Buying an isolated investment property Real Estate |
- Buying an isolated investment property
- Realtor(buyers) casually mentioned selling us her house.
- Defects not repaired on final walkthrough, offering plan doesn't line up with actual unit
- can i be evicted right now?
- Appraisal cost $475 changed days later to $675 after paying
- Interesting dilemma about property lines and installed pool hardware, not sure how to approach (MD, USA).
- What are the variable for real estate market?
- Would a concrete slab floor disqualify a home from FHA financing?
- Real estate property tax reduction companies
- (CA) New condo owner: Shrubbery all up in my business, HOA MIA
- My Roofstock Review After One Year (As a Buyer)
- Home Warranty company is refusing to service HVAC that is covered in my plan.
- May be doing a House Swap with a single agent handling both sides. What should the deal or % be?
- (PA) Release and distribution of deposit money Question
- Too risky?
- Breaking down a wall, converting a 3/3 to a 2/3, how bad is it for resale?
- Subleasing Apartment Temporarily (How to protect myself)
- (CA) Are Northern California's prices going to fall considerably? Should I wait?
- Seller building new house, how long can we expect to be held up on the closing ?
- Do falling fed rates impact mortgage loan rates as well?
- Need guidance on how to pay for repairs before putting house on the market
- Mortgage Underwriting positions
- Maximizing loan approval amount?
| Buying an isolated investment property Posted: 07 Jun 2019 11:48 PM PDT I'm looking at buying a small plat of land about 40 min from my current house in an upcoming hip area. The properties I've been looking at are wooded areas that are within 10 min drive to the more urban points of interest. It's also walking distance to a large body of water which we'll have access to for boating and fishing, and a 3 min drive from a state park. My thinking is that this area will be of greater financial value within the next 10 years or so and till then I can use it for camping and rent out my airstream on Airbnb. But I've never done this before, so I'm quite uneasy with the whole thing. If anyone could help me figure out: What are the questions I should be asking myself and finding answers to with realtors and online? What are overlooked factors in these sorts of scenarios? Has anyone done anything like this before? How did it work out? Any feedback would be greatly appreciated! TIA! [link] [comments]  |
| Realtor(buyers) casually mentioned selling us her house. Posted: 07 Jun 2019 06:05 PM PDT Wife and I have been working with a great realtor to find out first home. We've seen a few places and haven't found anything worth putting an offer on. A few days ago after a showing we were chatting and she casually mentioned she is looking for a new house as well and plans to put her current home for Sale. She mentioned she thought it'd be a great fit for us, but she has yet to find a suitable upgrade for her and her family. If she did end up putting it for sale is there a conflict of interest here? Is it a good idea to look into this more with her as our agent, or would we need to bring in an outside set of eyes to protect us? We haven't signed any exclusive agreements with her, but she has worked hard for us the last month, and we don't have any reason or intention to work with anyone else. The price she had mentioned is actually towards the lower end of our budget. We're aggressively looking so I doubt it will ever get that far, but it's something we are curious about. [link] [comments]  |
| Defects not repaired on final walkthrough, offering plan doesn't line up with actual unit Posted: 07 Jun 2019 10:40 PM PDT Hey folks, The condo I was looking to buy had defective A/C and a shower floor that wouldn't properly drain water. During the final walkthrough these items weren't resolved (and the unit was not ready for over an hour as it wasn't cleaned properly). I was actually lied to during the walk-through regarding repairs to the shower so I am glad I checked it myself. I also discovered that in the final offering plan there is an associated storage unit in the cellar tagged with the apartment number I'm buying, while the realtor is claiming I only have access to an unrelated boiler room in the cellar. My lawyer isn't standing up for me and is generally non-responsive so I'll be dumping him next week. Wondering if anyone has additional advice. First time buyer, so learning as I go... [link] [comments]  |
| Posted: 07 Jun 2019 09:43 AM PDT im in California and i pay month to month and he gives me a receipt. there is no lease. Landlord wants to kick me out today, can he? I paid rent already. [link] [comments]  |
