The 2008 housing crash was caused by overleveraged homeowners. Will a (small) 2020 housing crash be caused by overleveraged AirBnB owners? Real Estate |
- The 2008 housing crash was caused by overleveraged homeowners. Will a (small) 2020 housing crash be caused by overleveraged AirBnB owners?
- Rental advertising monopoly by zillow/trulia/etc? (FL)
- Unemployment?
- How long does an appraisal report take?
- How long does it take to invest in real estate full time?
- First time buyer - simple terms
- People who bought at the height of the market before the 2008 crash, how did that end up working out for you?
- Did we miss the inspection period?
- My mom bought a house a few months ago but the people she bought it from won’t leave or pay rent. Do we have any legal standing given The covid situation?
- Pathway to becoming a real estate developer in Canada?
- First time buyer seeking guidance
- Question on buying raw land
- Bay Area Listings
- Should I purchase this investment property? Please help
- If I am able to begin a real estate investment LLC with my own resources, does it benefit me in any way to bring others in to form a partnership?
- Owner decided to sell, is pressuring us allow in person viewings during shelter in place order. FL
- To back out on first home purchase?
- Rebound vs Solidified neighborhoods
- Tax Deed Redemption
- Does anyone know one of those Crash Course weekend license schools?
- Buying a house
- Where can I find out how low the housing market is ?
- First time buyer, VA appraisal
- Getting ready to rent out my first rental property. Is there anything I should be aware of regarding new laws/regulations with Covid19.
| Posted: 03 Apr 2020 07:34 AM PDT I would assume there are a fair number of homeowners who have a second home and rent it out on AirBnB. They have a normal job with a decent income or are retired, have plenty of savings and investments, and can financially handle not having rental income for 2-4 months, possibly longer if we go into a recession. They will be able to keep paying the mortgages on their second homes. I would also assume there are a fair number of business people who are overleveraged on homes they rent out on AirBnB as their primary source of income and will not be able to financially handle not renting them out for 2-4+ months. These people will lose the homes when they are unable to pay the mortgages. Does anyone know approximately what percentage of AirBnB houses are the former vs the latter? I don't know of any current government bailouts which would help much, but perhaps there are some or there will be some in the future. [link] [comments]  |
| Rental advertising monopoly by zillow/trulia/etc? (FL) Posted: 03 Apr 2020 09:46 PM PDT I'm a residential landlord, and have mostly SFH and several apartments. When I started there was craigslist and then came postlets for the sites like hotpads and would syndicate on trulia. This worked well and covered most bases, for next to free. Zillow has been acquiring all the various rental sites other than craigslist for some time now and killed postlets in lieu of their rental manager 4 or 5 years ago now. Meh, it still worked but was a bit clunkier,; wouldn't even generate listings for craigslist anymore. Recently two things have happened, they started charging $40/month for each ad, and even worse, prohibit listing your own phone number/email or other direct contact information on the ads. Zillow has been consolidating their reach now and pushing to be a middle man in the rental application process. They are trying to get involved in the processing of payments as well. The other issue I have with zillow is the "leads it generates". A person will click on 50 properties a night with no intention of following up. Due to this every ad I put out has "Please call/text me at ###-###-#### 9-6 pm, online inquiries and emails will not be returned". I find it's very important to talk to the potential customer before scheduling a showing. This weeds out those who are not willing to sign a lease, don't have the income, section 8, it's not the tenant but their parent, etc. I then setup an appointment to view the unit and instructions to text me 30 min before the showing, as about 50% of all adults will just not show up. I've tried the Zillow rental appointment planner and it was an unmitigated failure. Less than 10% of showings which were scheduled happened. Zillow has now restricted even putting wording in the ad saying inquires must be via phone. Now the phone number listed as contact in the ad is changed too. They use a virtual number which allows them to record/analyze the call and what's worse is SMS/imessage doesn't work via their system as it intercepts it and responds intimidating a real person. Luckily the email responses are not filtered, so I've taken to using an auto reply in my MTA (zimbra). Now every inquiry via @convo.zillow.com gets a response of: This seems like a ton of work for a "service" that costs $40/month. You want me to pay for listing, OK, I'm ok with that, but to force your company into the middle man, whilst charging me, fuck that. Curious what other landlords/listing agents/etc are doing to overcome this now that Zillow appears to have acquired all the other competition. [link] [comments]  |
