23 years old, buying first Co-Op with grandmother as buyer included, need advice on Background Check by Co-Op board Real Estate |
- 23 years old, buying first Co-Op with grandmother as buyer included, need advice on Background Check by Co-Op board
- Buyer wants to waive termite clearance in exchange for credit, even though seller is okay with paying for fumigation. Thoughts?
- Houses on all lots? Tax default list.
- When do you buy your 2nd rental propety?
- Help: How can investors take advantage of a slow market?
- College student, $20,000 saved up, going into real estate, would now be too early to buy my first property?
- [Barron’s] This Widening Crack in the Mortgage Market Could Sink U.S. Home Prices
- [IL] How accurate is a property tax assessment?
- Real Estate related websites
- HOA reserves: How low is too low?
- Seller's Agent never obtained release.
- Interest rates I'm question
- Ins and outside of a usda loan, advice needed.
- Focusing on leasing or selling as a new agent?
- New York State STAR program
- California first time home buyer
- New construction analysis, making sure this is fair. Can we negotiate?
- Is it a good idea to cash out your 401k & invest in buy & hold
- Is my ex-landlord charging me for things he is not allowed?
- Resource guide or list of websites for finding investment properties,
- Property Tax Appraisal
| Posted: 05 Oct 2019 07:40 PM PDT Hey so as the title reads i'm 23 and about to buy my first Co-op with my grandmother as a buyer (my credit is really good but salary is slightly below their standard (due for a nice raise in December though)so my grandmother offered to help by going in as an owner with me) my only concern is they might do a background check and i had a misdemeanor dui when i was 21 which i have a few months left of where I go back to court and it's completely dismissed. I tried two online background checks and it didn't pop up surprisngly. I was told by my realtor who's sold multiple units in the development that they're really only strict with/concerned with the Credit and Income. Curious what your thoughts would be on if godforbid it may pop up. It's a misdemeanor and i was young and dumb, have plenty of money saved in both savings and investment portfolios and am well above their credit requirement My grandmother is a buyer with me as well with absolutely no record, very high salary and credit. Just nervously anxious yet also excited that I may finally have my own place now. I'm on Long Island, New York if that helps [link] [comments]  |
| Posted: 05 Oct 2019 11:35 PM PDT This is an older home and unsurprisingly for our area, there is a termite issue. Given the size of the home, fumigation seems like the best path forward. I believe the buyer is going to do major renovations or even tear down the home (it's a great lot), so they are asking for a buyer's credit and want to waive the termite clearance stipulation on the RPA. That said, the home already had a termite inspection, so I'm a bit unclear as to how I can protect my sellers. In terms of cost, it's about a wash and probably easier to offer the credit, provided it doesn't put them in jeopardy. Any thoughts or insights? [link] [comments]  |
| Houses on all lots? Tax default list. Posted: 05 Oct 2019 07:38 PM PDT Looking through tax default lists for vacant lots to buy. The lists are from two different states. Every lot Ive looked at has a structure on it. I was under the impression that all land in tax default wouldn't have a structure on it. Can anyone shed some light on why this would be? [link] [comments]  |
| When do you buy your 2nd rental propety? Posted: 05 Oct 2019 12:47 PM PDT This is probably a funny post because I don't even have my first, but when did you get your second rental income propety? I have around 120,000 liquid. Places I'd want to rent at are around 180-230 ish range depending and cash flow moderately well it seems. I've been looking for the perfect first rental (time doesn't matter, so no rush and the longer I can save the better). But once I have that first property done when's the best time for the 2nd one? What did you do? [link] [comments]  |
| Help: How can investors take advantage of a slow market? Posted: 06 Oct 2019 04:13 AM PDT Hello! I really need some help with my assignment. I'm absolutely clueless when it comes to investments and anything business oriented. However, I've got a writing class assignment with the title - how can investors take advantage of a slow market? I've tried to google it but I'm coming up with few points. If someone could give me a couple of general pointers, that would be great! I'm sorry if this post isn't appropriate for this sub. [link] [comments]  |
| Posted: 05 Oct 2019 03:27 PM PDT As the title says I have 20,000 in a mutual fund. I'm in school for entrepreneurship and want to invest primarily in real estate. Would it be a terrible idea if next year I bought a property rather than rent an apartment? I was thinking a duplex, living in one, and renting out the other. I've done some looking and the monthly payment on the duplex would probably be less than what I'm paying now in rent, let alone with rent coming in from a tenant it could pay for itself. Then whenever I'm done with school I'll move out and get a second tenant in there. Is there any reason I shouldn't do this? My goal is to build up cash flow and I think it'd be best to start as early as possible, compounding interest and all that. If I'm not giving enough information let me know what you need to know. I've connected with a mentor who works in finance and I'm meeting him in a couple weeks so I'll definitely be bringing it up with him [link] [comments]  |
| [Barron’s] This Widening Crack in the Mortgage Market Could Sink U.S. Home Prices Posted: 05 Oct 2019 03:02 PM PDT |
