Real Estate: UPDATE - My mom wants me to co-sign her home loan |
- UPDATE - My mom wants me to co-sign her home loan
- Due diligence requests not honored (poor workmanship)
- Just bought a house that has renters already. Need advice.
- Can anyone recommend me a book to learn the basic engineering of homes?
- How Should I Deal With My New Neighbor (She Has Down Syndrome)
- Which place should I choose
- How do you know when it’s time to sell a rental property?
- Combining Adjacent Parcels (Indianapolis, IN)
- Questions for the owners?
- Decreasing Bedroom Size To Add Closets vs Home Value
- Closing timeline first house
- Have 60k in savings but recently furloughed and rejected by two co-op boards. Looking for advice on next steps
- Tracking down a seller (PA) who drops price but doesn't respond to showing requests
- My plan after graduating - Is it realistic?
- How to actually make money with investment property?
- Finance guy is charging me a "consulting fee" for securing mortgage loan? Is that normal?
- Buyer credit to seller, in order to reduce sales price
- [CA] Is it worth trying for a Cal/CalplusHfa right now below 600 score?
- Real Estate Easement/Encroachment Question
- Question about appraisal guarantee
- [x-post][Homebuyer](First House)Can we afford this? PLEASE help me look over our budget
- Should i buy with my parents?
- Is an inspectors license with my real estate license worth the money and time?
- Is it worth It to Sue tenants
| UPDATE - My mom wants me to co-sign her home loan Posted: 26 Jul 2020 08:19 PM PDT Original post here. firstly, thank you for all your comments on the original post; the feedback was awesome and you brought up some amazing points that i hadn't even thought about! so after seeking advice from reddit, other family members, friends and an attorney, i decided that there were too many red flags for me to move forward with co-signing the loan. i went to see my mom today and prepared what i wanted to convey yesterday because just the thought of telling her "no" was daunting. i basically told her that i looked more into it and i didn't feel comfortable helping her in this way. i told her if she needed help with her mortgage, i could contribute by giving her money monthly but that was the best i could do as i also need to look out for myself. with COVID going on too, i don't know what our future holds and i don't want to be on the hook for a loan i can't pay off. i asked her to clarify some information and asked her what she was planning to do after i co-sign and she couldn't give me any direct answers. i also asked her if she could find someone else to co-sign. initially, she said, " no, that's okay" so i felt the conversation was ending but then she turned around and said all of the following things as i tried to stay firm on my "no, i don't want to do this.":
she also started to cry but luckily someone came over so we had to stop the conversation. as i left, she just said, "okay, so just think it over." and i said "i already said i don't want to do it." i went home and realized i had taken one of her items so i asked if she needed it right away. she said she'd be over in 20 minutes. when she got here, she basically ambushed me and just kept trying to guilt trip me until i lost my shit and made a scene in front of my neighbors. i just kept saying "i don't want to. i don't want to. i don't want to. i don't want to. i don't want to." like a madwoman until she left. i hate that she gets under my skin no matter how hard i try to prepare and to be civil about things. either way, i think i did finally get through to her but i suspect she will throw out some backhanded comments in the future about how she lost out on such a great rate and is now wasting an extra $500-600 a month because of me. [link] [comments] |
| Due diligence requests not honored (poor workmanship) Posted: 27 Jul 2020 08:56 AM PDT I have bought the house already and signed the document with the lawyers saying I accept the house in its current state. Little did I know that what I requested was not done properly. During the due diligence I requested for the cracked cast iron waste line to be replaced and for new replaced air conditioning ducts, to which the seller agreed. We were originally supposed to close on the 1st of July but the appraisal came back from the VA Loan appraiser and said that the seller had to do more work on the house. My real estate agent and I did a walkthrough on the 30th of June and after that we just waited for the bank to accept the repairs on the house. Closing day