- Hi all, I’m buying a 4 unit property in a great area in NJ. House is being sold ‘as is’, no problem there, I understand what I’m getting myself into. The first showing went very smoothly, by the time we went with the inspector during attorney review the basement had 6 inches of water.
- How soon should I reach out to Real estate agents before buying a property?
- Best way to double rent rates on a 50 unit building purchase?
- Is buying a duplex still the ticket to the middle class that it once was?
- Moving out of state but the house we are looking at sounds too good to be true. HELP
- First time home builder (and home owner) looking for general advice.
- Buying Banked Owned REO for primary residence - questions
- Sellers are nervous about my financing?
- Blueprint request
- Quit claim deed help/ Question?
- Curious
- Does a detached addition add square footage/value?
- How to get an accurate comp for a higher end home where barely any comparable homes in the area have sold in the last few years?
- Level of insurance on your rentals?
- Looking for advice on a parent's house which is in California and becoming difficult to pay.
- If Buyers don’t close on time per contract, can the sellers walk out of the deal?
- Inspection?
- This is mainly toward realtors in NYC but feel free to answer if you know anything about it.
- Property next to my rental house caught fire
- Question about LLC and Rentals.
- Realtor Recommendation for Failing Retaining Wall
| Posted: 29 Dec 2019 05:55 PM PST The boiler is about 30 years old, water heaters about 9 years old. Drywall has to be ripped out, we have to put an extra battery for the pump and possibly put a French drain system and a few other things. My father is a contractor and he estimated there's about $20,000 worth of work just with the problem with the basement flooding. This all happened during attorney review and now it has me worried. We don't know how many times it has actually flooded before and if it compromised the heaters and boiler. These issues that came up were obviously not present during the first showing. We went with the inspector and to our surprise the basement had about 6 inches of water. I've come up with a spreadsheet of how much it will take for me to fix this as soon as I get the property, but since it's being sold as is I don't know if I should even bother asking for $15k off the purchase price. [link] [comments]  |
| How soon should I reach out to Real estate agents before buying a property? Posted: 29 Dec 2019 04:05 PM PST I'm hoping to buy my first rental property sometime in the second half of 2020. With that in mind, how soon before I intend on buying a property should I try connecting with a real estate buying agent? I feel as if I shouldn't search for someone too soon, and having them wait multiple months until I decide on a property to buy. And on the flip side, I don't want to find one too late, and exceed my favored buying window. [link] [comments]  |
| Best way to double rent rates on a 50 unit building purchase? Posted: 29 Dec 2019 07:34 AM PST Edit: The property is entirely renovated and in good condition. Only normal turnover expenses apply. I've just been offered a management position on a 50 unit building purchase, which is currently fully occupied with each unit at half of the current market rate. (The property got a state grant for massive renovations, with the condition that rental rates would not rise for 15 years, ending Jan 1 2020). The owner wants to renew all 50 tenants at double their current rental rate when leases expire. It's a mix of 12 studios, 12 one-bed, 12 two-bed, 12 three-bed, and 2 three-bed townhouses. Obviously, this will result in a lot of turnover, so what is the best way to handle this as the new property manager? Ex. A studio is currently renting for $350/mo, but market rate is $800/mo. [link] [comments]  |
| Is buying a duplex still the ticket to the middle class that it once was? Posted: 29 Dec 2019 12:26 PM PST Hey everyone, hope your holidays are going well. My wife and I have been looking into homeownership, and while we're nowhere near where we want to be in that regard, it looks like we might be in 2-3 years. We've noticed that in our area (where we'd like to stay long term), the going rate for a single family home is around $90k-$105k, and the going rate for a duplex is around $125k-$140k. Our current income means the most we could afford is around $127k, but I'm thinking that could be offset by having the mortgage paid by the other side of a duplex. Does this still work or is it a better idea to get a single family home you know you can afford? [link] [comments]  |
| Moving out of state but the house we are looking at sounds too good to be true. HELP Posted: 29 Dec 2019 11:01 PM PST Hi, I'm pretty new to posting on Reddit so here goes. Me and my family (Mother, Sister, and I) Are looking to move out of state. We live in the U.S. and my mother found a deal on a house but I'm afraid it may be a scam. We live about 15 hours away from the house so we can't check, and the landlord lives even further away than we do if what he says is to be believed. The landlord who we are in contact with agreed to send keys and lease papers after a security deposit. Against my gut the money was sent (from bank to bank if that makes a difference) however the landlord is now requesting that we also pay first months rent before sending keys and papers. He says he was advised by his lawyer not to do so before first months rent stating that he will be out of the state's in January and if the lease and keys are sent now then we have rights to the house for a year since the agreement is yearly. The whole thing seems off to me, is there any way to discover if this is a scam or not? Is there any legitmicacy to what we have been told? We were told the security deposit is refundable but I'm reluctant to send anymore money before receiving anything in return. I'm sorry if this isn't the correct place to post this. If someone could point me in the right direction it would be appreciated. Thank you! [link] [comments]  |
