4.25 % interest rate Real Estate |
- 4.25 % interest rate
- What's with all the grey?
- LA County extends eviction protections until 2023
- woohoo, had a contractor tell me I won the lottery after seeing my house
- Getting crushed in the Denver 'burbs
- (VA) Do we really need title insurance?
- Offer on Property
- Advice about 30-day notice and not being able to pay my rent in the months in which it's due
- Real estate market
- New Build Delays
- Finding cashflowing duplexes
- Appraisal Gap Difference
- Is it a good time to try and get mortgage and a buy a house or would it better to hold off in keep renting?
- Recommendations?
- Moving across country - Feeling really sick
- Lender told me "fully approved" (v pre-approval letter) is as good as, or almost as good as, cash in a bidding contest. True?
- "Eat-in Kitchen"
- Home that used to be a brothel in 50s
| Posted: 31 Jan 2022 07:10 PM PST WTF? Is this real life? How is that possible. Just in Dec we were given 3.10% just found out that in went up to 4.25!!!! Lender said he can't go any lower. Question: is this real life?!!! How?!?? [link] [comments] |
| Posted: 31 Jan 2022 05:59 PM PST What's with all these folk painting an entire house grey then putting down vinyl plank floor, calling it a remodel then charging 120000 more than they paid? [link] [comments] |
| LA County extends eviction protections until 2023 Posted: 31 Jan 2022 07:22 PM PST |
| woohoo, had a contractor tell me I won the lottery after seeing my house Posted: 31 Jan 2022 08:06 PM PST Don't have many people to share this with, so I'll post this here for now. I nervously bought a house before Covid, and paid way more than I thought prudent for the house, as I fell in love with it big time. My partner was very nervous at the purchase price and thought maybe I should thinking about holding off and wait for prices to drop. I decided to roll the dice and go above my budget to buy the house despite it being over my budget (had to get a 401k loan get some cash to afford it). Since it was pre-Covid, getting offers above list was unheard of. I decided to go over list price and offer 2% more than list, just to make sure we would win the house (realtor told us there were other offers on the house). I've had various contractors come and go during Covid, no big deal. Today a contractor came over to work on some minor things on the house, took a look at the outside and inside, and told me "you won the lottery with this house - it's one of the best maintained homes in one of the best locations I've been to, and I have been to many many homes in my 20 year career"... that was a huge boost to my psyche. Just wanted to say, sometimes dumb luck happens and I ended up with an amazing house, even though I was scared to death buying it before. [link] [comments] |
| Getting crushed in the Denver 'burbs Posted: 31 Jan 2022 06:03 PM PST My wife and I are currently renting a house in the Denver suburbs. It's a decent place to live, but we would be shocked if our rent didn't jump this year from its already high base, so we're looking for a place nearby. We have three kids, one of whom splits his time between our home and his dad's place and goes to a particular school near our current house per a court order. We're tied to the area because of that (with about a 25-minute one-way drive time that we'd be able to handle with the two infant girls). I'll tell you what: the market is insane. We have decent savings, stellar credit, and our standards can be summed up as "enough space for the kids," but we keep getting outbid on EVERYTHING. We've been putting in offers $45-60k over asking, and we get beaten handily by MULTIPLE cash offers at $100k over asking, well outside our max budget. It's incredibly discouraging to see that there are so many people out there looking for the same things we are, but with so much extra money that we have no hope of competing. It looks like we're going to be stuck as part of someone else's investment strategy for a while yet, and it just feels dehumanizing in the worst way. [link] [comments] |
| (VA) Do we really need title insurance? Posted: 01 Feb 2022 04:22 AM PST We are purchasing a small condo for rental. It is at a lake resort property that is very established, 25 years+ within a larger established community. Zoning, land disputes, etc. are not a concern. We are paying cash, so there is not a lender to protect. We are buying it from a family that has owned it for years and is very established, so it is unlikely there would be an issue with mechanical liens or anything like that. We are having a solid person doing the closing. Is it really worth spending a few hundred dollars on title insurance? I realize there is always a chance there could be a problem, but it really seems farfetched in this case and like a waste of money. [link] [comments] |
| Posted: 01 Feb 2022 05:54 AM PST I am putting an offer on a property that is listed at 130K. They put listing so low so that they can get the best and highest offer. The house needs minor TLC but I am afraid that if we offer 190K, it is 70K over and risk of not appraising. What do y'all suggest? High offer or lower? Home is 1,700 sq 3 bedroom 2 bath [link] [comments] |
