Our Condominium HOA has won two condos at the courthouse steps. Now what? Real Estate |
- Our Condominium HOA has won two condos at the courthouse steps. Now what?
- Coop title issues while selling
- Hired my own HVAC guy to inspect AC and heating prior to purchase. Told me everything was okay. Everything is not ok. (CA)
- Best resource for background checks and credit checks?
- NYC Investors, How Do You Do It?
- Any advice appreciated, under contract as of now.
- TX FAH one time close questions
- Do you get more value from remodeling a house to flip it or buying a house in an undeveloped area and selling later?
- [Help] Choose a exterior paint color for our new townhouse
- 55+ Communities.. for 55+ only or wiggle room?
- Currently renting the property that I will be buying. Can I get my deposit back from the seller at closing for my unit and the second unit (duplex)?
- How to make a net profit?
- [BayArea]how serious is termite issues
- Our inspection report came back with major concern of horizontal crack in foundation. What would you do?
- Advice for single living space house hack
- First time home lookers wanting to be first time buyers | What do you wish you had known?
- How has real estate changed your life?
- Is a Realtor required to be present for showings?
- Realty Company "buying" my mortgage
- California Commercial Lease (I have NO idea what I'm doing)
- Hoping to sell house to relocate after health issue. Have no idea what this all entails. Please help!
- Interested in getting into real estate, need advice
- Could anyone give me an insight into how much a top agent could expect to make in London?
- Paid rent and deposit before signing a contract
| Our Condominium HOA has won two condos at the courthouse steps. Now what? Posted: 03 Nov 2019 02:06 AM PST Can we sell them? Can we rent them out even though we are a non-profit? The by-laws don't really go into specifics here. on when we have an asset. We don't have a lot of funds as it is, but I think we could rent out the units to sell the units in a better market at a later time. Looking for help from other HOA folks who have gone down this road. EDIT: we own them free and clear. The HOA has enough funds to cover a fixup to sell or rent, but we owe the tax back dues as well as attorney fees. The by-laws specifically state that we can rent or sell. I would think we would need to get liability insurance for the condo and have it professionally managed. [link] [comments]  |
| Coop title issues while selling Posted: 02 Nov 2019 10:42 PM PDT So im in the final stages of selling my coop. Coop approved the buyer. Bam liens search shows two open mortgages. My lawyer says the coop lawyer likely screwed up with transfer during the past two sales. My old lawyer whom I brought the coop with showed me a copy stating there was no open lines when I brought it. In conclusion for whatever reason it looks like title company screwed up somehow. My old lawyer initially said they will call them to correct. After a couple of days I call and they seem to not have called and told me they will call me back when they get to it...my lawyer is pushing for me to push them to get it done. I'm pretty upset because my old lawyer sucks. They drag their feet all the time which is why I switched to begin with. Annoyed that my lawyer won't take the initiative to get this done. In their defense they have been trying to get this cleared up for a few days with some progress. Input? Or advice? Who is right and who is wrong? [link] [comments]  |
| Posted: 02 Nov 2019 07:34 AM PDT We decided to buy a condo that was built in 2005. Since its a very hot weather area I decided to hire my own HVAC guy, who was licensed and insured, to inspect the AC and heating system and tell me if things needed major repairs. Since I was new to the area I hired someone that my real estate agent suggested (moved from the east coast to west coast). This was probably a dumb move. The HVAC guy came and said everything was okay with my heating and AC system and I paid him around 400 to do this. Everything was not okay. After I moved in the AC had problems to the tune of low freon, and build up of debris on the outside unit so bad the guy I hired had to use an acid wash to get it off. There was a crack in the pan causing water leak and damage, and my water heater makes a popping noise. He told me he "thoroughly inspected" the popping noise for the water heater and couldn't find a reason for it. Now I'm finding out that the popping noise is because of sediment build up and the water heater needs to be flushed. Do I have any recourse to at the very least get the money I paid for the inspection back? The repairs I've had to make to the AC unit alone have cost 5k and I'm not sure how much flushing the water heater is going to cost. It seems like the water heater issue (the popping noise) is something so common that just googling it brings up what the issue is and how to fix it. Yet this guy claims he did a "full inspection" of the water heater and couldn't find why it makes this noise. Obviously I got bamboozled and swindled by both my realtor and this AC guy, who it seems to me didn't even do an inspection that I asked for. What are my options here? Unfortunately