Landlords of reddit - how are you preparing and/or reacting to your tenants not being able to pay their rent? Real Estate |
- Landlords of reddit - how are you preparing and/or reacting to your tenants not being able to pay their rent?
- Real Estate agents of Reddit, what your worst client story ?
- Selling a house, buyer didn’t show up for closing yesterday, what next?
- Buying a big home in New Orleans...and wondering if the market is not about to plunge
- How much should I save for a house about $200K
- Serious Question: Does anybody play SimCity?
- If someone lists a duplex online and doesn’t mention that it’s both halves, should I assume it’s just half of it?
- Help! Seller did not disclose area environmental issues and is refusing to return earnest money if I back out due to EPA reports.
- First time Buyer, all alone - Do I want as big a place as I can afford or just cheap single?
- Is it best to push our closing instead of doing a leaseback in the covid 19 climate?
- Ask me anything about BNB/Realestate optimiation to create more bookings/income
- Best Way To "Scale"
- Is there a good free online game where you can really learn something about real estate?
- Level of motivation for property flippers
- Can you rent a room if you buy a house through a USDA loan?
- Co family homes
- Is the housing market still hot?
- Is it common to ask for a security deposit after signing lease and before moving in?
- Ok so I convinced my fiancée to buy a cheap starter home. What can you recommend as far as strategy if we were to rent this place in a few years then buy our forever home? Make extra payments to build equity? Build an addition? Extra bathroom? Finish the basement? Do none of this?
- Thoughts on “virtual staging”?
- Faster appreciation: single-fam or multi-fam?
- Buying and selling during Covid19
- Is it more common for an apartment to have an opt out clause or to not have one?
- Any landlords with over 16 units get referrals from your lender?
- Help with zillow searching for homes
| Posted: 04 Apr 2020 07:04 PM PDT A lot of my tenants won't be able to pay rent for the month of April, and probably for a month or so out. I understand their situation, but I also rely on this income to pay mortgage. Any advice? [link] [comments]  |
| Real Estate agents of Reddit, what your worst client story ? Posted: 04 Apr 2020 08:01 AM PDT I stopped by a friend that was an R.E.A. We were talking and he got a call from a guy. He asked a few questions, asked what street he lived on and his name. I said "not a good way to get business." Of course there is the real estate reality shows and they seem to find every third show the clients that want a million dollar house for 100K. So, what is your worst client ? [link] [comments]  |
| Selling a house, buyer didn’t show up for closing yesterday, what next? Posted: 04 Apr 2020 07:55 AM PDT Put the house on the market almost three months ago, got an offer 3 weeks into it and we went under contract, all was fine inspection and appraisal came back fine, buyers have a VA loan and then 2 weeks ago they wanted to move up the closing to last Friday (3/27) and we said of course! Then 2 days prior they decided to stick to the 4/3 closing which was yesterday. We had all documents signed and they were supposed to show at 1:30 yesterday and all I know from my realtor is that they called the legal team and said "we're canceling closing today" and hung up and no one else knows anything. This is in Raleigh NC and I have moved to Florida in January so I'm paying rent and a mortgage and it's killing me and i thought I was done but now I'm screwed My realtor is saying that he has 10 days legally and then after we can re list the home, do we get to keep the earnest money? I'm just confused and I cannot believe this is happening as his loan is approved and everything was a couple signatures away and now I'm back to square one at the worst time to sell. [link] [comments]  |
| Buying a big home in New Orleans...and wondering if the market is not about to plunge Posted: 05 Apr 2020 12:37 AM PDT So, I'm finishing my residency up north and moving back to Louisiana in June/July for a job starting in August. It's a good job outside New Orleans and I've got a 2 year salary guarantee that makes my feel pretty lucky with where many others are right now. My wife and I started looking at houses there 2 months ago and found one we really liked that had been on the market for about a year. It was obviously over priced, but also showed very poorly as the owners kept it a mess when we flew down and toured it. Despite this a family member who is a contractor told us the house had great bones and just needs some kitchen/master bathroom work, the terrible wall paper peeled down. Houses in area are mostly going $175-220/sqft, we got them to agree to under $145/sqft, though we planned to spend about $20-30K this summer upgrading. We're in the inspection period and inspector agrees it's a good home. They are now doing some plumbing/AC work we requested. Closing is set for the very end of May. (they want lots of time to move and we don't want the house until June, so both parties were happy to