Real Estate: Struggling Airbnb Hosts May Be Forced to Sell Their Properties |
- Struggling Airbnb Hosts May Be Forced to Sell Their Properties
- NY, Hudson Valley. Bizarre price history for large lakefront plot. Any thoughts?
- Where to learn more about loan options? And how early to start the ball rolling for buying a house?
- Nothing illegal happened but a cautionary tale:
- How much would you improve a house you plan to only live in 5 years?
- Freddie Mac's aggressive price cut on a property. What would you offer?
- Cheapest way to buy my grandma’s house?
- How to keep public records private.
- Can I unilaterally replace a 4' chainlink fence on the property line with a 6' privacy fence? The fence is old and failing. Neighbor lives out of state and rents his home. Unresponsive to calls and texts.
- Can I afford to buy a house?
- Finally moved in but one issue.....
- What is the process for moving when you sell your first home/buy your second?
- How does closing work in the time of Covid-19?
- Covid-19 Mortgage reserves
- Will a manufacturer home be a financial black hole?
- [Nassau County, NY] Mortgage Broker Recommendation
- A great NBER paper (link below) shows that the bulk of the COVID-19 job market impact is being absorbed by the 50-64 opting out of the Labor Force (early retirement). What implications there will be for the Real Estate market? Will this group reduce demand and increase supply as they retire earlier?
- Donating Wetland to Fill Wetland
- Previous Property Owner Leased Out Cell Tower
- First time buyer during pandemic
- Didn’t expect this...
- Pre-approval Letter for Mortgage Loan.
- Need advice
| Struggling Airbnb Hosts May Be Forced to Sell Their Properties Posted: 02 May 2020 05:46 PM PDT Yet another warning sign... ballooning supply as demand craters on record unemployment. Tread lightly... "There's going to be a lot of correlated sales in certain areas, because there are desirable locations or vacation homes," said Garriga. "There could be a massive number of units sold in these areas." "lack of travel and tourism is already causing Airbnb hosts to slash their prices by more than 80% in some cities. If this goes on for much longer, a lot of these cash-strapped hosts will be forced to sell their properties. This flood of new properties for sale might cause home prices to drop sharply in a short period of time. Add to this scenario baby boomers that are considering downsizing to pull equity out of their current homes to aid their retirement funds, and you have a recipe for disaster." Owners of Airbnbs in desirable coastal areas may be forced to sell their properties for less than market value should they not recover from the economic fallout of the coronavirus. The outbreak has caused a housing bubble effect for Airbnb, which could potentially give millennials and younger homebuyers an opportunity to purchase a home at an affordable price sooner than they thought. "It's a worrying time, there will be a lot of shifts and some people that depend on Airbnb income may not make it." For those managing short-term rentals, such as Airbnb, who oftentimes juggle multiple mortgages and depend on supplemental income generated in high seasons like spring and summer, this could be a major blow, since some private lenders may require homeowners to make a lump-sum payment once the forbearance period is over. [link] [comments] |
| NY, Hudson Valley. Bizarre price history for large lakefront plot. Any thoughts? Posted: 03 May 2020 04:26 AM PDT EDIT 2 yeah, comments seem to agree. Probably they tried to sell of pieces of larger plot and couldn't, so sold the entire larger plot. And this happened twice over years, and new owner trying for 3rd time. EDIT has sold for multiple of listing price twice over the years. [link] [comments] |
| Where to learn more about loan options? And how early to start the ball rolling for buying a house? Posted: 03 May 2020 09:48 AM PDT I'm looking to soak up knowledge before buying our first house next year, particularly with the loan/financing side of things. What loan programs would you recommend we research? Is there anything similar to an FHA with more favorable terms for those with a higher credit score/more down payment? We plan to buy as soon as April/May of 2021. When would you recommend we start getting serious/getting the ball rolling with that date in mind? And what would be out first step? (Getting loan approval? Finding an agent?) [link] [comments] |
