Is it a bad idea to live in the same building you rented to tenants? Real Estate |
- Is it a bad idea to live in the same building you rented to tenants?
- Mortgage Company asking to Fully Terminate Apartment Lease Before They Approve my FHA Mortgage
- Are we being too picky in buying a home?
- What am I missing with this house?
- Struggling to Buy (Conventional)
- Struggling to Buy (Conventional)
- Renovation Loans - Future Value Appraisal
- Ontario, Canada. We thought it was a legal triplex, the day before closing we are informed that it is only a legal duplex with a non legal third unit.
- I have a question/scenario that needs advice
- Pest problems
- Marriage + Qualifying for a Mortgage
- Home warranties- are they worth it?
- Conventional loan question?
- How long to get back to me after approval?
- Gift Letter - Taxation
- Any book recommendations?
- 2022 Conforming Limits
- NYC Transfer tax question when adding a spouse to title
- What real estate options are best for me?
- New York subdivision advice
- Zillow hit with multiple shareholder lawsuits
| Is it a bad idea to live in the same building you rented to tenants? Posted: 01 Dec 2021 04:53 AM PST A friend of mine asked me: if you had land and a house available, how would you develop your passive income? He has a terrain and a house on top. He was thinking about splitting the house into 2 flats, then building the first floor, and make another 2 flats, that makes 4 in total, in which 1 will be used by him, and 3 of thoose will be used by his tenants. Is it a bad idea to live in the same building you rented to tenants? [link] [comments] |
| Mortgage Company asking to Fully Terminate Apartment Lease Before They Approve my FHA Mortgage Posted: 01 Dec 2021 10:21 AM PST I am buying my first house. Currently I am renting an apartment. I close on Dec 13. So far I have been getting everything the lender needs to get final approval. Usually within 24-48hr of them requesting the documents. They are asking for me to provide documentation of a fully executed lease termination before final approval. Cost wise this is a non issue I've planned for the early termination cost. But having to fully execute a lease termination before I even know I can move in to the new house is bananas. Main concern what of it falls through. What if it gets pushed back. What if any number of unforseen things happen. I'm asking to risk being homeless on an almost guaranteed chance that I will get the loan and close on time. Is this normal. How do people risk this type of thing and accept it. I've talked to the leasing company about what if it falls though. Thoe stance is that your lease would be terminated and would need to reapply. But if someone else applies before you then you would need to vacate the apartment. [link] [comments] |
| Are we being too picky in buying a home? Posted: 01 Dec 2021 04:52 AM PST We have been looking for 5 weeks, seen probably 20-25 houses. We put an offer and we're accepted on one but upon the home inspection revealed some issues (roof was leaking and sagging because of some completely broken supports) so we backed out. We put an offer on another (completely rehabbed to include a foundation repair) house and it was accepted. We finally (after pulling teeth) got the warranty and structural engineer report from when the repair was performed in December 2020, which said everything was done according to plan (but no structural analysis or plumbing tests were done). The home inspection (done this week) revealed that the (new) foundation was out of tolerance and suggested a structural engineer take a look. The house is 73 years old, but everything in it is new. It has also been on the market for nearly 6 months. We backed out because of this potential issue. Should we have continued since there's a warranty on the foundation or is this something the seller should fix before selling? [link] [comments] |
| What am I missing with this house? Posted: 01 Dec 2021 10:22 AM PST First post on Reddit ever! Been lurking for a few years though. I wasn't sure who to ask so I figured I would start here. What am I missing with this house? On the market 75 days and recently sold in 2016 for much higher than current asking. The house is gorgeous and I don't see any overt issues with it. https://www.zillow.com/homedetails/3710-Knoll-Ridge-Dr-Eagan-MN-55122/1630746_zpid/ [link] [comments] |
| Struggling to Buy (Conventional) Posted: 01 Dec 2021 09:55 AM PST Hello r/RealEstate, I'm currently trying to get a house in a hot market (Southwest). We just lost a house listed at 500k, and we offered 5% over asking with waived appraisal. We had 20% down conventional and were approved for 540k on the approval letter. What else can we do to beat cash offers? Looking at the comps the houses nearby were going at an average of ~10% over asking, but they were priced much lower initially (low 400k's). Highest in the neighborhood sold for roughly 480k. Similar square footage, bed/bath, etc. Although, the 500k had some great updates. We are now looking at a different house (priced higher). Comps for this one show houses typically selling at 1% higher, but it seems they were priced high initially. Also, the house we want is much better than the comps IMO. We would be putting 20% down, but may inch lower with the lender in the