Real Estate: With tax time coming up what are some things that first time home buyers or any buyers and sellers can claim on their taxes? |
- With tax time coming up what are some things that first time home buyers or any buyers and sellers can claim on their taxes?
- What to do with undeveloped rural property?
- I got my real estate exam tomorrow, so nervous
- Accidentally allowed a hard credit check before mortgage refi
- Sell now, try to adjust, or wait to sell?
- Danes Get 20-Year 0% Mortgages
- How would you handle a neighbour that is determined to build several dwellings / RV pads against the local regulations and at the expense of your property value / privacy ?
- Looking to move into house in 4-5 months
- Non-Conforming Jumbo Loan Refi
- Is 2.875% a good rate
- Square footage during appraisal - Minnesota
- What resources do you use to decide on a market?
- Closing on Monday on home with 30-year fixed @ 3%. Lender now offers 30y @2.75%. Any chance to capture reduced rate?
- Illegal Broker's Fee?
- Finding Historical Land Transactions
- Bathroom Remodel and Resale.
- Title fees for refi with existing lender?
- Loan advice for run-down property
- Any Advice Welcomed, Please
- Sell now or wait a year?
- Lender question: Is flood insurance required when only land is in the flood zone?
- Fees when selling a Spanish property?
- Priced out of buying an apartment that suits me in the city (EU). Should I wait in case prices (or my standards) come down, or buy a house cheaply in a commuter city? First time homebuyer.
- Home Equity Loan advice
| Posted: 06 Jan 2021 07:19 AM PST I'm closing on Friday but I've paid for all inspections and appraisal in December. Can I claim any of those? [link] [comments] |
| What to do with undeveloped rural property? Posted: 06 Jan 2021 05:39 AM PST My family has a random 100 acre lot on the side of a mountain in northeast Tennessee. It's completely undeveloped (a relative bought it for hunting land), and it couldn't easily be developed into anything (it's beautiful, but very "rough"). Several of us in my family, myself included, are in business for ourselves, but none of us really have done anything with real estate outside of our homes etc. We don't need to sell it, and it's sale value isn't that much anyways. Plus, it has some sentimental value to some of us. I like to tinker and try out different projects in my spare time, and since I've never done in anything in real estate or really any business involving the outdoors like this (I'm an engineer), I'm curious to play around with it. If you have experience here, what are some creative things you've seen people do to produce income from rural lots like this? It doesn't need to be a real business or something extravagant, silly little side hustles are fine by me. Thanks in advance for any insights! [link] [comments] |
| I got my real estate exam tomorrow, so nervous Posted: 05 Jan 2021 10:01 PM PST I've been wanting to get into real estate for a while now and I finally went ahead and started my coursework via real estate express back in September I completed my 75 hours of coursework towards the end of November and unfortunately the closest exam date I could get was January 6th so I went almost 2 months just studying on and off trying to retain as much information as possible and keep actively studying. I been studying extra hard this past week trying to figure out my strong subjects and my weaker subjects. I believe I'm prepared for tomorrow but I'm also extremely nervous as I'm still not confident 100% in everything like the math aspects of the exam. I start my exam tomorrow at 9am (so actually just 9 hours from me making this post) and I couldn't be more excited and more nervous to see how I do and I just hope to god I pass my first try. [link] [comments] |
| Accidentally allowed a hard credit check before mortgage refi Posted: 05 Jan 2021 09:01 PM PST Hi all, My wife and I are refinancing our house and closing on Friday. I was window shopping student loan refinances last night with soft credit checks on 2 different sites. I must've messed up because long story short, one of them ended up being a hard credit check. I know enough not to mess with my credit score by opening new accounts, increasing my debt-to-income ratio etc... would a hard credit check cause any problems? I know I should've just waited, but here I am working myself up and stressing out. My credit score is excellent, so I don't see why a hit to my score of a few points would be a problem... any insights? Thanks in advance. [link] [comments] |