| Nothing illegal happened but a cautionary tale: Posted: 03 May 2020 07:43 AM PDT My husband and I are purchasing a home in poor condition with a conventional + Reno loan. We agreed to add an addendum stating we would take the property with remaining contents. The seller agent described to our agent that the buyer only wanted a few sentimental items/Hope chest etc. Fast forward, the day after our contract was finalized (we had inspections done etc.) the seller/seller rep/their friend whatever... cut a latch on the shed/shop and removed a tractor and leaf vacuum attachment. They had a key to an adjacent shed/shop and removed a riding mower and we think anything else of value (snow blower, generator, but our visibility was limited...) Anyway, our contract never itemized what conveyed from the shed. Only the home itself (a bunch of shitty appliances we're replacing anyway...) We are first time homebuyers (edit: first time-ish) and didn't really think to ask. Our agent is angry with us for feeling disappointed in his/her failure to advise us to itemize the tractor, mower etc. Our agent argues that we never communicated our desires to him/her regarding these items so he/she did not alter the original contract (we learned about the shed contents during the inspection process) and does not feel he/she was obligated to bring it up to us. We still get a beautiful home/property. We're just looking at having to buy a lot (more) than we had anticipated in order to maintain the grounds. We're not sure exactly how much was taken from the shop but we had also hoped to use some items to barter with friends who happen to be skilled tradesmen. I am posting/hoping someone reads this and I can prevent this from happening to someone else. EDIT: another added benefit of posting this = realizing that my agent cannot read minds/that it is in fact not her job to make me aware of RE contract law norms. [link] [comments] |
| How much would you improve a house you plan to only live in 5 years? Posted: 03 May 2020 06:14 AM PDT We're looking at our first home...There's a rowhome I love (brick with Queen Anne influences) in a beautiful little late slowly improving 19th century historic neighborhood. The thing is, the house is already unfortunately one of the larger and more expensive in the neighborhood. It's definitely below our budget, and we should have some room for repairs. The kitchen is 1950's retro... Bright kelly green and white checkered backsplash and green laminate? counters. The layout also isn't the best...2 rows with a small L, no island. I'd love to change the countertops to either a quartz with a soapstone or marble-like finish or mayyybe wood that would better fit in a 19th century home (sure, modern kitchens didn't exist then, and neither did quartz, but whatever) and update the sink, faucet, and hardware (and leave the cabinets if possible). My fiance loves to cook and has been dreaming of an induction stovetop for some time. Anyway, if we bought a home like that, would we need to accept the kitchen would be a total loss, or would the mentioned upgrades provide some sort of return? How do you decide what's "worth" upgrading? Thanks. [link] [comments] |
| Freddie Mac's aggressive price cut on a property. What would you offer? Posted: 03 May 2020 07:07 AM PDT I am currently looking at a HomeSteps property. The property is located about 2 miles away from Costco. Based on normal assumption, this property supposed to be a good area, but the school district near this property is below average. The property's condition is a little rough (built in 2006) although Freddie Mac did some repair before put on the market. It needs a fair amount of work, my estimation will be in $5K to $10K range. The initial listing price is 175K. Now, this property sits on the market for two months and it has three price cuts. The most recent price drop is $20K. It is currently asking for 135K. I feel like Freddie Mac got to be extremely motivated to have a major price cut like this. I do not know what kind of low could I test? This property was in foreclosure auction a few months ago and foreclosure auction's appraisal value is 110K, but I want to offer like 100K. If so, it is 25% off their newest price. Would you believe Freddie Mac gonna bit in this kind of situation? [link] [comments] |
| Cheapest way to buy my grandma’s house? Posted: 03 May 2020 06:16 AM PDT Hi everyone, My grandma in Toronto, Ontario is offering to sell me her house for 10% off of the market value when she passes away to help me afford a house in this expensive city. I am asking reddit to see if there are any additional options that can be more tax efficient or lower my 20% down payment even more. My grandma and I are close and she really wants to help me so she's open to ideas. Here are the details: House is worth about $600K. It's completely hers. It's been her principle residence her whole life, which she inherited from her own grandma! I'd be able to buy it when she passes away (or even when she's alive) for 10% off the market value. My grandma has 5 daughters, who'd split the inheritance all equally from the house. 1st idea: take my mom's portion (20%) of her inheritance of the house off the price of the house and I write a promissory note to her to pay separately, and have the price of the house dropped from $540K to $432K (20%). Then the rest of the daughters split what's left (4 ways). 2nd idea: get my grandma to sell me the house as a private sale, bypassing agent fees and determining how she wants me to pay her (and eventually her children when she passes away). Do these sound like good options? I'm open to any advice, including specific people best to talk to to find the most affordable way to buy this property. Thanks! [link] [comments] |