I couldn't deal with this over the last few months due to a serious illness taking up most of my free time. ETA: Lots of comments telling me I got hosed on the cost of the repairs. I looked at the breakdown from the service order and I needed an evaporator coil leak repaired and a drip pan replaced. ETA 2: Getting a lot of comments calling me an idiot. Thanks. I'm a cancer patient and I really need help getting this all fixed as money is uncertain right now due to my disease and work status but not having AC in the summer in this area is not realistic. Everyone is saying I can get this done for 5k but the quotes I've found are no where near that. Can someone help someone who is suffering from this terrible disease out and find a legit shop that will do a complete install in my area for 5k? I don't have the energy to call around and get a bunch of quotes. My condo HOA absolutely will not let me get work done by anyone who is not licensed and insured. Instead of telling me I got hosed and calling me an idiot, help me. [link] [comments]  |
| Best resource for background checks and credit checks? Posted: 02 Nov 2019 01:43 PM PDT |
| NYC Investors, How Do You Do It? Posted: 02 Nov 2019 04:42 PM PDT As the title says, how do you do it? What is your strategy? Any advice on getting started in a market like NYC? [link] [comments]  |
| Any advice appreciated, under contract as of now. Posted: 02 Nov 2019 05:25 PM PDT I'm having second thoughts about this house. Its a split level and the living room had a wall knocked out between it and the kitchen, so I'm not sure how I'd decorate it-this keeps nagging me for some reason. Anyway. SO and I agreed to it, put in an offer and went under contract. Its nice and shiny. BUT after inspection it has some electrical problems, needs new breaker box, service entry cable exposed to elements, no structural bonding ground, aluminum wiring, needs GFI outlets, master bathroom floor sags between the toilet and tub and that bathroom also has a window...right mid center of the wall OF the tub/shower and I'm concerned about moisture problems. No vapor barrier underneath, needs insulation down there too. Floor under kitchen needs girder support, and SO says its all minor things but says its a solid home. Negative level, so water runs back towards house-the outside needs some landscaping and upkeep and gutters. The house is at the top of our price range (I want less house so we're not house poor) and my SO likes this house despite telling me that he wanted a bigger yard than the very small lot that this house is on. I'm trying to think towards the future because as of now, he wants space for his model car hobby, he needs space for his tools so he can do maint. on our cars (large Snap-On toolbox with car tools in it and also a smaller one), he also wants a music room as he likes playing records and I don't feel like he's compromising any. I need more space than our apartment with a separate office space and reasonable but not large yardage. He 's pretty handy and knows his way around tools and such so he is assuring me that he can do a lot of these repairs which I don't think we should have to move into a home and start with the repairs. I want to be inconvenienced as little as possible-I also know he gets kind of lazy. I'm trying to be realistic because he already has back issues and he works 6 days a week 10 hour days sometimes and comes home exhausted. I don't want to be living in a constant project either. I'd like to get in it good before I start changing things and knocking walls down or replacing bathroom windows. We're due for the appraisal and the mortgage company is pushing me to to be sign the disclosures, but I'm thinking about backing out because these issues seem like they are minor until they're not. Also the radon test came back with an average of 2.2 and at different times, spiking to 5, so that needs to be addressed also. Advice please!!! [link] [comments]  |
| TX FAH one time close questions Posted: 02 Nov 2019 08:41 PM PDT I'm looking to purchasing a plot of land around my area and putting a barndominium on said land. I have been looking into FHA one-time close because I will not have enough of a down payment to go through traditional routes. I'm young and don't know enough about home buying/building and would love to get any input on what I want to do. I ideally would like financing on the land as well as the building but im unsure if that exists. If anyone has any other suggestions please let me know. [link] [comments]  |
| Posted: 02 Nov 2019 03:00 PM PDT Never invested in real estate before and am looking to buy my first property. I'm looking to sell after about 5 years, then I'd be looking to make a long distance move to a place I'd always wanted to live. I'm a plumber by trade, usually work in commercial but I've used typical residential materials before. Not sure if I'd have time to flip multiple properties before I want to move so I figure I have 6 years to make as much profit off of a single property as I can. Thoughts? [link] [comments]  |
| [Help] Choose a exterior paint color for our new townhouse Posted: 02 Nov 2019 06:42 PM PDT |
