Are syndicates worth investing in? Real Estate |
- Are syndicates worth investing in?
- The Internet, the Death of Real Estate Agents, and the Rise of the Used House Dealership
- Recieved a cold call - need advice
- Selling with a large special assessment
- Supposed to close on a house tomorrow but during the final walk through we found a receipt for a ceiling patch and roof leak repair that wasn't disclosed to us. How concerned should I be?
- Do Agents make less on probate sales
- I got word from my home lender that I have loan approval pending the appraisal and title work. I'm anxious. What could go wrong?
- [Australia] Rental inspection out of the blue, should I be worried?
- Probably overpaid AND definitely bought too much house for my income, looking for outside advice
- Home turned into total loss
- Eviction/non renewal of lease advice for potentially hostile roommate (florida)
- Seeking HOA legal advice/ideas
- Veterans United Home Loan
- Should I offer below the asking price if the house has been on the market 30+ days?
- I'm interested in purchasing a country
- Trying to understand mortgage/lender costs
- Buy a property in current city of residence or wait 6 months Incase of a move to another state? Looking at multi family properties
- Truth in Housing Report, cost of these repairs?
- 1st week in
- [Upstate NY] I am about to sell my house for cash and walk away; are there problems?
- Things agents and lenders don't tell the public/buyers about USDA or down-assist programs?
- How "Motivating" is Keller Williams?
- What happens if you don't like any of the houses in the market?
- Thoughts on pre inspection?
| Are syndicates worth investing in? Posted: 07 Nov 2019 09:42 PM PST I recently joined an email group at my work place (Bay Area tech company) and noticed lot of chatter about investing in syndicates. I had never heard about them before, so did brief research. Seems like most of them promise 8-10% return, which I m guessing is optimistic guess since they are trying to attract investors. On top of that min investments are quite high (25k and above), highly illiquid, highly dependent on the talent of sponsor, etc etc. My initial reaction was, isn't it easier/safer/less work to just invest in stock market and get similar returns? At the very least, there are REITs which pay dividends in that ballpark. So I m confused why so many people seem to go through all this trouble and invest in syndicates? Wanted to check if people here have any ideas, and what am I missing?? [link] [comments]  |
| The Internet, the Death of Real Estate Agents, and the Rise of the Used House Dealership Posted: 07 Nov 2019 06:59 AM PST Aw nuts, here she goes on another one of her rants.... Way back when real estate search sites started popping up, people said that was going to be the end of real estate agents, [and good riddance, it was implied]. People would find and buy their houses online, just like they were already buying books and airline tickets [and it couldn't come soon enough]. Obviously it hasn't happened yet, and not just because it turns out that real estate search sites are paid for by agents buying ads labeled "click here for more information." It is true that internet sellers like Amazon have pretty much killed retail bookstores. So let's look at books. Let's say you have a wild hair to read The Hunger Games. Go over to Amazon, or Barnes and Noble, or even Walmart and you can have a paperback copy shipped and in your hands by the weekend. It will set you back maybe $10. You won't need a loan. Any copy you receive will be virtually identical. If someone screws up and ships you 50 Shades of Grey instead, it's not a big deal. You can easily return it, exchange it, or decide what the heck no big deal. When you're done, it takes little space to store, you can sell it to a used book store, or toss it in the recycling bin. Literally none of those things is true about a house. Fine, maybe you like the airline ticket example better. Air travel is regulated only at the national level, while housing is regulated by the feds, the state, the county, and even the municipality. Oh yeah, and I have yet to see a flight with anything resembling an HOA. One seat on a flight between Dallas and Chicago is pretty much like the next, while houses can be radically different. You won't tour a half dozen airplane seats before deciding on a flight, even on Southwest. There's a limited number of carriers to get you from point A to point B, unlike the thousands of individual sellers of houses in any given metro area. You might put airfare on your credit card, but you won't take 15-30 years to pay it. You won't need a seat inspection, a survey, a title report, review of HOA docs, or a lawyer to get an airline seat. So the call for "there's gotta be a better way" has resulted in what a lot of you call the iBuyers. I like to think of them as Used House Dealers -- at least one of them advertises themselves as a better way to buy and sell a home. Just like a used car dealer, you can sell it yourself and probably