Just "accidentally" paid it forward as a landlord. Good experiences can stick with us through the years. Real Estate |
- Just "accidentally" paid it forward as a landlord. Good experiences can stick with us through the years.
- What to never do as a landlord.
- PSA: Take anything written about Redfin here with a grain of salt
- Scam?
- Experience Listing with Redfin
- Redfin listing agent intentionally inflates square footage by 30% and wastes everyone's time
- Problem with hoa
- Legality of broker changing terms of loan?
- Buying a 1 bedroom apartment
- Seller breaching contract immediately.
- Difference in interest rate between 5%, 10%, and 20% down payment?
- COVID forbearance ending this month. Really need help understanding my options (Wells Fargo)
- Worried buyer will not be able to close
- What Banks Will Allow You to Take Out A Third House Mortgage?
- Conventional loan - No tax returns?
- put up house for sale in a hot market, first person to tour makes an offer and his term is that we accept today.
- Idea to stop college students from trashing my property
- Can a seller cancel a contract if an inspection issue turns out to be a much bigger issue than thought?
- Is it OK to refinance my primary home mortgage within 2 months of closing?
- Any ideas on the next big real estate bubble?
- white + black exterior paint trend for flipped/remodelled homes
- title insurance
- Not sure what is the best way to proceed
- Buying without realtor
| Posted: 02 Sep 2021 01:37 PM PDT 20 years ago in my second apartment. The stove wasn't working one morning. Called the landlord when i got to work. Didn't really expect anything of it. But when i got home that evening. There was a brand new stove in place. I was so happy cause i thought i'd be out a week or.. who knows. It was a nicer better stove. I was happy to cook on it. Fast forward to now. My tenant texted me that the fridge stopped working on Saturday. I was like oh no. I started searching around for a new fridge. But all the home depot and bestbuy ... earliest deliveries were 9/7 - 9/23. i kept looking to different appliance stores finally found one that would deliver to them NEXT DAY. it cost more $ , but it was really important for me to get it to them ASAP for some reason. After confirming the order , spoke to some other friends that had investment properties. They were all like... why? just wait a week, save $. totally unnecessary to get it next day! I thought about it and remembered way back to my experience with my good landlord. And that stuck with me. And i don't regret it just to save a few hundred. [link] [comments]  |
| What to never do as a landlord. Posted: 02 Sep 2021 07:25 AM PDT A lot of new home buyers in this forum, first time and investors. Here's just a fun tidbit. If you buy a house that has a tenant, yer a landlord, Harry. Doesn't matter if the lease ended. Doesn't matter if it was a foreclosure. Doesn't even matter if they said they would vacate, but end up staying. Doesn't matter if they have been served an eviction notice, as long as they haven't vacated yet. Doesn't matter if they are moving out on the day of closing. Until they are out... You're a landlord. Those that don't want to deal with this, make sure the tenant is physically out of the building and their belongings are out prior to closing. Now, because this landlord tried to pull a stupid, this landlord has a pissed off tenant. It's a bad day when you have an expensive asset at the whim of someone that has secured it for one months' rent, and they are mad at you. They will shit on your carpets and flush bones down your kitchen sink, I guarantee it. Being a landlord isn't just about "taking free money from the lower classes". It's keeping the property repaired, it's building relationships. I swear I get to know my tenants more that I have to fix shit. It's kinda like that banking joke -- Owe the bank 100k? You have a problem. Owe the bank 100 million? The bank has a problem. You're the bank in this equation, and the numbers are just a bit smaller. Edit - of course your local laws will trump anything I posted here, get familiar with those! [link] [comments]  |
| PSA: Take anything written about Redfin here with a grain of salt Posted: 03 Sep 2021 03:01 AM PDT Most real estate agents hate Redfin beacuse Redfin offers lower fees. Redfin can offer lower fees because their agents don't spend time looking for clients. Ask any real estate agent and they'll tell you they spend most of their time looking for new customers. Redfin's website and app generate the clients for their agents. Because Redfin can lower fees, it causes other agents to lower their commission as well. This is why most real estate agents have had a huge agenda against Redfin for over a decade now. And it's not just an online thing. Agents actively tell lies about Redfin offline as well. On average, you're actually more likely to receive better service from Redfin than another brokerage:
Disclaimer: I bought and sold with Redfin before. [link] [comments]  |
| Posted: 02 Sep 2021 06:56 PM PDT I had a man come to my house today saying he had scheduled a showing with the owner (knew my fiancé by name) for 2pm. I insisted our home was not for sale but he would not believe me. This conversation was all happening through my ring doorbell so I had my fiancé jump on. He told the man that he had not spoken to him and that the house was not for sale. He gave my fiancé the phone number of the man he was texting with and my fiancé said it wasn't his. The man went and sat in his car for 30 minutes in front of our house. When I finally got home, I looked over all the videos from my doorbell and the man tried opening our front door and garage door while he was waiting for someone to answer. Now we are very confused and concerned. Has anyone heard of this happening? Should we be concerned? Edit: Police were called. Just curious if anyone else has experienced this. [link] [comments]  |
