Millennials: how are are you planning to buy property...? Do we need to buy property...? Real Estate |
- Millennials: how are are you planning to buy property...? Do we need to buy property...?
- Renting in the same city you own a home
- Where do people discuss international real estate?
- $275K-$315K cash-in-hand potential on selling a current home. Put it all in a new house or try to play catch-up with retirement with some of it? [X-POST in r/personalfinance]
- What are the tax benefits of owning an investment property?
- What is a designated "military lot" on a tax map?
- CPA and Lawyer before rental property
- purchasing home from relocation company - question re: specific clause that appears to favor seller
- Buying on Contingency (Central Valley CA)
- Supplemental Secured Property Tax Bill
- Where do I find out what is the average Cap Rate in my region, city our county?
- Looking for a house to rent.
- Pros and cons for buying a vacant lot that used to have a house on the property?
- Can I get even basic json without mls?
- closing question!!
- Joint Venture Hard Money Loan? Is it worth it? Can I still hold the property and just refinance it pay back a JV arrangement?
- Living for free/making money of rent in college
- Canadian first time home buyer interested in purchasing a home in the US
- Warranty Deed Tax Implications
- Sacramento buying advise requested
- If you are an agent, please do your job
- Are there any specific recommended resources regarding real estate leverage investing?
- Discrepancies in Sellers Disclosure (TX)
- Looking for advice on a house listing
| Millennials: how are are you planning to buy property...? Do we need to buy property...? Posted: 28 Dec 2019 02:16 PM PST Hi, I (29) have been living at home to save money. I don't want to live at home anymore because of personal reasons. I know exactly how much I spend right now per month, so I know what I can afford. I have 75K in savings. I earn 28K. I can borrow about 4 to 4.5 times the amount in the UK, so at least 112K, I think. Houses are at least 250K in the area I want to live in. Flats/maisonettes are start from around 150K. I think these are the options available to me:
I haven't worked out which option saves me the most money. I'm not even really sure if I should aim to buy something. Maybe renting is the way to go for our generation?! What do you think? What are your property plans for the future? [link] [comments]  |
| Renting in the same city you own a home Posted: 28 Dec 2019 06:34 PM PST So I currently rent out an apartment for 1300 that I absolutely love. Love the amenities, location and high class feel of the place. I'm thinking about getting some real estate since I can find some good property under 200k. Would this be sensible to keep living in my apartment but buying a house with the intention of renting that out [link] [comments]  |
| Where do people discuss international real estate? Posted: 28 Dec 2019 04:53 PM PST I've posted questions in the past about real estate investing outside of the US, but it seems most people here are focused within the domestic market. If anyone is investing outside of the US, especially in developing markets, I'd love to hear where you conduct your research. As an American living outside of the US, markets in South East Asia, Eastern Europe, and South America feel more appealing to me, but the resources available to learn more about local laws, tactics, and find groups is minimal. [link] [comments]  |
| Posted: 28 Dec 2019 08:55 AM PST Like the subject line says, I'm about to sell my current home. It was my wife and my's starter house. We meant to sell about 10 years after we had it and kids but that 10-year mark was 2008 and we all know how that went. So, we stayed in it and just made it work. It's a duplex, we own both sides, and my wife's mother lives on the other side. She pays rent but we're all agreed that this is our one big chance to cash in. We owe, in total, about $160K on this place but since we purchased it in 1999 for $180K it now has a value, and what other comps are selling for around here, for about $475-525K. Long story short, after fees and what have you, we may be able to walk away with about $275-$315K. My wife and I were rocked by a personal bankruptcy about 11 years ago but it's off her and my credit, we're in the 800s now with our credit scores, but we have very little when it comes to any money socked away for retirement. I am looking at this potential sale of the house as a chance to do something positive for our future, not just out present. Are there any good rules-of-thumb for re-investing proceeds like this or if my line of thinking (to take, perhaps $100K and squirrel that away for retirement) a little nutty and I'm thinking about this the wrong way? I don't have a financial advisor; I don't really trust anyone in my immediate family to give me any sound financial advice; and I realize asking the Internet is not a sure thing, either. However, I'm just tired of making the wrong choices (I'm still in a starter house with my wife and three kids so I'm not exactly a genius) and just want to find some hope that there is at least some correct things out there to think about when it comes to a scenario like this. I do know, though, that I'm absolutely NOT interested in being house poor or now that I can afford to level up to a house that's 500-$525K that there's some burning desire to get into something huge. I would have loved that to be the case but living like I have for the past 20 years in a duplex with three kids and a wife and surviving a bankruptcy where they took away my car and my savings has taught me that I'm more interested in being smart than being foolish with my money. Sorry for the long story but hopefully this helps contextualize the advice. Happy to fill in any gaps if more info is needed. [link] [comments]  |