| Advice about 30-day notice and not being able to pay my rent in the months in which it's due Posted: 31 Jan 2022 11:58 PM PST So I am disabled and I don't have a car.. My husband works at Walmart as a stocker. Prior to all of this I was the major breadwinner as I had several educational skills but I became ill and have got multiple health issues. But I live in a mobile home park that is a family park and I've been struggling I had to borrow from my husband's check through a couple of apps during the month of November December and this month I'm not happy about this I'm really good with our money but when you get to that point where you're borrowing almost the entire check from an app it's very difficult It was a situation with my daughter and her boyfriend they moved out they never gave me the money it's stupid yes I've learned my lesson learned how to tell my youngest daughter no which is extremely hard for a mother But I called the manager today and said I'm going to give you the check today for the rent this month before the end of the month with the late fee and she just kept repeating that she needed it paid in full.. And I said sure it's going to be paid in full.. she says no do you need to pay this month and next month in full I said it's only January 31st I will pay February's rent but right now I owe January's rent plus the late fee... She insisted she would not accept January's rent I'm kind of feeling like I'm getting bamboozled and I don't know what to do about it I already live in a subpar mobile home that was sold to me by a mobile home company and a man who owns multiple mobile homes who lives in Utah... So much is wrong with this house We live like we are in a third world country... We can't even run the hot water because the water line coming from the well and the park is clogged so we have to boil pots of water on the stove in order to take a I don't even know what you call bath shower not even any of that... My washing machine stopped working because it was working so hard because the water lines going into the house were so clogged It was taking 2 hours to do one load of laundry The management said anything above ground is my fault not their fault even though the well is below ground and the well is the cause multiple calcium deposits get pressure pushed up into the lines every time they turn the water out to do maintenance on the well.. But this woman is telling me that it's not accepted to pay my rent in January when I had the money in hand that I would have to pay January and February together I just wanted someone's opinion on what they think.. I read some laws that said landlords can't turn down any money at all in Arizona if a tenant wants to give them the money so that's really crazy to me I had the full amount plus the late fee and the reason I had to pay it late was because they charged me two months late fee after telling me last time that I had to pay two months we've been struggling thanks in advance for your advice [link] [comments] |
| Posted: 01 Feb 2022 03:07 AM PST Does anyone see this market correcting itself anytime soon? I can't afford anything reasonable in this market it's insane. Shitty houses cost 200k in my area [link] [comments] |
| Posted: 31 Jan 2022 05:37 PM PST Just need to vent and get opinions. My wife and I made an offer on a new build on Jan 15th and went under contract by the 16th. The houses "expected" move in ready/close date was Jan 28th. I checked in with the builders agent a few times in December and they kept saying the house was on track. I had to be out in the new city for my job by the 14th so I have been in a hotel since the 14th while my wife stayed at the current place we were renting. Long story short, they let us know a week before then that the house won't be ready until the Feb 3rd. So I extended my hotel stay, changed flights, and extended the U-Haul since we had to be out of our current rental by the 31st. I then drive the U-Haul yesterday and stored it at a coworkers house near where we are moving. Now today the realtor reached out and basically they can get the certificate of occupancy until Thursday, and there's still not fence up so the appraiser can't fully appraise the house. At this point the loan agency said that we can get really lucky possibly and move in Friday, or wait until Monday. The catch is my wife and two dogs, along with my in-laws are still in the city that we are moving from and can't get here on the same day as the loan agency funds the house because they have to have us sign off before 1pm and it's a pretty long drive from where we are coming from to here. And we can't close on weekends. So I guess we are stuck in this awkward situation where I don't know if I should try to extend the U-Haul further and have them come out Thursday night and hope we can close on Friday or just REALLY extend the U-Haul, if possible, (at that point we will have had it for over a week)and have them come out Sunday night to close Monday. Lastly, is there anything we can ask about the builders for monetary wise? We have at this point spend 2k extra just from the delays on their end. The contract we signed says nothing about it and the closing date was an "estimate" EDIT: the only thing not complete on the house is the landscaping and fencing which the appraiser can't do the final appraisal and then the certificate of occupancy got delayed for some reason. [link] [comments] |
