A bit of a different story to balance out the bad ones Real Estate |
- A bit of a different story to balance out the bad ones
- "Historically Low" Mortgage Rates (and other mortgage-related questions)?
- Duplex analysis. Not worth it? (MN)
- Taking a contractor to court
- Bundling items with a house - separate cost or add to asking price?
- I'm looking for a data set that measures the number of businesses spreading out from city's downtown cores
- What sort of recourse do I have?
- Any thoughts on TheCEShop.com?
- In need of buying advice/ opinion on a townhouse offer on my 1st home
- Networking to find multifamily homes? (Philadelphia PA)
- Paying off mortage, loan not under my name. What to do?
- I'm a buyer in a FSBO transaction, looking for guidance on one major concern.
- Buying my first home... are these costs right?
- Tool for finding pre-foreclosures (looking for feedback)
- Realestate scam?
- Currently at a 30 year fix - 4.5%. I want to refinance into a 15 year at 3.25%. Pros and cons to do this on a balance of $208,000 and value at $359,000?
- As a seller how much is too much to spend on repairs?
- Question about mortgage down payment (Canada)
- Insurance help needed on duplex and coachhouse on same lot
- Bungalow vs 2 storey vs 4 level split
- How to write an offer in Oregon? (New agent) Principle has been MIA since yesterday morning and seemed upset I had asked for help. Hoping maybe I can get help on here for now while getting things started. Thank you!
- How would I go about renting a decommissioned fire station?
- Buy a row home (brick) with fire damage? NJ
| A bit of a different story to balance out the bad ones Posted: 04 Jul 2019 12:59 PM PDT My story is far from the norm. At the time, I was working 3rd shift in a factory and had taken a real estate class at the U of MN. Joined a company and had listed and ended up purchasing the duplex I listed (single family home converted to legal duplex in the 1950's) back in 1978 in the Powderhorn Park area of Minneapolis when I was 24 years old. As a Veteran I went zero money down and pocketed both sides of the commission as the listing agent and buyer, which was around $2000 back then. Left the part time Realtor gig right after that. Rents were $225 for the one bedroom unit and $240 for the 2 bedroom unit at the time of purchase. Mortgage was 8.75% with a PI of $445. Only reason I purchased the property was so I could have pets. Lived in one unit and rented out the other for 31 years. Originally bought the duplex for $42,000 and put $35,000 six years ago into a new kitchen and bamboo flooring in the upper unit and separate electric for the "Commons" areas (something that is required by Minneapolis if owner of duplex does not live or, no longer lives in the building). Also, spent another $9,000 this year on cedar fencing and upgraded Central Air . Both units were vacant for one month while the $35,000 worth of work was being done. Other than that, during all those years I've only had two months total where a unit wasn't rented. The odd thing is, I have never done a background check on a tenant and instead have relied on gut instinct. Possibly having been a Private Investigator for 6 years and a bouncer for 15 years in Mpls night clubs might have had something to do with that decision. I charge a little less than the going rate so, I can have a good pool of applicants to chose from. Every $25 I receive for a background check is mailed back to the applicants. Current rents are $920 for the 1 bedroom unit and $1200 for the 2 bedroom unit. Free washer and dryer are included and are hooked up to the "Commons" electric in the basement. I bend over backwards for my tenants and treat them with respect, which I then get it in return 90-95% of the time. Average time for tenants staying in their unit is 2 1/2- 3 years. The financial part of buying was never a concern for me, like I said I only wanted pets. Here I am now in my mid 60's living off the rents and a Social Security check. I currently live with my wife in the Uptown area in a 825 square foot condo with a mortgage of $688/month and HOA fee of $250. Condo is two short blocks to Lake Calhoun. If I ever chose to move out and live in my Class B RV, I'll have no problem renting out the condo for around $1400 or possibly go the AirBNB route. Intend to hang onto the duplex another 10 years and then sell it. [link] [comments]  |
| "Historically Low" Mortgage Rates (and other mortgage-related questions)? Posted: 04 Jul 2019 09:14 PM PDT Context: After talking about it for years, my long term partner (7+ years) and I are considering jumping into the home ownership game together. Before purchasing, we're on track to have at least 20% down plus a cushion for closing costs and repairs. Before anyone asks about it, just assume that we're married (for legal/tax purposes, etc, etc). The 30 year mortgage rate indicates that we are near all-time lows but not actually at all-time lows, and there is speculation that the Fed is going to reduce interest rates sometime this year. So here are the questions.
