How do I introduce myself to a tenant? Real Estate |
- How do I introduce myself to a tenant?
- How bad of a time is it for a first time home owner to buy?
- Cracks forming everywhere in condo.
- (CA) Looking for advice. Not on real estate, but on selling housewarming gifts to agents for their customers.
- Sell home with kitchen appliances or without?
- Market Inflation Insane Time To Buy?
- FSBO here. Contacted by a realtor that says he wants 2% ($6000) to bring a qualified buyer. I feel this is extensive, and not in my best interest. But I'm not sure of the best way to handle it.
- Short Sales & Paying Someone Else’s Debts? (NJ)
- CA license application status help
- What to do with our Philly house.
- Are laminate countertops still a viable option fo rentals?
- Worth waiting to put down 20% or no?
- Buy vs Rent
- Agents approaching with qualified buyers - what rate
- Condo property looking for money 4 years later
- Fraud, scheme, or ?
- Rolling Investment Property loan into Primary Mortgage loan
- Questions to ask a hoa ?
- After a decade of procrastination I’m ready to change my life and study Real Estate
- Is there any historical data on whether home prices tend to appreciate at the same or different rates based on the price tier?
- Fixer upper spacious condo that needs remodeling VS smaller move-in ready remodeled condo 150k more expensive
- Cash-out refinance or not
- Mortgage professionals - how common would you say mortgage fraud is?
- Colorado - Do Leasers Inspect Property Before Renewal?
- Difference between closing costs+sales price and mortgage question
| How do I introduce myself to a tenant? Posted: 28 Dec 2020 05:26 PM PST I'm buying an investment property and the current tenant has been there for over 5 years. He's lease currently runs through September. I'm closing on the property next week and wondering how I should introduce myself [link] [comments]  |
| How bad of a time is it for a first time home owner to buy? Posted: 28 Dec 2020 04:17 PM PST 23 year old in the expensive Colorado housing market, household income of about 100k. Renting now for more than a mortgage, I've been itching to buy for the last few years. was assuming a crash was coming so I held off but apparently a pandemic won't even shift the market. Would you buy? [link] [comments]  |
| Cracks forming everywhere in condo. Posted: 28 Dec 2020 05:35 PM PST I live on the 3rd floor in a 3 level condo building. The buildings have 4 units on each floor. These condo units were built in the early 80s (wood exterior). Ever since I bought this a few years back, I've noticed serious cracks forming everywhere along the ceiling and upper part of the walls. There are literally dozens of long cracks going upwards in an angle and some long cracks going straight vertically and horizontally. There were some cracks when I first moved in and the previous owner had patched some of them up before moving out. I'm having serious concerns about the structural integrity of these condo buildings. Because of some serious settling, the porch door is crooked from the door frame at an angle. I know condo owners are responsible for the "inside" but I'm concerned that all of these cracks on the ceiling and wall are because of structural issues. Would it make sense to hire a residential structural engineer to look at our building? Who would even be responsible in the case this is a structural issue and needs to be fixed. [link] [comments]  |
| Posted: 28 Dec 2020 02:40 PM PST Hello! I am looking for a consistent side gig. I have been bouncing this idea around in my head for a while of doing custom watercolor, minimalist paintings of homes and then framing it in custom wood frames (I can do both for max profit) and then selling them to agents who sell the homes as a gift to the homebuyer when they close the sale. I have talked to a two former real estate agents about the idea and they both seemed to really like it. I wanted to hear any business/marketing tips from any real estate agents on here and see what features or items you would want to see. [link] [comments]  |
| Sell home with kitchen appliances or without? Posted: 28 Dec 2020 01:14 PM PST Hello - I have a house that I'm selling and am just finishing up the rehab of the interior. The house was built in 1928 in the NYC suburban market, and I've done very nice work. I led the crew myself, good solid house. This wasn't a flip, I had the house as a rental for years, but now that the tenant moved away I spend the last 3 months rehabbing it for sale. Anyway, I have replaced the kitchen with a good quality (good, not great), installation, new cabinets, tile, counter top. Looks nice, middle of the road. Now my plan is to sell the house right away. What I'd like to ask you is the following: I want to sell the house fast and for a good price. Now I can buy a set of appliances from Home Depot or Lowes, and I can buy anything from super cheap to really nice stuff. What do you think I should do? My partner thinks that I should just sell the house without appliances, and let the purchaser price the house accordingly. I feel that would seem naked, especially after the work that we put into the house. It would just look half-baked. The downside is that I may shell out $4-5k for an appliance package, and then not recover the cost at the time of sale. I would essentially be helping the purchaser finance a new appliance package into their mortgage. What do you think I should do? [link] [comments]  |
