800K Cash. You can't live in it! You can't see it! An NYC Gem Real Estate |
- 800K Cash. You can't live in it! You can't see it! An NYC Gem
- Advice on selling my home: unexpected medical issue means I need to move
- Can anyone recommend a good, downloadable Excel ‘Rent out your house Vs. Sell your house’ calculator?
- Major sewer problems after purchase
- Not happy with what I bought, want to sell and try again but it’s only been 6 months.
- Asking for repairs you were aware of prior to making offer - where's the line?
- Condo Developer Underpricing
- 200k cash on condo ?
- Does your real estate agent think that the value of your home will drop because one Muslim family in your neighborhood successfully forced city hall to build a mosque that blasts Muslim prayers at 5 a.m. in the morning so that you can be seen as a friendly neighborhood?
- Buying first house, need advice!
- Help on buying my first home, need advice!
- How to total assets when buying land?
- House got appraised
- Handicapped spot conversion
- [USA, FL] How big of a deal are these inspection findings??
- Question about title
- Need advice
- Deed via Personal Representative - title company can't be responsible? CO estate sale
- mtg peeps - VA Loans Gone Wild
- VA Loan
- How to ensure there are no Federal Tax Liens on a foreclosed property?
- Thoughts on transaction fees
- Inexpensive 1031 facilitator?
| 800K Cash. You can't live in it! You can't see it! An NYC Gem Posted: 31 Jan 2020 01:38 PM PST I though the sub would enjoy this listing: This is a property being sold in "As is" condition. You will not be able to live in the property and the interior can not be viewed. Property is currently est.1680 square feet which has an allowable usable floor area of 4000 square feet. Property can only be purchased for cash. No financing. Please do not disturb the occupants for information regarding this property. Please call for further information. [link] [comments]  |
| Advice on selling my home: unexpected medical issue means I need to move Posted: 01 Feb 2020 01:25 AM PST My personal home is my only real asset and my credit is fair to poor. I received some bad news after a few tests in January. Worse news is the only specialist in a 40 mile radius can't see me until July. The issues will require a lot of additional testing and appointments and I can get in with a better team of specialists at far superior hospitals within 30-60 days. The cash from the sale is necessary in order to move and rent a place. My home is move in ready minus a gutted kitchen. I've had 3 people sign sales contracts and back out in the last 45 days because they made the offer without cash in hand. The fair market value of my home is $12,000-$18,000. With at most $5,000-$10,000 grand of work it's be a perfect HUD rental ($890/month). Finishing the rest of the work I think I'd be lucky to pull $30,000-$35,000 (I'd go with a realtor). The last person who committed to purchasing it offered $12,500 confirmed Friday afternoon they wanted to do the transfer Monday. They called at 8pm saying they won't have the money. At 3pm I found out the only specialist can't see me for several months, so this entire series of events has me pretty hopeless. I don't have the physical ability to do much more work on the home and redid the plumbing last week for the buyer that walked today. How do I find cash buyers? Should I consider asking for proof of funds before showing the house or working out a sales agreement? I've talked to all the major real estate companies here and they're concerned more with their commission than my goals for the sale (I'd rather take less for a quick sale and they're insisting on a completely different point of attack). [link] [comments]  |
| Posted: 31 Jan 2020 05:21 AM PST I have seen a couple online, they seem sparse, and I would really like to be able to pour as much detail as I can I to a calculator to help see how outcomes might be impacted. I would be a first-time landlord as well as a first-time home seller. Thanks very much! 🙏 [link] [comments]  |
| Major sewer problems after purchase Posted: 31 Jan 2020 12:51 PM PST Hey everyone Started having some backups and called a plumber for our house we moved into 5 months ago. Long story short we got an estimate of 40k to fix the sewer. The Plumber talked to the neighbors as they were outside, and they mentioned that while renovating the house the sewer backed up and flooded the basement. THIS WAS NOT DISCLOSED TO US. It flooded on the flippers who bought it, not the original owners. We also had a home inspection and sewer scope, the inspection said it looked fine and recommended maybe another scope in a few years to check for roots. How screwed am I? [link] [comments]  |
| Not happy with what I bought, want to sell and try again but it’s only been 6 months. Posted: 01 Feb 2020 02:16 AM PST I purchased an apartment 6 months ago and paid cash. The problem is I'm not happy with what and where I purchased and I think I should have borrowed the extra money to get something I really liked. Conventional wisdom would be to hold it at least 5 years and possibly rent it out but I just feel like selling it and buying something else. I don't see the point in wasting 5 years holding an asset I'm not happy with when I could buy something great which would help me work harder and make more money. 5 or even 1 year of unhappiness doesn't seem worth it to me. It seems crazy to sell in such a short time frame but that's how it is. I made a poor decision and now want to just cut my losses and move forward not dwell in regret and anxiety. [link] [comments]  |
