You think being an investor a "real job"? Real Estate |
- You think being an investor a "real job"?
- So the fed just announced rate cuts. When will banks who lend for real estate adjust their rates?
- My partner and I are buying our first home. Have some questions.
- Worried about wasting my realtor’s time
- Flipped home, several dips in floor
- Zillow the Flipper
- Help! I want to buy a warehouse on a residential lot and need a loan!
- Bought for 212k. Worth selling for 281k?
- House paid in cash by family member, want to take delayed financing similar- FL
- Buying a house with bad credit/bankruptcy
- Problems with landlord, leading to possibly looking into buying a home, Ontatio
- What does it mean when a bunch of houses in my neighborhood become flips?
- Final Loan Decisions?!
- Your Favorite Agent Ever? / How Do Agents Differentiate Themselves?
- Rental: Early Termination and Security Deposit
- How to remove your house's pictures from all real estate websites?
- Cap rate for new development and IRR question.
- Need Advice - Selling home with mold issue?
- Advice: 10k in concessions (seller)
- San Antonio house with mobile home for in-laws
- What happens to a Reverse Mortgage after death? Options?
- Owner of our rental house is either selling or moving in. (Seattle)
- How do you think Brexit will affect the housing market in the UK?
- Reselling and the resale value on my future investment: 1 car garage vs 2 car garage
| You think being an investor a "real job"? Posted: 07 Aug 2019 06:12 AM PDT I'm writing this as I am kinda sad. My husband and I recently quit our jobs to be full time investors. It's been in our plans for years. We flipped houses for years as we both held full time jobs to stash up the cash to buy rental properties. We currently own 5 properties with net income already replacing my old salary as an engineer. We also own 3 more that we are working on to get them up and start earning income. The fact of the matter is before we quit we stashed up a lot of cash. We also tried to do this with our full time jobs but finding the time to do it was always hard. Our goal has always been to get at least 8 income positive cash flowing properties by the end of this year, which we have achieved. Our goal for next year is to double whatever income we get from the rentals at the end of this year. Etc. We have real plans written out. Ok, here is the part that makes me sad. We all grew up being indoctrinated to believe that we have to go to school, get good grades, get a full time job to work for someone else, and get a gold watch when we retire. Any straying from this route is BAAAADDDD. I came from a fairly successful family via this route. We all became engineers of some kind. When they found out my husband quit his job, they started hounding us about when he will get a "real job" again? Now that I have quit my job to dedicate to our business, they're starting to hound on me. They keep telling us that what we are doing is a hobby and not "real jobs". I know that the politically correct thing nowadays is to hell with what everybody else thinks. But I came from a tight knit family and deep down I require their approval, especially my parents'. Full disclosure. I'm not white. I'm asian. So, may be you guys here have a hard time how I feel because I know white people don't seek approval from their parents as much as we do. My husband is white, so he's got the "eff them" attitude LOL. Added by edit. I think a large part of the misunderstanding is that most people don't understand what's an asset and what's a liability. Most people think and refer to their house and car as assets even though in most cases they are liabilities. And they have to make payments on their houses and cars. In other words, most people think assets cost money every month. If you think about it, most people don't have anything that makes them passive income on a monthly basis. Most people make money from active income. So, my biggest problem so far is every time I tell people we have a lot of properties, all they could focus on is "oh my god you have all that mortgages and property taxes to pay!". Ignoring the fact that we own these properties outright (we paid cash for them), that's not how you should view REAL ASSETS. And that's the main problem. I have not been able to convince my family to think outside their own experience. Their houses cost them money every month. Their cars cost them money every month. They think these things are assets, so when the hear us saying we have assets all they could think about is we have to pay to keep these things. [link] [comments]  |
| So the fed just announced rate cuts. When will banks who lend for real estate adjust their rates? Posted: 07 Aug 2019 05:21 PM PDT My question only pertains to the fed announcing a rate cut earlier this week. If I go to look for refinancing loans will they already be adjusted, or is this something that takes a few weeks or months for the banks to adjust? [link] [comments]  |