| 55+ Communities.. for 55+ only or wiggle room? Posted: 02 Nov 2019 07:17 AM PDT My husband and I are looking to move to south Florida in the near future to be closer to my mother. We do not have tons of money so we are looking for a condo and most of them are in 55+ communities. We are both in our forties, have no children and don't ever plan to. We both have an okay income and no bad credit. Question is: are 55+ communities able and willing to stretch the age requirement for anyone or any reason? [link] [comments]  |
| Posted: 02 Nov 2019 02:03 PM PDT I am buying the duplex where I current rent one of the units. Landlord is holding about 3k in deposits from myself and the other occupant. This is my first time buying. I would like to know what generally happens with the deposits held by the current owner? It would be great if I can get my deposit back to offset the closing costs. I presume the deposit for the second unit has to go into an interest bearing account? [link] [comments]  |
| Posted: 02 Nov 2019 05:01 PM PDT I am brand new to the sub and I don't see an faq. I am 22 years old and have some money to my name, and I want to start to learn how renting out a property can be profitable. Lets say a property cost $400,000 and you put 25% down and get a $300,000 loan for 30 years from the bank (not including interest) and you charge $2000 a month in rent. How is that profitable when it would take years to break even from the initial purchase? [link] [comments]  |
| [BayArea]how serious is termite issues Posted: 02 Nov 2019 04:55 PM PDT Hi fellow redditers! Hubby and I are looking for buying our first house in South Bay Area. Visited a few open houses in San Jose Area. The agent of one house we really like casually mentioned it has termite problem. I take it as a big red flag but we still want to get an idea about how likely do you think South Bay Area houses have termite issues. Is it unrealistic to expect buying one that has no such problem at all? Thanks!!! [link] [comments]  |
| Posted: 02 Nov 2019 04:39 PM PDT Before we even did the inspection, we already had the sellers agree to pay 8k credit to cover closing and prepaid which was a huge win for us. The house needs major landscaping work and washer/dryer & microwave appliances so that was the reason we asked for the $8k credit towards closing so we could have more cash upfront towards landscaping and appliances. Today we had the the inspection done and we shadowed our inspector and learned tons of new things we never even knew to look for before. Most were relatively minor (windows missing flashing, gutter drain pipe needs to be replaced, etc). But then when we got to the crawl space that's when things got more serious. The house is built on what's called an "ECA" (environmentally critical area) cuz it's on a very steep hill slope. The foundation is concrete slab poured in the 1960s. The inspector shows us a very large horizontal crack in the foundation (about three feet long) which he said is a major concern cuz it's indicating that the house is sinking/sliding down the hill. He also noted that the house itself is not even secured (bolted down) into the foundation like it should be, which means that there's nothing holding the house to the foundation. I'm in seattle which is an earthquake prone area and now I'm worried the house will go sledding down the hill if we don't get them fixed before the next quake. We do like the house, the location, the neighborhood, etc and it's in our price range, we haven't seen any other houses that we were willing to put an offer on before. Now we're getting cold feet though cuz foundation issues are so scary. Should we walk? Should we ask for more money in credit now? Should we ask to lower the list price from $615k to $590k. What should we do? [link] [comments]  |
| Advice for single living space house hack Posted: 02 Nov 2019 04:10 PM PDT TL;DR - what is your advice for a first time landlord house hacking a shared living space house? I've been intrigued by the house hacking community for a couple years, but never decided to act on the impetus. I've stayed busy establishing my career since I graduated last May. I'm single and purchased my first home at 1,400 sq.ft. with a decent size backyard and garage so that I could expand some of my hobbies. I was recently approached by a good friend/coworker of mine about renting out one of the two rooms I don't use (one is storage, the other a simple guest room). He has a dog and loves that there is room for the dog to run in the (fenced) backyard with dog door access since we work 10-12 hr days. Ultimately I don't NEED the financial assistance but it would be nice to have the extra income ($750 for rent and split utilities) on the side to put towards hobbies, investments, retirement, etc. What advice/tips would you give to a first time landlord starting in said situation? Any financial advice or lease contract recommendations are appreciated. Thanks everyone! [link] [comments]  |
| First time home lookers wanting to be first time buyers | What do you wish you had known? Posted: 02 Nov 2019 05:58 AM PDT We're looking for the first time - here it goes - hit me up if you think I'm wildly out of the park or you see any major flaws. I think for newbies, we're heading in the right direction.