| Appraisal cost $475 changed days later to $675 after paying Posted: 08 Jun 2019 02:18 AM PDT So the title company collected $475 via credit card. Then days later when the appraiser was assigned they demanded more money - $200 because the property is "2 acres and on a lake". The house is only 2000 square feet and it's in Florida where half the properties have water on them. The only thing I can find online (where other appraisal companies post their prices) for additional costs over the $300-$400 range is for multi-family properties. I have it all in writing in email. Not only that but when I balked, the title agent told me she tried shopping for a better price "but they were all like $800". Has anyone ever heard of appraisal fees like this? I'm not going to kill the loan at this point over $200, but honestly need someone tell me I'm not crazy for calling her out. Edit: typo [link] [comments]  |
| Posted: 07 Jun 2019 07:37 PM PDT I'll try to keep this simple. Mother purchased a home. Couple years later, she has a pool installed w/permits etc. The pool hardware (pumps/electric control panel) was unintentionally installed just over the property line of what was an empty lot at the time (approx. 2 feet) behind some fence. Fast forward 7 years, and the property where the hardware sits was sold and a couple townhomes are being built on it. Buyers of the purchased lot are asking for the pool hardware to be moved. There are 3 components related to this issue image here:
Not sure if there is any "fault" for the work that was done on the property (with approved permits), but she's having difficulty getting any pool company to agree do the work to adjust it (without exorbant pricing) and the company who installed the pool (and subcontracted work+permits) are giving her the run around and not calling her back or responding to inquiries. The kicker... my mother sold her home and is closing this month. Not sure the best approach here. :-/ Thanks for any responses! [link] [comments]  |
| What are the variable for real estate market? Posted: 08 Jun 2019 12:49 AM PDT On what variables does real estate market depend on? I have made a small list but can benefit from your inputs. Mortgage rate Job market New construction licenses Govt spending I am not sure if the following can influence real estate prices Asset(equities) prices Cash flow in the market Debt( Government/Private) level Bond rate Election year [link] [comments]  |
| Would a concrete slab floor disqualify a home from FHA financing? Posted: 07 Jun 2019 08:49 PM PDT My husband and I are listing our house this week. Both agents we have spoken with say that our home would not qualify for bank lending because it is missing floor coverings. Months back we decided to pull out the 20 year old heavily soiled carpet in our downstairs along with the worn out linoleum. We left carpet in 2 rooms to get to later on when we had the money to stain the concrete slab that lies under the entire downstairs. Now we are in a predicament... Do we strip the rest of the carpet out and if so would staining it qualify as "floor covering" or should we consider throwing down some cheap no glue linoleum throughout purely to give it flooring to open up the door for lending/ more buyers? Keep in mind the house has not been remodeled since it was built in 94 and has had virtually no updating so whomever buys it will 100% rip out whatever we put in as well as painting, replacing fixtures, and other cosmetic renovations. There is nothing else I can think of that would disqualify the house. It is all cosmetic... not unsafe nor structurally questionable. [link] [comments]  |
| Real estate property tax reduction companies Posted: 07 Jun 2019 04:45 PM PDT I got a letter in the mail from a company stating they will work to help refund/reduce our property taxes. To summarize:
Questions:
Thanks Reddit! [link] [comments]  |
| (CA) New condo owner: Shrubbery all up in my business, HOA MIA Posted: 07 Jun 2019 02:21 PM PDT Long story short, just moved in to our new condo, there are a couple spots where plants are overgrown. First would be the walkway up to the door where I'd need to duck down to avoid leaves, but the bigger problem is in front of my single car garage where there are bushes in either side leaving very little room for error while parking. While technically I can park if I'm careful, I've already scratched my shit twice in my first week here. Already emailed the HOA three times, oncce for the front and twice for the garage. Since they're not replying, just curious what's the worst that could happen if I just handle this on my own? I don't mind trimming this stuff myself since it's mostly small, just wondering if it's appropriate for me to do so since these bushes are in my way and literally causing damages. [link] [comments]  |