| [IL] How accurate is a property tax assessment? Posted: 05 Oct 2019 02:56 PM PDT I hope this is the right place to post this question. If it's not, I'll be happy to delete this post. So my husband has an active lawsuit against the executor of his father's estate, who is his sister. Long story short, his sister lived at their dad's house rent free for over a year, and then sold it at a huge discount. Not only that, but also she took about 90% of the estate money after all the debts were paid, even though the will stated that the remainder of the estate was to be split evenly between 3 beneficiaries (my husband, his sister, and their brother). It's a big, ugly, and messy situation I can't sum up in one post, so I'll just focus on the value of the house. Essentially:
A part of the lawsuit was proving the actual value of the house. I looked up the tax assessment records for the property, and the property has been valued at $287K every year since 2007 (or possibly before then -- I could only find info dating back to 2007). It turns out that the new owner of the property just filed an appeal in order to bring the value down (so he could pay lower taxes). The county did a market analysis on the property, as well as a comparative market analysis, and determined that the house was not worth less than $287K. The analysis was done last month, so the info is very recent. So right now, we have a sloppy and incomplete comparative market analysis by the real estate agent that valued the property at $230K, and we have the knowledge that the county tax assessor's office valued the property at $287K. Which report is more accurate and reliable? Should I call the tax assessor's office to see if they can send me a copy of the market analyses (if it's even public info)? Is this something that's worth pursuing? Any guidance on this would help a lot. Thank you! [link] [comments]  |
| Posted: 05 Oct 2019 09:30 PM PDT Not sure if this is the right sub, but it is related to what I do. I make custom websites (mostly related to real estate) but also startups, landing pages, anything really. Mostly on Wordpress, and includes a full setup like domain, hosting, etc. Project costs range from $300-thousands. Please PM me for example sites, and if you're interested, thanks! [link] [comments]  |
| HOA reserves: How low is too low? Posted: 05 Oct 2019 09:42 AM PDT Am reviewing condo docs for a 4-unit, 120-y.o. Victorian in DC before we fully commit to closing. It believe it was totally renovated in 2012 which is when the HOA was established. Current reserves seem really low ($2K). They collect $1300/mo in fees. What should be the minimum amount in reserves? We're concerned about special assessments. However, if it was totally gutted from studs up 7 years ago, maybe it's more just an issue of focusing on building the reserves going forward? We haven't yet asked (but will!) about any expenditures over the last 7 years. In theory, if they have socked away the minimum 25% of fees for reserves since 2017, they should have $27K. Thoughts? Advice? Other As we should be asking? [link] [comments]  |
| Seller's Agent never obtained release. Posted: 05 Oct 2019 08:08 AM PDT We recently had an offer accepted on a house. We were the first offer after it was put back on the market after the first buyer refused to sign the P&S. We suspect that it was because of all the issues we found when we paid for the inspection, which made us walk away as well. They had provided a short list to us they said were the seller's issues. We found considerably more during inspections (extensive mouse infestation that was never cleaned up then had insulation laid over it throughout attic, plumbing leaking in walls, carpenter ants, structural issues from porch not built to code). We sent a release to walk away based on the inspection contingency, and the seller's agent again was very slow and difficult. He eventual relented and we expect to get our deposit back in the next 5 days (its been a week since we notified them). We have since come to learn they never got a signed release from the first buyer, and therefore never had authority to relist it. He was relying on a text message. Do we have any reasonable recourse to recover our inspection costs? We sent a clear letter with an extensive list of deficiencies that should follow it when they try to resell, but he is trying to weasel out of that by saying it was the short inspection timeline (that the listing agent forced on us in his counteroffer). I wouldn't want a protracted fight, but if there is something obvious I wouldn't mind sticking it to him. Inspections cost me $950 and I'm guessing were issues the first seller found that made him walk away. [link] [comments]  |
| Posted: 05 Oct 2019 01:40 PM PDT I have a credit score of 750 and buying a home at $310k in Denver. The lender is offering 5% down @3.99% interest or 3% down @ 4.287% interest. Is this decent? [link] [comments]  |
| Ins and outside of a usda loan, advice needed. Posted: 05 Oct 2019 07:25 AM PDT We're in a situation to move but dont have enough for a down payment. I want to live in the country so the usda loan looks perfect. I'm looking for advice on what to expect using it. What fees need payed and any drawbacks you saw to the program? There is a home that's been on the market for a year and is perfect so I dont think they would snub a loan for just being usda. Fingers crossed. [link] [comments]  |