| Posted: 04 Apr 2020 01:14 AM PDT I don't know where else to ask this. All of my income comes from real estate -- from a few long-term rentals and a vacation rental. All are in a tourist town, so all vacation rentals cancelled and 90% of my tenants are out of work. Anyone else in the same boat? Does anyone know if we qualify for some form of unemployment now? [link] [comments]  |
| How long does an appraisal report take? Posted: 04 Apr 2020 01:09 AM PDT We are under contract on a house, and last Friday (3/27) the Appraiser went out. Since then I've asked my agent and lender if the report had come in yet. I was told it was not ready yet and that it was a busy time. Just want to ease my mind. Is it normal for the appraiser to take over a week to write the report? [link] [comments]  |
| How long does it take to invest in real estate full time? Posted: 04 Apr 2020 04:36 AM PDT Hello everyone, I am currently employed and make around $35k per year, along with a monthly $1200 tax free VA disability check. I am looking into buying a house, but also want to get into real estate investing. I will be using the VA home loan, which is $0 down. I also read somewhere that as long as I lived in a house for a year, I can move out and use it as a rental property. Since I am single, I am more than willing to move every single year in order to build up a massive portfolio. Does anyone know if I am going at this at the right angle? I really want to get to the point where it gives me a full time income. I don't live lavishly, and am comfortable with living on 50-60k per year. Thanks! [link] [comments]  |
| First time buyer - simple terms Posted: 04 Apr 2020 04:25 AM PDT Good morning all, I have read a lot of posts from people who explain their personal situations and where they are at in terms of loans, savings, down payments etc etc. Basically, my wife and I have only recently found ourselves in a position to start looking at buying our first home. Haven't yet spoken to any professionals, not done a whole lot of homework on loans, not too savvy on a lot of the phrases being used on here. So, in simple terms... with the way the economy and housing market is moving... would a housing crash be good for a first time buyer? Would it generally be easier to get loans? I'm sure house prices would drop. I know it's a broad question, but I'm really just looking for a general perspective to know if it's even worth us really diving into this process now. Thanks a lot. [link] [comments]  |
| Posted: 03 Apr 2020 09:27 AM PDT |
| Did we miss the inspection period? Posted: 03 Apr 2020 09:41 PM PDT Hello. So my home inspection was scheduled by my agent and was completed yesterday (Apr 2nd). This was the earliest available appointment which the inspector could come. Also, the home was a flip and some work was still being completed at signing of the contract. So when the inspection was scheduled, this date was acceptable to the sellers because they said they would be finished completely for a thorough inspection. Not sure it matters, but they still were not done - some carpet going in one room was backordered and hadn't come in yet. And they still have some electrical boxes left to close up. However looking back at my contract now, I see that technically our 10 day period would have ended on Mar 31st, 2 days before the inspection still. We were only doing the inspection mainly as a cover for any large issues, there is no money in the contract for fixes or improvements. But if something huge came up, then it would be our contingency out or to at least renegotiate our purchase price. The inspector mentioned that the home's well system is kind of old and seems to be having pressure issues. He recommended us having a well company come in and check over everything for their opinion and potential costs. The original contract says that for any recommended follow up inspections, our inspection period could be extended by a week to complete it. The seller is saying now, although just over the phone to the agent and not yet formally in writing, that our inspection period has passed and we waived our contingency. They