Tenants throwing parties during COVID-19 Real Estate |
- Tenants throwing parties during COVID-19
- FL: Tenant lease up in June and I don't want to renew. COVID19 impact?
- Should I take advantage of Wells Fargo's COVID19 Loan Assistance Program?
- In the middle of closing and got furloughed...
- Property Showing Covid-19 [VA]
- Advice-Buying home that needs a new ROOF
- In contract to sell and have open permits
- What are some ways to find out whether or not a neighborhood is safe and decent to live in aside from what people say about the area through Google or Reddit?
- Is now a good time to sell?
- Buying NYC condo - partner refuting my points on prices, is he right?
- Why did my escrow payment go down when I was short?
- Real estate investment management for the ultra-wealthy
- Mortgage to income ratio.
- Sell or keep property just purchased
- Looking to refinance and pull equity, how to increase value?
- Is there a name for a housing subdivision that is built in a heavily forested area?
- Do Realtors/Developers Ever Blatantly Lie About New Luxe Condo Buildings Being "80% Sold" As A Sales Tactic? Is this a Common Tactic? (PICS and LISTING)
- Drive-by Appraisal
- Comission towards house ?
- Should my girlfriend put her house back on the market?
- Looking for bank for home equity loan
- Seller didn't sign mutual release form, but relisted the house. Can they do this legally?
- Prequalified and planning
- 10 Acres without legal access- Keep or sell?
| Tenants throwing parties during COVID-19 Posted: 05 Apr 2020 11:19 AM PDT Hey guys, I'm a fairly new, owner-occupied, 3 unit multifamily, landlord in CT. I've been noticing that one of my tenants has been having people over, fairly regularly. The only reason I'm even bringing this to question is that one of his guests got so wasted that he fell down the stairs on his way to his car. Is there a way that I can legally restrict him having guests over during this pandemic? I've tried reaching out to my lawyer but he's shuttered his office for the time being. any information critiques and advice would be greatly appreciated. [link] [comments]  |
| FL: Tenant lease up in June and I don't want to renew. COVID19 impact? Posted: 05 Apr 2020 07:14 AM PDT I have a tenant who's lease is up in June and I don't want to renew with that person. I'm going to give them notice in the next week giving them 3 months to find a place but Florida just went into stay at home orders. Finding a new place for this person may be difficult. What happens come June? Any ideas if he can use covid-19 to stay in the home? Can I tell him get out? I'm planning on seeking legal advise, but wonder if anyone has come across this. [link] [comments]  |
| Should I take advantage of Wells Fargo's COVID19 Loan Assistance Program? Posted: 05 Apr 2020 05:57 PM PDT My fiance and I bought a 4 unit building last August. So far the financial impact of COVID has been relatively minimal to us. My salary got decreased by about 10% due to a loss of my annual bonus. However, this is likely just the beginning and we will be seeing future financial hardships in the coming days/weeks/months both from our jobs and our tenants' ability to pay rent. We also have a tenant moving out in two weeks and we need to do significant work to the unit before we can put it back on the market. I worry about how long it will take to find new renters and how long it will take to get the work done. We've already had a contractor cancel because of COVID. Is it too early for us to start applying for the loan assistance program? The other reality is that even if we don't see future financial hardship, this is an old building that needs a lot of work and deferring a few mortgage payments to give us more cash now to make upgrades to the building would be a huge help. My understanding of the Loan Assistance Program is that we would skip the next 3 months of mortgage payments and instead extend the term of our mortgage for 3 months. Is that accurate? Are there any negative consequences to our credit history or ability to get future mortgages from this? Are there any hidden costs that I am not considering? What other important questions do we need to ask Wells Fargo? [link] [comments]  |
| In the middle of closing and got furloughed... Posted: 05 Apr 2020 04:38 PM PDT My closing date is on 4/15, but I was just informed on friday that in have been furloughed for the foreseeable future due to the covid-19 pandemic. Can anyone provide some insight on how this will affect the sale? I am calling my agent and the bank tomorrow, but just want to know what we can expect as far as delays in the closing. Thank you! [link] [comments]  |