| Market Inflation Insane Time To Buy? Posted: 28 Dec 2020 10:26 PM PST My question and scenario likely doesn't apply to everyone and I would love to hear from those who have purchased recently or real estate professionals. I live in a relatively lower cost of living market(AZ) and with the pandemic, real estate prices have sky rocketed. I would love to be a first time home buyer in the next 6 months however I am completely flummoxed by the prices. For example, homes in an ok neighborhood that would typically go for the low $200s are now nearing $350 and the nicer neighborhoods are priced out and contingent the same day they are listed. Is this the way real estate will be going forward? I have been looking at homes for a year now and its difficult to reset my mind to a house that was worth $200,000 in January is something I should buy at $350,000. Im most worried that in a few years the market normalizes and I'm stuck upside down $100,000+ on a so so house. Am I overthinking this? [link] [comments]  |
| Posted: 28 Dec 2020 10:35 AM PST I'm not completely against dealing with a realtor, but I see this as $6000 from my own pocket just to pay someone to fight against my interests. I was thinking of responding with, "I am happy to pay you a $500 finders fee on close if you present me a buyer. However I feel it is a conflict of interest for me to pay a Realtor to negotiate against me." I'm in an extremely hot seller's market BTW. EDIT: I am from Austria. Where a buyer pays their own realtor directly. The US model I am dealing with now does not make sense to me, nor does it feel like it is in my best interest as a seller. Your thoughts? Suggestions? Thanks! [link] [comments]  |
| Short Sales & Paying Someone Else’s Debts? (NJ) Posted: 28 Dec 2020 06:19 AM PST My fiance & I have been under contract for a short sale house since about February! It's been quite an adventure toward getting a clean title since then. I think there were initially 11 total liens on the property, ranging from unpaid taxes to a second mortgage. Somehow, all but one of those liens have been negotiated off the property. The remaining one isn't interested in negotiating. Either they get every penny they're owed, or the short sale is not getting approved. The amount of the remaining lien is $71,000. So I'm thinking, why don't we just pay it? Our realtor & lawyer are both saying no way, why pay off someone else's debts? But that isn't how we see it; the sale price of the house is just going up. Obviously getting it for the price originally agreed upon (pre-covid) would be cool, but we can afford the increased price without any major stress. This house needs some updating but it's in excellent shape. It has everything we could possibly ask for in a home, in the perfect location. We would potentially live there forever. $71,000 is a ton of money, but this house is still a bargain compared to anything else we've seen in the area in our budget, and nicer on top of that. We're trying to look at it logically and "you can't just pay someone else's debts" feels like an emotional reaction. Who cares if that's what we're essentially doing if the house is still a solid financial choice for us? But maybe the way I'm looking at it is completely wrong, and it IS crazy to pay off someone else's debts? I do like & trust our lawyer/realtor but this sale is not what either of them signed up for. Our lawyer especially is not happy we've paid a pretty small flat fee for what has turned out to be months and months of work. So it's hard to trust this advice when we know they both want us to just back out of the deal and find a different house to buy. The market here is also pretty crazy, very expensive with very few options. So ultimately when they say "pick another house" they really just mean pay more money for another house we like less. Why not just buy this one? I'd love some opinions from people totally removed from the situation, who have real estate knowledge (unlike us, this is our first time buying a home). Especially if there are factors we aren't considering. Thank you so much! edit - just wanted to thank everyone for all of their kind & helpful responses! It sounds like the real answer is we need to get the house appraised, and that will inform the decision of whether or not it makes any sense to pay more for it. Thanks again! :) [link] [comments]  |