take this slow). But with COVID doing what it's doing, I'm worried the value on this will bomb in the next few weeks/months. What happens if my appraisal comes in well below our negotiated price? Do we re-negotiate - I can't imagine the bank wants to finance a house that is worth less than their loan? (we have a physician loan at 100% financing, not sure how that affects things) Is this really bad timing on our part? I keep wondering if we'd have just waited 4-6 weeks to offer we could have gotten the house for $50+ less. We plan to live in this home for 15-20 years, until our kids are through high school and we can move to the country (the best high schools are in town), so maybe it's all fine. But it just having some fear that making a big real estate buy right now is not the decision to make, especially getting the house in June at a price we negotiated in early March before COVID concerns has caused mass layoffs and the stock market to tumble. [link] [comments]  |
| How much should I save for a house about $200K Posted: 04 Apr 2020 06:38 PM PDT The situation is my on call jobs are all shut down in Seattle, WA due to the crisis. However, I was able to secured a full time job doing overnight stocking. It is not ideal but it pays $20/hr and I am full time. I also have a second gig loading grocery at another grocery store for $18/hr but their hours are unstable (5 - 32 hours per week). How much do you think I should save before buying my first house? I am aiming for a $200K house or less. Hopefully for a suburban property (Renton, Kent, Auburn, and Tacoma area - about 45 min - 1 hour away from Seattle) being available in 6-12 months. I don't have much expenses and live rent free (already help family paid off the mortgage but help with utilities, property tax, and so on but overall my expenses are pretty low). How much should I save to feel comfortable with buying my first house? Note: Yes thank you! I did check around right now and there is a 2bd/1bath 1 acre house available in Kent for $200K but I don't feel like I have enough for repair, etc. There aren't that many available houses in the Greater Seattle area with decent safe neighborhoods. The last couple years, the real estate market has also been super competitive and low supply/very expensive condos. Actually we are not in the best neighborhood so I would like to move my family out my area. Ideally I would like a property where there is at least 0.5 acres so I can rescue a few alpacas (small livestock requires at least 0.5 acres around my area) and plant vegetables. Don't know when my money will not be enough to buy vegetables and food. :( [link] [comments]  |
| Serious Question: Does anybody play SimCity? Posted: 04 Apr 2020 07:15 PM PDT I know this is not your typical question on this subreddit but it's one I've never seen asked. As some of you know, aircraft pilots play Flight Simulator. Similarly, I think SimCity is valuable for anybody in a real estate related profession such as a realtor, appraiser, inspector, mortgage broker, real estate developers, commercial and industrial players, etc. You can learn a lot about residential, commercial, and industrial city design, property values, redevelopment, etc. So yeah, does anybody play SimCity here? [link] [comments]  |
| Posted: 05 Apr 2020 02:09 AM PDT I'm trying to filter out results instead of spending all day calling. A lot of these listings sound like it's just half and I'm looking to buy a whole duplex. Which one should I typically assume unless noted as otherwise? [link] [comments]  |
| Posted: 04 Apr 2020 10:45 AM PDT State of Indiana. Seller did not disclose environmental issues in the area that cause higher instances of childhood brain and blood cancer. We have not closed yet. We were still doing post inspection negotiation regarding major foundation issues when I found this information out yesterday so I refused their offer and asked for a mutual release. They came back saying they would accept my initial after inspection offer and I declined again. They now refuse to sign the mutual release saying I should have done my due diligence on environmental issues prior to making an offer and I would forfeit my earnest money. My question is, did they legally have to disclose the environmental issue? Edit to add: I am 6 months pregnant so childhood cancer is an issue. I am backing out no matter what but trying to keep my earnest money if possible. Also, I am not from this area and even though the reports were public, I wasn't aware until yesterday. [link] [comments]  |
| First time Buyer, all alone - Do I want as big a place as I can afford or just cheap single? Posted: 04 Apr 2020 08:22 PM PDT What would be the smarter move? Try to get a bigger place (that I can still afford, of course) for the extra bedroom or two? Or should I try to get a cheaper single bedroom place and just keep saving money. Also, bonus question: Should I buy now or in a month or two? [link] [comments]  |
