Real Estate: Bad Property Management Drives Away Tenants [US/MA] |
- Bad Property Management Drives Away Tenants [US/MA]
- Tenant behind 3 going on 4 months rent
- Buying a house in a pandemic
- Difference between CalHFA vs CalHFA Conventional? (US, California)
- Buying with a life lease (Ohio)
- Do People Put a Offer on Homes Contingent on Selling Their Home?
- Seller Removed Litigation Options From Contract
- Buying a home, but the name on the purchase agreement is wrong
- Infrared thermography
- Looking for tips and resources to get started buying a home
- Any NYC agents here?
- Lost out on an offer for our first home.
- Most expensive house in neighborhood
- In ground pool - Should we get one?
- Curious to hear landlords' perspectives: lease expired on April 30th, no agreement was reached on reasonable renewal. No payment has been made for month of May yet, is the lease still enforceable?
- Another "can I afford it" post
- Can an agent facilitate off-contract (under the table) cash payments? (TX)
- Can My Partner Rent?
- Just closed on a house that we no longer want to live in. Options?
- Refi VA loan to conventional on rental property [US/CO]
- How do you make the best case to win from many offers? (US - California)
- Very cheap listing
- Real estate license for investing?
- Move Out Day Chores
| Bad Property Management Drives Away Tenants [US/MA] Posted: 26 May 2020 05:45 PM PDT I'm a tenant who someday aspires to be a landlord, but I wanted to write a quick rant reminding landlords that poor property management will drive away tenants. For nearly the past four years, I've been renting an apartment in a nice suburb of Boston. The location, price point, and amenities were exactly what I was looking for. Everything was great until 6 months ago when the building was sold to new owners and a new third-party property manager. I used to like where I live, but I've grown to hate it because of the new property management I don't think I'm a terrible tenant. Even throughout COVID, my rent checks went out on-time and in full. I take care of small fixes instead of asking the property manager to fix it. But I just signed a lease on a new place and I'm so excited to get away from this awful management company. I wish I still liked the place I currently live. Since the new management company has taken over, the following things have happened:
My bottom line is this: it's fine if you want to be a slumlord; but if you rely on a third party management company, make sure that they unwittingly aren't turning you into one. [link] [comments] |
| Tenant behind 3 going on 4 months rent Posted: 27 May 2020 03:24 AM PDT I have a home in LA that I'm renting and the tenant has been behind going on 4 months. I know with all the covid19 going on that there is a protection in place. But, I don't want to evict them. I'm hoping they could pay a portion of it or set up a pay back plan but from the conversations I've had with them, no. You can't evict till July 25th then you have to give them the 30 day notice which gives them till August 24th. I'll be out all that money plus court fees. Sorry for the rant, advice? Tips? Thanks [link] [comments] |
| Posted: 27 May 2020 07:56 AM PDT Hi all! So I know there is a COVID19 thread here, but I didn't exactly find what I was looking for there. I was really hoping someone could help me out with my dilemma. Hubby and I have spent the last five years saving. We currently have 90k. We really want to buy a house, but I am afraid of losing my liquidity in the middle of unprecedented economic times. My company is doing very well this year, and we are still doing raises & hiring. We've blown past revenue goals. Husband says his company's fairly safe, but you never know. I live in the Dallas area, and the market is crazy in suburbia. The suburb we prefer is filling up. The houses we like are $450k. I think we can put $45k or so down. I just need people's opinion. Is this stupid? I mean record high unemployment and I'm giving up my liquidity... Just need honest advice. Thank you so much in advance. [link] [comments] |
| Difference between CalHFA vs CalHFA Conventional? (US, California) Posted: 27 May 2020 08:17 AM PDT I am reading through the two plans, but can't find the key difference. They seem the same except that CalHFA is cheaper interest rate, because that's a government plan. https://www.calhfa.ca.gov/homeownership/programs/loans-gov.pdf https://www.calhfa.ca.gov/homeownership/programs/loans-conventional.pdf https://www.calhfa.ca.gov/apps/rates/ Even the income eligibility is the same limit. Can anyone shed some light into this please? Thanks! [link] [comments] |
| Buying with a life lease (Ohio) Posted: 27 May 2020 06:55 AM PDT Asking about this opportunity for a friend. They have a chance to buy a house from an elderly (both in their 80's) couple per the following details: Specifics:
Does this sound like a good deal? What questions should my friend be asking? [link] [comments] |