| Property Showing Covid-19 [VA] Posted: 05 Apr 2020 11:38 PM PDT Hi everyone I dont know if this is the appropriate place to post this but I'm feeling desperate and would appreciate any help/opinions. My family and I are currently renting a townhouse in Northern Virginia and our lease ends at the end of May. Its 60 days before our lease ends so I understand my landlord has a right to put the location up for rent but what I'm worried about is potential renters coming through our home for unit showings. I emailed our landlady and she said basically if we wear masks well be fine..when that's not true at all. I suggested virtual showings but she ignored my suggestion completely. I'm at a loss idk how to convince her to not let strangers into our home and adopt virtual showings only. I think legally she can still show places even though VA has a stay at home order but I'm not sure as the Executive Order [53] doesnt really touch on real estate. [link] [comments]  |
| Advice-Buying home that needs a new ROOF Posted: 05 Apr 2020 09:25 PM PDT We live in SoCal and have been serious and shopping for a house the last 6 months. We have 20% down, great credit and stable jobs in the medical field. We put in a few offers in the last month and have been outbid by approx 100k every damn time! People are literally buying homes for 80-100k over the listing price- it's mind blogging and.. depressing. With that in mind, we toured a house today a few cities over. The house is unique and we loved everything about it. The neighborhood is great and schools are 10/10. It's our dream home, but it definitely needs work. The major/expensive thing is a new roof, some plumping/electrical. Also need to refinish the hardwood floors. This is all per the seller's agent. I asked my agent how to go about the offer and if we should offer less than the amount listed because it needs serious updates. Our agent said that we should offer the amount listed (which is our max budget btw) and wait until we go into inspections and then she said that we can negotiate and hopefully the seller will bring their price down. Do you agree with this? Any advice is appreciated!! Thanks! [link] [comments]  |
| In contract to sell and have open permits Posted: 05 Apr 2020 11:01 PM PDT I live in Placer County - California. Put the house on the market just before the whole COVID19 took off. I recently (late feb) replaced the AC system and the entire roof. Both required building permits from the city. The inspector was supposed to come out last week and close the open permits, I got an email from him letter me know that there will be no inspection until this COVID19 thing is over. Unbelievably, I received many offers on my house last week and accepted an offer. My question is, what do I need to do to close on this sale within the 30 day period, even though it is very unlikely I wilk be able to get the city inspector to come out and close the permits? Based on some back and forth with the inspector, he already did preinspections during the replacement on the HVAC and the roof and said it is unlikely anything will stop us from passing the inspection. Just check that my smoke alarms are good to go... Can I close on a house with open permits? [link] [comments]  |
| Posted: 05 Apr 2020 08:10 PM PDT Do I simply just scout the neighborhood during nights and weekends and sit in my car or drive around to see whats it like? My days off vary wildly and I only get a single 3 day weekend off every month (Fri-Sun) so I'm not sure if thats enough time to determine whether or not the neighborhood and especially the home for sale is worth checking. I also dont want to just randomly start ringing peoples doorbell and ask them how they're enjoying their stay without being invasive or looking like a potential criminal. I also want to get a feel of what the atmosphere is like in general (noise levels, foot traffic, kids playing in the middle of the street and not caring about hitting other peoples cars, neighbors yelling, etc). [link] [comments]  |
| Posted: 06 Apr 2020 01:59 AM PDT With the current situation (COVID-19) and the current downtrend of our market, much speculation has come around the real estate market potentially crashing. Interest rates are very low right now, and it appears likely that there may be a multiple of foreclosures, loan defaulting, etc. which could result in a crash in a year or two especially since a cure or vaccine is unlikely till at-least a year. Is now a good time to sell? [link] [comments]  |
