Real Estate: Doing the agents work |
- Doing the agents work
- With recent talk of forgiving student loan debt, how do you all think that would impact the real estate markets?
- Tenant didn't give sufficient notice to vacate and is demanding her deposit back
- [TN] Closed on our first home in Feb, lost our jobs in March. Fiance has decided to join the Army.
- Does anyone have any experience with flipped houses here?
- International Real Estate Question - Pay Mexican Property Taxes from the US
- Considering buying a house with some stucco, how to minimize my risk?
- Any opinion/review of Hippo Home Owner Insurance?
- 20yr old first time homeowner. Is refinancing to leverage my income into a cash flowing property stupid or creative?
- First time home buyer question about appraisals.
- HOA fees and coverage
- Buying a 17 year old house
- Whare is the difference between redfin and other websites (zillow, trulia..) and what is the best website to look for houses?
- Strategies for looking for off market properties
- Neighbors know you’re a contractor
- Mortgage Loan Modification
- Pay homeowners insurance myself or through escrow?
- Refinancing question
- Valuation - multifamily NJ
- Can I move the money I had saved for down payment and closing costs if I’ve decided to wait until next year to buy?
- Finding a loan provider
- What are my options for buying a commcerical property in my scenario and these times?
- Pros and cons of paying for utilities vs tenant paying
- Is this HOA stuff over my head?
- Can my parents give me $250k to pay off new home.
| Posted: 19 Nov 2020 06:36 AM PST So basically my cousin is looking to buy a home and she got into a 6 month agreement with an agent (expires some time in January). However, we feel like she is not putting in any work and my Cousin lost a house because of it. Now there is a house on the market (9 days now) in our neighborhood (NYC) that's perfect for her but for some reason her agent says she cannot get in contact with the listing agent. I decided to call myself and was able to talk to them and set up a tour. My cousin wants to put in an offer but the agent literally did no work for her. If we don't tell the agent and just move forward with the process without them would the agent really sue us? I know it's in the agreement but was wondering if anyone been in this situation before and the agent did nothing after finding out you're closing on a house without them? Or has it been the opposite ? *also to mention they want 3% commission and houses in my neighborhood usually only give 1.5% commission so my cousin would need to come up with the other half - which would be over 10k based on the market here [link] [comments] |
| Posted: 18 Nov 2020 03:56 PM PST Basically my title. Some top posts on other subs about this topic but not how it relates to real estate. I think this impacts real estate in a major way so wondering how others feel. Forgiving loan debt will open up the budget millions of people overnight that will eventually save up to enter the housing market. Can we see a massive spike from this? [link] [comments] |
| Tenant didn't give sufficient notice to vacate and is demanding her deposit back Posted: 19 Nov 2020 07:38 AM PST hello , so the situation is i have a tenant on a month to month lease. in the lease terms she has to give me a 30 days notice to vacate, what she did was give me a notice 6 days prior to her vacating and i saw that as a break to the lease terms and i withheld her security deposit. she is asking for her full deposit and threatening to take legal actions. im i at fault here ? any insight on what should i do to handle this situation. this was not a sufficient notice and i don't think ill be able to find a new tenant in time and my unit will stay vacant, she also broke the lease terms, that's why i withheld her deposit any advice is appreciated. thanks alot [link] [comments] |
| [TN] Closed on our first home in Feb, lost our jobs in March. Fiance has decided to join the Army. Posted: 19 Nov 2020 09:14 AM PST Covid has ravaged our industry (previously both roadies). We have both been furloughed since March with no hope of getting those jobs back soon. Right now we are woking any jobs we can for some money. My fiance has decided to join the Army. He isn't leaving until spring after our wedding, so we have a little time to plan. We live in rural TN, Marshall county. We have a 3 bed 2 bath ranch on 1 acre. We will be getting housing through the military when he gets his first orders. While he is in training they will pay for our mortgage. We bought the house with a conventional loan. We also got a first time home buyers down payment assistance program that was about 7k, it's a separate small mortgage. Our mortgage payment is about $1,200 a month total. We are honestly not sure what to. Pre covid we pictured starting a family in this house but now we aren't sure if we will return after his time in the Army. We are considering renting it out but since we are in a rural area we are not sure of the rate we could get. We have talked to some property management companies in our area. Most said they wouldn't work with some one with only one property. We have found one willing to work with us that charges 20% fee. We are waiting to hear back to see what that covers. This company thinks we can get at least $1,000/month. I should note, when he joins the Army we can still afford to pay the mortgage as normal with out renting but would not leave is with much savings. It really feels like every option isn't great. What would you do? [link] [comments] |