finally comes around, and my agent and I go to the house to do a quick walk through before closing and the listing agent did not leave any doors unlocked or keys to open the doors, so my agent just walked around the house with me and had me follow him to the closing. The closing comes around and they had me fly through it, but the document that says that I accept the house how it is in its current state etc was dated for the 30th of June and it is now the 15th of July. I sign because I figured they knew what they were doing as they are the professionals and this is my first time buying a house. I then get the keys and I wait until the next day for the lawyers to send in the paperwork to the county records office. I finally get to step in the house for myself and I see that in the basement, the replacement waste line was installed in a way that put pressure on the PVC t-pipe and it is now cracked. I also find that the ducts that were supposed to be replaced, were in fact just surrounded by newer insulation and poorly installed with zip ties. I've tried to reach out to the seller to at least see if there are any receipts or satisfaction warranties that come with the work done by the plumber and HVAC professionals, but no response from him or the listing agent who is trying to contact him. I met the seller and he claims to be a car salesman. When I met him while he was making repairs he said he had to call in favors from plumbers and and HVAC professionals to come work on the house. I feel like this is a lie and he tried to do these things himself to save costs. I have attached the DD and a couple of pictures of the problems. I can take more pictures if need be. I just feel like he did not adhere to the due diligence requests to the full extent. I do have a home warranty provided by the seller, but I shouldn't have to even use it if he had just gotten professionals to do the job. DD: https://i.imgur.com/alPdvlw_d.jpg?maxwidth=640&shape=thumb&fidelity=medium https://i.imgur.com/eTOC7oF_d.webp?maxwidth=640&shape=thumb&fidelity=medium Waste line: https://i.imgur.com/WaVVMfT_d.webp?maxwidth=640&shape=thumb&fidelity=medium https://i.imgur.com/6MwDlZe_d.webp?maxwidth=640&shape=thumb&fidelity=medium Air conditioning duct: https://i.imgur.com/LvGY1L3_d.webp?maxwidth=640&shape=thumb&fidelity=medium https://i.imgur.com/dHoCHT0_d.webp?maxwidth=640&shape=thumb&fidelity=medium [link] [comments] |
| Just bought a house that has renters already. Need advice. Posted: 27 Jul 2020 08:50 AM PDT So I just bought this house that has renters, they've been there for 3 years. Its a 3b2br 1100sqft. I've looked around my local market and there's nothing being rented for less than 1200-1300. The previous owner was renting it out for 850. I want to rent it out around 1200 atleast to cover the mortgage taxes and all that. Seems like a pretty huge jump and I feel like a dick for making them pay that much. Still havent talked to them yet. What should I do? I feel if I raise it that much they'll leave. [link] [comments] |
| Can anyone recommend me a book to learn the basic engineering of homes? Posted: 26 Jul 2020 10:52 AM PDT I have been curious for a long time the engineering behind residential homes. What are some different options /procedures to build detached and row homes? What are the pros and cons of different heating/cooling systems? What are some ways common problems and fix with modern homes? Looking for an introductory book for someone aspiring to be a professional doing such construction work. Can anyone recommend a book? [link] [comments] |
| How Should I Deal With My New Neighbor (She Has Down Syndrome) Posted: 27 Jul 2020 09:10 AM PDT Hi guys, so my wife and I have been in the new house for about a week now and we are starting to notice that our neighbor's 30 year old daughter comes around kinda frequently and she has a form of Down syndrome . For example, she came out a few times while my dad and I were moving the couch off the trailer in 100 degree heat and wouldn't stop asking us questions and finally my dad very politely said "We're really busy and we'll talk later." Then, just now she rang our doorbell to show us the Christmas card of the people who used to live here before us and then she walked off. So my question is how should I go about nipping this thing in the bud? I'm trying to be nice but it's going to get annoying as time passes. We also haven't seen any parental supervision around their house but I doubt seriously she lives by herself. Appreciate any thoughts! Thanks! [link] [comments] |