Thanks in advance! [link] [comments]  |
| Duplex analysis. Not worth it? (MN) Posted: 04 Jul 2019 08:46 AM PDT I'll be ready to purchase a property in about 12 months and have been looking into buying a duplex. However, the more I look into it the more it seems it may not be a very good financial decision. The following is the typical scenario I am running across and I'm hoping some experienced folks could weigh in on whether or not it makes financial sense. Cost of Duplex: $225,000. Built in 1970s/80s. Assume limited amount of work needs to be done initially (just painting, landscaping, etc.) Unit 1: 2 bed/1 bath - $925/mo rent - tenant pays utilities Unit 2: 2 bed/1bath - $925/mo rent - tenant pays utilities Total rent per month: $1850 Mortgage/taxes/insurance after 20% down: $1200/mo Maintenance costs (15%): $278/mo Vacancy (3%): $56/mo Income after expenses: $316/mo. What do you all think? What expenses am I missing? This obviously does not meet the 2% rule; however, I know that is controversial. I look forward to hearing/learning from you all. Edit: Formating/Math [link] [comments]  |
| Posted: 04 Jul 2019 07:21 PM PDT Currently in a situation where a contractor has been paid for incomplete work and has gone past the due date. Anybody ever have to sue a contractor for incomplete work on a home or have done a chargeback on their credit card for work/services not rendered and been successful? [link] [comments]  |
| Bundling items with a house - separate cost or add to asking price? Posted: 04 Jul 2019 11:06 PM PDT Allow me to clarify: We're looking at a newly-vacant house. The owner is taking her time cleaning out the stuff that just needs to be tossed, and will be selling once it's ready. There are some things that she's willing to negotiate leaving behind though - dining room furniture, lawn care equipment, snowblower, etc. They're not just "freebies" though; they're things that she's willing to come up with a price that works for both of us (she doesn't need them and doesn't want to move them, we could use them but would also be fine scouring Craigslist for bargains). So: what's the logical way to do this? I realized that if we just added in that cost to the offered price on the house, we're basically adding whatever the interest rate is on those items - which will really add up. However, a friend / estate lawyer said that buying it all separately would mean a large bill of sale that needs to get drafted up for tax purposes, which could be a pain. So it sounds like there are some pitfalls either way. Which would you go with? [link] [comments]  |
| Posted: 04 Jul 2019 09:08 PM PDT Basically, I read an article that had some data regarding how many businesses strung together from Detroit's core within a 100 feet of each other or less (the chain breaking once there was no longer a business within 100 feet.) The number was 400. There were also similar stats on St. Louis (900) and I think Cleveland. I'm curious about this sort of data and want to compile it or similar data on other cities but I can't seem to find or find the correct search terms to find this data. The closest I've managed is just the general businesses per square mile median for incorporated parts of the top twenty cities in this aspect. [link] [comments]  |
| What sort of recourse do I have? Posted: 04 Jul 2019 09:33 AM PDT Sorry for the re-post but I've officially received an updated survey of the property I WAS planning on buying and currently out of the option period. It is located in Cypress, Texas and both HCAD and the sellers agent have the property listed at 48k sqft. The new survey shows it to be 29,503 feet. I based my decision to purchase the property largely on the fact it was advertised at over an acre and now it is 39% less than advertised which affects me in more ways than one. As this is my first home I wanted to do my due diligence and currently have about $5k wrapped up in it between all the inspections/surveys/appraisals. Additionally I will be using a VA loan and it required additional inspections. The layout of the property makes it difficult to gauge the size and while it looks like a acre, feels like an acre, on paper it is most definitely not. My questions are this, If it somehow appraises at the decreased lot size how do I go about renegotiating the price. If the appraisal comes in low (which it most likely will) and they do not budge, can I get ALL of my invested monies back based on the misrepresentation of the property? What are your thoughts on this situation? The seller/agent (investment team) have been very deceitful throughout the entire transaction by simply refusing to answer simple questions and not providing accurate information. AGAIN, despite some of the issues with the house I based my rationale that the value was in the land and not so much the house itself. [link] [comments]  |
| Any thoughts on TheCEShop.com? Posted: 04 Jul 2019 05:25 PM PDT I want to find an online pre-licensing course. I'm located in Delaware. I'm interested in theceshop.com but I see mixed reviews. Any thoughts? [link] [comments]  |