| Does anyone have any experience with flipped houses here? Posted: 19 Nov 2020 06:54 AM PST We placed an offer on a flipped house from 1910, and the inspection report pointed a number of red flags with the roof, chimney, basement joists, kitchen flooring, windows and what not. Now the seller agreed to fix all this within the 7 day period, and somehow magically did manage to fix everything (at least on paper). During the second inspection, the inspection report was just as bad as the first one where the inspector said that even though they have touched on everything they promised, they have done a very shabby job of it. We are now in a flux given that we do not trust the quality of the flip at all. Is this a common issue or is our builder really that bad? This is the third house we made an offer on, and where the deal could go sour. It's so disheartening. [link] [comments] |
| International Real Estate Question - Pay Mexican Property Taxes from the US Posted: 19 Nov 2020 09:03 AM PST I own a few lands in Mexico and usually my father pays the property taxes, yet he passed away last year and I do not know how to pay the taxes myself from the US. Does anyone know how to pay from the US or have any websites or other forums to get more information. Thanks for the help. [link] [comments] |
| Considering buying a house with some stucco, how to minimize my risk? Posted: 19 Nov 2020 06:10 AM PST I'm currently in attorney review on a house in central NJ that has some stucco, although only on about a third of just the front side (the rest of the front is stone, and the rest of the house is siding). The house was built in 1989. I just spoke with the guy who's run the HOA ever since the neighborhood was built in 1989, and he said that the stucco was original, is not EIFS, and he isn't aware of any issues with it (obviously this is anecdotal and I should take this guy's thoughts with a grain of salt, but he also shared with me unprompted that he was aware of some deterioration on the chimney crown, so he seemed forthcoming). I wasn't aware of the infamous stucco water damage nightmares beforehand, but my attorney filled me in and spooked me a bit, and encouraged me to do some research on stucco while we're still in attorney review. From my brief internet research, it sounds like the issues are more due to poor construction than they are due to EIFS vs. true stucco, so it doesn't seem to count for much that this is apparently not EIFS. I've also read that stucco-related water damage can be hard to detect without an invasive inspection that a seller likely wouldn't agree to, but I also got the impression that if there are any water intrusion issues in 30-year-old stucco then it would likely be somewhat apparent. Obviously the only way of eliminating this risk is to not buy a house with any stucco. But based on what I've read so far, I think I'm OK with the risk that there could be issues in the future requiring remediation (especially since it's just on part of one side), but I'd like to be relatively confident that there aren't already issues with the stucco. Is this something that would be covered by a typical inspection, and counted as a defect with regards to an inspection contingency? Or would it really require the invasive inspection that we'd have to get the sellers to agree to? Obviously I'll be discussing the contractual/legal bits in more detail with my attorney, I'm just curious for some additional input from the Reddit hivemind on this. [link] [comments] |
| Any opinion/review of Hippo Home Owner Insurance? Posted: 19 Nov 2020 08:16 AM PST We just bought our first home and are in the process of closing the loan (WA state). So currently we need to decide and choose home owners insurance so we can finalize the escrow details. I got quotes from multiple insurance companies, most of them the usual big names (Geico, Progressive, All State etc). Then I came across an article about Hippo and got a quote from them as well. Hippo's quote although not the cheapest, is on a lower end of the spectrum and offers better coverage than most. Hippo also threw in a lot of extras such as equipment breakdown (Covers the cost of repair or replacement for pretty much everything in your home that uses electric power, in the event of electrical or mechanical breakdown with deductible of only $500), coverage for home office equipment etc. However, I probably wont start a claim for a broken fridge or stove, it is good to know that I have these coverages. Has anyone made claims with these guys? I can't seem to find many reviews as they are pretty new. Anyone here had experience with them (rates, customer service, claims etc)? Thanks for your time. [link] [comments] |
