Buying a lot then building a house. What are some lessons learned for your experience? Real Estate |
- Buying a lot then building a house. What are some lessons learned for your experience?
- My mortgage payments are killing me. Can't save any money. What are my options?
- (NY) roaches..... so many roaches.... i can't sleep at night anymore....can I break my lease?
- First case of procuring cause... Destroyed deal!!
- If you had $300K to invest in realestate how would you do it?
- Rental Property: Individually Owned vs LLC, why go LLC?
- I have a friend who’s taking the Realestate class and think he’s gonna make 100,000+ a year
- House with bad plumbing
- Title owners insurance
- Podcast Worth Listening to
- Is it realistic to try to rent an apartment 6 months or more in advance?
- Nearly at the finish line
- As a first time homebuyer,when am I eligible to refinance my home?
- Foreclosure and 203k loan as a first-time buyer
- Timeline of Real Estate Purchase? Florida
- Long-distance real estate investing question
- Deducting damages from security deposit
- Real estate in San Diego is out of whack with fundamentals... Will we see a crash next recession?
- Anyone here really good with FSBO and Expireds?
- [US] When people talk about buying and renovating a property, what do those costs actually look like?
- Long-distance real estate investing question
- [Al] How to figure out what the property rent should be in general and for this house?
- [Northern Virginia] Looking to rent current primary residence and want to use VA Loan again for new home
- Selling a house without an agent
| Buying a lot then building a house. What are some lessons learned for your experience? Posted: 04 Aug 2019 01:21 PM PDT Hello, I am looking into buying a 2 acre lot in Washington state. My plan is to buy it and then over the next couple years begin developing my family's final home. We're not buying this for an investment but to live in forever. My question is where do I start? I've been searching online for a couple days and the information there is overwhelming and seems to be flooded with ads and commercials more than true information. Is there a guide or a book you can recommend to help me understand the process of hiring contractors, builders and getting licensing and permission from the city to do what I want. How much can I request from my realtor for recommendations? My only experience is buying the current home I live in which was already built. It was a pretty straightforward process. Any notes would be appreciated. Thank you very much. Edit This sub is amazing! I've gotten great feel back and you all are now stuck with my my silly questions in the future. I wasn't sure how much detail people would want. The property is 2 acres near the water in WA for 400,000 USD. If I buy it will be half cash, half mortgaged. I currently own the house I live in, also in WA, and plan to rent it out when it's time to move. My plan is get get the land then within 5-7 years build it up how I want. Add a home for my family and guests and another home for my mother. The lot can be split in two and I think I would do that so I could have options to sell in the future. There is septic, a well and power on the lot. There use to be a house but it was removed by previous owner. [link] [comments]  |
| My mortgage payments are killing me. Can't save any money. What are my options? Posted: 04 Aug 2019 12:00 PM PDT Hi all, Ive been a homeowner since October of 18. I bought my house and put 12k down. I had a really good job and was doing well. My credit wasn't the greatest, I got a mortgage with a rate of 4.75 and turned out my payments would be 2400 at the time. I didn't really sweat this because I didn't understand what 2400 a month actually was. Long story short, I had to move on from that job and get a lower paying one. Currently these payments are killing me. I can make the payments, but I just have such a hard time saving any money. If I'm lucky I put away 3-400 dollars every month. My current credit score is about 670, I tried to refinance but the rates I'm getting offered are 4.35 and would only bring my payment down 300 bucks a month. What are my options here? Should I tough it out? [link] [comments]  |
| (NY) roaches..... so many roaches.... i can't sleep at night anymore....can I break my lease? Posted: 04 Aug 2019 11:51 PM PDT i don't sleep at night anymore because they crawl over me when i sleep they roam on the toilet seat when i go to take a shit they roam on the kitchen counter when i cook i can't take this anymore. they got the cheapest exterminator they could find who clearly did nothing i don't want to live like this anymore how do i break my apartment lease because of this? but i don't even know where to go.... my flatmate and i pay $600 each for this dump. i want to cry and get away from this shithole NY - buffalo [link] [comments]  |