| CA license application status help Posted: 29 Dec 2020 12:40 AM PST I submitted my real estate license exam application about two months ago. I know they're behind but I believe they've gone through processing my week's application. I got charged about a week and a half ago but I still haven't received any email or anything to register online to schedule my exam. What should I do? Is this normal? [link] [comments]  |
| What to do with our Philly house. Posted: 29 Dec 2020 03:29 AM PST My wife and I are trying to figure out the next chapter of our lives. We have lived in Philadelphia together for the last 10 years, and have owned our current home for 6. -Purchase price $240k -Full to the stud renovation $80k -Current appraisal $485k -Amount owed $250k on 3.9% mortgage -The house is in 19148 and the market is still trending up. -Total mortgage payment $1909 We are planning a move to the Austin, TX area in the late spring/early summer. We've visited many times and feel that's a good place for us personally as well as for our business. The real estate market there is also obviously hot. Our initial thoughts were to rent our current house for 2500-2800/month and then rent a house in Texas for a couple of years to see if we like it and to also get a feel for what exact area would suit us best before buying. Additionally, we rent a small warehouse in philadelphia for 2000/month and would love to rent a house/small ranch in texas that would have a space on the property that could be used for the business, which seems more than doable in that region. So now we have a few options:
What do you think? I know there are many variables I haven't mentioned, and probably many more that haven't even been realized. Thanks for any insight! [link] [comments]  |
| Are laminate countertops still a viable option fo rentals? Posted: 28 Dec 2020 08:42 PM PST Backstory. I just purchased a home in the Tacoma area and it has tile countertops. Every home that I buy is bought with the assumption that it will be a rental in th future. I generally stay in a place 3-4 years and move on to a new property. I'm trying to see if laminate is still viable for kitchens now a days. I used laminate in a previous home and it looked great and sold very fast. As I said I'll be living in the house for a few years so it's not something that is necessary to do right now. I am considering changing the titled kitchen island to butcher board ASAP just to see how that works out. [link] [comments]  |
| Worth waiting to put down 20% or no? Posted: 28 Dec 2020 11:09 AM PST Was initially intending to wait to put down 20% on a house/condo and avoid PMI (~0.5% in my research). This would require me to wait another 1-2 years. But now I'm thinking locking in a lower interest rate (~1% decrease over the past year, to ~2.9% currently) will more than offset the cost of PMI and the yearly housing appreciation(~10% year over year in my area) will pay off if I enter the market sooner than later. Any holes in this logic? [link] [comments]  |
| Posted: 28 Dec 2020 06:34 PM PST I've rented in NYC for over a decade and I'm wondering if now (next ~6 months) is the right time to become a first time owner with a starter coop or condo. Late 30s, about 70k in savings and 200k in IRA, making ~100k/year, excellent credit. Paying about $2k in rent over the last 4 years. I'm looking at units in the 500k range which seems doable with my financials? Any financial goals I should try to attain before thinking about buying? Any other considerations I should make? [link] [comments]  |
| Agents approaching with qualified buyers - what rate Posted: 29 Dec 2020 02:01 AM PST My next door neighbor listed their house with a realtor that advertises 1% listing commissions. The house actually sold above asking price within 3 days. Since then I have been inundated with letters from realtors telling me they have prequalified buyers for my house. I reached out to one of them and they live in the same neighborhood and she actually has 2 different prequalified buyers looking for a home in my neighborhood and prepared to move forward. She is insisting on a 2.5% listing fee. If she brings the buyer, which she claims to have, the overall fee becomes 4%. I countered that if she already had qualified buyers ready to go I would sign with the same 1% fee as the realtor that sold my neighbors house. The 1% realtor has stated that if he brings the buyer it is an overall 3% sale. Is it realistic to expect the agent to negotiate down to the competitors 1%? I can list with the realtor that sold my neighbors home and the same qualified buyers would likely find it immediately but I'd like to offer the second realtor a chance to match. Not interested in doing FSBO. But trying to find out why one realtor is worth $5000-7500 more than another in a market like this. [link] [comments]  |