| Experience Listing with Redfin Posted: 02 Sep 2021 12:09 PM PDT TL;DR: You get what you pay for, and my experience working with a Redfin agent was that they were not actually invested in selling my house if it required doing any actual selling work beyond Redfin's automated marketing. ___ I listed my house in June with Redfin given their lower commissions and how hot the market was, figuring that as long as the price was reasonable the house would sell itself. Timing of listing ended up being unfortunate, with a crazy 116 degree heat wave the first weekend and 4th of July the second, the state (OR) starting to reopen so folks had other things to do with their time, and the perceptions of the market starting to cool. House sits for a couple of weeks after listing without much action. No check ins from agent, no updates on showings. When I ask to be kept in the loop on showings and feedback, they simply forward me responses to the 5 question survey they send to buyers agents who view the house while failing to provide any additional context or construct any kind of larger narrative about what is going on, where the issues are, etc. Absolutely no indication that they are actually putting any effort to sell the house or speak directly to agents about it. I have them pull the listing down after about 3 weeks so I can make some curb appeal upgrades - new roof, new paint, new sod. Put it back up a little over a month later, only to realize that they failed to actually cancel the initial listing, so it shows as being listed for 50+ days. At the same time, they relisted at the original price instead of the higher price I requested to reflect the upgrades. So, house shows as having been sitting for almost two months and also now has a random sizeable price increase. Great. House gets more action but no offers. Still no indication they are putting in any actual work. I request and plan an open house to coincide with foot traffic from the local street fair. 20+ groups view the house, but the only feedback I get is an email containing 4 random bullet points of quotes from a few viewers, and not until a few days later because the Redfin agent who hosted the open house was out of the office. A couple more weeks and we are getting to the end of the initial listing contract. The agent texts to say they will send over an extension for me to sign. When I tell them I won't be continuing with Redfin, their entire response is "Gotcha!". This, to me, perfectly encapsulates how little they actually cared about selling my house. No questions on why I wouldn't continue with them or what I was going to do next. Just "gotcha." They are getting paid either way, so why should they care if my house sells? I'm lucky in the sense that I don't really need to sell beyond a desire to break away from my normal day to day for a while... *for the right price*. If I had a real, pressing need to sell, my experience potentially could have cost me tens of thousands of dollars. Anecdotally, I've since talked to several traditional agents who have told me that traditional agents tend to cringe about having to work with Redfin. There's always multiple layers of agents, associate agents, coordinators, etc., to deal with and generally speaking none of those people are truly invested in getting the deal done. You get what you pay for. I will never work with them again, and I will never refer anyone else I know to them. [link] [comments]  |
| Redfin listing agent intentionally inflates square footage by 30% and wastes everyone's time Posted: 02 Sep 2021 04:37 PM PDT Another horror story here that I want to share. So my buyer saw a place in the Phoenix metro area that is in average condition but selling below prevailing price/sqr ft. We made a quick offer and were in contract the same day. Then the buyer discovered on the county assessor's website that the square footage was off by 30% . I reached out to the Redfin agent, presented all the findings and evidence, asked for clarification but he got extremely defensive. Well, as one can expect, we cancelled the contract, inspection, loan etc. All in all, just a complete waste of everyone's time. But 3 days later, the same listing is back on the market, nothing corrected, waiting for the next gullible buyer and a new round of time wasting. I really want to tell all my buyers to ignore all future Redfin listings. Just a rant. [link] [comments]  |
| Posted: 02 Sep 2021 11:41 PM PDT As a person of color, I believe the hoa is being racist against me. They want me to cut down a tree and replace a fence. Previous owner was white woman. And they didn't ask her to make any changes. She lived in this unit for 12 years. Problem is I am stuck. Yes, price has gone up but there's nothing else to buy within my price range. [link] [comments]  |
