Where is the money coming from? Real Estate |
- Where is the money coming from?
- Property Tax Rate [CT]
- CA Back-Up Offer Addendum Questions (BUO)
- Home inspection, what to do? Walk away?
- How long should be wait before chasing a response to an offer?
- HOA Hostage Situation
- Mortgage interest rate email alerts?
- Introducing qualified dividends (US)
- Extra money toward current mortgage or save for down payment on new place?
- Studio in downtown or 2 bed/ 1 bath in Suburbs
- Home inspection missed obvious code / fire issue
- Homeowners, how much do you get back from taxes plus mortgage interest combined?
- Good banks to get commercial real estate loans?
- The building I am moving into has concrete walls, what noise concerns should I expect?
- Hoping to rent my Condo, Capital Gains Tax seems to destroy my numbers? (OH)
- Buying Someone Out Of House
- Is there a housing bubble in Tampa Bay that I should be waiting to burst before I buy?
- Looking for buying statistics or anecdotal stories.
- Looking to buy a business. What happens to lease?
- Any Options Other Than Traditional Mortgages? Will Pay Off House In ~2 Years
- Questions about purplebricks.
- [NJ] Good ROI for a multiplex rental in northern NJ?
- Small corner lot, is this big enough for a small home?
| Where is the money coming from? Posted: 26 Jan 2020 04:35 PM PST I'm currently house hunting in the inner suburbs north of Boston, and while I expected it to be expensive, it turns out that it's not just expensive, its seemingly mathematically impossible. Some towns near me: Melrose- median home price 613k, median income 93k Malden- median home price 440k, median income 55k Winchester- median home price 1M, median income 152k All income numbers are household, not individual. Anecdotally, all of the housing I've seen at or below median prices has major structural and/or health impacting problems, and the functional (not fancy, just functional) houses are 100k-200k higher than that. I'm well above average income for the neighborhood I'm most interested in, have savings that google tells me are in the top 5% or so (so I can put way more than 20% down), and houses that the asking price seems irresponsibly high for me go for 50k over asking in their first hour on the market. Then usually a happy family with 2.5 kids and a dog moves in, so it's not like its developers or Chinese money laundering. Where's all this money even coming from? Am I the only one without a multi million dollar trust fund? Is everybody else just sinking over half their take home pay on a mortgage? What gives? [link] [comments]  |
| Posted: 27 Jan 2020 02:26 AM PST My girlfriend and I are first time home buyers. We have no experience in this field. We've found a place we like for $265,000. CT doesn't seem to do a regular tax rate percentage. They do a mill rate. The mill rate in the town is 49.11. As I understand it, you take the value of the home, ($265,000), multiply that by the mill rate, (49.11), and then divide that by 1000. So if my math is right, (and correct me if I'm wrong), then my mortgage would be approximately $736 a month but my property tax would be about $1084 a month, totaling $1820 a month notwithstanding other taxes and fees. That can't be right, can it? [link] [comments]  |
| CA Back-Up Offer Addendum Questions (BUO) Posted: 27 Jan 2020 03:42 AM PST Under what circumstance would it make sense for a potential buyer to sign a Back-Up Offer Addendum with the following checked: Time Periods in the agreement for investigations, contingencies, covenants and other obligations [x] all time periods shall begin as provided in the Agreement. However, if the date for Close of Escrow is a specific calendar date, that date shall NOT be extended, unless agreed to in writing by Buyer and Seller. If signed, isn't this basically saying that the clock starts ticking for buyer at that moment to take care of investigations, inspections, contingencies, etc? Why would buyer want to spend time and money on this while his offer is still just a back-up? If deal closes with original buyer, then the back-up person will have lost that time and money wouldn't they? Also, can buyer suggest changes to Seller's Addendum in order to make buyer more comfortable in submitting a back-up offer or is it a take it or leave it kind of thing and what the seller has filled out is final? If changes can be made to back-up offer form per buyer's request, is there a form that must accompany this or is communication through e-mail or agent relaying the message sufficient? And lastly, I notice that there is a blank spot for back up number to be filled in. I saw somewhere that seller can write in TBD (To Be Determined) in that blank spot. Is this done so that the seller has the freedom to choose the most attractive offer once the original one doesn't go through? If yes, what about the dates that the many back-up offers are accepted? Isn't seller obligated to go down the list in time order whether by the back-up position number or dates? [link] [comments]  |