| Focusing on leasing or selling as a new agent? Posted: 05 Oct 2019 09:35 AM PDT Hello all, I'm a soon to be real estate agent. I will be taking my state test in about a week, and I recently spoke with the managing broker of a team that focuses primarily on leasing. She mentioned that a lot of leasing clients ultimately become buyers in the future, and that leasing, especially luxury units is a great way to earn more consistent money. She also noted that while her team does sales as well, that these leads are to be self generated whereas supplemental leasing leads will be provided to us. Of course we have to generate our own leads either way, but it sounds like she offers more support in relation to leasing. I'm located in Chicago which naturally has a large leasing market. I also have another contact at a different firm that focuses solely on selling. She's one of the highest grossing agents in our area. But from my understanding, this may be a more difficult road to take as a brand new agent. I currently have another full time job that I'm looking to leave as soon as I'm making enough in real estate. Do you think it's a better choice for me to focus on selling or leasing when I'm starting out? The firm that the first team is a part of seems to be more full service in that they focus on both selling and leasing, whereas the one that this second contact is a part of is more of a traditional brokerage. [link] [comments]  |
| Posted: 05 Oct 2019 04:41 PM PDT I'm closing on a new home in New York State November 1st. How do I apply for STAR and when can I apply? Do I have to check if the previous owners already received their STAR check this year? [link] [comments]  |
| California first time home buyer Posted: 05 Oct 2019 03:56 PM PDT My husband and I are looking into possibly buying a home next year. What are your best advice on how to approach this? We have a lot of credit card debt. Embarrassed to say but it's about $30K total over the years due to me being the only one working for 2 years 2016-2018 His student loan amounting to about $80K He has a full time job and I am now part time We don't have much saved right now for a downpayment From the looks of this I know we can't afford a home but guide me on how to approach and be prepared? Thanks! [link] [comments]  |
| New construction analysis, making sure this is fair. Can we negotiate? Posted: 05 Oct 2019 11:36 AM PDT Hello, I know that new constructions aren't a typical thing for REI, but for my particular niche it is what me and my business partner are going with. That said, before we sign the contract our builder has given us an itemization of the construction. Is this a figure that can be negotiated? Does anything look out of place? Appreciate any insights! (Pics of the itemizations) https://imgur.com/a/6VYxnbo House is in suburban Oklahoma for a 4 bed 3.0 bath. [link] [comments]  |
| Is it a good idea to cash out your 401k & invest in buy & hold Posted: 05 Oct 2019 03:08 PM PDT Question is it better to cash out a 401k pay taxes & pay off a rental property ? [link] [comments]  |
| Is my ex-landlord charging me for things he is not allowed? Posted: 05 Oct 2019 10:31 AM PDT Hello all! First post here. I just graduated from college, and lived in a pretty crummy apartment with 3 other guys for a couple years. Place was built in the 80s and gets very regular shoddy repairs. Definitely not a nice place, but my roommates also did not always treat it very well. In full admittance, parties were thrown from time to time. However the landlords and their company are known for being very scummy. The whole 3 years I've lived in apartments owned by them they were always terrible at responding to maintenance requests, the apartments were really in bad shape, and repairs were so cheap that things just broke again in a couple months. I have gotten in arguments with them many times over things, and they are always very disrespectful. Anyway, myself and my roommates just got a bill in the mail. They charged us to steam clean the carpets, and they ended up tearing it up anyway. I've been back to the unit since I moved out and they put in new flooring. They are charging us for basic household repairs, that are things we regularly saw in bad shape. They were in bad shape when we moved in, and bad shape when we left. The house is just old and falling apart. We've been charged for light bulbs at seemingly ridiculous prices. $75 for three outlet covers. And to top it all, $2,000 for "complete paint/prep". Is this over the line? I'm young and don't have as much experience as I'd like. Some things on the bill are reasonable. After I moved out early my roommates left a bunch of crap, I understand being charged for that. But basic household repairs that we had nothing to do with, hundreds of dollars for lightbulbs, and 2 grand for paint?? $75 for three outlet covers?? What can I do here? The charges have gone beyond our security deposits and we are being billed around $650. Thank you in advance for explanations and help! [link] [comments]  |
| Resource guide or list of websites for finding investment properties, Posted: 05 Oct 2019 12:44 PM PDT What are your favorite websites for real estate investing, any other good sites besides investment properties will be acceptable [link] [comments]  |
| Posted: 05 Oct 2019 11:45 AM PDT Hello, I'm not sure if this is the correct subreddit. I recently protested the appraised value of my property. One of the points I brought up that was ignored was that a massive manhole sits in my yard, measuring 2.5' high and 4' in diameter. It is an eyesore and I believe it reduces the value of my property. Houses with the same floor plan and specs as my home are appraised the same value, and I argued that a number of differences lowered the value of my property including this manhole. The person representing the appraisal district dismissed my complaint, stating there is no data backing up manholes as lowering property value. In my opinion, data is not necessary when you have common sense. If you have two properties exactly alike, both on the market for the same price, a buyer is likely going to choose the property without the mountain of a manhole in the backyard. Is there some way I can convince the appraisal district to be reasonable? Would an independent appraiser help? There are other issues that I'd like to fight as well, so it's not just this one. Thank you! [link] [comments]  |
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