Real Estate: Do I really need a lock smith to come change my locks or can I just go to Home Depot/Lowe’s and get a new set? |
- Do I really need a lock smith to come change my locks or can I just go to Home Depot/Lowe’s and get a new set?
- Rental Income For Landlords With The Eviction Ban
- My mother has a tenant who is taking advantage of her poor health. I will be taking over for her. She just received a paper stating there is a Lien on her rental property for work that tenant had done to garage which he failed to pay for. She did not authorize this work. Is this legal?
- Question about this house: Is this a smoking deal?
- Did countering an FHA offer totally screw me over?
- I want to buy a Foreclosure, but the Listing Agent is being Weird...
- How to know when you’re paying too much?
- Potential Underwriting Problem? (CO)
- Bigger house or add a beach home?
- Have you invested in private real estate developers?
- Closing in two days, buyer nitpicking.
- Leveraging current assets to build a new home
- I am in over my head, need help.
- Pulled out of a condo offer because the lender wanted a higher down payment than I was planning on paying, did I make the right decision?
- Insurance change for renting out a room?
- Short term house rental between moves
- How do I retain family property?
- Title company which allows remote/international closing for Washington refinance?
- How should I prepare for buying my first home?
- Selling a small portfolio. How to avoid capital gains?
- A company called me out of the blue and asked if I would sell a property that isn't for sale.
- Question about taxes on house sale
- Realtor's assistant is interested in buying our house
| Posted: 11 Sep 2020 07:50 PM PDT Sorry if this is a noon question but I just moved in and I want this to be one of the first things done Edit: thanks for all the feedback. This sub is the goat. Heading to a hardware store tomorrow to pick up a Schlage lock. Cheers. [link] [comments] |
| Rental Income For Landlords With The Eviction Ban Posted: 12 Sep 2020 01:58 AM PDT I was reading a Politico article today that said Landlords are having a hard time maintaining solvency as the ban on evictions continues. It said that the stress has been borne primarily by smaller investors who own single family buildings because they do not have access to the significant levels of capital that big investors would have. Per the article, "More than 22 million rental units, a little over half the rental housing in the country, are in single-family buildings with between one and four units, according to data compiled by the Urban Institute. And most of those buildings have a mortgage — meaning the property owners themselves still need to make their own monthly payments." They also said that some of these landlords are going into debt to finance their operations as they wait until the eviction bans are lift; potentially at the end of the year. At least another three months. The article goes on to say that billions are already owed ("Tenants already owe some $25 billion in back rent and will owe nearly $70 billion by the end of the year, according to an estimate last month from Moody's Analytics.) while renters are increasingly not able to pay thier rent on time. Per the article: "One in three tenants failed to make their September rent payment on time, according to the latest Apartment List survey. And a little over 25 percent said they had slight or no confidence in their ability to pay their rent this month, according to Census data published Wednesday, with another 22 percent expressing only moderate confidence. My question is whether any landlords here in this sub are experiencing similar things. Is it really as bad as they are saying? Could this lead to a bunch of bankruptcies for landlords? How are you managing this situation? Most of the investors I talk to are downplaying the level of people not paying, but I also talk to renters who say they haven't paid for a while and don't plan on paying for a while (if at all). It's reminiscent of the subprime crisis and the disconnect is very confusing to me. Love to hear your thoughts. Thank you. [link] [comments] |
| Posted: 12 Sep 2020 12:54 AM PDT |
| Question about this house: Is this a smoking deal? Posted: 12 Sep 2020 04:34 AM PDT |
| Did countering an FHA offer totally screw me over? Posted: 12 Sep 2020 04:53 AM PDT (Numbers changed slightly for anonymity.) I listed my home for $185,000. The first day it was up for sale I received tons of "saves" and views and received two FHA offers. One was a $190,000 offer -$3,000 closing costs and one was a $200,000 offer -$5,000 closing costs. We countered the $200,000 -$5,000 to be just $195,000 with no concessions and rejected the $190,000. We assumed there was no way the countered family could come up with $5,000 cash but they got a "gift" from family. Fast forward to appraisal. The appraiser said my home value was $180,000 severely undercutting my offer so I rejected it. I found out that the realtor told the clients that we would be exhausted from the home selling process and just accept whatever the appraisal was... Um, NO. So my house went back on the market for $185,000 again and I'm not getting much interest at all. I think it is because my house has now been on the market for technically 25 days instead of 2. Buyers don't have the same urgency they used to. People don't like my house for this small reason or that reason and their realtor is calling my realtor to find out what is wrong with my house. It's a beautiful home fully updated competitively priced in a good area. My realtor recommended we drop the price a little to get more eyes on the listing so we came down to $184,500. We get about 1 viewing every 2 days. I feel like we're never going to sell at this pace! [link] [comments] |