| Posted: 27 Jul 2020 04:19 AM PDT I'm 21 and about to get my license and I'm torn between working at Keller Williams or a smaller agency. The smaller agency's owner is who I've met with, he really likes me and is really trying to get me to work there. I'm worried about maybe not having as many resources at the smaller place than i would get at Keller. Commission split is same but at smaller there are no office fees and small fees like that. which would you choose for a new agent looking to come into the field? [link] [comments] |
| How do you know when it’s time to sell a rental property? Posted: 27 Jul 2020 10:14 AM PDT Hey guys, I own a property with 2 houses on 1 lot in a semi rural area. The houses are older and I've had to put some money into maintenance lately, and potentially more on the horizon. I purchased the property with both houses as a foreclosure for $75k. My monthly mortgage payment is around $500. The property does cash flow well as I get around $1200 in rents, but they're not easy to manage as they're a little over an hour away and it seems they require quite a bit of upkeep. Am I able to calculate a price that would make selling this to the current tenant a good move vs. bad move? I like the idea of taking the profit and putting it as a down payment in a newer quad plex closer to where I live. Am I dumb for even considering? [link] [comments] |
| Combining Adjacent Parcels (Indianapolis, IN) Posted: 27 Jul 2020 10:14 AM PDT Hi Reddit, I'm looking for some advice regarding this situation I outline below. But also, I am looking for advice regarding who is the the right professional to consult with on this matter. Real estate lawyer? Appraiser? Real estate advisor? It seems like everyone I speak with refers me to someone else, who then refers me to another. I own a historic home on a few acres. The property has a protective covenant which places restrictions on the alteration to the facade and includes nominal restrictions on the land and interior of the home. Example: can't plant vegetation that might damage the house (ivy) or install ahistoric fencing. An adjacent, undeveloped lot has come up for sale. If purchased, it would triple our current acreage. We would like to buy this and use the additional land as a sort of hobby farm. Here are some of the questions I have regarding this process --
Certainly, I hope this is my "forever" house, at least for 20 years or so. But I just want to be as sure as I can that I'm making the right decisions. As far as zoning goes, the property is zoned to allow for both residential and agricultural uses. Thank you! [link] [comments] |
| Posted: 27 Jul 2020 10:01 AM PDT My fiancé and I are in the process of buying our first house. We close mid August! Yesterday I got a text from my realtor saying the owners of the house said we could contact them with any questions we might have about the property. I had plans to ask about any manuals they have for appliances if they could be left behind, theres a water filter faucet which I've never had so to ask how often to change the filters and when they were changed last, and if they have any leftover paint for a room painted pink that I love left over to fix spots in the room. Any other really good things to ask about? [link] [comments] |
| Decreasing Bedroom Size To Add Closets vs Home Value Posted: 27 Jul 2020 09:58 AM PDT Hi everyone. I live in an Italinate Wood Frame home (think Brownstone style) with modest bedroom sizes. The third bedroom is a tiny 8'9x8'4 room without a closet which gets to "qualify" as a bedroom because of the time it was built. Attached is the current floor plan of the bedroom floor alongside a possible layout change. In your opinion, would this change be worth it with respect to home value? A contractor that I am working with suggests turning the existing closets into one large master closet for the master bedroom, and then taking off close to two feet of space off of the second bedroom to make closets for the tiny room and second bedrooms. The current closets are currently only 15" deep! However, modifications could bring them out to at least 17 or 18 inches. I'd probably then add custom woodcrest systems to increase functionality and usability. The tiny room, though it qualifies as a bedroom, would then be a true bedroom in the modern sense even thought it will still be tiny (still big enough to fit a full sized bed with walking space and space for a dresser and TV stand however). What are your thought and thanks in advance for answering! Would making that second bedroom smaller be a major negative? [link] [comments] |
