Parents Are Giving Their Kids an Average of $39,000 to Buy a Home Real Estate |
- Parents Are Giving Their Kids an Average of $39,000 to Buy a Home
- First time home buyer - advice needed
- I KNOW I'm walking into a bad leasing situation and need advice to prepare for the worst.
- Need help! After under contract, realtor hit me with a transaction fee (I’m the buyer)
- Waiting for the real estate market to crash to invest in rental properties or starting now?
- Urgent Situation - Need Advice
- First time home seller - need advice
- New Jersey Agents - do you require the buyer’s lender to provide a commitment letter?
- Reasonable CAP Rate for Mobile Homes
- What are the tax consequences of not getting permits for bathroom and kitchenette? (MD)
- Ethics/Etiquette question: Posting photos/video from a viewing on social media?
- First time buying house... need advice
- My sister is selling her house in idaho FSBO. She got multiple cash offers.
- Home repair negotiations
- Inspections what would you do!?
- Confused landlord--Frustrating tenants with disallowed pets
- First time home buyer question, sellers will not fix anything after inspection and want to accelerate the timeline for a response. Is this allowed?
- Moving away. Should we sell or remotely rent it out? Also, timber harvest?
- What does the term “no repairs” mean in real estate talk?
- Changing condo master deed, do I need to notify lender?
- Alternative Ways of Funding Real Estate That Are So Crazy.. They Just Might Work??
- Prior property lien holding up title release?
- need advice, high humidity problem in condo--would like condo assoc to help me solve
- Mold found on final walkthrough (I'm the seller)
- Protect anonymity when buying a house?
| Parents Are Giving Their Kids an Average of $39,000 to Buy a Home Posted: 03 Jun 2019 02:52 PM PDT With real estate prices at all time highs, and salaries not scaled to match, here we are. 1/5 purchases are funded by on record gifts by parents. Its unknown how many "off record" gifts happen, which as you know, is also a huge chunk. [link] [comments]  |
| First time home buyer - advice needed Posted: 03 Jun 2019 05:55 AM PDT I'm not sure if I'm in the right subreddit - I've seen others called "first time home buyer" or something, but it didn't look to have a lot of members online, and I thought I'm more likely to get a response here. I'm starting to get pretty stressed out in life thinking my husband and I will never be able to afford a home. I really don't know how millennials are doing it. My husband and I live in the greater Toronto area, and make an income of about 95k together (before taxes)...we barely eat out, maybe once a month, and are pretty smart about money. The average house in my town is about 600k...400k if you're wanting to living in a 1bed 1 bath condo, which is out of the question (Im not trying to sound snooty- but we currently rent a 2 bed 2 bath with a yard, have a dog and a cat and would like to eventually add a child maybe so living in a 1 bed 1 bath seems like a step backwards) Even moving outside of town, say 30 mins, you're looking at 400k houses which is a little better, but what I really want to know is...how are people affording to put a 20% downpayment on a first time home? It seems like, so much money. Thats still 80k on a 400k house. Most people just don't have that lying around. Are there institutions that will lend you money towards an initial down payment? Do we just eat rice for the next 10 years and hope we save that 80k? I really don't know, and any advice would be appreciated haha. [link] [comments]  |
| I KNOW I'm walking into a bad leasing situation and need advice to prepare for the worst. Posted: 03 Jun 2019 10:17 AM PDT Hi, I am currently a college student going into my junior year. My only two experiences going through a leasing process are signing my dorm lease and then the luxury apartment I live at now(I also work at this place so it was very easy). The friends I wanted to live with have to pay rent out of pocket so I decided to sign for a house that only costs half of what I pay now out of respect for their budget. However, the place that I signed with has a 1-star Yelp rating with a LOT of reviews none of which are above 2 stars. The main complaints seem to be: not cleaning the place before move-in, inconsistent/non-existent maintenance service, screwing people out of deposits despite having proof that they shouldn't be charged for certain things, and not giving 24 hours notice before showings. I'm trying to warn my friends about this but I feel like I'm the only one who is taking this seriously. I work as a leasing professional at the apartment complex I live at now so I have a pretty good idea of what the leasing process should look like and what questions to ask, but not when shit actually hits the fan (especially with a shady company). Any advice on how to prevent me and my friends from being another group of kids they take advantage of? If they do violate lease terms how should I go about fixing it? I am mainly concerned about the deposit aspect. Any and all input would be greatly appreciated! [link] [comments]  |
