Housing News

Can I have two agents?

Mon, 20 Jan 2020 22:27:24 +0000

I have one agent right now. We did an inspection on a house we are trying to buy. but the seller needs to clear the violations on the house before we can buy it and they really stalling.we are not in contact yet

So I would like to search for a new house while the seller clears the violations and gets us into contract. But I'm thinking of using a new agent while I search for this new house.

submitted by /u/realmisc
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Best areas of the United States to own a nice house and a couple acres of land?

Mon, 20 Jan 2020 22:25:43 +0000

My husband grew up in the middle of nowhere in Eastern Tennessee with 10 acres and loves the idea of us owning a nice house with land that we can work on over time (raising animals, bees, free firewood, etc). I love the idea but I’m not sure about living in Tennessee, and especially do not want to live somewhere far from schools, hospitals or shops.

What are some other states/regions that can offer this type of lifestyle?

Edit: spelling

submitted by /u/splitzwhee
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How does one buy a mobile home in the state of California?

Mon, 20 Jan 2020 21:55:51 +0000

I know it’s different than buying an actual house. So how should one go about buying one? How should one prepare?

submitted by /u/daniilonglegs
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Appraisal?

Mon, 20 Jan 2020 21:49:51 +0000

Preface: yes, I'm aware I could ask my realtor. They are not responsive to me, only my husband who is at work and unable to communicate. I want to have a better understanding of this soon, hence asking here.

Buyer had inspection last week. We still haven't heard anything back. Appraiser is scheduled for tomorrow. Is this normal?

Previously (before I was told to stop texting and stressing them out), the realtor said that appraisal would happen AFTER negotiations after the inspection and TRR. There has been no TRR, and no negotiation...but we're moving forward with the appraisal? I'm confused.

submitted by /u/88ajoy
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[FL] search engine to find a 3 car garage?

Mon, 20 Jan 2020 21:47:05 +0000

State27 was my go to, and they just sold/merged with someone else and that feature is gone. Anyone know another site where I can simply browse a price limit that has a 3 car garage?

submitted by /u/somedude456
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[Florida] How often should a realtor keep in touch with a client?

Mon, 20 Jan 2020 21:44:34 +0000

I haven’t heard from my realtor since December 7th. Is this normal?

submitted by /u/t3chb1zn3ss
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FHA Loan vs. Low down payment mortgage options

Mon, 20 Jan 2020 21:35:13 +0000

Hi everyone,

I've been doing some research on mortgage options and stumbled across a few different potential options– A traditional mortgage with 20% down, an FHA loan with 3.5% down, and a low down payment mortgage option (Affordable Loan Solution mortgage from BOA).

Why would anybody choose the FHA loan, compared to the Affordable Loan Solution mortgage?

The FHA loan has a mortgage insurance that is paid every month, while the Affordable Loan Solution mortgage from BOA offers a 3% down payment with no mortgage insurance required.

Is there something I'm missing with this?

submitted by /u/Razuto22
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Neighbor Says Yard Floods

Mon, 20 Jan 2020 21:23:15 +0000

Looking at a house to buy, we spoke to the neighbor who said the slope the house is built on means it floods the side yard during rains, and is likely softening the foundation.

I trust my real estate agent when she said "that's not good." We imagined building drainage, but it would likely be expensive. What do you all think? Any more details I can provide?

submitted by /u/Rajajones
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Do you account for possible taxes in rental property rental income cash flow?

Mon, 20 Jan 2020 20:55:26 +0000

Hey I’m interested in a house hacking situation but all the cash flow calculators I’ve seen online so far only seem to take the mortgage, property taxes, insurance, utilities, and maintenance/capex into accounts. Do I need to account for possible taxes on this rental income when calculating whether it’s a cash flow positive deal? I have a job that earns over 100k so I figure I would def need to pay taxes on the rental earnings

submitted by /u/DrPepper1260
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Foreign real estate

Mon, 20 Jan 2020 20:47:20 +0000

Hello,

I'm originally born in another country but a US citizen now. My dad still has a home in said country.