| In need of buying advice/ opinion on a townhouse offer on my 1st home Posted: 04 Jul 2019 05:15 PM PDT I'll keep it short and simple, thank you for your time in advance I'm looking to purchase my first home, it's a townhouse. New York state area. it's listed as 120k because sellers market... I have negotiate it down to 108k, It's been on the market for a month now and a few days. after saying 108k is fine, that I have done an inspection + radon test for $500 the townhouse was built in 1998, 2 bed 1.5 bath The roof is possibly leaking, yellow spot noted on upstairs cealing the age of the roof is somewhere between 15 but could possibly be as old as the house 30 years old rotted wood steps in the back , uneven the a/c The air conditioning unit is nearing the end of its designed, life, kinda crappy looking in the back, deteriorated parts, listed in inspection as marginal The smoke detectors in the hallway outside the bedrooms did not work when tested. They need to be replaced. The Garbage disposal did not work properly when tested and needs to be replaced There is no sump pump in the basement contrary to the listing: (basemen is described as "very dry") prior water penetration in basement noted The fireplace is very dirty and needs to be cleaned before using. Patio Door: Metal sliding - Both sections of the sliding door seals are broken causing condensation between the glass At the time of the inspection the furnace performed adequately. The furnace is existing well beyond its designed life 30 years old, average expectancy is 18 the boiler is old as well. anyways As I did a walkthrough I have noted the place needs to be repainted, carpets need to go, even though shampooed I can still smell a hint of dog piss easily The townhouse is listed as includes all appliances , but after inspection they failed: inspector said refrigerator, dishwasher and microwave broken, are old and junk. so is the sink garbage disposal. and a few other safety issues I'm not going to list like ceiling fans too low or dryer vent not properly/ routed for venting, doorbell, cracked driveway and so on the owner purchased the house 5 years ago in 2014 for 100k. she has not lived in it, has been renting it out and has done absolutely 0 maintenance, or renovations in it or put money in to it I have asked the owner to lower it to 104k for I will have to spend 6-7k on new roof, 5k on heating system soon, also a new boiler, $500 to clean the chimney build up of sod, put new flooring and paint the place all myself. The owner is refusing to budge from 108k and is only willing to "fix the appliances" which I don't want them either anymore since non functioning and really no fix to them. Should I walk away and cut my losses for inspection, or take the place for $108k Similar townhouse up the street sold for 116k a year ago With a new roof, inside was way better looking (friends of family so I was able to see it), an actual finished basement, an actual and nice porch (versus 4 rotting crappy wood steps like this one) and a way bigger back yard. [link] [comments]  |
| Networking to find multifamily homes? (Philadelphia PA) Posted: 04 Jul 2019 04:40 PM PDT Hey guys - typical story here, just a guy looking to get started in RE investment. I'm really interested in finding duplexs/triplexes in the Philly suburbs, but there appear to be way less listed on sites like Zillow and Trulia. I'm sure it has something to do with there just being less of that type of home in the areas I'm looking, but I feel like there have to be more than Im seeing. Is there a "best" resource for finding multifamily homes? I have a feeling a lot of them are sold before they even get listed because they're an investment and investors have a lot more incentive to get into the best deals early than a typical homeowner. If so, what's the best way to build up that network? [link] [comments]  |
| Paying off mortage, loan not under my name. What to do? Posted: 04 Jul 2019 04:08 PM PDT Hello everybody. Im about to payoff a home . 18k more to go. The home loan is under my brothers name, his exwife and an uncle of mine. The problem is that i made a verbal agreement with my brother. He didnt wanted to kept on paying the mortage (because of divorce)so i started paying it. Its been 5 years now. Now his ex wife wants half of the home,and half of the debt (i guess )..After five years of no payments on her part. She also verbally agreed that she didnt wanted any part of it. The lender knows im paying it now.. I have the 18k to pay it off right now. (((((((( Also in the divorce agreement of my bro and his exwife states that all property owned and DEBTS are to be devided half and half. )))))))) I have all reciepts of payiments ive made. She never made any payment and she was working. Thats a f*cked up move on her part. Excuse my lenguaje im just madd as hell. My uncle is the main borrower in the loan. So whats my right? If Im done paying it off, ill lose all my money i gave to the mortage? Devide it? What? Please help [link] [comments]  |
| I'm a buyer in a FSBO transaction, looking for guidance on one major concern. Posted: 04 Jul 2019 03:44 PM PDT I'm buying from a neighbor that I'm friendly with, neither of us are looking to 'get over' on the other. The property is 1972 small ranch that's never been update, just what my wife and I were looking for. We agreed to a price yesterday and will start the contracts on Monday due to the holiday. My concern is getting home insurance with the current electrical system, it has all aluminium wiring, the panel is no longer to code and neither is the service entrance. We talked about the electric when we negotiated the sale price, but I don't think the seller fully comprehends how bad the electric system is. My question is; if I can't get insurance on the home does the seller have any obligation to bring the home up to code? Second question; Would this be further negotiated in the time period between the contracts being written and the closing? [link] [comments]  |
| Buying my first home... are these costs right? Posted: 04 Jul 2019 03:34 PM PDT I'm buying a new home in Southern California for about $500,000 with $100,000 down. It's in the San Bernardino County area. A new construction single family detached home. These are the closing costs on the purchase agreement: Charges for escrow fees, credit report, appraisal fees, loan origination and processing fees and title report: $3,000 Charges for nonrecurring closing costs including title policy, tax service, notary fees, recording costs, and third party charges: $3,000 Recurring closing costs such as association assessments, property tax and assessment prorations, interest prorations, insurance premiums and impounds: $4,000 Are these reasonable charges? If not, what should the charges be? Is there room to negotiate any of these charges? Thanks everyone! [link] [comments]  |