said they would consider allowing us to do it still though and will get back to us soon after they decide. For my questions; I understand that per our contract we 'missed' our inspection window and directly written in there it says that if we do not complete our inspections during that time frame then we accept everything as-is. But- this doesn't seem right considering we asked the sellers directly if this date would be okay and they agreed to it also because they wanted the time to finish what they were working on? Right now I'm hoping to hear back soon that they will still allow an extension of the inspection window, but if they say no, are we really completely held to this? Thanks. -Also, I'm not at all sure what the cost of the fixes might even be. If it would turn out to just need a new pressure tank then it looks like that might only be a couple hundred dollars? And then this back and forth was all for nothing anyway and I can eat that cost. But if it'll need an all new pressure system, or a new well pump, or heck even digging a newer, deeper well - then that's gotta be expensive and I would want to renegotiate the sell. [link] [comments]  |
| Posted: 03 Apr 2020 07:58 AM PDT My mom bought a house in January that she was planning on having a contractor in by mid March. The place is a bit trashed as the people there were hoarders. In the mean time, my mom is living at her current house. The current home owners were supposed to be out by mid February but didn't leave and stayed long enough to run into Washington State's no eviction order. They were getting behind or mortgage payments and it seems like they are just milking this as a free place to stay even though they just got a ton of money from the home sale. My mom is paying two mortgages, which she planned to do for about a year, but every month they stay is costing her an additional $3000 out of her construction fund. The property isn't habitable for the average person and she is is already cutting it financially close to make it something that can be lived in. The contractor is there for electrical, plumbing, and asbestos but she was doing the rest herself. If this continues, she'll have to sell the property at a loss. They refuse to pay rent, and since there was no rental contract I don't believe she has a way to compel them to do so or to get any rent after the coronavirus situation improves. Any ideas or options here that involve her getting less hurt than she currently is? [link] [comments]  |
| Pathway to becoming a real estate developer in Canada? Posted: 03 Apr 2020 07:06 PM PDT What pathways can one take to become a real estate developer, especially in Canada? I hear some people start with house flipping, others work for a development company. Would appreciate advice and feedback. Thanks [link] [comments]  |
| First time buyer seeking guidance Posted: 03 Apr 2020 09:51 PM PDT Hi guys - first time home buyer here seeking the opinion of others. Prior to the COVID-19 pandemic, I was scheduled to close on a home June 1st, 2020. This home is not yet under contract & we are not using an agent. The seller is a family friend who is currently building a new home that will be complete by mid-June, and he has agreed to pay back rent to stay in his old home until our move-in day. I'm a medical professional, and have been fortunate to attain some level of job security. However, I work in a specialty field and we've seen a decrease in volume of patients. We've been guaranteed a full salary through the end of June, but that's it. Obviously, it would be irresponsible to take on such a huge amount of debt (loan amount was $430k, planned to put down 10%, home price is $480k) with all the uncertainty surrounding my pay and wife losing her job. However, I have read about various lease-to-own agreements & have very limited knowledge of anything outside of conventional loans. I would consider this our realistic "dream home" and want to make this work at all costs, while being financially responsible. I would appreciate any insight or tips on the best way forward. Some numbers: 28 y/o, $140k gross, $90k in savings, no debt or children [link] [comments]  |
| Posted: 03 Apr 2020 09:02 PM PDT So I'm 26 got a little over 20k saved up after 6 months. me and my wife are looking to buy 200 acres in a spot of New Mexico we love and the property is roughly 1,000 an acre. So it's 212 thousand total. I've never bought a house or land before so am struggling to figure out the process we talked to a lender and they wanted 50% down since it was raw land and the best we could find was 30% down which is still roughly 60k so we are 40k short. Besides saving up for about another year? Anyone know a way around needing such a large down payment? [link] [comments]  |