| Home inspection, what to do? Walk away? Posted: 27 Jan 2020 03:25 AM PST First time home buyer. House is about 20 years old and a lot stuff are from original. 1, Downstair AC is not producing acceptable air."The differential or Delta T should fall between 18 and 22 degree's. The differential observed for the cooling system was 7-8 degrees." 2, The house has a pool and waterfall rock feature , but the waterfall rock is leaking(big leak). The pool guy didn't give estimate and recommended structural pool contractor. Pool is in good condition. 3, one window is stuck/unable to open and multiple windows are hard to operate. 4, bathroom shower caulking/grout was deteriorated and the same spot in downstairs has ceiling stains indicating past or present leaks. How big is the issue? 5, Others issues like sink has leaks, hard cold water control reversed, bathroom shower diverter hard to operate, outside pipe valve needs to be replaced, pool pump housing is leaking and needs to be replace, rodent activity, roof has broken tiles(no leaks) and other small/cosmetic issues. I have listed 13 items to have seller to fix and seller is offering 3000 credit. Should we just walk away?The purchase price is already close to high side compare the other similar houses that sold in the neighborhood. We were prepared to romodel the kitchen, floor and carpet, but didn't plan/budget to change the AC right away or windows. [link] [comments]  |
| How long should be wait before chasing a response to an offer? Posted: 27 Jan 2020 02:02 AM PST Hi all. My partner and I viewed a property Saturday morning and loved it. Saturday afternoon we made an offer. The property was listed for £275k, we offered £265k but we would be prepared to go up asking price if needed. We went under asking price as the property has been listed since May 2019 and has already had one sale fall through as the buyers divorced mid sale. The property also requires a little bit of work given its age. The seller already has their purchase lined up from the first fallen through sale. I also know they haven't had any viewings this past weekend other than us. We would also be in a chain. We have a buyer for our apartment set up. I feel like I'm being a little impatient as it's only been since Saturday and it's only Monday morning. But when I purchased my apartment I heard back within 24 hours. I don't want to chase their estate agents and come across as too keen and encourage them to potentially reject our offer. But at the same time we have viewings lined up for Tuesday and I would like to know where we stand. If our offer is rejected as well I'd like to know so we can potentially up it. How long should I expect to wait before I hear back and should I chase? [link] [comments]  |
| Posted: 26 Jan 2020 03:36 PM PST One family in my neighborhood owns over 40% of the lots (and votes!) yet has been paying dues for only 1 lot for years. They've installed themselves on the board and architectural committee. The remaining households are unhappy with the situation, but can neither force these folks to pay their debt nor reject their influence. In the meantime, plans to build our home have ground to a halt because the architectural committee is at a stalemate (guess who's the holdup?) - the latest incident in a long-standing petty neighborhood power struggle. I feel powerless and dismayed. Our temporary living situation is not sustainable, and we don't have time (or money) for this. Edit: Will welcome referrals to TX attorneys specializing in HOA disputes. [link] [comments]  |
| Mortgage interest rate email alerts? Posted: 27 Jan 2020 01:00 AM PST Hi there, Can anyone recommend an easy way to stay abreast of interest rates? For example, is there a way to get rates emailed to me every week (or when there's a change in rates)? Am thinking of selling my house soon, so I want to stay aware. I figure there's got to be a better way than just manually checking a website. Thanks for any feedback. [link] [comments]  |
| Introducing qualified dividends (US) Posted: 26 Jan 2020 03:16 PM PST I did a search and there are no instances of 'qualified dividends' on this sub. Is that because they don't exist for property / REITS? I know some stock investing in property can have a proportion of qualified dividends distributed, but there any which are in 100% qualified please? [link] [comments]  |
| Extra money toward current mortgage or save for down payment on new place? Posted: 26 Jan 2020 01:04 PM PST In a nutshell, we pay extra toward our principal every month (paying about 3x our principal). We think we will buy a new house in 6 months to a year. Should we be paying this extra toward the mortgage or save it to have cash to put down on a new place? I don't know if it would be worth having the extra equity or having the flexibility of cash. [link] [comments]  |
