PSA: Avoid dot com Lenders Real Estate |
- PSA: Avoid dot com Lenders
- How much would it cost to build the house from Ex Machina in a Scandinavian country isolated from society
- My $10,000 rental house final update
- Is an Open House really necessary?
- Need advice on polybutylene pipes
- NYTimes walks through how to shop for a fee-for-service agent
- Parents as property managers
- How easy/difficult is it for a Loan Officer to waive an Origination Fee?
- Who’s/where is a LEGIT real estate digital marketer?
- How do you buy when you're moving a far distance?
- Help Please! First time buyer!
- Question about "Subject To" Real Estate Deal.
- [MD US] question on selling co-owned property
- How many hours did you work when you started
- Opinions on building a duplex
- Auctions in NYC?
- Smart home tech "can" help with eviction, but remember, that's ONLY if the law allows -- opinions?
- New construction. Builder says he cant do something in my house. Two weeks later does exactly what I asked for in my next door neighbor's build.
- Warranty deed versus Quit Claim
- [NJ] Please help with my upcoming decision to sell or rent out my home
- Are all lenders a hot mess because of all the paperwork?
- Roth IRA vs saving for another house
| Posted: 25 Oct 2019 05:13 PM PDT Almost every transaction I've been in with non-local lenders (especially small companies/not well-known) have been unnecessarily complicated nightmares, due to lack of communication. It's so hard to get ahold of these guys, buyer beware. Realtors recommend local mortgage companies because if there's a lapse in communication, we can literally go to their office and sort it out. Plus there are local relationships based on strong reputations that are upheld. All I'm saying is: The thousand or two you might save by going with someone out-of-state might not be worth the hassle you face in the final week before closing. [link] [comments]  |
| Posted: 25 Oct 2019 05:52 AM PDT |
| My $10,000 rental house final update Posted: 25 Oct 2019 08:28 AM PDT As outlined in my previous deal breakdown post https://www.reddit.com/r/realestateinvesting/comments/d6kjjd/new_rental_purchase_breakdown_on_mckinley_st/ I recently purchased a house on 2 lots for $10K cash. We just finished renovation under budget for a total of about $5K...so my total all in price on this house is $15,589 after closing costs and all other fees. Work included cleaning out the house and garages from all the junk that was left behind, fixing all the windows, fixing crumbling siding, small roof repair, drywall repair, installing bathroom shower, new heating, building out new closets and shelving, new lighting, new flooring, new paint, a few small electrical repairs, and probably a few things I'm forgetting. All that is left is final cleanup. I had the guys snap a few quick pictures so you can see the transformation. https://imgur.com/a/bTeExU6 We already have tenants in place for $650 a month, and they will be moving in this weekend. [link] [comments]  |
| Is an Open House really necessary? Posted: 25 Oct 2019 06:51 PM PDT Our home has been on the market for 7 days. We are moving from current state back to home state for husband's new job. Our timeline has us moving around Christmas. We don't have any extreme need to sell home immediately, though we would obviously like a decent offer without home sitting on the market. Our agent is pushing for an open house. She wanted to do one this weekend, but we asked to have it moved to next weekend since my husband flew to new house to meet inspector. My issue is that we are still living here and will be for at least another month and a half. We have a baby and pets. House is very tidy and decluttered. I've started the packing process and gotten everything ready for showings. Personal items are in a bin that I can move to car, but obviously there are things I can't just up and move. Aside from inconvenience, I'm concerned with theft and having strangers in home who have no intent to buy. If we weren't still living here I probably wouldn't care, but having all of our things here makes me weary. As someone who has been a buyer three times now, I can honestly say an open house has never been, and will likely never be, a catalyst for my purchasing a home. If I'm being honest, I've attended open houses out of sheer nosiness and boredom. In my mind, if someone is truly interested they will request a showing. So, bottom line: is an open house necessary? Am I being ridiculous in thinking house will sell on showings alone? Do open houses even help sell a home? [link] [comments]  |
| Need advice on polybutylene pipes Posted: 25 Oct 2019 06:46 PM PDT First time home buyer here. The house I'm under contract for is 2 story, 3 bed 2.5 bath, was built in 1993. In Raleigh so it is a seller's market. The house has polybutylene pipes, which the seller did disclose, but it wasn't until after the home inspection when the inspector said these pipes have the potential to become a big issue, that I started doing more research on them. I got scared by what I read--that they're fragile, unpredictable, and essentially a ticking time bomb for leaking or bursting. I was wondering if people had any thoughts as to whether it would be reasonable to ask the seller to replace the pipes or, at the very least, offer a credit toward replacement of the pipes? Or if anyone has any other advice in general about poly pipes. My realtor didn't seem to think it was a big deal and thus didn't recommend for us to request on the repairs, but now that I've read more and more about it, I feel more and more concerned. The inspector did mention that there are no active leaks. But he advised to get a history of leaks and repairs from the seller if applicable, and to get a plumber to take a look at everything. We are still in due diligence. [link] [comments]  |