| My partner and I are buying our first home. Have some questions. Posted: 08 Aug 2019 03:18 AM PDT Were in NSW Australia. We're getting the first home buyers grant which is $10,000. We're buying our first home. So our deposit is set and stone. There's a few places we really like but we need some advice on how to find the right place. Most houses in our area are duplexes. Houses on their own are a little too much for us or they're a fixer upper and we can't afford the renovations. We need some advice on strata fees and also buying a property with tenants. So my questions are: When it says free standing strata, does that mean there's NO strata fees at all or is there a loophole? When it says "Currently leases but available vacant possession of required" does that mean we can move in when we want and we don't have to pay the tenants out? Hope that makes sense. I'm very confused but want to make the right choices. Thankyou in advance. :) [link] [comments]  |
| Worried about wasting my realtor’s time Posted: 07 Aug 2019 04:09 PM PDT I'm not looking for anything much, less than 90k condo, and I'm terribly indecisive (I've seen 5 places and just don't "feel" it yet) so I'm worried I'm wasting my realtor's (who is fantastic btw) time since I know the commission won't be that great. But I also feel like I'm being silly, that he maybe won't view it as wasted time, I want to see more places, but I don't know...am I being ridiculous and this is just business or am I asking for too much? [link] [comments]  |
| Flipped home, several dips in floor Posted: 07 Aug 2019 06:39 PM PDT My husband and I just recently bought a 1920s build home that was completely flipped everything is new. However, what I am noticing upstairs is that in one bedroom there are two dips/holes on the floor. To be more clear, when I walk over the carpeted portion, I can feel the dip in the floor it's probably as big as a softball. My husband seems to think that this could have been during construction as a way for rain to fall through it. What has been your experience have you seen anything like this before? [link] [comments]  |
| Posted: 07 Aug 2019 04:20 PM PDT |
| Help! I want to buy a warehouse on a residential lot and need a loan! Posted: 07 Aug 2019 07:56 PM PDT (Sacramento, California) I attempted to get a conventional home loan on the property and was approved the amount of money I needed but turned down on the basis that the warehouse cant be made to qualify as a house because of issues with the bank determining the value of the property (there is no similar properties to compare it to so the bank valued the land value minus the cost of demolishing the warehouse) Is there a way I can finance buying this warehouse? Its very inexpensive and well within my income to pay the mortgage. Its cheap for the area (Sacramento, California) at just $90,000 in an area where residential lots of the same size sell for $300,000-$400,000. Is there a type of loan that i can get to finance buying this property? It really seems to be in a null zone for finding a mortgage. I want it enough to work through some creative ways of getting it. I am cross posting this question on r/Mortgages and to r/personalfinance [link] [comments]  |
| Bought for 212k. Worth selling for 281k? Posted: 07 Aug 2019 02:27 PM PDT My friends bought a Nevada house in 2016 for $212k. They are now selling their house for $281k. How much do you think they will profit after fees, taxes, and commissions? [link] [comments]  |
| House paid in cash by family member, want to take delayed financing similar- FL Posted: 08 Aug 2019 04:13 AM PDT Hi everyone, I am in a lucky position where I am able to make a cash offer on a home by borrowing from a family member, in order to drive the cost down of the home. The plan was to immediately take out some delayed financing under my own name and pay back the family member. I've read buying in cash and financing later is common tactic, but with 2 separate parties involved it seems rather complex. For example, if the transaction needs to be at "arms length", is that only in the context of the seller of the house, or also the buyer's side as well? Looking for some guidance here, appreciate the help! [link] [comments]  |
| Buying a house with bad credit/bankruptcy Posted: 07 Aug 2019 04:00 PM PDT I'd like to look into buying a house. My credit score is around 580 and my bankruptcy was discharged in April this year. Where do I start!? How long should I wait? My main motivation is that my landlord has the building I live in on the market. If he sells, I'm sure the rent will go way up and the new landlords may not be pet friendly! [link] [comments]  |
