Real Estate: The 2008 housing crash was caused by overleveraged homeowners. Will a (small) 2020 housing crash be caused by overleveraged AirBnB owners? |
- The 2008 housing crash was caused by overleveraged homeowners. Will a (small) 2020 housing crash be caused by overleveraged AirBnB owners?
- Landlord selling home. Wants us to buy?! (WI)
- My mom bought a house a few months ago but the people she bought it from won’t leave or pay rent. Do we have any legal standing given The covid situation?
- Possibly could get dream home due to uncertainty?
- MLS listing my sale price 10k less than the final sale price
- People who bought at the height of the market before the 2008 crash, how did that end up working out for you?
- Buying a patio space from an unsold unit in my new construction building
- My condo association shut down all public areas including the gym. Do I have any standing to try and ask for some of my HOA fee back?
- Costs and considerations for converting a multifamily back to a single family
- Real Estate License PA
- Mortgage lender with lowest 30-year fixed rate?
- Loan ended up getting denied, loan contingency still in place, seller refusing to release deposit
- Phenomenal writeup on the coming mortgage chaos from WSB
- Remote closing options during COVID?
- I think Hotels will flood the Apartment industry, am i missing something?
- Get this
- How would you word this if you were buying a home?
- Anyone with Experience with a Hoarder house freaking out!
- Should I continue forward with this purchase?
- looking at today's current events and how another recession is likely coming, should i buy a home now or wait?
- It's my money, and I want it NOW
- Due to a rough divorce in the family. I’ve been offered to pay just the amount to pay off my uncle’s house. Which happens to be nearly 50% less than what it’s worth. I’m already in the market for a house. Thoughts?
| Posted: 03 Apr 2020 07:34 AM PDT I would assume there are a fair number of homeowners who have a second home and rent it out on AirBnB. They have a normal job with a decent income or are retired, have plenty of savings and investments, and can financially handle not having rental income for 2-4 months, possibly longer if we go into a recession. They will be able to keep paying the mortgages on their second homes. I would also assume there are a fair number of business people who are overleveraged on homes they rent out on AirBnB as their primary source of income and will not be able to financially handle not renting them out for 2-4+ months. These people will lose the homes when they are unable to pay the mortgages. Does anyone know approximately what percentage of AirBnB houses are the former vs the latter? I don't know of any current government bailouts which would help much, but perhaps there are some or there will be some in the future. [link] [comments] |
| Landlord selling home. Wants us to buy?! (WI) Posted: 02 Apr 2020 04:58 PM PDT Our landlord just informed us she wants to sell the house we've been renting for 7 years. We don't have a current lease, as we've gotten pretty friendly with her being renters for so long. We live in WI. House was built in 1940. 3 bed, 1 bath. Detached 1 car garage. 1,300 sq ft. Fast forward to today, she informs me she has been contacted by a realtor and someone wants to buy the house ASAP. Sight unseen. Our landlord hasn't even been in the house for over 5 years. We have taken care of all the small maintenance ourselves. She said she wants to give us first dibs on buying it, but she wants an answer ASAP. Like by Monday at the latest. I MEAN.. talk about worst timing ever given current circumstances!! I'm a hair stylist, so obviously not working right now. My husbands job is also in limbo, he could be laid off any day as well. We have never owned a home, so I have no clue if this is the right time to jump into this given the uncertain times ahead. And how do I know the list price she is throwing out is fair? According to the Zillow estimate, her price is high. But she also said the housing market is still booming, so she feels it's a fair price right now/ and that's what this other person is willing to pay apparently. We have decent credit and I don't think financing would be an issue, but I am feeling super backed into a corner. I'm going to kick myself if we do buy right now, then in 3 or 6 months, house prices are down and we could have a better house for a lower price. Does this all sound legit and reasonable? Any advice would be greatly appreciated! [link] [comments] |
| Posted: 03 Apr 2020 07:58 AM PDT My mom bought a house in January that she was planning on having a contractor in by mid March. The place is a bit trashed as the people there were hoarders. In the mean time, my mom is living at her current house. The current home owners were supposed to be out by mid February but didn't leave and stayed long enough to run into Washington State's no eviction order. They were getting behind or mortgage payments and it seems like they are just milking this as a free place to stay even though they just got a ton of money from the home sale. My mom is paying two mortgages, which she planned to do for about a year, but every month they stay is costing her an additional $3000 out of her construction fund. The property isn't habitable for the average person and she is is already cutting it financially close to make it something that can be lived in. The contractor is there for electrical, plumbing, and asbestos but she was doing the rest herself. If this continues, she'll have to sell the property at a loss. They refuse to pay rent, and since there was no rental contract I don't believe she has a way to compel them to do so or to get any rent after the coronavirus situation improves. Any ideas or options here that involve her getting less hurt than she currently is? [link] [comments] |