| Sell now, try to adjust, or wait to sell? Posted: 06 Jan 2021 07:22 AM PST First off, let me admit that I am a moron. I bought during the summer months of 2020, when the pandemic had taken a serious toll on traffic, and I should have thought more carefully about where this house was. It had all the features I wanted, in the neighborhood I wanted, etc. but it is on a major truck route and I am consistently woken up at 5am in the mornings, and I want to hide in the basement at 5pm every evening when rush hour starts. I have considered a few things: Window upgrades, white noise, and just trying to adjust to it but I am weighing my options on whether I really want to be here long-term. I am lucky enough to have come in with a large downpayment so I could conceivably pull a HE loan or try and do a cash out refinance to free up some liquidity to go back onto the market and it seems like the market is still hot. I realize that doing such a fast turnaround is going to cost me financially, but will it really cost me more than trying to soundproof a house? The options I have come up with are just trying to move now, waiting a few months and then trying to move, or just trying to live with/deal with the sound problem. I am not sure if anyone has suggestions, or similar experiences they would care to share? If it matters: Location is greater Boston area. [link] [comments] |
| Danes Get 20-Year 0% Mortgages Posted: 05 Jan 2021 06:09 PM PST |
| Posted: 06 Jan 2021 08:44 AM PST guy all ready has a grandfathered in little cabin right on the property line that he has done renovations and also additions on this year (made it a 3 bedroom and way bigger than any carriage home is allowed to be). He now has two little campers, one with someone living in it for almost year, and now he keeps telling me and other that he is going to build a tiny home in his front yard, that would be right beside our house, I is also a bit of a grey area to build something on wheels as it' is considered a car project or whatnot, of course the bylaws here are very strict about living in RV's (not allowed at all), or having utilities but he is a constant lair so he will just say the person isn't living there or whatever it takes. This guy isn't exactly caring about laws and bylaws, he is inconsiderate with privacy bush removal, tried to hid the property line peg, gossips endlessly, constantly brags about how he lied to someone to get his way or how aggressive an manipulative he can be, he constantly lies to us about weird things. He has also found away into our extended friend groups and is trying to isolate un from anyone he can, made drama, and start rumours. It's awful. We try to be respectful to people we live around and also helpful, this guy is a total jerk with some sort of deep seeded issues. We have kept our distance as much as possible. We are getting cameras, keeping records and have started being a little more open to people about what we are going through as we are the type to suffer in silence. But, you now you have to live beside someone so calling the bylaws can really aggravate a situation, it' isn't always the smartest thing to do. Plus he will probably lie, make up stuff, or rat us out for whatever he can , we are in that 70% of properties that you could pick on several things, as he is defiantly the type so far to deflect blame by lying and pointing at me anytime we have confronted him and tried to tell him how we feel about the way he is developing. We love our place, neighbourhood and it not going to be replaceable. We have considered just bitting the bullet and calling the bylaws, and dealing with him straight on as he hasn't responded to reasonable conversation. This is going to result in lots of bullshit and he is capable of some serious damage, although I think he is mostly all talk. Any tips ? Should we Gert a lawyer ? We are going to be framed as the couple that called the bylaw on the innocent (lair) guy doing his own thing in his yard. Lots of people have little cabins or RV's in their yard here, he just doesn't get the respect and overdoing it thing. [link] [comments] |
| Looking to move into house in 4-5 months Posted: 06 Jan 2021 08:40 AM PST I'm looking to buy a property and move in in about four or five months. I understand that after I put in an offer it probably wouldn't be closed for about 45 days after the offer is excepted. I am looking to lock in a lower rate while they are still relatively low because who knows when they could go up. At which point in the process do you lock in your rate? Is that when you get free approved that you figure out the rate? Is there anything I could do it now so that I could begin the process but not close for a few more months? [link] [comments] |
| Non-Conforming Jumbo Loan Refi Posted: 06 Jan 2021 07:07 AM PST We have a home loan of ~650k on a 1mm house, bought in 2019 at 3.75%. A refi lender just told me they can't beat 3.75% on non-conforming loans, which it is because it above the $548,250 loan limit set by Fannie Mae and Freddie Mac. Has anyone refinanced this type of loan recently, and was your experience similar? [link] [comments] |
