Real Estate: Are people flipping homes ruining the market? RANT |
- Are people flipping homes ruining the market? RANT
- My apartment management is acting like a water company w/o any regulations that real utility companies have: they’re making a profit by overcharging for water but refusing to acknowledge there is an issue. I’ve tried to get assistance from the public utility service and local government to no avail
- Bank told me I was qualified for a lower down payment. Realtor is angry, I am confused.
- Separating emotions from home sale
- Buying a home at auction, bad idea? (Phx)
- Home Years You Shouldn't Buy
- Looking for a home in Florida?
- PSA: Sewer Lines
- I'm building a 2stry modern farmhouse on 2.5 acres of land with a pond in a rural area. was just informed that ~500 ft from my home a large church will be built. Also, about 700ft in the other direction is a trailer park. It's very clean, but nonetheless I'm worried about my property value. Advice?
- Basement waterproofing systems?
- Stuck on if I should buy a cheap home with high property tax VS more expensive home with low property tax
- Renting to family and friends
- New Western Acquisition is a Scam
- Tenant question
- Will a Realtor Have Access To New Apartments Under Construction Information? [LV, NV.]
- Buying a property to rent
- First time buyer, regretting overpaying for property, with the chance of losing money when selling in near future.
- [Landlord US-NYC] Renting to HUD VASH & HASA Program Participants
- Do I need a new realtor ?
- 401k vs Savings for Home?
- What Are My Options | Worst Sellers Ever
- Refi dilemma
- Why are property taxes so high in michigan?
- Tenant won't Leave [Washington DC]
- Backing out of the 3rd house. Anyone else in the same boat?
| Are people flipping homes ruining the market? RANT Posted: 06 Nov 2020 08:40 AM PST It seems like everyone and their mother is flipping homes these days. Every time I look at a home on the market, it is an obvious flip. Bought it a few months ago and trying to sell it for like $100k more when it is completely preposterous. I am so annoyed because I feel like these people are ruining the housing market. All of these people think that they are Chip and Joanna gains from fixer-upper. Or they watch all the home renovation shows on HGTV and want to do the same thing. I just want to be able to buy a home for the first time and I can't because of these insane prices. These people are buying all of the lower priced homes that some of us COULD possibly buy as a first time home owner. BUT it looks like these people have inside connections to buy these homes within a day leaving regular people out of luck. What is your opinion, do you think these people are ruining the housing market? Are they part of the problem of inflated home prices? [link] [comments] |
| Posted: 06 Nov 2020 09:51 AM PST I live in Florida but this problem is rampant with apartments management companies across the state and apparently nation, as there are two class action lawsuits against other apartments in other states for this exact thing. I live in a large apartment building with over 300 units. It's managed by one of those very big property management companies but owned by a private company. Like many apartments in Florida, the apartment buys their water from the actual water company to the master meter. They then sell us the water to our individual submeters in our apartment. Our rent bill comes from the third party billing company the apartment chose to read our submeters electronically and has our water/sewer usage and charges for the two months before. So November 1 rent bill has water usage for September. It shows first and last of the month meter reading, gallons used, then charges based on those numbers. There is also a $5 processing fee.They are supposed to be using the same rates they pay the water company to buy the water, but these rates aren't on the bill. You also have to pay the water with the rent or you can be evicted. Since residents are not customers of the actual utility company, but the apartment, if water shuts off we have to call the apartment, and we cannot get utility gov assistance or payment plans as we would with a real utility company. The only reason I know all that i wrote above is through a lot of research. The apartment building refused to give any info and purposely and continuously calls the third party billing company (in another state) "the utility company" to mislead residents. My lease says water will be "submetered" for individual usage. Every single water bill I've gotten has inaccurate meter readings and overinflated gallons usage. The first several were just estimated. I take time stamped photos of the meter first and last of the month so I know for a fact. I have tried many times to get the office and property management company to explain the overcharges and refund me the difference and they refuse. I've tried asking them when the meters have actually been tested for accuracy. First, they tried invalidating it was an issue by saying my water usage is comparable to other apartments. Then they tried ignoring me. Then when I persisted, they tried running me around. Now, they are trying to intimidate me by asking if I want a "mutual lease ending" and saying they have investigated and they have determined