| First time home builder (and home owner) looking for general advice. Posted: 29 Dec 2019 03:14 PM PST My husband and I are looking to get our first home here in Western WA, and decided to make it more complicated by building instead of buying an already built home. We've been looking for 6 months and we're getting ready to pull the trigger and put in our first offer this week. The land has been up for sale for about a year, it had potential buyers in the summer, but they pulled out after reviewing the survey. The land is about 5 acres, but there is a creek at the bottom and the buffer zone only leaves about 1.5 to build on. It has had soil tests for septic and water, a potential well site has been found and they suspect a pretreatment unit for septic is needed, which is more expensive but doable. Lots further back from the road are already being developed and electricity is near by. We're contacting the power company as well as a sewage and well drilling company to try and get better estimates, but I know they probably won't do anything until a bid has been placed. Aside from the very basic of steps, we realize we have no idea what we're doing. Anyone have any advice for us silly people who are trying to wing our way through this? Things to look out for, keep an eye on, budget for? We've been talking to a builder and already realizing how that budget gets away from you quickly lol crap like flooring, blinds, lighting, yadda yadda all add ons that nickel and dimes you to death. [link] [comments]  |
| Buying Banked Owned REO for primary residence - questions Posted: 29 Dec 2019 05:59 PM PST This would be my 3rd real estate purchase, however 1st that is a REO/Bank owned variety. The property sits in a desirable neighborhood (B rated) with good schools and new commercial real estate all around (shopping centers, new hospital etc). My agent I am working with said he has worked with the listing agent on another transaction earlier this year, and mentioned the asset manager who has this property will likely not budge much. My agent shared the property was listed fairly competitive (200K vs. homes in the neighborhood via MLS selling for 210-215 move-in ready) although no appliances convey, the flooring throughout would need to be replaced before move-in, and most importantly, my inspection revealed the HVAC and AC (both original at 14 yrs) are on their legit last legs. I was present for the inspection, and asked point blank to the inspector what his thoughts were about the home. He said if I was purchasing from another person, I would likely have more negotiating power on the price, however it's a guessing game whether an asset manager will provide a credit to replace an AC Unit ($4-5K). My two questions are:
[link] [comments]  |
| Sellers are nervous about my financing? Posted: 29 Dec 2019 08:29 PM PST I have three separate pre-approvals for an amount that is $80,000 above our offer. They are nervous my financing is a concern. We are talking about a mid $200k house and I am approved for mid $300k. I don't know how else to calm them down. They are so worried that they have requested they can move out after we sign all the closing paperwork. [link] [comments]  |
| Posted: 29 Dec 2019 07:29 PM PST Buying a house from original owner built 1994. What are the chances owner still have a copy of blueprint and giving it to me on request? I have requested my realtor to request it from the seller. Thoughts? [link] [comments]  |
| Quit claim deed help/ Question? Posted: 29 Dec 2019 06:46 AM PST Hello my SO inherited a property(land)from her grandmother whom was dealing w cancer Her grandmother came over one day and they all signed a quit claim deed transferring the property from Grandmother to my SO My question is does my SO own the property? It's valued at id say 10,000 but her family members have ambitions to sell it and claim the money / piece I'm the one who has been paying the taxes on the property for about two years. Grandma has since passed away. [link] [comments]  |
| Posted: 29 Dec 2019 06:49 PM PST I'm in California and want to retire but would like to invest in rental property like a duplex. But it is so expensive here that I've been thinking of doing it in another state. Any advice would be great. [link] [comments]  |
| Does a detached addition add square footage/value? Posted: 29 Dec 2019 12:51 PM PST Hey all, we are considering building a detached room in our backyard and use it as an office. We have look at those nicer sheds as an option, but was wondering if we hired a contractor to build an actual structure would it add square footage to our home? Would it need certain things like a closet or plumbing/restroom? [link] [comments]  |
| Posted: 29 Dec 2019 11:55 AM PST I'm a newer agent asking for a little advice here. A client is wanting some comps for a 3M home in a very nice neighborhood. Only one house has sold in the past year in this area at all. Most of the homes tend to be in the 3-7 million dollar range, these homes don't go up for sale too often. How would I go about getting an accurate comp? Or as accurate as possible anyways [link] [comments]  |
| Level of insurance on your rentals? Posted: 29 Dec 2019 09:58 AM PST What level of insurance do you guys have on your rentals? Of course if you have a loan your required to have a certain level, but if you own it out right you could even just have liability. Or would you prefer to have insurance at a level to retrieve you're investment, or enough to pay you back the current market value. I've even thought about getting the coverage to be 10k less than my investment since I could still sell the lot for me 10k if I had a tornado. I'm pretty own to risk and I don't want to give a months rent strait to insurance each year. Interested in hearing your opinions though [link] [comments]  |