event the house doesn't appraise (LTV ~85%, with 760+ credit scores). We are willing to take on PMI to win, and are thinking of offering 5-10% over with a 20-25k appraisal gap allowance, inspection for info only, doing what we can with lender to close as fast as possible (underwriting TBD status), offer short lease, offer anything to make moving easier for seller, escalation clause up to 60k over asking, don't need appliances (maybe just dishwasher and oven, but willing to take without), provide access to my lender to verify (local lender). Help seller with day to day moving tasks, and taking their kids to school (haha j/k, wait...). We have already sold our house and have cash in the bank to support sale. We have been living in a hotel for almost two months and the 5000k monthly bill for storage and rent is killing us. Also, hotels suck haha. I'm out of ideas, but I'm definitely open to more. Have considered Ribbon to compete with the cash offers, but I'd hate to go that route (uncertainty, risk). Oh, we would right a love letter, but we are cold professionals who are empty nesters... Its funny, but getting a house now feels more like getting a job to be honest. With the above terms (resume), and then lots of folks having to write love letters (cover letters). Thank you for everyone's time, I really appreciate any advice. [link] [comments] |
| Struggling to Buy (Conventional) Posted: 01 Dec 2021 09:42 AM PST Hello r/RealEstate, I'm currently trying to get a house in a hot market. We just lost a house listed at 500k, and we offered 5% over asking with waived appraisal. We had 20% down conventional and were approved for 540k on the approval letter. What else can we do to beat cash offers? Looking at the comps the houses nearby were going at an average of ~10% over asking, but they were priced much lower initially (low 400k's). Highest in the neighborhood sold for roughly 480k. Similar square footage, bed/bath, etc. Although, the 500k had some great updates. We are now looking at a different house (priced higher). Comps for this one show houses typically selling at 1% higher, but it seems they were priced high initially. Also, the house we want is much better than the comps IMO. We would be putting 20% down, but may inch lower with the lender in the event the house doesn't appraise (LTV ~85%, with 760+ credit scores). We are willing to take on PMI to win, and are thinking of offering 5-10% over with a 20-25k appraisal gap allowance, inspection for info only, doing what we can with lender to close as fast as possible (underwriting TBD status), offer short lease, offer anything to make moving easier for seller, escalation clause up to 60k over asking, don't need appliances (maybe just dishwasher and oven, but willing to take without), provide access to my lender to verify (local lender). Help seller with day to day moving tasks, and taking their kids to school (haha j/k, wait...). We have already sold our house and have cash in the bank to support sale. We have been living in a hotel for almost two months and the 5000k monthly bill for storage and rent is killing us. Also, hotels suck haha. I'm out of ideas, but I'm definitely open to more. Have considered Ribbon to compete with the cash offers, but I'd hate to go that route (uncertainty, risk). Oh, we would right a love letter, but we are cold professionals who are empty nesters... Its funny, but getting a house now feels more like getting a job to be honest. With the above terms (resume), and then lots of folks having to write love letters (cover letters). Thank you for everyone's time, I really appreciate any advice. [link] [comments] |
| Renovation Loans - Future Value Appraisal Posted: 01 Dec 2021 09:15 AM PST Has anyone gone through a renovation loan (like a HomeStyle loan or similar product) where it took the future value of the home? I'm curious how the future value appraisal went compared to your initial expectations. [link] [comments] |
| Posted: 01 Dec 2021 08:47 AM PST So we have made all arrangements to purchase a "legal triplex", the day before it is set to close our lawyers tells us that after doing a zoning search that the property is zoned R1-5. Which is a single unit dwelling with an ammendment for a second unit. So in reality this isn't a legal triplex it is in fact a legal duplex with a third non legal unit. At this point we do not want the deal to close. We have extended the closing date by one week to allow the lawyers to look further into the zoning issues. Both sides lawyers have confirmed that it is in fact not a legal triplex. What options do we have at this point? We do not want to close on this property because it is not what we were under the impression of. The seller has signed all the paperwork stating that it was a 3 unit dwelling but officially it is not. We had signed a firm agreement leading up to this point but wouldn't this be a breach of contract on the sellers side? Any advise is appreciated. Thanks in advance [link] [comments] |