| Asking for repairs you were aware of prior to making offer - where's the line? Posted: 31 Jan 2020 10:19 PM PST Alright, I'm going to be honest. My husband and I started looking for homes (first time home buyers) and found one that was ridiculously perfect for us in the neighborhood we wanted to live in and got a little attached. They provided multiple inspections up front (WE GOT OUR OWN, not -that- stupid) and issues were there but it didn't seem like anything major. This house has been chilling on the market for a while (4 months) sellers are now living out of state. We put in an offer that included sewer line repair, covering our closing costs, and a bit off the top for the other issues (electric panel, water heater). Because we put in a very modest down (3%) I included a letter to woo them/convince them we were serious. Shit got weird fast. Agent said sellers were getting a counteroffer together but it wouldn't be ready until the next day. FOUR offers came in, one cash for list, one 10K above asking with almost no contingencies beyond the standard inspection/appraisal. Other two tried to low-ball. Even our agent was like "wtf" but verified the offers were real. Our letter apparently worked because they gave us a counteroffer that tacked on the closing costs we were asking to have covered onto the sales price (putting us at a hair below list). They agreed to pay for the sewer line repair after closing via escrow (they live out of state and can't really be there to deal with it). To put the maybe bidding war into perspective this isn't an expensive town to buy a home in but a bunch of big film companies have set up shop here in the past year. Home prices have been squirrelly and there's a crush of California money coming in. If we're gonna get bang for our buck now's the time, it's about to get shitty. We got the inspections, nothing huge and new but a couple things:
I'm spooked by the cash offer so dont want to ask for too much but feel it's reasonable to ask for the overhead on the electric bid (done by someone I work with regularly and trust). I don't really know what I should ask for getting the form boards dealt with. I'm also wishing I had asked for a termite bond. The damage was very superficial (I come from Florida where termites are just something to be dealt with) but I'd still like the peace of mind. In the end we love the home, it feels totally solid, and is a bit of a weird gem. Built by a locally renowned builder in 1961 and kept mostly original, classy mid-century AF. Brand new roof, less than six months, with warranty, new windows, 4 year old furnace with ducting. Owners were well-heeled CFOs (should have the damn sense not to be negligent), childless, and have lived here for 30 years. They had a structural done by a good friend of mine, he said he thought of making an offer. The worst things about it are the ancient appliances (90s, fridge is new) and it's in a funky neighborhood but one we love and have lived in for 8 years. We can afford it. As of today our mortgage would be less than 12% of our income. We don't have a ton of cash right now but managed to save our down in less than 4 months, we ain't hurting. I'm just worried about rocking the boat but also feel like I was a bit cavalier in accepting the counteroffer so fast. It's also 25K under initial ask. Thanks for slogging through my wall of text. I'm just freaking out because this is huge. [link] [comments]  |
| Posted: 31 Jan 2020 11:10 PM PST I bought a condo in a 20 unit new construction building 10 months ago, I was the 2nd unit owner. Upon my closing I noticed that other units had their prices slashed up to 150k. I went from having purchased the 2nd least expensive unit to the 6th most expensive unit in the building. Today I find out that the penthouse unit in my tier is being listed with a rooftop space I don't have and an additional parking space for the same price for which I purchased my condo, ultimately devaluing my property. This is a price drop of 150k. Do I have any recourse with the developer selling this unit to protect my value? I think this is an excessive price drop in a short amount of time. [link] [comments]  |
| Posted: 31 Jan 2020 11:07 PM PST Hello I have a 2 bed 1 bath condo in mind I am thinking about a potential offer. Asking price is 220k, it has no rental cap. 280$ hoa fees and 2180$ tax it is on the west suburbs of Portland Oregon on a max (subway) line. Takes 30 min to ride. Built in 2007. It is near the tech companies (potential educated renters) I will move there, live in it and then may travel to overseas, in that case, I will need to rent it with as little headache as possible. My now realter will also be the property manager in the future when I rent the unit. A conservative rent would be 1350$ could be higher too but I try to be conservative. Deduct 280$ for hoa and 200$ for tax, my rental income would be say 800$ (roughly) Is this a good investment for someone who may move oversees and needs a reliable low maintenance, relatively newer condo ?
