Real Estate: Buying land to build tiny house on — how feasible? Self employed, 24 yrs old, have $70k to my name. |
- Buying land to build tiny house on — how feasible? Self employed, 24 yrs old, have $70k to my name.
- As expected due to the virus the deal on my property fell through. What next? Is it even safe to sell and buy right now?
- Wanting to buy a home but have lease
- I’m going to be making an offer on a house today, but I’m unsure if I’m making the right decision in terms of the amount...
- Should I take advantage of my bank’s COVID-19 program right now to save?
- Coronavirus made a no-brainer into a tough decision...
- The seller lied on the disclosure, will cost me thousands
- Avoid mortgage forbearance if possible
- Landlord wants to show house during shelter in place
- First time Home Buying?
- Loan is transferring to new servicer on April 1st. Best time to make payment?
- How to expedite license process?
- First-Time Homebuyer with a unique plan and some questions
- Loan officer giving conflicting info?
- Approval for a mortgage, with temporary lay off?
- Force majeure Corona virus
- Should I wait to rent?
- Need advice
- Which city/town has the best medical capacity to deal with Corona outbreak? (Looking to move/invest)
- Good idea to switch rent now?
- Buying vs Renting in manhattan ?
- Change in loan terms issued after TRID-RESPA violation
- Getting ready to retire - made offer on Condo.....
| Buying land to build tiny house on — how feasible? Self employed, 24 yrs old, have $70k to my name. Posted: 28 Mar 2020 05:01 AM PDT Hello. I have been thinking a lot about where i want to live lately (when i move out). I live in florida in the suburbs outside of a major city but i want to get away from neighborhoods and the suburbs so bad. I had the idea of buying land (in the next town or 2 over. Approx 20 mins from my current location) and building a tiny home or storage container house on it. Am i crazy? I live with my dad, i am 24. Ive always had an interest in other ways of living. Rent here is very expensive. So is home ownership. I have no debt, i am self employed. I have approx $70,000 to my name. For anyone who asks why dont i move out now if i have so much money. My dad is not married and our relationship is good and because i have only had my business for a couple yrs i think its safe to live at home for now. (i started a home service business about 18 months ago). I would like to be as free as possible and debt free for as long as i live. I am single, no kids. Dont have any desire to get married or have kids. Is this idea plausible or am I crazy? Ive lived in neighborhoods my whole life. I just want to get out of them. I want my own piece of land. Where i live now is getting so crowded and it makes me sad to think how far away i am from nature. I dont know if i want to go full blown homesteading but i do want to have chickens, grow food, live simple and only work 3-4 days a week (my business). I believe i can net $60k a yr. i netted 36k my first yr in business. Minimum wage in florida is about $8.50/hr. I know i need to look at the numbers and figure this out mathematically/strategically but i am just in the beginning stages of think if this is a realistic idea. [link] [comments] |
| Posted: 28 Mar 2020 04:18 AM PDT I'm in NY, and had a contract on my house. Naturally the buyers were laid off and deal fell through. It wasn't listed yet, and my plan was to list. I am itching to get out of my house. Should I plan to just ride this out and stay put till we know what is happening? I have to admit I'm just afraid rates will shoot up if I wait, or my value will drop dramatically. I know you all can't tell me what to do, but I would appreciate some experienced thoughts. Thank you! [link] [comments] |
| Wanting to buy a home but have lease Posted: 28 Mar 2020 05:54 AM PDT Title pretty much says is but I have a lease signed from 8/20/20 to 7/30/21 do I buy a house and look for a sublet? I'm in a college town and the apartment I'm in is a nice one so I don't feel like I'd have a hard time finding a sublet [link] [comments] |
| Posted: 28 Mar 2020 07:02 AM PDT Hey everyone, First off, I'm sorry if this question is not appropriate for this sub. I'm new here, but wasn't sure where else to post this. My wife and I have found a beautiful house and we absolutely love it. However, I am unsure of how much to offer because 1) I am inexperienced with this situation and 2) I am hearing different advice from different people. We own a home now that is almost completely paid off. This house was very cheap, we fixed it up and made it nice. We paid what the house was listed for, which again, was very cheap because the house needed work. While I have experience with purchasing a home, I do NOT have experience making an offer on an expensive home, which is why I am so unsure of how to handle this current situation. The situation I am in now is this: the house is listed for $650,000. It went on the market in November for $700,000, and they dropped the price to $650,000 in January. I plan on putting 20% down l. While I can afford to purchase this house for $650,000, it would be stretching me a little thin and I would like to get a better price. My father is encouraging me to offer $555,000. He is saying that many people are not looking to purchase a