| Problems with landlord, leading to possibly looking into buying a home, Ontatio Posted: 07 Aug 2019 11:43 PM PDT Hi guys thanks for anyone who takes time to read this. So we noticed mold in our bathroom about 2 months ago and long story short our landlord has already been here like 4 times. Its resulted in them replacing part of the wall and the trim and installing a bathroom fan because we haven't had one since we moved in 2 years ago this past april. It now appears to be coming back again and we had always left the bathroom window or door open depending the time of year and also have a dehumidifier that runs while we are at work for roughly 9 hours a day but it blows hot air so we cant keep it on while we are home with this heat. But we've also sprayed it with mold control as well as bleach. Is there anyway for us to have a right for them to stop coming and just hiding it with a new wall or trim and actually get to the route of the problem because even though the fan does help better now it's still coming back theough the trim. what is the best way to go about that? But this is also leading us to want to move in with parents temporarily to add on to our savings for buying a house but it isn't really ideal. Before we book an appointment to speak with a mortgage professional to ask specific questions I have some questions, because I dont want to go into it dumbfounded. First it's my understanding first time home buyers need 5% down payment. Can you get approved for a loan to help pay that and (lawyer, realtor, inspections etc) does that lower how much you could get approved for the mortgage all together because you now have a debt (we currently have 0 debt). Like would you get a loan first or a mortgage first, or if you get approved for an amount for a mortgage but the actual home costs less are you generally allowed to use some of the approved amount left over for those expenses. Also I've never spoken to a realtor before, can you generally get free consultations to let them know what you're looking for and if something comes up then they can let you know or do you have to pay to have one hired on. We aren't in an immediate rush so we dont want someone to look specifically for us but if something simple like we want came on the market I would like to have our name in somewhere. Last question, we both have potential for better jobs that would help save more but heard from a friend you can get automatically approved for a loan at the bank they went to if you have 2 years employment at the same place and a credit score that we both meet. Is that the expectation for most places? Would a mortgage generally let us get approved now at the pay we make and then we could get a letter from our current employer saying if anything went south if we got new jobs in the mean time before actually buying a house that we would always have that job at the income we got approved for. I'm so stressed out and over whelmed and I'd just like a general idea of how things could work. If you just skimmed and came for the end I hope you have a rocking day! [link] [comments]  |
| What does it mean when a bunch of houses in my neighborhood become flips? Posted: 07 Aug 2019 12:01 PM PDT I live in an old quaint established neighborhood. We have very good schools, so I think its a desirable spot but frequently it gets overlooked because people like bigger newer suburb homes in our metro. Well this summer I'm noticing that all of the houses that have sold on my small block are sold to house flippers. I can't really figure out if that's a good or bad thing. There are 5 houses that are currently undergoing renovation by people not planning to live there. It's sad when I go introduce myself but find out that they aren't planning to live there. Historically, what is the trend for neighborhoods that have a lot of house flipping? I can't really find any info online about what happens to neighborhoods in those situations. This is just for my block so I don't know if this is the trend throughout my neighborhood because I have only spoken with the people on my street. [link] [comments]  |
| Posted: 07 Aug 2019 07:53 PM PDT My wife and I are in need of (finally) selecting our home loan for our first house. The seller accepted our offer of 290K, in a fairly hot market, we finally found something in our budget in an area that we consider to be good. The conventional 30 year fixed loan via Chase bank for the approved amount of $275,500, due to my wifes credit 620, has an interest rate of 4.875%, (.155)% Points. Aswe can afford any more than 17k down payment, that is what we are putting down. Leaving us with a mo. payment (w/ taxes and insurance) of $1976. Are we doing the right thing? is 5% too high? Should we be waiting for her score to catch up to mine (missing out on the house)? Are we rushing it? We are having some cold feet. Inspection period ends friday (if we go through with it), and we are hoping the home appraises for lower than our offer. Going from $1300 rent to $1900 has us a bit freaked.... [link] [comments]  |
| Your Favorite Agent Ever? / How Do Agents Differentiate Themselves? Posted: 07 Aug 2019 07:53 PM PDT Looking to get into real estate. I simply don't understand the value some agents provide over other agents. One thing I consistently hear is that the price of a home does most of the work when selling it. So what value does an agent add over another agent? Is most of it the seller being the same race as the buyer, or a relative? Is it just having a big name like "The Agency"? What really differentiates great agents from average ones? And an evolution to this question, please also describe your favorite agent, things they did that other agents don't. Ways they made the process easier or better for you. Maybe they charged you less and sold the home for higher. Thanks for your time and for helping me out. [link] [comments]  |
