Tenant enters rehab, now what Real Estate |
- Tenant enters rehab, now what
- How should I purchase my house from my landlord?
- State income tax vs Property tax
- Cash purchase of land accepted 3 months ago
- Sellers market
- How do people buy houses? Please help not sure where to turn....
- Refinance an investment property
- Anyone have any advice in figuring out the maximum amount of house you can buy without breaking the bank?
- deed in lieu given to second lien holder
- Loan to value ratio keeping me from refinancing
- (US-FL) $15/hr min. wage law just passed. How can this affect housing prices?
- Becoming a home inspector
- Real estate income tax question
- Need advice on buying part of neighbors lot (he wants to sell) to build another garage.
- Can a seller legally cancel an agreed signed contract simply because another buyer offered more?
- The Inspector Messed Up!
- (SF, CA) Need advice on final walkthrough
- Are we forced to sell through our management company?
- (CA) Changing downpayment after offer has been accepted?
- First time home buyer benefits explained
- [Can -Alberta] wondering how a small renovation will affect my property value
- How long does it take to get a homeowners policy?
- [CA] What questions should I be asking when taking house tours?
- Raising Capital as an Individual for Properties
| Posted: 07 Nov 2020 06:30 PM PST Hi, I'm seeking advice on the above situation. Our tenant moved into the property in September but just recently checked himself into rehab. I did a courtesy check to see if he was ok and found a note about his decision. I'm in talks with his parents about what to do with his belongings. Does anyone have any advice on what I should or should not do in this situation. Thank you [link] [comments]  |
| How should I purchase my house from my landlord? Posted: 08 Nov 2020 03:56 AM PST Hello all, I'm seeking advice on how to purchase the SFH we are currently renting. My husband & I are pre-approved and ready to buy our first home. We live in a fantastic rental home (definitely the least nice home on our street) and would love to purchase it & renovate. When we originally toured the house, our landlords sister showed it to us and mentioned, "maybe he'll want to sell it to you one day". Our landlord is also a realtor and we want to approach him with an offer to buy, but we don't know what the right tact would be. I already have a realtor and she mentioned that we would have to pay her commission since it would be an off market purchase. Here's the thing - we have an incredible landlord. Very honest and helpful guy. Our relationship with him has always been great and I think he would be open to selling. The house were in is worth around 400k and paying a 3% commission to our realtor would be 12k out of pocket. This seems excessive for what I would expect to be a smooth purchase. My questions are:
I'm sure there's more info I'm not thinking about. I'm totally open to any suggestions or thoughts that you may have about this potential transaction. I really don't want to risk losing this opportunity. Thank you! [link] [comments]  |
| State income tax vs Property tax Posted: 07 Nov 2020 04:21 PM PST State income tax vs property tax ? Soo I've really narrowed down my move to two states Washington and Colorado. Washington state no state income tax which is nice however the property taxes are high. Colorado state income tax is reasonable especially lower than what I am use to paying in California the property tax is also low. What's more important when looking to move overall ? [link] [comments]  |
| Cash purchase of land accepted 3 months ago Posted: 07 Nov 2020 07:39 PM PST A cash purchase offer on a plot of land I wanted to buy was accepted Aug 18th, and they still dont know when the close date will be. Apparently the seller had previously subdivided the land into two plots but had sold it to me as a single plot and need to go through the town to get it redrawn. Is there like a penalty for taking super long? Or can you legally back out of a deal if it does not close in. a reasonable amount of time? I want to find a way to put pressure on the seller. [link] [comments]  |
| Posted: 07 Nov 2020 10:51 PM PST I heard now is a good time to buy a house because of low mortgage rates but then someone else told me no it's a sellers market still. So is it a good time in Texas or not? And if you wait for a buyers market will the interest rates go up? [link] [comments]  |
| How do people buy houses? Please help not sure where to turn.... Posted: 07 Nov 2020 03:06 PM PST Hello, My fiancé and I are moving to a new area in the next few months in northern Michigan. That would mean I am leaving my job and my fiancé is transferring with her job to the area. Neither of us have been with our current employer for 2 years or more. We both have good credit We both have jobs we are moving to work at Two banks have now essentially told us good luck on getting a mortgage because of our short term employment and that I am starting a new job. Now we are both very discouraged and even confused on how people move to new places and are able to get houses. We are looking at max 150,000 with a 10,000 down. The current idea on the table is to go through a place like rocket mortgage or have a realtor help finance. We are not looking for a permeant home just one for a few years to get established and start our family. [link] [comments]  |