| Posted: 27 Jul 2020 09:48 AM PDT Me and my wife are buying a house. Latest close date on the contract was 7/25, we had to extend due to the mortgage company taking too long. Now the seller won't sign the extension addendum and is requesting we pay $36 a day past the original closing date. Is this a normal occurrence? [link] [comments] |
| Posted: 27 Jul 2020 09:46 AM PDT TLDR: 28yr old living at home failed to buy apartment units due to two co-op board rejections this year and recently furloughed in a Covid decimated industry. Have 60k saved up with about an additional 10k in investments - looking for advice on next steps. Hello hope you're all relatively doing well. I live NYC, currently with my parents. Saved up all this money over the last 5yrs to buy a space. With my salary (pre Covid) it worked out great to purchase instead of renting and have my monthly housing costs at around $1200. Did some math and realized my finances were better suited for a co-op vs a condo. Had an offer accepted in Nov at a co-op in a phenomenal building (doorman, gym, subway station nearby). The price was just a touch under my limit but could have still made it work with some financial intelligence. Got rejected in Jan 2020 - wasn't shocked tbh, they were a tough board to please. I was able to secure great mortgage terms so this matter was more along the lines of their approval process. Obviously you'll never get an explanation from them due to lawsuits, etc. Gave myself 6wks to recuperate and clean up some debt (student loan being the heavy one). Went back on the market and found a 1bd right in line with my budget. Offer got accepted literally the Monday in March that everything shut down bc of covid. Furloughed as well that date - I'm in the craft liquor sector where ~80% of my business is in bars and restaurants. Fast forward a month - back on the payroll and still navigating through the process. Got my mortgage approval once again at great terms for me (99k at 3.5%) making my monthly payments ~1100 with 20% down payment. At this time I started job hunting to secure a safer gig in the industry wth more established brands that can absorb the hit of covid. My real estate agent said everything was going smoothly and that the board was ready to meet in the coming weeks. But voila, got rejected by this board few days ago. On top of that, furloughed once again until further notice on the same week. So here i am looking for advice - have 60k in savings and 10k in IRAs. Working a weekly shift at my friend's bar to have some sense of cash flow coming in. Can't keep on doing the same thing and expect different results. Right now #1 priority is moving out but that can't happen without a viable job. What's the best path to grow assests and buy a space under the 160k range in NYC? Feel like I'm in a weird limbo having a fat amount saved but not enough to hit my priority checkmarks. [link] [comments] |
| Tracking down a seller (PA) who drops price but doesn't respond to showing requests Posted: 27 Jul 2020 09:41 AM PDT Hey, this is a curve ball. Me and my realtor are brainstorming other ways to track down a seller whose house has been on the market for about 60 days (lot of work needed but great bones). They are using a "sell your home" type service that I think lets them post through MLS but leaves them in charge of managing showing. So far we have had 0 luck getting in touch and hearing back. We drove around the neighborhood multiple times and even became friendly with the neighbors at this point: they took our numbers, have texted the owner multiple times on our behalf... We tried calling the service directly, nothing. The seller is apparently older and out of state with family but comes down every once in a while (we saw a POD container in front of the house once). He dropped the price a couple of times too... I doubt we're the only ones trying to get in contact so it's definitely a case of an elderly person having an e-mail folder somewhere that they don't know they have to check LOL But this could work out great for us right? Because it's been sitting for enough time that we could get below asking (especially if he thinks there is 0 interest) and if it's just a matter of being the only ones to get in touch with him we gotta be the ones! Any ideas on stalking methods at this point?? [link] [comments] |
