First Year Agent. Struggling Real Estate |
- First Year Agent. Struggling
- Buying a house that has an outdated AC Unit
- Bought my first house and paid insurance twice. Help?
- Vertical cracks?
- I think my agent, mortgage broker, and seller's agent are working against me.
- Best strategy for investing with a partner (s)
- Thoughts on buying a rental now in fast appreciating market or waiting for the right deal?
- Any Real Estate Agent - Move into a building for the Sole Purpose of getting Clients? (NY)
- Is it possible to sell properties out of the country?
- What do you say??
- First time home buying - credit; FHA vs Conventional
- Renting out an RV/camper like a bedroom?
- Can seller assist be used to negate buyer reimbursements to seller?
- Bathroom count versus expanded kitchen expected value
- HELOC vs Homestyle Loan vs FHA 203k
- The Silver Tsunami & Real Estate
- [FL] Sales associate, property manager question
- Renter dropped shampoo bottle through the bottom of the toilet.
- Salesperson State (NJ) Exam
- People who have family and friends in real estate, is there any feeling of insecurity or competition? If so, how do you deal?
- Hey! A quick question.
- Rent to buyer until their loan comes in?
- Does real-estate-search-filters just all suck? "Master On Main"
| Posted: 23 Nov 2019 12:29 PM PST Hi everyone! I'm a new real estate agent in about 6 months right now. I've done 2 and 1/2 transactions so far and I'm feeling a little disappointed in myself at the moment. Can anyone offer advice or pointers for me how to do better? I am aiming to do 1 transaction a month starting this month. If any of you can offer advice or words of wisdom that would be great 😃 [link] [comments]  |
| Buying a house that has an outdated AC Unit Posted: 24 Nov 2019 12:13 AM PST Hello everyone, I was looking at the house and after i did the home inspection i found out that the AC unit is 16 year old and its using an R22,which is going to be phased out by the federal government starting jan 2020, also The cooling fins on compressor at outside unit are deteriorated. the house was built in 2004 and so was the AC Unit, However its working fine. Where i live it gets really hot and i don't want the AC to go out in my first year of ownership of the home, the house is 1200 sq. i am thinking of backing out of the deal beacuse i heard AC unit can cost between 8000 and 14000$ , im putting most of my savings in that house and if the AC goes out i wont be able to fix it. Does anyone have a similar experience? [link] [comments]  |
| Bought my first house and paid insurance twice. Help? Posted: 23 Nov 2019 10:20 AM PST (I did this without a real estate agent. I'm an idiot, I know) During the purchasing the house process, I got my homeowners insurance bill and I paid it right then and there not knowing it was part of escrow. When I found out that it was, it was too late and I was told to pay it again it will be reimbursed to me in a couple weeks. It's been since August and I have yet to get the money back. I don't really know who to talk to. I've heard from the insurance company that it will go to my mortgage company and they will reimburse me, but my mortgage company said it's supposed to go to my title company? Does anyone know who I need to talk to? [link] [comments]  |
| Posted: 23 Nov 2019 08:24 PM PST I found a house that looked promising, but there were multiple vertical cracks in the foundation. I didn't see any horizontal cracks, but haven't had an inspector take a look yet, so I can't say for sure. Are vertical cracks a deal breaker? Are these considered big enough that needs some work done by a structural engineer? Edit: added another photo of a step crack [link] [comments]  |
| I think my agent, mortgage broker, and seller's agent are working against me. Posted: 23 Nov 2019 06:17 AM PST I'm a first time home buyer. I'm doing a VA loan. I originally got pre-qualified by my mortgage broker for $135k. Before submitting the contract, my realtor asked me to have the mortgage broker change the pre-qual to $125k. Listing was $125k as is, but the basement has flooding issues and the owner told us he got a quote for $6k. Since we knew about this issue before submitting the contract, my offer was $118,000, with me paying for the basement. They came back and said they changed the listing saying they are fixing the basement and it is scheduled already. The quote is $6800. At that point they decide since they're doing the work they are going to relist higher than $125k price, and the seller's agent wants to contact my mortgage broker to "see what I actually qualify for." My agent tells me to call my mortgage broker and let him take the call. I call him, and he doesn't say it right away, but he's already taken the call. He tells me he thinks they would do 128-130k. My mortgage broker suggests calling my agent. I thought he meant a 3 way call, but he didn't like that idea he ends up calling him by himself, without me. Ok that's fine. Now I get back to my agent, who has talked to the mortgage broker, and the seller's agent again, now they want 135k, which was my original pre-qual amount. ($125k +$6800=$131,800, but they want $135k? What?) He says the seller's agent is being an asshole with that offer and to sleep on it and we come back with counter offer at 128k. I'm quite sure there isn't any other offers on the house currently, but I don't know. At this point, I don't feel like we are negotiating and either want to walk away or really low ball that 135k offer. Thoughts? [link] [comments]  |
| Best strategy for investing with a partner (s) Posted: 23 Nov 2019 06:37 PM PST Edit: the reason I have it as "partner(s)" is because I have other investors who are asking me the same thing, some of those investors already invest with a partner. But those plans are less solid, so I don't have details on them at the moment Before I get into the situation at hand, to help you best understand the situation here is the back story. I'm a newer agent, I got into real estate for 2 reasons; 1. I wanted a sales job that would provide enough income to invest in real estate. 2. I figured working in real estate was the best way to learn about the types of properties I'd potentially be investing in. Because of this I've built up a small clientele of investors I've been had repeat business from. But I'm still building my business up to the point where I'll have the right financing to make my own investments. Recently I had my first deal with a client who's not an investor. He told me he really appreciated me explaining to him the work I do with investors and sharing some of my knowledge I've gathered. He said he's been thinking about getting into real estate investing too. He asked if I would be open to investing in a property with him. I told him I would, but my time frame is about 18 months out. 18 months was a good time frame for him as well he told me. He's someone I've known for a few years and I feel comfortable investing with him. What I don't know is the best way to do the investment from an ownership stand point. I plan to put the property in an LLC, I also know he's likely to have a greater interest in the property (which we have discussed already). Once it gets closer to the time of actually doing the deal I plan on consulting a lawyer for handling the articles of incorporation and I'm sure I'll be able to get a lot of the technical details from them (even if it is at $150-$300/hour). But before I get to that far I'd like to know what kind of experience and advice anyone here has. What are some common mistakes to watch out for? Does my plan sound solid so far, or did I already make some obvious mistakes? [link] [comments]  |
| Thoughts on buying a rental now in fast appreciating market or waiting for the right deal? Posted: 23 Nov 2019 05:39 AM PST Hi. I live in Philly now & am looking for a good deal on a rental. Either a SFH, duplex, or triplex. However, a good deal (high Cap. rate, cash flow, little to no repairs, low taxes, etc.) it seems difficult to find in the Philly area in my price range. Am I not looking in the right places? Should I look for off market, whole salers, turnkeys, or even sheriff sale properties? What do you guys use for getting rough calculations on cash flow or return? Should I buy a SFH now that I can rent and at least break even on knowing that the rent will slowly increase over the years? If I buy now I'll be avoiding the high apprection increases in certain parts of Philly? It may take time, but wait to find a good deal. Or should I look at another city where one can get better returns and a higher capitalization rate? [link] [comments]  |
| Any Real Estate Agent - Move into a building for the Sole Purpose of getting Clients? (NY) Posted: 23 Nov 2019 09:52 PM PST There are a bunch of new projects and developments here in NYC. I see a few with a lot of vacancies that are being filled up with buyers and renters. I'm thinking it might be good for business to go there. Has anyone moved into a building with the sole purpose of getting clients? If so, how did it work out for you? [link] [comments]  |
| Is it possible to sell properties out of the country? Posted: 23 Nov 2019 09:32 AM PST So I have a lot of that are selling buildings/Apartments ... But stuck on finding clients. I have the idea of making ads on international websites but I don't know which ones. I'm based in Dakar, Senegal and I have fears people would take me as a scam. Your help is needed. [link] [comments]  |
| Posted: 23 Nov 2019 08:05 PM PST What do you say to clients that over compensate you with compliments and such? I had a client that said, "you're the reason I'm getting this house". I realize I facilitated everything and negotiated on their behalf but I am always kind of at a loss for words when people say stuff like that. I'm not looking to gloat or talk about me... I am just wondering what some good responses people have in this scenario instead of me just being an idiot. [link] [comments]  |
| First time home buying - credit; FHA vs Conventional Posted: 23 Nov 2019 09:15 AM PST Posted this in financial planning, but forgot about this sub too! Any advice would be appreciated. My husband and I have been looking into buying our first home. We've browsed houses online, gone to a few open houses, attended a class, and just had our first conversation with a mortgage broker which was kind of disappointing to me. We are looking to put a out 3-5% down in hopes of getting a conventional loan, as we have been advised that it is a little more competitive than the FHA loan. Unfortunately my husband's credit score (~650 compared to my ~780) is on the fair side and the broker suggested we may want FHA due to this to try to get a lower rate. How truly beneficial is the conventional over FHA, and should we just wait to get his credit score up before applying? I know we can refinance later but I want to be in a good position to start. We live in Dallas and are looking for homes <300, had our hopes on buying next year. But it's such a competitive market and with first time homes ranging in the upper 300s, which already put stress on our budget. We don't need to get a ridiculous rate on a lower end house in poor condition. Looking for advice, thanks in advance! [link] [comments]  |
| Renting out an RV/camper like a bedroom? Posted: 23 Nov 2019 07:34 PM PST Howdy Partners, I'm seeking to expand my house hacking operation with an additional bedroom. It occurs to me one way to achieve this objective would be to park a camper on the property and proceed to rent it out. As far as I can tell, this is legal in my city as long as it's parked on a legitimate driveway. I might have to have one constructed for this purpose, but it could still be profitable. Anybody tried this before? [link] [comments]  |
| Can seller assist be used to negate buyer reimbursements to seller? Posted: 23 Nov 2019 06:53 PM PST Have an accepted offer that came with a 3% seller assist. Looking at the closing cost breakdown, the closing costs (origination fees, transfer taxes, escrow, etc) are in total still under the agreed upon assist amount. Can I also include the amount owed back to seller as a reimbursement for property taxes already paid? If so, that would cover the total assist amount. [link] [comments]  |
| Bathroom count versus expanded kitchen expected value Posted: 23 Nov 2019 12:54 PM PST I'm on the market in upstate NY for a ~1500sqft home in an area that has a mix of 1890-1910s homes either 1100sqft or 2000sqft in size (at a premium) and 1950s homes in my target size range (often with condition issues). Occupancy on the rental market is high and prices are very stable even in recession due to a nearby university. I've got an opportunity on a recently renovated 3B/3BA home from the 50s. The current owners dumped a lot of cash into roof, heating, and two bathroom renovations -- and won't be getting it back with the price I'd be paying. Other than new appliances, the galley kitchen is as-is. It is very small and closed off (and likely is one of the major reasons it has sat on the market). Right next to the kitchen is the third full bath, which is un-renovated and in need of work (and is also directly across the hall from a renovated full bath anyways). In order for the place to be livable for me, I'd need to eliminate the bathroom by knocking out a wall and expanding the kitchen. This would open up the plan of the house and would line up a lot better with the marketable houses in the area. Even better, contractors and construction is pretty cheap here. However, doing this would also take a 3B/3BA down to a 3B/2BA on paper. Knowing that this figure is a large part of determining valuations, I'm a bit hesitant. Then again, a third bathroom in a house this size doesn't give much more convenience. My question is: how do you compare expected gain from making a much more marketable kitchen/floorplan versus going from 3B/3BA to 3B/2BA in a 1500sqft ranch? I'm fully prepared to be net-negative for renovation expenses compared to equity gain, but I'd want to avoid another huge hit due to the reduced stats. [link] [comments]  |
| HELOC vs Homestyle Loan vs FHA 203k Posted: 23 Nov 2019 12:44 PM PST Hi all, Looking at a fixer-upper that will need at least a full gut job, with the possibility of a tear-down and rebuild. The house will be our primary home, but we won't live in it until the renovations are complete (we have current housing so no concerns there), however I do have a couple questions. For context, we are looking to buy the house for approx 300K, with approx 200K in renovations needed (we're taking a contractor next week to confirm, but that's the ballpark I have in my head with significant cushion to account for budget overrun). Comparable homes in the area are between 600K-800K.