| What are the tax benefits of owning an investment property? Posted: 28 Dec 2019 10:35 PM PST I was told by my broker that owning a rental property may reduce my tax liability (through my Schedule E) [link] [comments]  |
| What is a designated "military lot" on a tax map? Posted: 28 Dec 2019 06:16 PM PST I'm looking to put an offer in on a house but I noticed that there are two military lots within close proximity on the tax map. One lot is about 35 acres and the other is 60 acres in size. I guess my biggest concern is not knowing what the potential is behind these pieces of land are exactly. What exactly is a military lot? [link] [comments]  |
| CPA and Lawyer before rental property Posted: 28 Dec 2019 11:05 PM PST Hello, I work in property management. I am about to buy my first rental property, a duplex, in a soon-to-be thriving market. I have a friend who is well off and looking into a CPA and attorney before buying rental property. From my experience I don't see this as completely necessary seeing as I've never seen anything become an issue to this extent. What do all of you think? The CPA I can see more beneficial than the latter, but on such a small scale as one property I believe my families' CPA will suffice. Personally, I believe, at such a small scale, you'll be losing more than you make with a lawyer. What do you think? [link] [comments]  |
| purchasing home from relocation company - question re: specific clause that appears to favor seller Posted: 28 Dec 2019 06:51 PM PST I'm looking to purchase a home from a relocation company and had a specific concern regarding one clause in the rider agreement. I understand no responses here constitute legal advice or replace an attorney, I'm just hoping someone with more experience in this situation can shed some light. The clause reads:
Am I wrong in reading this as extremely favorable to seller in that they can essentially walk away at any point after an agreement is reached and all I am entitled to is my deposit? Obviously if they did this at closing, I would have incurred quite a few direct costs that would not be reimbursed, not to mention the wasted time and indirect costs of moving money around and having it tied up in anticipation of purchasing the home. [link] [comments]  |
| Buying on Contingency (Central Valley CA) Posted: 28 Dec 2019 07:45 PM PST Hi everyone. My wife and I are exploring buying a bigger house for our growing family. Pertinent info: Annual salary ~ $140,000 combined Credit score ~ both over 750 I am a service connected veteran at 10% (plan on using VA loan) Car debt ~ $30,000 CC/Student loan debt ~ $30,000 We have approximately $140,000 dollars in equity in our current house. We plan on paying off the car loan and using the rest on the new house we are looking at. The new house we really like is priced at a little under $485,000 (bringing it down to ~ $385,000 after the down payment). We were told that it is not uncommon to buy a house on contingency of selling our current house. Is this true or are we looking at a difficult process? Does our plan make sense to you experienced folks? Please let me know if you need any further explanation. I don't usually comment much less start any threads. Thank you all in advance. [link] [comments]  |
| Supplemental Secured Property Tax Bill Posted: 29 Dec 2019 12:45 AM PST In March of this year, I moved into a townhome. I knew that there was a Supplemental Tax bill on its way. However, received two bills with different owed amounts with the same due dates. For the first bill, the first and second installment is $622. Due date for the first is 12/31. Due date for the second is 04/30. For the second bill, the first and second installment is $950. Due date for the first is 12/31. Due date for the second is 04/30. The only difference that appeared (at least to me) to matter was the Roll Year. For the first bill, the Roll Year is 18-19. For the second bill, the Roll Year is 19-20. Does the first bill occur because I moved into the townhome in March? March of 2019? I'm not an expert, here. So go easy on me. Thanks in advance! [link] [comments]  |
| Where do I find out what is the average Cap Rate in my region, city our county? Posted: 28 Dec 2019 11:20 PM PST |
| Posted: 28 Dec 2019 06:20 AM PST I'm searching on Zillow and Craigslist. Any other sites I should be looking on? [link] [comments]  |
