Real Estate: I’m fighting the coronavirus by suspending one month’s rent for all my Las Vegas tenants. |
- I’m fighting the coronavirus by suspending one month’s rent for all my Las Vegas tenants.
- Seller failed to disclose faulty furnace that will result in $30,000 fix. What do I do?
- How do buyers/sellers/agents feel about dishwashers?
- Sellers are asking for a 60 day rent back right before closing because the coronavirus has upended their plans to move out of the country. I'm feeling conflicted and could use some advice.
- What is happening with these basement walls? Moisture?
- Topic in real estate
- Applying for Adverse Possession on my grandfather's property?
- How do you submit a first time home buyer's Roth IRA distribution to your broker?
- Is this a good Rental property to Purchase?
- Real Estate Career Advice
- Pre-Bid Home Inspection Experience?
- Techniques for building an investor-buyer's list online?
- Fake architectural committee harassment
- Unanswered Manufactured Home Questions.
- Would you buy this home?
- What's an online lender that can give me a LE on a sunday with an ultra-low rate?
- 20 looking for some advice
- Buying first house (townhome), what is going on with these basement walls?
- Spending 1k on rent/month in apt. Won't move for 3 more years. Should I buy house in meantime for 3-4 year and then move to new house after? Or should I stay in apt.
- (MN) How can I find real estate investors to market my rental property to?
- Escalation Clause
- Real Estate Express California
- Buying an Unlisted Property
- FHA residency requirement
| I’m fighting the coronavirus by suspending one month’s rent for all my Las Vegas tenants. Posted: 15 Mar 2020 08:37 AM PDT Las Vegas is heavily reliant on the tourism industry, and COVID-19 is starting to hit hard there. Suspending rents is not just an act of charity, I want to free some financial resources up so tenants do not feel compelled to go to work while sick (thereby spreading COVID-19). Encourage you to consider the same. [link] [comments] |
| Seller failed to disclose faulty furnace that will result in $30,000 fix. What do I do? Posted: 14 Mar 2020 02:24 PM PDT In 2018 I bought a quad plex with a VA loan. Everything was going great until earlier this week when the furnace failed. I called an HVAC company to check it out. They fixed the problem relatively easily (dirty heat sensor) but they informed me that there was a crack in the heat exchanger that was leaking carbon monoxide. They also told me that now that I've been informed that it was illegal for me to operate the furnace. Wtf? The weather sucks in my state so this is bad news. After doing some research, I found out that this part in particular is difficult to repair so it would be more cost efficient to just buy a new furnace. The company estimator then informs me I will not be able to simply replace the furnace and that our city code requires quad plexes to have 4 individual heat sources with their own thermostat. This install would be in the ballpark of $20-30,000. BUT. He also said that in his notes he found that a technician from his same company had serviced this same furnace back in 2016 and reported the same problem to the previous owner. Again, wtf?? The cracked part was never disclosed to me when I bought the house. It didn't appear on my initial purchase inspection. It did not appear during a rental inspection nor did that inspector mention I would need to get four individual furnaces when it did inevitably fail. I'm stunned and feel like I've walked into a trap. 30k is 25% of my homes value. There is no situation where I make that repair that makes sense financially. What do I do? Is it possible to just swap out the furnace? Can I install some separate heating system that won't bankrupt me? Is a cracked heat exchanger really illegal to operate? And if so, why wasn't I informed? If the previous owner intentionally didn't mention that to me then do I have a case to be compensated for this extreme repair? What options do I have? Thank you for reading. [link] [comments] |
| How do buyers/sellers/agents feel about dishwashers? Posted: 15 Mar 2020 07:29 AM PDT Doing a small remodel on a house I just bought. It has a dishwasher but I'm since I've grown up without using one I'm a bit indifference on it....meaning I grew up washing my plates by hand I've heard that you have to scrub the plate by hand first (basically clean it) then you place it in the dishwasher and it'll rinse it off. Is this true? If so what's the point of having one? My sibling suggested I remove the dishwasher and make an additional cabinet instead but I have to ask when it comes time to sell, does a dishwasher even really matter? Edit: if it matters its a starter home, 3/2 about 1503 sq ft [link] [comments] |
