Real Estate: What are some things you should definitely run away from as a DIY renovator? |
- What are some things you should definitely run away from as a DIY renovator?
- Buying is weird, selling is weirder
- [Update] Seller didn't move items by end of contract
- Agent Keeps Calling Me
- Bought a way overpriced house in Seattle, now I want out - sell at a loss or try to rent out?
- Truth about bank appraisals?
- Subdivision Development (US)
- Astronomical water bill for first month in new home. Error or major problem?
- [Questions] A few questions
- How often do deals fall through after inspections pass and contingencies dropped?
- Looking to refinance after a refinance.
- [US/NY) Costs from attempted RE investment purchase as tax expense/loss?
- Im Nevada, can you cancel a lease agreement before the move in date??
- (CA) LA Salesperson Exam has been non-existent for dates from what I've seen. Anyone taking the exams right now, how are the COVID safety protocols? I can't imagine being in a room with 40 random people for hours is smart right now. What are they doing to minimize risk? Any chance of online exams?
- Having trouble understanding Refinancing
- Reinspection fee question
- To Sell or Not to Sell?
- Are there any benefits to being a realtor when it comes to flipping houses and investing in rentals?
- Is it still customary for sellers to pay buyers closing costs?
- Where does my "profit" go from selling a house?
- Is it better to list before or after the election? (Condo, DC)
- Who should I call/bring/hire for a showing when I want a completely gut or second story addition when homes are going this fast?
- SBA disaster loan - underwater property - looking for suggestions.
- Looking into Real Estate Schools
- Buying a house with Fully Paid Tesla Solar System Panel
| What are some things you should definitely run away from as a DIY renovator? Posted: 11 Oct 2020 07:47 AM PDT When you first enter a property before even deciding to make an offer and getting an inspection what are some things that you would personally look out for? Things that are total deal-breakers for the DIY home renovator who's willing to put in a little extra work into a house. [link] [comments] |
| Buying is weird, selling is weirder Posted: 10 Oct 2020 06:02 PM PDT We've been on both sides of the sale as of today and that perspective is eye opening. The SO and I have been hunting since March (central FL) and getting exasperated at how quickly things were moving. We ultimately found something, paid high, but locked in 2.99% so we're ecstatic. This took a painful and roller coaster like 7 months. Well, now we needed to sell our current house. Our listing hit MLS last night about 5:30 pm. 22 hours, 6 showings, and 5 offers later we are under contract at 11k over asking. WTF? [link] [comments] |
| [Update] Seller didn't move items by end of contract Posted: 10 Oct 2020 08:00 PM PDT Here's a quick summary of my situation: 1) Closed on house sept 8th. contract states 'Buyer agrees to allow seller 30 days after closing to remove items from barn' 2) Today is Oct 10th (32 days after closing) 3) Seller has left 30-40% of barn filled with his tools/stuff. I'd say probably ~5k-8k worth of tools. 4) I need the barn space to hold my furniture while I remodel the house and his junk stops me from doing that. Today the seller shows up and walks into the backyard saying he's going to load another trailer of his stuff. I told him he's way past time and his 30 days are up but he sweet talks his way into me giving him 1 hour to load what he can and get out. After 30 minutes, I remind him his time is almost up and he gets angry and threatens to call the cops (?). The cops arrive and tell the guy this is my land and all the stuff is my property now after 30 days of closing. (I'm not too sure about this but whatever). I tell the guy he has the rest of the hour to get whatever he can and leave. Lots of yelling and he states he's coming back tomorrow 10am to grab more stuff. I told him I'll call the cops the second he arrives on the property but he doubles down saying he will be here. As soon as he left, I bought extra locks for every door on the barn and set up a motion camera in the backyard. He probably left ~2k of tools but I'm not letting him in unless I get a letter from an attorney. People be crazy out here. Edit: I should mention that the seller didn't use at least 20 of the 30 days to move his stuff and refused to hire any help. He was 'out of town for business' [link] [comments] |
| Posted: 10 Oct 2020 01:05 PM PDT I was on the hunt for a house a few months back, spoke with several relators until I found one that suited my needs the best. I bought a house using her and have been moved in for a few weeks now. However, there's one pesky realtor I keeps getting calls from on an almost weekly basis. I was upfront and told him I went with someone else and have already bought a house. However he keeps calling me and asking if anything changes to let him know. I've stopped answering his calls, but he leaves voicemails essentially stating the same thing. Is this just a pushy realtor or is this guy a nut case? [link] [comments] |
| Bought a way overpriced house in Seattle, now I want out - sell at a loss or try to rent out? Posted: 11 Oct 2020 10:09 AM PDT I bought my first house at the peak of the 2018 housing market in West Seattle in WA. I did not do enough research on the area or the local housing market. Then the West Seattle Bridge was declared a disaster and will be shut down for 1 to 7 years, bringing my 12 minute commute to over an hour each way. I want to get out of here. Stats:
I ripped out carpet in master bedroom and put down high quality bamboo, and I've also put it LVP in the downstairs (original floor was polished concrete). Added closets from EasyClosets to replace the builder grade stuff. I also re-painted everything with quality paint so the walls are in perfect condition. Bought for 670k in June 2018 with 4.85% 30yr. Refinanced to 3.5% in summer of 2019 and just re-financed down to 2.75% 30yr. I owe 480k on the house and the monthly payment is including escrow and insurance is approximately $2500. After speaking with a realtor I don't think I can sell the house for more than 600k, even with todays lower rates, since a bunch of new houses have popped up for around 570-600k. It appraised at 640k in the summer of 2019, my recent refinance got an appraisal waiver. What I want to do is buy a house in or near Capitol Hill in Seattle, which puts the price-class somewhere around 800k to 1.2m. I haven't decided if I want a newer house or a fixer upper, and I'm handy enough to do most home improvement work except foundations and roofing. I'm fortunate to work in tech with an annual income around 280k (160k base, 100k RSU) so I THINK I could carry two mortgages, especially if I charge my GF about 1k in rent. But I'm not sure that's the best idea. From my research it seems I cannot deduct a loss on a primary residence. I don't seem to be able to convert it to a rental and then sell it and deduct either, because the cost basis used is at the time of conversion. I figure I could rent the house out for somewhere between 2500 and 3500 a month, even with the current commute mess. That said, reading up on Seattles tenant laws has me running scared, especially during COVID. One wrong tenant and I'm screwed. Anyone have any tips? I think I basically just need some re-assurance on the renting out part and to know if I'm missing something. [link] [comments] |
| Posted: 11 Oct 2020 05:50 AM PDT I've heard from several people in the industry that if a bank wants to make you a loan, the property will generally appraise. Obviously it doesn't happen all the time. Does anyone with experience in the industry (would help if you could identify role) have information on this? I'm worried about appraisals coming in too high because I've been underwater before, and I'm afraid of being underwater again in a very aggressive, sellers market. Liquidity risk makes me queasy. Related question: Is it possible to get a bank appraisal and financing lined up before making an offer? I would like to make an as-is, no-contingency offer if I can get two appraisals (one from an independent party) to justify a high price. Unfortunately appraisers are hard to find in this area, so it might be logistically difficult, but it's nice to know if I should try. Edit: The as-is, no contingency part is just because I already fell out of contract during inspection. I already know all the defects, the state of the title, small encroachment issues, etc. If we have a shot at another deal, we have to make it clean and easy. [link] [comments] |
| Posted: 11 Oct 2020 09:06 AM PDT Hoping this post finds you well, and my apology in advance for the long one. It's definitely an unusual story. I have been looking for land to build a house on for over two years with no luck, until last Monday. I was informed by a friend that he spoke with an elderly woman who would sell a 64 acre lot if it was what I wanted - it is not on the market. I looked and it is absolutely what I want, it is an unbelievable property for many, many reasons. It would sell in less than a day if this was public knowledge. The good news is that she's asking $6,000/acre less than market value. The bad news is that its over my budget by several hundred thousand. I could float it if I had to, but I had a better idea, which is to survey off 10 acres for myself then subdivide the rest. I mapped the property with GPS, did some math, made a ton of calls, talked to the bank and concluded that there massive potential for me to pay my house off with this venture. I have two homebuilders committed to 10 lots the day I close, if I can navigate the following... Before I get to my question, I should give some quick details. This property has county road access on all but one side. The boundary line for the city limits extends into the property by around 300 feet, and I would a estimate that it is roughly an acre. It is in a FAR zone (farm and residential). The city currently supplies all houses on both access roads with natural gas, internet, electricity, BUT only a 2" water line. These utilities extend past the city limit boundary. I am not sure if the 2" water line supplies all of the houses on the access roads, but it does supply some. There is also a fire hydrant that sits in the city limit section of the lot, which is fed only by said 2" water line. I was told, in confidence, by a city alderman that it was brought up a few years ago and they decided against running a 6" water main to the hydrant. I got the impression it was over finances. It would also make this venture unprofitable if I paid to run pipe from the nearest 6" water main over 1 mile away, but seems like it would