| Pros and cons for buying a vacant lot that used to have a house on the property? Posted: 28 Dec 2019 10:54 PM PST I was browsing redfin and saw a vacant lot for sale that used to have a house on the property but it burnt down a few years ago. I like the location and from my understanding, since there used to be a house, there should be a connection for water/power/sewer, right (I guess in theory. Would have to check permits and everything to fully know)? I'm not going to buy this land since I'm still saving up money but it got me curious... If I wasn't in a rush to build, could this be a decent buy? Location is good and there should be a connection for utilities. When I have enough saved up I could slowly build a house then maybe buy a tiny home to add in as an ADU if the city allows it for some extra cash. What are some things I should look out for other than permits? [link] [comments]  |
| Can I get even basic json without mls? Posted: 28 Dec 2019 10:40 PM PST Like what is publicly on the real estate websites but in json format? I don't think I can but just checking. Can't get mls membership. [link] [comments]  |
| Posted: 28 Dec 2019 01:31 PM PST dont have enough money for closing on a house anymore the house will be closing in 2 days but I wont be having enough money for closing in at least a week. So my question is if by closing I dont have the money would the seller take my deposit and some of my down payment money which I already gave them? or I can delay the closing process? please help [link] [comments]  |
| Posted: 28 Dec 2019 10:38 AM PST Hi everyone, I'm a new investor and I found a distressed, undervalued home with amazing comps and great ARV potential. Needs LOTs of repairs, but still a good deal. I am young (22) and do not have the funds for a down payment. Realistically.. I may be able to qualify to buy the home with a regular mortgage - but once again, freshly out of college and starting new job in 2 weeks so I do not have the capacity to do a regular mortgage. So I am seeking a hard money lender that will do a 100% financing. I found 1, but they are telling me in order to do 100% financing, I need to do a "joint venture" with the lender. I know what a joint venture is (it's a partnership) but I have no idea what this entails. I told the HML broker that I want to BRRRR, and he told me that if I do a JV, I HAVE to sell it so that the HML can get his/her cut. I am confused. Why can't I just refinance it and then give the cut to the HML and keep my investment property? He's telling me if I do a JV, I have to sell it once it's fixed and then I can use the profit for the next home and keep it (now that I won't need a JV) Is this correct? Why can't I hold the property and refinance? And is it true you can only refinance up to 75% of the ARV (what he said) He told me don't be greedy (by not doing the JV), if I see an opportunity - take it before someone else does. Thoughts? Thanks. [link] [comments]  |
| Living for free/making money of rent in college Posted: 28 Dec 2019 08:14 PM PST Already have a decent idea of different ways I can do this but came here to see if any have done this in the past and how it went? I'm currently a freshman and living in a dorm this year; but was wondering what would possibly be the best ways to live rent free/make money off of rent while in college.. first idea to approach this situation is to try to find a place say 3 or 4 bedrooms to try to rent out for $1000-$1500 depending on what I can find. And then rent each extra bedroom out for $500-$600 a month to other college students. Any experience with this? Any experience with this situation and is it worth it to go through all of the trouble of basically being a landlord for the other roommates(I'd like to be in charge and collect the rent and just rent the whole place in my name because of potential profit/if one person gives a lot of trouble I can say they've got to go. Second idea I came up with today is to possibly ask around on Facebook, etc to see if there are any local ranches/farms in the area that will be looking for a ranchhand type position and will offer a rent free room at their home(possibly older couple) in exchange for help and some side work on the farm or ranch. Any other ideas? [link] [comments]  |
| Canadian first time home buyer interested in purchasing a home in the US Posted: 28 Dec 2019 08:06 PM PST I have $100k CAD for a down payment. Currently that amounts to around $76k USD. Together, my partner and I make around $160k(CAD) a year working in construction in and around the Greater Toronto Area in Ontario, Canada. We have no debt. We're entertaining the thought of potentially buying property in the US. Thinking somewhere warm like Florida, or California, Utah, Arizona. We love the landscape and mountains of the west and figure we could live there for 6 months of the year. I work in film construction and know a few people who do it- but unfortunately they are not currently home to talk about it with us. If you have any pros, cons, advice, or thoughts, about what it's like to own, invest, get a mortgage, legalities, etc... I'd love to know! [link] [comments]  |
| Warranty Deed Tax Implications Posted: 28 Dec 2019 06:41 PM PST My mother and I received a warranty deed from a family member with both of our names on it. My mother and I decided to sell the attached peice of land and split the profit 50/50. My question is... Will my mother and I have to pay income earned taxes on each of our profit from the land? I can't seem to receive a clear answer from my accountant. Thanks! P.S. This is my first post on Reddit. [link] [comments]  |