| My Roofstock Review After One Year (As a Buyer) Posted: 07 Jun 2019 06:35 PM PDT Hi everyone, I haven't seen many long term Roofstock reviews so I made one on Youtube. It's not nearly as professional as some stuff on Youtube but hopefully it gives you a sense of how I liked the process and am happy with the results. [link] [comments]  |
| Home Warranty company is refusing to service HVAC that is covered in my plan. Posted: 07 Jun 2019 02:47 PM PDT Phew. Alright. So, I came home from work the other day and I smelled faint gas. Immediately, I called my gas company and they sent an inspector out. Earlier that day, I had pulled my stove out to plug something in behind it and moved it back. I thought maybe I'd dismantled something. The absolutely wonderful technician comes out and says the stove is completely fine, but let's check the HVAC (he could smell it, too). After looking at the situation, he confirms there is a leak and then goes on to tell me that in his 35 years of working with gas, this is the worst HVAC situation he's ever seen (for a slew of reasons). So much so that he tells me he cannot legally leave my home until it is disconnected. So he disconnects the gas and caps the line. He kindly writes me a very detailed report, tells me to call my warranty company, and tells me to stand my guard, because this absolutely is not safe. Cue to today. I call my warranty company and they tell me that because someone not affiliated with them disconnected the gas (even though he was not LEGALLY ALLOWED TO LEAVE without doing so), they refuse to cover or service my HVAC. "I should have called THEIR emergency line when I smelled the gas." I did not call the gas company to come out and check out my HVAC. I called them to come check my stove. Once it was discovered what the issue was, the technician was obligated to do his job (which I am thankful for) and my hands were tied. The warranty company keeps telling me that there is "nothing they can do." Is there any way around this??? I bought this condo one month ago and the HVAC was a huge point of contention during negotiation after inspection. The warranty was given to me by the seller in case this very thing happened. And now there's "nothing they can do." Please, please, pleassssse help with any advice or experience you might have. Should I hit up r/legaladvice? Or r/personalfinance? [link] [comments]  |
| May be doing a House Swap with a single agent handling both sides. What should the deal or % be? Posted: 07 Jun 2019 05:44 PM PDT We want to upgrade to a larger house and a couple who live in the next town over want to downsize. The same agent that originally sold us our current house, went door knocking and found a couple looking to downsize. He's proposed that both parties pay 3% but I'm struggling to reconcile this here as he's going to make a nice commission off the more expensive house, and he made a commission off our current house when we bought through him just 3 years ago. Does that commission sound right for single party representation of both sides? [link] [comments]  |
| (PA) Release and distribution of deposit money Question Posted: 07 Jun 2019 11:40 AM PDT Situation: A buyer and seller cannot come to terms of agreement following inspections. The buyer has wished to back out of the sale. Their escrow deposit (EMD) was processed 5/27/19. IS it common practice for the release to be distributed back to the buyer immediately, once the that document is signed (AOS Release and Distribution of Deposit Money), OR, is it 30days from when the check was initially deposited? Any help is appreciated. Thanks. [link] [comments]  |
| Posted: 07 Jun 2019 04:35 PM PDT I want to buy an investment property triplex or fourplex in the bay area probably around 1.2 to 1.5 million. I have the down payment 25 to 30%. I live in Texas and planning to move back to family and friends when I retire about 25 years from now. I don't want to invest in Texas because I already own a house here. I will get little cash flow but at least my retirement house is locked in. Now, I am worried we may have a recession soon. I may lose my job and tenants can't pay rent. Am I worry too much? What would you do? [link] [comments]  |
| Breaking down a wall, converting a 3/3 to a 2/3, how bad is it for resale? Posted: 07 Jun 2019 04:31 PM PDT My parents are divorcing, my mom is keeping the house and doing renovations to make it her own. The upstairs has 2 small-ish bedrooms and a large master. How bad for resale is it to break down the wall between the 2 small bedrooms to make it one larger bedroom? She's not planning on reselling any time soon. I know it seems redundant but if she ever wanted to sell in the future, can't she just build that wall back up? [link] [comments]  |