there are no overcharges so the issue is resolved. But not once have they asked for my proof or submitted their own. I have tried to get assistance locally and through the state to no avail. The public utilities commission said they don't regulate the water company the apartment buys the water from and they don't regulate apartments acting like a pseudo utility company. I said who does? They said ask the city you're in and county. I've tried numerous offices in both and each have told me they don't regulate utilities in my city and county and don't know who do. One even told me no one regulates utilities at all because utilities regulate themselves. So I'm wasting my time talking to idiots who don't even know basic facts of their own government. I've tried contacting the water company the apartment buys water from and they said they have no regulations for apartments that buy their water and resell it. I've tried contacting the department of financial regulation and professional real estate licensing to report the property management company, but they said they only regulate structural issues in the buildings. I've tried contacting the consumer department but they said I can make a complaint and they will just send it to the apartment like the bbb with no force to make them do anything. Literally no one cares that this is going on and will help me and it's apparent why the apartment and property management company is so apathetic towards this, because they know they can get away with it! This issue is widespread in Florida with apartments as last year when I was looking for apartments, every single one within the three counties I looked used this "we will bill you for water through a third party company reading the submeter" scheme. My friend in another apartment is also being overcharged and her apartment refuses to do anything, so I have to think this is rampant across the state but no one in gov gives a shit to regulate it. If the utilities companies did this, they'd be fined. I'm sure they'd love to do it if they could the way the apartments are. There is a class action lawsuit going on in Texas over the same issue and another class action lawsuit in another state. I've tried contacting those firms to see if they can give me any helpful hints but they haven't responded yet. At this point, I want to know the avenue I can pursue through government to report it and have it actually looked at. Civilly, I will be suing the apartments and management company for treble charges of all estimated and overcharges in my county small claims court at the end of my lease, but that's not enough. I also want to initiate a class action lawsuit against them. I want to ask other residents if they are being overcharged and I want to write up a synopsis of what the apartment is doing asking them to take photos of their meter first and last of the month and contact me to start a tenant group, print it, and leave it in residents doors but my lease says no solicitation. Right now, my apartment is looking for any excuse to try to evict me for speaking up and all they have are retaliatory reasons which is illegal and I don't want to give them a legit reason. I don't know how to inform the residents and create a group without violating the no soliciting. So I ask legal advice to advise me of the best government agency locally, state, and/or federally to pursue this and also how to inform and gather residents to start a class action suit without violating my lease? Thank you Title: My apartment management is acting like a water company w/o any regulations that real utility companies have: they're making a profit by overcharging for water but refusing to acknowledge there is an issue. I've tried to get assistance from the public utility service and local government to no avail [link] [comments] |
| Bank told me I was qualified for a lower down payment. Realtor is angry, I am confused. Posted: 05 Nov 2020 06:10 PM PST I put on offer on a house recently that was accepted, and my offer included a certain percentage down. When doing the paperwork, my lender recommended I shift to a lower percentage down payment since I was pre-approved for it, and I agreed. My realtor is furious. I am confused. I don't really understand what the issue is. I even contacted the seller agent to see if the sellers would have an issue with it and she didn't think it was a problem. (Realtor also didn't like me contacting her, which I can partly rationalize.) The total sale price is the same. So I have no idea what is going on. Admittedly I am not experienced in home buying, but am I missing something? Edit: Should note for clarification that this is in MA. Edit #2: Sellers don't care at all and agreed to sign the updated contract immediately. [link] [comments] |
| Separating emotions from home sale Posted: 06 Nov 2020 08:16 AM PST I am looking to sell my childhood home. My great grandparents bought it, my grandparents lived there. My mom grew up there. I grew up there for 26 years. I bought a new house and want to sell it but there are so many memories. How do you detach yourself emotionally from a house that has been a big part of your life? Financially, it makes sense to keep it for the rental income but being a landlord is too stressful for me. I went 3 months with no one paying rent during Covid and I am not looking for a repeat of that. [link] [comments] |