| Sacramento buying advise requested Posted: 28 Dec 2019 08:56 AM PST I'm thinking about buying a house in Sacramento, I am a state worker that plans to work for the state until retirement and then I will see where I am at. My issue is that my credit isn't as good as it could or should be and I'm working on improving it. I have over 100k to put down on a house. The houses I'm looking at are below 400k. I currently make 96k a year and next year I will be getting multiple raises that will put me over 100k. If I were to get a home loan now I would be paying a much higher interest rate than if I had good credit. My guesstimate is that over the course of the loan I would be paying an extra 100k or so in interest if I bought now with my so so credit vs if I had great credit. I want to make the best long term decision and I'm not really sure what that would be so I'm posting here. Do you think the house prices will continue to just go up in Sacramento and if so for how long? I understand nobody actually knows for sure but do you have any educated guesses? If I buy now I could refinance in a couple of years for better terms but will the interest rate be as low or lower than it is now or even close to as low as they are now? My understanding is, generally if interest rates increase house prices should decrease and I would probably have even more money I can put down on a house by then if I wait. My understanding is that for people that have a good amount of cash to put down higher interest rates are actually beneficial. Hypothetically say the interest rates were 50 percent and house prices dropped to 150k I could just buy the house outright without having to get a loan or get a very small loan and pay it off very quickly. Anyway, given my job situation and my credit situation do you think it would be best for me to do? Rent an apartment while building up a bigger down payment and wait for my credit to get better or the houses to drop in price? Should I just bite the bullet and get a loan with less than an ideal interest rate and just hope that once my credit improves I can refinance at a better rate assuming rates did not go up significantly? [link] [comments]  |
| If you are an agent, please do your job Posted: 29 Dec 2019 12:13 AM PST Today my wife and I went to see a property that we loved. It was everything we've been wanting and more (literally. More square foot than we had been looking at) after a period (over 8 hours of text and voicemail) of our realtor trying to contact the agent, we find out the house is already under contract and has been since the day before. the agent was out of the country so didn't bother to update it. If they had service to accept the contract and not the MLS, I think they should lose their license. Should you agree or disagree? Keep in mind it's 2019 and basically every plane has wifi. [link] [comments]  |
| Are there any specific recommended resources regarding real estate leverage investing? Posted: 28 Dec 2019 01:45 PM PST e.g. use case of owning a property and doing leverage investing on it. (for beginners) [link] [comments]  |
| Discrepancies in Sellers Disclosure (TX) Posted: 28 Dec 2019 09:30 AM PST I have recently bought a house and the sellers didn't disclose anything on the sellers disclosure about filing a claim with insurance for flood damage or for any knowledge of any defects or malfunctions for any of the plumbing. They also stated no insurance claims had been filed. I was snooping around on social media and discovered a post by one of the sellers from 3 years ago about how they had significant water damage from a clogged drain from the HVAC unit. Now I don't know if they filed an insurance claim on the damage, but from the description of the post it seemed to be a costly repair. It looks like they had someone make some repairs and also install a sensor that would shut off the HVAC unit if the water drain gets filled to a certain height. Is there anything I should be worried about with them not disclosing this? Is there anything I should do? [link] [comments]  |
| Looking for advice on a house listing Posted: 28 Dec 2019 12:53 PM PST Hello everyone, Here's the backstory. I moved into my spouse's house with her. My house has been listed since October 1, 2019. It has had many viewings and one offer that fell through. It is priced below the assessed value as it is. It's a smaller home, all appliances included, brand new furnace, hot water tank, washer and dryer. New shingles, new electrical, new plumbing. The listing is at $169,900 CAD. We get very harsh winters here, and it is generally slow for real estate. My listing is set to expire December 31, 2019. My agent suggests we relist in January for $159,900. That seems insanely low for the house. I believe he thinks I'm desperate to sell. I'm not desperate, but it would be nice if it was gone. My cashflow is very healthy. Currently it is being rented to a family member for about half of the total monthly cost. The lowest I will list at is $164,900. But, would it be in my best interest to take it off the market until the spring? This way my family member has a place to stay for a little while, and the mortgage is getting paid down more. This will also reduce my mortgage termination fee as I will be terminating early. Thank you in advance. [link] [comments]  |
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