| Posted: 15 Mar 2020 09:01 AM PDT So I'm closing on a home purchase next week (in the US). Today my agent calls and explains that the sellers were planning to move out of the country, but the coronavirus has upended those plans and they are asking for a 60 day rent back. The delay itself would not be an issue for me, but I am concerned about the potential headaches the rent back could cause, especially considering that nobody knows how bad this virus situation could get over the next couple of months. The sellers were also not flexible at all about repair/maintenance issues that arose from the inspection. However, they do have a family and I am feeling a little hesitant to just flat-out say no. This situation is difficult for a lot of people right now and I'm trying to be compassionate, but I really don't want this to turn into a long drawn out headache for myself either. I already manage one rental property and would prefer not to deal with the headaches of being a landlord when it comes to my own residence. Any advice or anecdotes are greatly appreciated. Thank you. [link] [comments] |
| What is happening with these basement walls? Moisture? Posted: 15 Mar 2020 12:37 AM PDT I'm in the process of buying my first home (a townhome), and I was wondering what was going on with these white streaks / half painted walls? Any help would be greatly appreciated. Pictures: [link] [comments] |
| Posted: 15 Mar 2020 09:19 AM PDT So I need to write a paper on any aspect of real estate including investment ownership developmetn. Any suggestions on what real estate topic I should write on [link] [comments] |
| Applying for Adverse Possession on my grandfather's property? Posted: 15 Mar 2020 09:14 AM PDT Hello. My grandfather died in 2001. It has been in my mother's and aunt's care since then. However for legal reasons the title hasn't been put in either of their names. It is still in my grandfather's. In the will it was intentioned that they be given the will. They pay all the bills and care for the property for nearly 20 years now. Could I file an Adverse possession claim for the property to get it finally titled in my mother and aunt's name? I'm in NY which has a 10 year frame which they exceed. [link] [comments] |
| How do you submit a first time home buyer's Roth IRA distribution to your broker? Posted: 15 Mar 2020 09:04 AM PDT Firstrade gives me a dropdown for distribution choices (recharacterization, disability, premature) and I'd assume I should select premature. Or should I fax them their more thorough distribution form and check it off as 'Qualified'? Pub 590B calls it a qualified distribution. Or does it not really matter and what's important is next year's 1099-R? Or should I ask an accountant? [link] [comments] |
| Is this a good Rental property to Purchase? Posted: 15 Mar 2020 08:27 AM PDT So, this is going to be my first home purchase and I would like your opinion/help! I want a multi-family to live in half and rent the other half. The property I am interested in is in a desirable area... cool restaurants nearby, safe, there's a college not far as well... and there are other rentals round too. Basically I like the area. So my question is really about the numbers. The house is 180k and the monthly payment including tax and insurance is about 1400. it has two units that collectively rent for 2100. To me, this seems like a great opportunity, but it doesn't seem to follow the "2%" rule. Also, I'm obviously new at this and don't really know what I'm doing so... here I am! Any help would be appreciated, thanks. (also, I'd live in the cheaper unit and rent the other, which rents for ab 1125/mo). [link] [comments] |
| Posted: 15 Mar 2020 06:55 AM PDT Evening All, Title sums it up. I want to change my career and get into the world of real estate. Now from my research I would certainly prefer to go down the route of commercial real estate rather than residential and work for a property development or investment firm rather than a brokerage. Im 29 and graduated with a Business Studies Degree and my career to date has involved working heavily in the fitness industry as well as hospitality and recruitment. I work as a personal trainer at the moment but also run the business develop section, the recruitment and work on closing sales. Reading job adverts I definitely have a number of transferable skills that can be applied. What would I need to do in order to make the career change? Would I need to get a masters degree or would I be able to sell myself into roles such as BD or Relationship Management or other roles I've not yet read about? My ultimate goal is to build my own portfolio of properties and the career change is there to get me into the world of real estate and learn the industry. The financial reward is certainly high on the list and ill be honest when I say I am chasing money at the moment with my primary location being Dubai. Has anyone made a success transition from a completely un-related field into real estate? And if so how did you go about doing it? Thanks Redditors your help is always appreciated! TP! [link] [comments] |