| Buying NYC condo - partner refuting my points on prices, is he right? Posted: 05 Apr 2020 06:14 PM PDT We're looking to buy a 2 bd condo in NYC in the $1.5m-$2m range (with ~800k down). We both work in finance so we have an understanding on how the market/economy works. We don't know what future prices would be of course, but I was putting out points for why I think they would decrease (specifically for apts in our price range). My partner kept playing devils advocate and shooting them down. Is he right? Me: sellers/investors will be pressured to sell for liquidity If their renters can't pay rent. Him: people living in luxury condos that's 4K-5k a month likely have high paying jobs that are secure so shouldn't have issue paying rents, therefore no pressure on sellers to sell. Me: lenders tightening criteria and squeezing out possible buyers, aka buyer pool is reduced so you have more leverage when negotiating prices. Him: again people looking for $1.5-$2m apts should have secure jobs. At most everyone moves their budget downwards if their assets tied to stocks (so we would be competing w buyers who were originally going to spend more) What do you guys think? My only counter argument is that the longer this goes on, even high paying jobs are at risk of layoffs. But is there some accuracy in his points that apartments in our $ range is not as affected? Fyi: he also thinks prices would decrease but we are trying to lay out the logic behind it. [link] [comments]  |
| Why did my escrow payment go down when I was short? Posted: 05 Apr 2020 07:47 PM PDT My mortgage payment went down because my escrow payment is less but no idea why its less if a. We were $172 short for escrow the last 6mo and b. The value of the home is going up (tax assessment is also). Mortgage company error? [link] [comments]  |
| Real estate investment management for the ultra-wealthy Posted: 06 Apr 2020 01:38 AM PDT Say someone has a few million a year to invest per year, primarily in real estate. Let's assume they're quite comfortable with leverage and end up buying about 8 figures worth of property a year. Let's also say that this hypothetical investor seeks to diversify across commercial and residential real estate as well as across many cities. It would obviously be impossible to manage such a portfolio as an individual. At such a point wouldn't it be equally impossible to
2 Find properties to buy. Not in the sense that there would be not enough supply, but rather that one person would not be able to do their due diligence or even choose what to buy. Are there companies that solve these two problems, or is the only option to either exclusively engage in very large deals, so as to only have a few transactions a year, or invest in something like the Blackstone's group real estate fund, which they would have no control over. [link] [comments]  |
| Posted: 05 Apr 2020 09:21 PM PDT Right now I make just about $50,000 a year (raise should be coming for a couple thousand this year 2020). I paid off all student debt last summer and have no debt other than a $400 a month car payment that only has 2 years left on it. I'm hoping to buy a home in the next 6 months to a year. I currently have about $15,000 or so saved up. Should be able to save more as I said My only debt is a pretty cheap car payment. I was hoping to buy a home in the range of $250,000. Is this a good idea. Would I mostly likely be approved. Last time I had my credit checked for my car 2 years ago I was about 790. I've since then removed my student debt and kept up all payments on time and I also only have 3 credit cards if that matters. I would expect my credit score to be 800 maybe more by now. [link] [comments]  |
| Sell or keep property just purchased Posted: 05 Apr 2020 03:40 PM PDT I bought a house with 2 units in Switzerland recently for $750k mainly for rental income and long term security. The house returns $29,000/annum brutto rental and after deducting interest, amortization, tax, costs, and minimal renovation costs of the house netto return is $12,000/annum . Already have people interested to rent. Now I received offer from the neighbour who has been too late to buy the house and he would pay $70k more which after tax and my expenses of paperwork is around $45k return. Figured in 10 years if the house keeps the current value and in case I want to sell, need money or something, I made 120k + what I amortized let's say $200.000, calculating in a $80.000 maintenance that's still a possible $120.000 at the end of 10 years. Do you know what data/information I could look at to decided to keep the house or sell with a good profit? (don't yet know if Coronavirus(COVID-19) will trigger a fall of house prices here or maybe causes inflation and boom in long term). Based on the charts I checked prices in general are going up, there have been two adjustments though. [link] [comments]  |