| Posted: 05 Jan 2021 03:18 PM PST I'm buying my first investment property and they said the loan is locked in at 2.875% 30 year term. I'm just curious is that a decent interest rate? [link] [comments] |
| Square footage during appraisal - Minnesota Posted: 05 Jan 2021 06:51 PM PST My parents are selling their home in Minnesota and the next step is the home appraisal. There are some areas of the home that do not have finish trim i.e. around doors or baseboard. They were told that if the trim isn't complete then that room won't be counted towards the square footage of the house and that it may not appraise to the value of the sale. This concerns me because they accepted a lower offer on the home to sell as is to avoid doing some of that work. Does anyone have any documentation that would back up this claim in Minnesota that trim is needed for an appraisal to include the square footage of the room? [link] [comments] |
| What resources do you use to decide on a market? Posted: 06 Jan 2021 09:53 AM PST I am getting into Commercial real estate/multi family investing (first time). I am in NY but am thinking of PA or somewhere nearby (so I don't have to travel TOO far for my property). I'll possibly live in one unit and rent the rest for cash flow. (whether with tenants or Airbnb). My question is; how do you guys determine a good market? I noticed a lot of people started moving from major cities like NY, NJ, and Illinois over the last year because of Covid. How can I find and/or what methods can I use to determine if a market/location is still in demand whether it's for residential or AirBnB? Hope that makes sense. Thanks in advance [link] [comments] |
| Posted: 06 Jan 2021 06:05 AM PST I reached out to lender; indicated there was no way to capture without impacting close. Am I just SOL? Should I just forget about it and refinance later if rates continue to stay low? [link] [comments] |
| Posted: 06 Jan 2021 09:29 AM PST I'm currently leasing an apartment with 3 other people, and another tenant is taking over the lease of one tenant moving out (sublet). All four of the original lessees have paid the brokers fee, but the agent is asking the new tenant to pay another brokers fee. The apartment is in Boston, MA. This second broker's fee is illegal, right? Thanks [link] [comments] |
| Finding Historical Land Transactions Posted: 06 Jan 2021 09:20 AM PST I'm trying to do some market research on undeveloped land prices and I'm finding that land search tools have much weaker "sold property" features than than for houses. Does anyone have a recommendation of what tool to use to see historical sales? Ideally it would look back at least 18 months to see the impact of COVID on prices. The best I've found so far is LandWatch, but its look back period is very short and it only shows a single "sold" parcel in the area I'm investigating. [link] [comments] |
| Posted: 06 Jan 2021 09:06 AM PST I need to remodel the bathroom in my mothers' home. Right now, she has trouble getting in and out of the tub. What is the best way to manage this to keep things convenient for her and still be practical for Resale/Rental. [link] [comments] |
| Title fees for refi with existing lender? Posted: 06 Jan 2021 09:01 AM PST I'm shopping for refi offers on our mortgage and getting some good offers. I contacted our existing lender and if I bring them a written offer from a competitor they will match it. So I would assume this will save some money on closing costs but it sounds like he wants to charge us all the same shit all over citing 'banking regulations' for them being required. Is he legit or blowing smoke? I can see how some stuff you'd need to do over (like a title search to make sure there are no leins on the property etc) but what about title insurance? Shouldn't that already be taken care of with the lender? Why you need to redo it? I'm confused what is actually needed with all this? thanks [link] [comments] |
| Loan advice for run-down property Posted: 06 Jan 2021 07:57 AM PST Hi all, really appreciate you being here as a resource! I recently bought a very run-down property that I am in the process of trying to get fixed up. There is a "cabin" on the property that was built in the 1920's and currently has no electricity, running water, or sewer hookups. The whole thing needs to be taken down to the frame and redone, but the structure is only 380 sqft. I own the property outright, but I need some help identifying the right loan & lender for this kind of situation. Can anyone help me out here? I'm sure there are some crucial points that I missed in my overview, so feel free to ask questions. Would something like a Fannie Mae HomeStyle Renovation loan work here? Are there minimum criteria that properties must have in order to qualify for a loan? (ex: water, electricity, etc) [link] [comments] |
