For those who do “House Hacking,” how long do you take between buying each property? Real Estate |
- For those who do “House Hacking,” how long do you take between buying each property?
- Are there still areas of the US where you can consistently get ~10% cash on cash yield on investment RE?
- Buying first Rental Property
- House Sold- Wait for Credit Card Debt to Drop Before Putting in Offer?
- Based on your experience, what are pros and cons of buying PROBATE property? Please advise
- Will I get approval from the bank ?
- Seller gave offer first, do we counter?
- Buying a house with basement sq footage in total footage
- Renting house that has Black mold.
- I feel like I had a great but complicated idea in [CA], Los Angeles/Long Beach to be exact. Would very much appreciate any thoughts/ideas/suggestions about it
- Advice on buying/investing in to 1/2 priced property with friend [Boston, MA]
- When viewing a house do you think like an inspector starting a to-do list the second you're in the door. Or do you look/think about non structural possibilities?
- If I were to invest in a mortgage note, what is considered a good loan to value ratio for the investment?
- Construction loan that covers land and building cost?
- Qualification for real estate crowd funding?
- Choosing listing agent, 3 different possibilities (Boston), idk how to say "no" politely
- As the servient owner of a 60' wide access road easement, can I change the location of the 15' wide road (move the road to one side of the easement instead of in the middle)? (Oregon USA)
- Anyone have links to good home buying guides?
- Should I get rezoned as Multi-Family prior to selling?
- What are some pros and cons of renting from a private owner vs renting from an apartment complex?
- 203k experiences?
- Can anyone shed some light on how prenups work with pre-existing real estate?
- Should I hold of sell?
- 1965 mobile home furnace lifespan
- Refinance vs Lein?
| For those who do “House Hacking,” how long do you take between buying each property? Posted: 08 Dec 2019 03:03 PM PST |
| Posted: 08 Dec 2019 06:53 AM PST I can't find the article I read about someone having retired from Silicon Valley, moved to some non coastal state and mentioned that they invested their savings in local real estate and since the area wasn't a huge metropolis, rentals yielded a lot higher than if they were in SF or such. The gist of it is they were implying that things were just different in the area and high consistent yields were just a norm of life despite the low interest rates in the US. Any ideas? [link] [comments]  |
| Posted: 08 Dec 2019 08:32 PM PST I hope this is the right place and you guys are able to help me with my endeavor. Basically, I have never bought any real estate before. However, I have been doing a lot of stock investing for a while now and want to diversify. Given that I will be working in San Francisco I was trying to find good deals over there but nothing makes sense. Prices are too high and rent comparatively is too low + Insane HOA fees. Now, I've been looking at properties in the Texas area. Being in finance, I noticed that Texas seems to be gaining importance and I can see it grow quickly due to big corporations moving away from the pricier cities. Anyways.... please go over my numbers and tell me if this makes sense: Property cost: $190,000 I should add my tax bracket would be 33%. Initial Investment: ($38,000) Net Profit after 15 Years in today's $: $37,000 Not considered rn: Increase in Rent [link] [comments]  |
| House Sold- Wait for Credit Card Debt to Drop Before Putting in Offer? Posted: 08 Dec 2019 12:34 PM PST Barring anything crazy happening, my house should close on Monday. I was going to use some of that money to pay off my credit card debt and then put a good chunk of it into a down payment for another house. I found a house I like and would like to put in an offer. What is the timeline I should realistically be looking for pre-approval/me making an offer? Do they do pre-approvals with the contingency that you paid off your credit cards before it actually hits your credit report? The house I'm looking at has been on the market since early spring. They dropped the price fairly recently and is currently in default. [link] [comments]  |
| Based on your experience, what are pros and cons of buying PROBATE property? Please advise Posted: 08 Dec 2019 07:36 PM PST (California) LA county We need to move from our rental property by end of this month. When we're looking for a house, we call the seller agent and found out that the owner had deceased. She refer us for the lender and another agent who's related to seller agent. She didn't realize she mentioned her uncle. She disclosed so much information to us. We were told that seller doesn't want to spend a penny. House is sold AS IS. and negotiation table open based on lender's request, not home inspection results. Cancellation is within 5 days. There are so many signs what she said is on their favor. What do you suggest for this? We like the house but we're blindsided on real estate tricks. Before we pursue any further, what are the pros and cons buying probate property? [link] [comments]  |
