Real Estate: Should I buy this house for rental income? |
- Should I buy this house for rental income?
- Did my agent just screw me?
- This might be a weird question.. but are there any real estate agents/investors whose previous profession was welding or something similar to welding??
- Difficulty to obtain showings in this Covid-world?
- Inherited a home with problem tenants.
- What do I HAVE to fix from a home inspection?
- Use equity in land to purchase duplex?
- Rental Property
- Financing for 5 unit investment
- Making offer on house before doing cash out refinance
- [NC] Major issues found during inspection, did I get screwed out of $500 DD fee?
- Selling parents' neglected older home [SW Ohio]
- How many showings did your house have before it sold? Would love to hear experiences with selling during with the current market.
- Real or Personal Property?
- Going crazy still living with my mom... should I rent ASAP or buy in several months?!
- Closing costs, Prepaids, & Credits: What's the maximum amount of 'cash back' I can get with a conventional loan?
- Potential buyer requested to see lease
- first time buyer in 2021
- LOANS AND BUTING HOUSES
- Tempting stuff on Ebay ... is it legit?
- Unpermitted Basement (GA - ATL)
- FSBO no Realtor
- (US) Taking a loan from 401k so we aren't contingent on our house sale for down payment
| Should I buy this house for rental income? Posted: 14 Jun 2020 09:37 AM PDT Please read the whole thing to understand First of all im a real estate noobie, just started getting in this space after I had some stable income for the past couple of years. I live in Texas and thinking of buying a single family home. $300k all cash no mortgage loan. 4 beds 4 baths 2,850 sq ft. Property tax in this community is about 9k per year and hoa fees are 97$ per month. It seems like a good deal and I can probably negotiate lower to maybe 275-285. I could rent this out for 2.3k per month as its the only few houses in this areas thats for rent. What do you guys think about this, thought and opinions? Would this be a good investment? This a huge purchase for me and im looking to make roi long term. Edit: this is still considerably a new home. It was built in 2015. Everything is all good like roof, ac, pipes etc. Im buying all cash. If i want to rent it out, I have to live in the home for 2 years if i take out mortgage loan but not for cash [link] [comments] |
| Posted: 13 Jun 2020 10:59 AM PDT The agent came over the night before last to sign the papers for him to post the listing, he also took some preliminary pics of the house. We hadn't straightened up, there was stuff all over the counters and tables, there was a garbage full of clothes to be donated sitting out, it was dark outside and he didn't photograph the yard at all. Then yesterday we staged the house totally for beautiful, bright pictures with everything immaculate. I come to find out after that, the agent had already listed the house, posting the shitty preliminary pictures and a lackluster description. I read that a listing will get 5 times the number of views on its first day than all of the other days it's online. I know that I will look at a listing as soon as I get an alert, and won't come back and revisit one if I don't like what I see initially. I'm pissed off and feel like he fucked us a bit. He's been in the business for 30 years and he doesn't know to not post pictures of a messy house when he's coming back the next day to take good ones? I don't even know what to do since I feel like it's too late anyway. Just venting I guess. UPDATE: we called the agent and left a message (surprise surprise he dodged the call.) He never called back but we saw that he updated the listing...with a combination of new pictures (that suck) and the old pictures that show a messy house, but that was half an hour. I just checked it again just now and now there are no pictures? Wtf is going on? Either way I want a professional photog in here and I'm seriously considering firing this clown UPDATE 2: Now all the shit pics have been taken down and have been replaced by acceptable ones taken by the realtor. We're still unhappy that it was allowed to sit for 2 days with bad pictures and want it rectified. Thanks to everyone for their thoughtful responses! UPDATE 3: we now apparently have an interested buyer. I am going to leave well enough alone for now. [link] [comments] |
| Posted: 13 Jun 2020 07:49 PM PDT |