| Looking to refinance and pull equity, how to increase value? Posted: 05 Apr 2020 04:45 PM PDT I was planning to do a double refinance, my primary residence and my rental. The rental was purchased in 2016 for 140k, and the current comps are listing for 180k/185k/189k. The two higher ones have a cleaner kitchen, where mine is basic yellow cabinets, and laminate countertops. However, should I wait on the refinance on the rental down the line after my tenants leave and I have time to clean it up a bit? I was going to repaint, as the tenants painted the rooms (with deposit). Should I do any work later, or just run with the refinance while tenants are in the building? I want to pull roughly the 29k in equity I have after I hopefully appraise for at least 170k. Can I get more by doing the basic maintenance and some appliance remodel or no? This would be my first equity pull ever. Any help is always appreciated. [link] [comments]  |
| Is there a name for a housing subdivision that is built in a heavily forested area? Posted: 05 Apr 2020 01:19 PM PDT When I was growing up, a friend of mine lived in a subdivision with a significant amount of homes, but there were so many trees it was practically a forest. I found it to be incredibly cozy, and am looking to eventually buy a house for my family in a similar location. I'm not talking about the odd secluded country home, but an actual suburb within a bunch of trees. Most new housing developments are treeless, and feel almost barren. It sounds kind of dumb since I'm unable to articulate it very well I guess, but is there even a name for this to help refine my search? Also, if you happen to know of any (anywhere, doesn't matter where) please feel free to post them here. Thanks [link] [comments]  |
| Posted: 05 Apr 2020 07:04 AM PDT The Condo Building is in South Florida and was supposedly "80% Sold" as of February 2019 and was "ready for occupancy" in November 2019. I went to investigate in person with boots on the ground and the Balconies and Garage are EMPTY and the building seemed dead. Are they lying or maybe there are just a lot of preconstruction wannabe flippers now holding the bag that were playing musical chairs and the music just stopped? What do you think is going on? What is the best way for me to find out the truth? PICS OF CONDO BUILDING LOOKING EMPTY - https://i.imgur.com/BEq04gC.jpg https://i.imgur.com/AbkSJfS.jpg https://i.imgur.com/F8Jd8lB.jpg https://i.imgur.com/Maz6xjo.jpg https://i.imgur.com/f62nenR.jpg Example LISTING - $545,000 for a 1BR/1B - 775 sq. ft. - in the city nowhere near the water! This is not Miami or NYC! - [link] [comments]  |
| Posted: 05 Apr 2020 01:24 PM PDT Hello everybody, I live in the northern Virginia area. I put my 3 year old townhome on the market on 3/23 for $315k, and it was under contract for $320k within a week—we were thrilled because we didn't know how the market was shaking out. The buyer is using a VA loan. We have the appraisal coming up very soon (we are rushing the closing because of the economic situation), but my realtor told me it could very likely just be a drive-by appraisal. I'm 7 months pregnant, so I would LOVE to not have anybody in my home atm, but I am not sure if a drive-by appraisal will help or hurt me. Does anybody have any experience with this? Thank you! [link] [comments]  |
| Posted: 05 Apr 2020 10:06 PM PDT Has anyone ever heard of an agent putting comission towards a house their parents are getting? I was asking some agents and they said not to do it? Also 1 agent flat out told me no , not to put the comission towards the house. Is that because the brokerage wont get paid ? Or even the mentor wont get his fee is that why? Is it a conflict of interest ? [link] [comments]  |
| Should my girlfriend put her house back on the market? Posted: 05 Apr 2020 02:10 PM PDT Hey guys, My girlfriend and her parents put their house on the market in January. After weeks of open houses and private appointments, as well as putting a bunch of money into the house to fix whatever issues they had, they finally got an offer. They were asking for $285,000 and they got offered $290,000. They accepted the deal. However, the buyer hired a private inspector and even though the house was being sold AS-IS, they keep requesting that my girlfriend fix parts of the house. I am not an expert but my girlfriend told me this is because the family is getting an FHA loan and this would tie in with some standards that are required by the town. Shes already put in a lot of labor and money into the house before it was put on the market. Long story short, my girlfriend is getting frustrated and considering how the market is with COVID19 going around, is it worth putting up with the family or could she put the house back on the market and do fine? she is not in a rush to sell it either, but does see that alot of house are lowering the prices so she would like to take advantage of that. Thank you guys and stay safe! [link] [comments]  |
