Real Estate: Holding on to parents house as rental property? |
- Holding on to parents house as rental property?
- Why can’t I get a loan for 30k when I have half for a down payment?
- Fixing a broken sewer pipe only to find out previous home owner knew about it
- Seller refusing to sign on closing date
- Seller refusing/delaying selecting offer
- Does it make ANY sense to buy right now?
- Predictions for 2021 Real Estate Market
- Trying to buy a house right now sucks!
- Closing delay due to employment verification from former employer?
- Is being a homeowner worth it?
- Owning new construction
- Will the housing market ever be affordable again?
- Purchasing a Pre-Foreclosure Home
- Selling home. Appraisal came in low, but we had 5+ other offers above the appraised price. What to do?
- Buying a condo vs just renting
- Rent To Own Website Reputability
- Best way to purchase raw land
- USDA Loan Repayment strategies
- Experience using iguides on smaller homes
- Big bank horror story
- If lumber is crazy expensive right now with no end in sight to it's price increase, are there any other building materials that people have swapped to?
- Non PERC Land
- How long do I need to (pragmatically) hold a property before I can sell?
- How to Compare Lenders?
| Holding on to parents house as rental property? Posted: 18 Feb 2021 05:53 AM PST My dad recently moved in with me due to health problems and we're in the process of clearing out his house. He doesn't need the money but doesn't want to worry about maintenance or any updates, it is a 35 year old townhouse and looks it. Besides him, I'm the last surviving family member. He has offered that if I'd like to take on the rest of the mortgage and use it as a cash flow income property he's open to it. We're immigrants and he worked hard at manual labor jobs to buy the modest house for $130k, it feels like a waste to sell it now for $250k when we can get $1600 or 1700 in rent per month while the mortgage is only $575. But also it's an old house that's not been kept up well and would require work (new floirs, new appliances, fix broken kitchen drawers, landscaping) prior to renting out, plus the danger of big issues down the line due to age of the house. I guess I just want opinions on whether it's better to sell it for not the greatest profit or put in the work and take a chance by turning it into rental property. How would I even take on the mortgage, do I have to buy the house from him? He basically wants nothing to do with it. The house is in a great up and coming location so the prices might go up, great connectivity to major roads, close to shopping etc. [link] [comments] |
| Why can’t I get a loan for 30k when I have half for a down payment? Posted: 18 Feb 2021 07:52 AM PST Ok so here's my situation..I have 15k set aside to purchase a home. I'm shopping in rural West Virginia where there are several properties for 25-40k. I've paid my landlord over 50k in just a few short years just to rent an apartment. I don't have great credit because I went through a divorce from an abusive ex who was court ordered to split our debts/make payments to me and he never did. I had to file chapter 13 bankruptcy. I made every ch 13 payment for 3 years and it's getting discharged/finalized this month. I've made every utility & rent payment on time for the last 4 years. I've never had an overdraft on my bank account. The only debt I have is a small amount of student loans. In the last 4 years working full time and doing it on my own as a single parent, I've been extremely financially responsible. Even going to school and getting my degree while juggling all of this stress. I finally thought there was some light at the end of the tunnel with finishing the 3 year payment plan for chapter 13. Only to find out most lenders have a 2-3 year waiting period AFTER the discharge. Also, most lenders won't loan less than 50k. I genuinely don't understand why after 4 years of hardship, being super responsible, and saving 15k, am I still looking at another 3+ years of paying overpriced rent? I don't want to be stuck in this rent trap forever. It's especially disheartening because the properties I'm looking at are very small. Most are modular/mobile homes on less than an acre. Which I'd be perfectly happy with, but the only people who can buy them are people who aren't likely to live in them, and will turn them into overpriced rentals. I totally understand the need to be patient and the need to build credit. Just looking for advice on ways I can make this happen. Please no credit/poverty/trailer home shaming. Help! [link] [comments] |