| Condo property looking for money 4 years later Posted: 28 Dec 2020 05:12 PM PST My mother lives in MA. She moved out of a condo because it was unsafe for her due to her health. Now it is 4 years later and she has received a letter saying she owes over $800 in ridiculous made up things that are very over inflated due to "interest". This is the first time we have heard of money being owed. Eg (damage- $8 with interest $208) Is this even legal? What do we do about it? We asked for proof of what she owed and why, anything with her signature etc. All they sent was a line item explanation. Not even what they damage was. What are our next steps? How do we get them to stop without paying money we dont owe? Thank you [link] [comments]  |
| Posted: 28 Dec 2020 07:53 PM PST In South Carolina The house next to ours went into foreclosure after years of the owner not paying his mortgage. He had renters who were paying the rental company, then the owner pocketed the rent, and didn't pay the mortgage. He claimed he was active duty military each time they tried to foreclose according to court documents (he was lying). Long part of that story short, he's passed away now, and our HOA had a lien on the house for a few thousand dollars. There was still a mortgage on the home though. Apparently the bank went out of business and the loan went to another bank, then that bank closed and so on. So our HOA took it upon themselves to purchase the home for $500 in an auction. Then they sold it to one of the board members boss's for $12K after lecturing us about how they all signed NDA's to avoid someone doing just that. They never disclosed any of this to the community, we confronted them about it because we looked into it after seeing all the strange activity at the house. The records are public. Now that this house is owned by this strange company that's owned by a board members boss, it was advertised for rent in November by yet another company. After the "for rent" sign disappeared, I called to inquire and they said it had already been rented. It's been a whole month and no one has moved in. I find this strange. Also, the same lawn maintenance crew that maintains one of the board members yards, has been maintaining that one as well when the HOA owned the deed and even now after it's been sold to said boss lady. Looking on the deed site, there's still an outstanding debt of about $200,000 on this house owed to the (closed) bank. If no one wanted to buy it for $500 in an auction, why would they buy it for $12K with a looming $200K debt??? This makes no sense to us... none of it? Any of you who have seen and are familiar with real estate fraud please chime in. Is this normal? Or is something else going on here? [link] [comments]  |
| Rolling Investment Property loan into Primary Mortgage loan Posted: 28 Dec 2020 09:51 PM PST Hi - wanting to get an opinion on the following. We have a condo rental at 4.125% @ 90K balance with 21 years left of 30 year. Primary loan at 2.875@ at 270K balance with 19 years left of 20 year. Since the rental is a condo and balance < $100K - the closing costs are just not worth it for a refinance in the 3's. So, our thought is to refinance primary loan into 15 year @ 2.125 with cash out to pay off the condo loan in full. The condo is cash flow positive and we can adjust to the 15 year higher monthly payments. I understand we'd lose the interest deduction on the rental as a tax deduction. On the flip side by going to the 15 year and paying slightly extra per month $100-200, we'd save tens of thousands on overall interest. We have no plans of moving anytime soon. What am I missing though ? Why else would this be a good / bad strategy ? Thanks for any insights. [link] [comments]  |
| Posted: 28 Dec 2020 05:47 PM PST Looking to buy a condo I liked for me and my wife and brother. The hoa cost is on the high side at 425 but it includes cable, internet, water, pest control , outside insurance , paint, roof , gated security and the maintenance . So it doesn't seem that bad when I think about it. The building is from 1973 and has good amount in reserves. What are questions that I need to ask the association manager when I speak to him tomorrow ? I'm going to ask about future assessments if any but anything else ? Thank you. [link] [comments]  |
| After a decade of procrastination I’m ready to change my life and study Real Estate Posted: 28 Dec 2020 08:38 PM PST Hey everyone! I'm going to study real estate in Australia next year (feb) Any advice would be very appreciated, I want to become familiar with real estate as much as I can before I start studying. I am awaiting a few real estate books I brought online but any reference for books will also be very appreciated 🤩 [link] [comments]  |
