Tell me about your best and worst real estate investments. Real Estate |
- Tell me about your best and worst real estate investments.
- Home appraisal question
- (MI) Moved into basement rental with mold and no egress
- Questions about buying a condo in New York City
- Buying first multi-family.
- Selling one rental home, should I pay off a mortgage on another rental?
- How important is it to keep a rental property in an LLC? Can I just transfer my (mortgaged) rental property into one?
- [FL] Buy a house or a rental property?
- Questions about new build spec sheet and general new build tips
- VA loan questions
- First time home buyer with a serious problem
- Alarm System
- Planning to sell home and had mice in attic with droppings. How is this going to impact my selling my house?
- Western Washington State - on the road now and could use advice
- FL - I want to buy/make an offer on a few hundred sq ft of my neighbors property. What’s the procedure for this?
- Rep from the bank that did walkthrough left his portfolio w/ PII at house. It’s been 1 week and still has not picked it up.
- I’m a new Real Estate Agent. Some companies have approached me to work with them. I don’t want to split the commissions or pay desk fees etc. Would it be better to go on my own or to join a company at least for a few months to gain experience? My gut is saying “No” but wanted to hear your opinions.
- Purchasing a vacation cabin shortly after buying a first home
- Request for advice--first time homebuyer in a peculiar quandary thanks, ironically, to his father's beneficence
- Where do I find public real estate data/records
- Paying my bf rent for his mortgage
- What advice do you guys have? Anybody know the area?
- Would it be a good idea to take a loan to buy my first property to rent out, and use the rent money to pay the loan? (IT)
| Tell me about your best and worst real estate investments. Posted: 28 Jul 2019 12:54 PM PDT What was a success? What bombed? What would you do differently? [link] [comments]  |
| Posted: 28 Jul 2019 08:13 PM PDT My husband and I recently inherited my mothers home. We need to buy my brother out of his share of the house, so we hired a home appraiser. The woman has been rather flippant, and after a month of waiting for her, she said she gave it to our lawyer two weeks ago. [link] [comments]  |
| (MI) Moved into basement rental with mold and no egress Posted: 28 Jul 2019 07:15 AM PDT Hi guys. I just moved into a rental with 3 other people. I took the basement bedroom. We were supposed to move in today but when I got there, the baseboard was damp with obvious signs of mold. I also realized that without the basement having an egress window, it's not up to code. They are sending out a contractor today. It seems like he is only going to replace the baseboard and add downspout extensions. It seems like a bandaid on a bigger issue. I expect there's a lot of mold that isn't visible that would need to be remedied. I highly doubt the landlord would go through a full mold remediation. That doesn't change the fact that water may still keep coming in. It's not even the wettest part of the year right now. What's my best course of action here? [link] [comments]  |
| Questions about buying a condo in New York City Posted: 28 Jul 2019 05:57 PM PDT I currently live in Crown Heights and I am thinking about buying a condo here. A few questions for the hivemind: 1) People that are familiar with NYC: where would you recommend. It seems like I can get reasonably good deals in Bushwick. Is there something about Bushwick I should be concerned about? 2) In terms of dealing with HOAs and maintenance fees, is it better to buy a unit in a bigger building or a small building (like 5-10 units). 3) Is there any way to find "fixer upper" condos in NYC? It seems like that isn't an option unless you want to buy in a dilapidated building where your unit is the only nice one. 4) Anything else I should know? Thanks in advance! [link] [comments]  |
| Posted: 28 Jul 2019 04:38 PM PDT Hey guys, I'm a guy in my early twenties that pondering on the idea of getting into the real estate realm. Currently, I have 0 debt and have great credit, so I should be allowed to get a pretty good loan. My question is, would it be a good idea to start with a two-family or an apartment with more units? I'm seeing a two-unit building next week that was just renovated this year, and I could expect to pull 1500+ off it a month in profit. If there are a lot more factors for me to consider, please let me know, I'm always open to learning more about this path! :) [link] [comments]  |
