Real Estate: The real secret to wealth building. Stay put. Selling & buying & Moving is expensive! |
- The real secret to wealth building. Stay put. Selling & buying & Moving is expensive!
- End User: When to buy a Condo in Manhattan in 2021..?
- Where can I find the best person to pre-qualify me?
- Building a Duplex or Triplex
- Decided not to buy - how should I thank agent?
- How many houses did you see before you felt you "knew" the market ?
- The psychology of making an offer on a home, any tips?
- Affordable and smart way to buy housing for a parent?
- To sell or not to sell (Southern California)
- Hiring or not hiring a real estate agent to buy a house (Mississippi)
- Buyers agent vs sellers agent
- The myth of short term buying. "Just needs to be for 5 years"
- Most cost / tax efficient to move a property or other options
- Washington State Agents, Does market cooling down ?
- Homebuilders in Portland
- Are there any rules on what minimum driveway length should be?
- Mortgage lender trying to charge for rescore
- Selling house on my own, the buyer's broker wants to come to my house in person to present an offer (Quebec)
- Withdrawing a Florida Listing Agreement
| The real secret to wealth building. Stay put. Selling & buying & Moving is expensive! Posted: 24 Dec 2020 03:48 PM PST I know people that just keep nuking any cap gains into larger and larger homes. More taxes, more renovations. Any profits were ground up by the bigger deals and transactions. Net negative after 20 years.
u/divecatSome "self made" wealthy people I know are wealthy precisely because they didn't get into the habit of buying and selling their home property every five years and kept living below their means even as their income went up substantially - living in same house they bought 20-40 years ago. In my line of work I see so many people selling their home in 3-5 years and wondering why there is no "cash" left over after it even with a minimal 5% downpayment - because it went to commissions, to pay out that line of credit they took out for renovations, to closing costs, and to that CMHC premium they paid right at the outset on their less than 20% downpayment. They "traded" in for a bigger/fancier house but with a much bigger mortgage to match. I am not saying flipping houses is wrong. Yes, that's investing and flipping. My example was already expensive "turnkey" homes in exclusive towns with massive carrying costs (taxes) and doing huge renovations on perfectly updated houses already. Just spewing money on primary residences. Couldn't be further from shrewd RE investing for profit. Different beast. [link] [comments] |
| End User: When to buy a Condo in Manhattan in 2021..? Posted: 25 Dec 2020 08:09 AM PST Title says it all .. Have read a lot thats been written here and now I am a bit confused as to when to time this market? Also understand that its nearly impossible to time it right tho. So, appreciate views / thoughts supported with logic?! Thanks! [link] [comments] |
| Where can I find the best person to pre-qualify me? Posted: 25 Dec 2020 06:39 AM PST I have never been pre-qualified and I want to know how I can find the best person to pre-qualify me. I was talking to real estate agent and he connected me with somebody to pre-qualify me, but I just don't know if she would give me the best value. To my understanding, she will calculate the rate that I could have and the amount of a mortgage I could receive, is that correct? I assume I would want to find somebody that is going to calculate the lowest rate for me, is that right? I'm kind of lost and I don't really know what to look for. [link] [comments] |
| Posted: 25 Dec 2020 06:01 AM PST How much does it cost to build a Duplex or Triplex in the Denton, TX area? Of course, want to keep cost low. any builders out there with ready made floor plans? [link] [comments] |
| Decided not to buy - how should I thank agent? Posted: 24 Dec 2020 01:18 PM PST Hey, I have been working with an agent looking at properties for about 3-4 weeks. They have done a few virtual tours for me where they walk through, have connected me with lenders, and hand-picked the units for me. Overall I was happy with the agent but we just decided that the purchase didn't make sense. How can we say thank you for the effort even though we decided not to buy? I feel bad that they worked for us for free. Thanks! [link] [comments] |
| How many houses did you see before you felt you "knew" the market ? Posted: 24 Dec 2020 04:18 PM PST At which point, you could sense a good deal, a crap deal, a lipstick pig, and flipped house, a good/bad yard or neighborhood. What features are good or bad. Poorly designed kitchen, etc. [link] [comments] |
| The psychology of making an offer on a home, any tips? Posted: 24 Dec 2020 09:16 PM PST Our home burned down and we have the insurance settlement so we can just pay cash, does this make any difference? One home we like was listed for 990k for a short time, now is 600k which is about right compared to the other homes I've been looking at. (Can you believe people are trying to sell manufactured homes that retail for $140k for 400-500k in rural California?) Another one was 700k in Feb, now 580k. In your experience do you think these owners are thinking that's the lowest I'll go or is this a sign of motivated sellers? Should you always make an offer that is low enough that you'll be happy making a deal half way between listed price and offer price? I don't care if someone else beats me out on these homes, there are 2 or 3 new listings every week that I like just as well. [link] [comments] |