| Possibly could get dream home due to uncertainty? Posted: 02 Apr 2020 09:33 PM PDT I've been looking for a house for a while in proper Denver. My max is 525, a house popped up that is a 3bd/2ba, well laid out and rehabbed in a very desirable location that was appraised in February at 575 (listed at 560) and the buyers said they would accept 520 because they just moved and don't want two mortgages...looking for a quick close. I do think the market is over valued, but this would be a forever home for me and worst case scenario I could get 2 roommates to help with the mortgage? Meh, I keep reading that markets will drop 25% etc, but I feel like an automatic 50k in equity could be worth it? Help, geniuses of reddit. UPDATE: I locked in 3.25% and with a roommate in the basement, I will be paying less than I currently pay for my mortgage on my 1bd. I think this is a good move for a place I will live in forever. [link] [comments] |
| MLS listing my sale price 10k less than the final sale price Posted: 03 Apr 2020 06:56 AM PDT I've reached out to my agent and she said she would reach out to the listing agent, that was a few days ago and nothing has changed. What can I do? [link] [comments] |
| Posted: 03 Apr 2020 09:27 AM PDT |
| Buying a patio space from an unsold unit in my new construction building Posted: 03 Apr 2020 04:46 AM PDT My building has patio spaces above our garage for the duplex down units, and they are accessible to the whole building. One of the duplex down units is having trouble selling and I'm wondering if it would be possible to offer to the developer to purchase the patio for the unsold unit. I figured they're going to have a tough time selling for a while. Does this make sense? Is it actually pretty complicated? thanks! [link] [comments] |
| Posted: 03 Apr 2020 10:02 AM PDT I don't think it's specifically mentioned in my HOA contract what will happen if they have to shut all of that down, but I feel like I should get some of my money back. I pay a large amount of money because I live in a full-service building and they've basically shut everything down. Has anyone else ever run into this problem? For example we have a really nice gym, and of course it's closed. [link] [comments] |
| Costs and considerations for converting a multifamily back to a single family Posted: 03 Apr 2020 09:48 AM PDT There is currently a multifamily house for sale in our ideal location (Philadelphia suburbs). It's a beautiful 3 story brick house, where each story is a separate unit (a 2 bedroom, a 1 bedroom, and a studio). We are not interested in being landlords, and we want a 3 to 4 bedroom SFH for our family. Can anyone speak to the costs and process for conversion? The interior is not a huge worry, the main staircase is still there and the units are separated by locked doors - easy enough to just unlock and/or remove them. There may be a couple of spots where we want to knock down walls to open things up more, but we could certainly live with the current layout. My concerns are the costs and logistics of combining gas, water, and electric back to single meters, whether we would need to remove the extra kitchens immediately, and what the timing is for rezoning. Our ideal would be to live in the house as-is for a while while we chip away at the projects to convert it (maybe do the meters the first year, tear out each of the two extra kitchens over the next year or two, then do the walls - likely 3-5 years overall depending on costs). But once we apply for the rezoning, which I assume will be required to change the meters, are we then on the clock to complete the rest of the conversion in a minimum amount of time? Are there other costly hurdles or pitfalls I'm not aware of? Just trying my best to research this thoroughly before putting in an offer. It seems going the other direction from single to multi is more popular so I'm not finding a whole lot of detail from Google. Thank you! [link] [comments] |
| Posted: 03 Apr 2020 09:37 AM PDT What are the requirements and cost of getting your real estate license and becoming a realtor in Pennsylvania? Also I'm going to be doing this online since I can do it on my own time instead of physical in class sessions. Thank you any advice and information would be great! [link] [comments] |
| Mortgage lender with lowest 30-year fixed rate? Posted: 03 Apr 2020 09:27 AM PDT I apologize if this question has been asked many times. I am looking to refinance my home and take out an extra $100k to purchase another property. Which reputable mortgage lending company has the lowest rate at the moment for 30-year fixed? [link] [comments] |
| Loan ended up getting denied, loan contingency still in place, seller refusing to release deposit Posted: 02 Apr 2020 10:43 PM PDT I'm in California, I'm still within my loan contingency period and I issued a cancelation of contract because my loan did not get approved. What can I do if they are refusing to release my funds? Edit: they are doing this out of spite because they either have to drop the price so that my loan can get approved or let me cancel. [link] [comments] |
| Phenomenal writeup on the coming mortgage chaos from WSB Posted: 03 Apr 2020 09:13 AM PDT From 4 days ago, but what he wrote may apparently be true, based on the mortgage servicing firms' stock price collapsing: https://www.reddit.com/r/wallstreetbets/comments/friwc9/mortgage_servicing_crisis_explained/ [link] [comments] |
| Remote closing options during COVID? Posted: 03 Apr 2020 08:21 AM PDT |
| I think Hotels will flood the Apartment industry, am i missing something? Posted: 03 Apr 2020 08:20 AM PDT Its common for people to rent low traffic hotels as a a means of permanentt living. Typically poverty people becuase they pay a discounted rate weekly with no credit check. I know people who have lived in these for months/years. With hotel business dropping to nearly 0, why not rent out rooms as if they are apartments. They are already basically furnished efficiency apartments. Actually its a reverse AirBnB. Airbnb turns houses into hotel rooms. This would turn hotel rooms into [link] [comments] |