| Posted: 03 Apr 2020 08:46 PM PDT Hello, For those familiar with the Bay Area markets what's your take on listings being pulled? Here's an article on what's going on: We were looking to purchase a single family home this year but have been on hold to see how this all shakes out. [link] [comments]  |
| Should I purchase this investment property? Please help Posted: 03 Apr 2020 08:31 PM PDT Hi all, Looking to purchase an investment property. Here are some of the details: 3 bedroom, 1.5 bathroom with basement townhome located in Chicago. It has a washer/dryer in basement, plus a long backyard. Im a realtor myself, and the person Im buying it from is also a realtor who is a colleague of mine. We are not doing any commissions on this deal. He bought the property 2 years ago at $205,000, and now he is not budging a penny under $230,000, after negotiating for 2 weeks. It is currently rented at $2000 and tenant pays water bill even + all utilities, lawn care/snow removal, lease ends in June/July. Tenant might renew lease but if not I will have to invest into repainting the place, new appliances, and minor repairs to get it up and marketable again. Closing costs will be probably around $5,000 for me. My lender says I will have to put 25% down, with a 3.875% interest rate. (I dont want to get the 3.75% rate because she would charge me a discount pt at $600, and that would take me 5-6 years to recoup that money back. The difference is only $11/month so instead of taking the point, theres a chance I will sell in 5 years time.) So basically, I will have to bring $57,500 at closing at cash + $5,000 closing cost. Total cash invested upfront is $62,500. Loan will be a 30 year fixed as an investment. Taxes are $4,000/yr, insurance is $800/yr, no HOA. Just need some reassurance on this deal as I am still trying to figure out the numbers. Im looking to keep the property for atleast 5 years, unless I get offered $250k. I do not think it will be hard to find another tenant who is fine with paying the water bill + lawncare/snowremoval because I asked some of the neighbors in the area and it seems like that is a going rate. Please give me your input! Thank you. [link] [comments]  |
| Posted: 03 Apr 2020 02:33 PM PDT So long story short, I have a contact willing to sell off his portfolio to me as I get money to buy it. He is retiring and willing to wait for me. I have the money to buy and I already have one small quadplex. I am about to buy the a sixplex for my second building. There has been no shortage of repairs but nothing I can't handle with my income and personal time invested. Breaking it down I have 2 people who want to invest with me that have been my friends for some time now but I am having problems seeing the benefit. They live too far away to help with any laborous tasks fyi. The way I see it keeping it myself does the following. - I have 100% of the income - I do 100% of the work - I expand 1/3 as quickly due to my personal income being 1/3 as large as with two other individuals, but keep all the profits. Having a 33.4% stake allows the following. - I have 33.4% of the income. - I still do 100% of the work but more work will be paid for most likely by them for their share. - I expand 3x as quickly due to there being 3x the capital investment but I only keep 1/3 of the profits. - I will be outvoted in all business decisions 2/3 if I disagree since the other two will always back each other. - My potential business partners do not offer contacts or portfolio purchases. They think that their capital alone will be fair for 33% stake and they want to keep it that way for voting I'm sure. What do you think? Let's not worry about the recession coming up. [link] [comments]  |
| Owner decided to sell, is pressuring us allow in person viewings during shelter in place order. FL Posted: 03 Apr 2020 12:28 PM PDT As the title alludes to, our landlord of four years has decided to sell the house we're renting. We have tried to work with him, even allowing a leasing agent come over and film a video tour the day before the shelter in place order took effect, so they wouldn't be completely SOL during the Quarantine order. We have reiterated both verbally and in writing that we did not feel safe or comfortable allowing in-person viewings of the home during the shelter in place order, yet my landlord has gotten increasingly aggressive in trying to pressure us to do so. What are my rights here? Do I legally have a say in this at all? [link] [comments]  |
