Real Estate: Why is the Caribbean as 'cheap' as it is? |
- Why is the Caribbean as 'cheap' as it is?
- FL: Tenant lease up in June and I don't want to renew. COVID19 impact?
- Landlords of reddit - how are you preparing and/or reacting to your tenants not being able to pay their rent?
- Do Realtors/Developers Ever Blatantly Lie About New Luxe Condo Buildings Being "80% Sold" As A Sales Tactic? Is this a Common Tactic? (PICS and LISTING)
- Offer Accepted on home...looks like it was an illegal AirBnb?
- 10 Acres without legal access- Keep or sell?
- Fresh outta grad school, should I wait to apply for mortgage after starting a new job?
- Buying a big home in New Orleans...and wondering if the market is not about to plunge
- Possible to break lease? Square Footage Incorrect?
- “Rental” property for my mom
- Buying in one place while still renting in another?
- [OH-Tenant] Real estate agent doing shady stuff?
- PA: Given current events, would it be unethical if I were to contact a seller directly for a walkthrough of their vacant home?
- Bank Owned Property Question
- Capital gains losses negatively effect mortgage chances?
- How much should I save for a house about $200K
- Appraisers/Realtors of Reddit: How does real estate value actually work? If a person is willing to spend more on the appraisal value of a home, then does that home become worth that value for resale? Does it raise the value of other homes in the community?
- Serious Question: Does anybody play SimCity?
- Condo Question
- Selling home with wife and grandmother also on title, where do profits get deposited?
- House on the market since 2016
- Best Way To "Scale"
| Why is the Caribbean as 'cheap' as it is? Posted: 05 Apr 2020 08:17 AM PDT I'm looking for a house for my mother and compared to the prices of our current house in the south of France, Caribbean islands are so much cheaper, I was looking at British Virgin Islands as well as Saint Martin, both places we've visited multiple times and have always enjoyed it immensely. But I can find a decent sized house, great views in the bvi for around 200,000 USD, is there insane taxes or something that can explain why it's so cheap? There's many multi million dollar houses in the neighborhood so I'm really curious [link] [comments] |
| FL: Tenant lease up in June and I don't want to renew. COVID19 impact? Posted: 05 Apr 2020 07:14 AM PDT I have a tenant who's lease is up in June and I don't want to renew with that person. I'm going to give them notice in the next week giving them 3 months to find a place but Florida just went into stay at home orders. Finding a new place for this person may be difficult. What happens come June? Any ideas if he can use covid-19 to stay in the home? Can I tell him get out? I'm planning on seeking legal advise, but wonder if anyone has come across this. [link] [comments] |
| Posted: 04 Apr 2020 07:04 PM PDT A lot of my tenants won't be able to pay rent for the month of April, and probably for a month or so out. I understand their situation, but I also rely on this income to pay mortgage. Any advice? [link] [comments] |
| Posted: 05 Apr 2020 07:04 AM PDT The Condo Building is in South Florida and was supposedly "80% Sold" as of February 2019 and was "ready for occupancy" in November 2019. I went to investigate in person with boots on the ground and the Balconies and Garage are EMPTY and the building seemed dead. Are they lying or maybe there are just a lot of preconstruction wannabe flippers now holding the bag that were playing musical chairs and the music just stopped? What do you think is going on? What is the best way for me to find out the truth? PICS OF CONDO BUILDING LOOKING EMPTY - https://i.imgur.com/BEq04gC.jpg https://i.imgur.com/AbkSJfS.jpg https://i.imgur.com/F8Jd8lB.jpg https://i.imgur.com/Maz6xjo.jpg https://i.imgur.com/f62nenR.jpg Example LISTING - $545,000 for a 1BR/1B - 775 sq. ft. - in the city nowhere near the water! This is not Miami or NYC! - [link] [comments] |
| Offer Accepted on home...looks like it was an illegal AirBnb? Posted: 05 Apr 2020 09:41 AM PDT Hi! I put an offer in on a home I really liked and after a few rounds of negotiations, it was accepted. Last night I was googling my home address and on around pay 5 I noticed one of the staging pictures on Expedia...then Vrbo...then AirBnB. Based on the CC&RS this is illegal, but I doubt there is anything the seller had to disclose to me as the buyer here right? Is there anything I should look out for and have my inspector look at closer because it's a former vacation rental? Any help is appreciated. Thanks! [link] [comments] |
