Real Estate: Bought my first house. Will tenants leave? |
- Bought my first house. Will tenants leave?
- How do I introduce myself to a tenant?
- [WISCONSIN] First time selling Rental Home. Buyer has put in a Survival provision?
- Is this a reasonable loan estimate?
- How bad of a time is it for a first time home owner to buy?
- Buying a 2 family with an illegal 3rd unit. Can I stay in the 3rd unit as owner occupancy?
- Security deposit rates for commercial space rental
- House up the street was condemned during a sale, what happens to it?
- Cracks forming everywhere in condo.
- Just bought a house and noticed a can of Kilz in the basement...
- Should I tear down and build new? Or remodel + ADU? Need help in determining highest and best use.
- First time selling Rental Home. Buyer has put in a Survival provision?
- (CA) Looking for advice. Not on real estate, but on selling housewarming gifts to agents for their customers.
- Sell home with kitchen appliances or without?
- Market Inflation Insane Time To Buy?
- Lenders, who do you like?
- Trying to purchase first house—plat shows 30' easement for Colonial Pipeline (petroleum/fuel pipeline) running through backyard
- Running the numbers on a property management company for airbnb/booking rentals
- What to do with our Philly house.
- FSBO here. Contacted by a realtor that says he wants 2% ($6000) to bring a qualified buyer. I feel this is extensive, and not in my best interest. But I'm not sure of the best way to handle it.
- Comparing Investment Properties - 2 Cheaper or 1 Mid-Tier [TX]
- My closing date on a property was supposed to be yesterday--but I can't get employment verification
- (NYC) Co-op / Condo Financials Always Seem Terrible
- Moved in first day to water damage
- Fraud, scheme, or ?
| Bought my first house. Will tenants leave? Posted: 29 Dec 2020 07:19 AM PST I closed on a house on Dec 4th in California!. I purchased it with the intent to live in the main unit and rent our the back unit. The loan specifies that I am going to be living in the unit. Based on how long the previous tenants have been there, they get 60 days... My questions are... Does that 60 days start when the house is closed or when we send them a change of ownership form? What if they don't leave? How does the new COVID bill affect this? I don't want to put anyone on the street if I don't have to so I am being flexible with them. However, I need a place to live and need to raise/pay more in rent than the current tenants so I can cover the mortgage payment. What are my options? Does the COVID bill protect the tenants when they're is a change of ownership I'm the house with intent to move in? Thanks! [link] [comments] |
| How do I introduce myself to a tenant? Posted: 28 Dec 2020 05:26 PM PST I'm buying an investment property and the current tenant has been there for over 5 years. He's lease currently runs through September. I'm closing on the property next week and wondering how I should introduce myself [link] [comments] |
| [WISCONSIN] First time selling Rental Home. Buyer has put in a Survival provision? Posted: 29 Dec 2020 09:52 AM PST First time selling a rental home AS-IS in Wisconsin. It's pretty straight forward with 1 exception. There is a provision in the contract. Saying Seller Representation obtained in paragraph shall survive the closing. Seller represents with respect to real estate that seller has no knowledge of zoning issues, health code violations, boundary issues etc etc. Does this basically mean once the house is sold I'm still on the hook for any issues? The house is cheap $45K and I've been using as a retinal, but it's not in the best shape or best area. Any help is much appreciated. Thanks! [link] [comments] |
| Is this a reasonable loan estimate? Posted: 29 Dec 2020 09:13 AM PST First time home buyer. Listing price 945k Seems kinda high to me but my lender said they overestimate the cost so my actual cost is gonna be lower [link] [comments] |
| How bad of a time is it for a first time home owner to buy? Posted: 28 Dec 2020 04:17 PM PST 23 year old in the expensive Colorado housing market, household income of about 100k. Renting now for more than a mortgage, I've been itching to buy for the last few years. was assuming a crash was coming so I held off but apparently a pandemic won't even shift the market. Would you buy? [link] [comments] |
| Buying a 2 family with an illegal 3rd unit. Can I stay in the 3rd unit as owner occupancy? Posted: 29 Dec 2020 07:12 AM PST I've seen a couple of houses like this and if not, is it possible to merge the illegal 3rd unit with the second one and I'll just find "roommates"? Edit: My goals are essentially house hack and if possible, cash flow Edit: Middlesex county, MA [link] [comments] |
| Security deposit rates for commercial space rental Posted: 29 Dec 2020 07:07 AM PST Hi, What is the recommended amount of security deposit to be left with the landlord when renting a commercial real estate property? Is 3 months considered an acceptable amount? Also, if I cannot pay upfront, do you know of good loan services I could take to finance such a deposit? I'm specifically looking for a rental place in NY. [link] [comments] |
| House up the street was condemned during a sale, what happens to it? Posted: 29 Dec 2020 10:31 AM PST A 4 unit occupied house up the street for me went on market like 3 months ago, with a sold sign going up within the first month. A few weeks after that sold sign went up, a drunk driver ran through the side of it right where the gas lines and meters for the house was. The house was condemned and everyone had to move out. Now all this time later the sold sign is still there and the destroyed part of this brick house is just boarded up with wood. Who's on the line here based on where the sale was? Is it the sellers problem to get a settlement for the damages or the buyer if they were far enough in the closing? Just curious of this unfortunate situation. [link] [comments] |
| Cracks forming everywhere in condo. Posted: 28 Dec 2020 05:35 PM PST I live on the 3rd floor in a 3 level condo building. The buildings have 4 units on each floor. These condo units were built in the early 80s (wood exterior). Ever since I bought this a few years back, I've noticed serious cracks forming everywhere along the ceiling and upper part of the walls. There are literally dozens of long cracks going upwards in an angle and some long cracks going straight vertically and horizontally. There were some cracks when I first moved in and the previous owner had patched some of them up before moving out. I'm having serious concerns about the structural integrity of these condo buildings. Because of some serious settling, the porch door is crooked from the door frame at an angle. I know condo owners are responsible for the "inside" but I'm concerned that all of these cracks on the ceiling and wall are because of structural issues. Would it make sense to hire a residential structural engineer to look at our building? Who would even be responsible in the case this is a structural issue and needs to be fixed. [link] [comments] |
| Just bought a house and noticed a can of Kilz in the basement... Posted: 29 Dec 2020 09:46 AM PST Please don't tell me I bought a former smokers house For reference I know the sellers don't smoke but have no idea if the people before them did Any tells? I don't notice any yellow stains or anything super obvious other than an old, musky smell [link] [comments] |
| Should I tear down and build new? Or remodel + ADU? Need help in determining highest and best use. Posted: 29 Dec 2020 09:41 AM PST Hey guys! I've got a rental property in Portland, Oregon (Sellwood area) that I'm trying to determine what I should do to bring it up to "highest and best" use. Any thoughts, recommendations, or advice is welcome (I'm pretty green here). The property currently has an old 2 bedroom 1 bath house on it with a large backyard (that I initially had thought we might ad an ADU to). I'll likely try to keep it as a rental so this probably won't be sold after the build. Should I:
I'm wondering what is going to be the most profitable long term. Also, it's currently vacant so tenants are no issue right now. I've reached out to a couple of companies just trying to get an idea of what steps I should take but I'm often met with very high-end designers/architects who make suggestions based on what clients want vs what is the "highest and best" use of the land. Last thing, sorry to get long-winded, but I understand this is probably a really difficult question to answer without looking at all of the stats and knowing exactly what's going on but even if you can suggest helpful questions I should be asking or who I could be talking to for some advice... that would be hugely helpful! Thanks guys! [link] [comments] |
| First time selling Rental Home. Buyer has put in a Survival provision? Posted: 29 Dec 2020 09:27 AM PST Hi all, First time selling a rental home AS-IS in Wisconsin. It's pretty straight forward with 1 exception. There is a provision in the contract. Saying Seller Representation obtained in paragraph shall survive the closing. Seller represents with respect to real estate that seller has no knowledge of zoning issues, health code violations, boundary issues etc etc. Does this basically mean once the house is sold I'm still on the hook for any issues? The house is cheap $45K and I've been using as a retinal, but it's not in the best shape or best area. Any help is much appreciated. Thanks! [link] [comments] |
| Posted: 28 Dec 2020 02:40 PM PST Hello! I am looking for a consistent side gig. I have been bouncing this idea around in my head for a while of doing custom watercolor, minimalist paintings of homes and then framing it in custom wood frames (I can do both for max profit) and then selling them to agents who sell the homes as a gift to the homebuyer when they close the sale. I have talked to a two former real estate agents about the idea and they both seemed to really like it. I wanted to hear any business/marketing tips from any real estate agents on here and see what features or items you would want to see. [link] [comments] |
| Sell home with kitchen appliances or without? Posted: 28 Dec 2020 01:14 PM PST Hello - I have a house that I'm selling and am just finishing up the rehab of the interior. The house was built in 1928 in the NYC suburban market, and I've done very nice work. I led the crew myself, good solid house. This wasn't a flip, I had the house as a rental for years, but now that the tenant moved away I spend the last 3 months rehabbing it for sale. Anyway, I have replaced the kitchen with a good quality (good, not great), installation, new cabinets, tile, counter top. Looks nice, middle of the road. Now my plan is to sell the house right away. What I'd like to ask you is the following: I want to sell the house fast and for a good price. Now I can buy a set of appliances from Home Depot or Lowes, and I can buy anything from super cheap to really nice stuff. What do you think I should do? My partner thinks that I should just sell the house without appliances, and let the purchaser price the house accordingly. I feel that would seem naked, especially after the work that we put into the house. It would just look half-baked. The downside is that I may shell out $4-5k for an appliance package, and then not recover the cost at the time of sale. I would essentially be helping the purchaser finance a new appliance package into their mortgage. What do you think I should do? EDIT: Hello everyone, thank you for the feedback. FYI I've been looking at the options for appliances. I have credit with Home Depot, however Lowes offers more options. HD has a Whirlpool package of 4 appliances (d/w, french door fridge, gas range, microwave) for $3700. Lowes has a Samsung set of 4 appliances in SS for $3416, and also a very nice looking Frigidaire "Black" SS set for $3918. I'm inclined to buy this set, because SS is sort of dated. (https://www.lowes.com/collections/Frigidaire-French-Door-Refrigerator-Gas-Range-Suite-in-Black-Stainless-Steel/GR_369?int_cmp=KitchenApplianceSuites%3AC%3AMajorAppliances%3AMerch%3AFrigidaire_Black_Stainless_Suite) What do you think? I feel OK springing 4K for a sleek, brand new set of appliances. That will certainly move the house fast. I just don't want to be left holding the bag on the cost. [link] [comments] |
| Market Inflation Insane Time To Buy? Posted: 28 Dec 2020 10:26 PM PST My question and scenario likely doesn't apply to everyone and I would love to hear from those who have purchased recently or real estate professionals. I live in a relatively lower cost of living market(AZ) and with the pandemic, real estate prices have sky rocketed. I would love to be a first time home buyer in the next 6 months however I am completely flummoxed by the prices. For example, homes in an ok neighborhood that would typically go for the low $200s are now nearing $350 and the nicer neighborhoods are priced out and contingent the same day they are listed. Is this the way real estate will be going forward? I have been looking at homes for a year now and its difficult to reset my mind to a house that was worth $200,000 in January is something I should buy at $350,000. Im most worried that in a few years the market normalizes and I'm stuck upside down $100,000+ on a so so house. Am I overthinking this? [link] [comments] |
| Posted: 29 Dec 2020 08:08 AM PST Which Lenders do you like using? which will you avoid? It's really hard to figure out who actually has good customer service and who does not. [link] [comments] |
| Posted: 29 Dec 2020 08:05 AM PST Good morning, I'm thinking about making an offer on a home in Northern Virginia. However, when I asked for the plat from the county, I found out that there is a 30 foot easement for the Colonial Pipeline (which is a major petroleum pipeline) running through the backyard. The backyard already has a shed and I'm not likely to want to install a pool or build any other structures, so I'm okay with the easement existing, however I'm a little hesitant about the easement's impact on the property's value and the fact that 100 million gallons of oil are pumped through my yard on a regular basis. Will either the easement or presence of the pipeline impact my appraisal? What about insurability or financing? Resale value? Anyone dealt with this before who can either validate or assuage my concerns? [link] [comments] |
| Running the numbers on a property management company for airbnb/booking rentals Posted: 29 Dec 2020 07:15 AM PST The title says it all , I already own a property development company and I was looking into opening a property management group. I live in area with a lot of airbnb rentals and was looking to get in to the business, and I was wondering if anyone in here as some experience with this that could give a little help with the following questions: -Wich program do you use to keep track of all the bookings across the different websites? -Do you run some type of ads for your rentals? Wich are the expenses associated with the business? - house cleaning - pool maintenance - garden maintenance Am I missing any expense? Thank you in advance. [link] [comments] |
| What to do with our Philly house. Posted: 29 Dec 2020 03:29 AM PST My wife and I are trying to figure out the next chapter of our lives. We have lived in Philadelphia together for the last 10 years, and have owned our current home for 6. -Purchase price $240k -Full to the stud renovation $80k -Current appraisal $485k -Amount owed $250k on 3.9% mortgage -The house is in 19148 and the market is still trending up. -Total mortgage payment $1909 We are planning a move to the Austin, TX area in the late spring/early summer. We've visited many times and feel that's a good place for us personally as well as for our business. The real estate market there is also obviously hot. Our initial thoughts were to rent our current house for 2500-2800/month and then rent a house in Texas for a couple of years to see if we like it and to also get a feel for what exact area would suit us best before buying. Additionally, we rent a small warehouse in philadelphia for 2000/month and would love to rent a house/small ranch in texas that would have a space on the property that could be used for the business, which seems more than doable in that region. So now we have a few options:
What do you think? I know there are many variables I haven't mentioned, and probably many more that haven't even been realized. Thanks for any insight! [link] [comments] |
| Posted: 28 Dec 2020 10:35 AM PST I'm not completely against dealing with a realtor, but I see this as $6000 from my own pocket just to pay someone to fight against my interests. I was thinking of responding with, "I am happy to pay you a $500 finders fee on close if you present me a buyer. However I feel it is a conflict of interest for me to pay a Realtor to negotiate against me." I'm in an extremely hot seller's market BTW. EDIT: I am from Austria. Where a buyer pays their own realtor directly. The US model I am dealing with now does not make sense to me, nor does it feel like it is in my best interest as a seller. Your thoughts? Suggestions? Thanks! [link] [comments] |
| Comparing Investment Properties - 2 Cheaper or 1 Mid-Tier [TX] Posted: 29 Dec 2020 06:30 AM PST I have an investment property in CA I'm looking to sell. I'll have about $125k in cash to re-invest. I'm looking to get in on the high-growth in Austin; possibly even a new construction community, so I don't have to compete with a bunch of offers on the good homes in this competitive market. Now the decision: I could put 20% down on 2x ~$300k houses or 1x ~$500k house. For the sake of argument, but also because it's about right, if the $300k houses rent for about $2k each and the $500k house rents for $3.3k, I end up with basically the same Cap Rate. The $300k houses would be further from downtown in more "up and coming" neighborhoods (probably diversify to 2 such suburbs) while the $500k one would be in an established area closer to downtown. Either way, I'd aim for good school districts. It seems like virtually everything is growing 10% YoY, but I'm not sure if diversifying locations or being in an established hood is better long-term. I feel more knowledgeable/comfortable with single-family houses, and I would probably self-manage for now, so I do have the time-tax part of the equation. The question is what other factors should I be considering? What am I missing here that would make the decision easier? Bonus question: will I have problems with the bank funding 2 investment mortgages - would I need to wait a year in between purchases or something? Definitely considering the credit union route this time, so maybe talking in person might explain the situation and get approvals. [link] [comments] |