| Subleasing Apartment Temporarily (How to protect myself) Posted: 07 Jun 2019 04:19 PM PDT Hi! I am currently going through the process of finding someone to take over my apartment for a few months while I move for an internship. My landlord is very hands-off and is fine with us subleasing, but said it is essentially all on us, and we need to continue to pay him and collect rent. So I guess what I'm wondering is what type of contract should we print out and what information should I collect from her? I would like to avoid getting a security deposit from her since I initially said there wouldn't be one (also move out is next week and I wouldn't be able to find someone if that were a deal breaker for the leasee). I have found some default stuff online, and even looked up the RHA lease we signed upon arriving (although I saw it costs to have an account), but am not sure of what exactly is legit and would hold up if court if it came to that. Oh and I live in WA state! [link] [comments]  |
| (CA) Are Northern California's prices going to fall considerably? Should I wait? Posted: 07 Jun 2019 08:44 AM PDT I keep seeing articles like: https://www.hoover.org/research/simple-analytics-why-california-home-prices-will-soon-fall And I checked Zillow recently, and to be fair, I have seen home prices being reduced a little. My question is, are they going to drop considerably? I'm not expecting it to be at 2008-2009 levels, but something affordable. What's affordable to me? $300k. And I know Northern California's housing market is diverse, like it's population, for example, Sacramento is different from San Francisco, but in general. I work in Northern California in the public sector and might transfer to Sacramento, but even at it's current prices, I still can't afford it. Are they going to drop? Should I wait? [link] [comments]  |
| Seller building new house, how long can we expect to be held up on the closing ? Posted: 07 Jun 2019 10:14 AM PDT Like the title says. Wondering what we can expect the delay to loook like? A month? Two? I've heard stories and people are making me feel like this is going to be a long one. [link] [comments]  |
| Do falling fed rates impact mortgage loan rates as well? Posted: 07 Jun 2019 10:37 AM PDT Sorry if this is a dumb question, but the news is saying rate cuts are coming, and while a direct correlation with mortgage interest rates would make sense, I don't want to make assumptions. Thanks! [link] [comments]  |
| Need guidance on how to pay for repairs before putting house on the market Posted: 07 Jun 2019 05:38 AM PDT Before I can put my house on the market I d like to be able to do a few small updates to the bathrooms, get the house painted, spruce up the yard a bit for curb appeal, AND fix the foundation- we got an estimate that the foundation work will cost about $9k. We have little to no savings to make the repairs, but do have 70k equity in the house. What are our options? Thank you all for your help!!! [link] [comments]  |
| Mortgage Underwriting positions Posted: 07 Jun 2019 01:33 PM PDT Hello, I sure this is not the best place for this question but does anyone know of any companies actively looking for entry level or junior level underwriters? I am willing to locate. I have 4 years of loan origination and light processing experience. Not too many opportunities in the south Florida area that doesn't require 3 years of underwriting experience already. Any help in the right direction will be appreciated. Thanks! [link] [comments]  |
| Maximizing loan approval amount? Posted: 07 Jun 2019 01:16 PM PDT I'm trying to figure out how to maximize the amount I'll be approved for given my dilemma. I have the following options:
Using a few calculators, it looks like option 2 gets me approved for the larger mortgage, and I can't figure out why. I would think that having a extra 7-8% space for mortgage in our total DTI ratio would make a bigger difference. Some other information: Homes that we want to live in for more than 5-7 years are right on the threshold of what it looks like I'll be approved for on my income alone (homes are at least between $450-550k.. we're looking at the lower end hopefully). I am very comfortable taking out the absolute maximum a bank will approve us for on my income alone because the bank is not considering other (more or less) "guaranteed" funds we receive annually in the form of stipend, grants, and generous family support. All that money is approximately equal to my salary, so our true DTI ratio is about 1/2 of what the bank is calculating. Can anyone advise which of the two options above is better to maximize the bank approval amount? [link] [comments]  |
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