Real Estate: 21 Year old with $100k, please help |
- 21 Year old with $100k, please help
- Under Contract!
- Have you bought the property next door? What to consider?
- Parents wanting to give more down payment by borrowing from home equity
- Suggestions on selling a house and acreage that's in very poor condition(Iowa)
- Closing tomorrow, had fixed rate, rates have lowered, can I get lender to honor "float down" guarantee to match lower rates?
- Developer failed to update FIRM data
- Bad time to buy?
- House pending as soon as it was listed on the MLS.
- Should you get pre approved before or after selecting the house you want?
- Should we or should we not buy that fixer-upper?
- Renting a Home
- Sold Price - Zillow
- Planning to buy a land and build a home. Any advice please...
- Putting up a fence...
- I don’t see the value($$) in a house
- Question about renting (as a potential 1st time landlord)
- I have so many houses I want to look at and I don’t want to annoy my realtor.
- Assessment change for removing a bedroom and adding a bathroom
- Does Freddie Mac Requires Tax Transcript Upon Final Approval of the loan?
- I just found out the sellers aren’t going to be at the closing. I didn’t know that was an option. How does this work?
- I’m 28, My Dad just informed my Mom and I that he filed for divorce. I need help on what the options are for my mom pertaining to their house.
- New home prospective value Manufactured vs Site-built?
- Joint Taxes, One Spouse On Mortgage?
| 21 Year old with $100k, please help Posted: 19 Oct 2020 07:55 AM PDT So the title is kinda click baity, but its true. I came about $100k and right now I am about to graduate college and I am really considering buying a duplex and living in it whiling renting out the other half. I have zero knowledge about real estate or anything in that realm. If anyone could please recommend some tips, or some books that I could read, or even some useful knowledge, that would be much appreciated. Im trying to make the best out of my 20's by making smart financial decisions for my future. [link] [comments] |
| Posted: 19 Oct 2020 08:34 AM PDT Wife and I bought a new home 2 weeks ago. We finally listed our current home last Thursday. Just went under contract for $3k more than our list price. Feels really good. On to inspections/appraisal! [link] [comments] |
| Have you bought the property next door? What to consider? Posted: 18 Oct 2020 08:21 PM PDT I bought a house several years ago that I like a lot, with the exception of an extremely problematic next door neighbor (on drugs, paranoid, aggressive, rented a room to sketchy people for a while, too many other problems to enumerate). The rest of the street is quiet as a mouse and well kept. After realizing the neighbor was never going to not be a problem, I began to contemplate the idea of offering to buy it from them to get rid of the problem. The house was bought low during the housing crash and does not appear to have had any serious work done since. I'd expect the interior to be in bad cosmetic shape and would expect some systems to need upgrades. The problematic neighbor's house just went on the market this weekend, but for a grossly inflated price (I'd say at least $200k over what a reasonable person would pay, based on comps and the condition of the house). The listing shows no interior photos, which confirms my suspicion that the interior is in bad shape. I wouldn't pay what they are asking, but I'd consider buying it for something in line with comps. Have you ever bought the next door neighbor's house to get rid of a problem? I'm interested in any thoughts or experiences on this subject. [link] [comments] |
| Parents wanting to give more down payment by borrowing from home equity Posted: 19 Oct 2020 09:01 AM PDT My parents really want to give us a down payment for our first home by borrowing from their home equity mortgage. I understand that will just prolong them finishing paying their remainder mortgage on their current home. What other downside is there for them that I should know about? Thanks! [link] [comments] |
| Suggestions on selling a house and acreage that's in very poor condition(Iowa) Posted: 19 Oct 2020 07:52 AM PDT I need some advice on how to sell a house and acreage that's in very poor condition. A couple years ago, my wife's mother signed over ownership of the family acreage that has been in their family for generations. Her mother still wants to live there for a little while yet, but we don't know what we should do with this property after she moves out. The house is 112 years old and in poor condition. The acreage is in generally poor condition due to neglect and a massive amount of junk that has accumulated over the last several years. We have no desire to live in this house so we're thinking it would be best to sell it. We think it would be best to try to sell it as-is since renovating the property would cost far more than what we could afford. Should we talk to a realtor about our situation? Would it work better to work with an auction house to sell everything? [link] [comments] |
| Posted: 18 Oct 2020 04:44 PM PDT Locked in at 2.5%, their website now advertises 2.375%, our agreement was they'd honor a lower future rate before closing, a "float down" if I understand the term correctly. Tomorrow is closing day, too late to get them to honor that? EDIT: I emailed him, will update if anyone here wants to know. Still curious if you all have any experience with buyers throwing a wrench in things last minute, re Float Downs ;) [link] [comments] |
| Developer failed to update FIRM data Posted: 19 Oct 2020 06:42 AM PDT I have recently purchased a property built in 2018. I began the process of installing solar and the contractor submitted the building permit application for that process. At this point in time I was informed by the county that the developer was informed that preliminary FIRM data placed the property (and many others in the community) in a higher risk area and the developer was instructed/supposedly did add fill to update the elevation of the problem areas. Upon this build permit request however I was informed that the updated FIRM maps were not submitted to FEMA and as such any further building permit applications will need submitted with them additional plot surveys with this updated data in mind. Would anyone be considered at fault for this failure to update the data with FEMA? Once this preliminary FIRM data because effective it will place a decent portion of the community in a flood risk (based on the maps, hopefully not based on the actual fill added). [link] [comments] |
| Posted: 19 Oct 2020 09:02 AM PDT Just curious as to what others are thinking. I live in a neighborhood where home price median is $1 mil. Given interest rate keeps going down, and staying down for a while, material cost is going up because labor is short. In addition demand going up because families are moving to the suburb from the city. Developer and builders had increase their price by about 25%.