| 10 Acres without legal access- Keep or sell? Posted: 05 Apr 2020 09:38 AM PDT Two years ago I bought 10 acres to build on, and after closing, found out the parcel does not have legal access. The existing road goes through 17 other parcels, and I have access through 4 of those, and need to get access through the other 13. I filed a claim with my title insurance, and ended up getting most of my money back, and they let me keep the property. I figure I have two options: either try to sell the property as is, or keep it until I can invest the time and money to get legal access and sell with access. What needs to be done is ask the 13 other parcels to sign over legal access across their property (probably for something like a $500 or $1000 payment for their effort). If even one property owner says no, that means court, and the price of getting access could skyrocket. Or it could be super simple and relatively inexpensive. I'm hoping there might be someone here that may have some insight on what could be the best route here. Any input would be appreciated. Anyone have any input on how much not having access would drop the value? Seems like a huge turn off for a normal buyer, but an opportunity for a good deal for someone that knows how to get access. [link] [comments] |
| Fresh outta grad school, should I wait to apply for mortgage after starting a new job? Posted: 05 Apr 2020 08:21 AM PDT I just graduated with a PhD so my income the past 6 yrs has been 30k. I have no debt and my credit score is great. I have a job lined up where I'll be making 6figs. Do I need to wait until I start this job in 2 weeks or until I get my first paycheck? Will it even matter given my 3 yr history is pretty low income? [link] [comments] |
| Buying a big home in New Orleans...and wondering if the market is not about to plunge Posted: 05 Apr 2020 12:37 AM PDT So, I'm finishing my residency up north and moving back to Louisiana in June/July for a job starting in August. It's a good job outside New Orleans and I've got a 2 year salary guarantee that makes my feel pretty lucky with where many others are right now. My wife and I started looking at houses there 2 months ago and found one we really liked that had been on the market for about a year. It was obviously over priced, but also showed very poorly as the owners kept it a mess when we flew down and toured it. Despite this a family member who is a contractor told us the house had great bones and just needs some kitchen/master bathroom work, the terrible wall paper peeled down. Houses in area are mostly going $175-220/sqft, we got them to agree to under $145/sqft, though we planned to spend about $20-30K this summer upgrading. We're in the inspection period and inspector agrees it's a good home. They are now doing some plumbing/AC work we requested. Closing is set for the very end of May. (they want lots of time to move and we don't want the house until June, so both parties were happy to take this slow). But with COVID doing what it's doing, I'm worried the value on this will bomb in the next few weeks/months. What happens if my appraisal comes in well below our negotiated price? Do we re-negotiate - I can't imagine the bank wants to finance a house that is worth less than their loan? (we have a physician loan at 100% financing, not sure how that affects things) Is this really bad timing on our part? I keep wondering if we'd have just waited 4-6 weeks to offer we could have gotten the house for $50+ less. We plan to live in this home for 15-20 years, until our kids are through high school and we can move to the country (the best high schools are in town), so maybe it's all fine. But it just having some fear that making a big real estate buy right now is not the decision to make, especially getting the house in June at a price we negotiated in early March before COVID concerns has caused mass layoffs and the stock market to tumble. [link] [comments] |
| Possible to break lease? Square Footage Incorrect? Posted: 05 Apr 2020 10:34 AM PDT I'll be brief - Zillow listing was posted by the homeowner, saw the home based on this and signed the contract. Yet, the more I think about the house has to be smaller than what is listed based on square footage. Is there a way to verify this square footage or back out if it is actually incorrect? Few google searches of the property show the SQ Footage could be 2/3 of what he posted on his listing.. [link] [comments] |
| Posted: 05 Apr 2020 10:19 AM PDT So I am considering buying house with/for my mom. A little back story: the home is in a sentimental area and she can't afford it. My dad passed away a couple years ago and she wants to move closer to our family. She can't afford the house by herself. I'm considering buying the house, with her gifting the 20% downpayment. We will cover the payments and "rent" (for essentially the gift downpayment and utility costs) the house to her for as long as she wants to live there/ is alive. With a place to stay when we visit her and other family. My question:
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| Buying in one place while still renting in another? Posted: 05 Apr 2020 10:16 AM PDT My spouse and I are in our mid-20s and really want to buy a house. The problem is that we live right outside a big metro area where prices are crazy expensive. We are here to jumpstart our careers right now, but would like to return Florida, where we are from, in 3-5 years. We have discussed buying a house down in Florida and renting it out, while still living and renting where we are now. Is this crazy? We don't know much about real estate but it's super tempting when our budget might get us a nasty 1 bedroom condo in the suburbs here when in Florida it could get us a pretty nice house. Has anyone done this? [link] [comments] |