| Difficulty to obtain showings in this Covid-world? Posted: 14 Jun 2020 09:06 AM PDT We were supposed to go live with our home for sale the weekend before everything in PA shut down. Because no showings would be allowed we de-listed. Two weeks later, we arranged to get on a coming soon list - had huge interest - ending up getting an offer and taking it. Potential buyers had come on an "external" inspection of the home - and we invited them in (wearing masks) to view the home we already had staged. Now that my wife and I are on the other end and looking to see homes, we're not having as much luck. Agents are pushing us to look at the pictures, and videos - do drive-by's on the house and put an offer based on those alone. We're pre-approved - cash in the bank buyers and sellers aren't taking us seriously. I had asked for an external inspection of a home to view the backyard and the grading that can't be seen from the street - I was told to use Google Earth. I'm just not comfortable putting an offer on 1/2 million dollar homes without physically inspecting the property. What is everyone else's experience? [link] [comments] |
| Inherited a home with problem tenants. Posted: 13 Jun 2020 05:34 PM PDT Hope here might be the best place to get some help with this! Sorry if this gets long... My father passed recently and left my sister and I with 6 properties. Half of them are fine, 2/6 have squatters, and the 3rd is my biggest issue... When my dad passed he was renting this condo to 1 dude. Since he found out my Dad passed (November) he hasn't paid a dime and hasn't paid taxes on the place in 3 years (which was a part of the lease agreement). He won't respond to me or the executor, runs up $300 water bill monthly, won't answer the door when I stop by (only place I live close enough to do this), and definitely has others living there as well. I've been able to see 4 different cars in the driveway when I knock. Due to Covid my state isn't evicting until August, at the earliest. When I spoke with the neighbor she told me the name of a woman living there and said the man in charge of handling the estate since my fathers passing spoke with her about some tree stump. The executor is a female. I believe the original tennant is subleasing, pocketing the money, and pretending to be the homeowner. I'm early 20's and literally don't know what to do except I know I need to get probate and probably have to sue this guy if he's really duping me. Literally amy suggestions welcome! [link] [comments] |
| What do I HAVE to fix from a home inspection? Posted: 14 Jun 2020 12:25 AM PDT I'm selling my house and the buyer has a list of things she wants fixed that I truly just don't believe need repairing, as most of these things have been this way since before I even moved in. She wants: Seller at Seller Cost to hire licensed professional to
To be completed within 7 days of this amendment (before appraisal is scheduled)
To be completed within 5 days prior to closing Upon acceptance by all parties the home inspection contingency is My dad owns his own business building houses and can fix most of this stuff himself, as he's licensed. He also has a licensed electrician friend who we plan to take care of the electrical stuff. The things I'm mainly concerned with are #5 and #6. In my opinion, I don't feel I need a "professional" just to open the gable vents, as again my dad builds houses for a living and said he can easily do that and I shouldn't have to pay someone to do that. Also #6. That door has been damaged since before I moved in. The only damage the door has is a hole in the middle of it that doesn't even go all the way through, because it constantly gets hit by the door knob from our side door going outside, as it was installed to open toward that door. There is no way to put a door stopper on unless we put it directly on the door going outside, so even if we did redo the door, it would just get damaged again. I just don't feel I should pay for a new door just for the same thing to happen. The door operates just fine, and the home inspector put that right in his notes. Are these things I ABSOLUTELY have to fix or am I able to just tell them I will fix some things, but I will not fix the door, and I will not hire a "licensed professional" to simply open the gable vents? My realtor is making it seem like I need to be fixing everything on their list, but I don't think that seems correct. The seller also asked for me to pay to have the furnace serviced, AND for the home warranty, which I have accepted, so I especially feel as though I shouldn't have to pay for ALL of the above stuff considering I've lived in my house for 3 years and none of these things have been issues for me. [link] [comments] |
| Use equity in land to purchase duplex? Posted: 14 Jun 2020 08:46 AM PDT I currently own a plot of land that I plan to keep long term and maybe develop later on (10 years or so from now), would it make sense to take an equity loan on it and use that to purchase a duplex? I realize equity loans on land are usually 30-35% of the value of the land, but that should be just enough to purchase the duplex in cash. Would this make sense, or should I try to come up with a down payment and buy the duplex with a mortgage? This would be my first real estate purchase Thanks! [link] [comments] |