| Is it best to push our closing instead of doing a leaseback in the covid 19 climate? Posted: 04 Apr 2020 09:41 PM PDT We are supposed to close on our home this Thursday. At first we were going to provide a 2 day leaseback. Then, after everything was signed and good to go, they asked for a leaseback for 28 days and are set to pay our mortgage per diem. This was due to the fact that they are moving to an apartment and the current tenant is unable to move. We agreed. We signed an addendum allowing the leaseback, but are now second guessing the situation due to the chaos of covid 19. We have asked our realtor to see if they'd agree to moving the closing to when they can turn over the property. If they do not agree to that, can we add anything to the lease to better protect us? We're worried something may happen to their moving situation and we wouldn't be able to ask them to leave. Not to mention all that can happen between now and May 2nd. Is there anything else I'm not thinking of that I should in regards to their leaseback? [link] [comments]  |
| Ask me anything about BNB/Realestate optimiation to create more bookings/income Posted: 05 Apr 2020 03:06 AM PDT Hi All, After photographing more than 500+ properties for Airbnb / Real estate agents and landlords, I now want to share my knowledge about photography and real estate optimization with you! Currently I'm working on a new online training. Soon to be released. I want to gather some insights and could really use your help. What do you want to learn / your doubts / how can I help you ? So.. If you could ask me anything about photography / styling / online publishing and real estate optimization in general, what would it be? photography.amsterdam (the first 100 people to reply on this page will get fee access to the online training) [link] [comments]  |
| Posted: 04 Apr 2020 07:29 PM PDT I guess it's a simple question that probably has a complex answer. Is it better to go for quality or quantity when it comes to property acquisition? I.e. If you have a million dollars and you want to have a portfolio of 50 houses in 10 years, is it better to buy ten $100K houses, or two $500K houses? Is this purely a volume game? Or are there strategies that are more complicated than that that I have not considered yet? Just for disclosure, I only own three houses. But two of them are all inclusive, fully managed residential facilities that return a very large amount of cash relative to how much they cost. So I have been accumulating cash for about five years now, and I suspect we will soon be coming to a point at which my plans will evolve. I'm trying to think ahead and thank you for your advice. [link] [comments]  |
| Is there a good free online game where you can really learn something about real estate? Posted: 05 Apr 2020 02:42 AM PDT I find a bunch when I do a google search, but those seem to be just for entertainment, like you wouldn't learn something playing them. [link] [comments]  |
| Level of motivation for property flippers Posted: 04 Apr 2020 05:17 AM PDT I'm looking to buy in Cincinnati within the year, and many of the areas I'm looking in (Oakley, Hyde Park, etc.) are full of homes that were quickly bought, renovated, and relisted. I know the answer for this will vary from individual to individual, but I'm trying to get a general sense if these types of sellers are more likely to hold firm on prices or try and quickly sell so they can move on to their next project. My hope is that this info can give me some insight on how the current COVID situation might affect the pricing of these homes . Thanks in advance! [link] [comments]  |
| Can you rent a room if you buy a house through a USDA loan? Posted: 04 Apr 2020 11:56 PM PDT Hey guys. I've been job hunting and one of my things I'm thinking about doing is renting a room to a friend to help pay mortgage notes. I found one property that I love. Its RD loan eligible. If I get a USDA loan, can I legally rent out rooms? [link] [comments]  |
| Posted: 04 Apr 2020 07:35 PM PDT Looking for information on co family homes, whether it's a good option for family friends. Any pros and cons lost from experience would be greatly appreciated, happen to be considering the idea and would like to do some research on the subject. [link] [comments]  |
| Is the housing market still hot? Posted: 04 Apr 2020 10:00 AM PDT I have seen a couple of houses yesterday. Each time have been told there's an offer pending. Not sure if realtor creating a sense of urgency since I've seen a lot of contingent sales fall out. This is in SoCal. I get RE is local so can folks report in on their area and what they're seeing? Lot of uncertainties and not sure of prices will drop or hold but I need to find something soon. [link] [comments]  |
| Is it common to ask for a security deposit after signing lease and before moving in? Posted: 04 Apr 2020 11:38 AM PDT See text above! It's for an apartment complex, owned by a group, in Atlanta. [link] [comments]  |