Thanks. [link] [comments] |
| House pending as soon as it was listed on the MLS. Posted: 19 Oct 2020 08:41 AM PDT I keep a pretty good eye on the MLS (check for new listing more than a few times a day). Im a bit paranoid because we lost out on one home for not being the "first" offer (despite offering more with better terms). A house with great potential came up yesterday (immediately as pending, never "active".) The house is clearly a flip as it was bought in 2018 and the houses description boasts on how it was a complete remodel. I would assume they were selling it to a friend if it wasn't for the sellers description. Also why bother to even add the house to the MLS in the first place if that were the case. There are no pictures so I doubt it has anything to do with them showing off their work. If the house was listed active I'm sure it would have received many offers, going straight to pending leaves money on the table. I guess I'm wondering what their strategy is here. I'm also beginning to think I'm going to have to start knocking on doors to even be given a chance. [link] [comments] |
| Should you get pre approved before or after selecting the house you want? Posted: 19 Oct 2020 09:52 AM PDT Just starting the process and seem to be reading conflicting information. I'm early into the process and don't have any specific addresses in mind, not even a specific zip code, just a general area. It seems like some people online are saying pre qualifications are worthless, and you should go straight for a pre approval before finding the house you want to buy. Others are saying wait until you find the house you want, then get pre approved to submit your offer. But it might take a bit of time to get pre approved, which might cause you to miss out. So should you get pre approved before or after you find the specific house you want if you already know your maximum budget? [link] [comments] |
| Should we or should we not buy that fixer-upper? Posted: 19 Oct 2020 09:12 AM PDT (Sorry, sort of long .. TLDR @ bottom) My partner and I are looking to own our first house soon. The house next door to my partner's parents house is currently (privately) up for sale. The location is perfect, it's the next suburb over from the CBD, heaps of public transport, shops/eateries but not too much traffic. The house had been rented out to the same fella for the last 15 years or so. There was junk everywhere on the outside and we're told the inside wasn't kept in good condition... evidently. The house is probably close to 100 years old if not older. It was built along side my partners parents house by two brothers from what we have gathered. Generally, we both love this style. We were able to cue up a private inspection, it was an initial shock - big cracks in the walls, every single wall needs new paint (inside AND out), the floors are either covered in lino (vinyl) or old, tattered carpet (although we think there may be floorboards under them), the cornices are old and coming up and the garden is overgrown - these are just issues I could identify in the short time I walked through. The biggest issue is one of the walls in the lounge room that is parallel to the shower has quite a lot of salt damp. There's a small air conditioner which we are unsure if it works or not. The old houses seem to do well in keeping our heat. (Where I live in australia it has gotten up to around 113 Fahrenheit in summer.). The kitchen / dining area and bathroom are all relatively small but quite manageable - surprisingly we wouldn't need to do anything to functionally use these rooms. From my understanding the roof is also relatively new and in good condition. The house has 4 rooms - one being called a living room then it opens up to the kitchen area. The block is fairly long and has rear access parking (a gate that leads to the back yard). The plan would be to build a garage and repair the wonky-ass fence out the back. I'm a musician and would prefer to have my car out of sight if I happen to leave some gear in the car after a gig. We are not planning on huge renovations, we don't mind a rustic look and just want it to be livable with a fresh coat of pant and some decent floors. We don't mind doing it slowly, bit by bit, as long as we can happily live under the roof. If we stayed there long enough, then we would think about proper renovations. Although the place looks haggered at the moment, we seem to like it for its potential charm. I would say the place is fairly priced for the area but certainly not a "too good to pass up" price considering the general wear. They'd be looking to sell for about $500-550k AUD I'd say. However we are in a good financial position. According to the internet (😅) the median price around the area is about 650k-ishwith houses on the same street going for 1M quite recently. My partners parents are super supportive and are willing and keen to help paint, patch up and help out as they are somewhat experienced and have a lot of free time being recently retired. However, we aren't great at handy work. We haven't ever done anything close to this. So the question is.. am I in over my head? Will this pay off? Should we go for it? What are your experiences and advice? TL;DR House next to door to partner's parents house is available. It needs a lot of work but is in a great position for an ok price. No major renovations planed but want to give it a big face lift if we buy it, bit by but. My partner's parents are willing to help with the work. What is your experience and advice? [link] [comments] |