| Will I get approval from the bank ? Posted: 09 Dec 2019 01:29 AM PST So I'm looking to buy my first house in Newark NJ. Now I've never bought a house before , And I don't make any income at the moment Will the bank approve me for a loan ? Do I need to have income so they approve me ? Does the house itself not count as good enough collateral for the bank ? How about a hard money loan ? Is there pros and cons for going with a hard money lender ? Do they approve easier? Do I end up paying more ? Should I wait till I have a income? Anyone with even a answer to a few of those questions please be so kind and help me get started THANKS ! [link] [comments]  |
| Seller gave offer first, do we counter? Posted: 09 Dec 2019 12:16 AM PST We looked at a house that has been on the market since May. Price history showed price drop 4 times for a total of 10k and and one pending ,which , obviously, did not go through. We saw it twice over the weekend and on the second look over noticed a few very minor things, like some shotty workmanship. Trims not dont right and windows not opening....so I asked the agent if I could get a handyman in to see how much it would be to fix all this. The home had been completely remodeled, it was one of the flipped houses.....most of the work was nice but I just wanted an idea how much it would be to fix the mistakes. She said no problem and we left. Couple hours later she calls and says the owner offered to lower the price from $230k to 205k and give us 1500 cash to do whatever......either fix the things or use towards closing, or whatever we wanted. So my question is.........do we counter offer this, is he expecting us to counter offer? He has since taken the house off the market, which the agent said he would. He planned on putting more money into it and putting it back on the market next year. [link] [comments]  |
| Buying a house with basement sq footage in total footage Posted: 08 Dec 2019 08:17 AM PST I'm looking at a house that is listed as 3900 sq ft and they said that's including the basement. The basement is 1740 sq ft completely finished, drywall, carpet, heat/air, lights, and walk out door. When I call for insurance quotes, its ridiculously high compared to what the normal because it's a rebuild for a 3900 sq ft. From my research, basements shouldn't be considered into the homes livable space. So should I be telling them its gonna be 2160 sq ft? I'm kind of confused and the difference in insurance is going to be whether we purchase the house or not [link] [comments]  |
| Renting house that has Black mold. Posted: 08 Dec 2019 11:18 PM PST So I'm currently renting a house that has A LOT of black mold. Is my landlord responsible for getting rid of it? [link] [comments]  |
| Posted: 08 Dec 2019 11:17 PM PST Hello! I am 34 & currently rent a 2BR 1 BA apt in mid city near the Grove with 1 roommate. We have an unbelievable $1600/mo rent but our building got sold this month & they are buying everyone out to renovate & be able to list at market value when it's ready. We have 60 days to move out as of this week at some point. In addition to this info, I have a serious girlfriend that we have been discussing moving in together for a little while now. She owns a 2BR 2BA house in Long Beach & her mother lives with her. I've made it know that we need our own space if/when we move in together but I don't mind her mom being around & close. Her, myself & my roommate all have steady, decent paying jobs & myself & my roommate are debt free while she only has her mortgage & car payment. So with all of that background, I have proposed that we all pool some $ together with a loan that my father would give us to boost the down payment & purchase a multi unit building together. My original idea is a 4 unit building: one for myself & my GF, one for my current roommate, one for my gf's mom & a 4th we could rent at market price to help with the mortgage/maintenance/emergency costs. We wouldn't rush into anything with finding a building bc I can temporarily move into my gf's house & my roommate can move back home until we find the right building. My dad is an attorney so he would ensure all of us involved are covered legally in case anything happens, but is this idea too complicated/crazy or does it seem feasible? If it is feasible, what are the first steps we need to take to move forward & see if we can afford to do this? We know our budget will not allow us to live in the same area & we will be willing to look in different areas, even down in Long Beach. Hopefully I've provided enough info & if I need to provide any more I will for sure. Thank you very much in advance to anyone that can give me some info & guidance on this situation & happy holidays to everyone! [link] [comments]  |
| Advice on buying/investing in to 1/2 priced property with friend [Boston, MA] Posted: 08 Dec 2019 03:34 PM PST BLUF: Weighing getting into a deal to buy a 2BR Condo in high value area for ~1/2 cost with a friend. Looking for advice on how to execute this. So I go to grad school in Cambridge, MA. I have never bought a property before because I could never get the numbers to work out for me despite the following.