| Rental: Early Termination and Security Deposit Posted: 07 Aug 2019 03:48 PM PDT Hey everyone, I moved to a new city for a job and turns out I was lied to a lot about the job and I plan on resigning soon. In my lease it states that I can pay $3,000 to terminate my lease early and get out. If I pay that $3,000 to terminate my lease, am I still entitled to my security deposit? Thanks for the information [link] [comments]  |
| How to remove your house's pictures from all real estate websites? Posted: 07 Aug 2019 06:51 PM PDT My parents bought their home several months ago, but when you google their address and click on any real estate website, the pictures from when it was For Sale are still up. How do I go about getting rid of all these pictures? Should I ask the previous owners' agent or something? I really don't want to make an individual account for all of these different websites just to contact them, and who knows how much proof we'll have to provide. [link] [comments]  |
| Cap rate for new development and IRR question. Posted: 07 Aug 2019 01:30 PM PDT Hi I know how to calculate cap rate for existing properties but how do you do it for new development ? Is it just forward NOI (12 months after stabilization) divided by total development costs ? Also, for IRR calculation, I'm using one online that asks for annual cash flows. Is that the same as NOI? [link] [comments]  |
| Need Advice - Selling home with mold issue? Posted: 07 Aug 2019 04:48 PM PDT Hi there, thanks for reading. We've owned our home for 5 years now and have been living with my mother-in-law for the last 8 months due to mold. We're in a split level and discovered mold EVERYWHERE in the bottom level. Behind layers of paneling, under floors, etc. It's been awful. We're considering cutting our losses by either A) Selling as-is or B) Fixing it up and selling, using that money to pay down debt and moving somewhere cheaper. However, we're concerned about selling a home with prior mold issues. We didn't have professional remediation done, but the downstairs is being COMPLETELY rebuilt, and we're going to do a chlorine treatment on everything before we do rebuild. How much would this affect our ability to sell? I imagine we'd have to disclose. If we sell as-is, how much would that affect the value? Would we be better off fixing it up first? At this point we're so overwhelmed, we just want to jump ship. We bought the home for $139,000, currently owe $125,000. Houses in our area are now selling for $200k. Could we still get close to 200k if it's fixed up, or is the mold a literal stain on our property? Any advice is appreciated. Thanks! [link] [comments]  |
| Advice: 10k in concessions (seller) Posted: 07 Aug 2019 12:56 PM PDT So basically I lowered my home to the appraised price and buyer wants 10k in concessions (no reason). I think they just want free money. The deal is about to fall through, it's really up to me as far as I know at this point.... This is on a 300k house..... I did not agree to any repairs, it's just straight up concessions on the deal. They have an FHA loan. If I were to give them the 10k, is there any way for me RATHER than just labeling it as "free money" at closing, to push it through in a contract that says the following... 1k cash at closing for a new water heater and install charges 7k for new cabinets & counters in kitchen (parts) 700 for a new fridge. 1300 for misc plumbing repairs, any leaks, etc. Basically I want to see if I rather than just "giving" the money away, can create a buffer against any liability if anything breaks. Thus "no I paid you for that" if the water heater fails and later they want to sue.... Is there any kind of contract I can push through on this? UPDATE: I'm at the stage of contract where the inspection has been done a couple weeks ago, the title company cleared to close, and the appraisal just went through. Initially I gave 10k in concessions for closing costs. The appraisal came up a LOWER than the agreed upon price. So I agreed to sell at the appraisal value but no more 10k in concessions for closing. I mean, why give them free money? The appraisal said it was worth X, I lowered, so I don't want to pay concessions. HOWEVER, the buyer is (I think) needing the concessions to close because they don't have the money to close without it. So in my anxiety brain, I think "Okay, if I go ahead and give them the money, how can I erase ANY liabilities in that home for any type of future lawsuit whatsoever so that it's strictly a done deal". So I think Okay, here's the money for a new water heater + install, here's the money for new cabinets etc..." So I'm just trying to think of a way to "justify" giving the buyer free money. I need to get something out of 10k. I'm not just going to "give it away because I want the deal so bad". If I could "get" something for it, I'd like that. ------OR------- Can I somehow setup a two to three year "you owe me this 10k that I'm giving you now" type of loan? [link] [comments]  |
| San Antonio house with mobile home for in-laws Posted: 07 Aug 2019 12:55 PM PDT Hello all, When searching for a potential homes, are there any types of certificates or laws that I should inquire about in regards to additional mobile homes? Intent is to have one for my in-laws to stay with me and have them be a part of my everyday family to help raise the kiddos and still have their own space. [link] [comments]  |