| Need help! After under contract, realtor hit me with a transaction fee (I’m the buyer) Posted: 03 Jun 2019 03:01 PM PDT Need some advice. Made an offer on a home in New Jersey with a realtor who showed us homes. It's bank owned. Bank accepted our offer and we went under contract. After we went under contract, realtor emailed an "exclusive buyer agency agreement" and said it was needed for our closing. The agreement isn't dated, and it says we would have to pay 1500 dollars for our closing. My question is, do we have to sign it? Does it matter that she disclosed this form to us after we were under contract? Have your heard of buyers agents doing this before? Any advice would be appreciated! Thanks! [link] [comments]  |
| Waiting for the real estate market to crash to invest in rental properties or starting now? Posted: 04 Jun 2019 01:31 AM PDT |
| Urgent Situation - Need Advice Posted: 03 Jun 2019 06:45 PM PDT A first time home buyer who is also a real estate licensee here, I bought a property with the purpose of renting it out. The listing states, "Currently rented to long term tenant (that would like to stay) for $825 per month. Property being sold as is, seller will make no repairs." We are supposed to close tomorrow but I just discovered that the tenant is not even on the lease, the lease expired in January 2018 and it is a possibility that they haven't been paying. I feel like I was intentionally misled by their selling agent. I emailed the title officer to hold on the settlement and the title officer told me she understood and that she never had this happen before. I've been trying to get answers from their selling agent, such as how behind their tenant is, how much the security deposit is, whether it has been returned, whether there have been eviction attempts, but it has been difficult getting a straight answer from their selling agent. I know I could have done way more due diligence, I was too excited and wanted to start investing but I feel like I was unfairly misled at the same time. What do you guys think my options and the possible outcomes are? [link] [comments]  |
| First time home seller - need advice Posted: 04 Jun 2019 12:25 AM PDT About to start the sales process for my home (Fort Lee, NJ) and found a few agents that I "like" but not sure if I should sign a contract or list by myself. Tools online make it look simple to list by owner and it's got me thinking whether I should keep that 2% (4% total fee) for myself... Advise will be much appreciated. [link] [comments]  |
| New Jersey Agents - do you require the buyer’s lender to provide a commitment letter? Posted: 03 Jun 2019 03:13 PM PDT I know New Jersey's sales contract has specific verbiage stating the lender must supply the listing broker with a commitment letter. However, does anyone here require this commitment from/for their clients [link] [comments]  |
| Reasonable CAP Rate for Mobile Homes Posted: 03 Jun 2019 06:35 PM PDT I was in my local REIA Facebook group and came across a listing for a 6 mobile home package for $120k with a 17% 1st year ROI. Obviously this is laughably low, especially here in St Louis, where I can get brick & mortar houses in not-horrible areas with a 20% CAP rate. But that got me to wondering. Are there any investors out here who deal in mobile homes. What CAP rates are reasonable in this space? I would guess 30% minimum. Am I right? [link] [comments]  |
| What are the tax consequences of not getting permits for bathroom and kitchenette? (MD) Posted: 03 Jun 2019 09:30 AM PDT Hi. This is in Montgomery county. We bought a house in April with the intention of having my mother move in and take over the basement as her own. The seller was the original owner, and when he bought the house from the builder, he opted to have about half of the basement finished but not to put in a bathroom. There was plumbing for a potential bathroom in the unfinished part, so we figured putting in a bathroom and kitchenette ourselves wouldn't be too much or a problem. We were well below budget on the house, so we could afford it. By kitchenette, I mean a fridge, sink, and small appliances like a microwave. No stove or anything like that. When shopping around for contractors, we asked for quotes with permits included. We intend to live in this house for a couple decades, barring something that would force us to move, so selling the home is not an immediate concern. We want permits because Husband is an accountant and his firm contracts with the the federal government. Though it's the county that assesses taxes. Husband's reasoning is that if his home is underassessed, the county finds out and he gets in trouble for not paying enough tax, he would get fired because it looks bad for an accountant to be shirking taxes. He just wants to be above board on everything and take no chances. We talked to a contractor, JM, who had done several projects for my husband's boss, and one that our excellent realtor had recommended. JM came in about 5 grand below the other guy, so we went with him. I know, we get what we pay for, but he had done work on my husband's new office when his firm moved in March, so we believed he was giving us a good deal because of who we knew. We're now in our second week of reno, and JM tells me he wants to skip the permits to get the job done sooner. I suspect he might have gone too low and might either be losing money or barely breaking even. I would like the work done sooner too because it's been hella stressful, but I don't want a lack of permits to come back and bite us. Are we worried over nothing and skipping the permits would be ok? Or should we insist that the permits get done, no matter how long it takes? [link] [comments]  |