I plan on living in this area for the next ~4 years to finish my PhD. Recently one of my classmates told me that they were offered by someone close to them an apartment in Harvard Square for ~300k. This apartment appraises for 700k. The seller is an elderly woman who is apparently making final arrangements for her estate. I am not sure how the purchase is being executed without the ~400k difference not being treated as a gift. We are in preliminary coordination and have yet to speak to an attorney and real estate agent. I understand we should target no less than 75% of the fair market value. We may be reimbursed the difference as a gift. Since this is such a good opportunity I am considering two things.
Any insight or experiences into these matters would be appreciated. Thanks for reading. [link] [comments]  |
| Posted: 08 Dec 2019 07:54 AM PST When viewing a home for sale do you start a to-do list right away ie this needs repair, that needs replacement. Or do think about all the non structural possibilities like this could be an office, we could host parties there etc? [link] [comments]  |
| Posted: 08 Dec 2019 09:55 PM PST |
| Construction loan that covers land and building cost? Posted: 08 Dec 2019 08:29 PM PST Looking into buying some land to build a SFR with a granny flat. I know some people will use land as a downpayment or collateral for a construction loan but I was just curious if anyone has experience with obtaining financing for the cost of land and construction in one loan and what the LTV was like for it? [link] [comments]  |
| Qualification for real estate crowd funding? Posted: 08 Dec 2019 07:33 PM PST I'm considering the opportunities from crowd funding platforms and noticed that they're available to "accredited investors" only. Accredited investors are"defined" in https://www.investopedia.com/terms/a/accreditedinvestor.asp I graduated from school and started my financial career last summer and don't meet the asset or income requirements but am Finra registered representative. Any experience in investing these with financial knowledge (being financial advisors/brokers) but not enough income or assets? [link] [comments]  |
| Choosing listing agent, 3 different possibilities (Boston), idk how to say "no" politely Posted: 08 Dec 2019 06:56 PM PST Problem: my condo unit is difficult to price, as they aren't exact comparables, because of low inventory / low turnover, large size, ongoing gentrified neighborhood, high-end and very expensive new inventory (not comparable imho), and intangibles like secured parking, views, etc. Lived here 18 years. I work in the medical field, my husband is a retired teacher. We're downsizing. We need an agent we trust (and will pay the 6%) to do the selling. I've been preparing for a year now to list my home in Feb or March of 2020, and we're on track for moving to a temporary furnished condo, packing our belonging, and moving almost everything to storage (except for some staging). I have a general contractor on board, for the moving and cleaning and repairs as needed. (He recommends Agent #3.) I had planned on Agent #1. But now I'm thinking Agent #3. (If they're all good, does it even matter?) Do agents generally expect that listings can end up going to anyone until something is signed? (And how do I tell the other 2?) - - - Agent 1: known the guy for 15 years, told him years ago that when I was ready to sell he could sell it for me, trustworthy, he will advocate in my best interests, knows the state and local law well (handles evictions), he sold a unit in my building 5 years ago, rented out my unit 2 yrs ago when I went on sabbatical, knows my property manger, and history of my area very well - but spends 90% of his time managing rentals for out of town investors now, specifically in and near my neighborhood (in my metro city that has unique neighborhoods). Does a few sales / year I think. He has a broker relationship with a very high-end firm downtown, who presumably has access to quality photographers, etc. They are so high end that they don't consider properties in my (working class) neighborhood, but agent is friends with firm founder, etc. (This is Boston, this is how it goes.) Agent 2: was recommended by a work colleague, who lives and whose family has lived in my neighborhood for over 60 years, and saw that I was frustrated with the lack of price information I was getting. Asked her trusted realtor friend (as a favor) to talk to me to help w/ comps. Realtor is an agent with a regular city broker, who lives very near my neighborhood, married to a local cop so knows