Is there such a thing as a "studio apartment" house and if so what is it called? Real Estate |
- Is there such a thing as a "studio apartment" house and if so what is it called?
- August Monthly Breakdown from a retired real estate investor
- [California] How to make use of the earthquake/liquefaction/landslide zone info on the California Geological Survey
- Question about "unpaid balance" on a foreclosed property
- Commercial Real Estate vs Residential for Beginning Agents
- Possible home buyer taking pictures of neighbors house???
- Anyone enrolled in Teachers or Nurses Next Door? They're down payment assistance/grant programs (US).
- no disclosure
- Samll inquiry
- Is offering 30% below asking price too much even considering this information?
- Want to switch mortgage lenders for refinance
- Ceiling shows slight water damage at drywall seam. Owner says he spilled bucket of water upstairs...
- Blended family of 6 living situation. Rent bigger, stay in rental or buy?
- Survey reveals fence/driveway not on property
- The 28% and 36% rule
- I am not licensed yet but I plan on getting into real estate. What are some tips for a beginner ? What’s a decent amount of money to start with ? Etc
- Third Party Basement Voids Warranty?
- Rant: Difficulty getting pre approved for a loan.
- Comparing Mortgage Rates Tool
| Is there such a thing as a "studio apartment" house and if so what is it called? Posted: 31 Aug 2019 09:56 PM PDT I'm just wondering if there's such a thing as a studio apartment version of a house, so a single room where you have the kitchen, living room, bedroom, etc and a separate bathroom. If so what are these dwellings called? Thanks for your time. [link] [comments]  |
| August Monthly Breakdown from a retired real estate investor Posted: 31 Aug 2019 12:41 PM PDT To see the previous month, please refer to this link https://www.reddit.com/r/realestateinvesting/comments/ck9qm6/monthly_budget_breakdown_from_a_retired_real/ A whole lot of stuff happened this month, so I'll do my best not to turn this into a novel. Bought a new investement property for myself, and I'm currently working with 2 out of state investors to help them get their first cash flowing rentals in my area. Both of those deals should close next month. Okay, now for the numbers. Business Income, Investments, and Expenses 1) Real Estate Gross Rental Business income - $18,000 (no vacancies, 2 were filled at the beginning of the month, this also includes a down payment of $6,625 for a property I'm selling as a rent to own) Net rental business income - $4,025 (Huge expenses this month! Had to dig out a sewer line all the way from house to alley on a house with a big back yard. That was about $4k. Also had to pay income taxes for 2018, which came to a little over $7k...also had a several minor repairs and had to pay for a dumpster/cleanup/repairs afer a long term tenant left us with a big mess after several years of accumulation. Luckily my crew was on top of things and we were able to do the needed work and already have it rented again. Still, had a total of almost $14k in business expenses this month!!) One new investment property purchase as outlined here https://www.reddit.com/r/realestateinvesting/comments/cqadg8/new_deal_breakdown_on_hall_st/ My total purchase price was $16,170...renovations will start early next month. Renovation costs will be on next months breakdown. Hard money loan outstanding on a flip project in Los Angeles - $50,000 (project is complete, just waiting for it to sell. Finally had some offers come in late this month, so we are expecting to finally get this thing off the books next month and get that money back...hopefully with a little profit) 2) Investments Monthly investment into Fundrise $2,000 (all returns are being reinvested) Monthly investment into Dividend Stock account $2000, all dividends are being reinvested Monthly investment into Leveraged Stock account $2000 Monthly investment into Money Market account $3000. Currently getting 2% interest. The balance will stay in the checking account. 