Real Estate: My rental doesn't make much money. Is this normal? |
- My rental doesn't make much money. Is this normal?
- Why dont pre foreclosure people sell the property (Especially if there is equity?)
- Do lenders care about WHY a credit score is low?
- Have 200K cash, no job and a FICO score of 800+. Problem is I have lived overseas for nearly 20 years. Looking to enter the market in California, Idaho, Florida or Texas. What are my loan options?
- I got outbid again.... about to give up...
- Buying a home that is having an open house TODAY! (IL)
- Good for home prices? Sacramento zoning plan would allow houses to contain up to four dwelling units.
- Buying House with Delinquent Bills
- Help with comps on a listing.
- Is this normal?
- [CA] Rent at a "loss" or sell
- What will save my parents more money; regular homestead or disability exemption?
- How concerned should we be about DTI?
- New build in uostate NY- Modular Home vs Stick Built
- Question
- At what point do you pull the plug on a refinance?
- Help on foundation cracks
- What's been your experiences with FHA 203k loans?
- Gift for loan officer we didn't go with?
- US Bank Forbearance
- I’m selling my house, home inspection came back with a bunch of small things, except...
- [CA] What to do with questionable "investment" property
- First time investor - Renting Questions?
- Looking for some help with research
| My rental doesn't make much money. Is this normal? Posted: 23 Jan 2021 07:12 AM PST I own a condo in a LCOL area that I rented out over the past year. I bought this property with the intention of me living in it long term, but l ended up taking new job out of state. If I were to sell it I would probably walk away with right around $100K. But I decided to try renting it out as opposed to selling since it is paid off. As I am preparing for 2020 tax filing, I am starting to realize that it doesn't generate that much money. Rent- $900 a month (I can't charge more because then someone could just rent a SFH) Monthly Expenses-
So it ends up netting just above $300 a month. The expenses seem pretty low to me. Is this normal? Or does my condo just not have great rental potential? [link] [comments] |
| Why dont pre foreclosure people sell the property (Especially if there is equity?) Posted: 22 Jan 2021 07:51 PM PST Example, but want to understand more: Girlfriends mom bought house in MN for 110 k back in 1997. She stopped making payments when her mom died around March 2018. She was in pre foreclosure for about 1.5 years before being foreclosed. House was listed by bank for 207 k sold for 220 k. When you have this level of equity in a bull market, why not just sell and avoid foreclosure? Given almost 20 years passed by most of the loan had to have been paid off? *Clarification: Girlfriend's mom's mom (grandma) died and girlfriend's mom foreclosed. [link] [comments] |
| Do lenders care about WHY a credit score is low? Posted: 23 Jan 2021 08:28 AM PST My husband and I are looking at buying a house sometime this year and will start applying for mortgages in the next 2 months or so. I have strong credit - 764 and 805 on the various apps/websites I use to check. I know these scores aren't totally accurate but generally my credit is good. My husband's credit is not as strong - 665 and 729 on the websites we use. Again, not totally accurate but close. I'm concerned that the low-mid score used by our lender will end up being in the 600s, which is a big bummer. Looking at his credit history though, he has a 100% on time payment rate, low debt, low to no credit card utilization, etc. According to Credit Karma, the thing that has dropped his credit so much was paying off his first car loan (it was paid off early with an insurance payout after an accident), which drastically reduced the age of his credit history. Will lenders be able to see this when they pull credit? Do they even care why a credit score is lower or is it just about the number? Am I just plain overthinking this? [link] [comments] |
| Posted: 23 Jan 2021 01:45 AM PST Backstory: My son really wants to experience HS in the States so I decided the only way this happens is for me to take 1 year off from my job and move to the west coast with him. Im originally from California, but have lived in Norway for nearly 20 years. Ideally I would like to buy a fixer upper. Im interested in buying a house, but the California market is hot and expensive. I wouldnt mind a condo but id prefer a home that needs some serious TLC 30k-70k. I plan on getting some sort of job after a few weeks, but I would need to secure housing before. My wife and 3 kids have already decided to spend all of July traveling around the USA then leaving in August so technically I will have a 1 month buffer per se. Any tips and ideas would be welcomed with open arms. [link] [comments] |
| I got outbid again.... about to give up... Posted: 23 Jan 2021 08:25 AM PST This is my 3rd time getting outbid. I offered $10,000 more than the asking price.... but apparently someone offered almost $20,000 more and paying all in cash..... I feel so defeated and wondering if I'll ever find a house. [link] [comments] |
| Buying a home that is having an open house TODAY! (IL) Posted: 23 Jan 2021 06:50 AM PST Long story short, I saw a house within one hour of it hitting the market this past Thursday. I loved it, made an offer of a little over asking and it was accepted. Documents have been signed by both parties (purchase agreement, title disclosure, etc...) However....the listing agent said since they advertised the open house for today they are still going to move forward with it. 🤔 Now, I'm worried someone can swoop in and offer a higher price for it! Has anyone ever been a similar situation!? Send me positive vibes everyone and wish me luck! Thank you! [link] [comments] |