get a little more money, but it's faster and less hassle to just take it to the dealer and get it done quickly. Since they are usually cool with leaseback arrangements, you even ease the strain of buying and selling at the same time. I get a laugh about people bitching about the iBuyers, because it was the inevitable answer to "I want it simple and I don't wanna pay an agent." Buyers also benefit, because let's face it some private sellers are outright unreasonable. I do absolutely understand that there are a lot of outright awful agents out there. I truly do. But the internet isn't going to put them out of business. The thing that allows them to continue to exist is the brokerage system. An agent costs a broker nothing. They aren't paid a salary, or an hourly, they don't get benefits. And they might make money for the broker. The broker has no incentive to say "Hey Bob, you just aren't good at this, and you aren't making any money, why don't you go into some other field?" In fact, the broker has incentive to keep Bob and the other two dozen bad agents on the books because they pay a monthly desk fee and the broker gets a cut should any of them actually closes anything! Thank you for your time. I hope that this helps explain why things are this stupid way they are. How I think California may be forcing change is a rant for another day. [link] [comments]  |
| Recieved a cold call - need advice Posted: 07 Nov 2019 04:58 PM PST I recieved a cold call from a guy who said he works for an investment company. He was inerested in my downtown property in Colorado Springs (Zoned FBZ-T1 meaning it is a residential& commercial lot) and is on the corner of an up and coming city block due for major development in the next 2-4 years. It currently has one small house and a garage I am converting into a second home. It appriased for $250k, and he asked how much I would sell it for, so I off-the-cuff said $350k. He wasnt detterred. My question, Is this sort of cold calling normal? Should I sell? (I dont need to) - or should I wait since COS is templated to be the next Seattle? (Amazon hq and space force hq, etc.) Edit: Thanks all for the fast and informative responses and perspectives. I really appreciate it. I dug deeper and the property is right near the proposed downtown soccer stadium and the olympic Museum... So I guess I completely lost track of those developments as well, and thus makes sense why the cold call happened at all. I wont sell. [link] [comments]  |
| Selling with a large special assessment Posted: 07 Nov 2019 05:42 PM PST I bought a condo in Seattle 3 years ago around the peak of the seller's market. It's now worth roughly 360-370K according to comps. The building is old - built in the 60s. I regrettably did not do enough research on upcoming work on this building when I purchased. We were notified recently of an upcoming project to re-clad the exterior, replace the roof, replace windows, and balconies. I had known about the projects from the reserve study, but did not expect this magnitude of work and cost. Altogether, the cost is estimated at 1.5m dollars (the board talked with multiple architects, and this was from the architect that was chosen by the board). My portion will be about 65K. The assessment won't be finalized and distributed until 4-5 months from now. At this point in time, I had just moved out and had my unit listed on the market already. According to my agent, I had a few folks tour and loved the unit. As soon as they hear of an upcoming assessment not set in stone - they lose interest. I'm wondering if anyone has been stuck in a situation like this. I'm willing to pay portions of the assessment, but I would have a difficult time paying for the full thing. Am I better off dropping the listing price lower and trying to pass the upcoming assessment to the buyer? My agent suggested keeping the listing price where it is now and putting in clauses such as paying all assessment dues for the next X years. What seems more attractive to a buyer? There's also the option of de-listing and moving back into the unit. I'd wait for this situation to blow over in the next year - in which I'll take on the assessment loan and try to sell after construction is complete. Does anyone have any advice? Thanks ahead. [link] [comments]  |
| Posted: 07 Nov 2019 02:44 PM PST The house is a rehab that has a new roof. During the inspection we found a couple of things that had to be addressed. The final walk through the agreed upon repairs had been made but we found a receipt on the counter mentioning a patch to the second floor ceiling and repairing a roof leak. We had a home inspector with us and were able to locate were the ceiling had been patched. All the repairs seem to be have been done properly but seller never disclosed the new issue to us. We requested information about it Tuesday night but have not heard back yet. How worry should I be about this? [link] [comments]  |
