Bought a multi family property and closed on October 31. One tenant sent Nov rent to seller by mistake and seller cashed the check but refuse to pay us. What should we do? Real Estate |
- Bought a multi family property and closed on October 31. One tenant sent Nov rent to seller by mistake and seller cashed the check but refuse to pay us. What should we do?
- Where Can I Find Sources to Research Markets
- New Investor, currently in college. Should I get my license and work as an agent part time while learning how to invest?
- Rent vs. Buy in Austin, TX
- Lessons Learned From Seeing a House Once, Making Offer, Inspections, and Canceling the Deal
- Purchasing into an LLC that holds the real estate parcel wanted
- Buying new construction [Massachusetts]
- 600K home with 10% down?
- Investing into a multi-family property as an university freshman?
- Disclosure report question
- Appraisal advise for a refinance
- Buying a house with a felony when I was 18- also in the past a poor rental history
- New construction purchase
- Title Defect from 1995
- Wrong square footage in MLS.
- Is this normal? Builder says they wont share the price of upgrades until after we sign a contract.
- How does a house swap work?
- [KS] Struggling to buy first home. Pre-approved, conventional, ~780 credit score. Every house I've placed an offer is sold to someone offering cash, usually a flipper. How can I make my offer better than theirs?
- Did my realtor screw up ?
- QuitClaim and Taxes
- How many rental properties create $30,000 in passive income
- Looking for condos in next year - how soon is too soon?
- IS this a good idea?
| Posted: 24 Nov 2019 07:38 AM PST Have his number and called and texted but no response. He told his agent that said he sent us a check, which is "lost". Is this financial fraud? What should I do? It's almost a month since it happened. Edit: thanks for all the replies. The owner owns an Italian restaurant in town and I called the restaurant and spoke to his partner. His partner said he will follow up and get back to me on Monday. We are still hoping that this can be resolved without being nasty or going to legal or police. While this is a large city, the investor community is also awfully small. [link] [comments]  |
| Where Can I Find Sources to Research Markets Posted: 24 Nov 2019 07:35 PM PST Hi, Where can I find good sources to research different areas? E.g - how the city has sprawled over the past so many years, school system ratings, rail lines, commutes, etc? Thanks in advance and sorry if this is in another post [link] [comments]  |
| Posted: 24 Nov 2019 08:20 PM PST Basically, is it worth it? Would you suggest it? Did you do it? Why? How has it impacted your career as an investor? Currently in school for accounting. Thank you! [link] [comments]  |
| Posted: 24 Nov 2019 08:11 PM PST My (28M) fiancé (28F) and I are moving to Austin in a couple of months. We just spent some time checking out houses to rent and to buy and are hitting a wall on which option is better for us. For context:
What makes this a unique situation is that my fiancé currently qualifies for a JD Mortgage program where we can get up to 100% financing for a 30 year fixed at 4% for the house without PMI. I'm less familiar with ARM's but folks I trust have told me to look into that as well. With taxes/insurance we can get a $500k house in a great area for about $3200 a month or slightly less, only putting down closing costs. In my mind:
Obvious risks are financing $500k and hitting a bad economy, which could get ugly fast, but to me blowing that same monthly amount towards rent in an area like Austin that will appreciate long term seems like a missed opportunity. I'm leaning towards buying so that we can keep that downpayment and save it safely towards a California downpayment, and if we can sell this house for a profit in the process thats a plus. Thanks in advance for the thoughts and opinions! [link] [comments]  |
| Lessons Learned From Seeing a House Once, Making Offer, Inspections, and Canceling the Deal Posted: 24 Nov 2019 10:19 PM PST In the past three weeks went from having never put in an offer on a house, to putting in an offer on a house, having it be accepted, going through inspections, and just now pulling out of the deal. Here is some of what I learned:
Thats all. [link] [comments]  |