| Posted: 22 Jan 2021 09:00 PM PST Sacramento home prices are skyrocketing. Would allowing more units built on the same lot help affordability or make the existing land more valuable? [link] [comments] |
| Buying House with Delinquent Bills Posted: 23 Jan 2021 05:49 AM PST I never post on here but I really need some advice. I'm closing on a house on Friday Jan 29th. I called my city's public utilities office yesterday to schedule my water/sewer to start on the 29th. The person I spoke with told me that they'll do a final meter reading that day and leave a tag on the door for me to mail in. She also said that the sellers have $350 of delinquent water/sewer bills and told me to have them bring a check to closing made out to the utilities dept. and then mail it to their office. I'm not entirely sure yet how much I'm wiring to the title company, because my closing disclosures had some issues that I pointed out to my lender but my lender told me that the closing agent (I think at the title company?) would figure them out and tell me the exact amount I owe them. I asked my realtor to ask the sellers to either bring a check to closing or allow me to deduct the money from what I owe them so that I could pay it myself. I thought it would be simple to deduct from what I'm paying because part of my contract that my lender kept omitting from my money down was a $3,000 sum that I am giving them towards their closing costs, so I figured I would just deduct from that. The sellers said that they are going to wait until they get the final meter reading and then pay the whole bill. My issue with that is that by that point the bill is technically my responsibility so I can't be certain they'll pay anything. I would prefer they bring a check to closing for what's currently outstanding and then if I'll on the hook for the last meter reading, no big deal. I don't care about the money as much as the fact that I've been told a lien could be put on my home? So I fear I'll end up waiting weeks for them to pay this bill and then my water will get shut off or I'll have this lien or something like that. What I don't understand - is the title company supposed to have this as part of their search and require that outstanding bill to be settled at closing? I keep thinking maybe when the title company figures out what I'm putting down, they'll deduct it or something. [link] [comments] |
| Posted: 23 Jan 2021 09:11 AM PST Hey guys, so I'll preface by saying I'm a newer agent in the state of FL and a long time lurker of this community so I thought I could find a bit of help here with this situation so here it is. Context: So I'm trying to prepare a listing presentation for a FSBO property owner I had been in contact with... The property is sits on a 50+ acre lot, with a 4,500 square foot estate that the owner built themselves. In addition to that estate, the rest of the lot is split into 3 tracts with an income producing mobile home on each tract. Problem: So where I'm struggling with this listing presentation is in finding a way to run comps for a property like this... Because in my biased opinion I would've originally looked at it as if I was selling the land and disregard the distressed home however, I know I'm biased towards land as an investor. I would say the property is a solid hybrid of SFH, income producing property, and a good chunk of land so my question to you guys is - how would you go about pricing this listing? Thanks in advanced for any help! [link] [comments] |
| Posted: 23 Jan 2021 09:02 AM PST I'm looking at a property listed at $650k, a few years old. I'm trying to be vague about the market and home for privacy reasons, but it is one of those tech markets. And my realtor asks me to do the following:
I really don't know how to feel about this. I know homes are going above the asking price, but this seems a bit much. [link] [comments] |
| Posted: 23 Jan 2021 08:45 AM PST I have lived and worked in San Francisco for the last 9 years of my life. I've always wanted to buy something there but the price never made sense to me and never worked out financially. In the last couple years my income has gone up significantly (total household income ~400k/year with room for growth) and my company is now allowing fully remote work. I took the plunge and bought a 1.3M SFH in an area I thought I loved in coastal California. I've always loved it here but I hate this home so much. We're in a pretty great location, one block from the beach, huge lot (30-40% larger than average for this location) but the house is just not the level of quality I want . It's a 1960's poor construction tract home, upgraded and remodeled but not to the level I'd like. I don't want to work remotely from a space that doesn't bring me joy. All the other homes in this neighborhood are about the same level of quality which makes it hard to justify dumping a huge amount of capitol into a full rebuild. Finally, although the location is beautiful I really miss the energy, youth, and excitement of SF. I have a few options. The market has gone up since I bought this place and the inventory is about 2-4 homes per year this close to the beach in this location. I could probably sell FSBO with 2% commission and walk away with 50k+ profit, I could probably sell with an agent and break even. I can also rent this home out for ~4.5k/month which comes out to ~1.5k/month net cash flow loss when factoring in PITI+repairs. This cash flow loss would be totally insignificant to me. I would be getting ~15k/year depreciation which I could use immediately bringing my expected yearly realized cash loss to ~14k. I expect 14k/year is probably within the expected appreciation of the property potentially making holding this asset effectively free