be essential for a subdivision of 30+ families. My question: According to what I have read, a 6" water line is legally required to be ran to fire hydrants. I'm stumped on how to approach the city about this. I definitely do not want to do this if the city will not supply the pipe. But at the end of the day, the supply line to the hydrant is not legal. If I approach this the wrong way and make all of the neighboring residents aware, I envision significant pushback from the mayor/officials. Maybe not, but I would prefer to be cautious. There are several stages that have to be approved by the city planning commission, and they could really hurt me financiall if they had the desire to do so. It crossed my mind to approach the city mayor and planning commission, and attempt to argue for rezoning the property to be in the city limits. This would allow the city to tax for the infrastructure, and possibly get this water main corrected. That's the best I have come up with. Open to any and all suggestions. [link] [comments] |
| Astronomical water bill for first month in new home. Error or major problem? Posted: 10 Oct 2020 07:57 PM PDT We purchased a house at the end of August and took possession on the 8/26. We just got our first water bill for the period ending 10/1/20, and the total is $532.66!! It says we've used 72 CCF of water in 38 days, which is approximately 53,859 gallons of water, and it is just me and my fiancée. So if this number is to be believed we have each used 708 gallons a day, which is roughly the equivalent of us taking 41.5 showers/day, EACH. This cannot be correct, can it? Is there a possibility something is wrong with the meter? The house had all new piping with PEX piping done in 2015 and had a sewer line repair in early 2019, each job cost roughly $7k. The previous owners installed an irrigation system in the backyard but it's been so wet recently that I haven't had it on for two weeks, and it was running 3-4 times a week. The only other option is there is a leak, somewhere, that is not noticeable and has somehow been missed by inspections and myself. There is no evidence of moisture or mold and the yard seems to drain fairly well (though the south side does stay pretty damp but I believe this is because it doesn't get much sunlight). Who should I call first? The city? A plumber? What would a good first step be to addressing this huge bill and making sure I never see one like that again? FYI since our last meter check (10/1) and today the meter is up 11 from its last ready, which means we've used about 8,000 gallons in 9 days. That just does not make sense. Any advice is appreciated! [link] [comments] |
| Posted: 11 Oct 2020 04:43 AM PDT I have received a large lump of money from my parents to purchase a home since they don't know the intricacies of home ownership. I was looking at a few YouTube videos saying, even though I have a good Credit Score, steady job, etc., the random money my parents gave me raises red flags. There was a gift option, up to $15,000 a year and $11.58 million over a life time. My questions, will this affect the process of purchasing a house? If yes, what are ways around this? [link] [comments] |
| How often do deals fall through after inspections pass and contingencies dropped? Posted: 11 Oct 2020 10:04 AM PDT We have a pre-approval. We put an offer on a house that was accepted, and we've agreed on everything after an inspection. Is the only thing at this point that can kill a deal the mortgage company? I'm trying to squash my excited inner child. tyty [link] [comments] |
| Looking to refinance after a refinance. Posted: 11 Oct 2020 10:01 AM PDT We re-financed our property last winter on a VA loan because of increased property values and lower rates. We remodeled a bathroom, enapsulted the crawl space and built a very large deck. Now that the equity has risen (in theory again) and rates are even lower, we are looking to re-finance again. We contacted our current lender, and they told us we cannot re-finance because the payment reduction wouldn't be significant enough for VA's rules, but we're not looking to lower rates, but rather to cash out the equity and re-invest it in additional renovations. The questions I have are:
[link] [comments] |
| [US/NY) Costs from attempted RE investment purchase as tax expense/loss? Posted: 11 Oct 2020 09:46 AM PDT I'm curious if anyone has any experience in this. If you attempt to buy property at, say, a tax auction, put in winning bids and have to pay auction fees/non-refundable deposits, but then realize that it will be a terrible investment and, avoiding sunk cost fallacy, decide to walk, you can find yourself in a situation where you've spent significant money ($20k) but received no assets for future sale. If you were attempting to do this as a business transaction, what are the lost deposits/fees considered to be for tax purposes? Can I claim them as a business expense or loss? Would they be deductible against future business income or even personal income (I am operating as an unincorporated sole proprietorship). Similarly, if you pay fees/deposits on many properties, but end up closing on only a few, are the expenses associated with the ones you didn't win deductible against the proceeds of the ones you did? I know I should get an accountant for the specifics but just trying to get a rough idea of how this would be categorized. [link] [comments] |