| Purchasing into an LLC that holds the real estate parcel wanted Posted: 24 Nov 2019 05:52 PM PST Hi all, First let me disclose I am aware of the risks inherent in doing as the title suggests. I'm an attorney so I can do the crap due diligence myself. I know it is generally a "bad idea" but I am purchasing a piece of property that needs to be in continuous ownership by the entity that currently owns it -- so I don't have much choice. What I am wondering is what kind of lending I'm looking for here. I don't have any experience in this area and I need a "hook" in to my research to try to sort out what I'm even looking at. So there is a parcel of land with a structure on it I want to purchase. Whatever kind of loan I get, I'd prefer it'd be purchase money (secured by the property itself) so I'd rather not explore strictly personal loans if possible. I think what I would be doing is effectively buying in to membership of the LLC (sole member post-purchase) and asking the lender to secure itself against the property, through said LLC. This must be done more commonly than my Google-fu would suggest. Anyone done this? Have any thoughts? Thanks! Edit: To be clear, I'm not looking to purchase the property using my own LLC -- I'm looking to purchase the LLC that already holds it. Edit #2: Just re-examined the docs and its actually a corporation, not an LLC, for what its worth. The question remains functionally the same. [link] [comments]  |
| Buying new construction [Massachusetts] Posted: 24 Nov 2019 08:28 PM PST My wife an I have been looking for a new house for a bit now and we finally found the one. It's new construction and planned to be completed in 4-5 months. (We are first time home buyers) We are pre-approved already from a few different lenders. House price: 499K Total income: 185K Down Payment (25K - 5%) Some questions I had about new construction...
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| Posted: 24 Nov 2019 07:36 AM PST I've been reading about conventional loan limits ($484K) and am wondering what happens in a case like mine. Income: $210K Credit Score: 720 Debt: 0 Cash for down payment: 40-60K From my understanding I can't get a conventional loan. Are there other types I can qualify for? Or do I need to limit my purchase to 484k+60k? $544k home price? Homes in my area are above this averaging 600k. Appreciate any advice. [link] [comments]  |
| Investing into a multi-family property as an university freshman? Posted: 24 Nov 2019 07:10 PM PST Hi everyone! I've been looking at multi-family properties in my city and I really want to purchase a few of them. I currently have $12k in savings and multiple connections that should take care of any downpayment. What I'm worried about is getting a loan for the mortgage. My savings are from high school and I don't currently have a job or income to.put down on a loan. I was thinking about doing a FHA owner-occupied loan but I'm not sure if that could work out. If that doesn't pan out, I was thinking about starting a LLC and taking out a business loan, or maybe even just syndicating the property. My point being is that I have a large network and people willing to give me a money for a downpayment, but I don't know how to go about handling the rest of it. Any advice would be greatly appreciated. Thank you! Best regards. [link] [comments]  |
| Posted: 24 Nov 2019 06:35 PM PST I submitted a contract to buy a house recently and and Im concerned about the disclosure report. When we walked through the house with the realtor we noticed the basement had possible flooding and foundation issues. On the disclosure report the seller checked NO on those issues. My agent had me circle those 2 issues and initial them when we submitted it with the contract. Right now we are in negotiation and they counter-offered my initial asking price with a higher price and a credit for the flooding issue. If i reject that counter-offer and stick to my initial asking price and they accept, when the basement flooding issue comes up in the inspection can I use that to negotiate even lower? [link] [comments]  |
| Appraisal advise for a refinance Posted: 24 Nov 2019 05:49 AM PST We have been working on our house for months! We decided to take advantage of these low mortgage rates and refinance. The appraiser is coming tomorrow and it is the same company that did our appraisal when we purchased the house around a year ago. When we purchased our house it was a 4 bedroom 2.5 bath with a big living space downstairs. We added a master suite upstairs (taking away a bedroom) and added a bedroom downstairs which now gives us a 4 bedroom 3 bath. We had contractors doing most of the work on the master suite. Walls were moved, plumbing, electrical were added. We told the contractors that we wanted permits pulled and everything inspected. We get a week into the project and i ask about the inspectors and was told "oh, we are past the point of having inspectors come through". Nothing was inspected. Permits were not pulled. I'm very concerned that the appraiser will ask us or do the research himself to figure out if we pulled permits and had it inspected. Last time we had an appraisal (different house) we made a list of improvements, I want to do that again because i think it really helped us. If I'm home and the appraiser asks me if we pulled permits what do i do? I can't lie. Do I never need to be home or should I just let him in and leave so I don't have to worry about that. Thanks in advance for your comments! [link] [comments]  |