| Fixing a broken sewer pipe only to find out previous home owner knew about it Posted: 18 Feb 2021 09:54 AM PST I bought my first home 3 years ago. Didn't think to get the sewer line inspected and no one mentioned it as an option to consider. I had a backup of water in a relief pipe recently (an open-ended pipe in the basement) and it spilled water into my basement. Luckily it was water from doing laundry, so it was just clear water. It could have been worse, I know. I had a plumber stop by and clear some tree root blockage only to find out the clay pipe is broken. At first I thought "well, this happens" and started to look into getting it fixed by a contractor. Well, I get a call from the plumber the day after he cleared the roots and casually mentions "You know, I have a record showing I told the previous home owner of the broken pipe..." This pisses me off. The previous home owner sold me this house knowing that this was an issue. The plumber had written up notes for that owner on the pipe's condition being "in immediate need of repair" 4 years ago. Being that this is considered proof, had I known sooner I could have taken this guy to court for hiding a serious flaw. Lesson learned, I'm having the line inspected on the next home (if my offer is accepted) even if it means taking my time finding a new house in a market filled with "no inspection" buyers. We have to stop fighting for homes like it's the last scrap of food, only to get screwed later on when you find serious issues on a home you overpaid for and skipped the inspection on. (I didn't skip the regular inspection, just didn't think to do a sewer line inspection) [link] [comments] |
| Seller refusing to sign on closing date Posted: 17 Feb 2021 04:11 PM PST Hello, I was scheduled to close on a house today, signed all closing paperwork this morning and was given the keys. We started moving stuff in, and at 4pm my realtor emails me and says the seller called the title company saying they were refusing to come to the appointment and sign over the house to us. We had to give the keys back and move all our stuff out. They are now saying they want $5k more paid to them as there was a delay in closing. The delay was due to the bank asking for a document clarifying their LLC ownership to them for over a week, and the seller did not send it until it was too late to close on time. The only delay was due to them. We met all contingencies. How is this legal?? Realtor legal team is going to find out for us but this is literally a nightmare. Update: the sellers agent sent over a document for us to sign late last night saying we agree to cancel the whole sale and let them keep our $5k earnest money. Then this morning the seller said we should just pay them $5k instead of paying a lawyer since we will probably lose in court. We contacted a lawyer. Thanks everyone [link] [comments] |
| Seller refusing/delaying selecting offer Posted: 18 Feb 2021 06:46 AM PST We are first time home buyers and found a unique property/house. We were told it will be a highest and best situation from the get go so submitted a strong offer above ask. Our offer has since expired...(we allowed 72hours) We know the seller has no obligation to respond... but the seller simply hasn't responded to anyone, to the irritation of the listing agent. Poor guy is herding cats. Very confusing situation, though I understand cold feet / familial fighting are some of the factors at play. This has me wondering, what recourse does a listing agent have if they bring in qualified buyers but the seller refuses to select an offer? [link] [comments] |
| Does it make ANY sense to buy right now? Posted: 17 Feb 2021 02:40 PM PST I remember every older person I know saying that buying a house is a great investment, if not your greatest investment and how amazing it is to own. But not a single person I know right now who has bought a house in the last 10 years seems happy. Just a few things I've been seeing/hearing:
And this is literally the case in downtown parts of my city and then waaaaaay out in the burbs. In fact, the burbs are more expensive because of property taxes where I live. So my options are burbs for half a million or still somewhat unaffordable home in the hood. My household income is more than 100k a year. How is it I still feel like we can't afford a home? A friend told me its the craziest sellers market she's seen in ages. Is this really the case? Is there any point at all right now to buy, besides low interest rates? Thanks. [link] [comments] |
| Predictions for 2021 Real Estate Market Posted: 17 Feb 2021 08:33 PM PST It's no secret that we are in the one of the biggest seller's market we have seen since pre 2008. A healthy market typically has 3-6 months worth of inventory. In the Seattle area, we are down to .75 month's worth of inventory. What does that mean? If no more homes were to come onto the market, how long would it take for all the homes on the market to sell? Right now, about 3 weeks. Since mid January, prices have risen increasingly fast. Agents are listing homes based on comparables that sold 30-60 days ago, but the homes that are currently under contract (at least the ones my clients have written offers on) have all been selling for at least $50k over list price and usually $100k over list price. What is driving the aggressive market?