| Im Nevada, can you cancel a lease agreement before the move in date?? Posted: 11 Oct 2020 09:41 AM PDT Due to my employer changing locations I am not going to be able to move into an apartment that I applied for. My move in date was supposed to be the 15th. Am I going to run into any issues if I call to cancel the reservation/lease? [link] [comments] |
| Posted: 11 Oct 2020 09:35 AM PDT (CA) LA Salesperson Exam has been non-existent for dates from what I've seen. Anyone taking the exams right now, how are the COVID safety protocols? I can't imagine being in a room with 40 random people for hours is smart right now. What are they doing to minimize risk? Any chance of online exams? [link] [comments] |
| Having trouble understanding Refinancing Posted: 11 Oct 2020 09:31 AM PDT Hey guys, as the title says I'm having trouble understanding what refinancing is. From what I understand it's like a HELOC but your interest rates are lower. I'm not sure how accurate or correct I am but an example would be perfect. I tried looking it up but still don't understand it [link] [comments] |
| Posted: 11 Oct 2020 09:13 AM PDT I'm currently in the process of getting a construction loan to build a house on a parcel I'm buying. I paid for the appraisal ($850) which I thought was a little high, but then I see my closing docs and there's a $1400 "reinspection fee - construction" to the appraisal company. I did have a change order after I paid for the appraisal but before it was completed to remove the 3rd car from my garage. $1400? Thats more than the appraisal itself. What is this? The appraisal took nearly 30 days to complete and I nearly lost the property because it took so long. Do I have a lawsuit here? Any advice is much appreciated. [link] [comments] |
| Posted: 11 Oct 2020 09:11 AM PDT I currently own a Condo in Southwest Raleigh, NC - on the Cary border about 2mi from Cary Town Center & same distance to Crossroads shopping area. It's highly conveniently located about .5 mile from I40 & 440. There are a few recent developments planned to be built/rebuilt in the near future (Cary Fenton Development & the rebuild of the Cary Town Mall into "Carolina Yards") - both within 2 miles of my Condo. I am having a massive amount of trouble determining whether I should keep my Condo for a few more years or to sell it now, here's why: The Condominium Complex was built in the mid 80s & has old Polybutylene water piping, this has caused many issues with other units and I'm terrified of a special assessment or pipe burst that could cost me in excess of $15k out of pocket. The HOA is the worst I've ever encountered & they have almost nothing in the Reserves, my dues are high ($300/mo) due to the insurance issues because of the old piping. I've enhanced the property quite a bit with laminate flooring throughout, quartz countertops, new backsplash, custom bathroom sinks, etc. My realtor is pushing to sell ASAP, but I haven't been able to find someone to provide legitimate advice or insight as to how these Mixed Use Developments so close will impact the value of the property. I'm happy to pay for a consultation but can't seem to find the right type of expert. HELP!?? [link] [comments] |
| Are there any benefits to being a realtor when it comes to flipping houses and investing in rentals? Posted: 11 Oct 2020 08:51 AM PDT |
| Is it still customary for sellers to pay buyers closing costs? Posted: 11 Oct 2020 08:48 AM PDT Is it still customary for sellers to pay buyers closing costs in this market? [link] [comments] |
| Where does my "profit" go from selling a house? Posted: 11 Oct 2020 08:24 AM PDT So - this may be a stupid question, but my wife and I have toyed around with the idea of selling our house. We originally bought it for $119,xxx and have made some serious upgrades/updates. We've completely redone our the 1 bathroom, added AC, completely re-did the backyard (tilled and reseeded, etc), fixed other weird odds and end.. Point being in the process of getting a loan for the AC we had our property appraised and it came back as estimated worth of $160k+. So my question is, and there may be obviously more to it, but if I were to say owe 100,000 still on the mortgage, but sold for 165,000 (just using rough numbers...) where would that $65k profit go? Does that just go to one of our personal accounts? Does it go to something like a 3rd party account for holding? Any input would be appreciated. Thank you! [link] [comments] |
| Is it better to list before or after the election? (Condo, DC) Posted: 11 Oct 2020 08:17 AM PDT I'm getting ready to sell my condo and it's looking like the earliest we will be ready to go on the market is the weekend of October 31st. However I'm wondering if it's better to wait to list until after the election, the weekend of November 7. I live in DC, so things around here seem especially crazy around election time. But, my agent said they don't really see major scrambles in buying/selling in the region around administration changes (most of the activity is in the rental market). Curious if any other folks have knowledge about the best timing for a listing in this particular period, or anything I should be considering. Regardless of the election outcome I don't want to wait much longer to list because then we're butting up against holidays, and that seems like a bad time to try to sell? But I could be wrong. [link] [comments] |