| Tool for finding pre-foreclosures (looking for feedback) Posted: 04 Jul 2019 03:08 PM PDT Hey everyone! I'm currently working on a tool that helps sort through notices of trustee's sales. The idea is to help investors looking for pre-foreclosure opportunities sift through all the documents that are published. Is this something the community is interested in? Is there something like this that already exists? At the moment I'm hoping to find a few people who would be interested in having a look at the tool to gather some feedback. Thanks! [link] [comments]  |
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| As a seller how much is too much to spend on repairs? Posted: 04 Jul 2019 02:11 PM PDT We're selling our house and I'm feeling like our buyers are asking for too many repairs. First off, the house is about 35 years old which is older for this area considering all of the new houses popping up. There are definite things that need to be redone, the flooring being number one. Knowing this we've agreed to pay all of their closing costs and home warranty. Now, the appraisal is coming back with the condition that we redo and repaint the trim and parts of the wood paneling that are peeling. Add to that the buyers have a list of 9 items they want fixed, electrical mostly and they want the air conditioner serviced as well. I feel like things are just piling on and on. So my question is; is this normal? Should we do everything they ask or just fix certain things? [link] [comments]  |
| Question about mortgage down payment (Canada) Posted: 04 Jul 2019 01:00 PM PDT Looking to buy a house in Calgary (range 450k to 500k), and have all intentions to avoid CMHC insurance fee with 20% down. However, not eligible for conventional mortgage as new to Canada and don't have a permanent job. The only possible option is to put 35% down- no questions asked. It's a buyer's market, the prices have dropped a failed bit in the last 3-4 years and looking to stop renting soon. Will putting down 35% make sense if I have a backup of 5-6 months worth of mortgage payments and expenses. Also does it create an opportunity to negotiate for better lending rates? [link] [comments]  |
| Insurance help needed on duplex and coachhouse on same lot Posted: 04 Jul 2019 09:09 AM PDT Hey everyone. I need help. In September I bought a house: 3 unit building at the front with a coachhouse at the back. I'm living in the coachhouse and renting out the front units. Now I'm being told that the insurance I closed with back in Sept doesn't actually cover everything as it should. The new quote I've been given is $5,600 per year (currently paying $1,800). Does anyone know of any insurance companies that can cover my buildings without ruining me financially? Thanks for your help! [link] [comments]  |
| Bungalow vs 2 storey vs 4 level split Posted: 04 Jul 2019 12:10 PM PDT Hey everyone, im currently in the market for a new home but have a few questions about the types of houses available. Im really just loooking for some pros/cons about each type of house. Personally, i love the privacy in a 4 level, love the size of bungalows, and am relatively impartial with 2 storey homes. The cost is relatively similar between the homes, so im not too concerned with that, as much as i am concerned with potential resale value. Is one easier to sell than the other? In your experience, are there good reasons to NOT go for a specific type of home? What do you love/hate about your bungalow, 2 storey, or 4 level? Any advice from an agent or homeowner is appreciated. Thanks !! [link] [comments]  |
| Posted: 04 Jul 2019 12:01 PM PDT Hi, I am a new agent and my principle broker will not meet with me to show or explain to me how to write an offer. I have a buyer who would like to put in an offer ASAP. Is there a resource that will show me how to do this paperwork or can someone please describe what forms I need to fill out and send? I will be using Zipforms and Docusign. I understand I need to find a new principal broker and move to a brokerage with better training. I also have two more buyer interviews scheduled over the weekend, so I would like to take these opportunities while they are here. Thank you. [link] [comments]  |
| How would I go about renting a decommissioned fire station? Posted: 04 Jul 2019 10:34 AM PDT I just moved to a new city and am looking for a new shop space, to work on cars, and came across a decommissioned fire station that is currently filled with junk and used for storage. They built a bigger brand new fire station right next door so I don't think they're using the old one for anything more than storing their 4th of July parade float. What would be the next step in trying to rent out this space? Thanks. [link] [comments]  |
| Buy a row home (brick) with fire damage? NJ Posted: 04 Jul 2019 08:42 AM PDT First time homebuyer and looking for the best deal I can get for a starter home but north jersey isn't exactly the cheapest. I really like older brick row homes and I found a few near downtown but at times the ones with fire damage (floors / windows missing, roof damage) aren't priced too much lower than ones just needing renovating (170k vs 230k). I'm looking to use a 203k streamline or home style loan to rehab and very much like the idea of being able to have everything new as well as a hand in its design. My question is, should a property with heavy fire damage be considered an opportunity to save? I was given a estimate of about 100k to rehab, bringing the total cost to around 270-280k which is a bit more than I wanted to spend given it's initial condition. But if it's normal I understand. [link] [comments]  |
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