| Do People Put a Offer on Homes Contingent on Selling Their Home? Posted: 27 May 2020 08:25 AM PDT My realtor keeps telling me that it is not good to put an offer on a home before selling ours. Previously we found a home we liked and then put our home for sale, we had a contract on our home the first day. We went into a bidding war for the home we liked (was on market for 60 days) and lost. For the next 2 months March and April we found no homes that suited us. The contract on our home fell through. We took our home off the market. We do not want to repeat the same process again. We asked if we could put a offer on a home before selling ours. Our realtor said we would not be able to negotiate much and would end up paying more for a home. My coworker said they put a offer on a home contingent on selling theirs last year and everything went fine. Our home price right now is hot and is selling within a week (230K). We are looking for homes in the (400K) range which has been taking months to sell. Not sure if I should go the same route with selling our home contingent on finding another home or force my realtor into putting offers on a home without selling ours? [link] [comments] |
| Seller Removed Litigation Options From Contract Posted: 27 May 2020 07:58 AM PDT Hi r/RealEstate First time homebuyer here. The seller has accepted our offer (10 below asking) but has removed the option for litigation or any legal recourse in case of default for buyer and seller. Is this proper/enforceable? Or is an arbitration clause a good alternative? How common is this for the seller to remove legal options? Please advise, I don't want to end up losing my earnest money due to not being able to contest a decision/interpretation of the contract. [link] [comments] |
| Buying a home, but the name on the purchase agreement is wrong Posted: 27 May 2020 07:37 AM PDT When my wife and I got married, we made a conscious decision together that she would not change her last name. Now that we're buying a home, the realtor assumed her last name was also my name since we were married, so her name is wrong on the purchase agreement. We pointed it out to the realtor and she told us it wasn't a big deal, and to go ahead and sign it and they'd change it on future documents. Now I'm questioning that decision, how is this going to affect us going forward? Is it an easy fix? I'm meeting with them again today, should I insist it be changed? [link] [comments] |
| Posted: 27 May 2020 03:42 AM PDT Curious what your experiences have been with home inspections and if any of you have had infrared thermography done. Was it useful? I certainly understand the physics behind the technology and where the shortcomings would be to some of the more fantastical claims.. though it would seem a useful tool for energy audits and potential air/ heat leaks, active moisture and wet mold vs dry sporulating mold. Anyway just curious to hear your thoughts! [link] [comments] |
| Looking for tips and resources to get started buying a home Posted: 27 May 2020 07:22 AM PDT My girlfriend and I are looking to start saving for a down payment for a home and really I have no idea where to start. 10yrs ago I co-signed on a house with my parents, does this disqualify me from first time home buyer benefits? Also I hear that down payment on a home is around 20% is this what we should start saving for? Our goal is to start saving now and get a home within 3 years. Could you guys shed some light on this world as we start this mission. Anything you can offer in advice and resources is greatly appreciated. Thank you! I have some Reddit GOLD in hand happy to guild while supplies last. ⭐️ [link] [comments] |
| Posted: 27 May 2020 07:15 AM PDT Curious if any NYC realtors or folks close to the business have any updates to share on when showings can begin. Has the state offered any guidance yet? What's the real estate environment like there at the moment? In particular to the sub $1mln price point outside of Manhattan. Thanks in advance! [link] [comments] |
| Lost out on an offer for our first home. Posted: 26 May 2020 02:30 PM PDT I was so excited for this house. We offered 13k over asking in order to be competitive but they still went with someone else. I am going through an emotional Rollercoaster right now. How did you guys get over s situation like this? Why do I feel so heart broken? Ugh. This sucks big time. [link] [comments] |
| Most expensive house in neighborhood Posted: 27 May 2020 09:42 AM PDT I know the conventional wisdom: don't buy the most expensive house in the neighborhood. The house we are looking at is across the street from our current house. We know the neighborhood and love the neighbors. Both being divorced we won't have to have any arguments with exes about school changes. But we are merging two households with 4 kids as both work from home. We are crammed into the current house and need space. The house we are looking at has all the space we need but is the biggest in the neighborhood. However, it is also severely outdated - nothing has been touched in over 20 years. There will also have to be updates just to get it to current normal standards - nothing significantly fancy (carpet, counters, appliances and fixtures are all from original 1990 build date and somehow look like they are from 1970). My concern is home appreciation. It being the biggest they are asking for the highest price in the (nice, fairly sought