| Pre-Bid Home Inspection Experience? Posted: 15 Mar 2020 05:14 AM PDT Currently house shopping in very hot inner Boston suburb. Going the pre-bid inspection route in order to waive inspection contingency + have more competitive bids. Realize the pros/cons of waiving inspection contingency. Recently went through first pre-bid inspection with inspector and observed a few things that were not done. Curious if these are frequently not done on pre-bid "mini inspections" based on others experience in super hot markets: 1) Didn't go on roof. Observed roof/chimney/gutters from ground using binoculars. Weather was not an issue but he doesn't go on roofs with ladders as a universal policy. 2) Didn't check wall insulation. Explained that even if you take off outlet cover, could be deceiving because some homes have insulation around outlets (to prevent drafts) but it's not a good indicator of wall insulation in general. How common is use of thermal imaging camera to check insulation? 3) Sewer line had replacement clean out plug (indicating past issues with sewer line). My understanding is that scoping the lateral to inspect sewer line typically requires plumber. Even feasible if waiving contingency given timing? 4) Didn't inspect chimney + flu in detail. Basically said "No way you'll know if chimney is functional until you get a chimney sweep out here to take a look, but the bricks/structure look solid from outside." [link] [comments] |
| Techniques for building an investor-buyer's list online? Posted: 15 Mar 2020 04:12 AM PDT I'm wholesaling an area where I don't live (I live in Asia so flying to meetings is also hard). So far I've done the following
Is there anything else you guys would do to build a high quality investor buyer's list? [link] [comments] |
| Fake architectural committee harassment Posted: 14 Mar 2020 09:10 PM PDT 📷Ok just ask for extra details if I leave something out. I was told to post this here and maybe yall can help. We are located in Texas. My stepdad was the first to move into a newly build housing division about 25yrs ago. His deed agreement was for 10yrs then he could pretty much do whatever with the land. He purchased 2 lots side by side the house is on one. As of about 6 months ago a group of old birds decided to send him a letter telling him he needs to sell/move his RV and a project car he has on the second lot. They even gave him a time limit before they claim to "have him removed from the neighborhood". Hes 67 and the driveway is in-fact an eyesore but the county and city have said he isn't breaking any rules. The deadline has passed and they have started banding other neighbors (only the ones on his street) together to have meeting about "the neighborhood" (I went to one and all they talked about was his property for over an hour. They don't know me but he showed me a paper his nice neighbor gave him about it so I had all the info to show up as if I was part of neighborhood.) Now he has received another letter giving him 30 days to move his RV and have added numerous other things they don't like about the place. I looked for any form of legitimacy that this committee is real and found nothing. No city or county files. They just made it up to harass the old man that has lived there longer than anyone else. (He built the first house in this division and everything else built up after. Most original residents have moved and now this is starting to seem like plain old bullying. What can I do to help him more with this (I've helped him clean it up very well but they keep finding more they don't like. Nit picking.) Is this even legal? What can he do to get them to just leave him alone at this point. Hes an old man with health issues and they are stressing him out making things worse. Sorry for typos, mobile format,and anything left out. Also the "president" of the committee wanted to buy my dads project car (corvet) last year before this started and he said no. Making this seem very much like retaliation. I cant post to r/legaladvice since I was new when I "Broke a rule" and just didn't understand how reddit worked yet. Any advice is appreciated. Thank you in advance. [link] [comments] |
| Unanswered Manufactured Home Questions. Posted: 14 Mar 2020 11:09 PM PDT I graduated college last year and am quickly approaching 20% downpayment on a starter home money. After looking at what's available in my area, I feel like building a new manufactured home on a cheap parcel of land 30 minutes outside of town is the way I want to go. And I've done my research but there are some question that remain unanswered for me, One of the things that bothers me about manufactured homes is the tiny amount of "give" in the floor as you walk across the rooms. Sometimes they even squeak. Is that just a model home thing since they're not full "foundation-ed"? I think I've felt that same sway and squeak in every older manufactured home I've ever been in? Is this resolvable with better flooring, foundation anchoring, or upgraded floor joists? John Ramsay says that mobile/manufactured homes, "...they're the only thing you own that you live in that goes down in value, even if you buy the land under your home it may go up in value so it appears like you made money". Isn't that true of even stick-built homes? I don't see why a 20yr old home would be worth more than an equivalent new home if not for the land that it's on. Is there a subreddit for manufactured homes? Can anyone point me to a handy list of things not included in the base price of the home? This is just a "for example" https://www.manufacturedhomes.com/manufacturer/home/224210/Redman-Homes-Lindsay/Lindsay/Creekside-Manor/3522D [link] [comments] |