| Looking for bank for home equity loan Posted: 05 Apr 2020 08:13 PM PDT Anybody got any recommendations for a bank that offer home equity loan on an investment property? [link] [comments]  |
| Seller didn't sign mutual release form, but relisted the house. Can they do this legally? Posted: 05 Apr 2020 11:17 AM PDT If they haven't signed the mutual release, aren't we technically still in contract? Also, the seller posted on Facebook that I backed out due to losing my job because of Covid. I did not lose my job, I backed out due to inspection. So I have a sneaking suspicion they also haven't updated their disclosures with my inspection findings (LOTS of issues). Anyone know what governing body I can report them to or how to find if their disclosure was updated? They have made this process absolute hell and I'd like to protect future buyers if possible. [link] [comments]  |
| Posted: 05 Apr 2020 01:36 PM PDT Hey Real Estate sub! I'm a long time lurker, and first time poster. I have been saving for real estate for 2 years and was planning to take the next steps right before all this covid shit hit the fan. I've been prequalified for 400k and have been itching for a condo on South Padre Island for 10 years. After this pandemic did some serious harm to my business, my number one goal is to not get my personal income wrapped up in anything and to continue to save - in hopes of a light at the end of the tunnel. I know that things are coming to a bit of a standstill right now, to the point where the island is not allowing people to come in and visit (which makes things hard for real estate agents, I can imagine.) I'm looking to purchase around September. I have savings of about 36K, and after I factor out my worst-case-scenario expenses over the next 6 months should have at least 30k to invest. If I sold my car (which I wouldn't particularly need on the island) I could access another 10-14k. I'm seeking a 2br condo in the 120-140k range. I've been seeing advice around here about not needing 20% down, but that this option requires insurance. I have been planning to put down 20% and get a roommate for the second room to maintain the remainder of my savings for issues or emergencies. Thankfully, the area that I'm planning to purchase in is about half the cost of living compared to where I am now. I'm estimating that 20% down is 24-28k. Closing costs will be around 4-5k and a rental trailer to hitch to my car for moving about 1k. My mortgage would be around 500-650/m with 20% down and I could find a renter for the second room for 600-800/m. I'm paying $2.2k/month for RENT right now which is why I want to get the heck out of the city this year. I don't understand however which is the better plan for the long run. The area that I'm looking in can be prone to natural disaster, so I want to make sure to protect my assets in case the island literally goes underwater. So here are my questions:
Thank you all so much for being such an informative and creative group of folks! I look forward to hearing what you think. [link] [comments]  |
| 10 Acres without legal access- Keep or sell? Posted: 05 Apr 2020 09:38 AM PDT Two years ago I bought 10 acres to build on, and after closing, found out the parcel does not have legal access. The existing road goes through 17 other parcels, and I have access through 4 of those, and need to get access through the other 13. I filed a claim with my title insurance, and ended up getting most of my money back, and they let me keep the property. I figure I have two options: either try to sell the property as is, or keep it until I can invest the time and money to get legal access and sell with access. What needs to be done is ask the 13 other parcels to sign over legal access across their property (probably for something like a $500 or $1000 payment for their effort). If even one property owner says no, that means court, and the price of getting access could skyrocket. Or it could be super simple and relatively inexpensive. I'm hoping there might be someone here that may have some insight on what could be the best route here. Any input would be appreciated. Anyone have any input on how much not having access would drop the value? Seems like a huge turn off for a normal buyer, but an opportunity for a good deal for someone that knows how to get access. [link] [comments]  |
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