| Buying a house with a felony when I was 18- also in the past a poor rental history Posted: 24 Nov 2019 06:39 AM PST So- long LONG story, but in the Satanic Panic of the 80s I dressed goth and was essentially convicted and sentenced by a corrupt judge to a year in prison for helping my boyfriend steal a small gargoyle from a cemetery. That was over 30 years ago now and I'm buying a house for the first time. I was wondering how hard this might be? I don't need a mortgage anyway, I have the cash outright. Also within the past ten years I DID have a time period where I was late with rent quite a bit for a few years, that was about five years ago. [link] [comments]  |
| Posted: 24 Nov 2019 07:11 AM PST Hi, so my wife and I have been looking for houses. We found one we like that is new construction. Our realtor is relatively new anyway and I've read new construction is very different negotiating than an older house. My agent told me we can not negotiate on price on an inventory house. I understand this may be true depending on the situation but is this actually the norm? He stated it as a general rule than what this builder said. We should be able to negotiate on appliance packages, HOA fee's and staging furniture if the house price is non negotiable correct? Would 5% of house price in comps be top much? I would think 5-10% would be reasonable. Also ive read that you dont necessarily need a realtor for new construction homes. I'm not going to cut him out, he is fairly new and probably not overall helpful other than contacting other agents and general information but he is on time and always available and he is learning, I can relate to that. Would be inappropriate for me to ask him to pay the lawyer fee out of his commission, to have the lawyer go over the contract? I do not think I have enough confidence in him go over all of the paperwork in my favor. Also the builder is giving a lot of kick backs for using their preferred lender. I know this is probably baked into the price of the home, what are the other downsides of this if the rates are the same etc? He seems to think it's a great deal, I think it's probably a sales tactic where I'm probably getting screwed somehow. Thank you guys in advance, I appreciate any advice! [link] [comments]  |
| Posted: 24 Nov 2019 09:17 AM PST My mom inherited her sisters home in 2008. There was a small home equity loan on the house, which she paid off during the estate process, and has been renting the house ever sense. She is now selling the house and the title company identified a HELOC from 1995 that was never recorded as satisfied. The company the HELOC was with (Monogram Home Equity) seems to no longer exists and the title company can't track down a successor that can confirm its satisfied. They now want $5k to write a surety bond and cure the title. Is there any other solution to this? It seems fairly ridiculous that a loan from 25 years ago is causing a problem now, however, it was not caught in the estate process and did not cause an issue when my aunt later obtained two other home equity loans on the property, [link] [comments]  |
| Posted: 24 Nov 2019 09:53 AM PST Hello All, I saw a property (single family detached condo). This was listed by Windermere company. The listing said it has 1850 sq. ft. During the inspection contingency I cross checked this with county records which was correct as per the listing. I waived the inspection contingency. During appraisal, appraiser found it is only 1480 sq. ft. I immediately asked to return my earnest money and release me from contract. Sellers say they cannot release me and I have to buy the property at the appraisal price which is lower than agreed sale price. I am using conventional loan and the lendor is ready to give loan for the appraised value. I want to get out of the contract. In the purchase agreement we have opted for forfeit of earnest money. When the sellers bought this house, it was listed as 1600 sq. ft. in their MLS listing. This clearly shows the sellers were aware the house was less than 1850 sq. ft. Before listing for sale. [link] [comments]  |
| Is this normal? Builder says they wont share the price of upgrades until after we sign a contract. Posted: 24 Nov 2019 12:57 PM PST Located in San Antonio, Texas. Were buying our first home in a planned community. Weve been working with one of the selling agents, and she told us the design center doesnt give the price of upgrades until after we sign a contract. Im really confused. How will i know how much i have to spend if I dont know how much the new build will be after upgrades? Is this normal? [link] [comments]  |