| First case of procuring cause... Destroyed deal!! Posted: 04 Aug 2019 10:25 PM PDT Just wanted to share this I'll try to keep it brief Did an open house couple came in (with no realtor, no mention of realtor) I showed them the house, partner and I answered all questions. Discussed prices, they left 90secs later they came back in saying "we want to put an offer in but we are working with a realtor" (They saw our open house from the signs and Zillow.. their agent didn't send them anything) We informed them we would give her a referral fee and get the contracts over to them asap. They were good with that Ended up writing up a contract, got it signed starting negotiating with the home owner. Couple come in the next day with family to the second open house (on same property) check out the repairs needed to be done, asked more questions took up a solid hour of the open house time. They leave with family (still no realtor) 3 hrs later get a call from a realtor claiming to represent them asking about her commission (who still hasn't been in the house).. No comment of her clients interest in the home.. We explain to her procuring cause, etc and that we will give her a referral fee.. She angrily hangs up, 5 min later potential buyers text us they are no longer interested in the property. I was shocked how a realtor who has done 2 deals in 12 months destroyed a deal because she wasn't going to get 3% commission for doing absolutely nothing. Welcome to real estate...I feel bad for the buyer's personally. If it went to mediation she might not have even gotten a referral fee. Thankfully we have 3 other really good leads so it will hopefully be under contract this week. Just a story [link] [comments]  |
| If you had $300K to invest in realestate how would you do it? Posted: 04 Aug 2019 11:40 PM PDT I basically live check to check with zero ability to save because things are so tight. There's not much room to cut expenses either. I do own assets though and am about to inherit some more money next year. If I sold everything I could probably get about $300k next year. One asset is a house I own in the USA (I live and work in Japan) that I bought for $105K and renovated for myself, and is now valued at $160k (not calculating renovation, only based on values increasing in the area). I want to get some passive income to supplement my salary here. And probably won't be able to go back to the US to manage things, except for occasional trips, and I'll be spending time with family on those. Here are a few options I considered: A) own 3-4 properties outright, live fairly comfortably and save to buy another in cash in 5 years or so. B) get about $800-1000 from my current house to let me live slightly easier and buy 5-10 properties with 20% down. C) keep living paycheck to paycheck and sell my house and buy 10-15 properties with 20% down on each. This seems like high risk. I'm still in the early stages of research and don't even know how these kinds of loans would work. I'm sure it's not going to be that easy to get a bank to make that many loans in a short period of time. —- I guess I just want to hear opinions and possibly strategies that I'm not thinking of. Or up-sides-down-sides that I'm not seeing to my strategies. Thank you. -Also, not really considering investing in Japanese realestate, only US. [link] [comments]  |
| Rental Property: Individually Owned vs LLC, why go LLC? Posted: 04 Aug 2019 09:20 PM PDT If you own a rental property, what tax advantage is there to forming an LLC? I keep reading that it gives you "Pass Through Taxation." Does that mean you do not have to pay any taxes on rental income as an LLC? If that's the case it sounds like a no brainer. Without digging into all the liability/legal protections you get as an LLC. [link] [comments]  |
| I have a friend who’s taking the Realestate class and think he’s gonna make 100,000+ a year Posted: 04 Aug 2019 12:53 PM PDT My fiend is 18 and turning 19 in March and gave up his college scholarships and he thinks he's gonna well 3 houses a month. Can I please get some information on how much a average agent will sell in a month [link] [comments]  |
| Posted: 04 Aug 2019 01:27 PM PDT My Dad recently mentioned that they have to redo all their plumbing because whatever they used is going bad, he couldn't remember the name. House was totally remodeled in the early to mid 90s. Anyone here know what type of plumbing would go bad that fast? We're house shopping and now I'm adding being paranoid about plumbing to the list. [link] [comments]  |
| Posted: 04 Aug 2019 06:54 PM PDT Based in Illinois I'm closing on a house in 1.5 weeks. My loan agent gave me a loan estimate that says Title Insurance (Optional) is $2495. Can I shop around for this service? $2500 seems crazy. Home cost is $565k with a $365k mortgage. [link] [comments]  |
| Posted: 04 Aug 2019 10:21 PM PDT Any recommendations on Podcasts that are worth listening to to better understand real estate investing options? Have few properties but still feel intimidated about the subject & want to become smarter about the industry? [link] [comments]  |
| Is it realistic to try to rent an apartment 6 months or more in advance? Posted: 04 Aug 2019 06:09 PM PDT Hello, I will be taking a working holiday in January for six months and I will need to get a new apartment when I return. However, my employment history may come into question when I'm first getting back. Would it be possible to secure a place before I go based on my current income and employment history? [link] [comments]  |
| Posted: 04 Aug 2019 09:25 PM PDT We've been told our buyers have deposited their down payment to escrow and their lender will fund Monday (tomorrow) and we will close Tuesday. When should I as the seller expect to see the funds wired to my bank account? Sale is taking place in California. [link] [comments]  |