| My closing date on a property was supposed to be yesterday--but I can't get employment verification Posted: 29 Dec 2020 06:24 AM PST Hi everyone, So it has been a chaotic day. It is not getting better and I would love some advice (or maybe just comfort?) I was supposed to close on a condo yesterday, the closing has been moved to today all because my lender didn't tell me until yesterday that they needed a 2nd employment verification from my job I have not started yet. My start date is the 11th, my move in date was going to be the 7th, and for some reason they scheduled the closing for the Monday after the Christmas holiday. So, of course, no one is in the office until the 4th and no one communicated with me at all leading up to the closing. The one HR person I got a hold of at my new job sent a verification letter but my lender wanted them to add in one line saying I had met all contingencies--but they just told me this morning that they can't do that, because the person that runs the background checks won't be in until the 4th, so they can't actually confirm that I have passed the check/am cleared. I don't know what to do at this point. The lender and my buyer agent have told me that the seller is "extremely neurotic" and the deal could fall through if I don't get it done today, and I would be in default. I feel like this is totally out of my control and that if they had just scheduled closing for a better time or explained everything to me up front, this wouldn't have happened. Did I mention this is my first home-buying experience? Yea, not having fun. Let me know what you think. [link] [comments] |
| (NYC) Co-op / Condo Financials Always Seem Terrible Posted: 29 Dec 2020 06:09 AM PST Hi! I've been passively looking at purchasing a co-op or a condo over the past few months. Every time I get ahold of the building financials, there seems to be some huge red flag. Either the building is deep into the mortgage, or there's a land lease, or there's not enough $ in the reserves, etc. Is this just more common than I was hoping? Or maybe I'm looking in the wrong type of buildings? [link] [comments] |
| Moved in first day to water damage Posted: 29 Dec 2020 06:06 AM PST Hey everyone. I was just wondering if anyone had advice for me. My husband and I are first time home buyers. We have a basement with a sump pump. I had never heard of a sump pump before looking at houses. Anyway, the day we moved in the carpet around the sides of the basement started getting wet. His parents helped us to not freak out. We got a carpet vacuum and put fans on the more wet areas for days. After around 3 days the carpet is dry. We told our realtor who asked the sellers and they say this has never happened. Our realtor came over the day it happened and touched the sump pump and it turned on. Apparently it was stalled/was not on for some reason. In my mind, this was just from the sump pump stalling. The floor has been dry for almost 2 weeks now after the sump pump has been on. We had foundation people come out to just double check the pump and they quote us 7,000 dollars to install new piping around the basement. He believes the piping is damaged in some way but I don't want to spend 7,000 on a guess. He only can look at the outside of our wall. Anyway, at this point we are waiting to see if this happens again. At that point we will know it wasn't due to the sump pump being off. We are going to also get a second opinion from another foundation company. Has anyone ever dealt with anything like this? We are pretty terrified. [link] [comments] |
| Posted: 28 Dec 2020 07:53 PM PST In South Carolina The house next to ours went into foreclosure after years of the owner not paying his mortgage. He had renters who were paying the rental company, then the owner pocketed the rent, and didn't pay the mortgage. He claimed he was active duty military each time they tried to foreclose according to court documents (he was lying). Long part of that story short, he's passed away now, and our HOA had a lien on the house for a few thousand dollars. There was still a mortgage on the home though. Apparently the bank went out of business and the loan went to another bank, then that bank closed and so on. So our HOA took it upon themselves to purchase the home for $500 in an auction. Then they sold it to one of the board members boss's for $12K after lecturing us about how they all signed NDA's to avoid someone doing just that. They never disclosed any of this to the community, we confronted them about it because we looked into it after seeing all the strange activity at the house. The records are public. Now that this house is owned by this strange company that's owned by a board members boss, it was advertised for rent in November by yet another company. After the "for rent" sign disappeared, I called to inquire and they said it had already been rented. It's been a whole month and no one has moved in. I find this strange. Also, the same lawn maintenance crew that maintains one of the board members yards, has been maintaining that one as well when the HOA owned the deed and even now after it's been sold to said boss lady. Looking on the deed site, there's still an outstanding debt of about $200,000 on this house owed to the (closed) bank. If no one wanted to buy it for $500 in an auction, why would they buy it for $12K with a looming $200K debt??? This makes no sense to us... none of it? Any of you who have seen and are familiar with real estate fraud please chime in. Is this normal? Or is something else going on here? [link] [comments] |
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