| Posted: 24 Nov 2019 12:32 PM PST We had an open house at our listing today here in Indianapolis. The buyer lives in the neighborhood next to ours where we WANT to live. His his is bigger and we want bigger. He wants smaller. He's not on the market yet, but close. We're at 265k and well within our valuation for the market. He's thinking 350 but just bought it in 2015 for 275. He did finish the basement, however. He's interested in a house swap after coming to our open house today. We're going to sneak peak his house tomorrow to see if we're even interested. Now here's the question, when the seller is buying and the buyer is selling, how does price work? Do we find a price for his that's fair and a price for ours? BUT, if we both don't owe anywhere close what we're worth (I'm looking at 130k equity), is there a way to only trade the loan amounts or something? [link] [comments]  |
| Posted: 24 Nov 2019 08:46 AM PST Title says most of it. I am looking at homes <200k. Every offer I have placed has gone nowhere due to cash offers, and from what my realtor has told me, a lot of them are house flippers. Cash talks, and I get that. I just don't know how I can make my offers more promising / look better. Most recently I placed an offer above listing price, with no inspection required aiming for a 30 day closing and they ended up having someone come in and offer cash, so they accepted that offer instead. What else can I do to make my offers more likeable? I don't normally go the "no inspection" route, but my realtor did ~30 years construction and he is good about spotting potential issues and encouraged me for the most recent home to go that way to sweeten the deal so to speak, because the house was in that good of shape as far as structural and all that jazz. I am not trying to get discouraged, but I am striking out left and right. Is there something else sellers really look for in an offer that will help? [link] [comments]  |
| Posted: 24 Nov 2019 12:27 PM PST I made an offer on Wednesday am - then did some negotiating back and forth thru my agent. Looked like we had an agreement happening by Friday. In the meantime the sellers did a last minute open house on Sunday. Looked like another couple was interested and now my agent says she did not put a time limit on my offer !! . I am really upset. Isn't 24 hours typical ? Is she a bad agent? [link] [comments]  |
| Posted: 24 Nov 2019 12:27 PM PST Searched for this specific scenario and could not find an answer, any input? I purchased a home with the help of my father and mother. I needed their credit to get the loan. We put equal amounts down. I have been paying the mortgage (taxes/insurance), everything. The Title and Mortgage is under my name and their names. AT this point they are willing to sign a QuitClaim and transfer the title to me, without taking any of their down back. Basically, they would be signing a QC, removing their names/ownership from the house title. I understand their names still remain on the mortgage note, that is fine, I am paying everything and they are OK with names still being on the loan. My question is: With them signing the QC, while me keeping the house as normal and paying mortgage as normal, will there be any tax consequences? Both after the form is signed and in the future when I sell the house? In effect they are 'gifting' their portion of the down-payment to me by singing the QC, so will I be liable for taxes on the amount they put down during purchase, either after the QC signing or future sale of the house? [link] [comments]  |
| How many rental properties create $30,000 in passive income Posted: 24 Nov 2019 11:50 AM PST I met with an investor that told me that in order to create 100,000 dollars in passive income annually you would need (about) 7 or 8 rental properties. Scaled down to my goal of 30k that would mean I need 2 or 3 properties. I'm not sure if these numbers were net income before expenses or how many units these hypothetical properties have. What I am asking is after all expenses how many duplexes (possibly some 3 units) would one need to amass 30,000 in income? What do you make annually off of your property specifically and what are the general specs/location? [link] [comments]  |
| Looking for condos in next year - how soon is too soon? Posted: 24 Nov 2019 11:24 AM PST If I want to have closing all buttoned up by May at the latest, what's a good timeline? Start looking now? January? March? There's definitely condos available in my price range now - just definitely *not* a lot to choose from. We're bumping up against a lease ending so I'm estimating 60 days for closing, worst case scenario. Anticipating no hang-ups with credit/bank financing. [link] [comments]  |
| Posted: 24 Nov 2019 11:11 AM PST Is it a good idea to have a selling real estate agent provide their property listings and then to turn around and go to a buying real estate agent quote me with how much they would like to purchase it for? Is this even a thing? [link] [comments]  |
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