| Ethics/Etiquette question: Posting photos/video from a viewing on social media? Posted: 03 Jun 2019 10:21 AM PDT I've been following a discussion recently, and wanted to get input from real estate professionals on this subject. Someone who considers themselves a social media "influencer" is shopping for a new home. This person posts about everything they do, and so naturally, they're posting photos and videos of themselves visiting potential homes, sitting on furniture, checking out the view, etc. My understanding that taking photos inside someone's private residence is a sensitive subject, and in the past, most buyers' real estate agents would discourage buyers from doing so during viewings. Posting photos and video on public social media is a whole other issue. My questions are thus:
I'm just curious what the current thinking is in the real estate world. It seems like a bit of a challenging issue for privacy. [link] [comments]  |
| First time buying house... need advice Posted: 03 Jun 2019 09:33 PM PDT Hello I found a house that my wife and I really like. The one negative thing we noticed about the house is that there is powerlines behind it. The wooden pole ones that are about 50 feet up, not the large metal ones. Is it safe to live near these? Will this potentially hurt the value of the home? My main concern is the safety and making sure that these can't potentially cause cancer in the future. I just want to make sure we are making the right choice [link] [comments]  |
| My sister is selling her house in idaho FSBO. She got multiple cash offers. Posted: 03 Jun 2019 08:49 PM PDT Should she tell them to come back with their best offer, or just accept one of the offers? [link] [comments]  |
| Posted: 03 Jun 2019 08:18 PM PDT |
| Inspections what would you do!? Posted: 03 Jun 2019 04:27 PM PDT Inspection says all windows need replaced soon, three at least need replaced now, and exterior wood trim around home need replaced as well, due to wood rot. 2tho square foot colonial, 13 windows. Hard get a firm number on windows since people want do in person consultation. I dot not trust the seller to do it. [link] [comments]  |
| Confused landlord--Frustrating tenants with disallowed pets Posted: 03 Jun 2019 08:02 PM PDT Looking for advice on a difficult tenant I have tenants who have had pets at the house for the last several months despite having a clear no pet policy in the lease. A neighbor had told me they saw pets at the home but I didn't notice myself until last week. I sent them a serious letter stating risk of eviction if they did not get rid of the pet within 7 days. The tenant finally emailed me today (7 days have passed) saying she was "out of the country" (she wasn't) and that she will have to talk with her family. What do I do from here? I was hoping to not have to evict but these tenants have been deceitful and frustrating in several ways for the last 9 months. They have 3 months left on the lease. I have not collected a pet deposit or charged them for the pet at this point because I did not have clear terms for this situation in the lease (will absolutely change this moving forward!). Thanks! [link] [comments]  |
| Posted: 03 Jun 2019 07:49 PM PDT Our attorney review was completed on Wednesday, 5/29 and we were given 14 days as per the final contract to complete the home inspection among other inspections that we would like on the home. The home inspection was completed last Friday and we sent the list of repairs this morning. The sellers came back and said we will not fix anything, take it as is or the deal is cancelled. I thought I would still have 14 days from 5/29 to decide but now my attorney says I have to let them know by tomorrow? The final attorney review contract does not mention any sort of accelerated timeline after the inspection. Is my attorney being truthful? [link] [comments]  |