| I have a question/scenario that needs advice Posted: 01 Dec 2021 07:52 AM PST My dad is a broker in a different city than where I'm trying to purchase a home. He lives a few hours away and so it's not like he can commute to show me a house. I spoke with the listing agent about a house that I was interested in, and was shown the house. I made it clear that my dad would be the buying agent. At the end of the showing the agent said that my dad would not receive the commission, but would receive a referral fee. The agent said it is because he isn't in the "market" for this area and isn't apart of the local board. I relayed this to my dad and he was pissed off. He said that is not true, but yet he isn't 100% sure since this is never a scenario he's had to deal with. He is trying to get an answer from the state board, but hasn't had any luck connecting with someone yet. My dad can come this weekend, but I feel as if if he burns bridges with the listing agent/company then they won't allow him access to the house (if that's how it works, idk). What is y'all thoughts and opinions? My dad lives in Atlanta and I live in Augusta. The local board is the Greater Augusta Area Realtors. Also, my dad would be the one doing all the hard work writing up the contract and whatever else is involved. The listing agent/sellers agent would just be showing me the house. [link] [comments] |
| Posted: 01 Dec 2021 11:05 AM PST We live in a pretty rural area. Pests are inevitable (mice specifically). In our current home, we were never able to completely get rid of them (even with professionals) but they were barely noticeable. We mostly managed it ourselves and we never had a mouse in spaces of our house where we spend our time. They were mostly in the garage, once or twice in the basement. The owner of the house we are looking to buy said they have mice. I am not surprised. However today they mentioned that every winter they get a mouse in their kitchen. I am not sure how to proceed. A professional doesn't solve the mouse problem, they just manage it. I am feeling like this is a long term commitment to needing professional pest control and there is no real negotiable solution. [link] [comments] |
| Marriage + Qualifying for a Mortgage Posted: 01 Dec 2021 11:01 AM PST Me and my partner of 5+ years are planning to get married sometime in the next two years. They are a full-time student with $100k+ in student debt from undergrad and their current PA degree. I have no debt and a large salary. We were thinking about getting married on paper only before the end of the year for tax purposes (since he makes $0, it would save us a couple thousand dollars). However, if we get married, will that significantly reduce the mortgage I qualify for (since my debt goes from $0 to ~$175k) and/or hurt our potential mortgage interest rate? We plan on buying a home as soon as he has an income (2023), so could wait to get married till after that and I could buy the home on my own. Any thoughts appreciated! Thanks! [link] [comments] |
| Home warranties- are they worth it? Posted: 01 Dec 2021 10:52 AM PST Pretty self explanatory. We are considering the purchase of a home warranty on the home we are under contract to buy. I've read a bit about the company - choice warranties. I wondered what experiences you have had with home warranties in general and or choice warranty specifically. [link] [comments] |
| Posted: 01 Dec 2021 04:16 AM PST I'm interested to buy a duplex in another city. If I use a conventional loan and put 15% down. Do I have to live in the property? And if I do, can I use an FHA afterwards( a year later) if I do not live there?if I recall, FHA is first time home owner, but I'd own a home technically? Thanks for the help! [link] [comments] |
| How long to get back to me after approval? Posted: 01 Dec 2021 06:13 AM PST So I was told today that I've been approved to rent my dream place I've been hoping to get. However I haven't been given the lease to sign and bank details to pay yet and I was ready to do that today? Does it take time sometimes to prepare this? [link] [comments] |
| Posted: 01 Dec 2021 09:45 AM PST Mother, wife and I are buying a property together. Mother's secondary residence. Wife and my primary residence. Mother's portion of the sell price is being paid at closing as a down payment. Remainder of sell price is being mortgaged by me and my wife. She will be wiring the funds directly to the title company. Lendor wants her to fill out a gift letter showing that she is "gifting" the amount to us. This doesnt seem right, and I'm worried that she'll be taxed on the amount above the allowable gift/donation amount by the IRS. Any insight would be helpful. [link] [comments] |
| Posted: 01 Dec 2021 03:34 AM PST Hi everyone! I'm looking for some reading material for learning. I'm a bit lost when it comes to the amount of books written about real estate investing and I was wondering if you have any recommendations. Much appreciated! Thanks. [link] [comments] |
| Posted: 01 Dec 2021 08:26 AM PST The maximum Fannie Mae, Freddie Mac, FHA mortgage amounts have gone up. WAY up. I found a site that you can see the entire country broker down by county in a spreadsheet format. https://conforminglimits.com [link] [comments] |
| NYC Transfer tax question when adding a spouse to title Posted: 01 Dec 2021 07:29 AM PST Hi, I live in NYC and I am refinancing my home mortgage. I am the only name on the title currently and would like to add my wife to the title. Will I be charged the transfer tax for adding my spouse? Or is the transfer tax only applicable when selling? Thanks. [link] [comments] |