| Posted: 14 Mar 2020 08:45 PM PDT I put an offer on a home that looked like it just needed cosmetic issues but after the inspection it has: Grading issues Water damage in basement and moisture through drywall Skylight needs to be replaced Sidewalk and concrete steps are uneven Kickback between garage and home Siding around the house is chipped, missing or loose Cupboards are missing inside shelves Screens are missing on windows and doors Electric panel is not up to code Vermin and mild Issues with dryer setup Carpet stains All shower heads are loose Toilets are loose and running.. The list goes on. Home is in great neighborhood, price is not competitive, they are giving 3k to fix grading and skylight. Sellers agent is upset we'd like to retract offer because we knew there was water issues when in reality we didn't know it was as bad until the inspector came out. [link] [comments] |
| What's an online lender that can give me a LE on a sunday with an ultra-low rate? Posted: 14 Mar 2020 09:47 PM PDT I see that NASA bank has a 3.5% rate but they won't give me an LE on a weekend. I need a lender with an ultra-low LE to match. I just got my offer accepted! Wooohoo. Rates look like they're dropping again after the INSANE spike last week, but lenders seem to be randomly updating and rates are going everywhere. I want to get the lowest rate I can and lock ASAP just so I can get rid of the anxiety. I need someplace that can give me an LE on a Sunday. Aimloan's current rates are at 3.875, which is terrible ( relatively ) to NASA bank and even bank of america ( which is 3.75 currently) All of these goddamn lenders are hiding their rates now because everything's going up and down like crazy. Heeeeeelp! <3 [link] [comments] |
| Posted: 14 Mar 2020 09:39 PM PDT I just turned 20 and I am in the process of getting my Real estate license. I am very excited as I have a passion for selling homes and investing in real estate as well. My long term goal is to move to California but I am focusing on baby steps first. Does anyone have some advice on what to do after I pass the test? I have done a tone of research and I have some pretty good ideas on what I would like to do but I want to see if there's anything I'm missing. Thank you to everyone who answers! [link] [comments] |
| Buying first house (townhome), what is going on with these basement walls? Posted: 15 Mar 2020 12:20 AM PDT I know very little about homes, and I'm not sure why someone would paint half of the wall like that, or what these streaks on the basement walls are. Thanks! [link] [comments] |
| Posted: 14 Mar 2020 08:27 PM PDT Making 45k+ S.O. salary of 27k both pretax. Looking at 200k houses nearby. Have about 10k saved up with 85k in stocks being inherited I'm 11 months from now(paperwork). I heard it's stupid to buy a house and move every 5 years because "it's only money for banks and Realtors" is that true or do I make $ by not paying rent.....what's really going on here and what should I do given my financial makeup? [link] [comments] |
| (MN) How can I find real estate investors to market my rental property to? Posted: 14 Mar 2020 05:52 PM PDT I've got a rental property that I am looking to sell with tenants still in it. I'm not sure how to let investors know that I am looking to sell it...outside of putting it on the market. Any advice or ideas on how to locate real estate investors? [link] [comments] |
| Posted: 14 Mar 2020 07:54 PM PDT My partner and I have been searching for a home for about a month now, we have put bids on 4 houses that have all failed. On Friday we looked at a fully remodeled home that went on the market that day. Our realtor suggested we use an escalation clause with our offer. Has anyone else heard of this clause and has it worked out for you? [link] [comments] |
| Real Estate Express California Posted: 14 Mar 2020 11:37 PM PDT Has anyone from California taken the online Real Estate Express courses? Do you have any notes/quizlets available? Thank you [link] [comments] |
| Posted: 14 Mar 2020 01:35 PM PDT Hi! I haven't posted here before, so please forgive me for any errors. My husband and I are in our starter home, and looking to upgrade in the next 5ish years. Our timeline is flexible. I was recently driving through the city we would like to live in and found the perfect home. I found the listing with interior photos on Redfin from when it was last sold (2009) and I love the layout, lot size etc. I assume the house has been updated, they have painted the outside at least. I think it will be in our price range. I'd like to send the owners a letter - what I'm asking for Reddit's advice is - how do I go about this being so far out from actually moving? I'd like to let them know we'd be interested in the future, and before listing with an agent, we'd be open to doing a FSBO transaction (with an agent is fine too). I've never done this before, so is there a way to word this to sound professional and not creepy haha. Any advice appreciated! [link] [comments] |
| Posted: 14 Mar 2020 04:24 PM PDT I'm a gal from NYC who's looking to buy some property upstate. I know one of the requirements to qualify for an FHA loan is to have primary residency in said bought home. However, I was wondering if staying up there for a couple of days out of the week rather than permanently, enough proof to qualify. Thanks! [link] [comments] |
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