| Moving away. Should we sell or remotely rent it out? Also, timber harvest? Posted: 03 Jun 2019 01:03 PM PDT I've been spinning my gears non-stop and the compass needle still isn't firmly pointing in any direction. If anybody wants to help crowdsource major life decisions... that would be great. Backstory: My wife and I moved to VT two years ago. We dreamed of buying bigger land in the future and thought of the property we bought as a stepping stone in that direction-- a good investment, and money saved vs. renting. Due to impending legislative changes in the state, we're breaking free from the gambler's fallacy and calling it quits. This is not where we want to spend our future. About the property: There are two fairly new houses (detached from one another.) The smaller one is rented out for $1000 and the other $1500. We also built a cabin and lived there for the last year. It's nice but on top of a hill and I don't think we could manage to rent it out in the future (even as an Airbnb.) We put 5% down on 190K. The houses are in good shape and should predictably stay that way. The lot is about 11 acres of mature hardwoods. We would get about $10k if we harvested, maybe a bit more. It's probably a rural "B" neighborhood with good access to town. Tenant-friendly state laws are a little scary but it's proven to find upstanding tenants unlikely to become a pain in the ass. If we sell: We've heard through the grapevine that supply is low and demand is high. Nonetheless, it's a rural area and the market isn't city hot. I'm worried about listing the property as being mutually opposed to finding new tenants. Leases are expiring and it would be a dick move to find new renters and immediately sell it out from beneath them. If we erred on the side of caution and did not replace the tenants/sold it vacant, if it doesn't sell within the summer we'd be pretty fucked-- winter is a big deal here, and we're hoping to move away long before then. I feel like we purchased undervalue. Whether it would sell for more like $250 (with the cabin as an improvement and now demonstrated rental value) I dunno, but if it did we'd feel pretty pleased to walk with $70K to put towards a more urban market with greater appreciation potential. If we keep it: Finding tenants wasn't hard-- rentals are in demand and the demographic of the area is favorable to a trouble-free landlording relationship. I think there might be a little bit of elbow room to raise the price: could be more like 1100 + 1700 = $2800 monthly gross on a $1400 mortgage. We're concerned about property management from a distance. It sounds annoying to worry about vs. the prospect of arriving in a new city with a bunch of cash to start anew (and with greater appreciation prospects.) Professional management would eat into the bottom line to some degree, though we'd still make money. We might be able to pay local friends a bit to do the job with less predictability. Complicating things further... timber harvest: If we cut the woods we could get at least $10k, maybe more. Doing so wouldn't detract from the rental value but could be a problem if we chose to sell. The land would be ugly for several years, so we'd have to be committed to keeping it for that time. In conclusion: Option 1: don't replace departing tenants, sell it vacant, cross fingers it sell quickly because we can't afford to hold it through winter without tenants. Harder, scarier, preferable if we could get a bunch of money (don't know if we could, but maybe.) Option 2: replace existing tenants, log land. Easy, gives us some cash. Commits us to the property for the foreseeable future. Not a bad investment, but have to worry about management from a distance, and we'd prefer to liquidate and reinvest elsewhere if we could, but not sure we can. Option 3: replace existing tenants, don't log, think about selling next spring. Easy, would give us a while to see how management at a distance is working out. The conservative choice, but no cash. Would have to sell from a distance if we later chose to. Do you see something that I don't? [link] [comments]  |
| What does the term “no repairs” mean in real estate talk? Posted: 03 Jun 2019 03:10 PM PDT I've discovered it isn't the same as "as is" so what does it mean? We are fixing a sewer lateral post inspection. What others kinda of items could we be on the hook for? Thanks, you all are great. [link] [comments]  |
| Changing condo master deed, do I need to notify lender? Posted: 03 Jun 2019 06:34 PM PDT We are modifying the master deed of our small condo association to allow for the installation of an electric car charger in a common area. Will I need to notify or get permission from my lender to make this change? [link] [comments]  |
| Alternative Ways of Funding Real Estate That Are So Crazy.. They Just Might Work?? Posted: 03 Jun 2019 05:53 PM PDT I believe that with the current state of housing in California and other markets around the country, if younger people want to buy houses, we'll have to evolve into new ways of thinking about how to make it happen -- often sacrificing comfort and definitely creating more headache along the way. Does anyone have any success stories on how they were able to creatively finance a house outside of the traditional methods? For context, I live in the SF Bay Area -- I'm born and raised here and it's where I'd eventually like to end up. That said, I'm not even close to having enough for a down payment for a house (I'm 25 y/o, I have about 35k saved, debt free, and I make 85k per year.) I feel better positioned financially than many of my peers, while at the same time, financially dwarfed by the Buku Bucks of the silicon valley. DISCLAIMER: Some of these ideas might seem foolish, and they probably are, but let's examine these by asking "Is it possible, legally" before getting too grumpy-redditor. Then we can get grumpy and pick it apart. Thought Experiment (please throw in crazy ideas of your own):