| Posted: 14 Jun 2020 08:38 AM PDT I'm interested in buying my first rental property but I have some concerns.. 1: being the property value is $700,000 everything looks like it's good to go it could be a steal could be a flop and another concern is where do I get the contract for renting out the units? [link] [comments] |
| Financing for 5 unit investment Posted: 14 Jun 2020 08:22 AM PDT I'm looking for a lender for a 5 unit investment property. (purchase) All residential units. In Utah. 20% down. Who does everyone like? Thanks! [link] [comments] |
| Making offer on house before doing cash out refinance Posted: 14 Jun 2020 07:48 AM PDT Has anyone offered on a property and once they agreed taken out a cash out refinance to fund the down payment? I know many take out the money before hand but I came across a good deal and don't think I pull the money out before and then offer on the property. If the seller accepts my offer, I plan to do a cash out refinance on my other property and use that money as a down payment to qualify for another mortgage to purchase the new property. My income and DTI are sufficient for this, but wondering how times works. - I get the money from house A and then apply for mortgage for house B? Also I will just need enough to cover the earnest money if the seller accepts the offer right? [link] [comments] |
| [NC] Major issues found during inspection, did I get screwed out of $500 DD fee? Posted: 14 Jun 2020 07:31 AM PDT A quick rundown: House is off and on the market for the past few years. I see it on the market, look at it, and make an offer for the listing price and seller pays closing costs. They come back with a counter offer; listing price with 500 due diligence fee and a thousand off the closing costs that they'd have to pay. They say they're receiving multiple other offers and to offer the best we can offer, so I offer their counter offer and they accepted. They chose to have "no representation" of any known issues with the house on the contract, but we found many serious issues (old underground oil tank in backyard with liquid inside, holes in the roof, cracked cast iron sewer pipe, no ground connections on any of the wall outlets, amongst other things). The oil tank in the backyard is a huge red flag for me. That raises many environmental concerns and future issues. In fact, the inspector didn't even know there was one there until I pointed out a little cap in the grass, which is when he told me about the problems associated with an underground oil tank. Had I been told about the oil tank I wouldn't have made an offer, paid a DD fee, or hired an inspector. Is it right to assume that I basically can't do anything about getting my $500 back? My realtor suggests that I sign something saying that the sellers must repair basically all of the stuff we found, or they can terminate the contract, which they would still keep the $500 in the end. [link] [comments] |
| Selling parents' neglected older home [SW Ohio] Posted: 14 Jun 2020 07:15 AM PDT Need advice for selling 45 yr home that needs interior work (kitchen, baths especially). No known structural problems, newer roof and furnace. yard and driveway are a mess. We moved my parents out a few months ago. There's still a lot of stuff in the garage and attic. Is it worth totally cleaning out? Given the interior condition, would we lose much money by trying to sell as is? Edit: The house is paid for, no mortgage on it. [link] [comments] |
| Posted: 14 Jun 2020 07:13 AM PDT We just listed our home yesterday (Saturday) around 4 pm. We have 6 showings already for today (Sunday). In everyone's opinion, is this low, average, or above average? We live in PA about a half hour outside of Pittsburgh. I keep hearing that the market is HOT for sellers. Not a lot of listings because of the pandemic, but interest rates are at their lowest for those looking to buy. Lots of demand and not a lot of supply. Obviously, the ideal situation would be having multiple offers and picking the best, or even having a bidding war. Just would love to hear everyone's experience on showings, offers, and sales during these crazy times and with the current housing market. [link] [comments] |