after) neighborhood - although we will be offering much less than asking because of the age of everything in the house and our offer - if accepted - wild make it the second highest purchased home in the last year. We can afford the mortgage on the house and the updates without issue or touching any emergency funds. We're financially stable and I will be paying my ex maintenance for only another 2 years (it's a significant monthly amount - more than what the mortgage on this new house would be). When that is up my accountant has said we're at the "you can have a second vacation home" income levels when combined with my new partner. I used to be sole income provider so this level of income and even considering a house at this scale is all very new to me. But we're busting at the seams both working from home, desks in a living room, and just got done yelling at kids to be quiet while my partner is on a work call. I don't think we will find another 5 bedroom + office house in the entire town let alone the neighborhood we know we already like. [link] [comments] |
| In ground pool - Should we get one? Posted: 27 May 2020 09:35 AM PDT We live in AZ and have a big enough backyard. My husband thinks it's too much money to maintain and I know the ROI on a pool is only about 50%. Anyone have anymore info for or against getting one...? [link] [comments] |
| Posted: 27 May 2020 09:32 AM PDT I'm interested in hearing opinions/thoughts on this. Note that most of these discussions were over the phone. The timeline is roughly as follows: My lease (NYC) expired on April 30th. Discussions with Landlord regarding renewal or a short term extension began approximately March 1st. Landlord offered 3-month extension with a 12% rent increase about a week thereafter. I came back with suggesting a month-to-month lease. Discussions were put on pause due to the pandemic and the uncertainty surrounding it. Around end of April, I began discussions with the landlord once again to discuss short term rent relief given personal circumstances. I have records of reaching out to the LL at least 4-5 times (between end of April and now) and being ignored/told I'll get a call back. No conclusion was reached. A week ago I decided to move out by the end of the month. I told the landlord to use my security deposit as May rent. Lease says you cant do that and LL needs a 60 day notice of move-out, but consider the following: (1) the time frame of these discussions; (2) the difficulty reaching the LL; (3) the circumstances around the pandemic (health concerns, pay reduction), and (4) the lease expiring on April 30th. LL is now demanding I pay both May and June rent (at original amount) even if i move out by the end of the month. My questions are: is the lease still enforceable if it expired and no further action was taken; do any of the above items give me recourse? Does our initial conversation with the LL at the beginning of March qualify as the start of the 60-day notice period? Appreciate any insight or thoughts. Would ideally like to avoid paying June rent as I wont be living here but I'm open to feedback. PS: according to NY State's AG's guidance released in April, LL must notify tenant 60 days in advance if they plan to hike rent by more than 5%. Not sure how actionable this is. [link] [comments] |
| Another "can I afford it" post Posted: 27 May 2020 09:32 AM PDT Hey all - looking for input on this. I'm looking to buy my first house. Engaged, will marry once the courts open back up (no wedding). Will probably try to qualify on my own since my partners credit score isn't so hot. I make $123000/yr, take home $5500 a month I know it would probably be irrelevant for qualifying, but my partner makes about $132,000 Recurring debt: student loans $800/mo (64k remaining, at 3.45%, down from about 140k, not in a super rush to pay down since I think the rate is pretty good), car payment $270, car insurance $170 (high risk area, expect this to decrease a bit). Credit cards paid off in full every month. So about $1300/mo. Looking at a house listed at $367,000. Initially listed at $375,000 Jan 2019, took off the market in December, relisted about 45 days ago. House next door sold for ~$300k last July, with one extra bedroom and one extra bedroom, similar style, nicer appliances. Similar Sq footage. So wondering if I might be able to get them lower. I currently have about 5% to put down, still leaving myself 5-6 mos emergency fund. With pmi, property taxes, insurance, looking at probably $2700/mo total. Splitting it with my partner would make it 25% of my take home. Jobs stable. The calculators I've run through say yes, but I want to see what actual people think as I feel like I'm right on the line. [link] [comments] |
| Can an agent facilitate off-contract (under the table) cash payments? (TX) Posted: 27 May 2020 09:31 AM PDT Appraisal came in low, and we're not too far from closing. If buyer was inclined to make up the difference with cash (and we lowered sales price in step to meet the appraisal), would an agent even want to hear it? Or, are they only allowed to work with what the TREC contract allows for? We have a relationship with the buyer and are not worried about them not paying. We're wondering if we should even bring it up to the agents. Appraisal is being challenged in the mean time. Thanks! [link] [comments] |