Predictions It doesn't make sense if someone is currently on a mortgage forbearance program to want to sell. They have a safe place to live during an uncertain time (Covid), and they are not paying a mortgage payment. If they are working, they are also saving more money than they were able to before (since they are not paying their mortgage). This is causing many would-be sellers to hold onto their home unless they really need to sell. I would assume that everyone that is on mortgage forbearance is not earning income. There will be people who either have no more income, or their income has dropped because their industry/company went out of business and they are working some side gig to get by. What will happen when the mortgage forbearance program ends? I would imagine they would list their home for sale and probably downsize or move to a different area that is cheaper to live in. I don't think we are going to have a major foreclosure crisis like in 2008, because what happened there was that so many people simply defaulted on their loan and just stopped paying their mortgage payments, and they couldn't even sell their home because very few people were buying at that time. This time is different, there is a huge demand of buyers waiting for inventory to open up, so when these sellers do decide to sell, they won't have an issue doing it. I suspect this will cause prices to stabilize, and will also give builders enough time to bring up their supply towards current demand, further stabilizing prices. Further, I predict interest rates to rise to offset the inflation that is likely to occur due to all of this new currency that will be circulating, which will also cause prices to stabilize. I don't predict prices to fall, because there are just too many buyers in the market that have the income/cash to be able to buy. This won't be like 2008 where buyers were getting NINJA loans (No Income No Job/Assets) which caused the market to crash when those buyers stopped making their payments. Of course, all of this is just a prediction from personal experience, reading about real estate and the economy, and listening to other people way smarter than me. In any case, I still would buy now if able, as I've found that trying to time the market and sitting on the sidelines is a riskier play than getting into the market. [link] [comments] |
| Trying to buy a house right now sucks! Posted: 18 Feb 2021 10:10 AM PST Trying to buy a house right now in southern NH (budget is 400k) already pre-approved and the limited houses popping up for sale are FLYING off the market. Have put in multiple offers only to be out bid by thousands of dollars and possibly even all cash offers. Anyone else currently in this situation? What are you doing or planning to do? [link] [comments] |
| Closing delay due to employment verification from former employer? Posted: 18 Feb 2021 09:24 AM PST Closing is scheduled for next week and I just got an email from the lender that they are still trying to verify my dates of employment with my previous employer (left the job a few weeks ago to take another job). Apparently my company only sends employment verifications for former employees via snail mail, which would not arrive in time for closing (very frustrating that the lender didn't tell us about this weeks ago when mail timing wouldn't have been an issue - we've had all our requested documents in for at least a week at this point). I forwarded them an email from my boss verifying my employment (good thing I left on good terms), but not sure if that will be sufficient. How screwed are we regarding a potential closing delay? And why is the bank requiring this information in the first place when they've already verified my past income and current income/employment? [link] [comments] |
| Is being a homeowner worth it? Posted: 18 Feb 2021 07:47 AM PST I'm very attracted to the idea of owning, not renting, a home. And up until I heard about the expenses that generally come with owning a home, I've been largely discouraged. I'm not someone who plans to loan money or set up mortgage for a house, I will either lease to buy or buy at once. However, are the expenses that come with owning and average 300k house really that significant? Or can I live comfortably with these expenses?( bills, HOA, tax, pls tell me if there are more) [link] [comments] |
| Posted: 18 Feb 2021 03:41 AM PST Hi guys, I know this is probably another buy vs rent thread but I really really want some opinions from people with more experience. I graduated 2 years ago, single, working in a decent stable job in NC. I currently live in rent $1000 / month. I have been looking into buying a house for about 6 months now mainly for the purpose of ending my rental streak, and for little bit of future investment purpose. I found a new construction away from city. Pretty rural area population of 1000 that has recently started developing and the price on these were way lower than anything in the city and commute was also reasonable. Actually closer to my work. I also have a friend who is a realtor who is willing to share some portion of commission. It is one of those cookie cutter 4br slab house, roughly going to be 250k, mortgage including HOA little bit less than $1100 30 years. I am not planning to rent out part of my house. I have a lot of my income invested on stocks but I also have enough money saved for down payment plus maybe 3 month emergency. I understand the market is crazy right now. But this new construction sounds like a good deal. I see similar floorplan built in same community built 2 years ago being sold off the market for 15k more than this new house within 1 day. I may be losing a huge opportunity cost for the downpayment and etc. Also risking a loss in unforseen case I need to move for a new job couple years down the road. If I do end up staying for 3-5 years though, I am thinking it may be a good investment considering mortgage payment also equal to my current rent, probably not too much unforseen repairs on the property, tax deduction and such. This is probably the biggest investment i will make. I would appreciate some insights for my situation. Thank you. [link] [comments] |
| Will the housing market ever be affordable again? Posted: 17 Feb 2021 05:42 PM PST I've been looking at houses recently and have noticed two things. 1.houses are really expensive almost everywhere. Buying one requires 5 - 10 salaries for the average person. 2. Housing prices are blooming. The yearly growth of house prices is in the double digits. As a young person very interested in owning homes in the future it hurts to see house prices continuing to climb past wages to the point where buying a house doesn't seem possible or reasonable at all unless I was already wealthy. I'm 18 and have about 20k saved atm and can't imagine myself buying a house anytime in the future at all. Everything I see that isn't in a super poor area is either 200k if it's from like a century ago or 300k+ for something regular. It's rough watching wages stagnate while house prices continue to climb this way. Will the market ever drop or atleast become reasonable again? Im new to the housing market so I don't understand much about it's over all trends. I'm pretty into the stock market and know crashes their aren't to rare and in some ways are predictable. Thanks for any help. [link] [comments] |
| Purchasing a Pre-Foreclosure Home Posted: 18 Feb 2021 10:38 AM PST I just started looking for a new home. Would I need a Foreclosure specialist to help with Pre-Forcelosure Home? [link] [comments] |
| Posted: 18 Feb 2021 10:25 AM PST So the real estate market where I live is insane just like everywhere else (Colorado mountain town). My wife and I listed our home in mid-January for $290,000 and received 7 offers in twelve hours- none of the offers was below $300,000 and several were $330,000 or more, and we went under contract at $340,000. We are on schedule to close next week. The appraisal just came in for $315000. Should we hold out for more cash or should we just be happy we got $25k above asking and leave it there? [link] [comments] |
| Buying a condo vs just renting Posted: 18 Feb 2021 09:05 AM PST First of all, I feel like buying real estate is only worth it if you are planning on renting it out. I post this to get input from others Cons The 25-year mortgage @ whatever average rate you get must be paid on top of the principle price of said property That on average that investment in housing isn't very good averaging 2% ( Appreciation ) in general but of course, there are outliners like Vancouver, New York, London, etc Plus 1% a year in repairs that will be required per year, Plus any repairs that will be required right when you move in Including property taxes Lastly, overall potential loss of not investing that same down payment 20% into let's say S&P 500 @ 7% Condo's have 400 dollars in condo fees The prices of a condo in my location is 500,000 CAD and a townhouse is 800,000 Cad and a house is 1.4 million Pro's You aren't playing rent If you are in the desired area you will profit a lot due to the leverage that you will have You can charge rent if you own a house and can rent out the basement So my main problem is I feel just like the stock majority of all the profits have already been released and therefore it would be a bad investment. Should I look at other countries that are developing to invest in that are more reasonably priced that may have some risk to them? Cause for me my job isn't in one place I can live anywhere. Or should I just live in cheap countries and save? Thank you ahead of time for educating me. I really appreciated it. [link] [comments] |
| Rent To Own Website Reputability Posted: 18 Feb 2021 08:39 AM PST Hello, all. I live in SWFL and I'm considering RTO. I've been on a number of sites recently that advertise RTO properties. To me it seems like there are an awful lot of these types of properties in my area. Almost too many. Every site I've been on wants you to pay to become a member in order to get all of the information on specific homes. My question is, can anyone recommend a reputable site to locate owners that offer RTO contracts? I'm going to dig in this weekend and see what I can find out, but any advice is greatly appreciated. Thank you. And enjoy your day. [link] [comments] |
| Posted: 18 Feb 2021 08:37 AM PST Hi all. Just curious how one would best go about purchasing a couple (<10 acres) of raw land. As I understand it, lenders want you to put down more up front, but is that closer to 30% or 50%? Are there better places to look for such loans (e.g. USDA vs. Bank vs. Credit Union, etc...)? I don't have any plans to build on it in the near future, but I would like to secure some land as soon as possible, I'm just not sure how best to do so without just putting down all cash. Thanks. P.S. where could I look to see what sorts of tax breaks may be available for raw/agricultural parcels. There are lots of zillionaires here in FL that buy land put 2 cows on it and call it a "farm" and are able to tax breaks out the wazoo. Just curious if anything like that exists for Little Guys. [link] [comments] |
