomorrow at 5PM to make my decision so any feedback/advice would be greatly appreciated! [link] [comments]  |
| How to get Argus Certification cheap? Posted: 25 Apr 2019 10:03 PM PDT Does anyone have any links to manuals for the software please? Also any good links to youtube or video tutorial series? Most importantly; how do I get a version of the software to practice with if at all possible without paying an arm and a leg? I already did an Internship but this was not something I got to learn while I was there. [link] [comments]  |
| New construction and home owners insurance Posted: 25 Apr 2019 09:10 PM PDT Should i go with the first quote i got from an insurance company that works with my builder to make the closing easier? If i wanted to shop around for quotes does it check my credit score? also since my insurance will be in an escrow, do i just let the lender know which company i'm going with? Any recommendations for insurance companies with low rates in Houston? (not in a flood zone) Thanks! [link] [comments]  |
| Wildly different quotes for lawyer fees Posted: 25 Apr 2019 10:30 AM PDT Long Island ny. One lawyer quoted 3000 and another 1000 for fees for a house purchase. Why such a big difference? How do I pick? The more expensive one says the cheap one will make his mnoney in other ways that I won't even notice. Seems like everyone is out to get me and I have no idea how to navigate this part of the process. Suggestions? [link] [comments]  |
| CA - Removing Loan Contingency (after Approval or Funding?) Posted: 25 Apr 2019 04:48 PM PDT When is the appropriate time to remove the loan contingency? I've seen a lot of places suggest that the appropriate time is when one is "fully approved." However, I've also read that the bank can pull out and not fund the loan even though it was "fully approved," in which case the security deposit would be lost if the loan contingency is removed. I've seen some places suggest to write the contract such that the loan contingency will be removed after loan funding (safer for the buyer), but my agent has said that no seller would ever agree to such terms. I'm past the loan contingency removal date (bank got backed up) and could be issued a notice to perform. While I'm now "fully approved" for the loan according to the lender, my thought is to not remove the loan contingency until forced to (and next time, write the contract in a way that wouldn't put me in this situation), and to keep the contingency on in the unlikely case the bank doesn't fund. If the seller actually does issue the notice, then I suppose I'd have to remove it within two days. But no harm in keeping it on otherwise right? It's just making it a little safer for myself? Thoughts? [link] [comments]  |
| Posted: 25 Apr 2019 04:36 PM PDT I'm trying to look through to get an idea of what real estate costs but the websites are so unhelpful. I try to look at large pieces of land but darn near everything is put up as priced per acre despite that being very much not how pricing is supposed to be listed or is a tiny plot or house labeled as hundreds of acres. Are there any websites with moderation going on? [link] [comments]  |
| I was told that I was on Public Sewer, I now have a 10k bill for a new septic tank. Posted: 25 Apr 2019 07:30 PM PDT Hi everyone. I bought a house about 2 years ago that was built in the 1960s. On all of the documents about the property, even the ones that the county has, it says that my home is connected to the public sewer. I had to dig and finally found a very old drawing of our septic tank. About a year and a half in, the septic tank backed up and it cost us 10k replace it, and about $500 to fix the yard afterwards. It was a horrible experience. Is there anyone legally liable for the misinformation or is it just too late? [link] [comments]  |
| Posted: 25 Apr 2019 03:15 PM PDT Home I am looking to purchase is being sold as-is - was built in 1955 and has an underground oil tank. What's the big deal with the underground tank? [link] [comments]  |
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