| I want to buy a Foreclosure, but the Listing Agent is being Weird... Posted: 12 Sep 2020 07:03 AM PDT Finally, found a house we love in a great neighborhood, but.... it's completely un-updated and it needs 20k in repairs just to make it habitable. It's a foreclosure that has been on the market for over 8 months now. They drop the price every so often, but it's still on high-side considering the amount of work it needs. We put in an offer that was 13% under listing, which my listing agent thought was a fair evaluation. After a week of silence, the offer was rejected with no counter. I don't think there are any other offers as it's still on the market. (We could afford to go up a little more, but not much because it's going to take everything we have to fix the issues.) What's going on here? Edit: Ok, it seems this is normal behavior for bank owned properties. My mistake for thinking that nearly a year on the market would mean the bank would be ready to sell. Guess I'll wait for them to drop the price until its more reasonable. [link] [comments] |
| How to know when you’re paying too much? Posted: 11 Sep 2020 09:04 PM PDT My wife and I recently put an offer in above asking in super competitive West Michigan's market. We've put in multiple offers of 10-15k above asking on homes we loved and now just submitted another offer on a home we love even more at 20k above asking. I didn't have a problem with it, because it's a beautiful home that I think is worth the 20k extra, but I'm sick of being outbid and want to get better at valuing a home as I feel myself becoming less worried about the value of the home and more worried about how much we need to offer to finally get accepted, which is bad. Thank you. [link] [comments] |
| Potential Underwriting Problem? (CO) Posted: 12 Sep 2020 09:45 AM PDT Hi Everyone! As with many people here, Covid has completely changed my life. I was furloughed back in May and decided to start my master's degree while not working & quickly found a career opportunity in the line of work that I was going back to school for. This opportunity has caused me to relocate to Colorado and purchasing a home is my only option here. The area I will be working in is up in the mountains and the housing market is red hot. My wife and I are relocating from the south and had a property where we could have pets with no problem. We have two dogs and two cats which takes me out of the running for renting here, as almost all properties do not allow pets if you are renting. We found a townhome property that we are currently under contract on and are set to close on it next month. We have decided to pursue a conventional financing option and have had a pretty smooth experience with that so far. Where I'm starting to get worried is in the realm of what the underwriters are wanting from us. My wife is going to be allowed to work remotely for the same company she had previously worked for; however, her employer said that she will only be able to stay with the company until all of the employees who were sent home during Covid are required to come back. They are basically expecting her to start looking for something else but are willing to let her stay on until she does. Her employer has even stated that if employees got called back that they would allow her a couple of weeks to find something else if she still needs it. The underwriters are wanting to know the exact terms of her employment and are wanting a letter stating that nothing with her employment will change when moving out here. I'm starting to feel like this will be a potential snag for our underwriting. Due to our pets, she has not been able to move out here to find a new job (which she was already wanting to do). I have no doubt that she will easily be able to find something due to her education, but until we have a home she will have to be with her current employer. So how screwed are we with the underwriters? I'm a first time home buyer but my wife is not. She's told me that I'm worrying about something that likely won't be an issue. Thoughts? [link] [comments] |