| Looking for advice on a parent's house which is in California and becoming difficult to pay. Posted: 29 Dec 2019 04:41 PM PST So here is where I sit. My mom (70) is single and has her only income from social security which is just under $1k a month in northern California. She has 2 mortgages on her 1 house (long story one of the mortgages went to collections but is now in good standing for about a year). She is unable to pay for the two which has left me picking up the second mortgage for the past year. Now she is having trouble making the first mortgage payment and I am already stretched thin paying my mortgage along with her second. The first mortgage is $87k at 4.8% FRM with a maturity date in 2040 and $858 per month. The second one (The one that went to collections) is for $75k with a 4.7% ARM with a maturity date in 2031 and $730 per month. The house is roughly around $370,000. And not up to date and could use some love to get to market value. After looking into any extra income my mom can make, the only thing we have is her dog sitting through Rover, however, she is very bad with technology and is unable to work the Rover app which requires my assistance not to mention she does not return calls or text messages in a timely manner and looses most of her business because of this. I don't live anywhere close to being able to help. Also, I do not have space for her to come live with me. The next thing we have looked into doing is a reverse mortgage. This did not pan out as the lender wanted $30k down to do it. If We had that cash we would not be in this mess. Now we are looking into a refinance. This does not seem to be a good option as her credit is in the 500's. Just running the numbers on a mortgage calculator with a really good APR it looks like we would only be saving $100 to $200 a month which does not seem worth it since her credit will run the APR up assuming it even gets approved. Now we are looking at selling the property but the question is where would she go? If she moves into an apartment she will be paying around the same per month as just keeping the place regardless if she stays where she is at or moves closer to me. There is no other family member out there who could help support, it is just me and my mom. Would anyone know of other options that I am not thinking of? Any advice is much appreciated. [link] [comments]  |
| If Buyers don’t close on time per contract, can the sellers walk out of the deal? Posted: 29 Dec 2019 10:40 AM PST |
| Posted: 29 Dec 2019 11:40 AM PST We are going with a new build in a community development by a builder called Homes by Westbay. The homes seem to be going up pretty quickly and they're not custom so it's the same few templates being built again and again. We are using an FHA loan for the home so to my understanding the home will have to meet all the minimum safety and quality guidelines associated with using FHA. The pre drywall meeting is supposed to take place mid January. Do we need to hire a third party inspector for that or should we be okay without it? Thanks! [link] [comments]  |
| This is mainly toward realtors in NYC but feel free to answer if you know anything about it. Posted: 29 Dec 2019 02:33 PM PST I'm coming into some money where I'll have to ability to rent an apartment and pay for in full for over 2 years. Is it possible I could skip that 40x the rent and needing a guarantor? Because i don't know anybody that makes enough to be my guarantor. I still live at home so I don't have any rental history. Also my credit score is only in the mid 640s. Could I pay like a few months and security up front? [link] [comments]  |
| Property next to my rental house caught fire Posted: 29 Dec 2019 01:15 PM PST Luckily, my renters daughter woke early and was first to see the fire and told her mom. Fire department called and extinguished the fire. The fire department had to cut down an entire side of our 6' foot privacy fence. Wasn't new by any means but it was solid. And when the fence fell it crushed the the downspout on our house. (Which was brand new) I've notified my insurance by email and no response yet. I've talked with the property owner next door. Property was vacant and under construction. Does my insurance make a claim for my fence? Do I make a claim on the other property's insurance? Does the city pay for my fence since they destroyed my property fire? Yes, it worked out for me because an out of control fire could have impacted my house. First time dealing with any fire. Thanks for pointing me in the right direction. [link] [comments]  |
| Question about LLC and Rentals. Posted: 29 Dec 2019 10:19 AM PST When I buy my first home should I have my home under my LLC or under my name and then later transfer it to my LLC? As I will only be living there for a year or two and I will be having my roommates help pay my mortgage. I will later be moving to a new state after the year or two and want to keep my first home to rent it out. I want to protect my assets and I'm thinking if I start early I can save the headaches for later. Thank you for you answers! [link] [comments]  |
| Realtor Recommendation for Failing Retaining Wall Posted: 29 Dec 2019 10:14 AM PST Hello, I have a 70 foot dry stack retaining wall behind my home that is failing. At the highest point it is about 6 feet and tapers down at the edge. The cost of replacing this wall (removing all of the existing stone and using new stone/concrete/weep holes, etc...) will be about $45,000. As a homeowner I'm concerned whether or not that would be a sound investment. I was told using the existing stone would be as equally expensive as the stones are very heavy and it would be time consuming placing irregular stones in the proper arrangement. Is this something realtors would recommend doing or is there another solution I'm unaware of? Thank you for your assistance. [link] [comments]  |
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