| NYTimes walks through how to shop for a fee-for-service agent Posted: 25 Oct 2019 08:20 AM PDT The article discusses issues with the status quo from the perspectives of buyers and agents. Interesting quote:
[link] [comments]  |
| Posted: 25 Oct 2019 07:03 PM PDT To diversify my portfolio I'm thinking of buying a house for rent/investment in my parents' city, and getting them to manage it. They're basically honest and competent people, on the older side, and I'd be happy to see them getting a fair management fee. I know money and family don't always mix, but I figure since this isn't a loan and since there's no downside, and if they get sick of managing or I get sick of them I can swap managers, I figure it'll be fine. But maybe it's not that simple. Folks who have done this, what's your do's and don'ts of getting family to manage your property? [link] [comments]  |
| How easy/difficult is it for a Loan Officer to waive an Origination Fee? Posted: 25 Oct 2019 09:28 PM PDT Our Loan Officer missed a typo in a calculation on our loan estimate, which unexpectedly ended up costing us an extra $7k out of pocket at closing. Luckily, we had saved and set enough aside as a contingency that this wasn't a deal breaker, but more of a moderate/major inconvenience. Our Loan Officer (Branch Manager, according to his email signature) informed me that he had fought hard to waive the Origination Fee as a way to apologize for the mistake. This came out to almost $3k savings at closing (before the $7k, so it was more of a $10,000 typo.) I was still pissed, but $7k is still less than $10k, so I thanked him and we continued the transaction. I noticed that the $650-Processing Fee and the $850-Underwriting Fee which had been separate items on previous estimates had been lumped into a $1500-Lenders Fee, and the $2800- Origination Fee had been removed. Here's where my suspicion lies; I feel like my Loan Officer kind of "used-car salesman-ed" me by playing up how much he fought to waive that fee. I feel like he could waive that fee for any Joe, for any reason, just to seal the deal. I don't think he really "Mia culpa-d" the mistake the way he portrayed. [link] [comments]  |
| Who’s/where is a LEGIT real estate digital marketer? Posted: 25 Oct 2019 09:00 PM PDT Been in digital marketing for more than a decade, I'm GOING to be involved with real estate soon... but every reddit post, blog, pdf, or YouTube video I find is all just shallow, regurgitated digital marketing tactics. Does anyone know some very impressive digital marketers in the Real Estate realm? Cheers and thanks Random Long Island guy [link] [comments]  |
| How do you buy when you're moving a far distance? Posted: 25 Oct 2019 07:57 PM PDT The wife and I have never owned a home, and we're moving from KY to PA in the near future. We have enough money saved for a down payment and we would like to buy, but we've been told to rent for a year and buy after. Isn't that just waisting time and money though? I'd rather buy straight away, but it sounds tough to buy a home in an area that's ~9 hours away. [link] [comments]  |
| Help Please! First time buyer! Posted: 25 Oct 2019 05:42 PM PDT I'm using my VA home loan benefit to buy my first home. 1261sq ft 3 bed 2 bath in North Carolina. House was listed For Sale by Owner for 127,000. Were both veterans (I'm OEF they're Vietnam) and I was able to build good rapport and negotiate down to 120,000 (all other house in the surrounding area similar in size ect ranged from 113,000-117,000). So the house was overpriced. Previous sale price was for 116,000 and it is looking to be estimated worth about 116,000-119,000 or so. Closing costs estimated to be around $4358 but I can only truly pay $3000 without touching other $ I really don't want to touch... how can I further negotiate at least SOME closing cost from the sellers? They're a nice older couple in their 70's... negotiations for this is next Friday PLZ HELP! [link] [comments]  |
| Question about "Subject To" Real Estate Deal. Posted: 25 Oct 2019 05:05 PM PDT So I met a young lady who has a condo that she is trying to get out of because she wants to move to a proper home and start a family. She is open to me taking on her mortgage payments and structure the deal as a "subject to" deal, her interest rate and all those numbers work perfectly for me; I dont wanna deal with the whole hassle of refinance etc. The issue is that she contacted a mortgage broker to run numbers on the house she wants to move to but they said he debt to income ratio is too high and she will need to sell the property before they are able to finance her dream home. Is there anyway for her to repurpose the property as an income producing property so it doesnt affect her in getting a proper mortgage for her new house. I feel like there has to be a creative way to structure his deal so we can subject to her condo and get her a loan for her house. [link] [comments]  |
| [MD US] question on selling co-owned property Posted: 25 Oct 2019 03:00 PM PDT My mother co inherited property and now wants to sell. The CO owners offer is very low, below market value. Is it possible for her to put her portion of the property up for sale? [link] [comments]  |