| Posted: 28 Dec 2020 01:50 PM PST As a current homeowner, my spouse and I would like to move up in house in the next 1-3 years. I have been thinking about the market and the rate at which homes in our area appreciate. I'm looking for some data/analysis and not sure where to find it. We currently have a 3 BR in the $500-$700K range (this is starter home territory in our market). We'd be looking at a 4-5 BR in the $800K-$1 million range. I understand no one can predict how much house prices will go up or down in the future. That is not my question. My question is whether there is historical data on whether home prices tend to appreciate at the same or different rates based on the price tier? For example, let's say our starter home went up 10% in value in the next 3 years, would you expect homes in the higher price tier ($800K - $1 million) to also go up about the same amount (10%) based on historical trends? Or is there data suggesting that homes in different price tiers appreciate at different rates? For example, since there are fewer potential buyers for a $1 million house, might houses in that price tier appreciate more slowly than starter homes? Has anyone seen data or articles on this? The reason I ask: If our house were to go up 10% over the next three years but prices for larger homes will track that and also go up 10%, we'd aim to move up sooner rather than later. However, if larger/more expensive homes tend to appreciate more slowly than starter homes (for example, our home goes up 10% over the next three years while $1 million homes go up about 5%) we might keep saving and looking for two or three more years before we move up to a new home. Thanks! [link] [comments]  |
| Posted: 28 Dec 2020 02:23 PM PST It is within my budget for the more expensive condo. But I am aiming for the bigger condo (pandemic space! It's 250 sq ft bigger for at least $100k cheaper) and just remodel the kitchen, bathrooms, all doors and hardware. The stuff is not broken. All clean and tidy. Just from the 20th century. At first I thought it was great but then I realize I actually may be needing more cash upfront with the fixer upper since the remodeling costs come on top of the DP. I anticipate remodeling to take 30k at least. Am I doing my math right? Is this worth the investment? [link] [comments]  |
| Posted: 28 Dec 2020 03:30 PM PST After $50k of renovation on my home (5% down payment w/ 3.25%), I am looking to refinance to 1. remove PMI, 2. get some cash out, 3. lower interest rate. From talking to a Lender, I can refinance at 2.5% or do a cash out at 2.75%. My original plan was to do cash out, but I don't have an immediate need for $50k of cash. This plan also raises principal and interest so my monthly payment is more than today's (without PMI in the mix). My other thought is to just do a refinance at 2.5%. However, if I want to do a cash-out in 2-3 years, will this expose me to a higher interest rate AND expose me to another closing fees? From this perspective, should I do a cash-out now even if that means keeping cash in the bank (or lower risk index) and paying higher monthly payment? [link] [comments]  |
| Mortgage professionals - how common would you say mortgage fraud is? Posted: 28 Dec 2020 09:58 AM PST Would you say it's 1% of loans, or much fewer, or much higher? I was looking at a report put out by FNMA regarding suspicious incomes with TPO loan applications in California, and wondering how common these sorts of things really are. What about occupancy fraud? Is it a big deal in the grand scheme of things? [link] [comments]  |
| Colorado - Do Leasers Inspect Property Before Renewal? Posted: 28 Dec 2020 02:22 PM PST Problem renter next to me (I'm an owner) has a one year lease, which is coming due. Do most leasing companies of single family homes perform property inspections before a lease is renewed? The property is trashed on the outside, and there is hope that their lease won't be renewed. I'm trying to find optimism that the leaser gives them the boot, and doesn't ask them to repair the damage and then allow them to stay in the house. [link] [comments]  |
| Difference between closing costs+sales price and mortgage question Posted: 28 Dec 2020 01:59 PM PST I know this might sound like a contrived question but I can't seem to find anything online. I purchased a home recently and am being led to a great job opportunity in another state. The home has appreciated a little bit since then (July 2020.) I'm sure it would sell for more than what's owed on the mortgage, but my question is with all the closing costs+inspection repairs+fees I will probably end up owing money on sale. I can get together $10-20k to bring to the table, but what if it's more than that? Are there debt consolidation or high interest personal loans that you can take out to cover this type of transaction? Wanted to be sure in case I run into something truly unexpected. I'm not fearful of these kinds of loans, I have great credit and will be getting paid more soon. Thx [link] [comments]  |
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