| Posted: 18 Nov 2020 11:44 PM PST Hello, I just graduated from a "trade school" to work in the medical industry for around 40k a year. I purchased my first home in a college town in Alabama for 107,000 0% down and 4% interest which is cheaper monthly than the cheap Apartments around me. This home had a weird floor plan so we busted down a couple walls to make an open concept house (common in the apartments here" and refinished the kitchen. After doing some comparisons I realized I could definitely rent my home and cash flow from it. So that got me on the idea of trying to repeat what I have already achieved and reap some profits. My idea: Since doing my remodel and researching similar homes my estimate is my home is now worth 8,000 or more than my purchase price. If I got my house reappraised for higher than the purchase price I should have created some equity. My question is this. Is it a stupid idea to get a home equity loan to fund a down payment on an investment property that cash flows, or would I be better off saving up for another couple years the normal way? I'm not trying to be hasty however I can't help but feel like maybe I could be doing with more with my money. Obviously this idea requires a lot of number crunching to make work, but as a concept I was not sure if this idea was even smart to consider seriously researching further. Thank you for your insights im new to this community so I hope this wasn't a dumb post. [link] [comments] |
| First time home buyer question about appraisals. Posted: 19 Nov 2020 09:22 AM PST As title said, first time home buyer. The owner of the home is the real estate agent as well. Purchasing price is $130K. Appraisal just came in at $133K. However, it was appraised as having a refrigerator, microwave, and dishwasher, plus "updated windows and roof", none of which are true. How does this affect the appraisal? I mean, it would obviously come in lower than $130K, right? What is going on here? Closing is Nov 30th, so there is time to address this. Please advise. [link] [comments] |
| Posted: 19 Nov 2020 09:02 AM PST I'm thinking about buying a condo, but I have a question. If HOA is $126 a month and it says water is covered with the HOA fees... does this mean by water bill will mostly stay the same month to month? Like, what if I take 4 showers a day (I know that's excessive, but this is hypothetical) will my HOA go u due to my water usage or it will stay at $126? [link] [comments] |
| Posted: 19 Nov 2020 08:24 AM PST Hello! First time homebuyer here! My wife and I are in Houston Texas and just recently signed a contract for a house that's 17 years old. As first time homebuyers I'm afraid we might have blew it so I'm hoping for some advice. Ignorantly, we did not discuss the age of the HVAC system or the roof on the house before making our offer. After talking to the inspectors, we came to the unfortunate conclusion that all the major appliances in the home (the two AC Units/Furnace/Water Heater) and the roof are all original. We are being told the average lifespan for these items is around 20 years, so those things will all likely need to be replaced over the next 5 years or so. Quick math we think this could be up to $20k :-( .... We are still in our option period until Monday so we would only lose $500 (plus what we paid for inspections) if we back out. What is the move here? Our realtor is telling us we have no negotiation leverage because everything "still works" currently. Any advice is very much appreciated! Thanks Edit: 5 minutes after posting and I've already gotten some GREAT advice. This subreddit is awesome. Thank you. [link] [comments] |
| Posted: 19 Nov 2020 08:17 AM PST |
| Strategies for looking for off market properties Posted: 18 Nov 2020 10:06 AM PST I'm a first time homebuyer who had saved up around 250K. The low inventory has been a real headwind for me to buy (much more than prices). What are some strategies for looking for off market properties cause the inventory available isn't good at all. Edit: Hey everyone, thank you so much for the great responses in this thread. I've read through all comments and want to thank each one of you for taking the time to respond and help me. [link] [comments] |
| Neighbors know you’re a contractor Posted: 18 Nov 2020 11:54 PM PST I bought a fixer upper a few years ago. Wife and I planned to make this our forever home even though we knew it would need major work. We loved everything about our new home. It's in a quite neighborhood, no traffic, and close to both of our work. Problem is, Neighbors have seen the work that I've done to our house and keep inquiring about my services. I'm really only a part time contractor and do all my work for one PMG as I've made most of my money investing. I enjoy working on my own house but I don't want to do work for my neighbors. I also don't want to be the asshole neighbor. How do I tell my neighbors "no I won't build :whatever:" without offending them? [link] [comments] |
| Posted: 19 Nov 2020 07:21 AM PST Hello, I applied for a Forbearance Plan on March when I become furlough from my current employer. Forbearance Plan is ending this month. I am looking to apply for Loan Modification. However, I was told that the interest rate and term will change. Will the interest rate reflect the current low interest rate?? Anyone went through Loan Modification can give me an advise??? Thanks very much!! [link] [comments] |
| Pay homeowners insurance myself or through escrow? Posted: 19 Nov 2020 07:12 AM PST Is there any benefit to choosing to pay for HOI myself versus putting it in escrow? I'm thinking that I can pay it myself using a 4% cash back credit card making it effectively a 4% discount on the annual premium. I'm wondering if I'm missing something by not using escrow? [link] [comments] |
| Posted: 19 Nov 2020 07:05 AM PST I am refinancing and set to close on the 28th with the new lender. Should I still pay my current lender the mortgage payment due December 1st? Or since I will be closing prior to the 1st not pay it? [link] [comments] |
| Posted: 19 Nov 2020 06:43 AM PST It's a mixed unit of 2 commercial units and 7 residential units built 2015 in Hunterdon County which collectively brings $11, 217 / month and yearly expense including tax is about $50,000 bringing net to about $79,000. [link] [comments] |
| Posted: 19 Nov 2020 06:37 AM PST My lender basically screamed to me "do not move that money at all" and I haven't. But now I want to invest some since I'm waiting a while to buy. Can I move it? For how long should the money be sitting peacefully in my account before I apply for a mortgage? Thanks [link] [comments] |
| Posted: 19 Nov 2020 06:19 AM PST For all my life (Childhood and adult) I've rented. The only person who owns a house in my family is my grandparents. They've had they home for years and don't really know how I could get pre-approved. I'm currently looking for a FHA loan (or some sort of first time home buyer loan. A USDA might work too) to get my house. I really like the idea of a low down payment. Eventually I want to invest into real estate, but first I want to get out of my lease on my apartment. My question is: Where do I go to apply for these loans? Is there a good choice on these loans! What do you suggest I do here? My lease is up mid April and I really don't want to sign another. My renting experience has been high prices with crappy managements. I rather worry about these problems on my own rather than relying on a inconsistent management team. [link] [comments] |
| What are my options for buying a commcerical property in my scenario and these times? Posted: 19 Nov 2020 06:10 AM PST |
| Pros and cons of paying for utilities vs tenant paying Posted: 18 Nov 2020 07:20 PM PST I'd just like to know the pros and cons of each option. Personally I think I'd prefer to pay for all utilities with any rental property and just increase the rent. My thinking is I'd know exactly what kind of water, electric, heat etc. a property uses and I'd also be able to write off the utilities on my taxes as well. Am I missing something? What do you guys do in your rental properties? [link] [comments] |
| Is this HOA stuff over my head? Posted: 19 Nov 2020 05:26 AM PST My wife and I found the perfect condo in a four unit building. The HOA cost is reasonable. We put in an offer and the sellers accepted this weekend. However the attorney we hired to look over the contract and everything else says the HOA structure has a lot of red flags. It's self managed. The HOA hasn't kept up with their status as a not-for-profit, the reserves are low, there aren't regular meetings, and there's only one person on the 'board' who handles both the money and makes all the spending choises. The attorney says this will create possible liability and financial problems for us. Since it's only a four unit building, it seems like we could easily get involved and solve at least some of these problems. I looked into incorporating as a not-for-profit, for example, and it didn't look hard in Illinois. Getting on the board and starting up quarterly meetings should also be possible. Am I being naive? Does this like I could make this work? Our inspection's soon and we're still in the attorney review phase, so we can back out if we need Thank you! [link] [comments] |
| Can my parents give me $250k to pay off new home. Posted: 18 Nov 2020 11:53 PM PST Hi All, I'm currently in a situation where I have the opportunity to purchase a new build. I want to purchase this home for my parents to upgrade them to a new home. We are thinking they can sell their current home, and then gift me the money to pay off a large portion of the new home. However the mortgage of the new home would be under my name because my parents are immigrants and I get a better interest rate offer than they do. My question is, can my parents sell their current home & give me the profits to pay down the new home? It would be around $250k, I have read they can gift me up to $11m in their lifetime, untaxed. Any thoughts on this or who I fan talk to? [link] [comments] |
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