| Buying a home at auction, bad idea? (Phx) Posted: 05 Nov 2020 05:32 PM PST After months of not seeing anything we like, we get notified that the perfect house is coming up for auction soon. This house was bought in 2018, so we can at least see pictures of the inside, yet the house is still occupied so we will not be able to see it before the auction. I know there is a risk that the occupants completely destroyed the house, but I'm not sure what other risks I should be aware of. We really like this house and would pay a fair price for it, it being a foreclosure and thus getting a "deal" doesn't matter all that much. Is this an avenue worth investigating or should we pass? [link] [comments] |
| Posted: 06 Nov 2020 06:23 AM PST Looking to purchase a home and wondering if people have suggestions on years of houses that you should absolutely avoid due to poor construction practices during that era. I know this is broad and that each era and locations have their shortcomings (lead paint, outdated wiring, asbestos, poor insulation, bad windows, etc) Open to suggestions and insight from across the country, but I am located in DFW for context. [link] [comments] |
| Looking for a home in Florida? Posted: 06 Nov 2020 11:35 AM PST |
| Posted: 06 Nov 2020 11:29 AM PST TLDR; get a sewer scope before buying a house. For some reason questions about sewer lines have been showing up everywhere. Maybe because everyone is pooping at home lately. Been copy/pasting this a lot so figured this is a good spot to share. **I AM NOT A PLUMBER or sewer line expert, my experience is primarily in the Mid-Atlantic region, so if you're in more extreme climates, this may or may not apply. Simply sharing my experience here, if it helps 1 person save $2,000+, it's a success. WHEN BUYING - Any property over 20 yrs old you should get a sewer scope from a plumber or use a home inspector that offers them, it's worth the money if you have any concerns. Does not apply to condos. WHAT YOUR AGENT CAN DO TO HELP - you can DIY some of this It's time consuming to do this kind of research, but I've been able to save clients tens of thousands of dollars, as well as surprise sewer problems. Knowledge is power as they say. An experienced agent should know & show:
Happy house hunting! P.S. If your agent or anyone suggests "don't worry about it, you can get line insurance" MAKE SURE you look closely at all the fine print in that coverage. The utility company in my area offers a $10/month policy, but it doesn't give you full coverage for all repairs. Same w/my USAA homeowner's policy, doesn't cover the full repair. P.P.S. Most jurisdictions (in my large area of experience anyway) require sewer repairs to be done from your property to the connection to the public sewer system. If your connection is in the street, you have to pay to have the street excavated and replaced, which can get extremely expensive. [link] [comments] |
| Posted: 06 Nov 2020 11:19 AM PST |
| Basement waterproofing systems? Posted: 06 Nov 2020 10:48 AM PST Basement waterproofing systems involve a french drain under the basement floor, usually leading to a sump pump. Some people go a step further and install special wallpaper-like coating on their walls, which directs moisture to the drain instead of evaporating into the room. In the end, the final setup looks like this: https://www.blackburnbasementrepair.com/wp-content/uploads/2020/02/basement_waterproofing_set_8_after.jpg Will this increase or decrease the value of the home? I can see why it's attractive because these systems come with lifetime warranties which pass to the next owner, but it also might make people think there's a serious water issue. Many old houses in areas like New England get damp basements, it's unavoidable especially when there isn't lots of room for regrading in those densely packed and flat Boston neighborhoods. Waterproofing systems like these seem pretty nice, but would they scare people away from buying the house? [link] [comments] |
| Posted: 06 Nov 2020 09:58 AM PST I have been going in circles with myself for the last couple of weeks, I will explain my dilemma. I work remotely so location isn't too important for me. I have my eyes on an area where I can get a nice house for $140k but with a 3.25% property tax. And then there are tons of other places in the US where I can get a house for $275k with only a ~1% property tax. I'm really young so I really just want to build up as much equity as I can. What I'm realizing is that if I buy the 140k home, I will be getting $600 in equity per month and paying $400 in taxes. But if I go with the other option, I'll be building up like $1200 in equity and only throwing away $200-300 in taxes per month. Another thing is the down payment, it's 30k vs 60k. But at the same time, I think that the $140k home will appreciate higher than normal. Any advice? [link] [comments] |
| Posted: 06 Nov 2020 09:53 AM PST Has anyone done it here? Good or bad experiences? I'm running into this problem with my mother-in-law wanting to rent off of us but only wants to pay a little in rent. For a 3 bedroom gigantic house. [link] [comments] |