| To back out on first home purchase? Posted: 03 Apr 2020 10:12 AM PDT Hello everyone, I know this is the question of the moment. But I am current in contract for my first condo purchase in a great location of San Diego, CA. The condo itself is very bare bones but meets my needs! I have a stable job and all loan approvals to move forward and down payment in hand. I was also approved for first time homebuyer assistance! I am just very in the fence about possibly backing out, I have two days to do so with no penalty. Seller has offered $5,000 discount due to my fears, with a total purchase price now being $305,000. Apartment lease is up in 2 months and I will need a place to lease or preferably move into my new condo. I am open to waiting it out but hesitate to cancel now. SOS! Any advice or insight is much appreciated, although I know no one has a crystal ball! It's just a crazy time as a first time homebuyer. [link] [comments]  |
| Rebound vs Solidified neighborhoods Posted: 03 Apr 2020 07:39 PM PDT I'm new to understanding what it takes to flip houses and what to look for. A simple question of mine, for example, is why would someone buy a 300k house in a rebounding neighborhood over a 300k house in an already "modern" neighborhood. Same town. (Forgive me, I'm unfamiliar with the correct terms) A friend of mine asked me this and now i wonder the same. Doesnt it seem tacky? And what are the benefits to the buyer? I just want to understand the thought process behind this. [link] [comments]  |
| Posted: 03 Apr 2020 07:03 PM PDT I am recently looking at houses that were sold in tax sales. I almost bought one today but the seller took another offer. These are homes that someone bought on a tax sale, and then are reselling with a quitclaim deed and no title insurance. The way I understand it here in indiana, is the buyer of the tax deed does not actually get the title to the home until a year after the sale for a chance of redemption. However there is never any info on if someone is trying to redeem. I was wanting to get one of these fixer uppers for myself. The two I was looking at need alot of work and the previous owners had died. Can i live in these houses until the year is passed amd I get the title? How often do people actually redeem and get their homes back with this chance? I don't really understand it completely. One home I am looking at - The original owner died in july 2019. The title transferred to the investment company in january 2020 in county record. I did some detective work and found that the woman had 3 kids. I found all 3 adult kids on facebook. Their posts from around the time of their mothers death seemed genuine and heartfelt. None of them seemed estranged from their mother. Even if there is no will, the house should go to probate and to the kids I believe. I am having trouble how all 3 kids would have let the house go to taxes in such a short time (1500 per year is all.) The only thing I can think is if the home went to probate but the mother had other debts like medical bills that if the kids took posession they would also possess her debts? The record shows it only sold for 1700 at the tax sale.... Any thoughts or advice are appreciated. I am wanting to move into one of these houses so that I can be secure in these unsure times, but I am afraid I will start fixing it up and someone will come take it back before the year is up. Thanks. [link] [comments]  |
| Does anyone know one of those Crash Course weekend license schools? Posted: 03 Apr 2020 12:54 PM PDT Im sure they exist. There are tons in California, but I want an AZ one. You go there in person, and get intensive test study, and then take the test on Monday. No books. No nothing. Just class. Thanks. [link] [comments]  |
| Posted: 03 Apr 2020 06:24 PM PDT When would be the perfect time to buy a house ? As in season wise and taking into consideration environmental aspects ? Also when would be the best time to sell a house ? Thank you [link] [comments]  |
| Where can I find out how low the housing market is ? Posted: 03 Apr 2020 05:50 PM PDT I am in Louisiana and I am in contract with a house. When ever I look on Zillow or realtor I see the same prices as I've always seen on the houses .. I've heard how the housing market has declined and am wondering where can I see there lower prices [link] [comments]  |
| First time buyer, VA appraisal Posted: 03 Apr 2020 05:26 PM PDT My husband and I are buying a home using a 30-year-fixed VA Loan. We received our apprasial today and it was appraised at the EXACT amount as the purchase price. It seems really odd to us but, is this a typical occurrence? [link] [comments]  |
| Posted: 03 Apr 2020 05:07 PM PDT Basically I'm afraid someone will move in and then use Covid19 regulation to stop paying. [link] [comments]  |
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