3) Possible deal on the table for upcoming month I am working with 2 out of state investors to help them purchase a couple of duplexes. Hopefully both of those deals will close next month. PERSONAL EXPENSES Personal expenses for the month (everything except property taxes, which will be a one time expense when paid) I'm sure this is confusing for some people, but I'll explain the low numbers on personal spending. 1) I own my house outright 2) I own my cars outright and only carry liability insurance 3) I self insure for all other insurance 4) I'm just really frugal by nature which includes cooking at home, walking most places within a 3 mile radius, not going out often, etc The goal here is to spend less than $800 a month. $905 total Breakdown:(all cost rounded up to nearest $5) Car insurance $60 Gasoline for cars $0 Cable $70 Water/sewer/trash $60 Gas (heat) $30 Electric $70 Cell phone $35 Food $150 Entertainment $70 Misc (one time purchase of electronic devices $60) Averaged 3 month Medical expense $100 Averaged 6 month truck purchase cost $200 Not happy I went over budget here. Everything was looking fine until I blew the amp for my home theatre subwoofers. That was a very expensive amp, so a direct replacement wasn't going to happen anytime soon. Luckily I had a backup amp I could use, but I needed a few things to make the conversion work so ended up spending $60 on Parts Express to get everything. I also had a much higher food and entertainment budget than normal since I did a little entertaining this month. And of course, what really blew my budget was the two expenses carried forward from previous months. That $300 really ruined my budget this month. To see the details of why those are accounted for that way, see the previous month breakdown. OTHER Misc. income Payment for truck sold to handyman $100 Total $100 Grey area accounting. Most of the Grey area is already above. The big one this month are the new property purchase. Should that be counted against the rental income as a rental expense? Maybe, I don't know. So it got its own category. The funds for that came out of the bank account and a small transfer from my money market. I guess the income taxes are a bit of a grey area too. Since they are based on the business, I accounted for them as a one time business expense against the monthly rental income. On the personal side, deciding to account for the truck purchase I made for my handyman as a personal expense came back to bite me in arse. Oh well, at least I got $100 this month in misc. income from it! Lol. I can't complain too much. Even with all the craziness from this month I didn't blow the goal budget by too much. Okay, that it is. Let me know if you have any questions about any of this. I know this covers more than just real estate or personal finance, but hopefully members of multiple communities will find it useful. [link] [comments]  |
| Posted: 31 Aug 2019 10:27 PM PDT I'm in the process of learning and getting ready to buy my first house. Recently I found this website (https://maps.conservation.ca.gov/cgs/EQZApp/app/) that takes an address and indicate whether the parcel is part of a earthquake/liquefaction/landslide zone. From the FAQ: What does it mean if all or a portion of a parcel lies within a Liquefaction or Landslide Zone? This means there is potential for liquefaction and/or landslides to occur and these may pose a risk of ground failure damage to existing or future structures. If this parcel is subdivided and/or developed such that it meets the definition of a "Project" under the Seismic Hazard Mapping Act (California PRC, Division 2, Chapter 7.8), a geotechnical investigation by a California Professional Geologist or Licensed Civil Engineer will be required before that project can be approved by the lead agency. It also means the presence of this zone will have to be disclosed in real estate transactions. Please refer to California Geological Survey Special Publication 117A for more guidance on Seismic Hazard Zones. Ideally, it'd be best that the house i'm looking at is not in any of those zones. But for the most part of the bay area, it's in one of these zones. This survey was done around 2000-2002, before a lot of the houses i've been looking at was built. So what to do with this info?