| Do Agents make less on probate sales Posted: 07 Nov 2019 11:26 PM PST My agent, who I have used in the past on regular transactions & she has been good seems to be very negative about probate properties. It feels like she rather have us pass a probate property than make an offer. I cant figure out if it's because she will make less money for the same amount of work or anything else that might explain her resistance. Thoughts? [link] [comments]  |
| Posted: 07 Nov 2019 10:35 PM PST |
| [Australia] Rental inspection out of the blue, should I be worried? Posted: 07 Nov 2019 05:50 PM PST I've been in my rental for 2.5 years. The property manager did one inspection about six months into the lease. They've never done one since. Now after two years, they've emailed me that they're coming next week to inspect the property. Given they went 2 years without bothering, should I be worried about them wanting to inspect it all of a sudden? I'm worried they might want to end the lease or put rent up or something? [link] [comments]  |
| Probably overpaid AND definitely bought too much house for my income, looking for outside advice Posted: 07 Nov 2019 05:30 PM PST I have a $70,000 income and bought a $290,000 house (confirmed stupid) in a historic neighborhood of growing midwestern city 6 months ago. All in mortgage payment is $1779, I currently have two roommates and only pay $450 towards the mortgage myself. House appraised for $305k during loan process, but I'm skeptical. House was a flip and needs probably $25,000+ in additional upgrades (windows, concrete, landscaping, etc.) Two houses across the street sold this month, one for $286k and one for $260k, but are almost certainly nicer, better layout, beautifully landscaped, newer windows, etc. My concern is that I definitely bought too much house for my income, and likely overpaid for the house I bought. Should I spend $25,000+ over the next two years to make upgrades that will make the house sellable in the future? Or do the minimum and hope the property value increases enough to at least break even in two years? I've been really stressed and overthinking this purchase, largely regretting it, and don't see myself staying here for much longer than is necessary. Looking for some rational advice on a two-year plan. If I've left out any important info, please let me know and I'm happy to provide. Thanks in advance for your input. [link] [comments]  |
| Posted: 07 Nov 2019 08:51 AM PST Hey all! We purchased a home a little over a year ago that "appeared" to need some updating but nothing major. After purchase we found extensive rot, termite damage, and a former structure fire (seriously). The sewer line was leaking into the crawlspace and could only be accessed by removing the subfloor. Fortunately I'm a plumber. When we opened up the subfloor we found all the work that had been done to the home was outside of code and completely amateur if you could even call it that. When I exposed the framing behind the Sheetrock the boards were scorched from fire and the entire structure is tilted at more than a 22 degree angle. Upon further inspection the home is actually collapsing and the sellers framed out a shell around the entire outside to conceal any damage. They took 1x4's and built exterior walls around the outside. 3 days ago the ceiling partially collapsed. My homeowners says it's preexisting and won't cover it. None of this was disclosed and I can't live in the home. Is this a case of just having to walk away? [link] [comments]  |
| Eviction/non renewal of lease advice for potentially hostile roommate (florida) Posted: 07 Nov 2019 02:10 PM PST I'm a homeowner that rents out 2 of my rooms. One of the roommates has been exceedingly irrational, use of hard drugs(can't prove use or storage on the property), has been violently drunk(no harm to people only his own property in common room) more than once due to events in his life. Me and my other roommate want him gone, his lease is up but if I understand Florida law(where we live) the lease(very basic roommate agreement) is still valid, and gives tenants a 45 day notice of intent not to renew lease. Something I'm willing to give him. However we are concerned he will do something crazy in that time. Anything we can do to legally protect ourselves, or what level would it have to arise to, to remove him immediately. What would be the process? Again he hasn't done anything directly violent to us, but both of us would place bets on something irrational happening before he'd move out. Edit: as a note, I fully intend to give him the 45 day notice allowed in the lease, but the moment I suspect theft, or he gets violent/abusive I am looking for recourse. [link] [comments]  |