[link] [comments]  |
| Posted: 01 Feb 2020 04:48 AM PST |
| Buying first house, need advice! Posted: 31 Jan 2020 07:50 PM PST Hello, I have some questions but not really sure where or who to ask. I am ready to start investing into real estate but want to make sure I have what I need before it is the right time. Currently, I am 24 years old, with a 730 credit score, 20k in my savings, and have made a steady 60-80k a year for the past 3 years with my job. I have basically no debt, except I still owe about 14k on a 30k car. I am looking at houses in the desert in California that are brand new still being built, going for between $300,000 - $400,000. My plan is to buy one and immediately rent it out. What I figured was with 20k down on a 300,000 house, 3bed and 2bath. I could have a mortgage around $1,500 and rent it out for $2,000. This way the renters pay off the house for me, plus I make an extra 500 a month passive income. The only problem is now I'm gettin backlash on that prediction. Is it not that easy? What does somebody with knowledge and expertise in real estate think about this situation? Is only 5% down not enough to get my mortgage that low? As you can tell I am brand new to this so please excuse my ignorance. Any help, advice, tips, or any information at all will be greatly appreciated. Thank you. [link] [comments]  |
| Help on buying my first home, need advice! Posted: 31 Jan 2020 07:49 PM PST Hello, I have some questions but not really sure where or who to ask. I am ready to start investing into real estate but want to make sure I have what I need before it is the right time. Currently, I am 24 years old, with a 730 credit score, 20k in my savings, and have made a steady 60-80k a year for the past 3 years with my job. I have basically no debt, except I still owe about 14k on a 30k car. I am looking at houses in the desert in California that are brand new still being built, going for between $300,000 - $400,000. My plan is to buy one and immediately rent it out. What I figured was with 20k down on a 300,000 house, 3bed and 2bath. I could have a mortgage around $1,500 and rent it out for $2,000. This way the renters pay off the house for me, plus I make an extra 500 a month passive income. The only problem is now I'm gettin backlash on that prediction. Is it not that easy? What does somebody with knowledge and expertise in real estate think about this situation? Is only 5% down not enough to get my mortgage that low? As you can tell I am brand new to this so please excuse my ignorance. Any help, advice, tips, or any information at all will be greatly appreciated. Thank you. [link] [comments]  |
| How to total assets when buying land? Posted: 31 Jan 2020 07:31 PM PST I'm pulling my hair out trying to figure out the total asset I'd have from a vacant $3,000 piece of land. Here is my problem I can only have $2,000 in assets to my name so if I'm buying a 5 acre vacant lot for 3g's how do I find my total asset cost? If y + z = x and x is asset what is y and z? [link] [comments]  |
| Posted: 31 Jan 2020 03:41 PM PST My dad had to work while the home appraiser came by, he told me to not tell the appraiser that the ac was having problems. Well I sorta forgot and said it wasnt working as well, how bad did I mess up? [link] [comments]  |
| Posted: 31 Jan 2020 07:22 PM PST Crosspost from r/legaladvice I'm looking to buy a condo in Bellevue, WA. The condo I've been looking at has an assigned parking spot, but it is labeled as handicapped, which I am not. Based on my preliminary research, the condo is required to have a certain amount of handicapped spots ( https://www.hum.wa.gov/fair-housing/disability-access-requirements ). Since it's technically illegal for me to park in a handicapped spot, what are my options in proceeding? What clause, if any, can I include to get this spot converted to a non-handicapped spot? Thanks for your help! [link] [comments]  |
| [USA, FL] How big of a deal are these inspection findings?? Posted: 31 Jan 2020 06:56 PM PST I don't know what I'm getting into- I found a house I like but my realtor has discovered the inspection findings from the previous inspection - and the seller has not repaired these things. I don't know if they are $100 fixes or $5000 fixes. This is in brevard county Florida, it's not a place that floods so water damage from flooding is not likely. I understand it's well water I'm ok with that part. But I don't know what these findings entail. We are already making an offer $20k less than asking price. Please advise! [link] [comments]  |