| As a first time homebuyer,when am I eligible to refinance my home? Posted: 04 Aug 2019 05:27 PM PDT I just purchased a $100k condo in Arizona in April of 2019. Put down 10k as a downpayment, at a 5.25 interest rate. my credit score is around 800 while my girlfriend(co-owner) is around 650. First time buying so curious to how quick I can get it refinanced? [link] [comments]  |
| Foreclosure and 203k loan as a first-time buyer Posted: 04 Aug 2019 01:24 PM PDT I'm a married woman approaching 30 who has rented since college. Now that my husband and I feel we can take on a house, I've done a few hours of research regarding fixer-upper foreclosures and using a 203k loan to make them habitable. New vocab and pitfalls I never considered have my head swimming, so I would appreciate your objective opinion: Am I a crazy person for thinking buying a foreclosure with a 203k loan is a good idea? This house I'm looking at is in a nice Chicago suburb a mile from the downtown area, and other houses in the neighborhood are valued between $450,000 and $700,000. A few comparable houses (sq feet, lot size, age, etc) sold in the last decade for $600,000. This foreclosure is around $350,000, and it looks like the former owners started renovating before running out of money. It might be structurally sound, judging by the amount of work they did, but without an inspection and appraisal, who knows. That said, there's a lot of work left to do--all upstairs floors, some holes in walls, and hopefully just a long list of other cosmetic fixes. If possible, I'd like to get the bare minimum financed so I can tackle other cosmetic projects on my own (I'm crafty and have done various roofing, tile, and carpentry projects with my dad, but it would be a steep learning curve for sure--I really want to learn, though). I can afford a monthly payment up to $3000, and for this property, that means a mortgage payment of up to $1700. I could get a mortgage for $420k and consider $100k of that to be for renovation, if the house requires that much, while still making a fair (and possibly high) offer of $320k. For a big house in a great neighborhood that is designed to my specifications, with a monthly payment that I can easily afford, for maybe 70% of what it's worth... it really sounds too good to be true. Just to be clear, I don't want to flip this house; I want to live in it for a long time. With the 203k, other redditors have complained about the drawn-out process, the rules, the struggle to find a contractor who won't cut corners, the fact that you can't DIY the renovation to save some money. I'm worried about being screwed over, but somehow it still seems worth the hassle. So what am I overlooking or underestimating? Are the numbers right? Am I being naive? Or is this a really good deal for me? Full disclosure: I have never spoken to a realtor or banker and am basing everything on lots of internet research, public records, and old r/RealEstate posts. I want to understand as much of the lingo as I can before I trust someone to guide me through this process. This is also my first post here, so I probably made a few mistakes, but thank you for reading this far! Tl;dr Clueless female 30-year-old thinks renovating a foreclosure in a swanky Chicago suburb using 203k loan is a super idea. Is it? [link] [comments]  |
| Timeline of Real Estate Purchase? Florida Posted: 04 Aug 2019 08:52 PM PDT We've sold our house. The buyers will be paying cash. The closing is September 3rd. All is going well, all inspections are done and passed. The Realtor we are using to buy a condo with says we cannot put in an offer until after ours closes and we have the funds? We wanted to put an offer in now, as we will be staying in hotels between houses. Is she correct? She said that it would be a "contingency" with a "kick out" clause, and that the sellers would more than likely not accept it. No mortgages are involved. Must we wait until the funds are in the bank? I had been told that once we're "under contract" it was time to start looking... Time is of the essence, as we don't want to stay in Hotels too long due to the expenses, and having pets. [link] [comments]  |
| Long-distance real estate investing question Posted: 04 Aug 2019 08:28 PM PDT Hey guys, quick question. (Fairly new to RE) If I were to invest long-distance (out of state) and I wanted to renovate the place I bought (I'm not physically there of course), so how would the process work if I wanted to renovate the place? I would like to invest out of state but since I'm Cali, that's my concern. You think the property management companies/contractors will screw me over since I'm not nearby? What do you do? [link] [comments]  |
| Deducting damages from security deposit Posted: 04 Aug 2019 08:26 PM PDT Hi everyone. I'm a long term landlord but I've never had a bad tenant before. I'm not the kind of person that is looking to nickel and dime someone on damages for security deposit. However, this last tenant was sooo bad that I feel I have to. In both bathrooms they let the water get around so much I have to rip up the drywall, install new shower enclosures etc. My question is how to proceed when informing the tenant his deposit is being withheld in any amount. Although I have all rights to take it all, I plan on only deducting part of it because I'm sure he needs the money. My plan is to send him a letter with pictures of the areas, estimated repair costs (which will exceed his deposit) and a brief, professional explanation of why we arrived at the amount along with a check. Is this prudent? [link] [comments]  |