Would love to hear thoughts on this! [link] [comments]  |
| Prior property lien holding up title release? Posted: 03 Jun 2019 10:18 AM PDT We are selling our house and our closing is scheduled for 6/10. Last Friday we got word from our realtor that there was an issue with the title and that the title company found a lien on the property. We were shocked because we have not received any notice of a lawsuit or lien being made against us. There was a legal dispute several owners ago. A previous owner, who was previously foreclosed on, filed a deed on the house and was convicted of felony forgery. This guy actually called our realtor when the yard sign went up saying he had a lien on the property, but we had a preliminary title search and nothing came up. Is it possible that the title company saw this legal history on the property and they don't want to deal with it. Our realtor said "The other title compelled the file so we have to start from scratch." Can anyone explain how title companies work? Do they care about previous liens/legal actions? Is it possible we have a lien on the house that we were never notified about? [link] [comments]  |
| need advice, high humidity problem in condo--would like condo assoc to help me solve Posted: 03 Jun 2019 05:48 PM PDT I own a first floor condo on a slab in NJ built in 1985. My son lives there now, but next year it will be a rental. There are 4 condos first floor and 4 second floor in each building. There is a slope down from the parking area to the side of my unit. Every summer the indoor humidity gets very high (68%) and unless I run the AC a LOT is doesn't go down, even on nice days. Even with the AC it doesn't get low and comes right back. Only my unit is affected, but mine is closest to the wettest area. It is 15% higher than home 4 miles away. Today it was 60% humidity level when it was only 29% outdoor and 43% in my house. There are no leaks in my unit from sinks, toilets, washer, nothing. I think it is related to the constant wet from the drainage. There is also a crack in part of the slab outside, it would be the footer surrounding the slab that has a crack but the crack doesn't go through the slab. I think it lets water through the outer edge to go under the slab. I don't know how to identify the source, but I don't see the source inside my unit and I technically only own from the paint in. HOW DO I get the association to help me out??? So far the manager just kind of blows me off..... [link] [comments]  |
| Mold found on final walkthrough (I'm the seller) Posted: 03 Jun 2019 08:29 AM PDT I posted here before about a buyer (the tenant, the property is a rental) not getting their social security letter for their loan. Well, that fell through. We got a better deal and it closes tomorrow. Unfortunately during the final walkthrough mold was noticed in the garage on the ceiling by a joint. There was an issue with the roof found on the inspection of the previous buyer and the repairs were done. The mold is below where the repairs were done so I suspect it's related to that. If it is then it should be a cosmetic fix and maybe bleaching. We had no idea that was there. Even the tenant didn't know and they would have said something if they did because when they were trying to buy they were finding stuff left and right, which we fixed. There was no home inspection contingency on this deal. Everything else has moved forward effortlessly and I got an email from escrow saying we are good otherwise. My agent is dealing with things now, getting a contractor to look and that, and is hard to get a hold of them, but this is killing me because I really need this to close. What are likely outcomes to this? I am willing to help in repairs or holding money back if it means we close, even if it's after the fact. I'm hoping my agent can get back to me but the stress from this is too much right now and decided to check on here. [link] [comments]  |
| Protect anonymity when buying a house? Posted: 03 Jun 2019 10:38 AM PDT I'm buying a house with my SO. We have a stalker and restraining order against them. Our local newspapers publish all home sales with address and full names, monthly. We can't prevent marketers from getting this information it seems, but we may be able to purchase the home anonymously. Our realtor says we can buy the home under an LLC or trust, but our CPA says this will prevent us from getting a mortgage plus incur tax penalties. Anything else we can do to not have our new address published online? [link] [comments]  |
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