the scoop on everything local (but who cares, right?), and she's the young up and coming hungry for sales type, who sold a dozen units this past year, I think. She specializes in my neighborhood actually and she also tells me "comps are difficult," and comes up with mid-700s but says we'll talk again in January. (Offers to send me MLS listing for sales in nearby area that I said we might be moving to. I send her daily email to the Spam folder.) She sends me a printout with five comparables that are not the same square footage, but otherwise fine. There's 100k difference between the high and low. Agent 3: so first, my GC is a family member and I'm lucky to have him as he's in demand and busy, works on a dozen city residences, and does quality maintenance. he has arranged for my packing and storage, and has been emotionally helpful (telling me "there's plenty of time, it'll all work out, the place will sell." Lol). When I complained about the lack of comps GC said he'd get his best Agent / employer / friend to "take a look." He says Agent "owes him a favor (or 2 or 3)" and he would make sure to get his opinion regardless of my decision, because GC wants to make sure I get a good price, and where they work (downtown, not my neighborhood) things are still extremely "hot" and so contractor says my place should sell for over $800k, maybe a lot higher ($900), and wants me not to sign anything w/out him knowing. Then says he'll talk to his agent in January, once the place is cleaned up a bit. Tldr; Seller is anxious because most of their net worth is tied up in their home they are selling, and it's a confusing process. Boston real estate market is filled with gossip about FSBO, cash offers, and "networking" but thanks to this subreddit I'm interested in leaning on an experienced listing agent. I've sort of got 3 interested. Have to decide in a month, or so. I have some time. [link] [comments]  |
| Posted: 08 Dec 2019 02:29 PM PST My (unreasonable) neighbors want access from their property, across my land using the HOA's easement, to the existing gravel access road which connects to a public road. Rather than allow them to construct a new road, increasing the easement burden, can I simply relocate the existing road so that it borders their property, giving them access? Then I could plant trees where the road used to be. TL;DR... who decides where an access road is located, the dominant or servient owner? [link] [comments]  |
| Anyone have links to good home buying guides? Posted: 08 Dec 2019 01:50 PM PST I bought a house about 20 years ago, and got rid of it about 5 years ago. I really can't remember much about the buying process. I had a realtor who guided me through most of it, though in retrospect I probably could have done better if I was more aware of what was going on. Anyway, I'm looking for any guides that might exist with information from knowing how far in advance to start shopping mortgages, etc as well as understanding what things I should be looking for / comparing in a mortgages. [link] [comments]  |
| Should I get rezoned as Multi-Family prior to selling? Posted: 08 Dec 2019 08:45 AM PST My partner and I purchased a \technically* single family home about 2 years ago for $360k. Although it is technically zoned as a single family home, there are 3 units with separate entrances. This has created a loophole that allows us to airbnb the two in-law units and live in the third. The house itself is very old and could definitely use some repairs/upgrades but is not in need of a gut rehab or anything extreme like that. It's in Chicago and very near public transportation, basically right in-between downtown and the airport so the location is pretty great. It has 3 separate furnaces, one for each unit. We have had HVAC repaired and 3 central air conditioning units installed, but we have also consolidated the electrical/gas/water systems to one meter/one bill. We plan to sell in the spring, but I was wondering if anyone had insight into whether or not we should list as a single family home or go through the steps that need to be taken in order to be able to list as a multi-family home? Would it be helpful to disclose the airbnb loophole to buyers? It has been quite lucrative and covers the mortgage and then some.) [link] [comments]  |