| New Western Acquisition is a Scam Posted: 06 Nov 2020 09:45 AM PST They flat out lie and are super deceptive about almost everything as an investor I will never deal with them again. Any one have any similar experiences? [link] [comments] |
| Posted: 06 Nov 2020 09:22 AM PST My apartment was recently bought and the new owner wants to start renovating the place several months before my lease ends. I'm very happy here and my lease is binding so I don't really need to move out until it's up, but my landlord is eager to get started. I'm considering negotiating some kind of relocation assistance since I don't have to move but he wants me to. I'm wondering what a reasonable amount would be? Or if anyone has been in a similar situation? [link] [comments] |
| Will a Realtor Have Access To New Apartments Under Construction Information? [LV, NV.] Posted: 06 Nov 2020 08:50 AM PST x-posted I'll be moving next summer preferably June July and certainly by August. I want to find out what apartment complexes are currently under construction that will be opening for occupancy during the months that I mentioned. Also and I probably know the answer to this is it bad form to contact to realtors with this same question. I am assuming most if not all realtors have access to the same source materiel but is it not possible that one realtor might have personal knowledge that is not yet accessible to everyone else thus my interest in whether or not I can have two realtor's looking for me. And lastly are there any resources I can check on my own to get this kind of information? Las Vegas and Henderson, NV. Thank you [link] [comments] |
| Posted: 06 Nov 2020 08:48 AM PST I'm currently 17 and my goal is to buy a property (apartment, small house, flat etc) when I'm 19 to fix up and rent out so I have an income for uni. I'm looking for properties <£30k and saving up so I can either get a mortgage or a loan. Does anyone have any tips or ideas that may help me along the way? Thanks! [link] [comments] |
| Posted: 06 Nov 2020 08:46 AM PST So two years ago I bought my first property, a flat for 102k. I paid 2k over asking to secure the property. I'm at the point where I am looking ahead at the prospect of buying a new house in the next 2-3 years and I am starting to feel regretful as a result of overpaying. When looking at flats around the area, the majority have been sold for > 5k less than the property I purchased. I regret the fact that I was so impulsive in my purchase and I am worried that this decision will lead to me losing money (5-7k) when it comes to selling in a couple of year's time. I reflect on why I made the decision to pay more and it's generally a result of inexperience as a first-time buyer, coupled with the fear of losing out on another offer for a flat I liked. There's also the fact that I was in a bit of a rush, as a result of needing to move out of a shared house, which made finding a house quickly important. In retrospect, I should have really checked the house prices in the area, and not jumped the gun with an offer over asking. This is overall a learning experience, but unfortunately an expensive one. Could anyone offer some advice regarding dealing with this regret, and move forward? It would also be helpful to hear if anyone else is/was in the same boat as me with this. [link] [comments] |
| [Landlord US-NYC] Renting to HUD VASH & HASA Program Participants Posted: 06 Nov 2020 08:43 AM PST Hello everyone, I am currently renting out a few units and have the opportunity to fill half of them with VASH applicants and the other half with HASA. I was hoping landlords who have experience with these programs can share their experience and specifically I have a few questions that I would appreciate your feedback on. Btw these units are located in NYC, in case there are any landlords/managers who have experience with these programs in the city.
Your feedback is greatly appreciated, thank you everyone. [link] [comments] |
| Posted: 06 Nov 2020 04:55 AM PST I feel like my realtor is trying to get my to pay asking price for any property that we see. Keeps telling me that houses are flying off the market and even wants me to make offers before seeing a property. Is this normal ? I'm in south Florida . [link] [comments] |
| Posted: 06 Nov 2020 08:02 AM PST Asking for a friend. I don't know exact numbers, it's really just a general question though. A friend is looking to purchase a home at around $205k. I think she's looking to put $25k down, maybe a bit more. She has probably $30k in 401k, and $28k in savings. She asked if we would recommend she pull more from her 401k and keep more in savings towards the down payment, or vice versa. She's in her early 30s, stable job, good company match. I think since it's a qualified reason to pull from 401k, I would personally do that and keep the more easily accessible cash on hand for emergencies. Since rates are so low, the general consensus seems to be to put less money down when possible on a home. If it's a question of which one to pull the money from, what would you do? [link] [comments] |