| How many hours did you work when you started Posted: 25 Oct 2019 05:21 AM PDT Hello fellow realtors, I just wanted to know how many hours did you worked when you got your license 1st? And how many hours a week do you work now and how man homes did you sold on your 1st year? [link] [comments]  |
| Posted: 25 Oct 2019 12:44 PM PDT Long time lurker, first time posting on this sub. Wanted to hear some thoughts on potentially building a duplex. In my area, there are only 7 duplex's on the market. None of which seem very promising. My mom is trying to convince me that building a duplex wouldn't be a bad investment. After talking with a builder that is a close friend, he owns new duplex's in the same neighborhood and is currently renting them out for $2,000 a month per side. He gave me some rough estimates on their premade duplex plans and it seems like its going to run somewhere in the ballpark of $450k to $500k (including the lot). I could probably come up with about 10-15% for the down payment. I am planning on doing a owner occupancy so obviously the $2k from rent wont cover all the expenses. This would be my first property (25 years old if that makes a difference). Does this make any sense to do or am I better off waiting until more come on the market? Thanks for the advice [link] [comments]  |
| Posted: 25 Oct 2019 12:11 PM PDT Hey All I'm interested in buying a home in NYC but I can't seem to find the right place for my budget. I'm starting to get interested in Auctions. Can anyone share some insight as to the best way to go about this? Are there agents that will go to Auctions for you? Thanks! [link] [comments]  |
| Smart home tech "can" help with eviction, but remember, that's ONLY if the law allows -- opinions? Posted: 25 Oct 2019 10:25 AM PDT |
| Posted: 25 Oct 2019 09:44 AM PDT We are building a new home with a basement and 2 floors. Our basement will be unfinished to start, and will be finishing it in about 2 years. We have big plans for the basement that the builder is aware of from day one-including a large rec area and a mother in law suite. After the framing was complete and before electric was brought in we went through the house and located where everyhmthibg will eventually go. In the basement I mentioned the M.I.L. suite with bathroom, kitchenette, laundry, etc. I pointed out a "closet" sized room and said that's where we will put the AC. The agreed that it was a great spot. 2 weeks later we are going completing our electrical walk through and notice an HVAC unit in the basement, with sloppy ductwork running across floor joist and up through the floor to cool some areas of the main floor. The remainder of the house is cooled from 2 other HVACs in the attic. Let it be known that ny wife and I despise floor registers ( kids, spills, mopping, etc). I tell the builder that basically floor vents are a deal breaker and we need to move the basement hvac to the attic. He tells me that it will cost several thousand in parts and materials to move it. I approve the cost. A few days later, I meet with the realtor, builder, and HVAC installer a d we walk the house. I know I will have to steal closet space for routing. I agree again. Then as we start to figure out logistics, the builder and hvac begin pointing out things in the way, the long ducts will make the cooling inefficient, the house will be hit in the summer and wont be able to cool it, roof rafters and supports will need to be moved. Now the cost doubles and I cant cool the kitchen or living room. My wife and I discuss the situation and accept that we will just have to live with something we both hate. This week dry wall was hung, doors installed and hardwood floor was laid. I checked on the progress. Coming along nicely. The next foor neighbor has the same floor plan as me with a slightly different basement. As I walked through his basement, I notice his basement hvac is only for the basement. I go upstairs and the whole house is cooled from above, EXACTLY like I asked to be done in my house and was told I cant do it, even if I forked out over 10K. I feel like they didnt want to address my requests and rework my HVAC, and talked me out of it. I based the decision not on cost alone, but the inefficiency of the system as they described it. A month later, they build the HVAC to the specs I requested in my home for my next door neighbor. If this was you, how would you go forward in addressing this with the builder and realtor? Thanks! [link] [comments]  |
| Warranty deed versus Quit Claim Posted: 25 Oct 2019 09:16 AM PDT Hi, Sorry, if this is an uninteresting question. I've contacted two real estate attorneys so far and have not received a call back. My parents are currently on the deed with me on my house. We are in New York state. They are willing to come off of it, but we do not know what paperwork needs to be filled out. I would like it to be official with no claim whatsoever of ownership to the property (my relationship has been rocky with them and it would make me more comfortable to separate with them completely). I am also thrilled that they are willing to do this, so I want to act fast. What is the difference between a warranty deed and quit claim? I'm confused by what I've been reading online. Also, is this something that we can do ourselves or do we need to go through an attorney? And do we need to do anything about the title? Back story if needed: I purchased the home; full down payment, excellent credit rating, MS in Computer Science and work as software developer, so very good income. However, when I moved to the area I was still on the deed with my ex-husband to our old house. Since, I couldn't get my own mortgage and the seller was willing to hold the mortgage, he insisted that my parents be involved as well. The attorney that filed the paperwork is a friend of my parents and decided to just throw them onto the deed along with me. Thank you for your help. I really appreciate it. [link] [comments]  |