| [OH-Tenant] Real estate agent doing shady stuff? Posted: 05 Apr 2020 09:56 AM PDT Hello, we've been dealing with nightmare landlord, and property manager (which also happens to be her real estate agent). I wont get too into detail with whats been going on, since i've made a post about that in the past. However, basically our landlord wants to sell the property and wants us out by force. We know it's hard to sell a property with tenants present, and our lease is not over for another 6 months. However, she has denied our negotiations to offer cash for keys and wants us to basically bend over and leave for free without our deposit. She is trying to sue/evict us on very pathetic "breaches" which have no evidence or no case. We have been looking for a house to buy, but for right now we are here to stay. Anyways, her property manager/ real-estate agent is extremely rude, aggressive, and threatening us with lies. She was very nice in the beginning, but when we put our foot down and basically let her know we wouldn't want her as our real-estate agent she turned her personality. She will constantly act like an attorney stating laws/ rules that aren't true (based of google searches but we could be wrong, feel free to educate us). For instance, she has stated that even though we have a contract until September there are ways around it in order to kick us out. She stated that if she were to sell the house that the new landlords could modify (raise rent/ move month-to-month) the lease and legally evict us. She has claimed that we need to have the house in "show ready" condition, which means she can make us move around things that they don't like. Hide our personal items such as religious artifacts, or things that don't meet up with her "standards". She has also stated that we need to leave the household during her showings, and if we didn't it could be breaching our contract. She has also given us notices on Friday stating things like "I'm letting you know that I will have potential clients throughout the weekend. That INCLUDES Saturday and Sunday. Please have the house in show-ready condition that meets up with my standards, and leave the property during my showings". We feel like these are unreasonable notices as they are extremely vague and not accurate notices. (we could be wrong about this please feel free to inform me). We aren't happy with her treating us this way. Especially during an epidemic where it is advised to stay home and self-quarantine. We know we can't deny her showings even during the epidemic though. Is she doing anything out of the ordinary? We know she wants us out since its very, very hard to sell a property with tenants there, and even harder with tenants who have a lease until the end of September (its April for anyone viewing in the future). We want to tell her to screw off, but we are scared that with the possibility of having to take our landlord to court, if we deny her entry or fight back; that it could give her something against us in court. We have thought about contacting her real-estate agency to complain but apart from that what would y'all advise? Thank you for any help. [link] [comments] |
| Posted: 05 Apr 2020 08:47 AM PDT I'm a physician who's trying to buy a listed vacant home closer to my hospital. The listing agent and my buyer's agent said mandates to current non-essential PA businesses have said no one can view a home or have it inspected as per PA dept of commerce. Ok I get that, can't have businesses open spreading covid. But this is a vacant home.. My question is: would it be unethical if I directly asked the seller for permission to look in their house as a walk-through by myself? If this is a personal agreement between me and the seller and has nothing to do with official businesses in PA then it shouldn't be subject to PA commerce mandates. It would be no different than if I told my friend "hey, you can look around in my house if you want. I'll leave it unlocked for you and wait in the car." I already put an offer in on the house with contingency of a walkthrough and inspection when mandates lift. But that may not lift for quite some time, and as an essential healthcare worker this move is certainly going to help improve my availability for the ER there. So I'm trying to expedite some parts of this, if possible. [link] [comments] |
| Posted: 05 Apr 2020 08:20 AM PDT I am currently looking for a home in the Orlando area. I found a property that has been recently purchased by a bank, back in November. The bank purchased the home for $165k, but currently it's being listed as $220k. The real estate Agent told me the terms were that "I would be responsible for closing cost, they won't fix anything and there's no loan contingency". If I wanted to still purchase the home what should I be worried about? Do you think the bank would go lower than $165k? [link] [comments] |
| Capital gains losses negatively effect mortgage chances? Posted: 05 Apr 2020 07:55 AM PDT I've been reporting capital losses from stocks/options for the past two years and am wondering, based on anyone's experience, if this will negatively effect my chances of getting approved for a mortgage? [link] [comments] |