| Bigger house or add a beach home? Posted: 12 Sep 2020 09:18 AM PDT Hello! Thanks in advance for the group's thoughts on this. I have a growing family and will soon "outsize" our home. It's not that we are busting at the seems but we will lose our guest room to a third child and don't have any real dedicated play areas. Option 1- buy a bigger home. Would move from a $550k home to a $800k home. Would gain a fifth bedroom, a bonus room, bigger yard, nicer overall finish to the home. Hassles include moving and realty fees of course. Option2- were about 15 minutes from a florida beach. We could buy a beach condo for $400k with 2-3 beds. Would serve as a place for guests to stay, somewhere for us to take the kids on the weekend, and a place for a parents getaway. Our thought is that while it would be a bigger total mortgage cost increase, it would be easier to downsize if we ever had to reduce our living expense. Also recognizing that monthly HOA and utilities would be about the same price as a weekend at a nice beachside hotel once a month. Pros also include no costs now to sell or hassle to move a home. A few side facts... Kids are 5 and 3 with the third on the way. we have about $350k equity in our first home and can readily put down 20% on the second home or towards the new home, so total financing isn't really an issue either way. Also recognize that these are totally first world problems and we're probably being silly either way. That said, anyone ever do anything similar? What pros/cons might I be missing? [link] [comments] |
| Have you invested in private real estate developers? Posted: 12 Sep 2020 05:16 AM PDT I've seen a number of companies online and now on LinkedIn that sell themselves as developers that work with common folk investors. Has anyone invested in a company like this? What has your experience been? How did you evaluate disk/reward compared to an index fund or mutual fund? [link] [comments] |
| Closing in two days, buyer nitpicking. Posted: 11 Sep 2020 04:40 PM PDT We're closing in two days on Monday. Buyer put down 20,000 earnest money. All contingencies are expired and we have the buyer's lender commitment letter. Offer was as is w/ inspection. Inspection was completed weeks ago. Nothing major, but buyer asked to have minor things addressed (garage door reversing force, slow draining bathroom sink, and a leak from bathroom sink pop-up drain assembly). Also noted that a couple breakers were tripped during the inspection and inspector did not want to reset them due to liability reasons. Repair requests were not in writing, but my agent relayed the buyer's requests to me anyway and asked me what I want to do. None of them are a big deal and I'm a nice guy, so I took care of them. Everything else proceeded smoothly. Now we're two days out and buyers just did their final walkthrough. They noted a bedroom door that is difficult to close (this was included in their inspection report but they didnt bring it up then) and that the range hood fan appears to be tripping its breaker. They claim breaker tripped several times while they were there. I went to take a look. Range hood works fine but while playing fan speed/light settings, I managed to get the breaker to trip once. Not sure what happened. I think it may have something to do with the loose wires inside the fan housing. We cleaned the inside and maybe left a wire in a weird position. I moved the wires around and I couldn't get the breaker to trip again. Seems to have fixed itself. I tell my agent to relay to buyers that I'm not willing to do anything, the range hood works. Agent seems to gently pressure me to hire an electrician, he says maybe the breaker is bad, maybe the fan is pulling too much current, blah blah. I don't really care, we're out of contingency, the offer was as is, and as far as I can tell, nothing is broken. Agent seems to want me to hire electrician anyway and asks what he wants me to tell buyer. I say no, not hiring someone to fix something that isn't broken. This whole situation kind of pissed me off. Am I being unreasonable here? [link] [comments] |
| Leveraging current assets to build a new home Posted: 12 Sep 2020 08:14 AM PDT I have a rental in WA valued round $325k with a mortgage balance of $157k. I also have my primary residence in the Midwest that is valued around $125k with $70k or so left on a loan through a family member. My goal is to build a new house while retaining possession of both homes until we move. We then would like to sell our current home but keep the investment property in WA. I was looking into opening a HELOC on the WA property to buy dirt for the new home and get started on the construction. I'm looking for some advice on funding the rest of the project and mitigating risk. Total budget is around $300k. [link] [comments] |
| I am in over my head, need help. Posted: 11 Sep 2020 05:02 PM PDT My homeowners insurance dropped me due to a lot of claims against the property even though I have only filed 1 claim from a tree down. I purchased the house in Nov 2018 and found out today that there was a massive $50k claim on the house 6 months before I bought it for flooding that was never disclosed to use during closing. I have now found spots in closets of black mold and it makes my piss boil that I've been lied to. The VA home loan is my first and I don't know what to do. Other insurance company's have refused to cover based on this fact. I live in NC Any advice would help. Thank you [link] [comments] |