| Selling one rental home, should I pay off a mortgage on another rental? Posted: 28 Jul 2019 05:39 PM PDT Short story, I'll have 100k after the sale and owe 100k on another rental. The rental with a loan costs 1000 a month for everything and rents for 1600. It is an FHA loan from 2013 at 3.75%, still paying pmi from my 3% down payment.. [link] [comments]  |
| Posted: 28 Jul 2019 06:40 PM PDT My attorney friend said that LLCs are overrated for liability protection in rental real estate, and that an umbrella insurance policy is pretty much just as effective. What do you think? How important is it to keep property in LLC ownership instead of owned by you personally? I currently have a mortgage on my rental property, but I'd like to transfer it into an LLC. My attorney friend said that most mortgages have a due on sale clause that will prevent them from being transferred. But he also said that lenders rarely check and that people frequently transfer properties into an LLC with no problems, and if something goes wrong, they just transfer back to the original name. So what do you think? Is it worth it to just transfer my rental into an LLC? [link] [comments]  |
| [FL] Buy a house or a rental property? Posted: 28 Jul 2019 09:21 PM PDT Hi guys, Anyone here had to decide between buying a house to live in and a multi-family rental property. I grew up poor and always lived in a shitty apartment. I always dreamed of having my own house. I'm also a gear head and love working on my car. Love the water, so I would love to have a boat and have it parked in my driveway. However, I understand renting give you freedom and mobility. If you plan to live in a different state, just wait for your lease the end and move! I also want to build wealth and I believe having a rental property is a good way to start. Anyone in the same situation? Thank you, [link] [comments]  |
| Questions about new build spec sheet and general new build tips Posted: 28 Jul 2019 05:14 PM PDT I have been looking into buying a new build home in a large sub-division (60 houses) that is on it's final phase. Are there any key things to look for when going over the spec sheets and asking questions of the sales team? Any specific targeted questions to ask? How can you gauge the quality of a builder? [link] [comments]  |
| Posted: 28 Jul 2019 08:07 PM PDT My husband and I are both veterans. We used my VA loan to purchase our current primary residence. In Decemeber, we will be coming up to two years living here. We want to move to a different state for employment (same company, different position). Do we need to refinance our current residence? Can we just use my husbands VA loan benefits and keep our current residence as a VA loan? Or if we refinance, can we use my VA benefit again? I am receiving disability pay so our funding fee is waived. Is that a one time deal? Thanks. [link] [comments]  |
| First time home buyer with a serious problem Posted: 28 Jul 2019 07:54 PM PDT What's up everybody! First time posting in this sub and I'm hoping I'm in the right place. So I'm 24 and I've been saving up for a few years to buy my first home. I've been looking for over a year and I'm ready to move out now. I have about 25k saved up, and I've been approved for a loan up to 100k. I'm looking for a house for around 70-90k. I live in the Midwest, so houses are pretty cheap compared to other places. A really nice 3 bd and 2 br house with a big garage and basement can be found for 150k. I'm a single dude so I don't need that much space. I've found a few nice houses in decent neighborhoods in my price range, but this is where my problem lies. My dad has disapproved of just about every single one. I should add that my dad is pretty good at remodeling. He's one of those guys that's a carpenter, plumber, electrician, drywall finisher, etc. I obviously want his input and advice but I feel like he's being unrealistic with some of the houses we've seen. I've looked at over 100 possible homes online and 10 houses in person. My dad works a lot so he's only seen 3 of which I thought were perfect. The first one was great, but he didn't like the price. It was a little high but the house was in a great neighborhood, was fixed up great and all appliances would stay. He didn't like it so we waited. It went under contract a few days later. The other two, he didn't like the finish on the walls. I admit on one of them, it looked like they painted over wallpaper and there were some air bubbles. This was only in a few places and it didn't look horrible, but to him this was enough to straight up hate the house. The other house had a similar issue where parts of some walls weren't sanded down well enough and looked a little rough. I argued that the price was great and I really liked the neighborhood. I could not get him to budge. He says if I ever want to rent nobody will want it, because of the air bubbles or small imperfections on the wall... Like seriously?? I've mentioned that in the future I'd want to rent out the house, but it's only a possibility. Anyways I feel like I'm ranting now. Basically I think he wants to find a house in perfect condition for an impossible price. What's a good way to approach him or what can I say to make him understand that I feel like he's being unreasonable? I have great respect for him and value his opinion and I don't want to shut him out and work this thing out by myself. [link] [comments]  |