| Posted: 31 Jan 2022 09:39 PM PST Hello, My tenants for one of my properties gave me 30 day notice. I figured this may be a good time to upgrade from a single family to a duplex using a 1031. It sounded like a great idea, however, upon looking at the market (Sacramento, CA), there's basically no duplexes that would immediately cashflow as much as my SFH rental (if I were to put my rental back up for market rate, I would be cashflowing about ~$500/mo). I think I may have gotten lucky last year, where upon closing on another property which was a duplex, I was cashflowing about $500/mo from it, and then soon after one side of the duplex moved out. After that happened, I was able to bring that side up to market rent, and am now cashflowing ~$1000/mo from the duplex. If the other side moves out, that number could look even nicer. So, that amount has kind of become my standard when looking for duplexes. I suspect that cashflowing duplexes are hard to find since they almost always have tenants in them already because a lot of them are owned by other investors. Since they likely bought the duplex when the price of the property was much lower, their monthly payments were much lower, and as a result needed much less in rent to cashflow. However, now that these same investors are selling their duplexes but with the existing tenants still living in there, the rents have not caught up with the price that the home is selling for, causing most of the duplexes to break even or potentially even be in the red. I'm still a fairly new investor, so sorry if I sound like a total noob, but is this a common problem that others face when finding duplexes? How have some of you duplex investors worked around this? Is finding cashflowing duplexes just a matter of being able to find the needle in the haystack? Maybe there just isn't enough inventory at the moment? Curious to hear anyone's thoughts or opinions. Thanks! [link] [comments] |
| Posted: 31 Jan 2022 05:24 PM PST Our offer got accepted at $775k but appraisal came in at $720k. Seller went down to $755k and I'm considering paying the gap. This is in the Los Angeles area, la crescenta/Glendale neighborhoods. Just wanted any feedback if this a good idea or not. We really love the property and we've been outbid so much in the last 2 months. Just wanted any reactions with this hot market and having to pay this gap because of the low inventory etc. Thanks! [link] [comments] |
| Posted: 31 Jan 2022 07:41 PM PST |
| Posted: 31 Jan 2022 07:13 PM PST Any books y'all would recommend for a beginner looking to get into the game? Planning on house hacking, so books focused on that would also be very much appreciated. [link] [comments] |
| Moving across country - Feeling really sick Posted: 31 Jan 2022 10:55 PM PST The wheels are in motion, I made this plan. Now that's it happening all I feel is dread and fear. Like I've made a terrible decision. I'm even desperately thinking of backing out in the final days which would be costly (real estate deposits, damages, etc) so I just keep trucking along. Although it may be even more costly if I have to reverse this move. If I trusted my gut on this I would stop it but it's almost too late and I'm no longer thinking clearly. Has anyone done a major move and felt this way? How did it turn out? [link] [comments] |
| Posted: 31 Jan 2022 06:59 PM PST He was trying to persuade me to go all the way and get fully approved after I asked for a pre-approval letter. It made sense, but double checking here. [link] [comments] |
| Posted: 31 Jan 2022 10:44 PM PST Does anyone else hate this term? I've finally gotten into looking at real estate and had never heard this term before, despite seeing it used like saying the house has a toilet in every listing. Tiny Island in a 40 sf kitchen? Of course it's eat-in! I expect a full bar or huge island with built in seating if you call it this. Please stop. Rant out! [link] [comments] |
| Home that used to be a brothel in 50s Posted: 31 Jan 2022 06:40 PM PST My wife and I currently own a small home in the suburbs. Since we both brought our works home since the pandemic, we are realizing that it may not be a bad time to upsize. We are keeping a lookout for good opportunities and we came across one around an hour from where we live. It's a relatively big house, 3800sq.ft., 1.20 acres - and it's listed as a fixer upper. The listing says it used to be a brothel in the 50s. I know it's hard to predict what issue may exist structurally and in the location, but has anyone here come across something similar? Would there be a catch to such a listing? [link] [comments] |
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