| Legality of broker changing terms of loan? Posted: 02 Sep 2021 11:32 PM PDT Ok well, this isn't really a big deal but I'm in a situation where I'm waiting for the city to approve the APN of a townhouse I got an offer accepted on. With that said, I also at the same time wasn't sure where rates were going and decided to lock my 30 year fixed rate. It was taking awhile, but the developer offered to return the deposit and allowed me to walk away if the APN didn't come by the time the rate lock expired, which was for 30 days, which was nice because if it expired I would have to pay extension fees. Im currently on day 7 Once my broker found out I had locked my rate out he called my lender to pay for it to be a 60 day lock instead of 30. This cost him 1000 While this seems like a nice gesture I'm curious and skeptical about two things
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| Posted: 03 Sep 2021 03:03 AM PDT I make about 16k which is about 10k a month (after taxes) in my profession at the age of 24. I have about 35k saved. My profession when I work everything is paid for (food housing,flights,etc). So 6 months to 8 months I have 0 dollars in expenses. I'm thinking about buying a 1 bedroom apartment in quebec city for about 134k. Once that's paid off I'll not have to pay rent anymore and will have to only pay condo fees and taxes. My question is I could easily by a house but it would be only for me and plus I don't see the benefit. If you are living life you shouldnt be at home right ? Plus a house would fixed me at 25 years of paying a mortgage. I could pay off the apartment in 2 maybe 3 years. What do you all think ? Apartment house or neither ? [link] [comments]  |
| Seller breaching contract immediately. Posted: 03 Sep 2021 02:55 AM PDT Hi all, looking for some advice. I made an offer on a home in LI and the seller's attorney has been playing nasty games with us -- trying to prevent us from doing our due diligence/shedding their own liability w.r.t. inspections/legal documents/getting out of appraisal contingencies/etc. They've been doing this under the guise of "you had better agree to our terms, or we'll just sell to someone else". I called their bluff, encouraging them to sell to someone else who doesn't care about inspecting the property/getting a loan underwritten. They of course didn't, because they're full of shit. Nevertheless, this negotiation took a few weeks, and I had to make some compromises in order to finally get them to sign a contract of sale. The whole time, again, these people were being assholes acting like I'm delaying the sale of their home by asking them to sign a standard sales contract and doing my due diligence. On the same day they signed, I send them an email saying "great, how do you want to pay for inspection X that I'm scheduling?". They say they don't, that they don't have to. It's right there in the contract they signed, in black and white. Based on their tone of response, it seems like they'll try the same trick of refusing to move forward if I don't agree to their idea of terms. At this point though, I have a signed sales contract, they have my deposit, and they are under contract for the next home they are moving in to (contingent on their sale to me). I feel I have all the leverage at this point. Am missing something? Also, what would you do in this situation? I'm considering acquiescing to further bullshit from their end, just to make this go through smoothly. On the other hand, they've already shown me that they aren't afraid to try and nail me in these negotiations, so I'm tempted to just take them through the courts in order to enforce my contract, regardless of how that affects their lives (I guess they will lose the next home, and have to find money to fight with me in court, now that their house equity is locked up). Another option is to try and back out. I don't see why though -- I'm completely in the right here. I have a sales contract, signed. They have my money. I want my property. [link] [comments]  |
| Difference in interest rate between 5%, 10%, and 20% down payment? Posted: 02 Sep 2021 04:59 PM PDT I'm interested (FTHB) in buying a condo (or possibly other type of low end housing but for all intents and purposes let's just say condo) in the near future when the market gets better. I'm currently working as a trucker to save up the down payment, but I really do not like it. But its a good way to save up. So I got my price range in mind, blah blah blah, and I will be going around to mortgage lenders and asking when I can take some home time, but I'm looking for some general numbers.... What's an estimated difference between 5% down, 10%, and 20%? Also I'm aware of the PMI with lower than 20% down, and 2-4% closing costs. If it matters it will be in south Carolina. [link] [comments]  |
| COVID forbearance ending this month. Really need help understanding my options (Wells Fargo) Posted: 02 Sep 2021 11:01 AM PDT Let me start off by saying I am extremely dumb when it comes to this stuff, so please take it easy on me. I've never had anyone to help me with things like this. Long story short, I have a house under my name and my brother's name (we have the only income in the house), and my parents and siblings live with us. When I entered forbearance with Wells Fargo, my balance was $270,000. Now, I owe $45,000 in missed payments. I stupidly thought that my options at the end of the forbearance was simply either pay in full or Wells Fargo would just extend the loan to cover the missed payments (this is what I wanted). Looking at the letter I received from them now, the options seem more complicated: https://imgur.com/jf4Z1TE It sounds like the "loan modification" is what I thought would happen correct? The issue is it says I will need financial documents and that is my worry. I