| Affordable and smart way to buy housing for a parent? Posted: 24 Dec 2020 08:51 PM PST Hello! This may be premature to post since I really do not know much about real estate but thought this might be a good starting place for advice. My mom has been homeless since ~2013. She's mostly lived in her car and is now thankfully staying with a coworker temporarily. My goal has always been to provide permanent housing for her that I would eventually own so that I'm not contributing to an endless rent pit for the rest of her life. I cannot afford a full mortgage for her and my own rent every month (living together isn't an option- I would lose my mind lol). She could probably only contribute $200 a month so financial responsibility falls on me. I feel like I have 2 options:
Are these feasible ideas? Are there other options I'm not thinking of? I'm hoping to figure something out for her within the next 2 years when I should have ~50k saved up to use (though if less is an option- even better). I would be looking in the Chicago suburbs. My salary is 65k and I have occasional small income from side gigs as well. Any insight at all would be helpful! I don't have many people in real life to reach out to. Thank you:) [link] [comments] |
| To sell or not to sell (Southern California) Posted: 24 Dec 2020 07:37 PM PST House value range: 1.4 - 1.6 million A little background: we bought our house in Southern California at the height of the housing bubble right before the crash. We saw the house value drop 500K. With savings and decent income we were able to weather the crash and find ourselves in a position to sell again now. Just for giggles we requested a quote from Zillow and they came back to us with a really competitive (market value) offer to buy the house at a price that breaks even after nearly 10+ years… To clarify, we never formally put the house on sale so Zillow is the only offer we've seen. That said, we confirmed that at this time, their offer is as competitive as we've seen in the local market and we feel like we won't get a better offer right now. So I guess the question is: do we sell? Is the housing market really going to crash in the near future? If so, why is Zillow so eager to buy the house now? What questions should we be asking ourselves right now? Paying the mortgage has been really rough for us so breaking even is a win but I wonder if we're so blinded by the struggle, we're letting go of a great property without a second opinion. [link] [comments] |
| Hiring or not hiring a real estate agent to buy a house (Mississippi) Posted: 24 Dec 2020 05:18 PM PST Hi, I"m thinking about moving back to my birth town and buying a house with cash, no loan. But I'm also thinking about not hiring an agent. I would just request tours with the listing agents. I bookmarked a few properties on Zillow. I know the neighborhoods, what they're like, what's nearby etc. so I don't need an agent's expertise on that. I also don't need an agent to research properties for me. I've heard there are advantages to having an agent. I also read that oftentimes the seller will pay the commission for their agent, and that commission is then split between both agents. So, in that regard it would be good to have an agent if I don't have to pay the fee, but I don't know if this is a guarantee. If anyone has pros and cons for hiring an agent vs. not, I'd like to hear them. Thanks. [link] [comments] |
| Posted: 24 Dec 2020 03:56 PM PST Hey everyone. Today I have a question about how both buyers and sellers real estate agents play into the buying process. I'm looking at some listings where the seller has a real estate agent. As a buyer looking to purchase these properties should I get a real estate agent? How much would I have to pay for having my own agent? That would pretty much double my agent costs when purchasing the home. The benefit would be they could possibly negotiate a better price or what exactly would they bring to the table? [link] [comments] |
| The myth of short term buying. "Just needs to be for 5 years" Posted: 24 Dec 2020 12:00 PM PST I've read a bunch of threads discussing buyer's remorse. The common reply is that "houses are not permanent. As long as you can stay 5 years." Have these people ever seen a market correction ? Houses do NOT only go up up up .........You can get trapped into a property for DECADES. Look at the real estate crashes in the early 80s. People were stuck underwater until the late 90s. 1950s to 1960s. Decade with -10% market. People stuck until the 1970s before break even. 2 DECADES. 1989 to 1997. 8 years. down 15%. Entire decade before break even. If you buy a $500k house, and sold it the next day, you would lose like $40k. So, the house needs to appreciate $40k to break even. Assuming $0 repairs. If the market tanks, or rates go up, you might not see $40k appreciation for DECADES. It might go back to $350k for a decade. So, unless you're willing for abandon the house and foreclose, or write a check for $40k to $150k, yes, you can get stuck. Not just 5 years. Oh, "just rent it out". Sorry, not if rent is $3k and your cost of ownership is $6k. No one can afford to bleed $3000 a month renting an underwater property. [link] [comments] |
| Most cost / tax efficient to move a property or other options Posted: 24 Dec 2020 03:39 PM PST Good Day All, Back in 2013 my spouse's parents approached us to see if we wanted to help them invest some money in a safe investment. As we were renting at the time they proposed buying a house, in their name, with them putting 60k down. In return they asked for 1.5% compounded on the 60k with us getting any growth in home value and equinity. The house was purchased in 2013 for 151k in Ohio. No contracts or anything legal was signed between my spouse and I, and her parents. My spouse and I's "investment" would be maintaining, improving the property, and paying the monthly mortgage, home insurance, and taxes. Approximately 2 years ago they put all their assets in a irrevocable trust in Florida, where they are residents. This includes the house that we reside in. As of this month the house has been appraised at 270k. Spouse was offered a job in another state and we are unsure of the best way to handle this situation. So, I suppose, the question is, what is the most cost efficient way for for either a transfer or sale. Thank you in advance. [link] [comments] |