| Posted: 28 Jul 2019 07:35 PM PDT Do the sellers owe us a credit is the alarm system is not functioning? It was advertised in the listing. Not picked up in the inspection report since it was out of scope for the inspector. [link] [comments]  |
| Posted: 28 Jul 2019 07:12 PM PDT edit of Title "how is this going to impact the sale of my house?" I did get rid of the mice problem but those damn things left droppings all over the entry of the attic. I'm calling around for a professional company and will plan to use them to clean up the attic. How will this impact the sale of my house? [link] [comments]  |
| Western Washington State - on the road now and could use advice Posted: 28 Jul 2019 03:21 PM PDT We're currently driving North from Portland looking at places where we could buy a property. We're looking for a place of 2+ acres for around $250-350k (or empty land for $30k or less per acre that can be built on), on the Western (wet) side of the Cascades range. Saw some real potentials down east of Eugene, OR, some east of Salam, OR, one (expensive) in Carson, WA, and just passed a cute little place in Ashford WA near Mt. Ranier entrance. Is it worth our while to continue up towards Bellingham? The places we have liked have been forested and near or on creeks or other water. A friend said we'd get more expensive as we go north, but looks like it's not all that different. Appreciate any advice on whether we're wasting time continuing our northern journey. Also appreciate any leads for a good realtor we could talk to in this area (W. Wa state). TIA. [link] [comments]  |
| Posted: 28 Jul 2019 09:14 PM PDT As the title states I want to buy a portion of my neighbors backyard. Our properties share about 30 feet of fence line. Within this fence line, he has it fenced off from his side on 2 sides, 1 side from me, and then finally fenced off entirely by a third neighbor. Theres nothing in this fenced off rectangle except a trash can, some asphalt shingles, and some other junk basically. My reasoning for wanting to buy ~250 sq ft of his property is because of the way my property lines are set up and how it affects my backyard. My pool takes up about 60% of the backyard and then the shed/playhouse (put in by original owners) takes up about 25% of the remaining 40%. When I get a new shed put in, I want to be able to essentially install it on this 250 sq ft of newly acquired property if my neighbor is willing to sell it. Am I supposed to just waltz up to this mans front door and strike up a deal and then get a lawyer involved? Should I just contact a lawyer first and then have him contact the guy? Have you guys ever heard of something similar? [link] [comments]  |
| Posted: 28 Jul 2019 08:05 AM PDT Not sure where to go for this but I thought I would start here. This situation is concerning my MIL's house in MD. They have had the loan since March and still haven't closed. The buyer was approved and doesn't understand what the holdup is. The appraisal was supposed to happen a couple weeks ago and the bank said the appraiser broke his leg and now they have to use an appraiser that it twice as much but going to be another 3 weeks. In additional the bank had to do a walk through last week. Can someone explain what a "walk through" is? This is the the First I've ever heard of a "walk-through" -The individual from bank was there no longer than 15mins . In addition to that the person from bank left his portfolio on table wide open with other customer account information and loan terms. She contacted the person that left portfolio and still has not bothered to pick it up.Is this amateur hour or have others dealt with the same holdups? Does anyone know what purpose of walk through is and what other steps should I take in regards to portfolio ? It is a small town everyone knows everyone and shocked he hasn't cared to pick up others personal information. [link] [comments]  |
| Posted: 28 Jul 2019 06:34 PM PDT |