He would to sell it and provide me with the cash (in country currency). Can someone tell me what's the proper way to get the currency into my account (preferably US dollars) that will be ok with the IRS, etc? I've never done anything like this but I want to make sure it's 100% legal.

Thanks!

submitted by /u/CoughELover
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Did you catch my Facebook Live I hosted with @heatherheuman? We had a GREAT conversation about social media in 2020. She shared so many valuable tips/tools and resources. Watch the replay: https://www.facebook.com/KatieLanceConsulting/videos/2459076641

Mon, 20 Jan 2020 20:00:16 +0000

Did you catch my Facebook Live I hosted with @heatherheuman? We had a GREAT conversation about social media in 2020. She shared so many valuable tips/tools and resources. Watch the replay: https://www.facebook.com/KatieLanceConsulting/videos/2459076641075197/ … #socialmediamarketing #getsocialsmart #goldenrulesofsocialmedia

Would my husband and my brother paying me rent be considered income?

Mon, 20 Jan 2020 19:33:51 +0000

So I saw a post earlier about something similar and I’m in a similar position. I bought a house a year ago and I just got married. The house is under my name so my husband would just give me money every month to help me pay the mortgage. My brother is also currently living with us and he’s paying me rent too. Do I need to file their money as additional income?

submitted by /u/nataliasvoice
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Mailchimp vs Constant Contact

Mon, 20 Jan 2020 19:30:52 +0000

I’ve been using mailchimp for awhile and really like that, but heard a lot of good things about Constant Contact in terms of further personalization and presentation in your emails. Anyone have any experience or thoughts on either?

submitted by /u/RealtorTom
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Help! Should I sign a Buyer's Agency Agreement from my Real Estate Agent?

Mon, 20 Jan 2020 19:28:35 +0000

I've just started looking at homes in Seattle with a real estate agent and they sent me over a "Buyer's Agency Agreement" and I don't know whether I should sign it. I've heard so many mixed opinions from "they're normal " to "no, you shouldn't have to sign anything." The main part that concerns me is this: "Compensation and Scope of agency: Buyer shall pay first compensation as follows: 3% of purchase price"

I posted the main page of the contract here: https://postimg.cc/bsNjyhcQ

I have no idea what I'm doing, so any help would be appreciated

submitted by /u/househuntingseattle
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Real estate friends: tomorrow is the last day to sign up for our February office social media training! Click here for details: https://katielance.lpages.co/30-day-challenge/ …

Mon, 20 Jan 2020 19:27:46 +0000

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Real Estate Financial Analysis Service

Mon, 20 Jan 2020 19:25:36 +0000

Does anyone know of any services that can help me decide on if I should invest in certain Real Estate Markets, give me an accurate cash flow of a property , buy/hold/sell recommendations based on population growth, employment growth ect? I need some help deciding on if I should invest in the residential real estate market in the Raleigh/Durham Area!

submitted by /u/yadadamean10
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On sites like rent.com where you are seeing prices, what does the + mean on prices?

Mon, 20 Jan 2020 19:19:37 +0000

When looking at renting prices on websites like rent.com, I'll see places with pricing like "$700+ per month". What does the plus mean? How do I find out what the real price is? I couldn't find any easy answers, probably just because I'm new to this and dont know what to call this.

Thanks in advance.

submitted by /u/ITCOMMAND
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Seller won't budge on providing fixes. How serious are these issues? (Houston, TX)

Mon, 20 Jan 2020 19:14:57 +0000

Hi all, I'm a first-time home buyer and know nothing about houses. I received the inspection reports (merged General, HVAC, Termite) but I have no idea what is serious and what isn't.

The seller is refusing to give me any concessions on fixes, which is a little frustrating. I'm a little anxious about this whole process.

Some questions:

1) How many of these fixes are urgent and necessary? What would they cost?