| Washington State Agents, Does market cooling down ? Posted: 24 Dec 2020 06:47 PM PST What is your perspective about SFH market in west Washington State moving in to 2021 ? I start to see SFH houses stay in the market for more than a week recently and some even get price cut. [link] [comments] |
| Posted: 24 Dec 2020 02:53 PM PST Does anyone have experience building home on an empty land in the Portland area? Any advice on budget/cost to expect, and trustworthy/affordable home builders? [link] [comments] |
| Are there any rules on what minimum driveway length should be? Posted: 24 Dec 2020 02:34 PM PST Building a new house with garage on the back side The builder pushed back the front of the house further back so that the "driveway" is a maximum length of 5ft. If the house is placed where the HOA allowed porch line should be, the driveway would be 10ft. Are there any guidelines that suggest driveways can't be 10ft but only be 5ft or the usual 16+ft? Thanks Edit - thanks all who replied. Yea, the driveway is not really a true driveway to park a car, but more like a run off. The hoa won't allow us to make it 10 ft even though there is enough room on the plot that would allow for that. Their requirements are either up to 5ft or greater than 16ft. We found it really odd and were wondering if it common at other places too. [link] [comments] |
| Mortgage lender trying to charge for rescore Posted: 24 Dec 2020 01:29 PM PST I am working with a mortgage lender and in order to get a higher pre-approval amount i paid off some credit card balances to improve my credit score. Of course, we would have to wait until those balances are reported to the credit bureaus to receive an updated credit score. However, my lender mentioned doing a rescore where we could get statement balance documents and use that to rescore my credit without having to wait for new reported balances. My lender offered two options, a slowerr rescore that would take a week and she did not mention any costs to do this, and a rushed rescore done in 2-3days that would cost about $500+ across all trade lines and bureaus. Over the phone, we estimated it would be about $500+, and thats when I declined to do a rapid/rushed rescore because it wasnt worth it to me. So we went with the slower 1 week rescore, which I believed was free based on our conversations. Now, after the rescore is completed, the lender sent me an email this morning requesting i pay her back $600+ as she had to pay that to do the slowerr, 1 week rescore. She stated that this slower rescore was still a rapid rescore and that it was not free. This caught me by surprise. I did not receive an estimate or disclosure stating what the full cost of doing a slower rescore would be and that I would have to pay for it before moving forward. This was not disclosed or provided to me in advance, which is why I am surprised by this. Also, I declined a rapid/rushed 2-3 day rescore because it would cost $500+, why would I agree to do a non-rushed rescore that would cost about the same amount? That doesn't make any sense. It wasn't explained to me that I would also be charged for a slower rescore that would take a week. Why would I agree to pay $600+ for a rescore that would be completed on the same day my new account balances are reported to the credit bureaus, which was the 21st of this month. That doesn't make any sense. I did some research and found that the rapid rescore fee cannot be charged to the borrower, directly or indirectly due to the FCRA (Fair Credit Reporting Act, https://nationalmortgageprofessional.com/blog/charging-consumer-rapid-rescore ) Is this true? Do I need to pay this fee? Or can I tell them to piss off? [link] [comments] |
| Posted: 24 Dec 2020 01:09 PM PST I listed our home on Dupropio (no agents, no commission) in September. I had a nice showing to a friendly couple last week who I knew would be a perfect fit for the house. Yesterday I get a call from the couple's broker (they never mentioned having one). She wants to come to our house to present an offer on Saturday. Not sure what the broker's incentive is here. I'm certainly not sending her any commission. Can I assume the buyers are paying her a flat rate to help them negotiate the price/terms? Why does she need to come to my house? Can't she just email the offer? It's definitely a seller's market here and I'm considering countering whatever their proposal is with "anything below listed price and we are selling the house as is, with no standard (in Quebec) 7-year legal warranty." I hope they won't take that the wrong way, but I'm supremely confident our house is fairly and accurately priced. First time selling a home. Appreciate your insights! [link] [comments] |
| Withdrawing a Florida Listing Agreement Posted: 24 Dec 2020 12:23 PM PST My elderly dad signed a listing agreement to sell an apartment in Florida, at a price that he now feels is too low and wants to update to a higher price. The broker found a buyer at that lower price, and is saying that he has to pay the commission now regardless, whether he withdraws the listing or if anything happens between now and closing if he moves forward with the sale at the lower price. I am definitely not a lawyer, but from what I see even if he moves forward, he can be liable for the commission even if the buyer terminates for whatever reason (buyer broker is from the same company in case that matters). Is there anything he can do? Thanks in advance for any advice! (More details re: contract terms in the comments) [link] [comments] |
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