| Posted: 11 Sep 2020 09:32 PM PDT I've been looking for a condo in the $300k range, and I toured one last weekend that I really liked. It was fairly new, updated, in a good location, and only $275k. I put an offer in earlier this week and it was accepted, and as part of my offer I committed to 5% down. But yesterday my loan company told me I'd have to put at least 10% down on the condo in order to get it, which would obviously be twice as much as I was planning to pay upfront. The reason they gave is that the condo association's reserves weren't as well funded as they would like, and it sounded like the HOA had been mismanaged in the past, although it may be getting better now. They said I could try with 5%, but my chances of getting approved on it were small. I have enough that I could have done 10% down, but it would really eat into my safety net, and ultimately I felt like I would have been paying way more for not a whole lot of benefit, since I'd only be saving about $100 a month on my mortgage. I also didn't like the idea that I had to pay more to make up for shortcomings in the way the condo association was managed, that seemed like a bad idea. But my mom, who really didn't seem to like most of the places I'd seen, really liked this place and thought the resale value would be way better than most places I could get, and that paying more now could be worth it in the long run. So did I make the right decision in not moving forward on this? I do like the unit and I might be hard pressed to find something this nice again in my price range, but doubling my down payment number just feels like a bad idea, both for me financially, and what it means from the condo's end. [link] [comments] |
| Insurance change for renting out a room? Posted: 11 Sep 2020 07:38 PM PDT Hello, sorry if this is the wrong subreddit for this. Because of COVID I am temporarily (10 months) renting a room in my house to a friend who has fallen on hard times. It seems like I should get a contract for this, and have found several templates. However, I remember that my mortgage agreement stated that I was going to be living there and it wasn't an income property. Similarly, I assume homeowners insurance has to change? Also because of COVID I am not always at the property, though it is my residence. I guess I am worried that if anything happens while I am out of town I will not be covered or get into some kind of trouble. Overall it is a kind of a grey area between a friend watching my house while I'm gone vs. having a tenant, but I'm sure in a worst case scenario the insurance and mortgage companies would see it their way. Is it better to not charge anything? Or not have a contract? [link] [comments] |
| Short term house rental between moves Posted: 12 Sep 2020 06:25 AM PDT I'll be selling my house in the next couple of months and plan to buy a new one a couple states away. I'm having trouble figuring out where to stay while this house is on the market, as I'd prefer to not be living here during that time. It would have to be very short term. I'd imagine I'll only be renting for 2-3 months before moving into a new home. I also have several pets which reduces my options. Does anybody know a good website to use for short term home rentals? [link] [comments] |
| How do I retain family property? Posted: 11 Sep 2020 08:23 PM PDT So my parents offered my wife and I a 3 acre lot to build our forever home on for free a gift or sale of $1. My parents are approaching 70yo and my father is in not great health as far as mobility. What is the best way to get this land and also retain the rest of the land not being given to us at this time (they say I'll receive the rest of the property per their will) upon their death, which is hopefully not for a long time! They had mentioned that in MO if one of them were to go to some assisted living that the government could take the land as payment within 5 years of the trust. Any advice or help would greatly appreciated. [link] [comments] |
| Title company which allows remote/international closing for Washington refinance? Posted: 12 Sep 2020 05:34 AM PDT I've been going through a lengthy refinance in WA (my lender like many others has a huge backlog). COVID-related circumstances have required me to leave the country for a little while. I'm currently in Canada and will be here for a few months, well past my expected time frame for closing. My lender was aware of the risk that I'd need to leave the country from the very beginning (I mentioned at application), but they said it wouldn't be a problem as long as we could get the closing documents notarized outside of the US, and that in the past they done this via US Consulates. As it turns out, the US Consulate where I'm staying in Canada has suspended all notarial services until further notice. The Canadian city where I'm staying has many US Notaries Public for hire who are still operating, but my lender is telling me the title company (not sure which) needs it to be the US Consulate or I'll have to drive across the border to meet a mobile notary. Crossing the border is really problematic, since any international travel (no matter how short) would require mandatory 14-day quarantine for my partner and I. Literally days after we finished our first quarantine. Looking around online, it seems that WA was going to begin supporting remote notarization in October 2020 but our governor may have accelerated its "go-live" via proclamation in March. So now I'm wondering, are there any title companies that would be able to work with us under these circumstances? Fully virtual remote notarization is one option, but it doesn't seem necessary as I can get a meatspace US notary where I am. I just need a title company who is flexible. Honestly given this is an opportunistic refinance, if my lender/no title company will work with me, I'll probably just bail out of this refinance entirely and try again, either once remote notarization in WA is implemented or when I'm stateside. Thanks! [link] [comments] |