2) What things should be on the periodic checkup/maintenance list?

(Inspection report here:) https://gofile.io/?c=Hyo4Iq

Thanks!

submitted by /u/productivemodego
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Where can I learn about my rights re: new construction home in part of large development?

Mon, 20 Jan 2020 18:43:16 +0000

I am buying a home that will be complete in early summer so it will be built during spring. Although the climate is relatively dry here, I am recovering from mold illness and am pretty conscientious about the development of mold during wet weather construction.

Can anyone point me in the right direction in terms of educating myself on my rights during construction and after? I would like to mold test the house when it's complete, and be able to visually inspect during the building process. If the framing/plywood is wet, do I have the right to ask that it be allowed to dry before they continue, etc?

I'm not a builder so may hire a consultant. Just don't want any nasty surprises after the fact and I'd like to learn about my rights legally. This is a very tight market and getting a house at all in my price range is a miracle (developers are only required to build a few affordable homes) so it's not like I have a lot of options in my price range.

submitted by /u/daringlydear
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Mon, 20 Jan 2020 18:20:13 +0000

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[VIDEO] Not sure how to use Instagram effectively to grow your account (and ultimately – to grow your business?) These truth bombs are for YOU! https://youtu.be/-2HbRC45_DQ?utm_campaign=meetedgar&utm_medium=social&utm_source=meetedgar.com … #getsocialsma

Mon, 20 Jan 2020 18:05:04 +0000

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Independent Broker Looking to Hire First Agent in California

Mon, 20 Jan 2020 17:57:30 +0000

I have been an independent broker for almost a decade and am looking to grow and hire my first agent (agent to use their own home office and vehicle). I understand that the following steps are needed:

Have Agent fill out W-9
Complete Agent Agreement with Agent
Complete and submit CA DRE RE-214 Salesperson Change Application to CA DRE
Obtain Workers' Compensation Insurance
Obtain Errors & Omissions Insurance

Given this, I have two questions:

Have I left out any forms/steps in the list above?
Is there any company you recommend that offers Workers' Compensation Insurance and Errors & Omissions Insurance at a reasonable rate?

submitted by /u/weaponG
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Time share help

Mon, 20 Jan 2020 17:53:33 +0000

So my wife bought a timeshare with a boyfriend way back when. Timeshare is in both of their names. She has no idea where this dude is at now and the annual bill comes to us. Because I didn't want to ruin her credit we paid this annual bill each year along with the taxes. Comes to about $1K a year. Is there any hope to get rid of this thing? I don't know where to start.

submitted by /u/mbrown2626
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Mon, 20 Jan 2020 17:48:40 +0000

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Any thoughts on using 'Habitat for Humanity' or similar to get familiar with home improvement for REI

Mon, 20 Jan 2020 16:02:06 +0000

While I plan to eventually just hire contractors to do my repairs, I think it would be a good idea to initially get my own hands dirty.

For example, I just got a $15K quote to replace my kitchen and two bathrooms cabinets for my primary residence, but I'm tempted to try to do these myself, though I wouldn't mind trying this on less expensive places, plus Habitat for Humanity states they'll train you (though I may not have much of a choice on what type of work I do).

submitted by /u/spe-swa
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We are thrilled to announce our NEW social media training exclusively for real estate offices! Click here to find out more. First training start Feb. 1st: https://katielance.lpages.co/30-day-challenge/ …

Mon, 20 Jan 2020 15:15:21 +0000

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Are instant buyers reliable?

Mon, 20 Jan 2020 14:53:49 +0000

I have a property which has been on the market for a year and a half. Within that time span only 10 people came to see. And I received 0 offers. I don’t understand the reason for it, it’s a really nice apartment in a really good location/building. I changed 3 real estate agents because none of them got an offer.

I saw ads for “instant buys for cash” type of stuff.

I was wondering if they were reliable and I don’t unknowingly agree to sell my house when I fill up their form or stuff like that.

Any help/recommendation would be really nice.