| Posted: 31 Jan 2020 06:09 PM PST This is about a property in Texas. I looked up a property that husband and wife purchased together. I'm trying to understand how the title is held, either joint tenants with rights of survivorship or joint tenants in common. I imagine since the purchasers are husband and wife the answer is JTWRS, but I really cannot tell when looking at the document filed by the county. (Harris County, Texas) Any lawyers here that can point me in the right direction? [link] [comments]  |
| Posted: 31 Jan 2020 06:03 PM PST Don't know where to post my question, but I'm putting it here as well. Need some advice.. Recent homeowner. House was built 1954 and is still using galvanized steel for plumbing which last about 50-60 years. We had a leak in the slab more than a year ago and after the insurance claim, it got patched up. The problem still remains that we have the galvanized steel still so it's only a matter of time until another pipe burst happens. I got an insurance quote that is $1500 cheaper than the one I have, but they require that my galvanized pipe is replaced. Do I either wait for the next disaster in my finally renovated furnished home or do I replace the plumbing now and get the new insurance? My house is on a slab, so that complicates things. [link] [comments]  |
| Deed via Personal Representative - title company can't be responsible? CO estate sale Posted: 31 Jan 2020 01:58 PM PST I was just reading closing instructions for a property under contract. The property is in an estate after the owner has passed away. The personal representative, a member of the family, has been authorized to conduct the transaction. in the closing instructions it's specifically calls out that when there is a deed via personal representative there is no responsibility for the correct language or preparation of the deed by the closing company. Does anyone have any experience or suggestions on details needed to proceed correctly? [link] [comments]  |
| mtg peeps - VA Loans Gone Wild Posted: 31 Jan 2020 12:56 PM PST Have any of you been seeing this insanity? 88% DTI on a $1.4m home with 0% down "meh" FICO score, hmmmmmm what could go wrong.... [link] [comments]  |
| Posted: 31 Jan 2020 04:29 PM PST Why do some companies ask for orders when applying for VA Loan? [link] [comments]  |
| How to ensure there are no Federal Tax Liens on a foreclosed property? Posted: 31 Jan 2020 04:23 PM PST I am considering bidding on a foreclosed property at a Sheriff's Sale. It's my understanding that in my jurisdiction all liens on the property will be satisfied at the sale, EXCEPT for federal tax liens. The owner's have a number of judgements against them for Ohio Taxes going back many years, so it's reasonable to wonder if they were not paying their federal taxes as well. How can I ensure there are no federal tax liens on the property? There are no liens (not even for state taxes) other than the mortgage appearing at the county recorder's office. I've read that the IRS might file liens with the Secretary of State, but they don't seem to know what I'm talking about. I've also called a local title company to inquire about a title search on the property, they said no, just go with the preliminary judicial report filed with the court (it doesn't list any federal tax liens). [link] [comments]  |
| Posted: 31 Jan 2020 08:36 AM PST Buyer here. When interviewing a couple realtors, I asked if they had any additional fees aside from the commission. One person says there is a $250 transaction fee (from their brokerage) within their buyers exclusivity agreement. Others we spoke with have "no additional fees". Just looking for other's thoughts on passing that fee to the client (buyer). Why some do and some don't. Thanks! [link] [comments]  |
| Posted: 31 Jan 2020 04:05 PM PST Hi. I'm in a situation where I'm selling a rental home and using the profit as a down payment for an apartment building. The apartment building sale is a friendly situation so we just need to make the 1031 activity happen. I'm wondering...is there an inexpensive option other than a realtor or attorney? My realtor (for the rental sale) wants 2% to facilitate it for the purchase but that is a big cut of $2,000,000. Thanks. [link] [comments]  |
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