| Posted: 04 Apr 2020 04:11 PM PDT House is only 900 sq feet. 3 bed 1 bath. 900 sq ft basement. Insulated 2 car garage connected to house. I'm thinking an addition - master bedroom with full bath. Mortgage is only 1000 bucks, house price is 120k less than median home prices in area. Likely because it's small. We have 2200 left over every month to play with. I was going to just save to put money down on our next house but maybe I should put money into the house with an addition. However. Would it be worth it? Would we make more in rent? It's a great neighborhood. I'm thinking an addition would make sense if we plan to sell because it would bring home value up. But would it really bring rent value up if we plan to keep it to rent out? Any advice would be greatly appreciated!! [link] [comments]  |
| Thoughts on “virtual staging”? Posted: 04 Apr 2020 09:36 PM PDT I'm not sure the stagers are working right now due to C19 (I'll check obviously). My realtor wants to do "virtual staging". What are your thoughts on this? Thanks! [link] [comments]  |
| Faster appreciation: single-fam or multi-fam? Posted: 04 Apr 2020 09:22 PM PDT This question is part of a larger exploration I'm undertaking, but please take it as a thought experiment. All else being equal, would you expect a single-family home or a multi-family (say duplex to fourplex) property to appreciate more in the next ten years? Are there scenarios that would favor one over the other? This question is purely about appreciation, please set aside cash flow even though it plays a critical role in the valuation. [link] [comments]  |
| Buying and selling during Covid19 Posted: 04 Apr 2020 01:26 PM PDT My husband and I have been planning to relocate to Delaware from West Virginia for the past two years. In that time we updated our current house and put it on the market back in February. Our house sold in 11 days. Home inspection is done, appraisal done and so far everything with our buyers is on track as they haven't appeared to be affected by the surge in unemployment (verified per their agent) We are currently under contract on a house in Delaware that is more expensive than our current house. My husbands job for now is secure and according to his company there is no reason to worry. We locked in at an interest rate of 3.25 for the new house. We can afford the house, but we already think the house is a bit overpriced to begin with. The sellers are difficult and we had an up hill battle from agreeing on price and repairs. The thing is I am not super thrilled to already be paying over what the house is deemed worth let a lone be ready to lose more value in the coming months. Granted this is our last home and we have desire to move again. We also are buying in a prime beach location which looking at the 2008 housing crash had little affect on property values. So I guess I am torn right now...there is a part of me that could walk away and another that just wants to move forward as planned Covid19 be damned. I am kinda hoping the house doesn't appraise (which had been a looming fear from the beginning) Bases on recent sales in this area nothing has sold for over 365k. The house was on the market for 255 days because it was over priced at 388k. Originally we offered 359k with comps to back up our offer. They fought us every step of the way so finally after their listing agent deducted their commission and our realtor doing the same we reached a sale price of 372k. This house is nice, but it's all builder grade we basically have to update everything and we felt if they wanted top dollar then the house should be worth top dollar. I already know they will expect us to come up with money if the house falls short. Which is not going to happen. Honestly it's 3 people (siblings) trying to make a quick buck off their parents house. They refused to make any repairs and offered us a 1500 credit which we refused as the repairs were at least 5k. So again after a battle we settled on a 3k credit. I guess I have reached the point of fuck these people and fuck their house. We close on May 29th and who knows where our economy or the housing market will be by then. So my question is are we able to renegotiate pricing if the market tanks before then? I highly doubt our lender will write on the house if the market tanks. Or does it not matter since we agreed to pricing before all hell broke loose? I mean I like the house, but I don't want to over pay and then be underwater on it for years. [link] [comments]  |
| Is it more common for an apartment to have an opt out clause or to not have one? Posted: 04 Apr 2020 05:02 PM PDT If a property doesnt put an opt out clause in their leases can you request that they do before your sign? [link] [comments]  |
| Any landlords with over 16 units get referrals from your lender? Posted: 04 Apr 2020 08:42 PM PDT *Deferrals So I have a few tenants coming in for partial to no rent but my lender, Chase Commercial offers nothing. Not forebearance or deferment. Just wondering if others have had success and with what bank. Might be a move to new lender after this is over. [link] [comments]  |
| Help with zillow searching for homes Posted: 04 Apr 2020 08:40 PM PDT Im searching for houses on zillow and every time i click on a new house, its saying theres an error asking me to verify im human to continue, is anyone else having these problems with zillow? Also are there any other websites like zillow to search for houses. [link] [comments]  |
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