Student loan debt: 78k Income, not after taxes: 102k What we want: 200k and under, around 1000-1500 a month in payments. 5k downpayment. Currently we've been renting the last 7 years. Unsure how the LL will let us break our lease next year in the least painful way possible or how to tell them we're even looking. We're not looking to house hop. Just a small home to stay in for years. [link] [comments]  |
| How has real estate changed your life? Posted: 02 Nov 2019 07:20 PM PDT |
| Is a Realtor required to be present for showings? Posted: 02 Nov 2019 03:14 PM PDT I'm currently a tenant in a apartment building that is for sale. It's been a pain, so far, to say the least. At first, the listing agent would arrive and "escort" the prospective buyers while they were in the house. The last 3 showings have not had an agent present. Is this common practice? Thanks! [link] [comments]  |
| Realty Company "buying" my mortgage Posted: 02 Nov 2019 08:43 AM PDT A couple of weeks ago, I got a call from a company operating out of NC looking to buy one of our houses located in Winston-Salem, NC. We are currently renting it out for more than the mortgage so we weren't interested. Instead, we offered them our second house, another rental property also located in NC. They are offering to pay us cash for our equity and take over our mortgage. We have approximately $50K in the second house. They said they would just take the mortgage payments over for us. To us, this seems too good to be true. Do companies really do this? What is the down side? Our plan would be to take all of that money to pay down the first house to turn it more into an income property faster. Has anyone seen this before? What are the down sides? We are fine just continuing to rent out both properties, but this seems like a good opportunity. Any and all advice/ help would be greatly appreciated! [link] [comments]  |
| California Commercial Lease (I have NO idea what I'm doing) Posted: 02 Nov 2019 02:32 PM PDT (Orange County Business) My boss is a Landlord and needs to make a California Commercial Lease for tenants. I was asked to research services that (1) allows us to create the document online, (2) have access to a professional, (3) is under $3,000, (4) do anything else that a normal California Commercial Lease will do. Any recommendations where to begin my search / trusted services? Sorry if this isn't specific enough or doesn't belong here. I am just very lost and need some guidance! Anything!! [link] [comments]  |
| Posted: 02 Nov 2019 09:19 AM PDT Hey, I'm hoping someone can help. We bought our first house later in life in April 2018. It's a new construction. Bought for $302K, appraised this year (we were going to cash out refi for a pool) for $350K. Houses are selling for much higher since we bought. If we get a lowball $350, we will be very happy, obviously if we get $365, which is still low for our model in our development, that's even better. We did just refinance because of the rate, it was a FHA streamline. Fast forward to May 2019, husband and sole earner had a severe health issue from which he has completely recovered. Since he can't return to previous industry, he is now changing careers and will be IT certified shortly. So, within the next few weeks, we're going to be looking into a larger city about 2 hours away where corporate jobs in his new field are plentiful. So, how likely does this all sound to be able to relocate like this? I am really hoping to make some profit on our house, and move using some of that profit as a down payment. Credit isn't bad, somewhere around 670 FICO. I don't know how or if it's likely or probable to get approved for another mortgage. Please help, I don't have anyone else to ask! Thank you!! :) [link] [comments]  |
| Interested in getting into real estate, need advice Posted: 02 Nov 2019 12:28 PM PDT Hi everyone, I will be graduating next spring and am looking to get into real estate. House hacking is very appealing to me and I would like to get into that practice. I will be graduating with no debt and the starting salary I am looking at is between 38k-40k with potential for raises at some of the job offers I have gotten already. I intend to go back to school to get my masters and PhD but I want to create some income that is not reliant on my job before doing so. This allows me to focus on my research without being hamstrung by basic needs. I also intend to take up being a notary as a side hustle. I have been watching the real estate market over the past 6 months where I live (Columbus), specifically for duplexes, and there is a wide range of pricing but there is a fair amount of stuff in the 100k-200k range that are in areas I think I am comfortable with living. I know