| Posted: 06 Jan 2021 01:45 AM PST Hello, all! I have lived in my current (and first; near and dear to my heart for that reason) home for close to five and a half years now. Recently, I've had some questionable things happen in my neighborhood that have left me feeling unsafe and quite anxious as a single female. After the last episode, the idea of moving came up. My parents have continuously told me that I can't ever think of leaving here until I build enough equity, but feeling safe seems greater than all the rules from their generation. I've reached out to a real estate agent, who definitely agrees while the market may be hotter for selling right now, there's not much on the market as far as buying goes right now. She's hopeful for the spring, though. Perhaps the idea of moving is drastic, which is why I was hoping for an outsider's opinion. I've reached out to a few neighbors up the road (I live in a rural area) and they've said living here certainly isn't what it used to be. Stealing as well as drug activity have been present and I don't see this stopping. This makes me think my property value could depreciate and now may be the time to make a change if I'm going to, even if it terrifies me now. I've toyed with the idea of buying a small piece of land and building a very modest house, but know that can add up quickly, too, especially with building costs due to the pandemic. I am (only; I say only for financial purposes, not because teachers are only teachers 🙃) a teacher and certainly don't make a lot of money, but could hopefully swing a house in the $150,000-$170,000 range. I'd need to reach out to a lender for another approval. While it wouldn't be ideal, would it be better to go ahead and get my house on the market, given that they're selling at full price or even higher, even if I don't have somewhere immediately of my own? My parents may not like me moving into the guest bedroom for the time being, but I know would accept it if they had to. Thoughts? Thank you all in advance for your wisdom! [link] [comments] |
| Posted: 06 Jan 2021 06:42 AM PST Husband & I sold our home in end of 2019, made a decent profit & bought a home nearby in another county. It's honestly a fixer upper we hope to make another profit when we sell. We're in the US, East coast. We don't love where we live, don't love the house even after renovations. We'd like to move a little closer to family. We have only lived there for 1 year so unfortunately capital gains tax would be a factor. We purchased for $310k & could sell for around $400k (best case scenario). We have put around $20k work into the house for renovations. From what I've read we may be on the hook for 15% of our profit in taxes (minus renovation costs). I can do basic math & honestly it would suck to have to pay any extra taxes, but I'm worried that next year home prices will not be as high & we won't make as much money even without paying capital gains. Any advice would be appreciated. We have already reached out to a local realtor to see what our options are, I think it's just tempting to take then money & run to get into a house we actually like while interest rates are still low. Thanks! [link] [comments] |
| Lender question: Is flood insurance required when only land is in the flood zone? Posted: 05 Jan 2021 07:14 PM PST Situation: I am considering purchasing a property (land with home) which is 4.3 acres. 0.6 acres of the property is in flood zone with a stream running through it. The stream is 348 feet from the edge of the house, at an elevation of 22 feet. The closest edge of the flood zone, to the house, is 302 feet at 22 feet of elevation. Question: If I purchase this property in cash, I understand that I will not be required to have flood insurance. However, if I wanted to get a HELOC in the future, would I need flood insurance if all structures remained outside of the flood zone? Edit: Here's an image of the property. The blue area is zone AE. https://i.imgur.com/W68zSY1.jpg Edit2: BFE is 265-266 feet. Lowest point/Basement/nearest corner/side of home is at 281.67 feet (approx). [link] [comments] |
| Fees when selling a Spanish property? Posted: 05 Jan 2021 10:34 PM PST Can anyone provide a list of ballpark expenses and taxes involved for a British person selling a Spanish property? [link] [comments] |