home that expensive in our area given the current circumstances. It is also true that the home owners have built another home that is nearly ready to be moved into. However, I am concerned that this offer is low and I don't want to hurt the relationship. My ultimate goal would be to pay $610,000 or less... but if I offer $610,000 they would most likely counter with a higher price. I know it is difficult to answer the following questions because there are so many other factors at play, but any advice would be appreciated. My questions are: 1) would 555,000 be an insulting offer? What would be a more realistic offer to make if my target price is $610,000 or less? 2) given the current situation with COVID 19, will this encourage the seller to sell me their home at a lower price? Or if not, how does it affect my situation in terms of making an offer? Any other advice would be appreciated as well. Thank you everyone [link] [comments] |
| Should I take advantage of my bank’s COVID-19 program right now to save? Posted: 28 Mar 2020 05:15 AM PDT So as of right now, I do have a job. My bank is doing a program where it will defer my mortgage for up to 3 months if I lost my job. At the end it my 3 months, I will simply start it back up again. They'll simply put those 3 months of payments to the end of my mortgage term. My monthly amount doesn't actually increase. Now the thing is that I don't plan to live here for 30 years so that doesn't really matter to me about paying it off in time. I plan to move out in the next 10 years at most I'd say. I was thinking about just taking advantage of this program now and save up that 3 months of mortgages. Even if I lose my job later, I'll have already saved up some money. [link] [comments] |
| Coronavirus made a no-brainer into a tough decision... Posted: 28 Mar 2020 08:27 AM PDT I've been in my place for about 4 years, a townhouse I paid $329k for, no agent involvement. Living downtown in a hot real estate market city. My neighbor buddy bought a new house. My GF and I went under contract as this all was starting at $378k for his nicer, but very similar unit, with larger bedrooms. It's about 100 feet from my place. One unit sold for $410k a year ago and two more have been listed at $425k and $435k. I was excited to demolish the comps by $50k and lock in at 3.25% 30yr with 20% down. Plan is to move into the new place, rent out mine, which has 3br... Higher rental income potential. They rent (rented?) for $2500 +/- $100 for three bedrooms. Have had some hits even with this going on... Current roommates were going to take the master bedroom, and I'd rent the others room by room. We close in four days. Been shitting my pants scared for a month going back and forth in our heads. While I definitely was getting a steal at last months prices... Now what? This is a tough decision. My GF will likely keep her job, and I'll keep making some money. Walking from $2k earnest money isn't a big deal if values plummet. Many people compare this to 2008, which I bought in 2007 and sold in 2009... So I've seen it. Luckily that house I only paid $20k for, so my 25% loss was not a big deal. Just because 2008 real estate prices tanked 30% doesn't mean every recession does. The only thing that has me leaning towards buying is our government is showing they'll just keep throwing unlimited money at this. Having a shitload of mortgage debt would be great when the inflation arrives. [link] [comments] |
| The seller lied on the disclosure, will cost me thousands Posted: 28 Mar 2020 04:35 AM PDT We just closed on our 1st house and moved in yesterday. The stellar claimed there were no known issues with house. However, we soon found out that both sides of the kitchen sink leak horribly, the water heater doesn't work, the ice maker in the fridge doesn't work, the freezer was full of ice that it wouldn't open (after about 6 hours we finally got it open only to find tons of frozen foods trapped in a giant block of ice), the fridge is also leaking water all over the place and has been for a while judging by the state of the floor beneath and the ridiculous amount of towels stuffed under it, the main bath tub doesn't hardly drain but is still managing to leak into the crawl space, the dryer (in the attached garage) vents directly into the kitchen. I haven't had the balls to check the upstairs bathroom yet. I can't believe it passed the inspection. Is there anything I can do? [link] [comments] |
| Avoid mortgage forbearance if possible Posted: 28 Mar 2020 05:59 AM PDT MORTGAGE PAYMENTS ARE STILL DUE APRIL 1st. Even for those impacted by COVID-19, payments should still be made. Even if forbearance may be an option for a some borrowers, it is NOT a good option. Forbearance does NOT forgive payments and in many cases, it does NOT tack them to the end of your loan term. If a three month forbearance is granted by your lender, then those three payments PLUS ADDITIONAL INTEREST will likely be due in full at month four. Despite what is being reported by media outlets and some elected officials, you DO have to continue making mortgage payments as agreed, whether affected by the virus or not. If you have lost income, have no reserves in savings, and truly cannot make the payment, then you need to contact your mortgage servicer and formally make arrangements. Please know that if this is the route taken, that it could impact your ability to qualify for future mortgages. Lenders are already putting policies in place to this effect. [link] [comments] |