| Purchasing a vacation cabin shortly after buying a first home Posted: 28 Jul 2019 05:51 AM PDT My wife and I are moving next month to Southern California and will be buying our first house relatively soon. We love the forest and the seasons and want to eventually buy a modest vacation cabin in the mountains within a couple hours drive. Are there hurdles we should anticipate if we want to get the cabin within the first year or two after buying our first home? Will we be ok getting another mortgage so soon or is there any advantage to waiting a while? We both have good credit and work in stable industries. [link] [comments]  |
| Posted: 28 Jul 2019 08:51 PM PDT Hello All, I am not accustomed to posting online, so please forgive any faux pax I may commit. I would request your advice with regards to the financing of my purchase of my first home. The numbers are as follows:
When I informed the bank that I will be taking out a personal loan from my father, I was advised (indirectly, but undoubtedly) to present it as a "gift." Upon reading the verbiage included in the gift letter, which states in no unclear terms that there is no expectation for the monies to be repaid, I could not help but conclude that to present the sum as a "gift" is fraud, simply put. To this, the agent said something to the effect that, "Well, there is no expectation but if you choose to pay it back you can." Such reasoning failed to assuage my conscience (and fear of the law, to be fair). Now, if I am to present the ~250,000 as a second mortgage, as I understand it, that would not only increase the interest rate of the first (bank) mortgage, but also come with a sizable fee (something like 1.125% of the loan amount, which equals $1500). Moreover, since I am no legal expert, I have been considering using National Family Mortgage, which charges $1,075 to facilitate the private financing, as well as $15/month to service the loan by setting up electronic payments and such. The set-up fee is no small sum, but I want to avoid the ~250,000 personal loan being misconstrued as a mere gift, and thus hope to ensure clear documentation and paper trailing. (I certainly do intend to pay my father back, at a 2.4% interest rate (above the August APR of 2.31%) and over the next 20 years.) Having said all of that, structuring the "father funds" as a second mortgage will come with significant upfront costs and ramifications--1) upping the interest rate; 2) the cost of adding a second mortgage; 3) using National Family Mortgage (or hiring a lawyer to do what NFM essentially does). Any advice on alternative financing? Should I say thanks, but no thanks, to the dad cash and just take out a 30 year fixed rate mortgage that I can reasonably afford? Is the dad cash making me think I can afford more house than I actually can? Please do not castigate me for my ignorance; I am already well aware of such. Your advice would be of tremendous assistance. Within reason, please apprise me of any other information I might provide you with to speak better into this situation. Thank you! [link] [comments]  |
| Where do I find public real estate data/records Posted: 28 Jul 2019 02:58 PM PDT I'm brand new to everything real estate, and I have no idea how or where to find anything when people say it's "public record". Is there a website? [link] [comments]  |
| Paying my bf rent for his mortgage Posted: 28 Jul 2019 10:18 PM PDT My boyfriend wants to buy a house soon and wants me to move in with him. However he wants me to also pay him rent. I don't feel comfortable with this arrangement because I'm not familiar with how this would work. I think it's risks as the house would not under my name and we are not even married. I wouldn't like to get kicked out if he's ever mad at me because it's his house. [link] [comments]  |
| What advice do you guys have? Anybody know the area? Posted: 28 Jul 2019 02:30 PM PDT |
| Posted: 28 Jul 2019 01:40 PM PDT Here's some backstory, the TL;DR is the title. I am just getting interested in real estate, as a form of generating passive income, so I'm sorry if it is an obvious question, as I have zero experience. I just started my first real job, and I'm making enough money to live well, but it takes away all the time in my days for most of the week, so I decided I wanted a passive income stream, and renting property seemed like a good idea. I estimate I could save for 8-10 years to buy something decent, but that's a very long time, and optimistically 10% of my whole life, so it would be nice to do it faster. I think that would only be a good idea if the property starts making at least a small return immediately, as opposed to spending all rent money to pay off the loan, which would also have some interest of course, otherwise it would be better to just save the money, or invest them in some low-risk stocks. So what do you think, is it better to save the money and wait, or take a loan and buy as soon as possible? [link] [comments]  |
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