| Posted: 11 Oct 2020 08:14 AM PDT My wife and I have been looking at one story houses (with the intention of adding a second story and even completely rehabbing the first floor). The problem is I don't have somebody on call who can come to these properties with me and give me a ballpark. Most of the houses we look at are gone in two days. What can I do? What have you done? Is it even possible to get an on-site ballpark short of getting a full inspection? I actually asked two owners if I could bring somebody in...but by the time that happened, the houses were sold. Thanks. [link] [comments] |
| SBA disaster loan - underwater property - looking for suggestions. Posted: 11 Oct 2020 07:45 AM PDT Greetings Redditors! I apologize in advance for the length, here's the TLDR: Slightly underwater house with first mortgage and 2nd mortgage with SBA loan needs a new loan or other creative options. Hoping that someone has some guidance on my situation that is probably less complicated than I'll describe herein. Bought a house in 2004 with then-wife (now ex) for $106k in NH. It's with Bank Of America now and is not FannieMae/FreddieMac. House needed work and in 2007, when regional flooding occurred, we were eligible for a FEMA SBA Disaster Loan. Used proceeds of the loan to do repairs, replace personal belongings, and other stupid young people things ... SBA disaster loan plus original loan = $199k - the SBA home valuation approved this amount 'cuz 2007 right?! 2009 - Downpayment on second home with left-over funds (about $16k) with the intent of living there with in-laws and renovating 2nd home property to turn into a 3 unit rental. The first home was repurposed as a college student rental. It was a huge headache but initially, the numbers worked out well with about $1000/mo income after mortgage and basic expenses, and small rental income from in-laws at the new property. 2013 divorce; She gets the big house with the in-laws and equity, I get the small house with SBA/BOA loans that was the college student rental. (Advice for young couples - don't live with your in-laws.) I did not do well in terms of splitting equity but that's how divorces go. We were both court-ordered to refinance to remove the other person from the mortgages. Somehow she was successful, and I imagine it's because there was about $65k equity. I have not been able to refinance because the SBA/BOA house being underwater. In 2013, the SBA/BOA house was appraised for the divorce at $126k (owed $150k). When repeated attempts to refinance over 18 months didn't work, I tried to sell it in 2016 and got a low-ball offer of $50k from a local real estate firm after having on the market for 4 months without it being rented (lost approximately $5600 of personal savings floating the loans). Short-sale would have meant I kept paying the money owed even though I had no house. Philosophically, I also couldn't bear to lose the sweat/emotional equity of paying 9 years in the house. In 2015 – I bought a different house as part of a new relationship (W/O inlaws!). The SBA/BOA house has been a family rental now since 2016. It's easier than college students, but the only option because the market shifted and college students are willing to travel as far anymore. As such we're seeing barely break-even numbers (small monthly loss) on the property. This detail is important because not living in the house as the primary residence rules out many mortgages and on paper the small loss doesn't help. Ideally, I'd like to (re)finance what I owe, which is currently $124k. A local real estate agent did a market analysis last year and said it's only at $120k. Most local lenders will only finance a second property with %25 equity. Additionally, the SBA loan is @ 3% and BOA is @ 6%. Up until the past year - there would be a net increase in monthly payments because a new rate would raise the average interest between the two loans. That's now not the case and so I'm looking again. Most lenders say: 'we have to appraise the house for $600 before we can make a determination'. Which I understand, but mortgage applications and appraisals get expensive quick and ding my credit each time just to get a 'no' after 3 months of back and forth. Does anyone have any ideas on lenders that would work with this or other creative options? Thanks! [link] [comments] |
| Looking into Real Estate Schools Posted: 11 Oct 2020 07:23 AM PDT I'm in Nashville, TN. I'm a 100% Independent Mother to one. I have to attend an online school but, which one?! I've reached out to a few local real estate agents via e-mail last week, no responses yet so I'm on here now to get some feedback. I'm currently a Licensed Massage Therapist (10 years now) and physically, it's straining. But, how many hours a week would I potentially be working as a real estate agent in order to provide a decent (50k+) income for myself and my son to have? Thanks in advance for any advice here! [link] [comments] |
| Buying a house with Fully Paid Tesla Solar System Panel Posted: 10 Oct 2020 08:48 PM PDT Looking at a home that is pretty well updated and it has a Tesla Solar System Panel. Its fully paid for. I know nothing about this and most threads are about leased Solar systems. The roof was updated in 2004. There is no storage capacity per the disclosure. So a few questions.
Thanks. [link] [comments] |
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