| Posted: 14 Jun 2020 06:12 AM PDT Fiancée and I just closed on our first home in Torrance, California. Because his sister is our real estate agent and she lives in the Bay Area, we did not have a final walk through before closing. When my fiancée and I got the keys, we did a walk through together and realized that the Sellers had taken out shelves they have installed in the pantry, which resulted in damages to the wall. They also took out the ceiling fan from the living room and decorative floating shelves on the walls in 2 bedrooms. They also took out a shot lock box that was installed into the wall of the walk in closet in the master bedroom. Now, my fiancée and I really don't care about those fixtures, but what we do care about is the fact that those fixtures were taken out and then the sellers did a horrible job of patching up the work. Now in almost every room of the house from the bedrooms, living room, and kitchen, has all crappy patch ups of work. The walls all have patches of paint which will take thousands of dollars to fix on our part because now we have to paint the whole house. Not only that, but they also have our garage opener and don't really care to give it to us even though it was stated in the contract. My fiancée is an attorney and emailed his sister about our concerns and she forwarded his email to the sellers' agent. The sellers' agent has been working in the field for over 20 years and replied back saying all of those things are personal property. She keeps giving us the run around and won't give a reply back to our concerns. My fiancée talked to his Real Estate attorney friend and he said we will have to see if Escrow has disbursed the funds yet and if they didn't, we will have to have them hold onto some of the money. Has anybody had this happen to them before ? How did you handle this situation? What was the end result? [link] [comments] |
| Going crazy still living with my mom... should I rent ASAP or buy in several months?! Posted: 14 Jun 2020 04:54 AM PDT Here's my dilemma. It's so hard living with my Caribbean mom; I love her to death, but I need my own space. So I currently live in NJ, but I'm trying to move to Pittsburgh. I went to college in the area and love it there (cost of living is cheap too and I have a good support system there). I have the opportunity to rent a house for $750 (2 bedroom, 1 bath, semi-finished basement, huge backyard, front porch). It's a decent place! Landlord is a good guy, I know him personally. My question: is it best to wait a several more months and buy a house instead? I'm looking at houses under $200k. I recently joined NACA and, once I qualify, they would cover all up front costs, fees, down payment, etc. I have about $8k in savings and could have at least $12k before buying. I'm just concerned about maintenance fees and other costs I wouldn't have to think about as a renter. Credit score, between 680-700. I'm just ready to move out now! I stayed home to help care for my terminally ill dad and I don't regret it one bit. He passed away last year, but now it seems my mom expects me to stay forever. My job is secured as I'm able to work remotely (although covid-19 is not really guaranteeing anyone security). My family suggest I buy a house instead of helping someone else pay their mortgage. Your thoughts, experiences, and suggestions are appreciated. [link] [comments] |
| Posted: 13 Jun 2020 10:12 PM PDT What are your tips and tricks? Assuming 5% down conventional 30yr: As I understand it, credits can not exceed total closing costs (or 3% of purchase price, whichever is lower) correct? Does that include additional repair credits? IE I ask for max closing credit then after the offer is accepted, it is discovered that the house needs a new roof and the seller wants to give additional credit rather than repair before escrow. I've read excess can be used to pay points, is this true? And prepaids such as property tax and home insurance are not included in that closing costs total? Is there a limit to the amount of monthly property tax prepaids I can ask for? Are there any other prepaids I can get? Is there anything else I can ask for? [link] [comments] |
| Potential buyer requested to see lease Posted: 14 Jun 2020 03:55 AM PDT Hi all, I have no idea where to post this on Reddit, and I apologise if this has been asked before - I couldn't find anything. I'm a first time seller (UK). Currently have my flat on the market. A prospective buyer (not offer submitted yet) has asked to see the lease. Is it standard practice for my estate agent to ask me to send a copy of lease to buyer (via agent)? Or is it not the done thing? How should it be done? Any advice is welcome. Thank you so much for you time. [link] [comments] |
