- Rental Cashflow Calculator - after getting frustrated with BiggerPocket's and other calculators for analyzing deals, I made my own with extra features to make deal analyzing fast and smarter. Free to use, I hope you find it helpful!
- Buyer (investor) requested an appraisal three days before closing
- In love with my new house
- Is it a good time to sell farming real estate in Missouri?
- Home inspection question about foundation
- Unresponsive Seller / Are we Unreasonable?
- Refi Mortgage Rates
- In my experience with this crazy market (southern california), speed of closing has had little effect in swaying buyers. What's been winning offers is the size of the down payment.
- Ethics Question
- Where to complain for Title Insurance companies? [Calif]
- Mortgage interest rate - NYC
- Since house prices and interest rates are usually inversely affected by each other, won't housing prices go DOWN once interest rates go up? (CA) if that matters
- Looking for advice (VT)
- Recommendations for learning how to be a homeowner?
- Making Flyers as a side hustle
- Looking for online resource for rental data.
- New Construction Agent Question
- Is refinancing a good option for me?
- I'm 18. I'd like to get involved in real estate after licensing...
- FSBO steps?
- Wouldn't Joe Biden's First Down Payment Tax Credit plan for first time home buyers be counter productive?
- Need Advice from rental owners
- I have a House hacking question!
- Primary Residency Down Payment
| Posted: 21 Dec 2020 09:46 AM PST (To the mods: I'm not sure if this content is allowed since it's not discussion based, it's a tool. And I realize it might be classified as self-promotion, but it's something free that I legitimately think can help many investors) Hi all Over the hundreds of deals I've analyzed, I noticed there were certain calculations that I kept wanting to do, but the existing calculators weren't efficient. So I made a new one: https://cashflowcalc.com/ The "About" tab lists a bunch of the features, but one I particularly want to mention is the ability to do a "reverse calctulation": if you know what's your target return, it will tell you what's the max price you should offer. I would warmly welcome any feedback! [link] [comments] |
| Buyer (investor) requested an appraisal three days before closing Posted: 21 Dec 2020 03:59 AM PST Our realtor said:
Our house has foundation issues, which were thoroughly detailed in the listing and are obvious to the naked eye in the cracks in the drywall. They entered the contract, accepting the house "As-Is," with full knowledge of the foundation problems. They offered $170k, we asked for $175k. They came back with $172,500 and we agreed. Two days later, they completed an inspection then said they wanted to lower their offer back to the original offer of $170k. We accepted. Then yesterday at 9:45am we received a request for an appraisal for noon that same day. It was Sunday morning and they gave us less than three hours notice. We are supposed to close on Wednesday - is it normal to schedule an appraisal just three days before closing? And with so little notice? We are now concerned that they plan to lower their offer even more as a negotiating tactic. I feel like they are being pretty slimy with the timing of all this and am not inclined to agree to any more changes, even if it means we lose out on this buyer and have to go through the whole process again. Hoping to gather some insight from more experienced home buyers/sellers. This is my first time selling a home. Thanks in advance. [link] [comments] |
| Posted: 20 Dec 2020 02:44 PM PST I was looking for a home to buy for two years! This year was really looking hopeless when in the beginning of October a beautiful older home with beautiful wood floors and wood detail and a lots of windows and high ceilings and 0.5 acre property in the perfect location (in the country but less than 15 mins to work) came on the market for 300k. This was a bit above what I wanted to spend (although well below what I was approved for) and I just knew I went to see it I would fall in love and spend too much. I waited 4 weeks. I'm not sure why there was no offers but the house was a daycare so it was cluttered and ugly colors and crap everywhere so I'm sure that had something to do with it. But I saw right through all that. I made an offer as soon as I saw it for 255. We negotiated a bit and they accepted 267500. The furnace needed to be replaced among a few other things after the inspection so they came down to 262 and I got 13k in the mortgage for improvements. I closed a week ago and have been busting my ass painting and cleaning and got the hardwood floors refinished and it is so so beautiful. I absolutely love it feel like I got a good deal and that I will be happy there. 1.69% too so win win. Yay! [link] [comments] |