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| Question about "unpaid balance" on a foreclosed property Posted: 31 Aug 2019 11:40 AM PDT Hi, Im a new home buyer, if a foreclosed property listed for 90K, and it has 78K for unpaid balance, if I purchase this property, do I have to pay the listing price of 90K plus the 78K unpaid balance, for a total of 168K? [link] [comments]  |
| Commercial Real Estate vs Residential for Beginning Agents Posted: 31 Aug 2019 09:48 PM PDT Just starting the process of getting my RE License, and I'm looking for perspectives from your more experienced RE Agents. From the limited number of people I've talked to, it seems it's almost a given to start in single family residential and then later on consider a move to multifamily or other commercial real estate later in your career. Personally I'm leaning towards Commercial, but it's more or less a "road less traveled by" feeling. What are your thoughts and opinions of starting in residential vs commercial? [link] [comments]  |
| Possible home buyer taking pictures of neighbors house??? Posted: 31 Aug 2019 03:02 PM PDT I am in the process of selling my home. It's quite small - around 900 square foot house on a .2 acre lot. We have made many upgrades to our house and I would like to think it looks quite nice. The down side: directly across the street is a large house that is not maintained well at all. Neighbors mow 1x per month, lots of stuff/junk on the porch, a junk car tucked into the weeds, etc. I was outside watering my flowers this morning when two men stop and ask some basic questions about my home: lot size, days on the market, etc. they state that they are looking for a weekend home (I'm about 100 miles outside of NYC so that's very common in my area). Several hours later these same people return except they get out of the car quickly and using a professional/semi-professional camera take several pictures of the dilapidated house across the street and drive away. Anyone have any idea why they would be taking these pictures? Note: we have had two buyers rescind offers after seeing the neighboring house on later visits. I'm very anxious first-time home seller so I may be reading too much into it but I've been trying to read the scenario all day in my head. [link] [comments]  |
| Posted: 31 Aug 2019 10:53 AM PDT Just curious. They offer grants to teachers, nurses, doctors, firefighters, etc. They have a free program (where they send you leads & take 10% of your commission), a preferred agent program ($50/ month where they send you leads in specific zip codes and take 5% of your commission). Wondering if anyone's tried it and has feedback. Thanks. [link] [comments]  |
| Posted: 31 Aug 2019 10:58 AM PDT Just bought a home and found out that the home had a pool which with some investigation did not have a permit but also the pool was filled in with dirt also without a permit. Since this was not disclosed in the sale what should I do. How do I know if these will turn bad later on. What steps should I take. [link] [comments]  |
| Posted: 31 Aug 2019 03:44 PM PDT Is it ok to ask for advice on how to sell a property on this subreddit? [link] [comments]  |
| Is offering 30% below asking price too much even considering this information? Posted: 31 Aug 2019 09:35 PM PDT This is the email i sent to the realtor. I'm afraid she'll think it's an insult to the sellers. Note: the pictures couldn't be included due to reddit not being a photo hosting platform. Hey Katie, i appreciated you taking the time to meet and show houses to me. I feel as though I've done sufficient research regarding the property of 231 3rd St in Balaton MN. My reasoning for the initial offering amount of $87,500- Reasons: Duration of listings and failed attempts at selling the property. The owners have attempted to sell the home for the last 3 years with no success (see image 1). The first listing was on 12/19/2016. In total from just the current listing it has been on the market for: 153 days with no serious attempts from anyone at buying the property. 📷 Value of the property: The property value is only estimated to be between $118,000-$120,000 which would mean the property is already $5,000 overpriced (see pictures) 📷 📷 The homes that have sold in and around Balaton, and the homes that are currently for sale (including the next door property) are selling for under $50,000 (see next pictures). 📷 In addition the population of the town of Balaton, has been declining significantly. It has gone from a peak of 790 people to a current population of 628 (see picture) 📷 📷 It's shriveling population and lack of businesses show signs that the town is not expecting any sudden increase in development which in turn means there is no expectation for an increase in property values hence the homes previously sold in the area and the homes currently on market being sold for the low prices of $50,000 and under despite similar homes being sold for over $100,000 in thriving locations such as the nearby city of Marshall, and even Cottonwood. Comparable properties (see pictures below) show similar properties in larger towns selling for less including a larger house in Montevideo for $116,000. 