| Refinance an investment property Posted: 08 Nov 2020 02:13 AM PST Hope this community is thriving and doing well. I recently signed up on two properties, primary and investment, although as timing would have it, I ended up choosing the investment as the primary residence which also implies I'm paying for a higher interest rate. Since I couldn't immediately refinance the investment as the mortgage was acquired just a month apart, the banker suggested checking in after 12 months to see if I can get some cash flow (if I require) through a HELOC which I'm a little skeptical about, I was wondering if there's a better way to not wait for a long period and instead apply for a refinance to lower the monthly PMI? Has anyone been through a case like this and would be willing to help a fellow Redditor out. I would really appreciate any help from this community. Thanks a lot! [link] [comments]  |
| Posted: 07 Nov 2020 02:09 PM PST So I am debt free, 830 credit score, $110,000 down payment, make around $114,000 a year. I live like a broke college student and aside from housing maybe spend like $1000 a month in food, gas, utilities, cable, internet, insurance etc. There is a new development of houses and townhouses being built in San Diego, CA and looks like the starting price will be in low 600's and go all the way up to low 1,000,000's. I am sure I could probably afford the mortgage on a 600 or 700 place but not sure if that would be wise, and seems astronomically scary to me considering my last mortgage in Michigan was $60,000. How do I determine what the max is I would be qualified for? and what do you think the max would be that would not make me house poor? [link] [comments]  |
| deed in lieu given to second lien holder Posted: 07 Nov 2020 05:19 PM PST I represent a buyer. The owner last minute gave a deed in lieu to the second. It has not been filed and transferred. Of course I am advising my buyer to contact an attorney. But I am trying to game out some things. Tried googling. Thought some people here might have some thoughts. The listing agent tried to talk the second into just letting it sell and taking what money he could. the second is an individual who bought the note. If he let's the sale go through, he might get about $37K. He is owned maybe $125K. the purchase contract is probably about at value at $700K. But the second seems to want to take the property and sit on it until it is worth enough to get all his money. I suppose, in theory he can. But he will have to sit and manage the property. maybe it will take a few years. If the multi family market softens in the tacoma area, maybe even longer. But in theory, it will get high enough eventually. Firstly, can you give a deed in lieu to a second legally? Will the first just sit on the title with the new owner? What if the first lien was advised to foreclose, with the understanding the the current buyer is willing to buy at auction, or buy when he takes it back, for an amount that will pay off the first in full? If so, he would get his and the second would be wiped out. This might prompt the second to just go along. the buyer might even get a better deal. I think there would be no taxes or commissions if he buys at auction. the value is such that no other buyer will go that high. Only my guy who has had an inspection etc. Any other recourse or ideas? The current owner who did the deed in lieu has no money, so not much to be had in damages. Not the end of the world if my buyer just goes his way. he will probably buy something else, but this was the second of two fourplexes, so he would like to have the other, as well, shared garbage, simple property management of both etc. I would like to help him achieve his goal, but of course, would love to figure out how to do it and earn a commission to do so. [link] [comments]  |
| Loan to value ratio keeping me from refinancing Posted: 07 Nov 2020 12:56 PM PST Hello , I am looking for a cash out refi , but I have been denied by 3 major lenders due to not meeting the 80% LTV ratio . I am currently in a divorce and I need about $30,000 to buy my wife out of the home . I'm making the payments and living here by myself and my kids . I was also denied a home equity loan bc of the same requirements . I am doing anything to keep this home I picked it out and the location is good . Is anyone aware of any lenders who can help me or any other options other than selling the home ? Estimated home value : $330,000 Balance owed on home : $250,000 Equity needed to buy out spouse (minus her marital debts ) : $30,000 [link] [comments]  |
| (US-FL) $15/hr min. wage law just passed. How can this affect housing prices? Posted: 07 Nov 2020 07:47 PM PST Completely ignoring everything else going on, such as current COVID issue and the moratorium set to expire at the end of the year (not sure if this will actually happen, but I'm only going by what someone told me?), how would a raised minimum wage (in Florida) would affect housing prices? Only thing I can guess is house prices rising due to raised minimum wage (although it won't fully be in effect until 2026), or the whole economy can tank here and make housing cheaper? Obviously no one can guess what's actually going to happen but I'd like to know any scenarios that MAY happen. [link] [comments]  |