| How to keep public records private. Posted: 03 May 2020 07:58 AM PDT Hello! I'd love some help on how to keep purchase records of new homes private. Obviously the purchase will be public info but is there a way to have our names hidden from the public? I have some safety concerns for me and my family and I don't want certain people to be able to find us. I talked with the bank for the mortgage and they told me it's impossible, but it can't be! What about people actively being stalked or who are in witness protection and stuff?? Any help would be appreciated! (I'm in NYS btw). Thanks! [link] [comments] |
| Posted: 03 May 2020 07:43 AM PDT |
| Posted: 03 May 2020 10:17 AM PDT I have been renting in NJ for the past 12yrs and am now considering buying a house. I am 44y, divorced with a 9-yr old kid (equal custody, no alimony, minimal child care support), have about 120,000 in savings, 80,000 in 401K, 15,000 in IRA, and a steady job (of 2 years) that pays me well (6 figures). With these numbers in mind, I am wondering if I can afford to buy a house? Or am I better off continuing to rent - especially knowing how property taxes are so high in NJ (cannot leave state because of kid) and the market being overpriced? I am thinking in the range of ~400,000-450,000 max. Thank you for your thoughts and suggestions. [link] [comments] |
| Finally moved in but one issue..... Posted: 03 May 2020 06:15 AM PDT I recently closed on my house in a new development a few days ago. We have been checking out the progress of the house for months and everything was going great. Two days after we moved in we noticed the neighbor outside the development across the fence apparently does tree cutting. We hear the ambiance of the constant motor humming inside our house, yesterday there was a large smoke cloud and and ashes dumped all over the development. Is there anything I can look into in regards to zoning laws or something else. I can't imagine it's ok to operate a business in a residential area that constantly has machinery buzzing so loud everyone can hear it within their house on top of the constant smoke smog and ashes being dumped. [link] [comments] |
| What is the process for moving when you sell your first home/buy your second? Posted: 03 May 2020 09:59 AM PDT This may be a very silly question so sorry in advance. We are selling our condo, and buying a house. We want to use the money from the condo to buy the house (we don't have to but it would be nice to not touch the savings.) How exactly do we do that? Do we have to close on the selling of the condo and then close on the house in the same day? How would moving work? When I bought the condo we got the keys the day of closing so, I assume the same thing would be expected which would mean we would have to be completely moved out by then... but then how would we get our stuff to the second house prior to closing the selling of the condo unless we used our savings for the house LOL. Just wondering how this even works... And yes, I am aware of the market of selling during the pandemic T_T please don't remind me, I can NOT live here any longer for my mental sanity. [link] [comments] |
| How does closing work in the time of Covid-19? Posted: 03 May 2020 05:49 AM PDT We are in escrow now but curious how signing, earnest money, transferring funds, etc works these days. [link] [comments] |
| Posted: 03 May 2020 09:23 AM PDT I heard that the mortgage requirements have gotten stricter, I heard about the increased credit score but I have not heard the details on the requirements for a reserve. Has anyone got any specifics on what they are requesting you have in reserve now? [link] [comments] |
| Will a manufacturer home be a financial black hole? Posted: 03 May 2020 08:55 AM PDT I'm in my early 30s, solid job which won't be affected by COVID-19. Has about 50k in saving and it will grow more after 3 years (because that's the end of my current job contract). No debt at all. Spend about 1/3 of my paycheck and leave the rest for investment. I plan to move to California because I think I could make more money there. The housing market in San Jose and SF bay area is very hot but I'm thinking if I could just get a cheap manufacturer's home in a park, I'd be set to kick start my career there. I don't intend to live there forever tho, just a few years to get money and move somewhere else with more affordable homes. I will probably save enough to either purchase a house out right or down payment significantly so that my monthly payment could be very cheap, far cheaper than renting in SF or SJ. I wonder if I move again after 5-7 years that home would be problem or not. I don't care about the stigma associated with living in a mobile home park. I just want a cheap place to live and make money. What do you think? [link] [comments] |
| [Nassau County, NY] Mortgage Broker Recommendation Posted: 03 May 2020 04:57 AM PDT Hello, I'm in the process of making offers on properties in Nassau county NY. Can anyone recommend me a honest mortgage broker who will be able to get me the best rates and beat the big banks? Thanks [link] [comments] |
| Posted: 03 May 2020 08:23 AM PDT Labor Markets During the COVID-19 Crisis: A Preliminary ViewOlivier Coibion, Yuriy Gorodnichenko, Michael WeberNBER Working Paper No. 27017 [link] [comments] |