📷 📷 Notable issues: While the house overall is very nice and seemingly structurally sound and has been kept in good condition there are a few matters that make the property less appealing. Of these things the most notable is: 1: A lack of interior stairway to the basement other than a possible pull up hatch on the 1st floor. 2: One of the back doors was unable to be opened due to a difficult lock and sticking door which required us to go around the property instead. 3: Wood damage to the lower portion of the front porch and rusting on the porch railings, in addition to chipped paint and crumbling siding on the garage. 4: Cracks in the walkway sidewalk around the property which will continue cracking and allow for grass and weeds to grow through if not sealed. 5: And it's location on a main street near businesses which will result in significant traffic noise. Criticisms: The home was once operated as a Bed and Breakfast (B&B) despite not being zoned for commercial use. The dual front and rear doors as well as the bathrooms located in several bedrooms are a reflection of that. Notes: Some things i would like to know about the property are: 1: The age of the roof. 2: Has the plumbing and electrical been updated. 3: The type of fruit tree located in the backyard. 4: Whether or not the pond and yard lights still function. 5: Whether or not the propane tank is owned or rented. Final thoughts: Does this seem reasonable to justify offering 30% below asking price? I'm hoping to settle at $95,000-$110,000 📷 [link] [comments]  |
| Want to switch mortgage lenders for refinance Posted: 31 Aug 2019 08:42 PM PDT Hi, I have started with one broker (3.75%/30yr) and he ran our credit and sent the disclosure documents for review. It has been one day from the credit check and we haven't responded yet. The only thing we signed is for the credit check. I just got an offer from another agent (he replied late) with a 3.5% offer. Also, I am hearing the possibility of another federal cut. Now, I am wondering if I can discontinue with the present lender. He has $100 for credit report that I am willing to pay, but he spent at least 1hr of his time to prepare the documents and send us. Any suggestions? [link] [comments]  |
| Ceiling shows slight water damage at drywall seam. Owner says he spilled bucket of water upstairs... Posted: 31 Aug 2019 02:42 PM PDT So I'm looking to buy my first place and for context, this property is only like 7 years old. It appears well built, etc. So I noticed the ceiling in only one spot has signs of light brown water damage that caused the drywall crack along a joint. It's really not bad and can probably be fixed without a patch. It's just looks like it's cracking where the drywall tape would be. It's only slightly discolored. I checked and there is a bathroom above this crack. I mentioned it to the real estate agent and she spoke to the owner and he says in the bathroom he spilled a bucket of water or something. I have to double check but the water may have sat for a while before it was dealt with, if it all. Now, I could see this being possible. But it's also definitely possible in a newer construction house, that someone nailed something into the wall and hit a pipe. The nail initially seals the pipe so you don't notice until seal goes away and you get a leak. So maybe the owner is full of it. But maybe not. I do love the place. This is the only thing about it that has me worried. The drywall seam will be fixed before it's sold, and if it was just a bucket of water then no big deal. But if there is a small leak it will just crack again, and probably worse the second time around. And water can cause other problems too obviously. I'm wondering where I should go from here. Any advice? Pic of incident: https://imgur.com/a/f49t1DY [link] [comments]  |
| Blended family of 6 living situation. Rent bigger, stay in rental or buy? Posted: 31 Aug 2019 08:04 AM PDT I have two kids and they are here half the time based on my custody. He has two kids he has every other weekend (two nights in our home. During the week he visits them). We have one on the way. It would be: Two full time adults One full time child Two part time (half time) kids Two kids spending on average 4-6 nights a month We are renting a 3 bedroom house with large yard and storage (pets allowed) and have plenty of space except when his kids visit on their weekends. My lease won't end until February and I'm due at the same time. I can either: A) Have the landlord put this place in the market and I'm responsible for rent until someone rents or my lease is up. There is a fee of $2000 which is half my deposit for "deposit release ." We would rent a 4-5 bedroom place at a few hundred more a month but risk signing another lease before we know when our place would rent out. I wouldn't know much we would lose in total and if we go for it, we would rent for long term (2-5 years). B) Complete our lease and stay for an additional 6-12 months in this space and then buy. We want to buy but nothing we like is on market right now. But if we rent a new place , I rather not move again just a year after to buy. Moving is tough and disrupts the kids too. Suggestions? Stay crammed every other weekend in our 3 bedroom, 2 bath 1600 sqft home until able to buy? Or break lease, accept the penalties and rent larger place for longer term that may likely say no pets? No pets now but we do want a dog [link] [comments]  |