| Landlord wants to show house during shelter in place Posted: 27 Mar 2020 05:21 PM PDT Doesn't this violate the shelter in place order? I do not want people coming into our house. We have two months left on our lease. Is there a way out? I feel like the right thing to do is to let us leave without penalty if he wants to show the house. [link] [comments] |
| Posted: 28 Mar 2020 09:49 AM PDT Hey. my wife and I are seeking to buy a home, but we have no idea what we are doing and have never bought or owned anything. She has excellent (nearly 800) credit and I have decent credit so a loan or whatever is presumably possible? I've also heard about stuff like first time home owner deals? I'm just totally lost in this and have no idea where to begin or what half this stuff means. If anyone could give me advice or give me some steps or really anything in very very basic terms. Please just assume I have no idea what a term means. I'm sorry cuz I know this is dumb but I just am so clueless and have tried every dead end of the internet to no real avail, plus I have no one IRL who can help. thanks. [link] [comments] |
| Loan is transferring to new servicer on April 1st. Best time to make payment? Posted: 28 Mar 2020 09:04 AM PDT Loan will be transferring to new servicer April 1st. Is it better to make the April mortgage payment before or after the transfer? It normally takes 2 to 3 business days for the payment to be withdrawn from our account after we submit it. Transferring to LoanCare if that helps. Any insight will be greatly appreciated. [link] [comments] |
| How to expedite license process? Posted: 28 Mar 2020 08:57 AM PDT Hi, I know there are the 6 classes and the exam you must pass. Are you able to rush through these classes at your own pace? And does anyone have advice on how to get this whole process done in as little amount of time as possible. For reference, most people take 2 years to complete the CFP (certified financial planner) coursework and exam, but I was able to complete everything in 5 months and pass. Would I be able to expedite the real estate exam process in the same manner? Thanks! [link] [comments] |
| First-Time Homebuyer with a unique plan and some questions Posted: 28 Mar 2020 08:01 AM PDT I'll try to keep this brief and give you raw numbers: - We are under contract to close on a house in late April in the Salt Lake City area. - Home is in the low 400s, we are putting 10% down with steady income of 120k/yr soon to be about 200k/yr in a few months (Stock bump from a company acquisition that is in the books to go forward despite the current climate with a force majeure no back-out clause.) We have solid job security and our jobs are already converted to WFH. We know we could get more house but we wanted to live frugally. Most of the cost is due to being in a hot neighborhood and not the house itself. - The house checks our boxes and felt a fair price before Cov-19 impacted everything. We plan to stay for 4-8 years. It has a basement unit fully equipped to rent out (which was our plan, it would cover half the mortgage at Feb 2020 market rates.) With old market rate rent factored in the mortgage would be just a little more than we pay to rent now but for a much nicer space and area. - We want to do our part with this crisis and offer a talented contractor a heavily reduced rate on the basement unit in exchange for skilled labor around the property. I think it could be a compelling offer but I don't know if there are more externalities to consider there. - We'll have another 20k cash on hand after closing which we can stretch into 6 months. (we're used to living like college students) - Upper 700s credit score. No debt to our name. Locked in at 3.5%. So A) Does this still feel like a decent choice? We like the house and area- I wouldn't call it a dream house (I don't think starter homes should be your dream home) but it feels like it fits our needs great. That said with that extra income bump, possibly tanking prices and more savings to cut PMI we're worried it may be good to wait. And B) Is the idea of offering reduced rent in exchange skilled labor sound? Will I likely end up with shoddy work or weird contract issues? We anticipate about 20k worth of work that can be done to bring the property to great shape. And C) If we bite the bullet now (we need somewhere to live) and the real estate market does tank we can swoop in and even get a second property as a rental with that income spike, recouping some of the costs of buying our main property now in what would the crest of a bubble, right? [link] [comments] |
| Loan officer giving conflicting info? Posted: 28 Mar 2020 07:37 AM PDT My wife and I are in escrow process of buying our first home, VA loan 5/1ARM at $470k. In discussion with our LO, she advised us that closing costs are typically 3-4% of the home value. HOWEVER, is estimating and sees averages of closing costs being 7-8k? 3-4% of 470 isn't 7-8k. Why the discrepancy? What exactly is happening to make such a drastic cost difference? For context: Earnest paid at 1% No final decision on buying down Points etc.. we are not too far in the buying process, they just accepted the offer 2 days ago. Thank you for your help and educating us on this. [link] [comments] |