| Seeking HOA legal advice/ideas Posted: 07 Nov 2019 03:47 PM PST I live in a subdivision in the middle of a bunch of farm land in Southwest Colorado, and there is an unofficial HOA that is acting really damn official. There is no mention of the HOA in the Land Title Guarantee, nor on the actual deed or title. However, they have filed the bylaws with the county recorder's office and there is a company registered for the HOA. They haven't held a meeting in about 3 years, and according to the last bylaws passed, there must be an annual meeting, and annual election of board members. They are already breaking a ton of rules outlined by the CCIOA. So my question is, are they within their legal right to hold a meeting to elect board members and pass new bylaws and regulations, and continue pretending this is a legal HOA? I mean, I don't see how they are any different than a mafia, extorting money and attempting to enforce arbitrary rules. Further, does having a meeting and getting a (likely) majority vote on passing new bylaws make those bylaws enforceable? I say "likely" because most people in the S/D are unaware that they aren't an official HOA, and by official I mean registered with the Secretary of State, and colorado division of real estate, and in good standing. I can't imagine they can just decide suddenly that its a legal HOA, and force residents of the subdivision into it without a unanimous vote. Or can they? Thanks for reading, and Jeff Epstein didn't kill himself. [link] [comments]  |
| Posted: 07 Nov 2019 07:20 PM PST Hello! I hope this may be an appropriate place to post this. I am always nervous to post on Reddit... here goes... So, I have recently been preapproved for a VA loan through Veterans United (I am in TX if it matters). I have found my loan officer super helpful, reassuring, easy to get ahold of/deal with, ect. I quite like VU so far. But my realtor does not. He has been insisting for weeks that my preapproval is not real, that home sellers will not even look at offers from national lenders, I am not going to make it through closing, and the list goes on. He wants me to apply for a loan from a local lender he knows personally. I am a bit apprehensive because of his pushiness coupled with the warning I have been given that it may hit my credit score since it has been several weeks since the VU inquiry. I brought this up with my loan officer and he assured me that, while it was not a guarantee of course, making sure I was eligible was his job and in his 7 year career he has had 90%+ rates of his preapprovals being final approved. Now, of course, my loan officer has an agenda (to get me to bank with him). And I hope my realtor's advice is from a good place (he wants a commission- I need to close). I have become increasingly uncomfortable with my realtor and I think I may seek out a new one regardless. I have seen 3 homes and I have not made any offers or anything with my realtor so I am hoping his time spent is still at a minimum. But my question is... is Veterans United really a bad company? Does my preapproval really mean nothing and should I run? I have gone through all the credit checks, bank account statements, pay stubs, ect. Please help! Edit: words... [link] [comments]  |
| Should I offer below the asking price if the house has been on the market 30+ days? Posted: 07 Nov 2019 07:18 PM PST First time home buyer here. So I've been looking around at houses online and there's one in particular that I'm interested in, and so far it has been on the market for 37 days. During my recent searches I have noticed other houses "pending" within 2 weeks of being on the market. Do you think that this may possibly give me a leg up on negotiating for a lower price? It's $192k I was thinking of offering $180k. I also see that a house on the same street sold for $177k, but that house also has 1 less bedroom. Sorry if these kinds of questions are annoying on this subreddit! [link] [comments]  |
| I'm interested in purchasing a country Posted: 08 Nov 2019 01:08 AM PST I noticed that the White House is currently looking into how they can effectively buy Greenland and i would like to know where i can also buy a country. I realize the United States is trillions upon trillions of dollars in debt and legally and from a business sense i believe i would have a higher credit score and a better reliability rating. I only have a bit of student loan debt and have never owned a creditcard, i hope that would help in me securing this. Apologies if this is the wrong reddit im just in a bit of a hurry to own my own landmarks. [link] [comments]  |
| Trying to understand mortgage/lender costs Posted: 07 Nov 2019 03:19 PM PST Got into a bit of a tussle with my lender over them trying to charge points ($500) to lock in my rate. They only dropped it when I threatened to go with another lender - and then only once I sent them the other lender's quote. I'm reading the final disclosure now - and I have to admit I don't feel like I understand it 100%. I read a negative review of the lender where it says closing costs are 6.5% of the mortgage balance --> What does that mean? Edit: I think my deal is ok until I get to the title stuff: Title – Exam Fee: 725 Title - Lender's Title Insurance: 1019.50 Title – Settlement Fee: 300 [link] [comments]  |
| Posted: 07 Nov 2019 06:52 PM PST |
| Truth in Housing Report, cost of these repairs? Posted: 07 Nov 2019 05:51 PM PST Title says it, how much will these repair/replace items cost?