| Survey reveals fence/driveway not on property Posted: 31 Aug 2019 08:20 PM PDT We made an offer and got countered and settled to a price we were comfortable with (let's say 400k to keep it round). Our agent noticed the fence they replaced over the existing old one crossed over the neighbors property line (empty lot owned by investment. Apparently had email permission). An issue, but not a fatal one... Through this we realized that the driveway was straight up not on the property. It was just re poured entirely in an abandoned city alley, the alley owned in undivided interest by all abutting property owners (4 in total for alley). The entire left side of the property (10ft) is the shared alley, which the seller fenced in and poured driveway on as part of the property. This annoyed me because the driveway and ability to avoid street parking in a gentrifiying area was a selling point, along with the privacy fence. Now the entire left side of the property could be subject to claims by four other properties if they wanted to contest our fence crossing the alley, parking cars there etc. This alley section runs right against the house,though the alley is entirely overgrown and just absorbed into everyone's property lines. My worry is future renovation will uncover this latent issue and a property owner could be a dickhead about it. How much should this devalue the property? It is an issue that likely will never arise during use of home, but the next buyer should discover it if they look. 5%? 10%? We really love the house and it is frustrating to had to pull the offer over a technical issue I likely only valued because I'm an attorney. Also frustrating because an unsavvy buyer who comes along could easily just breeze past this issue and offer well above what it's worth with this issue. Here's lot and alley in question https://imgur.com/a/4HN0clq [link] [comments]  |
| Posted: 31 Aug 2019 08:13 PM PDT When computing the 36% rule do you typically include utilities you pay monthly? [link] [comments]  |
| Posted: 31 Aug 2019 07:29 PM PDT |
| Third Party Basement Voids Warranty? Posted: 31 Aug 2019 09:51 AM PDT Hello r/realestate! I'm considering a new construction in Maryland and thinking about getting a finished basement. The sales dude highly encouraged it (shocker, right?!), adding that leaving it unfinished and having it done later by a third party could void the warranty (this home builder's warranty is only one year anyway). Is there any truth to that comment? Does that make sense? I know we wouldn't be the only home in the community without a finished basement and at the price the builder is asking for it, it's a quick pass. [link] [comments]  |
| Rant: Difficulty getting pre approved for a loan. Posted: 31 Aug 2019 03:04 PM PDT People act like they've never heard of a travel nurse. My pay is $20/hr with about $850 in tax free stipends per week. ONE week of stipends covers both my tax home and my rental in my current city where I'm working for the entire month. Not counting retirement I can save $2,000 a month. I've never had a lapse in work in my entire adult life, except for a week or 2 here or there in between contracts when I was back home or on vacation. My credit score in in the top 2%. I have no student loans, only debt is a couple thousand on a car loan with the next payment due August 2022 because I'm so far ahead. I've now had 2 companies that came recommended, one swore they were used to weird situations, it's been almost a week and I still can't get a simple yes or no on whether I'd be approved and for what amount. It's a holiday weekend so maybe we'll hear back on Tuesday at the earliest. I can throw a rock in any direction and hit an open nursing job in the city I chose to move to. The main hospital is offering a $10,000 sign on bonus. I have to be one of the lowest risks to give a loan but people can't seem to grasp how travel nursing works. [link] [comments]  |
| Posted: 31 Aug 2019 05:18 AM PDT Hello - is there a tool out there where you can compare mortgages and the various costs and rates associated with them? I'm doing it in excel but its a manual process, everything I see out there is trying to sell you something or too simplistic. [link] [comments]  |
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