if rented at 0% vacancy, obviously it won't be 0% vacancy and the damage tenants could do could easily change this calculation as well. I can also build on this land, the cap rate of building on this land would be very high. I could build an additional structure for ~400k which would rent for ~4k. This would tie up all of my available capitol and holding onto the loans would put some strain on my DTI which would make future mortgage options a lot more difficult for a while. I am trying to decide between just selling this piece of shit and walking away or holding onto it with a low interest loan and options for development. Long term I want to live in San Francisco so I wouldn't be holding it to come back to but that option also wouldn't exactly hurt. I also don't have to make this decision now. I can comfortably move back to SF and rent this out but now does seem like a very good time to dump it if I want to go that way. Any advice would be helpful, you're also welcome to call me a total moron for buying this piece of crap in the first place. I was hoping to live the coastal beach life dream but really I'm a true SF loyalist at heart which probably seems totally insane to some of you. [link] [comments] |
| What will save my parents more money; regular homestead or disability exemption? Posted: 23 Jan 2021 07:50 AM PST I read through the CAD but couldn't find anything that would let me know the difference in savings between the two. Btw the home is in Texas. My mom suffered a stroke a few years ago and since then she's been receiving disability benefits from the SS Administration so I know she'd definitely qualify. Now she is not on the deed but given that she's lived in the home since her and my dad bought it and they are married; I'm assuming she's still considered an owner. [link] [comments] |
| How concerned should we be about DTI? Posted: 23 Jan 2021 07:42 AM PST First time poster. Like... ever lol and Its a bit of info.. sorry in advance. My wife (28) and I (28) are looking to buy a home in about 2 years. Obviously I am trying to map out our finances so we can be in the best possible position when the time comes. My main question is about where We should be focusing more time and money, our debts? Or our down payment... Target home price would be MAX 200k. Our take home pay currently is 5k per month (after tax). This will be higher at the time of purchase, I'm in a union and we are guaranteed a raise every 3 mo for the next 3 years. Unless something catastrophic happens like one of us looses a job. Our debt payments per month are 244 (car 11,700 left) 280 (my student loans 18,200 left) and 25 (wifes student loans 70k left). We save 1k or more a month (easily) have 20k in emergency funds and 10k currently as a home budget. Edit: I added the amount owed on the debts. So if anyone has any advice I'd love to hear it, I'm leaning towards doing income based repayment to lower my student loan payment, and focusing on the down payment. [link] [comments] |
| New build in uostate NY- Modular Home vs Stick Built Posted: 23 Jan 2021 05:25 AM PST Hi, I was hoping to get some advice specific to upstate NY (North Country region.) I have my eye on a plot of land in an excellent location. I'm wondering what the long-term difference would really be in investment terms for having a home stick built versus a modular "kit" home. The market seems odd to me up here. Mobile homes sell for about 80% of what stick built homes sell for. Would modular homes fall in that same value range? [link] [comments] |
| Posted: 23 Jan 2021 07:18 AM PST My father is a landlord who owns multiple properties. I currently stay in one of his houses. The house has water and heat, and a perfectly functioning house. However it does not currently have a CO yet because he's busy on other projects. I've been told different things about living in a house with no CO. I've been told nobody can live there except the owner and everyone carrying his last name. And I've been told nobody including the owner can stay there. Now my question is can I stay there? I don't want to break any laws my father says it's completely fine but I want to be 100 percent sure thank you for your time [link] [comments] |
| At what point do you pull the plug on a refinance? Posted: 23 Jan 2021 07:12 AM PST I started the process at the beginning of October. The refinance still hasn't closed. a) At what point do you pull the plug? b) What are the possible downsides? So far I've only paid out for the appraisal. [link] [comments] |
| Posted: 23 Jan 2021 06:40 AM PST Saw two verticle crack in the foundation during open house. It's a 20-yrs old house with concrete slab in Raleigh, NC. Is this kind of crack common considering the age of the house or shall I worry about this? [link] [comments] |
| What's been your experiences with FHA 203k loans? Posted: 23 Jan 2021 09:40 AM PST Looking to buy a two story property and turn it I to a duplex. Owners want $150k cash, but after talking to some people who know the sellers, I was told they probably would accept $100kish. I believe the listing agent believes that the house won't be able to get a loan on it hence cash only. (I will call to verify this) The home belonged to a parent and they don't want it. It's in rough shape, but I believe with the market in the area I can get $1000/mo each unit fixed up. I will have a rehab contractor look it over to get an estimate. Unless there's structural damage, I doubt it would cost more than 80k at the absolute worst. My financial guy mentioned that I possibly could get a standard or limited 203k loan. I only have 30k cash, but will be getting a lot of money from an upcoming out of town prevailing wage job over the next couple years. Anyone have experience with these loans? Is this even worth my time? [link] [comments] |