Thanks.

Edit: it’s in north miami beach, fl. And I got it 3 years ago for 365, it’s listed at 345 now.

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Insurance requirements Florida

Mon, 20 Jan 2020 14:37:41 +0000

I have some Florida specific questions and I will be talking to professionals this week but hoping to get some insights from others in the trenches before I do.

I know that it can be impossible to get homeowners insurance for a house with nob and tube wiring. Obviously shatter proof windows are preferable but are hurricane shutters enough to get insurance? Or are there issues with a tile roof built pre 1992 if it is still in good condition?

Anything else Florida specific I should be aware of?

submitted by /u/lumpytrout
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HOA question on new construction

Mon, 20 Jan 2020 14:31:52 +0000

Hello all, this is my first post here with a question and hopefully someone can weigh in on it. Last Fall we finished construction on a second home in Ocean City, MD on a parcel of land that (we thought) was part of an annexed community within an HOA. All of last year we paid our HOA dues and used the amenities provided by the HOA like the pool, dumpsters, etc. This year I was contacted by the HOA president letting us know that the property management company's lawyer discovered that due to a clerical error, the lot we built on was actually never officially annexed as part of the HOA so we weren't technically in the HOA. The lawyer drafted a document to have us sign that would annex our lot and officially bring us into the HOA. My question is this: Should I hire my own lawyer to look this over specifically because I would be interested in an agreement that would allow us to exit the HOA if we ever wanted to, perhaps years down the line if we were to want to sell and found it more desirable to market a home not tied down to HOA dues. I like the HOA and what it provides and am fine with being in it, but figured this would be the only time I'd have any leverage for an agreement that would give us an out if we'd choose to take advantage of it in the future. Anyone have any idea if this is a crazy notion or if it would even be possible? Thanks for reading.

submitted by /u/mobilemarketingllc
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Zillow appraisal too low

Mon, 20 Jan 2020 13:41:07 +0000

How much does the Zillow, Redfin, and even county appraisal impact actual market value?

My situation is a little unique because we have 10 acres of Forrest and a small 2 bedroom house. The property was literally a dump 10 years ago and the house needed torn down.

I purchased the property with 5 acres in 2008 for $45,000 and completely renovated the 1000sf house. I also purchased the house and 5acres next door for $60,000 in 2014 and tore that house down. As mentioned there is now 10 acres.

Zillow is saying my property value is $165,000. I would like to get $285,000. Property taxes are $145,000 but Wyandotte county is typically way under market value.

Am I just a typical crazy homeowner who thinks their property is worth way more than it actually is? Or is it possible that the land could add some value to potential buyers?

We are in the middle of Kansas City and this amount of land is extremely rare. The house is really in great condition for being 100 years old. We are also in the process of adding a 1 acre pond and would like to know if that could increase the value.

Currently we are in the process of building a new home and trying to weigh the options of selling vs renting. We owe $85k which was leveraged to buy another piece of ground we will be building on.

It’s not a great rental imo because it’s on propane, has a long steep gravel driveway which requires upkeep, and most of the value is the land itself. It’s also on septic which prevents the property from having development potential.

Only reason we really want to sell is because of the capital gains we would pay if we wait to sell. There is potential to build 3 houses around the pond, live in each one for 2 years and then sell them off one by one.

Any feedback would be welcomed and appreciated. Thanks for reading.

submitted by /u/inspirekc
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First time home buyer looking for investment multi family property to have tenants pay mortgage but is it a good idea?