| Posted: 14 Jun 2020 03:17 AM PDT Ive been living with family for about a year and so and in about 6-9 months I would be wanting to move into my own place but this time it'll be a house! I'll be honest I only have 1100 saved(not enough by far) but after redoing my budget in 6 months I can have about 9500 saved but once I finish paying off my debt (in Sep) I can add 600 more dollars per month to that number... so by feb21, I would have 10-12k. I don't think thats enough to buy a home, especially with it being my first time but I want to know if that something I need to save more... I'm working on my credit which just popped up to 617 for trans and still 580ish for the other 2.Hopefully by sep or so my score would go up more. Any things I can do to make sure I am super ready and prepared for next year, I would love to buy a home to possibly live and still fix up and sell it to help get better homes but is that a good idea. [link] [comments] |
| Posted: 14 Jun 2020 01:50 AM PDT Hello, I'm not from neither USA nor England but was interest to start investing there. Since taxes are different I was wondering this... let's say I get a loan from a bank of 100k to buy a house and I decide to rent that house.If I find another good deal with a equity of 60k, can the bank give me another Loan or I have to pay that one off and then ask for another one?? If that's the case how do real estate investors make money?? like it will take 3 years to pay off a debt?? [link] [comments] |
| Tempting stuff on Ebay ... is it legit? Posted: 14 Jun 2020 04:20 AM PDT I recently bought a house and got everything signed off right before lockdown. I am taking baby steps and will try and start ordering furniture and get some shit going. I don't usually buy anything on Ebay but I was looking to get some ideas for the costs of some things. All of a sudden I saw some houses and building in my reccomendations and I've always wanted to start investing in property and maybe flipping a few houses. I've invested in logistics companies and I am a COO of a upcoming clothing line and I produce podcasts so it's fair to say I have disposable income and I've heard property is easier but I never thought in a million years I'd find some shit on ebay This one is my fav but of course I thought i'd ask the pros [link] [comments] |
| Unpermitted Basement (GA - ATL) Posted: 13 Jun 2020 06:12 PM PDT Hello - we're looking at a house which disclosed an unpermitted finished basement. The basement itself has plumbing and electrical, with a huge living space (bathroom, but no bedroom)... it's very well done. I am wondering how others have approached this in the past... googling looks like it could range from a "you won't get an appraisal and deal could stall out" to "I will be on the hook for huge tax bill and could be asked to unfinish the basement" to "I could be grandfathered and it's no biggie". Should I build a buffer into my offer price? Should I walk? Should I brush this off? How should I approach this in my offer overall? Should I get a bespoke inspector? Should I call the county (Fulton, FWIW). Any and all help super appreciated. My agent is more or less clueless. Cheers! [link] [comments] |
| Posted: 14 Jun 2020 12:04 AM PDT My wife and I are wanting to buy a house FSBO, they don't want to use a realtor and we don't really want to either. We already know what house we want. Why would we spend 10k more over asking to pay the realtor? The buyer won't pay the realtor and are asking a low price. I'm thinking I'll just hire a inspector out of pocket and a lawyer to finalize paperwork. I will use lawdepot.com to draft the purchase agreement. The couple is older and moving out of state, they don't want to make superficial repairs that a realtor would require. I am really handy at any home related repairs. Is there any issues we might run into? Any major things I don't know about? [link] [comments] |
| (US) Taking a loan from 401k so we aren't contingent on our house sale for down payment Posted: 13 Jun 2020 11:23 AM PDT We're going to be putting in an offer on a home and our agent mentioned that if there's any way to get around having a sale contingency on our current home, it would strengthen our offer. We already have a deal lined up for our home to sell, it's been inspected, and we have the appraiser coming on Monday. Odds are, all will be fine to go ahead without the house sale contingency, but...we need to have a backup play just in case the deal goes south. Our options are to try to get another buyer lined up super quickly (which could be possible, we had 10+ offers in 2 days and our agent continues to get calls about it) or to borrow from our 401k to use for the new house downpayment, and then immediately pay it off as soon as our house sells, hopefully in less than a month of taking the money out. Is this a good backup plan? We couldn't seem to find any sort of penalties, just that the loan would be 4.25%. I'm not super sure how that interest works though, would that just by 4.25% of the $30k we'd loan on tacked on to the overall balance or would it be a monthly thing? [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