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| The Silver Tsunami & Real Estate Posted: 23 Nov 2019 06:04 PM PST It looks like a real estate correction will be coming as Baby Boomers "exit home ownership." 21 million homes over the next 20 years: https://twitter.com/issiromem/status...01866716565504 Also WSJ if you have a subscription: [link] [comments]  |
| [FL] Sales associate, property manager question Posted: 23 Nov 2019 05:05 PM PST In Florida, can a sales associate who works for a broker, for a commission, also be a property manager who works for a salary at the same time? From what I understand in FL a sales associate cannot practice real estate with a broker while employed by an owner-developer at the same time, either one or the other at a time. But I don't know the status of the property manager... Any help would be great and if you can provide a link with your answer would be much appreciated! [link] [comments]  |
| Renter dropped shampoo bottle through the bottom of the toilet. Posted: 23 Nov 2019 08:42 PM PST Upon entry we discovered the tenants were raising chickens in the porch and had two indoor dogs, all forbidden in their contract. They couldn't figure out why they didn't get their security deposit back. [link] [comments]  |
| Posted: 23 Nov 2019 04:35 PM PST Hey everyone, I have taken the state exam twice so far (just missed my last round by 5 questions) I have seen two questions twice now and I have really been struggling to find out what the proper answers to these are. I don't recall learning their concepts in my prelicensure course and can't find anything in my textbook. *They pertain to New Jersey real estate. They go something like this: I. In advertisements in NJ real estate, which of the following is most correct:
II. In advertisements in NJ real estate listings which of the following is illegal to include?
*4. I forget (but I don't think it was this answer) Can anyone shed any light on these questions? They kind of coincide with one another and they've both popped up both attempts on my exam. [link] [comments]  |
| Posted: 23 Nov 2019 03:39 PM PST |
| Posted: 23 Nov 2019 11:29 AM PST Hello, I am a prosperous business owner and I am not sure about what size I want. I have previously worked at a business which I honestly think has a good size. I would ask the owner how much sqft there is but I am too shy. Is there a website that tells you the sqft or a retail space for free? Thanks [link] [comments]  |
| Rent to buyer until their loan comes in? Posted: 23 Nov 2019 11:22 AM PST This sounds like a bad idea to me. But if a VA loan is being held up is there a way this could work out. This is in Virginia and I have rental experience but not with complete strangers. [link] [comments]  |
| Does real-estate-search-filters just all suck? "Master On Main" Posted: 23 Nov 2019 02:45 PM PST I have been attempting to find either a "ranch" or "Master on main" house for the last few months and struggling with usual sites. Zillow and Redfin do not have a filter for "master on main" - so we add a search for "master on main" (no quotes) and get "Guest room on main" and "Hardwood on main" as hits. We add a keyword search for "master on main" (with quotes) and get the same. Am I missing something here? Realtor / zillow / trulia / redfin have been a big miss for for me and I am wasting time looking at every house to see if it contains text in the description and its just cumbersome. [link] [comments]  |
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