| My plan after graduating - Is it realistic? Posted: 27 Jul 2020 09:24 AM PDT New to real estate and investing. I'll be in college for another 2 years, but I love the idea of essentially living for free. Obviously a lot is going to change in the next 2 years BUT I found a duplex for 165k near my home town in a fair location. https://www.rentometer.com/ claims the average rent is $1,172. The house is a duplex (top floor / bottom floor) ready to move in. The estimated mortgage payment is $972. I think its very reasonable for me to make 60k out of college. I would live at my parents for 3 years and essentially have no expenses, besides 15k in college debt. I want to save for 3 years and reach $100k cash (after debt and contribution to 401k). If this was the case, I put 33% down so $50k into the house. (165k house, and 50k down) After I pay home insurance and all that good stuff, I find renters for one side of the duplex and charge 500 per room with utilities included. I could even rent out the room on my side for 400 or 500. Lets just say I had 1 side of the duplex full, and had 1,000 a month. This would pay for the mortgage and I live for free. I also would pay mortgage out of my pocket so I can get it paid off as soon as possible, but If times are tough and I can't, then its no sweat off my back. My goal here would be to pay it off asap, (probably 5-6 years), and then move out and rent out the whole duplex. After paid off, 2k a month (1000 each floor) and make 24k a year. Obviously it wont be 24k after tax/insurance and all that good stuff but is this realistic? Or am I simplifying it? I'm surprised to see a duplex for 165k. Maybe they're selling it because they cant find renters? What do you think? All i can think is that once the house is paid off, I could potentially have a cash flow of 24k a year... Thats mind blowing to me - literally some peoples salaries! Any suggestions on books or podcasts let me know! I like biggerpockets podcast, and I have also read rich dad poor dad. Also, the house was on redfin and near Cleveland, OH. 2 car garage unattached, and enough parking for each tenant. [link] [comments] |
| How to actually make money with investment property? Posted: 27 Jul 2020 04:57 AM PDT So I've been dipping my toes in with the idea of purchasing a home to rent out, as it seems like a good investment / way of passive income. However I don't quite understand how it can actually make money although many talk about rental properties. For example if would cost me for example $2,000 a month, would I not have to charge the tenant at LEAST $2,000 if not more to make something out of it other than them paying for the house? At that point wouldn't a tenant just attempt to purchase their own house? How do you factor in rent to where you can make money without a tenant just scrapping you and buying their own house? [link] [comments] |
| Finance guy is charging me a "consulting fee" for securing mortgage loan? Is that normal? Posted: 27 Jul 2020 08:41 AM PDT He isn't a real estate broker but he gets loans for people/businesses who need financing. [link] [comments] |
| Buyer credit to seller, in order to reduce sales price Posted: 27 Jul 2020 08:40 AM PDT If I am a cash buyer, are there rules in place that would prevent me from reducing the offer price on a home by, say, $100K, then offering $100K in credits to the seller? This would lower the seller's cost in commissions and would reduce my property taxes forever because of the reduced value. Somebody thought of this already - right? [link] [comments] |
| [CA] Is it worth trying for a Cal/CalplusHfa right now below 600 score? Posted: 27 Jul 2020 08:38 AM PDT I ask because I have been seeing that though they might he harder to obtain it is possible but would be higher rate. Tired of renting and especially right now since my family is scattered waiting on repairs because of a fire and finding exposed wiring in attic delaying everything even longer. My wife and i both sit around 580 on score. Income is just around 100k. [link] [comments] |
| Real Estate Easement/Encroachment Question Posted: 27 Jul 2020 08:35 AM PDT Hi Reddit, I need some advice. Looking to buy my first home in an urban area, and I came across a couple of oddities on a piece of property. My due diligence period is almost up, and I have two open questions. The property has a survey and easement agreement on record. One neighbor (on right side when facing house) has an easement allowing them to use the property's driveway to go around the property to get to their parking pad behind their house. Another neighbor (on left side when facing house) appears to have their property line going down a portion of this house's driveway.