| Posted: 02 Apr 2020 05:37 PM PDT So I've never bought a house before I wanted to get some opinions on this. So I find a steal and the realtor puts some bids on this auction website thought nothing of it. all cash offer by the way if this matters. I win the auction we literally are in the realtors office watching the time go down on the auction boom we win the auction we talk to the listing agent he says we can get inspectors we go to the house get inspections sewage gas termites it all checks out we do the inspections costs us like 550 also we drove a 12 hour drive to get here and saw the house Before putting a bid I'm not stupid I think at least. Then The listing agent calls and says there's another bid and he can't tell us how much it is and but his hint is I gotta go a little higher so I'm like na this is bullshit I get the website I look for some type of terms and agreements nothing to be found in fact the website is very rudimentary I go to the bottom of the website there's a llc I copy that put it in google and not much pops up but some investing website or some shit and it says the company has one employee guess who it is... The listing agent What would you guys do? Are there any legal implications or am I fucked because he owns the website? [link] [comments] |
| How would you word this if you were buying a home? Posted: 03 Apr 2020 06:33 AM PDT Inspection wording : Near the front of the home at the beam that separates the garage and main home living space there is extensive damage. The beam crumbled just by being touched as compromise. Further evaluation by a qualified carpentry contractor an exterminator recommended. Buyer repair request wording : Seller to repair extensive termite damage to the beam in crawlspace that separates the garage and main home living space. Seller rebuttal wording: seller to repair termite damage to damaged beam in crawlspace. Thank you for any input. [link] [comments] |
| Anyone with Experience with a Hoarder house freaking out! Posted: 03 Apr 2020 05:19 AM PDT I am a first time home buyer/investor and someone just gave me a great referral for a 2unit 3bed 1 on both units and an extra bathroom in the basement.The wholesaler gave me access etc the top unit is completely cleaned out and needs just cosmetics for the most part.MY problem lies in the basement and lower unit it is completely filled with junk that. I cant begin to think of what work may be needed the purchase price is 87k and and arv of 160k i am thinking it could be more!..Should I pursue this for the steal that it could be? or just back out because I am buying a project? MY two thoughts are i can find a partner to go on a joint venture for this who has more knowledge and experience that can guide.. OR increase my offer price a bit to have the place cleaned out fully that way my inspector,contractors etc can fully see the property because the walls and floors are blocked out.I am allowed to use a 203k loan and have first dibs so far.. Any advice here would be great full i know there are other interested investor that are more seasoned and see the true potential than my first time fears. [link] [comments] |
| Should I continue forward with this purchase? Posted: 03 Apr 2020 05:01 AM PDT My husband and I put an offer on a home Feb 24th. $290k seller to pay $5000 in closing costs. I feel it's overpriced but seller couldn't go any lower without being upside down because he replaced the cabinets and countertops in the kitchen. (He did a shitty job and we will have to fix some of his mess ups too) The house is in a great location but it is more than we intended to spend. Reason for that is the owners before this seller had converted the sunroom into a hair salon with a separate entrance (and the current owners haven't touched it). I'm a pet groomer, I was planning on converting it into a pet grooming shop and working both at my current job and home, eventually building up enough clientele in the new area to make the switch to working from home. Inspection showed a long list of things that needed to be fixed, nothing major and only a few critical things (like the kitchen mess ups) but at least $4k in work. We asked for $3k and seller said all he could do is $2k. We accepted and asked to push closing to May and they agreed. So we are supposed to close May 4th. $290k with $7k towards closing at 3.125% interest rate. Once we close and put our down payment down we will only have about $10k in savings. It's also going to raise our monthly costs about $1000 a month. Now that COVID-19 is happening, I am having panic attacks daily about buying this house. My husband is able to work from home, but I cannot and run the risk of losing my job if someone in the building contracts the virus and we have to shut down or if we have a mandatory lockdown/quarantine in my city. Due to my husband's child support obligations, I'm currently the one bringing in the majority of our income. I like the house and the potential to work from home eventually. It needs work and also needs new carpet and some updating. Carpet is a must (unless not possible) before move in but can wait to do more updates until after the virus. Not having much in savings after this purchase and increasing monthly cost $1000 and the fact that we'll need someone to come in and replace carpet is scaring me. Do we miss out on the business opportunity due to this crisis or move forward? I live in Omaha, Ne. Several houses are being listed daily and our economy usually stays strong but obviously no one knows what will happen over the next few months. The house was on the market for almost a year before we made an offer and that is unusual for this part of town. Would it be ok to ask to push closing back a few more months? [link] [comments] |
| Posted: 02 Apr 2020 09:59 PM PDT i'm new to buying houses and if the real estate bubble bursts like it did in the great recession how does this affect buying a home? should i buy a home now? or should i wait to see if prices drop? [link] [comments] |
| It's my money, and I want it NOW Posted: 03 Apr 2020 06:50 AM PDT Or in a few months I guess. I live with the roommates in a house we rent together. All three of us signed the lease. They are renewing the lease, I am not. Is my security deposit (1/4th of the total) wrapped up until they move out? [link] [comments] |
| Posted: 02 Apr 2020 11:57 AM PDT |
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