started a business which is now going slow, and my tax returns for last year do not show a good profit, and my brother has been unemployed since he got laid off due to COVID. I just want to get a better understanding on the loan modification thing I mentioned above....if it's even possible for me to do before I give Wells Fargo a call and say something I will regret. Does anyone know what this entails and if it's even going to be possible to do if my brother isn't even working anymore and my income is very slow this year? One important thing to mention is I plan to sell the house by summer of 2022. I know another option is to pay the missed payments once I sell the house, but $45,0000 is such a large amount. I really thought I could just extend the loan and have my balance remain the same, without a hassle. [link] [comments]  |
| Worried buyer will not be able to close Posted: 03 Sep 2021 01:26 AM PDT We have an offer on our house, buyer states annual income is 65K gross. How exactly did he qualify for a 490K house? 20% down (gift)...Still though the house is 7X+ his salary. Should I be worried that buyer cannot close this loan? Considering rejecting the offer. Just dont want to waste time. Would prefer to wait a little bit more for a stronger buyer...WWYD? [link] [comments]  |
| What Banks Will Allow You to Take Out A Third House Mortgage? Posted: 03 Sep 2021 01:24 AM PDT First loan my husband has is a VA, second is an investment loan, and the third would be an investment loan. The loan originator at Wells Fargo did not voice any concerns about a third mortgage. She only said that his debt to income ratio would have to be below 40% total. Any new loan approved would have to fit within that as well. Googling it on the other hand makes it sound impossible... Has anyone been able to take out 3+ home mortgages? If so, how many, what kinds of loans, and what bank(s)? Details would be awesome, thank you! [link] [comments]  |
| Conventional loan - No tax returns? Posted: 03 Sep 2021 01:04 AM PDT Make a long (boring) story short, I'm under contract and my original lender is unable to clear me due to not having tax returns. My mid score is 620 and I have great income of over 120k + (bank statements to prove) but don't have tax returns, really just out of being irresponsible. I'm self employed. I've already hired an accountant to file my taxes for the last 4 years but that just won't be completed in time and I'd hate to lose the house. Any recommendations on lenders that can work around this? Any insight would be greatly appreciated, thank you [link] [comments]  |
| Posted: 02 Sep 2021 04:17 PM PDT his offer details aren't bad, above asking (our listing price imo was slightly high to begin with) in a price range we are content with, VA loan with some down pay which gives us a bit of piece of mind, and a decent appraisal gap promised. some caveat - he wants to move in right away prior to closing in a lease, paying us a daily rate, until closing AND wants us to give him a response TODAY, the day he made the offer. any red flags? the lease portion only screams headache to me so i probably won't consider that - but wanting some more insights and help. we just put it on market last night, and he was the first to tour. [link] [comments]  |
| Idea to stop college students from trashing my property Posted: 03 Sep 2021 12:25 AM PDT Hello! Short term lurker, first time poster here. I have been considering a way to incentivize my tenants to keep extremely good care of my property that would hopefully save more in maintenance costs and headaches than it costs. I couldn't find a post about it on the sub so here we are TLDR: I want to implement a "reverse security deposit" that pays tenants at the end of the lease their deposit and then some for taking good care of the property. Has anyone heard of this and if so what were the results? Current situation: I currently own a home in a college town that I'm living in and renting 3 rooms out to friends in order to save money for my next real estate investment. The house sits on a double lot and I plan to build a new home on the other lot and rent both homes out to students. Once the current school year is over I'm finding a new living arrangement (without roommates) and renting both homes to tenants that I don't really know (all my current tenants are graduating college). Ideas: Obviously college students pose a larger risk for damage to the property. My goal is to offer the students an affordable deal (compared to super pricey college dorms) while giving them benefits like local restaurant gift cards and furniture sets for rent. Meal cards and furniture pieces are typically only available with campus housing and will make the off campus living transition easier for my tenants (and allow me to charge more rent). In terms of a security deposit, I'm considering a bonus at the end of the lease term for leaving the house in the same if not better condition. So if the deposit was $1,000/person, they can get $1,250 back if the house is in great shape. In a perfect world they'll be more careful and hold other roommates accountable. All of this combined will make the home much more attractive to rent IMO, and I think it will increase my odds of getting quality tenants that take care of the home, renew their leases, and refer their friends. You're probably thinking, "why give up any profit when they pay security deposits that can cover damage anyway" and my response is: I graduated college last year. I had friends that trashed houses and had to mitigate with their landlord on repairs. It was a headache for both parties. I knew people who purposely treated their rental like trash because the landlord was slimy. I feel like if I can create good faith and offer up some moolah to broke college kids it will alleviate countless headaches and limit my maintenance/vacancy costs. It is worth mentioning that I am a total rookie. I have only owned my home for one year, I bought it from my college landlord on the low. I am learning a lot but still have a ways to go, any and all advice is welcome and greatly appreciated :) [link] [comments]  |