Mon, 20 Jan 2020 06:39:21 +0000

I’m hoping to purchase property this year. I’m a first time buyer. I don’t have a lot of money for a down payment but I know there are programs that I can use in this case (FHA, USDA). Lately I’ve been considering income properties as I’m nervous about maintaining a home. I only make about 40k a year before taxes and I’m a worrier! I think buying a multi family property would be my best bet so my tenants pay my mortgage leaving me money to maintain a property. Can anyone give me advice on what to look for and look out for when buying multi family homes? Also if you know of any other options for low down payment programs I’d love that info as well. Finally, what can I expect as far as maintenance costs going forward (average yearly costs)? Or since I’m a low income situation would I be better off looking for a small, single family home? Is the market for multi family homes a buyers or sellers market? Any and all advice welcome.

submitted by /u/Ell-O-Elling
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Mortgage application question

Mon, 20 Jan 2020 05:46:59 +0000

Hello! I am applying for a mortgage with my girlfriend to purchase a home together. She has student loans, but they are in her parents name. Her name is not attached to the loans whatsoever. We submitted the application without the student loans on there, as it is technically not her debt, but now we're getting anxious that they will deny our application for not being forthcoming with them. Is this a possibility? Can they deny us for this? Can they even see these loans in the first place? They would technically see the payments coming out of her account, but aside from that there should be no connection to her. Please help! If we need to we can call them first thing in the morning and fill them in on our mistake.

submitted by /u/mhoffman54
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So excited! Go NINERS! Super Bowl bound! #NinerGang #NinerNation https://twitter.com/49ers/status/1219089017729245184 …

Mon, 20 Jan 2020 04:29:05 +0000

So excited! Go NINERS! Super Bowl bound! #NinerGang #NinerNation https://twitter.com/49ers/status/1219089017729245184 …

Can I be forced to manage my HOA?

Mon, 20 Jan 2020 04:25:33 +0000

So I’ll try to make this brief. I purchased my first home, a townhome, just this past November. There are a total of 4 units, each unit pays $150 per month in HOA dues. The person who I purchased my home from, managed the HOA for 30 years. Upon me purchasing my home, one of the owners of another unit took over the HOA responsibilities. Again, it’s only been a couple months. Yesterday, I was going outside to take out some trash, and I saw the man and woman who are currently managing the HOA. I had never met them before, only spoke to them on the phone once. The man comes up to me and says “you own this unit?” I respond yes. He says “you’re going to take over the HOA.” I was dumbfounded, and thought I had misunderstood him. So I said “what?”and he says “yeah, you’re going to take it over, my wife will show you how.” And I’m like “No, I am not.” The wife says “oh you can not say no, all the owners have to take turns.” Which is bs, because like I said before, the person I purchased from managed the HOA for 30 years. These people have only been doing it since November. I’m like “okay so what about the owner of the first unit?” She says “oh she doesn’t want to do it.” Lol, wait a minute, so I can’t say no, but everyone else can? I was like “I can not do this. I’m a single mother of a disabled child, I work 2 jobs and I do not drive. I am not capable of managing the responsibilities of an entire HOA in addition to my own personal responsibilities. Hire a management company.” She says “oh no, we can’t do that, then the rent will go up.” I’m like “well, I’m not a renter so that’s of no concern to me. If the HOA itself rises, then so be it. But I am not doing this.” And these 2 just keep badgering me and finally he husband tells the wife let’s go. And he tells me he’ll be calling me.

So has anyone ever heard of this before, being ambushed and forced into managing their HOA? I called my attorney and left a message asking him to review the bylaws just to verify that there is no clause stating that at any point would I be required to manage the HOA. My realtor says that sounds ridiculous and highly unlikely. My fear is that they’re just going to go to the city and whoever else and tell them that I’m the new head of the HOA and just to send any/all bills/etc to me. My realtor assured me that’s not possible and that I would have to sign off on things in order to be put in control but I can’t help but think the worst.

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If you’re trying to sell your home, you’ll want to bump up your curb appeal. Landscaping is a great way to do it. You need a good plan to fit all these landscaping pieces together. That’s what professional landscape architects do for $75 to $150 an hour,

Mon, 20 Jan 2020 03:18:31 +0000

If you’re trying to sell your home, you’ll want to bump up your curb appeal. Landscaping is a great way to do it. You need a good plan to fit all these landscaping pieces together. That’s what professional landscape architects do for $75 to $150 an hour,

First time buying - its a weird process. I assumed you get to meet the sellers but you do not. I know the cashier that sells me beer better than the $200k house we're buying. Would it be weird to message them via Facebook and just say Hi?