| What Are My Options | Worst Sellers Ever Posted: 06 Nov 2020 07:52 AM PST Created an anonymous account to ask this all-important question. My wife and I bought a condo way back in July. Prices were already inflated back then. Our offer was accepted, and with about 2 weeks left before close, we were kindly asked to move our close date 1 month later. Obviously I was pissed but given the legal BS I would go through, the perfect location, and the fact that I was in no rush I accepted and signed a new contract with a new close date 1 month later. 1 week before the new close date, the seller once again said they could not move out by that date and asked to move the close date 2.5 months in advance. This was ridiculous but I was pressured to sign the new contract. I decided what the hell. I can save some more money and move at the perfect time. Prices have since inflated 25%+. I'm starting to think the sellers are just using excuses. If I voluntarily back out they could easily sell for a higher profit. What are my options? How do I prepare? I have already begun to buy things for the new place. If I try to buy something similar it's gonna cost me 10's thousands more. I need them out if need be. Has anyone experienced something like this before? [link] [comments] |
| Posted: 06 Nov 2020 06:34 AM PST I'm in a tough spot in regards to a refinance opportunity looking for some opinions. Just finished 203K rehab—took a shitty interest rate for cash credit with intention to refi. (4.5%) Had originally done things as SFH with ADU above garage, but then decided to do it as a two unit and paid the extra cash taxes etc. Went way over budget blah blah...so now I am in a bit of a quandary. I have 20K coming for final payout from rehab loan, but I withdrew ~20K from my Roth IRA that I was planning to pay back with that money to avoid 25% in fees and penalties (and to keep the money in that account for future investing/growth) Now, the appraisal came up 5% short of expected, so now given the Loan to value situation on the loan my mortgage broker is saying that I would need 20K downpayment for the refi in order to get off FHA and on to conventional and would stay ~3% rate. I could take a 3.5% rate for ~10K credit I have about 10 days left before the rollover period to pay back the IRA, and around 10 days left on my rate lock period. I'm not that worried about the rate lock as rates don't seem to be running away (although last week they looked to be trending up...) and if I chose to replace the money to IRA I could pretty easily hedge a rise in interest rates using leverage in that account. One of my concerns was getting the refi done before this .5% Fannie/Freddie fee kicks in but I'm unsure exactly how that works or how it would affect me. So I'm stuck between the following options..(let me know if there is another option to consider) Replace IRA money, wait on refi but potentially be subject to higher rate and .5% fee Refi at 3% with 20K downpayment lowering monthly payment ~700 but take 5K in taxes/penalties and not have that cash in IRA Refi with 10K and 10K credit taking 3.5% rate and take the other 10K to roth rollover and only pay 2500 in taxes/penalties and preserve additional roth money. Thoughts? [link] [comments] |
| Why are property taxes so high in michigan? Posted: 06 Nov 2020 06:20 AM PST I am not refering to anomilies like detroit where properties are really cheap and it has to be crazy nor do I care about the cities, but most of the entire state is very high, even in very rural areas up north such as a cabin in the woods. Do our state counties not operate as efficiently as other states? Whats the deal? comparison: https://files.taxfoundation.org/legacy/docs/Property-01.png Its one thing that irritates me, as its a fixed cost regardless of income levels. I may consider living in a state such as Tennesse where property taxes are half or even kentucky / WV. [link] [comments] |
| Tenant won't Leave [Washington DC] Posted: 06 Nov 2020 06:10 AM PST My tenant informed he was illegally let go from a very high ranking position. Claims all his money is tied up legal fees and will fall behind on rent? What are my options? [link] [comments] |
| Backing out of the 3rd house. Anyone else in the same boat? Posted: 06 Nov 2020 05:57 AM PST We've been house hunting for a year in a very, very tough Ohio market (i.e. houses go far over list, everything is waived). We backed out of the first house we won because our realtor and family convinced us the list of fixes was too much (in retrospect, it really wasn't and we learned our lesson). The second because we found out the owner added unpermitted space and altered the house trusses and an engineer we hired said it wasn't safe. Now, back in contract on a house we love. It's about $30k overpriced but because it worked so well for us that we didn't care. It's a '70s house so we knew it needed work, but inspection came back with many things including a whole new roof and decking, new water heater, radon levels at 12+, slight bowing from a horizontal crack in the basement, vents exhausting into the attic, the chimney needs partially rebuilt, electrical panel corroded and double-tapped among many things such as windows, doors, etc. We are in an "as is" contract and our realtor says asking for remedies is a waste of time. The must-do remedies add up to about $30k before we add in cosmetics. I'm so heartbroken because we finally thought this was the one. Has anyone else backed out of this many homes? The process is so exhausting and overwhelming, I don't know how to do it again. [link] [comments] |
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