| Posted: 27 May 2020 09:21 AM PDT Hello everyone! I live in Pennsylvania and I'm looking to purchase my second property. My goal was to buy a new residence and rent out the other. But, with my debt to income ration, I wasn't approved for the price range I was looking towards. My lender said my current home would have to be rented out for 2 years before being considered income and my approval amount rising. Here's my question; my partner lives with me and pays half the bills and mortgage. His name isn't on the mortgage at all. Is there anyway I could make it so I'm renting the property to him for the next 2 years without it looking shady or doing anything illegal? I would still live at the house as well. Thank you in advance for any help you can offer! [link] [comments] |
| Just closed on a house that we no longer want to live in. Options? Posted: 27 May 2020 09:13 AM PDT Hi all. We recently purchased a house (6 months ago) and now realize that we do not want to stay here long term. Five years tops probably. Would it be better to wait a few years and then try to sell or put it back on the market next spring to try to get out then? I dont believe we would get what we paid for it, but are in a financial position where we could absorb some loss. I'm just worried that in 3 or 4 years there maybe a crash and then we will be stuck for the long haul or worse. The anxiety of that prospect is killing me. Thanks for any help. [link] [comments] |
| Refi VA loan to conventional on rental property [US/CO] Posted: 27 May 2020 05:25 AM PDT I'm curious if anyone has experience refinancing a VA loan (3.375%) to a conventional loan and reclaiming VA entitlement to access more buying power for a new home. My current rental has about 25-30% equity and I'd like to use the full VA entitlement to purchase a primary residence. What rates have you seen for 15/20/30 yr conventional refis for excellent credit? [link] [comments] |
| How do you make the best case to win from many offers? (US - California) Posted: 27 May 2020 09:04 AM PDT (I am sorry for posting too frequently. This is my second of the day.) First home buyer here, California. We found a house that we are very excited about. It fits our budget. It's in secluded area, and just about fits everything we look for in a house. It's on Zillow, but the seller agent wrote that this is a house that goes for $575,000 ~ $610,000. That was a first for me, where I see a range. Obviously, I heard from my agent that there are many offers already for the house. It was off market when COVID19 started, and now it's back on market. What's the best way to put down an offer? I'm getting pre qualified this week, trying to get that done asap with a lending officer. I know I have to put in some decent offer, but I don't want to put it at $610,000 or higher.. Are there any best practices in putting an offer? I know if I can get pre-approved that is the best way, so just wanted to ask you guys for more insight into this. Again sorry for rapid question posts, and I know I apologize posting rather than searching. (Just too excited we found a good house after months of searching) [link] [comments] |
| Posted: 27 May 2020 09:03 AM PDT Hi People, I just came across a very cheap listing on Zillow, it only cost 6800 dollars and has more than 3000 sqft. How does this work? Like what's the catch? [link] [comments] |
| Real estate license for investing? Posted: 27 May 2020 09:00 AM PDT Hi all So I am planning on investing in real estate soon. I would like to buy properties such as duplexes or triplexes, rent them out while I reside in one. I haven't been talking to people here, learning on YouTube, and started listening to bigger pockets to educate myself. My question is, would it be the move for me to get a real estate license to further my education? I am currently working full time as an LPN, so I don't know if it would be worth it since I wouldn't be working as a real estate agent. Thanks [link] [comments] |
| Posted: 27 May 2020 08:55 AM PDT Good morning, I'm closing on my condo Friday at noon and I'm almost all moved out now (Wednesday). I'm noticing some imperfections now that the house is empty, such as a few small holes in the wall where I had hung a picture and a mirror and a few places that could use minor touch up paint. However, I don't have extra paint from when I had my house repainted last year. It got thrown out accidentally before I could save a small bottle for touch ups. My dad tells me not to worry about that stuff and just clean the house really well Friday morning before closing, which of course I'll do. But I feel guilty because I want the new owner to have a perfect house when she walks in with her new key. I'm not handy at all so these touch ups aren't going to be something I can do & I think it's too late to try to hire someone to do this before Friday. I've never sold a house before so is it normal to leave a house behind with some normal wear and tear or am I being rude to the new owner? [link] [comments] |
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