| Is it a good time to sell farming real estate in Missouri? Posted: 21 Dec 2020 02:19 AM PST My sister and I inherited a ~350 acre cattle ranch in central Missouri from our grandparents a few years ago. My dad is the caretaker and trustee. Neither of us live in Missouri anymore and neither of us are interested in running it, but we've been procrastinating selling it. Apparently, there was a bust in the agricultural real-estate market as a result of the trade disputes with China last year. I was wondering if the market has recovered and if now is a decent time to sell it. I could ask the farming real-estate agent that I've reached out to in the past, but I'm not convinced that we could trust his answer and that he would always say that now is a good time to sell. Also, just generally, is there any way for me to track the value of farming real-estate on my own (in my specific part of missouri, preferably) or find more information about this? It seems like a bit of a specialized market, not often talked about, and I'm not sure how to search like I would with Zillow for residential real-estate. On a semi-related note, we've been procrastinating selling the farm for years now because my dad doesn't want us to sell it. He has almost no savings for retirement, yet keeps sinking his savings into trying to make the farm profitable, and he keeps thinking that the property is going to increase in value soon. He thinks that residential real-estate developers are going to be developing near our property soon even though it's an hour outside of Saint Louis, or that they're going to dam up a river nearby and build a lake next to our farm. My sister doesn't want to sell the farm and hurt my dad's feelings or deal with him, but I feel like we are losing tons of money by holding on to it and enabling my dad to be irresponsible with his retirement savings. As far as I'm concerned, he can build his own cattle ranch in Minecraft, much cheaper and probably more fun. Anyways, I know it's a bit more personal, but if you have any advice or experience on how to talk sense into people who have an emotional attachment to property, I'd love to hear it. [link] [comments] |
| Home inspection question about foundation Posted: 21 Dec 2020 10:59 AM PST We went under contract last week, and are trying to schedule inspections now. The previous homeowners did something interesting, which was to schedule their own general inspection, fix 2/3rds of the problems he found, and cc us on their report. Ideally I'd like to bring in someone to check the foundation (purely out of paranoia, the house is ~30 years old and there's no reason to think anything is wrong with it). However, that section of their report says under the "Garage" section: "Could not check since excessive personal belongings prevented visibility." It also has a "Foundation" section which basically says: "the entire basement is finished and I can't see any part of it at all". Would it be a waste of money to have a foundation expert in if they can't see anything at all due to a finished basement? I just don't want to bring an expert out who will say "I can't tell anything at all about the foundation", then write them a check. [link] [comments] |
| Unresponsive Seller / Are we Unreasonable? Posted: 21 Dec 2020 10:59 AM PST In November we submitted an offer for a house, got accepted at full listing price, got through attorney review etc. Had inspections, went back and forth on credit/repairs and had a contractor come in for the foundation leak quote. Found out the seller did not waterproof the basement before finishing it - and we were shown some water damage behind the drywall. This is much more than the one leak we could easily see in an exposed part of the basement. Likely there is mold but that's unproven currently. I believe this was a situation where the seller expected to sell the "pretty" house and let whoever buys it take on all the current damage /when water ruins all the walls and floors. Problem is he includes the basement as livable and that plays into the price. But damp and (probably) moldy isn't safe. So we asked for the full price of waterproofing, as we have to remove parts of the drywall and toss out the entire floor. We expected him to only offer about 25%- 35% because he had a history of refusing to make repairs / lowballing credit. His disclosure has lies that have been called out by agents / attorneys, he's tried to cover up things as well. We had already spent so much on legal fees and inspections we weren't willing to just "walk away" easily. We were suppose to close at the end of December, but that's NOT happening due to him being unresponsive. It's been a week and he hasn't given a response, but he tells his agent that a response is coming soon - but that doesn't happen. So my questions are: 1. Were we unreasonable to ask full waterproof cost? We would have asked half or less but he reduces anything asked by 75-90% or rejects it. 2. Is this normal for a seller to do? Just Stop responding? 3. Our total deposit is almost 20k, if the seller just refuses to respond - what do we need to do to make sure we get that back? How should we proceed? [link] [comments] |
| Posted: 21 Dec 2020 10:46 AM PST I'm currently in 2.625 7x1 wells mortgage on my condo in New Jersey which I got in 2016. I think I should be able to refi to lower rates now. Any suggestions on what rates you got along with lender names will be super useful. Is there a possibility of a no cost refi? Appreciate all your help in advance! [link] [comments] |
| Posted: 20 Dec 2020 09:33 PM PST Over here in Southern California, I've been trying to buy a home for several months. Unfortunately, I only have a modest sum (for the area) for my down payment, which amounts to a 5% down for a lot of properties. Problem is, so many people are putting crazy offers into homes. I for example, put an offer recently for 10% over asking (which was above the comparables for the similar floorplan and area). Didn't even get a counter. I recently just lost an offer for a home. Home was listed at 585k, comps were around that range, and I put an offer for 610k with 5% down. We lost to an offer of 595k with 45% down, or about 270,000. My realtor has even said that speed of closing doesn't really matter that much in this market. If someone offers a 21 day close but can't come up with the cash if the appraisals fall through, then the seller wastes a portion of 21 days, versus the 30 day close with a safer down payment. That brings a good point. Appraisals over here are lagging behind the insane market demand. I've been hearing a lot of stories with my realtor and other realtors he knows about appraisals coming in short with these crazy offers and deals falling through. Another recent example that frustrated me. Home lists for 658k. I put an offer for 705k no closing costs. We lose out to another offer. I just got an update with the property closing for 685k and buyer getting 4k back in closing costs!!! We're thinking it was the sellers getting greedy and choosing a larger number, but then having to work with the buyer once the appraisal came in short. So people are offering crazy high amounts, and the only way to compete with those, is again, larger down payments in case the appraisal comes in short. What has been your experience? [link] [comments] |
| Posted: 21 Dec 2020 10:31 AM PST Hi Everyone.. I am an agent on a team with another agent and we got into a strange situation over this past weekend. We are negotiating a deal on an apartment complex with old electrical panels that are a fire hazard. We asked the agent for the seller to replace the old hazards with new panels and sent the info regarding the hazard to the Seller's agent. The seller's agent called us and berated us, telling us what we did was unprofessional, a dick move, and personally insulted my partner. He was completely out of line. Even telling us he will make sure every agent in his large brokerage will never work with us again. So here are my two questions: first, is what we did actually a dick move? I've done plenty of transactions and this seems like a totally fair request. Second - do we have any repercussions regarding the agent's actions, insults and threats? [link] [comments] |
| Where to complain for Title Insurance companies? [Calif] Posted: 21 Dec 2020 10:29 AM PST Bought a house 4 years ago, just found out that seller's name is still on title. No biggie, had something like this happen before, so I just call up the title insurance company to get it sorted out, except they keep on transferring me to various different numbers that don't pick up and emails that don't respond. I'm sick and tired of chasing down *their* people for them. What's the right agency (e.g. CFPB) that has jurisdiction over this? [link] [comments] |
| Posted: 21 Dec 2020 10:25 AM PST Hey folks - curious if there are any NYC people here who recently (pandemic time) have refinanced their mortgages. What interest did you have and what is your new interest now. Feel like my broker is offering me high rate so would really appreciate if you shared this! Thanks in advance! [link] [comments] |
| Posted: 20 Dec 2020 08:10 PM PST I'm just wondering.... people who bought a few years ago at high interest rates are the ones who benefited most right now since they can refinance their low cost house at a low interest rate. Once the rates go back up, could that push prices down? And then those people with low interest rates could be in upside down mortgages? And no one will want to refinance because the rates will be higher? [link] [comments] |
| Posted: 21 Dec 2020 04:56 AM PST We are having some repairs done to our home and are trying to do so with the idea that we could sell it. The property has two houses on it, both of which have a kind of built-by-homesteaders vibe. The smaller house is the one where work is being done. It's about 900 sq ft or so. My main question is about interior paint colors when preparing for sale. There is a slight quirky-ness to the house and we thought adding some color (the walls are currently white) could be a good idea, or maybe even painting an accent wall in the living room. I've been reading online though and it seems people stick with whites, beiges, and grays for interiors when selling. Is it a mistake to try and make the house more interesting with a little wall color? Do buyers really just want beige/neutral walls? I'm curious about what is worth doing and what isn't from an ROI standpoint. We are replacing the vanity and the lighting in the bathroom and are thinking about replacing the ceiling lighting in the living room (currently ugly fluorescent lights). We could embark on more expensive updates like replacing the shower with something fancier and replacing the kitchen cabinets and counters. Are these bigger updates ever worth it from an ROI standpoint or do people just break even or worse? Thanks in advance! [link] [comments] |
| Recommendations for learning how to be a homeowner? Posted: 21 Dec 2020 07:57 AM PST I'm a young adult in my 20s. I want to prepare to buy or construct a home, but I'm completely lost. I don't have any peers that I can reach out to for advice. What are good resources to learn and understand what to do? Recommended websites or books, is it better to watch YouTube? What would you recommend so that I can better prepare myself and make the right home investments:) [link] [comments] |
| Making Flyers as a side hustle Posted: 21 Dec 2020 07:55 AM PST I saw a tik tok where this real estate agent talks about going to zillow, looking for homes for sale by an agent, and cold calling them saying you can make them a custom flyer for x house. What are your thoughts on this real estate agents? Is this just BS or is this something with a chance of success? Would you pay someone to make flyers for a house? [link] [comments] |