| Posted: 02 Sep 2021 03:26 PM PDT So the inspector found one line of knob and tube in our attic, and as a contingency, the buyers wanted that fixed since they consider it a safety hazard. We agreed, but then after an electrician came out it is much more than that one line, and apparantly knob and tube goes to multiple fixtures on both floors of the house because my realtors electrician started opening outlets and light fixtures to see what is there. I've had the house inspected twice before and no one ever found live knob and tube. So if this is going to cost like 15,000 to fix, is that grounds for us, as the seller, to cancel the contract since it is way more than one line in the attic, as was assumed? Would that be legal? [link] [comments]  |
| Is it OK to refinance my primary home mortgage within 2 months of closing? Posted: 02 Sep 2021 04:14 PM PDT Would there be any legal action taken by the initial lender that I moved over to another mortgage company for refinance within 2 months of closing? How can I be prepared so there's no problems from the old lender during or after the mortgage transition to new lender? [link] [comments]  |
| Any ideas on the next big real estate bubble? Posted: 02 Sep 2021 11:25 PM PDT These prices are pretty high. My house has doubled in price since I bought it 8 years ago. Back in 2007, you did have a few guys that accurately predicted all the real estate trouble. Not real hard, right? I mean just look at the situation and it becomes pretty clear. But do we have any idea when this current real estate bubble may pop? They always pop, the prices never just keep going up forever. [link] [comments]  |
| white + black exterior paint trend for flipped/remodelled homes Posted: 02 Sep 2021 02:20 PM PDT Is white + black exterior paint the new gray when it comes to renovated houses going up for sale? I've noticed that many remodelled/flipped houses going up for sale have that color scheme (slightly creamy white walls and a kind of iron-black trim). The only difference is that the houses with the white and black usually look higher end in terms of interior finishes and appliances than the gray interior/exterior ones. Just curious. [link] [comments]  |
| Posted: 02 Sep 2021 03:53 PM PDT Why does it take so long for a title abstract and insurance commitment? I am reselling a house now that I bought for cash late last year, shouldn't it be easy enough for the same/previous insurer to just research the past year, see that there has been no mortgage/judgements, and provide an updated abstract and policy to the buyer? The title order forms I've found all ask for details of the buyer, lender, etc - is that the only way to do it? If you're listing a property, is there no way to pre-order / get the abstract done so it's ready when you have a buyer, instead of starting then and waiting around for several weeks? [link] [comments]  |
| Not sure what is the best way to proceed Posted: 02 Sep 2021 05:55 PM PDT Hi, I'm looking at buying my first house. I will be using a VA loan in VA state. My mother is selling her house and will be moving in with me into the new house when I buy it. She wants to give my share of her house inheritance and since I've been paying a part of her bills for the past few years. I want to put that as a down payment even though VA loans don't need a down payment to keep the payments lower. The thing is, I don't know the process for all this. I know you can to some kind of contingency for a buying a house when you sell a house, but with the way the market is around here, the only houses that last more than a few days have significant issues or overpriced. Is there some other kind of option? Also, since I'm technically will just be getting my inheritance on the house early, I'm assuming there will be some tax implications? [link] [comments]  |
| Posted: 02 Sep 2021 09:18 PM PDT Hi guys, pretty dumb question but I really need help with it. I am currently a mortgage broker looking to purchase my 3rd investment property. I also have my realtors license. However I have never actually used the real estate license so I don't know too much about that side of the transaction. Previously I have used my coworker as the realtor but I wanted to try this solo since I can save the 2.5%. Can someone direct me as to how I even start the process? How do I even find listing agents info(looking in San Diego, Ca)? Is there a standard RPA template I can use? When I lift loan contingency's is there any forms/documentation to fill out? I will also be doing my own loan but have done plenty of loans so I really just need a breakdown of what realtors do during the transaction and how they do it. It'd be a shame to let this realtors license keep going to waste and paying $15k in commission simply Bc I am missing a few key aspects. Any help is appreciated!! [link] [comments]  |
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