| Studio in downtown or 2 bed/ 1 bath in Suburbs Posted: 26 Jan 2020 11:53 PM PST Which one is a better choice, for living in it a bit, than renting it out? (assuming prices are pretty close) The downtown studio has a rental cap, 7 on the wait list. The suburban condo has NO rental cap and it is by the subway stop (25 min ride to downtown) **Rent-ability and sell-ability are a MUST to me as I may have to relocate in the near future. [link] [comments]  |
| Home inspection missed obvious code / fire issue Posted: 26 Jan 2020 10:26 PM PST We closed on a house about 3 months ago. Earlier today, I went up in the attic for the first time to do some work installing some security cameras. Within seconds, I saw not one but two extension cords plugged into the furnace outlets. Following those cords, they go through the insulation into the ceiling. Within 5 minutes, I was able to determine that the prior owner had wired the ceiling fans in two bedrooms using extension cords run through the attic. I contacted the home inspector and he says that it wasn't wired that way when he did the inspection. He said that this is something he specifically looks for because it is a major safety hazard. However, I was able to blow up the pictures he included in his report and I can see that the extension cords are in the pictures. They are brown, so it is not super obvious from just looking at the report because the pictures don't show the outlet itself. One extension cord even has the warning tag in his picture. I've now emailed the photos with the extension cords circled to the home inspector and I'm waiting for him to get back to me. What is my recourse with the home inspector? I should also note that this is the home inspector that my realtor recommended. [link] [comments]  |
| Homeowners, how much do you get back from taxes plus mortgage interest combined? Posted: 26 Jan 2020 09:50 PM PST We are having trouble understanding how this works, as we are considering our first home purchase. With itemized deductions, it seems possible to deduct both mortgage interest and property taxes. Could someone provide specific examples? If we get a house with 325K 30years fixed with 20% down, and the house has 10k in property taxes, how much would we get back if we file jointly, with a gross income of 80k? What if the house was 230K with 6k in taxes? The idea is to evaluate if it is worth to stretch a bit, while also taking advantage of the bigger tax break on a more expensive home. [link] [comments]  |
| Good banks to get commercial real estate loans? Posted: 26 Jan 2020 09:28 PM PST Anyone know of some good (the better ones) banks to get a commercial real estate loan? Anyone try to refinance a loan on some commercial property they have? What rates did you get? [link] [comments]  |
| The building I am moving into has concrete walls, what noise concerns should I expect? Posted: 26 Jan 2020 09:02 PM PST |
| Hoping to rent my Condo, Capital Gains Tax seems to destroy my numbers? (OH) Posted: 26 Jan 2020 11:06 AM PST I bought a Condo in 2014 for $177k and currently owe $138k on it. I've done a few updates, but my neighborhood went through the roof. I comfortably feel I could get $275k on the market at the moment. This is great, however I'm looking to upgrade to a bigger home, and nearly every person I've spoken to (from realtors to even my mortgage guy) has suggested I rent my place out. Quick basic numbers: Mortgage: 1200 Estimated rent: $1800 Profit: $600 I am well aware of the CapGains exclusion requirements of 2 out of the last 5 years, so what has me stick is the Capital Gains at year 3. After improvements I think I've invested $200k into the property total, so I'm sitting on effectively $75k of equity. At year 3, I will, overnight, I will have a $11k tax applied to my home (I know, only if I sell it, but it wasn't there the night before). I feel like this would dramatically reduce my profitability. It would take me 2-3yrs of pure $600/mo profit just to "Pay for" the tax, though that tax is ever increasing with the value, as well as the taxes I will owe on the depreciation (which would be recaptured via ordinary income when I sell the house). I'm struggling to understand how I would actually MAKE money renting my place unless it was done on a 15+yr horizon. I'm asking for advice on how to avoid the taxes, but moreso wondering how people transitioning their personal homes into rentals realize any true benefit. I friend recommended remortgaging the home to get the equity out, and putting that in the market, but that seems a bit "out-there". Am I missing something here or is it as simple as "Investment properties need to be held 15+yrs to realize the value" [link] [comments]  |
| Posted: 26 Jan 2020 04:48 PM PST My domestic partner and I bought a house on mortgage together. What if the partner wants to buy me out of the house? The partner has no job and I have a job at the same time. Doesn't the lender approve it if I am removed off the deed of the property ? Do they require the partner to sell the house as soon as possible because the partner has no job and buy me out of the house? I am not quite sure what and how it works. [link] [comments]  |