[link] [comments]  |
| Posted: 07 Nov 2019 08:38 AM PST My first week in and recived my first listing yesterday. My question is if you could go back to your first 30 days what you tell yourself to do? [link] [comments]  |
| [Upstate NY] I am about to sell my house for cash and walk away; are there problems? Posted: 07 Nov 2019 06:07 AM PST tl/dr: My basement flooded; I have no furnace. The house has mold upstairs & down. I owe $44k. No job. Have a tentative offer of 60K where I can take what I want and walk away.
I'm going through a realtor who is a personal, long-term friend of my sister's. Is there anything I can be aware of? (I understand this is a big topic. Thank you for any help.)
My basement flooded again. I need a new furnace and water heater; insurance will cover nothing. Winter is coming, and the house is 40/50 degrees. I have mold in the house, enough that it will be a problem trying to sell it. I quit my job and have not found similar employment (librarianship); my savings is almost gone. I need to rebuild. I can move in with my parents; they have room to store things. I don't want to take a lot (bed, board games, cooking equipment).
I know I'm losing a lot, but it might work out a little to help me longer term: I unload the house and gain mobility in my job search. Thank you, again. [link] [comments]  |
| Things agents and lenders don't tell the public/buyers about USDA or down-assist programs? Posted: 07 Nov 2019 04:11 PM PST When I was buying a house not that long ago I went through a lot of agents and lenders cause I kept asking for USDA or down payment assistance on properties that qualified.. They wouldn't even argue or give suggestions they just went silent after I mentioned it.. I eventually just went with FHA after having it happen a lot.. Agents and lenders should really be up-front and just say they don't work with those programs instead of stringing buyers along wasting credit and income checks(which also qualified)... This puts of a really sleazy vibe for buyers who see it.. [link] [comments]  |
| How "Motivating" is Keller Williams? Posted: 07 Nov 2019 09:09 AM PST I'm talking about the "hurr durr" kind of motivation. The "rah rah" kind of motivation. I've already left one cult that I wasn't motivated to be in (Marine Corps) and I don't want be in an environment outside of the military that has that dumbass "we're the shit" mentality. [link] [comments]  |
| What happens if you don't like any of the houses in the market? Posted: 07 Nov 2019 11:10 AM PST Hello, My husband and I have been preapproved for a $400,000 house. Our lease is up at the beginning of May so we still have plenty of time to search, put in an offer, and close on a house without having to renew our lease or go month to month. However, what happens if we do not like any of the houses we view? We are looking in a pretty big area, but unfortunately the market has somewhat slowed (which could be good for us as buyers if we find a house we like) and there are not a ton of houses available right now. I know around mid-January is when more houses start to hit the market. Basically, I was just wondering if anyone has ever been in this situation and how it worked out for them? Did you end up finding a house you liked and was it worth the wait even if it meant prolonging your lease, etc.? This really isn't a huge deal since we do not HAVE to buy right now since we can go month to month at our apartment; we just would prefer not to and now I am getting stressed that we won't find a house we like within our time frame. Thank you in advance for any stories and insights you have! [link] [comments]  |
| Posted: 07 Nov 2019 07:01 AM PST Selling a house in an area that is truly out of my knowledge base and comfort zone. Using a realtor that is recommending doing a pre-inspection and it's making me a bit uncomfortable. This is not normal for my market but realtor recommending it to simplify transaction and to offer "no surprises " Is this normal in some markets? House is in relatively good shape with no known major defects and will be staged etc. [link] [comments]  |
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