| Posted: 19 Oct 2020 08:56 AM PDT Hey everyone, I bought a home 1 1/2 years ago. I have made many improvements to the home (redid the kitchen, working on one bathroom, all new windows, granite countertops, all lights, and ceiling fans replaced, and possibly redoing the floors). My wife and I are considering refinancing and renting the home. I am hesitant because I hear horror stories about renters. People say that if we rent the home we have to consider it a loss. I bought a home 1 1/2 years ago. I have made many improvements to the home (redid the kitchen, working on one bathroom, all new windows, granite countertops, all lights, ceiling fans replaced, and possibly redoing the floors). My wife and I are considering refinancing and renting the home. I am hesitant because I hear horror stories about renters. People say that if we rent the home, we have to consider it a loss. My area is easy to rent since it's a military town. Thank you for taking the time to read my post. [link] [comments] |
| Posted: 19 Oct 2020 08:36 AM PDT So this might be a silly question but I am wondering if the sold price that is listed in Zillow is the actual amount of the financed mortgage or if it's the financed amount including the down payment? [link] [comments] |
| Planning to buy a land and build a home. Any advice please... Posted: 18 Oct 2020 09:32 PM PDT Ive been renting apartment ever since i started working 5 years ago. I felt it is right time to buy a home now. I was looking for homes that are built in last 5 years and they are pretty expensive for the things I'm looking for in a home. A new wooded land came for sale in the area I'm looking and I'm thinking about buying that land and build a home through a builder. I never owned a home so I have no experience in this area and i was told its a bad idea to buy a land and build it but I really want explore more before giving up. Can anyone give me any advice on where to start, what kind of hassles I'll be running if i go through this, how to pick a builder, since it is a wooded land how much more i have to put in to clear the land and get all the required permissions. Any advice is really appreciated. Edit 1: Thanks a lot for valuable advices. I clearly dint think about all the things with the land. Land is around 1 acre and it is listed for 50k. I was looking floor plans from builder website that are more than 3000 sqft. I imagined i can get it done by 100 per sqft. All the homes around that area are priced around 500k - 600k. I thought if i can get it done within 400k it would be amazing. I guess I'm dreaming. [link] [comments] |
| Posted: 18 Oct 2020 06:50 PM PDT Just bought a house and after going out to clean up the yard a bit we realized the neighbors are the type that stay on the porch and watch us. Unfortunately it's a deep lot and the neighboring property has three rentals and they are all outside. First meeting one yelled "hey girl! " to my wife Wife is on me right away about a fence for privacy. I just don't want to come off like a snobby neighbor. Anyone run into this. Thinking about fencing the back yard then putting in bamboo or tall shrubs from the house forward so it isn't so instant that I don't want them peering into my yard. [link] [comments] |
| I don’t see the value($$) in a house Posted: 18 Oct 2020 02:00 PM PDT I've always wanted a house. I finally was able to purchase one. I no longer see a house as a good investment. I'm not saying it can't be, but I'm not seeing it. People like to think your no longer throwing money away renting. But I'm paying property tax, insurance, interest on loan, higher utility bills, maintaince and up-keep all that is not adding value to the house. Which adds up to about what i pay for my apartment before i bought the house. Also when you purchase and sell the house you are hit with a ton of fees. To add to this, Time= Money. I spend a lot of my time doing house stuff and i spend A LOT less time doing things i enjoy. Where I do see value. The fact that I have more space and a place where the rent never goes up and I can do pretty much whatever you want on your property. your also no longer in danger of getting kicked out, if that is a threat. maybe far down the road over time the house will gain value and ill be able to come out on top. But I'm sure if kept the receipts for every house expense I've had. The profit wouldn't be enough to get me excited. for instance, I'm doing a kitchen remodel. Doing everything myself Ive prob spent 8k. That is about 8 months worth of rent at my previous apartment. Just to fix my heater. 1k, a whole month of rent. And like i said, time=money. I'm spending all my time to accomplish this instead of enjoying my life And incurring stress and more life problems. I know there are situations where you can come out on top. But in my situation I'm not seeing it. I really hope I can eat my words in 5-10 years or whatever. But as a new home owner i just feel overwhelmed and like ive made a bad financial choice. Maybe the house I bought has more problems than usual which is putting me in this mindset. but from what ive read, everyone has some sort of problems going on at their homestead. Just to be clear, I'm not talking about buying a house as an investment property, but as a homestead. please convince me otherwise. I've been so depressed ever since i have purchased my house almost 3 months ago. It's in an amazing area. Close to all my favorite trails In a hot market as well. But I'm just not happy with the move financially. Being able to afford it Isn't a factor in this situation. [link] [comments] |