| [NJ] Please help with my upcoming decision to sell or rent out my home Posted: 25 Oct 2019 08:55 AM PDT Hello. I'm currently in the process of getting ready to move out of my home and to a new place due to work where housing will be provided. I bought my home for $230k in 2016 using a VA loan and currently owe around $215k. Comps in my area run anywhere between $220k - $285k. I'm currently considering two options for my home - selling or renting it out - but know very little about both. Here are some of my considerations for the two. Option 1: Selling I have very little cash (under $2k) available for potential closing costs or repairs needed that come from an inspection. My home is in good shape with no major deficiencies. Roof is <5 years old, AC is a year old, water heater is <5 years old, furnace is <10 years old. The only things that potentially need to be updated are cosmetic (e.g. rugs, kitchen appliances, etc.) That all being said, is there anyway to list my house as-is without taking a major hit to its potential sale price? Would realtors/buyers be willing to work with me on the closing costs, and is there an actual market out there for as-is sales? I feel like I would potentially be selling my house for less than my current mortgage, which is certainly not what I'm looking to do. Any input on the above or any other considerations would be greatly appreciated. Option 2: Renting Due to my financial constraints, I was considering renting out my home and using a property management company to help market and manage it while I am away. I am in a decent area for rentals (maybe average demand), live near both NYC and Philly, and feel I'd be able to get a tenant relatively quickly. Is this a viable option, or would I just be better off trying to sell my home regardless of the factors I mentioned above? I have about until the end of the year to make a decision on my home, but I'm naturally looking to get things going much sooner. Again, I appreciate any input on my two options and anything else I may be leaving out. Thank you! [link] [comments]  |
| Are all lenders a hot mess because of all the paperwork? Posted: 25 Oct 2019 08:35 AM PDT I know there's a lot of people/numbers/paperwork involved but it's starting to get frustrating. After underwriting I locked in a rate at 3.5% for 15 years. Then I get a call this week, right before closing that property taxes will be $1,000 more a year, and unless I put another $12,000 down (already putting 20% down) my debt to income ratio is too high and I won't qualify for a 15 year loan, so I'm stuck with a shitty rate of 4.125% with a 30 year mortgage. They've pushed buying points for a lower rate until they're blue in the face. At this point we're convinced they get more money for securing loans with points. We plan on paying the house off as early as possible, so no thanks. Boyfriend is putting money towards the closing, they've had this information for weeks and suddenly email and need this gift letter signed immediately. I don't have a printer so pay to send the documents to UPS to have printed. Fill it out the exact way they say to and send it in. Just got an email and voicemail 3 days before closing that we need to redo the paper, it needs to say fiance instead of boyfriend, and the date on the paper needs to be changed for some odd reason. Also need 4 more paystubs, and a statement from my bank showing that the earnest check was withdrawn....even though it's their law office working with them that deposited the check. Oh and I need a letter from my new job that I'm starting well after closing with lots of specific information and no contingencies which is impossible because I won't have a physical/drug screen until after closing. And it has to have the original hourly versus the new higher hourly to qualify for this loan, which who cares...it's not like the interest rate is that good. Had to go to their office in person because they spent over a week telling me I needed to e verify these online documents that didn't exist. Turns out one of them didn't sign a paper they were supposed to in order for the documents to be made...oh and they didn't mention that several other people had had issues with their website. They wasted over a week sending me emails telling me to sign something that didn't exist. It's obviously too late at this point to find another lender but I'm wishing I could. [link] [comments]  |
| Roth IRA vs saving for another house Posted: 25 Oct 2019 06:52 AM PDT I'm 23. A third of the income from my rental goes to escrow, a third to a fund for a new property down the line, a third to Roth IRA on my dad's advice. I think on the second rental I just got, I want to save for another rental instead of putting a third in the Roth. Why not? [link] [comments]  |
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