Mon, 20 Jan 2020 02:55:29 +0000

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How to cleverly honor your home when they have to say goodbye.

Mon, 20 Jan 2020 02:49:03 +0000

How to cleverly honor your home when they have to say goodbye.

[Denver] Condo vs detached single family house in current market

Mon, 20 Jan 2020 02:31:18 +0000

Housing market is crazy in Denver. I still see offers that are higher than the list price.

What's the strategy for real estate investing in this city?

I'm looking at Arvada, Highlands, and Sloans lake area.

For single family homes, how do I find a property where I won't lose money? I'm looking at homes that are 400-600. With 5% downpayment on a 550K home (4bd, 3ba), mortgage is $2837/mo, which I cannot recover from rent or even think about saving up for any repairs. Am I looking at home prices that are too high?

What are your thoughts on condos?

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New build with shoddy finishes (red flag?)

Mon, 20 Jan 2020 02:08:40 +0000

1st time buyer here- I posted a few days ago about a home I was going to look at that's in a well established neighborhood and a little smaller than the rest. Overall, I really liked the house but there were some really weird/lazy finishes that threw me off and make me worry how the rest of the house was built. All of the trim/ molding around the doors inside the house are a good inch (2 inches on some doors) off the ground. All the interior doors are 2 inches (or more) from the floor. Im sure I sound crazy but there are literally gaps you could fit your hand and part of your arm through on these doors- just makes no sense. There was a hole in the fireplace where it appears they cracked the stone in an attempt to put in electrical and the outlet next to this hole is sticking out/ kinda crooked. The floors, paint, kitchen, e.t.c look amazing... its just these weird finishes.

Are these things that should make me nervous about how the rest of the house was built or is it just a simple thing that happens with builders sometimes? My husband said each step of construction is often done by a different team but, if I were a builder, I wouldn't want my name attached to crappy work.

Next question, I received the builder's name but cannot locate anything about him, cannot find a building company owned by that name, etc. The realtor said our small town is starting to get more builders from DFW but I couldn't find his name associated with that either. To me, not being able to locate anything about this person is a HUGE red flag but, again, I'm new at all of this so maybe I'm overreacting?

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How do you protect your deed?

Mon, 20 Jan 2020 01:43:06 +0000

What prevents someone from forging your signature transferring your deed over to them, forcing you to get lawyers to prove you didn't sell them your property? Is there a "deed protection" or "deed freeze" similar to a "credit freeze" or credit lock?

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Southern US: one bedroom one bath 1000sq ft townhouse - I really want to change my only bathtub to a shower... is this a total mistake?

Mon, 20 Jan 2020 01:07:31 +0000

So I've got a bathtub that is 5 feet by 30 inches. I'm 6' tall and the bathtub is way too small for me to sit in and cover much except my thighs and so baths are not warm and relaxing. I would really like to change it to a shower. More room/less wasted space. I don't think anyone with kids would buy the place given that it's one bedroom. However I'm reading that doing this would make selling it in 7 years or so will be difficult with a walk in shower only. Thoughts? (I really hate this bathtub). So would I be making a grave mistake doing so?

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Some questions for those that own rental properties for a secondary source ofincome.

Mon, 20 Jan 2020 00:59:53 +0000

This could be answered by full-time investors as well, but I'm trying to get a grasp on what my future could hold.

I have a pretty well-paying job that will allow me the time to also invest in rental properties. I know one property isn't going to lead to early retirement, but for those of you that have a decent number of properties, how has this extra income affected your life?