| Real estate in San Diego is out of whack with fundamentals... Will we see a crash next recession? Posted: 04 Aug 2019 08:23 PM PDT I am moving out to San Diego soon where I will be making around 85-100K a year as a single guy. I will have about 80,000 cash, which would be about a 20% down payment on up to a 400,000 condo. The problem is when you add up Mortgage + association fee's + Insurance + Property taxes this price to own is significantly higher then what it would cost to rent the exact same 1 bedroom apartment in the exact same area. Generally its 200-800 dollars higher to own vs rent. This is unacceptable to me and tells me that real estate is in a bubble because its out of lines with fundamentals. Without 20% down and throwing in PMI the price would be close to $1,000 higher to own vs rent a 1 bedroom condo. Do you think its possible in next recession that real estate prices in these frothy markets like San Diego, L.A. etc will come back down to reality where its actually advantageous to own rather then rent? Or will prices just keep going up forever? [link] [comments]  |
| Anyone here really good with FSBO and Expireds? Posted: 04 Aug 2019 11:35 AM PDT Hi! I'm in New York and am interested in working FSBO and Expired. Do you have any videos, youtube, or books you recommend? Any good tips on really getting good on these? I will be reaching out to condos and coop owners and wonder if it'll be any different. I don't think so, I think it will be very similar. Could use some advice. Thanks! [link] [comments]  |
| Posted: 04 Aug 2019 04:15 PM PDT As title says, when people talk about renovating a property for resale, what do those renovation costs actually look like? And besides a loc, what are some ways to finance that? [link] [comments]  |
| Long-distance real estate investing question Posted: 04 Aug 2019 07:48 PM PDT If I were to invest long-distance (out of state) and I wanted to renovate the place I obviously bought (I'm not physically there of course) so how would the process work if I wanted to renovate the place? I would like to invest out of state but since I'm Cali, that's my concern. You think the property management companies/contractors will screw me over since I'm not nearby? What do you do? [link] [comments]  |
| [Al] How to figure out what the property rent should be in general and for this house? Posted: 04 Aug 2019 07:36 PM PDT Our family lives in NYC and we would be moving to Alabama so we want a house to live in and then another house to rent out so out of curiosity how much do you estimate we could get renting out houses like these. $500,000 5 beds, 4 baths, 5k square ft, half an acre lot with an estimated mortgage of 2k+. (I was looking in Tuscaloosa) saw a couple houses like these. I was just wondering how do you figure out a rent for a house, what would the rent be for this house if rented to a single family? I know someone in deleware who has a mortgage of 1500 and charges 1 family 2500 per month. I find it odd people would pay higher than the mortgage, at that point it just makes sense to buy a house I think. [link] [comments]  |
| Posted: 04 Aug 2019 06:50 PM PDT This may or may not be a unique situation, but I'm having a difficult time finding information specific to it through Google alone. I'd appreciate any help this subreddit of experts can provide. My boyfriend and I live in a house which I purchased with a VA Loan more than 6 years ago. He and I are planning to get married and move into another house (in no particular order), which is closer to where we're both working now. We'd like to rent out our current primary residence for the rental income it would generate. I have the higher income and the higher credit score of the two of us, and I think either I will have to apply for an individual mortgage for the new home or we'll have go in on it together. The latter option would be my preference. He and I are both veterans and eligible for the VA Loan. My understanding is that I can only have one VA Loan at a time, so I'm trying to understand how we can maintain our current home as a rental property and obtain a new VA Loan for what will be our new home. We'd like to avoid PMI without having to put 20% down. So, do I refinance and get out of the VA Loan I have now? Can he use his VA Loan eligibility to secure a joint mortgage without me using mine? Is this latter situation only possible if the two borrowers are married? I don't want to refinance if I don't have to, so I'm looking for other ideas if there's a legitimate way to get around it. Thank you for taking the time to read this! [link] [comments]  |
| Selling a house without an agent Posted: 04 Aug 2019 06:18 PM PDT Hi all! My wife and I are planning on selling our home in the near future. We live in a very sought after condominium complex, instead of listing we know a couple people who are willing to buy our place above what we were going to list it for. What do we need to have situated in order to do this? It seems simple in our heads and while we understand lawyer fees are to be expected we're trying to avoid paying an agent to get this done for us. But we want to make sure all of our bases are covered before we move ahead. Thanks! [link] [comments]  |
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