| Is there a housing bubble in Tampa Bay that I should be waiting to burst before I buy? Posted: 26 Jan 2020 08:29 PM PST My boss thinks that there is a bubble in Tampa Bay and that I should hold off. I need to make a decision in the next couple of months as to whether I will pick up another lease or buy. I'd rather not buy at the top of a bubble, but he also hasn't been down here in about eight years. I would like to buy sooner than later, but if the intelligent money is waiting a year, then we will do that. Edit: I am a first time home buyer and don't know much of a whole lot so if this is a dumb question or some thing I could have easily found out, if you could point me to resources where I could have figured that out myself, I would appreciate it [link] [comments]  |
| Looking for buying statistics or anecdotal stories. Posted: 26 Jan 2020 01:37 PM PST I would love to pick everyone's brains about their personal experiences house hunting. From regular buyers and sellers to the brokers and agents. I am wondering how many homebuyers close on a home that was their first offer. How many homebuyers have closed on the very first home they viewed? How many homes did you put offers on before you finally closed on one? Did you ever get beat out on so many offers you eventually accepted a deal on a place you weren't ecstatic about? I know the market widely varies, but what is the likelihood that you will be competing with/against multiple offers on any given house? [link] [comments]  |
| Looking to buy a business. What happens to lease? Posted: 26 Jan 2020 06:42 PM PST Hey everyone! I am looking to buy a fitness business from a person. I have a meeting coming up with the current business owner soon and wanted to get some input into how commercial leases work. I do not have much info as I do not have a copy of the lease and have not yet discussed it with the business owner. How do these leases work, do I just take over her lease, do I need to pay her for the improvements she has made to the studio in addition to the cost of the equipment? [link] [comments]  |
| Any Options Other Than Traditional Mortgages? Will Pay Off House In ~2 Years Posted: 26 Jan 2020 09:52 AM PST Background - in laws offered to do a private loan for us when we buy a house this summer / fall, but the funds are taking longer than anticipate to liquidate (duh, I told them this). I was sorta counting on that so we could be cash buyers, move quickly in a blazing market, and not have origination fees and interest accrue. So it looks like the cash windfall will be tiered, with 225k becoming available around that time and the remaining 250k coming in a year or so. Will the traditional mortgage be the best option for this scenario? We have the 20% down. Just want to limit interest expense and the various mortgage related closing costs as much as possible. I'm near 90% certain we could have it fully paid off to the bank in 2 years. Is there possible bridge loans or anything of this sort? [link] [comments]  |
| Posted: 26 Jan 2020 02:44 PM PST Hey guys, I'm hoping someone can help me with a couple questions about purplebricks. The fiance and I are looking to sell our current home and buy a new one. Does purple bricks do everything including show our current house? Has anyone ever used purple bricks, and care to share their experiences? [link] [comments]  |
| [NJ] Good ROI for a multiplex rental in northern NJ? Posted: 26 Jan 2020 06:22 PM PST Seller's market as fuck unfortunately. Anyways the numbers I cranked out for a duplex (430k) in northern NJ comes out to 12% ROI. The cash on cash ROI is -10% which blows but annual returns does not seem that bad(I think) for a duplex in northern NJ. Are these numbers okay considering my market? Are people actually seeing positive cash flow in northern NJ? It sure beats the returns you get from the S&P500 Thanks! [link] [comments]  |
| Small corner lot, is this big enough for a small home? Posted: 26 Jan 2020 06:06 PM PST I found a cool corner lot that seems to be very cheap. For the area it's in, although the lot does come with some negatives. The size of the lot is 1184 sqft in a right triangle shape and priced at 97000. It currently has a dirt road running directly through the lot but the owner claims he has been in touch with the city who has said the lot requires about 5 variences costing 3-5k ea. The city has confirmed that you can build there and they will move any obstacles out the way like the dirt path and a stop sign. I have a decent amount of money saved and I'd love to buy this lot to build a small home. However Im not too experienced with real estate and I just wanted to ask you guys here if buying this would just be a money hole for me. Please let me know what you guys think! Edit: here are some. Pics of the property and a sketch I guess they made of what could fit. [link] [comments]  |
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