Property inheritance question Real Estate

Property inheritance question
Appraisal came in low, but the Seller says they already have an appraisal?
Selling and buying
Considering renting out my current home while I live elsewhere and looking for tips and advice.
Use my college courses for license?
Starting as an agent in NYC
Interested in purchasing 2nd property, need direction...
Trying to get two properties…
I made a video summing up my first RE deal!

Posted: 19 Dec 2021 04:41 AM PST

So my wife and I just inherited a 400-500 thousand dollar property from her Grandfather. We were not expecting this and neither was her family. In a perfect world we would sell our current house, add the profit to our retirement fund/college funds for our kids and move into her grandpa's house. My wife's parents were anticipating to live in this property after he passed and asked us to give it to them. I know this is unreasonable and I'm not planning on doing this but I don't want to completely ruin our fairly good relationship with them.

We don't need this money right now, but we don't want to just completely give it up. I had an idea to lease the property to them for 1$ a year until their death, and write up a contract stating they are responsible for taxes, utilities, insurance, and upkeep. My wife and I are both ok with this compromise; her parents would have a place to live and we wouldn't have to split her inheritance with her siblings upon her parents death. I'd like to get advice as to whether this is possible, whether or not we're missing anything, or there's another idea out there that would get us a similar result.

submitted by /u/lantsling
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Appraisal came in low, but the Seller says they already have an appraisal?

Posted: 19 Dec 2021 08:43 AM PST

We're under contract for a 2 bed 2 bath at $300k (more than I'd ever thought I'd be paying for such a small condo in Utah but here we are) and just got our appraisal back for $275. We thought that'd be awesome, we can negotiate down etc. So we tell the seller and he says "Oh, I already got an appraisal, it came in at $295."
So we're... not sure what to do from here. He's gonna send us the appraisal so we can look at it, maybe it's a little older or something? I know paying $25 over in this market is pretty commonplace but if it appraised for $275 right now my instinct is to pay as close to that as you can, I'm not even sure a bank will finance us higher than that since they were the ones that ordered the appraisal.
I'm struggling to even think of a negotiation approach when the seller is totally comfortable holding for the right price and has an appraisal of their own in their back pocket.

TL;DR
Seller had an appraisal of their own, for $5k under asking, when our appraisal came in at $25k under.

submitted by /u/mindfulchris
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Selling and buying

Posted: 19 Dec 2021 09:40 AM PST

Hi, I'm new here looking for some advice on how to sell my condo. Bought my condo cash in 2020; I wish we waited because now we want something larger. Looking to use the money from the condo as a down payment on our next home. How could we work it out so we don't end up with no where to go. I've heard of a rent agreement with the buyer; where we can stay until we find close on a new home. What would be the best option?

submitted by /u/ohmysunnyday
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Considering renting out my current home while I live elsewhere and looking for tips and advice.

Posted: 19 Dec 2021 08:10 AM PST

I'm a single person living in a home that I inherited from my father's passing. It currently has 4 bedrooms. What I am considering within the year is me moving from here into another rental while renting out the 4 bedrooms each for $800 monthly and converting an extra living room into another bedroom for a total of 5. Tenants will have access to the yard, kitchen and living room, 2 bathrooms.

I'm also wondering about getting a loan to spruce the place up a bit and convert the 5th bedroom over. I'm currently employed and the mortgage for the home is about 60% paid off.

Any all tips and things to consider appreciated.

submitted by /u/EditorJer
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Use my college courses for license?

Posted: 19 Dec 2021 08:01 AM PST

I work for a broker in a tier 1 city and they want me to get my license but keep saying that I can bypass the education portion with college courses. Is this true?

submitted by /u/MCPO56
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Starting as an agent in NYC

Posted: 19 Dec 2021 07:45 AM PST

So I'm 18 years old and currently a senior in high school. I've been working for a few years and have come to realize that I really can't see myself in a career other than real estate. I'm looking to obtain my license and move to NYC after I do so to start working as an agent. I currently have an internship with a small boutique firm in Philly, but now I have something in the works with an NYC-based Douglas Elliman team.

Does anybody have any advice for a first-year agent diving headfirst into such a cutthroat industry and market?

submitted by /u/quaint-mime
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Interested in purchasing 2nd property, need direction...

Posted: 19 Dec 2021 06:18 AM PST

I have about $50k remaining on a $65k mortgage (my first and only home). It's a 3br 1ba ranch I purchased in 2014. I've been making improvements, namely I've gutted and fully updated the kitchen and in the process of turning the unfinished basement toilet into a finished full bath. My mortgage including PMI, taxes, insurance is $590/mo. Zillow estimates the home value is currently at $121k and could rent for $1234/mo. I haven't refinanced yet because idk the best time to do it. There's some finishing work I need to complete on the kitchen and the basement bathroom has only just been framed, plumbed and electric added. I need to complete all the finishing still. My concern was the appraisal for the refi would be low with all the unfinished work at the moment. Also, when I refi I'd like to take out another $15k for new windows and replace the sewer lines as they are original and cause frequent issues. The sewer lines run through about 60ft of concrete in the basement and tandem 2 car garage.

I plan on purchasing another home in late 2022 using an FHA loan while keeping this property as a rental. When my kids are with me half the week, they really need more space so I'm looking for something bigger. Should I wait to refi until I'm ready to get that second home loan? I'm not sure if there's any benefit to getting that done together.

My financial situation:

30yrs old, divorced, paying $950/mo in child support (3 kids)
8yrs at current tech job, $80k annual income
Excellent credit, 800s
Aside from mortgage, I will have zero debts remaining in the coming months. All that's left is $3500 on my car and $800 in student loans.
$10k in savings

submitted by /u/not_chill_dad
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Trying to get two properties…

Posted: 19 Dec 2021 03:21 AM PST

Basically I want to get two properties next year. I'm thinking I'll start with an vacation or Investment property for the price range of $90,000 - $110,000. Then I'm hoping to get primary home by the summer. Primary lenders have said I can get in with as little as zero down. I'd just cover closing cost which I can do. My question is, can I make this happen with a 50K (Gross) a year income on paper. In reality I'm going to earn around $67K Net. I just can't count the other income because of the way banks look at other money. If anyone has experience in this do u think this will work , or wishful thinking ?

submitted by /u/DreamchaserJ
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I made a video summing up my first RE deal!

Posted: 19 Dec 2021 08:41 AM PST

How I Added $200,000 to My Net Worth at 22 Years Old https://youtu.be/Wn4Mk9rc7W8

submitted by /u/SirDiamondBallocks
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