| What happens to a Reverse Mortgage after death? Options? Posted: 07 Aug 2019 10:01 AM PDT I'm the 24 year old son of an 89 year old man who took out a reverse mortgage years ago. My mother isn't 62 yet and has several years before she could inherit his SSI after he passes. She doesn't have a job because she's unable to work but the government hasn't granted her disability yet (she's going to apply again). My dad rents units out in the house so we get an income of about $2900 a month apart from his SSI of $1500. I'm a full time college student with part time job that pays just $880/mo (Don't pay rent). I have no debt and a 760+ credit score and the only one saving money (half my paycheck) in case of an emergency because my dad is too busy trying to pay off retail debt. It's also my "going away" fund as I plan to move states in 2 years. I'm wondering what would our options be after his death. Once I'm graduated and have a more decent paying job, at least I'll be in a better position to care for myself and make sure my mom doesn't end up homeless. The HECM loan balance is 347K. It would be ideal if we could purchase the house so we could keep getting income from the rental units but with my current income it seems unlikely. What options do I have/what happens after his death? [link] [comments]  |
| Owner of our rental house is either selling or moving in. (Seattle) Posted: 07 Aug 2019 11:46 AM PDT TL;DR: Asking for your advice. The owner of the house we rent is either selling or moving in come April 2020. Should we propose to buy the house directly from her? More questions below. My partner (35) and I (26) rent the main floor of a house (2-bedroom) in Seattle. There is a basement unit below (also 2-bedrooom) rented by another guy (middle-aged). We share the house, coordinate doing laundry in his unit once a week or so, but have separate entrances and pretty much do our own thing. This has been a dream situation for us, because we would normally not be able to afford rent for a house just as a couple. It's a beautiful house, and we get along really well with the guy downstairs. He loves us too. We just got an email from the manager saying the owner of the house was either moving into the house or putting it up for sale in April 2020 (8 months from now). We are renewing our lease this month, and thankfully they gave us extremely flexible move-out options. We can leave anytime from now to April, giving 30 days notice without any fees, and we can also stagger leaving, so our unit or his unit could be unoccupied but they'll still let us pay the same individual amounts. So many anxieties are flying around right now. The guy downstairs has lived here for 10 years and the Seattle housing market is at its worst. We got lucky with this situation initially. We chatted over ciders and it was revealed that we were all interested in buying the house because it's awesome, and we are really good housemates. The most feasible option being that we buy the upper floor, he buy the basement unit, and each unit operates as a condo. We agreed to do research before coming back together and making any decisions. He's been a homeowner before, but we haven't. Bottom line is we are all tired of living at the whim of homeowners and landlords and we are all ready for stable living situations. He has a son in high school. I have moved on average more than once a year for the past 10 years. My partner has moved once a year since relocating to Seattle. Here's a list of all the questions my partner and I came up with that we want to answer before moving forward (that is, if the owner even sells instead of occupying the house herself). Whatever you can respond to would be much appreciated. We have all wept over the situation and I personally will be hanging onto words of wisdom I find here. Resources to point us in the right direction are also wholeheartedly welcome. I can include more details about our separate financials if necessary.
Just, in general, help. [link] [comments]  |
| How do you think Brexit will affect the housing market in the UK? Posted: 07 Aug 2019 04:45 AM PDT |
| Reselling and the resale value on my future investment: 1 car garage vs 2 car garage Posted: 07 Aug 2019 02:49 PM PDT I am looking to get a mortgage to purchase my first home in a market where home value has gone up 6-7% YoY for the past 7 years or so. I found a great home for me built in 2005 - 1,600 sqft. The previous owner had many modern upgrades: tile or laminate throughout (no carpet), crown molding throughout, new kitchen, new paint in 2018-19 etc. Like new washer/dryer/fridge, solar panels and lease, saltless water softener included. $284K. Downside is that there is only a 1 car garage (for all houses in the subdivision for that matter). Would it be difficult to sell this home in a few years because of it's 1 car garage? I imagine it's a difficult sell if the home was 2,000 or more sq ft but how about a cozy two-story? [link] [comments]  |
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