I know the big income comes when you've paid off the property and continue renting it, or sell it and realize the appreciation, but in the meantime I'm wanting to get some insight on what to expect after owning a few properties. Do you feel like you have a significant amount of extra income? Or are you solely in it for the long haul, looking towards having (hopefully) property that is worth much more than you bought it when you decide to sell?

submitted by /u/scott12333
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Home hasn't had inspection yet | Need delayed closing | Been on market 6 months

Mon, 20 Jan 2020 00:46:14 +0000

I live in a hot-ish market. This home has been on the market during a hot season, and still hasn't sold.

I like it, I want it. Definitely on a budget, and can bargain it down if I close soon.

BUT *dun dun dun* I need a delayed closing because of a rental lease, by a few months. My agent (whom I 100% trust) is wary of a closing 4 months out. Me, wary of paying double the mortgage on two places and it would drain me. Hence, the weirdness.

I can make an offer and gamble - the place is definitely quirky and would need some repairs. I'd be grilling the inspector because ya know, FTHB. (Those crooked floors! What is that weird wire? etc.)

But also I want the home - without being taken to small claims court - because a finicky landlord I currently rent from.

(FWIW, paid on time as a tenant for almost a decade and quiet, could have reported multiple issues and just let it pass because I wanted a good reference and flex time to move out. Years later - LL is just pissed I'm leaving. Don't bother leaving legal advice on that, I've already looked into it. Breaking a lease here is a little tough, even in a "pro tenant state" - a LL *can* make life tougher and even my trusted agent doesn't trust them to make things easy or fair. It's easier for a LL to drain my savings than for me to drain theirs in court.)

submitted by /u/ProvidenceOfPyre
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Are we ready to make the move?

Mon, 20 Jan 2020 00:39:36 +0000

Looking for guidance and any heads up on things that we may not know but my wife and I are very, very interested in moving into a new home this Spring of 2020. Currently we have a 3 year old son and plan to have one on the way very shortly. Our current home is only 900sqft so the move will be very necessary. Plus the school district we live in has gone downhill severely which is a worry since the 3yo will be starting school soon.

So, I ask the community, are we ready to move into a much better neighborhood/home? Right now, she has an 815 credit score, I have a 735 credit score. We have $40k to put towards the new house. (This is for downpayment, closing costs, real estate fee, everything. And I mean everything including moving company too).

We'll probably only make $10k in equity on our current home. It has been on the teetering point of being upside down for the 10 years we've owned it. (Bad neighborhood). I make $80k/yr base and she makes $40k/yr. I've been in my job for 13 years, she's been at hers for 5 years. She has $7k left to pay on her 2015 Chevy Malibu and I have $15k left to pay on my 2016 Chevy Silverado. Ww carry about a grand on the credit card every month but pay it off entirely every month. Her student loans just began and cost us $450 a month.

The school district/neighborhood we are targeting and wanting to be in has houses around $250-$275k for a 3bed 3ba home. We HAVE to have 3bd and 2ba and the nicer homes will hit the $300-310k range. There are fixer uppers listed at $230k. We want move in ready as we're tired of the projects of our own current home. At 3.80, we think and are hopeful to keep our mortgage payment at $1,500-$1,600 range. Really don't want to go into $1,700 a month. Any advice??? Can we make a move?

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Question on Florida real estate and down payment amount

Mon, 20 Jan 2020 00:21:31 +0000

I've been thinking about numbers on mortgages and had a question on income and down payment. I work at a job where I make on average about $42,000 a year pre tax. However my base pay after taxes is about $29,900 a year. The rest is from bonuses that are not guarateed. So when I figure what I can afford going from the 25% max of base net monthly income, it's about $622 a month payment with property tax and insurance.

Right now to get a house that I'd like it's about $150,000. Obviously this is well beyond the means of somebody who only makes under $30k a year after taxes. And I DO make pretty good income for this area if you figure in the bonuses, so I'm not just working a part time minimum wage job and expecting to afford a mansion.

The only way I can see to do this is to put down a much larger than 20% down payment, maybe even 50% down in order to get it affordable. I seem to get the idea that this is really just living beyond one's means.