| How should I prepare for buying my first home? Posted: 11 Sep 2020 09:53 PM PDT I'm a 30 year old guy who is looking to buy my first home in the metro Atlanta area. Due to bad spending habits in the past, I have racked up over $5,500 in credit card debt. A relative was generous enough to pay off a large chunk of my car loan. The remaining balance on my car loan is approximately $6,600. This brings my total debt to around $12,100. I have worked in the public sector for nearly 3 years. I bring in a little under $48k annually. My credit score is currently 733. Post-divorce, I have decided to move in with family to pay down my debt, as well as save for a down payment on a house. If I stick to my budget, I should be able to pay off all of my debt, and have at least $5,000 in savings by this time next year. I hope to take advantage of a first time buyer program in my state, or qualify for an FHA loan. I don't know how much house I can afford, or anything else about the process. My gross monthly income is $2,700. My credit score is currently 732. I'm hoping to pay off most or all of my debt, and have a little in my savings by this time next year. I'm hoping to stay with $150-180k for a home.
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| Selling a small portfolio. How to avoid capital gains? Posted: 11 Sep 2020 09:06 PM PDT Hello! We are selling three properties on the same block. Two are investments and the other is our personal residence which we have lived in for more than 2 years. According to capitals gains laws we are exempt up to $500k of profit on the personal residence and responsible for a 15% tax on any profit on the rental properties. The sale will happen under one escrow. Am I able to sell the rentals at their original purchase price, thus eliminating profit and capitals gain on those? The second part of the equation is setting the owner occupied house at a higher price point since we have up to $500k to collect free and clear before capital gains. Is that a legit option? Just an ordinary guy trying to legally pay as little tax as possible. Thanks! [link] [comments] |
| A company called me out of the blue and asked if I would sell a property that isn't for sale. Posted: 12 Sep 2020 04:07 AM PDT Why would they do this? It's an investment property so I told them to send me an offer, but I'm just wondering if there's an ulterior motive. Has this happened to anyone else? The property is in Jupiter Florida. [link] [comments] |
| Question about taxes on house sale Posted: 11 Sep 2020 09:49 PM PDT My sister and I inherited my father's house last year and just sold it. I'll talk to a tax professional for sure but would love some input.
I read that if you live in the house for 2 out of the last 5 years you don't owe anything. I come up short by several months in that case. Should I brace for a huge hit on my half of the sale? I read that this can be "prorated" so if I lived there 1.3 years out of the last 5, it would be a smaller amount taxed but I have no clue. Any thoughts appreciated! [link] [comments] |
| Realtor's assistant is interested in buying our house Posted: 11 Sep 2020 03:44 PM PDT Hi all, search function has let me down and I didn't see a post matching my situation. My wife and I are looking to sell our first home. We contacted a reputable agent and have been dealing with her assistant (who is also a licensed realtor) so far. During our first phone conversation, the assistant pulled up the listing of our house from when we bought it and mentioned how they actually really liked it. They went on to say that they were actually in the market for their own first home and joked that they may come along to take a look. The first walk through/ appraisal with the main agent is this Monday. Well looks like they thought it over and is pretty serious about the whole thing. We got a call today from the assistant asking if we would mind giving them a small tour this Saturday, 2 days before the main visit. If for whatever reason the assistant really loves our place, I'm not sure the best way to proceed. Since she works for the realtor we had originally contacted, should we get independent appraisal to make sure we are getting fair value? On the upside, could we consider the whole thing a private sale and save big time on commission? Any guidance would be appreciated. I believe this is a bit of an unusual situation and it also our first time selling. Thanks! [link] [comments] |
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