I tried to post an image of survey, but cannot post images in this forum. :\ [link] [comments] |
| Question about appraisal guarantee Posted: 27 Jul 2020 07:29 AM PDT I've seen a number of posts here mention that they included an appraisal guarantee in their offer, stating upfront that they will pay $x amount over appraisal in case the appraisal comes in low. I brought this up to my realtor and he seemed skeptical. He said that, since the appraiser gets a copy of the offer, it may work against me because it may influence them to write a low appraisal. What's the likelihood of that happening? EDIT: wanted to explain my thought process - maybe I'm misunderstanding how this actually works (confused and frustrated FTHB here). Let's say the house is listed at 200k. I offer 210k. I do NOT waive the appraisal contingency, but we write something like "buyer will pay up to 5k over appraisal value, not to exceed purchase price." Then:
In all three of the above scenarios, the bank will only loan me whatever the appraised amount is, minus the down payment. My reasoning is not waiving the appraisal contingency entirely is that, in the worst case scenario where the house only appraises for 190k, I would now be on the hook for the entire 20k gap, and I want to minimize my risk. Again, maybe I'm misunderstanding the process, or maybe my math is wrong. Thanks for any insights! [link] [comments] |
| [x-post][Homebuyer](First House)Can we afford this? PLEASE help me look over our budget Posted: 27 Jul 2020 07:20 AM PDT I would really appreciate anyone who could take the time to really look at this and tell me if they think this is do-able. We don't really have anyone in a similar situation we can ask for input so we're putting it out here. We've been working on this budget for almost a year and think we're comfortable but now that we're under contract we're freaking out (first house). All numbers are monthly averages (or best guess for future) over the last 15+ months pulled from YNAB, living in a 3/2.5 1600sqft townhouse for $1650/mo: EXPENSES
Total: $1,971.32 Monthly take-home pay: $5,990 (can be 6390 if teacher wife takes extra class, but is NOT for 2020-2021 school year, so working off of the lower number) Assets: ~$106,000 cash, ~$23k of which is allocated as an emergency fund, leaving a little over $80k for the house. Since we started looking 9 months ago we've saved an average of $2247/mo towards the house fund. House: 3/2 ~1480sq/ft 1-story single-family home w/ garage and pool. Offer: $345,000. Conventional 30-year loan, 10% down, working off of a 3.25% interest rate (right now it's 2.99 but not locked in yet, using the higher number to budget). This comes out to, with my best calculations/estimates:
Bringing the total to $2133.49/mo. Only other cost I can think of is the fact that it has a pool. Which, by my research, I can assume will add up to $150/mo in extra electricity/water, and chemicals. So total that up and we're at $2283.49/mo. Also budgeting 1.5% of the cost of the home per year for repairs, totaling $431.25/mo Closing will cost us $48,300, assuming 4% closing costs, leaving us with a "safety net" or cushion of about $30k cash, not counting our emergency fund. Grand totals:
So, it seems, we're going to close and have over $30k cash left over, budget over $400/mo for repairs, and still have over 20% of our take-home pay as cash left over after everything. Unless I missed something major.... [link] [comments] |
| Posted: 27 Jul 2020 03:03 AM PDT I've been saving throughout college to buy my first rental property post-grad and recently my parents have been looking for a bigger home but need help with the downpayment. My dad asked if I could help with 20k ( I only have 25k saved) and tells me he'll pay me back with a line of credit should I help out or it too risky? [link] [comments] |
| Is an inspectors license with my real estate license worth the money and time? Posted: 27 Jul 2020 05:50 AM PDT I just started my job as a real estate agent. I have no client yet and I figured I'd try and get my inspectors license until things start picking up for me. Anyways, I was thinking If I got my inspectors license, would there be a conflict if I try to be a clients real estate agent and inspector in the same transaction? Or should I keep the two separate due to conflicts of interest? [link] [comments] |
| Posted: 26 Jul 2020 02:22 PM PDT So my tenants broke their lease and did damage to the house and the yard.I told them I would give them 1k back from the 5k security deposit if they agreed to clean the place and leave right away,now they refused to clean and want the full deposit back is it worth Me going to court to get them to pay for breaking the lease or damages ? [link] [comments] |
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