| Approval for a mortgage, with temporary lay off? Posted: 28 Mar 2020 07:25 AM PDT I have a client who was told that they are temporarily laid off until the shit down in the state of Maryland is over. His position is not considered essential, but his company is not at risk of going out of business. So his job is safe but they want people to collect unemployment since the government pasted a bill enhanced unemployment. Can he still get a loan with the unemployment income? [link] [comments] |
| Posted: 28 Mar 2020 06:20 AM PDT I was in the process of purchasing a rental property and was under contract February 20th with a closing date of March 23rd I was paying half cash and half with home loan. I am a pilot and my wife and I are both getting laid off due to the Corona issue. The country is under a National emergency. I requested and was given an closing extension to close Until the 6th of April in hopes that I would not loos my job. Due to covid 19 I am on lockdown in Broward county. Also my bank has approved my loan and I even signed the closing paperwork but they were shut down the same day I signed and I have not been funded. It appears that they stopped the process because of this Corona but I am not sure. I have called several times but everyone in the loan department is working from home and I never get a call back. I want out of if this contract but there is no Force Majeure clause in this contract. There is a 45 day loan clause. So is my best bet to just wait and see if the loan get funded? Or do I try to cancel the contract now. I have a $5000 deposit at risk and that would go a long way with no other household income for the near future. Collier Country Florida. Any advice Please [link] [comments] |
| Posted: 28 Mar 2020 04:46 AM PDT I'm currently on month to month, in the northern virginia area. I'm wondering if I should hold off on finding a new place to rent with all the current events going on. There's speculation, but no one is sure what will happen. I know buying prices are expected to drop, but what about rent prices? Would it be smart to wait to see about purchasing a condo when prices go lower, or go with renting like I was intending? [link] [comments] |
| Posted: 27 Mar 2020 09:00 PM PDT My wife and I are moving shortly. Our house is now on the market. My mom will be moving to us, but is on her Social and Pension - fixed income. Can I apply for a mortgage for my new home and co-sign on here at the same time? 🤔 [link] [comments] |
| Which city/town has the best medical capacity to deal with Corona outbreak? (Looking to move/invest) Posted: 28 Mar 2020 02:31 AM PDT I'm considering moving or buying a property for my parents in a different city (I live in Orange County). My parents are in their 80s and will probably die if they get the virus. What's the best city where they can get the best chance of getting a ventilator spot? Some things to consider might be:
Orange County is pretty wealthy and we have good hospitals. But we have lots of people here. Where do I find a relatively wealthy city/town that also has much less people AND cheaper than OC? [link] [comments] |
| Posted: 27 Mar 2020 08:22 PM PDT With all what's going on now and with the unemployment rate going up, is it a good idea to look for another place to rent? We were looking for a new place before all of this happened but was wondering if prices are going down now and if it's a good time to pull the trigger? [link] [comments] |
| Buying vs Renting in manhattan ? Posted: 27 Mar 2020 06:32 PM PDT from looking at housing prices it seems like buying a studio (if you have the down payment cash) is a way smarter deal than renting a studio in manhattan. I've been renting a 400-500 square ft studio (depends on if you count the loft) that doesn't have an oven for about 3K a month, the property taxes and co-op fees on my place are $600 a month according to my landlord. the place itself costs about 450K-500K to buy what does anyone here think? is it smart to buy in manhattan to save money renting or is the market grossly overvalued and waiting for a bubble pop? [link] [comments] |
| Change in loan terms issued after TRID-RESPA violation Posted: 28 Mar 2020 01:11 AM PDT So I'm working on a case against my lender for under estimating costs and breaching tolerance cure levels which they declined to honor, and I just received a "change in loan terms" document. I'm assuming they want me to sign this to update the costs and cover their ass. First time homebuyer so no idea what to do. Can I decline to sign new terms and insist they honor old estimate if they breached tolerance levels? [link] [comments] |
| Getting ready to retire - made offer on Condo..... Posted: 27 Mar 2020 05:07 PM PDT So we were planning on retiring in 2 years. So we made an offer on a condo. We need to stay in our home we have now due to aging parents living with us. The virus has placed my job in jeopardy and there is no way without my job we could afford or pay for insurance, HOA, etc on condo if we close. Please give best advise or insight you might have. P.s. No our 401k's did not survey the market downturn. [link] [comments] |
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