| USDA Loan Repayment strategies Posted: 18 Feb 2021 08:22 AM PST Hi all. I have a few questions regarding USDA loans. As I understand it, a down payment is often not required. That being the case, would it be wise financially to take the equivalent of the down payment and apply it to the first mortgage payment, to be applied against the principal? Is there any reason why this would not be a good strategy with regards to paying down the mortgage ASAP. Thanks. [link] [comments] |
| Experience using iguides on smaller homes Posted: 18 Feb 2021 07:14 AM PST During covid, I've been inclined to pay for iguides for my clients who have odd house set ups. (like all the bedrooms below grade) I felt like it helped eliminate showings for people who the lay out just wouldn't work for and bring us serious buyers (which it did) Now I have been receiving an influx of CMAs on smaller houses. (under 1100sq ft. Normal set up like capes or ranches, no real wow factor, just the standard normal 200-225k house) How has your experience been using iguides on these smaller houses? [link] [comments] |
| Posted: 17 Feb 2021 09:53 PM PST Pre approved in early January, rate locked, appraisal ordered, came back, then, get ghosted for an entire month, he doesn't reply to email sent 15 days ago, assistants next to clueless and now loan officer backs out two weeks before closing saying I need to pay off $30K in debt or else they won't approve it. Just now finding out about this demand. Even worse is this licensed loan officer hit me up over Facebook, saying how he "didn't like to look for business there" but figured he would this time. Not sure why "this time" is any different. Side note: opposing political views. Realtor and I wonder if other factors might have been in play. Not sure how you overlook 30 grand that needs paid off by closing if you're a licensed LO and go so far as to do what he did. It took a solid week for his DM to get ahold of me who said he escalated this and has basically taken over. Now says they're "working on it." Meanwhile my EM is nonrefundable. Is a new build. You hear about this stuff but you never think it'll be you. Til now. Never trust the big banks. Only use local lenders. Learning that the hard way boyos [link] [comments] |
| Posted: 17 Feb 2021 11:54 AM PST I've been wanting to build a custom home after the pandemic is over, and assumed the pandemic was the reason for the increase in lumber price, but apparently it wasn't. There isn't really any forecast out there saying it will go down anytime soon. Every builder I've talked to tells me this has made building pretty much pointless unless I'm willing to spend crazy amounts compared to a few years ago. That got me thinking about other materials. I hear so many things about containers, concrete, and synthetic stuff. Is there anything coming soon that is looking to replace lumber? Or is it still just the cheapest best option out there despite the rising cost? [link] [comments] |
| Posted: 18 Feb 2021 06:12 AM PST I'm trying to negotiate with a seller that has a property adjacent to me with a barn. I was told that the land does not perc and now I am wondering if I should have an assessment. When looking at comps, how much would a failed perc test lower the price? Does it decrease the value substantially? [link] [comments] |
| How long do I need to (pragmatically) hold a property before I can sell? Posted: 18 Feb 2021 01:10 AM PST I picked up a property last year that I'm not thrilled with and am considering my options. I know that I obviously need to hold it for at least 1 year to avoid short term capital gains but is there anything else out there that I should be factoring? Any "average" recommendations that I should shoot for? I'm not looking to make a profit and would be fine just breaking even so I can go back on the market. Thanks in advance! [link] [comments] |
| Posted: 18 Feb 2021 04:21 AM PST My husband and I live in our second house now, looking to sell and buy our 3rd. We live in an 1,100 sqft townhome, and it is simply too small now that we have a toddler. The walls are closing in on us. We were supposed to move in March 2020. My husband got a new job out of state. Their relocation team hooked us up with temporary housing on the company's dime and they were going to pay up to $7,000 in moving expenses. We applied for a FHA home loan and we're pre-approved for $320,000. Then Covid happened. Nine days before he was supposed to start the new job, they rescinded the job offer and laid off half their staff. He was able to stay on with his current company. Bullet dodged there! We decided to buy locally and applied again in August. Our financial situation had not changed at all. Our loan officer (same guy we used with our current house) told us we needed to pay off $10,000 of CC debt. (Which was all medical BTW- three rounds of IVF and a C-section add up...) I'm not sure why we were pre-approved in March and then not again 5 months later. Well, we have paid off $12,000 in CC debt (had to dip into a 401K for about $8,000 of it). Now, we want to reapply. But I don't want to feel stuck with only one option (this loan officer). How do we compare? I don't want our credit scores to get flushed down the toilet from having multiple companies run it... but does it stay "open" for a period of time? Is there a place to do this online, or should we stick with local? [link] [comments] |
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