| Gift for loan officer we didn't go with? Posted: 23 Jan 2021 09:07 AM PST Without going into too much detail, we had two loan officers (that knew about each other) working separately to get us funded. Can we give a gift to the LO that would otherwise get $0? I know generally this is not kosher as it can be misconstrued as a bribe, but in this case they didn't provide our loan. I just feel bad that they would get nothing after their work. [link] [comments] |
| Posted: 23 Jan 2021 09:05 AM PST Hi, Anyone else currently in pandemic forbearance with US Bank (or any bank, really). I know it ends in March....how are the mortgage companies handling refinances?? OR can you just push to the end of loan? I'm currently still unemployed, so not sure they'd even let me refinance? FYI I am expecting an inheritance this year, so not too worried about catching up on payments....just tying to understand what other's options have been. The US Bank website is SO confusing, and when I've spoken to anyone there they are so vague about everything (I honestly don't trust them to begin with!). Thanks! [link] [comments] |
| I’m selling my house, home inspection came back with a bunch of small things, except... Posted: 22 Jan 2021 12:57 PM PST The buyer is wanting me to install for French Drains? That costs thousands of dollars and we do not have a problem with water or flooding. Does this seem absurd to anyone else? I will fix things that are broken but I will not make improvements to the house for them. [link] [comments] |
| [CA] What to do with questionable "investment" property Posted: 23 Jan 2021 08:56 AM PST I have lived and worked in San Francisco for the last 9 years of my life. I've always wanted to buy something there but it never worked out financially. In the last couple years my income has gone up significantly (total household income ~400k/year with room for growth) and my company is now allowing fully remote work. I took the plunge and bought a 1.3M SFH in an area I thought I loved in coastal California. I've always loved it here but I hate this home so much. We're in a pretty great location, one block from the beach, huge lot (30-40% larger than average for this location) but the house is just not the level of quality I want . It's a 1960's poor construction tract home, upgraded and remodeled but not to the level I'd like. I don't want to work remotely from a space that doesn't bring me joy. All the other homes in this neighborhood are about the same level of "quality" which makes it hard to justify dumping a huge amount of capitol into a full rebuild. Finally, although the location is beautiful and I do love it here. I really miss the energy, youth, and excitement of SF. I have a few options. The market has gone up since I bought this place and the inventory is about 2-4 homes per year this close to the beach in this location. I could probably sell FSBO by listing on Redfin/Zillow with 2% commission and walk away with 50k+ profit, I could probably sell with an agent and break even. I can also rent this home out for ~4.5k/month which comes out to ~1.5k/month net *negative* cash flow when factoring in PITI+repairs. This cash flow loss would be totally insignificant to me. I would be getting ~15k/year depreciation which I could use immediately bringing my expected yearly realized cash loss to ~14k. I expect 14k/year is probably within the expected appreciation of the property potentially making holding this asset effectively free if rented at 0% vacancy, obviously it won't be 0% vacancy and the damage tenants could do could easily change this calculation as well. I can also build on this land, the cap rate of building on this land would be very high. I could build an additional structure for ~400k which would rent for ~4k. This would tie up all of my available capitol and holding onto the loans would put some strain on my DTI which would make future mortgage options a lot more difficult for a while. I am trying to decide between just selling this piece of shit and walking away or holding onto it with a low interest loan and options for development. Long term I want to live in San Francisco so I wouldn't be holding it to come back to but that option also wouldn't exactly hurt. I also don't have to make this decision now. I can comfortably move back to SF and rent this out but now does seem like a very good time to dump it if I want to go that way. Any advice would be helpful, you're also welcome to call me a total moron for buying this piece of crap in the first place. I was hoping to live the coastal beach life dream but really I'm a true SF loyalist at heart which probably seems totally insane to some of you. [link] [comments] |
| First time investor - Renting Questions? Posted: 23 Jan 2021 08:47 AM PST Hello all, I am a first time investor. I really would love to get into real estate investing. Unfortunately, I am 24 and on a tight budget. I have been looking into purchasing cheap land and placing a small mobile home on it. If I were to go that route, would I be able to make a profit from renting it out? Otherwise, would it be wise to just buy a cheaper home and rent it out? I encourage you all to look at it in a perspective of a tight budget. Thanks for the help 😁 [link] [comments] |
| Looking for some help with research Posted: 23 Jan 2021 08:10 AM PST I am writing an essay and am looking for the retail real estate market share. Meaning what percentage of real estate goes to retail. If that is too specific what percentage of the revenue is due to retail? I have only found one from investmentabank and says that 25% goes to Retail but this was from 2017 and would like to have one from 2019 and 2020 [link] [comments] |
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