| Posted: 07 Nov 2020 03:52 PM PST Hello, I'm new here. This topic may be unrelated but I couldn't find a subreddit related to home inspections. I am thinking about becoming a home inspector via https://www.homeinspectioninstitute.com/home-inspection.php?statecode=MB . My father has his own business in Winnipeg, MB, Canada in which he constructs decks and finishes basements, which require inspections for framing, electrical, and plumbing. These inspections are costly. My question is: If I become a home inspector through that short online program, will I be able to do electrical, plumbing, and framing basement inspections and approve them on my own? My goal is start my own home inspection business. I will very highly value any advice. Thank you! [link] [comments]  |
| Real estate income tax question Posted: 07 Nov 2020 07:36 PM PST I own a multi million dollar building in brooklyn . I am planning on selling it so I can retire. But don't want to pay over 10% in state tax. Should I move to a state with 0 income state tax before selling the building? Is there any rules against this? Is there something better I could do to save money? All suggestions welcome. [link] [comments]  |
| Need advice on buying part of neighbors lot (he wants to sell) to build another garage. Posted: 08 Nov 2020 01:17 AM PST My dad and I restore old cars and motorcycles in Kansas as a way to spend time together and make some extra cash. Our current shop (built 23 years ago) is as big as it can legally be on his city lot and we have outgrown the space. Another shop, mainly for storage, would really help out. We have been kicking around various ideas to try and remedy our storage issue with ideas like buying a rental property in his neighborhood, building a shop on it and letting the rent offset the cost of the garage. While touring a house for this purpose, we ran into his immediate neighbor to the north who expressed interest in selling part (20x140ft) of his lot to us for the shop. This would be ideal. The problem we are running into is our current shop is 90% the size of my dads house which is as big as it can be in his zone R1. So here's the question. Could we write a contract that would allow us to build the garage on the neighbors land, then buy the land from him with the garage already on it to circumvent the zoning restriction? I have tried to find an answer and have a fairly solid understanding about lender releases of the parcel, etc, but could the city stop the sale of an existing structure that would only violate zoning restrictions after the transfer of ownership? Thanks in advance for your replies! [link] [comments]  |
| Can a seller legally cancel an agreed signed contract simply because another buyer offered more? Posted: 07 Nov 2020 09:16 PM PST |
| Posted: 07 Nov 2020 07:46 PM PST So the inspection was going amazingly well, the inspector was very thorough, the guy was on the roof, crawling under the deck, I mean he was everywhere. The house itself had almost no issues, seriously minimal, I'm talking like... there's a couple of screens missing from the screened porch... So anyway, he is in the upstairs bathroom, flushing the toilet etc... and then heads over to the attic space and starts taking pictures in there. I turned to my realtor and say "I can't believe how well this is going, or is it just me? It seems like it's going REALLY well?" And just as he says "No, it's not just you, it's an awesome inspection", the inspector yells "OH SHIT!!!" and goes running out of the attic. He left the water running in the bathroom sink. The bathroom completely flooded, into a bedroom and also down the stairs. This house is vacant, no towels or anything, so we were literally mopping it up with some rags from his van and a sweatshirt from my car. Water leaked down into the kitchen below, and down into the basement. I wish I could post the videos, not sure how. I still can't even believe it. The inspector called his mold remediation team, they got there just over an hour later, used all their mechanical whatsits, and discovered all the water, they literally cut the ceiling out of the kitchen before my eyes, and are still there now with fans and dehumidifiers and other things I'm sure. This is of course all on the inspector's dime, so I guess he lost money on this job, poor guy. [link] [comments]  |
| (SF, CA) Need advice on final walkthrough Posted: 07 Nov 2020 05:28 PM PST Hi Reddit, We are closing on a condo in San Francisco early next week. We love the place, but unfortunately our relationship with our realtor soured throughout the process due to miscommunications and mishaps along the way, and what not. But it is what it is. We posted the remaining closing costs on last week and are looking forward to putting every party we worked with during the process in the past. Having said that, one remaining piece is the final walkthrough. As is customary in the area, we reviewed the seller's inspection report and waived all contingencies including the inspection. In our case, how much would the final walkthrough matter? To the extent that it does, what should we watch out? Our realtor will likely be at the property with us, at least for the key handoff, but we are not putting much trust on her at this point. Thank you. [link] [comments]  |