| Posted: 06 Jan 2021 05:44 AM PST I live in Vienna. I have no debt, approx 50k EUR for a deposit and could get a decent mortgage rate for my income/circumstances. Age 30, with partner but is a student so I am not expecting them to contribute anything, and I prefer anythng to be solely under my name at this point. Apartment should be suitable for eventual start of family, and if we outgrow it, to perhaps rent it out and figure out next steps from there (maybe by then partner will be able to contribute, etc - cross that bridge later). At my price range, my options in reality are not aligning at all with my goal. Nothing is striking me as the One and I am too scared of making a mistake. I'm not really in a rush, insofar as that my rent is stable/low for the area (a mortgage would likely increase that payment from 800 to 1000-1200 monthly), lease has a few more years on it, the money is tucked away in a safe investment, and I am not anywhere near family planning yet. The closest apartments I've found that suit my ideal have been units in dire shape needing renovation for 280-380k with a couple of elements still missing. I might be willing to take on a bigger loan if all elements are in place and it just needs reno (my partner has the skills but ofc I don't want to rely on that only), but when the bare bones still don't match I just can't pull the trigger. I have been looking for years and nothing clicks. I am getting discouraged because I feel like there is no piece of the city for me, unless I want to settle. There's a few that dance around my criteria, but if I'm going to really maximise my possible mortgage, and take on dept for 30 years, for an apartment I might need to upgrade in less than 10 years, I can't convince myself to do it for something that isn't The One. Plus, the funny thing about Vienna is that renting isn't as wasteful as in other cities. The protections in place are quite good, and I know many people who own homes in other Austrian states and just rent in the city forever. Which brings me to my counter option: buy a house in a suburb. There are decently crappy/small homes outside of Vienna within 40-60 mins of the centre for under 100k. But this is Austria - every town/village is still lovely. I grew up in a rural area so this doesnt phase me, plus many have bus/train connections that would still not require a car (although at some point I suppose it'd be necessary). The house could grow with the family by add-ons and such over time. And at that price I could continue renting in the city with my partner at a cheaper place and enjoy my home on weekends and holidays as I slowly fix it up. I recognise the differences of flat vs house and all the pros and cons. I think I could be happy in either once I committed to it. Whats killing me is that the money I have can buy less and less every year that I sit on it. Over the past 4 years of this search I've seen prices rise 20-100k easily. My investments are keeping up with inflation more or less, and easy to cash out, but I am really attached to the idea of property ownership and while Ive done countless hours of research on ETFs and the like, I can't get over how badly I want to own, and I am watching apartment prices going up way faster than inflation. Houses outside the city are also going up, although I haven't been watching them as closely. This is a hugely long rant to get to the point: should I bite the bullet and buy someting in the city that is imperfect but that will surely be more useful/profitable/convenient in the future? or buy myself a suburb home fixer-upper, still pretty close to the city, maybe hang onto a cheap rent here (I have an option for 400 eur monthly for a large studio) simultaneously to keep a foot in the city and avoid long commutes if/whenever we are called back to our daily office work? Will homes that far outside be worth anything in the future? Vienna is very small so 45 mins by train is insane for most people. Will I kick myself down the line if A) I lose my chance forever at owning a piece of Vienna when I could have (sort of) afforded it or B) I buy a house and then apartment prices drop and my dream place presents itself but I can't afford it anymore after investing in a house? There's also an implicit C) right now I have a partner and a dog, and envision the house as a place for our future family. But if my partner and I ever split up, or as my dog gets older, I am scared of ending up alone in a suburb house in a country where I hardly speak the language and everything Ive buillt my life upon is in the city. It won't rent or sell as easily as a 2bdr in the city could if worse comes to worst. I just want to hear some opinions. I'm genuinely struggling with the decision and scared of regretting one way or another later. Sorry if this is the wrong sub - if you have another idea where I could ask I would appreciate that a lot too! [link] [comments] |
| Posted: 06 Jan 2021 04:36 AM PST We want to update the home we have been in for 32 yrs, with plans to sell it in Spring, 2022. It's a large, older home & will probably take a year to do the work we want done. We have decided on takin out a home equity loan is the best plan. I basically would like feedback on any possible problems that might occur with this type of loan? [link] [comments] |
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