| What are some pros and cons of renting from a private owner vs renting from an apartment complex? Posted: 08 Dec 2019 05:24 PM PST Just wondering the pros and cons of renting from a private owner, and the pros and cons of renting from like an apartment company (like Bozzuto). I can't decide where I'd like to try and rent from once I sell my home. I rented briefly from an apartment company about 10 years ago. Maintenance came within 24 hours of placing a call. Appliances were replaced. But I had an emergency and had to terminate my lease early and it was impossible to get out of. I've also rented from a private owner. Repairs were sourced out to outside companies of course. Appliances were replaced but took days into weeks. I complained about a cat piss smell in the carpet for months and nothing was done about it (landlord told me I was crazy - of course they replaced the carpet once we moved out). The neighbors were terrible - we were always complaining about each other. But, I liked the community more (lots of older folks as it was private condos). A couple things - I have a cat (now, I didn't back then). He likes to spray (tho he is neutered). One thing I cannot deal with is upstairs noise, so I'd like to be in a situation where I can change units if it's a problem. That being said I have two young kids, and I get really weird about them making noise and irritating the downstairs neighbors (this was a big problem at the private place I rented). I guess if I had to choose I'd rather deal with noise from above than watching where I walk and the neighbors below.. Anyway, any tips or input is greatly appreciated!! [link] [comments]  |
| Posted: 08 Dec 2019 08:31 AM PST Recently ventured off to a research wormhole and am intrigued with the 203k rehab concept to say the least. I was just interested to gather some info and opinions on other peoples experiences that went through this process. Want to hear the pros, cons and maybe some tips you learned that you wish you knew before hand. Thanks in advance! [link] [comments]  |
| Can anyone shed some light on how prenups work with pre-existing real estate? Posted: 08 Dec 2019 03:45 PM PST I have a not insignificant amount of investment properties. Generally speaking, do I need to add my SO's name to the deed on all of these properties once married? Or only my primary home if she is contributing to the mortgage? How about for future inherited real estate? Obviously I plan on meeting with my attorney to talk about all this, just wanted to do some research before I pay him a bunch of money for something that is somewhat far out in the future. Edit: [MA] [link] [comments]  |
| Posted: 08 Dec 2019 07:40 AM PST I am hoping to gain some advice on my current situation. I purchased a 1000 sqft property in an old downtown area near where I live a little over a year ago. The purchase price was $43,000 and after Reno I'm in $52,000. Currently I am the tenant but can move my store to another property I have. This town has 4500 residents and has just became a main street town. There are things planned for this area but it's all 3-5 years out. I have a strong fear that although things are planned they may or may not mean much. Basically the town although it has traffic the growth currently is in a new more upscale section as most old towns go. Here is my conundrum. I was offered $70,000 for the building. Do I take the $18k profit and move on to another project reinvesting, or ride out in the hopes the town grows? Rent is currently going for $650-750 when leased if I wasn't the tenant. Thanks in advance for a new perspective. [link] [comments]  |
| 1965 mobile home furnace lifespan Posted: 08 Dec 2019 02:49 PM PST Just bougt a place has the original furnace still. seems to run fine. How much longer will this thing last? I had no idea a furnace could last this long [link] [comments]  |
| Posted: 08 Dec 2019 02:07 PM PST I have a commercial / residential property (zoned FBT-T1) in downtown Colorado Springs, valued at $250k with $150k left on the note at 5.25% for 360mo. The property has a detached garage that I want to convert into an Accessory Dwelling Unit and rent it out as an AirBNB or regular rental given the property's proximity to the new soccer stadium for about $1k/mo. I need $50k to finish the ADU. A fellow investor told me how he approached a small bank and they agreed to put a lein on his house and then gave him $50k to put down on a different property. Ive never heard of this lein method - is it legitimate? - is it risky? Can the bank "call" the lein in at any time and make me pay it? I like the idea of it since a refinance costs money up front and may affect the cash flow, whereas the lein is 'later money' but only in case I sell it, and doesn't affect cash flow. Thoughts? Experiences? Thanks [link] [comments]  |
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