| Looking for online resource for rental data. Posted: 21 Dec 2020 07:49 AM PST What are some online resources to conduct research on rental markets? I know of Air DNA, but it's more for vacation rentals. I need something for residential data. Any help is greatly appreciated! [link] [comments] |
| New Construction Agent Question Posted: 21 Dec 2020 03:58 AM PST I am a first time home buyer and I looked at one of the new construction homes nearby my home which I do not plan to buy. Therefore I did not come with an agent. The next new Construction showing will be one that I may buy. But I have heard that since I did not bring my agent with me on the first tour, i read online that the builder can deny paying my agent in the event I bring one? The builder is Lennar. And I would like to know if there is any possibility of adding my agent for the property we will be seeing that I will be buying. The tour I went on is not a property I intend to buy so I'm not sure if that matters... I want to make sure my agent does get paid and I'm not the one paying... Any help would be appreciated. Thanks! [link] [comments] |
| Is refinancing a good option for me? Posted: 21 Dec 2020 01:34 AM PST I jointly own a property (3 bedroom townhouse) with my younger brother; this is a 3 bedroom townhouse worth about $600,000 with $120,000 left on the mortgage. I pay for the mortgage as I have a job and my brother pays me rent (he's still in school). I am thinking about moving out to rent my own place with my girlfriend. The problem is, I don't want to sell my property but I also don't have enough income to pay for the mortgage AND pay rent on another. So to all real estate gurus out there - what are some financing options for me? For example, should I try to refinance the mortgage at a lower rate and apply savings on interest expense towards rent? Or should I try to pull a HELOC and buy a second, cheaper property instead of rent? My current interest is 3.25% and I understand that interest rates today are much lower. [link] [comments] |
| I'm 18. I'd like to get involved in real estate after licensing... Posted: 20 Dec 2020 10:29 PM PST What jobs or tasks exist in real estate that don't include being a realtor? Do realtor companies have support groups, people who help things run? I've learned from my favorite YouTuber, Graham Stephan, that doing least listings is the way he got started. I'm imagining it's accessible to me to? I need a good way to get into this business, one that allows me to network, build a reputation, and find more opportunities. Any thoughts, suggestions, comments welcome. [link] [comments] |
| Posted: 21 Dec 2020 05:59 AM PST Fairly new into real estate investing, this will be my second purchase and circumstances are bit different so hoping for some guidance. Indiana, if that makes any difference. FSBO situation, going in without agents, the seller is a friend of a friend. Checked out the property, we verbally agreed on the price (which is very, very fair for comps), I've already been pre-approved. What's next? Do I write up an offer? Do they? Does a purchase agreement contract need to happen soon? When does earnest money get involved? When do I ask for the inspection? Seller is a long since retired real estate agent so I want to make sure I'm not getting screwed anywhere. I feel like I've been reading about this for days but the timeline and who does what is lost in translation. Thanks for any insight! [link] [comments] |
| Posted: 20 Dec 2020 12:29 PM PST According to https://joebiden.com/housing/
Wouldn't this drive up prices of homes wanted by the people this plan is trying to help? If the goal is to help first time home buyers and increase affordable housing, shouldn't the steps be to increase taxes on investment housing (to discourage the wealthy from buying up houses and jacking up prices for first time home buyers) and luxurious homes (to encourage builders to focus more on more affordable housing)? [link] [comments] |
| Need Advice from rental owners Posted: 20 Dec 2020 08:37 PM PST Hello all, Anyone own rental properties through house hopping? Getting a primary residence on each purchase and living for 1-2 years and then repeating the process. Each time you leave a home you rent the one you moved out of to a tenant? How were your loan requirements? Can you get 3-5% down still since it's a primary residence? Let me know your experience/knowledge on this route. Thanks in advance. [link] [comments] |
| I have a House hacking question! Posted: 21 Dec 2020 09:41 AM PST I have a Duplex and renting out the other unit, however the tenant is not covering the mortgage. He's paying about $400 less than the mortgage. So basically I am still paying the $400. Am I losing money? Is the rule of thumb is that the tenant has to cover all my mortgage expenses? [link] [comments] |
| Primary Residency Down Payment Posted: 20 Dec 2020 09:47 PM PST If I buy a duplex and make it my primary residency, I should only have to put down 5% and live there for at least 12 months. Now let's say I want to buy another duplex and make the new one my primary residency, while keeping the old one to rent out both sides. Will I still only have to put 5% down on the new one? [link] [comments] |
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