things can change but I figured it was better to get a feel for the market now than just going in blind when I've got all my money saved. Upon graduation, I should also already have about $5000 saved up based on my projections because I am generally a financial minimalist. My living expenses come Fall 2020-2021 will just be $400 (all utilities included) because I will be splitting a 1 bedroom apartment with someone. My current living expenditures will only be $3000 total until I move into the new apartment. I currently have a 650 credit score (According to credit karma) which I know isn't ideal and that I will need to improve. Based on this info, what do you think are the best practices for me going forward to improve my chances of success? One thing I am concerned about is being overwhelmed by choices in the market since Columbus is an expanding city and my lack of knowledge in this field will cause me not to know what to buy and what to avoid. I know about concepts like cash flow and doing the math on that stuff is pretty easy for me, its the initial leap that I find the hardest. Any advice, guidance, criticisms are welcomed because I want to make sure I make the best decision I can. [link] [comments]  |
| Could anyone give me an insight into how much a top agent could expect to make in London? Posted: 02 Nov 2019 10:23 AM PDT |
| Paid rent and deposit before signing a contract Posted: 02 Nov 2019 09:20 AM PDT Me, and my brother were looking for a place to rent for months, and we finally found a place. It's pretty expensive, but worth it. But I feel terrible about how things went. My brother's older than me and did most of the talking, and I didn't really try to intercept much, but... We don't even have proof that he is a landlord. On the viewing day, there was no agency, only three guys, one of which was the landlord, atleast, claimed to be landlord. We got a reply a few days later claiming that someone else offered 50 euro more than the stated price, asking us if we'd offer the same. We did, and also offered paying an extra 900 euro (to round it up to nearest k), but he didn't take that offer and they decided on a total of 70 extra than the stated price, without the extra initial payment. Today, we went there again with my brother, and got the keys. (The keys are real, atleast, as of now). I don't exactly agree with what my brother chose to do, but I am not sure what else we could've done, as we are pretty desperate to finally move out, but - He paid the guy 750 in cash, and agreed to pay the rest later. Here's where the part I really hate comes in. We asked about the contract, and he said he did not get it yet, but will within the next week..... My brother already paid the full rent + deposit. Now we're waiting, and I feel horrible, I can't stop thinking about it. Some extra info: 1.He showed us around the entire house, some of which I had recorded on video, including his face. He showed us the windows, ventilation, how to use the boiler, when the hot water will work, how long the boiler takes to have hot water, etc. He also showed us around the car park that's part of the house, and we have received the codes to doors to the... estate? not sure how to call it, but all of them are correct. 2.I have recorded over half of our conversation on today that wasn't on video. (I decided to start recording after hearing about the contract not being there yet) 3.He asked us when we will be moving in, and said it'd be fine if it was today, we said we'd probably do it on the next day, or day after that, so he told us to just contact him before we do. 4.He was vacuuming the house before we came in, suggesting he's preparing it for us (or not?). 5.He left his phone on the table, which received a message after a few minutes, which had his wife's name, talking about their child. Later on he mentioned the same name while talking about his wife, and mentioned his child. 6.He showed us which mail box will be ours. 7.We don't have actual proof of him owning the place, let alone if his name is real. 8.The rest of the money was sent through WhatsApp. I am not sure how that works, but I assume it goes to his account directly. 9.While going through the car park, he showed us a car, claiming to be his. As an idiot, I did not take a picture of the number plate, let alone even read it.... 10.He knew his way around the place, but that doesn't really mean anything, does it I think that's about it. Are we fucked? I don't know anymore... All I know is that yes, we are idiots. Edit: We did get a reply, telling us it's fine and that we can move in any time. Of course this is in no way a guarantee, but there's that. [link] [comments]  |
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