| What real estate options are best for me? Posted: 01 Dec 2021 07:16 AM PST I own a side business that I would like to focus on and begin full time this coming April. I make 36k yearly at my full time job NOT including my business. I would like to see what options are best for me to make that 36k back yearly. I have 50k to invest thanks. [link] [comments] |
| Posted: 01 Dec 2021 06:31 AM PST I am new to real estate investing. I am wanting to buy some property and subdivide it and sell the individual lots. I can't even get an engineering firm to call me back. The zoning is residential 2 acre lots. So far I have picked up that I need the town to build a road into the property. Aside from about 200 feet of road access the priory is completely surrounded by other residential properties. I already called the town and there is no filed survey. So this is what I understand about what you need to know about buying property to build on: Is it level Is it buildable No sewer here so what is the soil perk test? Is electric and internet/cable run? Getting approval from the town How do people buy a property they know nothing about? Can I make an offer contingent on a land survey? How do people make an informed decision on buying unsurveyed property? Have I missed any other considerations? [link] [comments] |
| Zillow hit with multiple shareholder lawsuits Posted: 30 Nov 2021 03:49 PM PST https://www.housingwire.com/articles/zillow-hit-with-multiple-shareholder-lawsuits/ Zillow's Chief Operating Officer Jeremy Wacksman virtually appeared this September at a conference held by investment banking company Piper Sandler, and proclaimed, "The strength and the appeal for Zillow Offers just continues to grow. And we're even more confident now that this is going to be a service really in all-weather markets." Six weeks after Wacksmans' remarks, Zillow said it was winding down an iBuying program responsible for the majority of the company's revenue and operating expenses. Zillow CEO Rich Barton stated Zillow Offers' price forecasting model was too volatile. A pair of lawsuits on behalf of Zillow investors cite this statement by Wacksman – and similar rosy claims in 2021 by Barton and Allen Parker, the company's chief financial officer – as illegally misleading investors. Shareholders routinely file lawsuits if a company's stock price plunges, and these cases are no different. Zillow had a market value of $48 billion on Feb. 10 following a company earnings report; its market cap was $13.8 billion at the close of Nasdaq trading Monday. But the Zillow lawsuits raise the question of whether executive's upbeat pronouncements were not mere self-promotion but "materially false and/or misleading statements" in violation of the federal Securities Exchange Act. Zillow has not yet filed a reply to the cases, and the company declined to comment on them, besides a statement that, "We are aware of the lawsuits filed recently and we are currently reviewing them. As a general practice, we do not discuss pending litigation." The first shareholder lawsuit was lodged Nov. 16 in federal court in Seattle on behalf of Dibakur Barua, and the proposed class action does not describe who Barua is other than someone who "purchased or otherwise acquired Zillow securities between February 10, 2021, and November 2, 2021." Besides the company, Barton, Parker, and Wacksman are each named as co-defendants. Statements, like those from Barton repeatedly calling Zillow Offers a "durable" service, "created in the market an unrealistically positive assessment of the company and its financial well-being and prospects, thus causing the company's securities to be overvalued," the lawsuit reads. The Barua case has been assigned to Thomas Zilly, the judge presiding over real estate brokerage Rex's lawsuit against Zillow and the National Association of Realtors. The second lawsuit was filed Nov. 19 in Seattle federal court on behalf of Zillow investor Steve Silverberg. The Silverberg lawsuit also proposes a class action to collect monetary damages on behalf of plaintiffs who bought Zillow stock between Feb. 10 and Nov. 2. Other lawyers, meanwhile, are on the hunt to find a plaintiff so they can file a lawsuit of their own against Zillow. A New York law firm, Brager Eagel & Squire, fired off a press release Monday that it "encourages investors to contact the firm." Besides lawsuits, Zillow is also contending with TRC Capital Investment Corporation, a Canadian company that on Monday offered to buy up to two million shares of Zillow's Class C capital stock for $55 a share. The offer to Zillow shareholders stands until Dec. 15, TRC Capital announced, and it is known as a "mini-tender offer." A tender offer is when shareholders are solicited to sell their stock at a certain price during a particular time window. A mini-tender offer is when the soliciting investor looks to buy less than 5% of the company's shares. The Securities and Exchange Commission warns that mini-tender offers trigger little regulatory scrutiny, with a 2008 SEC note stating, "Some bidders make mini-tender offers at below market prices, hoping that they will catch investors off guard." Invoking this SEC language, Zillow advised its shareholders to reject TRC Capital's solicitation. [link] [comments] |
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