| Question about renting (as a potential 1st time landlord) Posted: 19 Oct 2020 10:04 AM PDT My family is considering purchasing a single-family house in the same city we live in which has very good school district and a number of other factors that have contributed to significant property value appreciation over the years in that area. We still owe mortgage (another 20 years to pay off based on the current monthly payment) on our first home, which means that we will be carrying two mortgages for the foreseeable future. The purchase would become the second property we own, and we are thinking whether to rent one of them out to help on its mortgage. We heard that we could hire a management company, pay them a certain % of the rent, and have them handle the day to day of the rental and dealing with the tenant. Assuming getting tenant is not an issue and the rent can cover at least the monthly payment of the new mortgage, I'm looking for advice as to how feasible/risky is this project? What are the things that we need to factor in from an operational and financial perspective? Are there any other hidden costs that we should know about? Thanks in advance, [link] [comments] |
| I have so many houses I want to look at and I don’t want to annoy my realtor. Posted: 19 Oct 2020 09:55 AM PDT I'm a 23 year old woman and have very few "must haves" so it's hard to narrow down my options. 2 bedroom would be fine, 5 would be fine. Don't care about a yard, no pets and don't want them. Don't care if something's a bit ugly, all I need it to be is livable. So since I have no "essentials", it is hard to narrow it down. I'd like to see all 15 available houses that are within my budget but don't want to annoy my realtor. I guess I could start with a few of my top picks? [link] [comments] |
| Assessment change for removing a bedroom and adding a bathroom Posted: 19 Oct 2020 09:46 AM PDT I bought a house in March that is assessed as a 2 bedroom, 1 bath. The 2 bedrooms are upstairs and are tiny. The whole upstairs is only 380 square feet which is just too small to squeeze 2 bedrooms. I'd like to remodel the upstairs to make 1 larger bedroom and a second full bath. At that point, it would be a 1 bedroom, 2 bath. Will that end up raising or lowering my tax value? [link] [comments] |
| Does Freddie Mac Requires Tax Transcript Upon Final Approval of the loan? Posted: 19 Oct 2020 09:42 AM PDT Does Freddie Mac Requires Tax Transcript Upon Final Approval of the loan? Hello. I dont want to hope again for nothin. Is there anyone here close a house without underwriting asking tax transcript upon final closing? or did it close without tax transcript and just wait until the irs goin back to normal. [link] [comments] |
| Posted: 18 Oct 2020 05:10 PM PDT I'm asking because my husband has a super hard time getting work off. If this is an option I'd be interested for his sake. [link] [comments] |
| Posted: 19 Oct 2020 08:46 AM PDT As of now it seems like they both want it to be pretty civil. My dad said they can either sell the house and split the money from it or if my mom wants to keep the house she can buy him out. I don't have a clue about how any of that works. Currently my GF, her sister and I live in an apartment in the same city and might move in to help my mom but would she have to refinance to get my dads name off the house or would i refinance with my mom? I'm sorry there isn't more info i just don't know what our options are and how any of this works. [link] [comments] |
| New home prospective value Manufactured vs Site-built? Posted: 19 Oct 2020 08:35 AM PDT I tried asking this the other night, but it was immediately downvoted to hell so I doubt anybody ever saw it. So I'm trying again. I'm quickly coming up to the point where I'll have enough money for a downpayment on my first home and parcel of land. I've taken a fancy to manufactured homes. I like the simple geometry, efficient use of space, small footprint, lower price, and reasonably low ceilings (for climate control efficiency). ...but everywhere I go people say, "never buy a manufactured/mobile home because they don't increase in value", ...BUT wouldn't that be true for even a quality stick-built home? Why would a 15-year-old house be worth more than a new house? All else being equal would you want to pay more for a house with a 15-year-old water heater, a 15-year-old roof, a 15-year-old floor joists, and so on and so on? [link] [comments] |
| Joint Taxes, One Spouse On Mortgage? Posted: 19 Oct 2020 08:24 AM PDT Hi all, Does anyone have experience with couples filing joint taxes, but one spouse purchasing/qualifying for the mortgage? How do lenders isolate the income of the borrowing spouse? Or do lenders consider both spouses incomes, but only one credit score (that of the borrowing spouse)? I am hoping to make sense of what seems like a complicated scenario. Thanks in advance! [link] [comments] |
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