| How much should I save for a house about $200K Posted: 04 Apr 2020 06:38 PM PDT The situation is my on call jobs are all shut down in Seattle, WA due to the crisis. However, I was able to secured a full time job doing overnight stocking. It is not ideal but it pays $20/hr and I am full time. I also have a second gig loading grocery at another grocery store for $18/hr but their hours are unstable (5 - 32 hours per week). How much do you think I should save before buying my first house? I am aiming for a $200K house or less. Hopefully for a suburban property (Renton, Kent, Auburn, and Tacoma area - about 45 min - 1 hour away from Seattle) being available in 6-12 months. I don't have much expenses and live rent free (already help family paid off the mortgage but help with utilities, property tax, and so on but overall my expenses are pretty low). How much should I save to feel comfortable with buying my first house? Note: Yes thank you! I did check around right now and there is a 2bd/1bath 1 acre house available in Kent for $200K but I don't feel like I have enough for repair, etc. There aren't that many available houses in the Greater Seattle area with decent safe neighborhoods. The last couple years, the real estate market has also been super competitive and low supply/very expensive condos. Actually we are not in the best neighborhood so I would like to move my family out my area. Ideally I would like a property where there is at least 0.5 acres so I can rescue a few alpacas (small livestock requires at least 0.5 acres around my area) and plant vegetables. Don't know when my money will not be enough to buy vegetables and food. :( [link] [comments] |
| Posted: 05 Apr 2020 07:07 AM PDT |
| Serious Question: Does anybody play SimCity? Posted: 04 Apr 2020 07:15 PM PDT I know this is not your typical question on this subreddit but it's one I've never seen asked. As some of you know, aircraft pilots play Flight Simulator. Similarly, I think SimCity is valuable for anybody in a real estate related profession such as a realtor, appraiser, inspector, mortgage broker, real estate developers, commercial and industrial players, etc. You can learn a lot about residential, commercial, and industrial city design, property values, redevelopment, etc. So yeah, does anybody play SimCity here? [link] [comments] |
| Posted: 05 Apr 2020 05:26 AM PDT Hi Ya'll, Beginning our journey into homeownership in the greater Boston area. Found a condo listed that we like, and while we probably won't be making an offer given current times, want to use this time at home to do research. For this particular place (3 bed, 1 bath) the price is coming to $270/ Sq.ft. Another unit in the building that was about 600 sqft larger and has roof access, sold in Dec 2019 for $203 Sq.ft. Also 3 bed, 1 bath. Now, my question is, should these factors matter at all when thinking about comps? Am I being naive in thinking that the unit we're looking at should be priced similarly given the sale of the other larger, arguably nicer unit? What considerations am I not thinking of? Thanks for reading. Hope you're safe! [link] [comments] |
| Selling home with wife and grandmother also on title, where do profits get deposited? Posted: 05 Apr 2020 04:46 AM PDT Long story short, we purchased a home with my grandparents a few years ago so that we could move in and take care of my grandfather as he passed. He is no longer with us and like every family situation things have gone south. I'm not interested in the money from the sale as we are doing alright, but my grandmother has recently brought up removing our names from the deed and handing the house over to her. If we were not to do this, is there a standard procedure for how profits are distributed after the sale with multiple names on the house? For instance if it's not stated otherwise would it be split evenly? I have a feeling we are being urged to remove ourselves from the house so that there is no question she is able to retain all profits. [link] [comments] |
| House on the market since 2016 Posted: 05 Apr 2020 04:34 AM PDT They are asking 775000. It last sold for 385000 in 2011,no improvements made,tax assessed at 320000. How low would you go on an offer 20% 25% 35%? How would you phrase the offer? I want the house but it isnt worth the asking price by about 250000. Its been on the market for 4 years AND unlived in. Its driving me nuts. [link] [comments] |
| Posted: 04 Apr 2020 07:29 PM PDT I guess it's a simple question that probably has a complex answer. Is it better to go for quality or quantity when it comes to property acquisition? I.e. If you have a million dollars and you want to have a portfolio of 50 houses in 10 years, is it better to buy ten $100K houses, or two $500K houses? Is this purely a volume game? Or are there strategies that are more complicated than that that I have not considered yet? Just for disclosure, I only own three houses. But two of them are all inclusive, fully managed residential facilities that return a very large amount of cash relative to how much they cost. So I have been accumulating cash for about five years now, and I suspect we will soon be coming to a point at which my plans will evolve. I'm trying to think ahead and thank you for your advice. [link] [comments] |
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