I honestly don't understand why only putting 3.5% down is so attractive. A much lower down payment means a higher mortgage so these people must be making far more than I am.

But that aside, is it a bad idea to put that much down in order to afford a home? My fear is the prices could drop in a heartbeat and then I've basically thrown quite a bit of money away on a home that was worth a lot but later isn't.

I'd still try to keep $30-40k in the bank but there is also the closing costs, and likely even a house in that price range will still need updating, possibly even a new kitchen and or or roof, etc.

My main concern is I don't have a retirement account, so it's not like the down payment money is coming from somewhere with money set aside for retirement and this concerns me as well, because I am guessing that most people talking about putting a certain amount down also have a retirement account, mutual funds, etc, which I do not have any of.

TLDR is putting down a large down payment in order to just afford a decent house you like in your market a bad thing?

submitted by /u/crt894
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Tenant is trying to catch up on back rent by offering assets such as a boat as payment. Is this Legal? (VA.)

Mon, 20 Jan 2020 00:03:41 +0000

I cannot find anything on my state's website about this. A tenant in a property I manage is trying to pay back owed rent by transferring ownership of a boat valued right around the value of the back rent + late fees. I was wondering if anyone has ever accepted payment for rent in assets especially with assets that have a title such as car or boat or knows if it's even legal? Any help is much appreciated even if it's information from another states laws.

submitted by /u/Toonippley
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I might be receiving a gift of equity. What should I do with the equity to start investing?

Sun, 19 Jan 2020 23:44:44 +0000

Hi all,

So my parents may sell me their house for lower than it's market value. From my understanding, the equity would be the current value minus the selling price. So let's say the appraisal comes back at $500K and the sales contract is $400K. That means I would have 100K equity. BUT they currently still owe about 150K on the property which was decided to be my loan amount to buy the house. So on the contract, it would say sale price of $400K with "gift of equity" of 250K (400K-150K). So does this mean I will have 350K total equity in the house?

In any case, what should I do with this equity if I want to start investing in real estate? Get a HELOC and buy a rental property for cashflow? I'm still a newbie and trying to learn as much as possible. My only investments currently are stocks/401K.

Thanks!

submitted by /u/slimjerky1
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House hacking question

Sun, 19 Jan 2020 23:05:48 +0000

Currently living in a house I bought 1.5 years ago and looking to move out, rent this house out, and buy another home. I originally bought this house on a conventional loan with a 3.5% down payment. Can I buy a second owner occupied house with a conventional loan with a low down payment? Like 3-5%?

submitted by /u/jackydurden
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FHA Appraisal in NJ

Sun, 19 Jan 2020 22:56:11 +0000

Hi I am buying my first home and we are using FHA loan so we are putting down 3.5% My loan advisor mentioned roping our closing cost into our mortgage. So we found a home we love and we put in full offer $234,500 and they accepted the offer. So our loan would really be $242,500 because closing costs will be around $8000. So we have our inspection Friday and then after that we have our appraisal. I’m worried about appraisal because we have to appraise for the $242,500 Is it that crazy to think we would appraise for the much? I have looked at other houses sold recently in neighborhood and they are around that price or a little more even. The house has brand new roof, new hot water heater and new A.C. which is central air. Can anyone tell me about their experience with appraisals? I read online that appraiser sees the amount we offered so do they usually try if they can to get it appraised for that amount? TYIA

submitted by /u/Krystle0820
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How much should I (25F) spend on a house/condo/townhouse?

Sun, 19 Jan 2020 22:48:07 +0000

Hi all, I’m a 25F making ~$70k/year. I’ve been looking at various websites but keep getting conflicting information as to how much I should spend on a home. I’m leaning more towards condo/townhouse for maintenance purposes. Also, I have ~$1.1k/month student loan repayments (hopefully decreasing within a few months as paperwork processes for PSLF).

Any insight/resources would be much appreciated!!

submitted by /u/scharia
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