| Are we forced to sell through our management company? Posted: 07 Nov 2020 03:47 PM PST We have a property in Las Vegas which we have been renting through a real estate agent who manages the property for us for a fee. The original contract we signed back in 2008 was for a period of 2 years and it automatically renewed without the objections of either parties ( unless either of us notified the other party 30 days prior to renewal ). After a recent visit to the property we were devastated to find out that the property was not being managed to our liking and we want to give a notice to our tenants and put the house on the market. Here is the catch: there is a paragraph in the contract that states if we list the property we have to use her as our agent. We are not happy with how she managed the property and lost our trust in her skills, so we do not want to use her as our broker. Is there any way out of this considering the contract was written 12 years ago? Its important to note that she claims she doesn't have a copy of the contract and it was destroyed. I fount my paper copy in my old files. Any advice on how to move forward legally is appreciated. Is this a common contract among brokers that manage properties? [link] [comments]  |
| (CA) Changing downpayment after offer has been accepted? Posted: 07 Nov 2020 11:01 PM PST My buying agent advised me to offer 30% downpayment to increase the chance of being accepted then change to 20% after. Is this legal or will I be held liable somehow? Thanks! [link] [comments]  |
| First time home buyer benefits explained Posted: 07 Nov 2020 10:50 PM PST I'm trying to understand what exactly They are... are there tax tax benefits? Lower interest rates? Waved fees? How steep are the fees? From what I understand it's more designed for people to get houses with a low down payment basically if you can afford a 20% downpayment or more does it even matter? [link] [comments]  |
| [Can -Alberta] wondering how a small renovation will affect my property value Posted: 07 Nov 2020 06:48 PM PST Myself and my wife are considering having a third child. We currently live in an approximately 2300 square foot, 3 bedroom house. The basement is developed into a rec room and a bathroom, we have a living room off the open plan kitchen and 3 bedrooms upstairs along with a loft. The lost is where myself and my wife spend most of our time after the kids go to sleep and is our primary adult living area with the basement being where we spend time when the kids are awake. We live in a bedroom community, in a development with a lot of young families, there's a K-grade 9 school a block and a half away and they are building a big multipurpose recreation centre right next to that right now. If we have a third kid they will need a bedroom, when we bought the house the developer had a few plans for this house style and one of them included a 4th bedroom upstairs instead of the loft. We're trying to decide if it's better for us to buy a new house, or to renovate a bit and turn the loft into a bedroom. Would that renovation negatively impact the sale price? Positively impact it? Make no difference at all? Ultimately this is not our final house, we will very likely move to something bigger at some point, but with young kids the proximity to a school, lots of playgrounds, and a rec centre so close is a very big plus for us. We would rather not move if, but if turning the loft into a 4th bedroom is going to tank the house value then we would really consider it. [link] [comments]  |
| How long does it take to get a homeowners policy? Posted: 07 Nov 2020 10:52 AM PST I've been under a contract for a pretty quick close (25 days) and my mortgage broker is now asking for proof of homeowners and flood insurance. After a few hiccups in the inspection period and two extensions I finally got the 4PT and wind mitigation on Friday. I've requested a few quotes and should have all quotes in by Monday. However I am set to close on the 16th. How long does it take to get all the homeowners stuff in place so my clear to close won't be delayed on my loan? For reference everything else is done I believe (appraisal, underwriting, title and lien searches). [link] [comments]  |
| [CA] What questions should I be asking when taking house tours? Posted: 07 Nov 2020 10:50 AM PST Hello! First time housebuyer here! What questions should I be asking the real estate agent when I'm taking a tour of the house? I know I can search these questions up, but I want to make sure that it's questions that they can answer relating to ca real estate law? [link] [comments]  |
| Raising Capital as an Individual for Properties Posted: 07 Nov 2020 09:29 PM PST Hey everyone, I'm new to the real estate industry and I have a lot to learn. I have a few questions I think the experts can answer for me. 1.) As an individual how can I raise capital for properties? 1a.) I would prefer to use investors rather than a bank or lending company, is this a mistake? 2.) As an individual would it be wise to go after wholesale contracts? I feel like it could be good experience. 3.) Being an individual I would like to protect my wealth, what kind of company could I form to do that best? I've done research into LLCs and a few other kinds, yet I'm unsure which will protect me and my properties the most. That's all for now, any answers will be appreciated! My inbox is open if anyone has a proposal. [link] [comments]  |
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