| Donating Wetland to Fill Wetland Posted: 03 May 2020 07:43 AM PDT Hello Everyone! Is it possible to donate wetland to increase development of a small piece of land with wetland on it as well? Looking to negotiate the donation of 25 acres of wetland to develop on about 1000sqft. of land. The land is next to a road with 30,000 cars passing by and I can lease of the land to a Dunkin or something similar. Thanks for the advice. [link] [comments] |
| Previous Property Owner Leased Out Cell Tower Posted: 03 May 2020 07:15 AM PDT Hello Everyone! I purchased about 50 acres of land recently. A piece of the land is partitioned with a cell tower on it. The ex owner of the property had sold off the lease of the cell tower. I still own the property it is situated on. Is there anything I can do as the new owner with this property? I collect no income from the cell tower (the ex owner took a lump sum, before the sale), but the cell tower company just pays the tax each quarter of that land. Thanks for the advice. [link] [comments] |
| First time buyer during pandemic Posted: 03 May 2020 03:18 AM PDT Hi all, Apologies in advance if this is the wrong place to ask this question but I'm trying to get some advice. I'm in the UK too, which will affect advice given I'm sure. My wife and I are currently at the beginning of a chain and are purchasing a flat (apartment) at the top of the market in an affluent area. We both have secure jobs (I'm a teacher and my wife is a manager in the retail sector with a stable company - she is furloughed at the moment, but is expecting to start work again soon). We also have a sizeable savings pot, some of which is marked for the 10% deposit on the mortgage we will need. We are both in our early 30s. Now, my question: the market is looking very shaky at the moment and could well collapse. Many people are poised to lose their jobs and the value of property could well go down; it is unlikely to go up by a lot. We only want to live in this flat for 5 years before moving again. This considered, should we pull out of the sale now and look for something else when the market dips OR should we persist with the current purchase? Thank you. [link] [comments] |
| Posted: 02 May 2020 04:11 PM PDT We were already in the market for a home in VT when COVID hit. Suddenly everything froze. Nothing on the market. Now that they're coming back this & last week, the prices are up 10-15%. And some are going under contract! If anything, we thought they'd be down. What gives? [link] [comments] |
| Pre-approval Letter for Mortgage Loan. Posted: 03 May 2020 02:02 AM PDT On Tuesday afternoon my partner and I talked to a lender who said we would definitely be pre-approved for a first time buyer home loan, but said his system was down(?) so he would get us a pre-approval letter in a couple days. Since it was almost 5pm when we got off the phone I assumed he didn't anything with our info that day cause he was probably getting ready to go home and system was down. It is now Sunday morning, I expected to hear back by Friday before they were closed for the weekend. Is it normal to take more than a few days to get a letter? I'm trying to be patient cause of the virus, but I'm starting to get anxious cause some of my friends recently purchased houses and said it didn't take that long...one friend even said same day. I think it's just my anxiety freaking me out, but since I'm a first time buyer I figured I'd ask. I live in medium sized city in Indiana if that helps. [link] [comments] |
| Posted: 03 May 2020 03:47 AM PDT Hey! I hope I am on the right place to start. I am 20 years old engineering student who realized the importance of investing. I am really new to this, with no previous experience. I have some savings, but not that much. However, I am willing to save more and to start working with my study if that would be needed. Yeah, I know, I have a lot to learn about this. But there is a situation in my family which made me interested, and maybe this is a good way to start. I am not sure, this just came up as idea, and am looking for advice. My parents own apartment in the center of my city. They inherited, after my mothers mother died. They are renting it at the moment. However, it is in a poor state at the moment, and for that reason the rent is very cheap (I think there is more value there than price). Additionally, this part of the city should be completely rebuilt in the near future. There are plans, there should be a new urban center out there, with marina, restaurants, parks, and maybe hotels. My idea was to think about renovating and renewing that appartment, in order to raise up the price. At the moment, it is in rent for students. It could become a rent for tourists. Position is perfect, and I see potential there. The apartment is not mine (one day it might become), but i am sure i would be able to find a great deal with parents. So basically I would like to put my money there to raise up rent price, and get a slow return based on the difference on the price before and after. Maybe things do not work that way, i know there are many calculations and i would consider doing them before making a desicion. Just looking for your opinion. Thanks in advance. [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment