Newsflash: A first time landlord anecdote…

So my wife bought a 6-unit rental property from her mom for just shy of $80k in [MA]. We live in one of the units. One of our units was recently vacated so we’re setting it up for my sister to rent and it needed a lot of TLC. It was built in 1910 so as you can imagine, the drywall and fire walls are in pretty rough shape but they’re okay overall for now.I spent several days in one room with hand mixed concrete patching up the fire wall that the former tenants mercilessly drilled huge ass wall anchors into to hang stuff, patched 10000000 holes in the drywall, sanded, cleaned, and was pumped that I could finally tape, prime, and paint the room.Primed the room, looked halfway decent! I was really excited to add the coat of eggshell finish paint over the top. Stayed up til 1am last night painting in a room where the thermometer peaked at 96 degrees.Wake up this morning to survey my job well done, and what do I find immediately upon walking into the room but a 3″ PIECE OF INVISIBLE SCOTCH TAPE that had been painted over since the beginning of time, right down to the bare concrete……back to the drawing board.Always quadruple check your walls. I’ll never make this mistake again. -____-

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Newsflash: Hey everyone, I need help with this question. How Can I determine the historical stats of a properties location I’m looking at?

I would like to figure out home owners to renters, crime rate, population, job, basically overgrowth over a period of time let’s say 5 years or so. Where Can I look for this answers I can’t find anything online so I hope someone help me if I missing something. Thank you guys ahead of time!

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Newsflash: Thinking about building new… where to start?

The wife and I are thinking about buying a lot and building in dallas, Tx. I have experience buying and selling but I know nothing about building.So… what are the watch outs? Where do I start? What don’t I know?

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Newsflash: Buying first investment home, paid $600 to lender for appraisal but appraiser never went to home? Is that normal?

This is my first investment home purchase (Richmond Virginia USA) so I’m ignorant of the process but my lender (usaa) required a $600 appraisal fee (paying 25% down, 1% origination fee, 5.25% interest rate for 4bedroom single family home), I received the appraisal back and it was appraised about $10k higher than selling price with is fine but what caught my eye was the appraiser never even went to the home or scheduled a walk-through? Should I make a fuss with my lender to get a more accurate appraisal since it was a pretty expensive appraisal? Or should I just count myself lucky and worry about more important things in life?

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Newsflash: Appraiser question – first time buyer

Husband & I are first time buyers. We found the house, have negotiated & agreed on the price. Our lender (bank) set up the appraisal with the appraiser that they always use (we, the buyers, paid for it). The appraisal came back as $7000 less than the seller’s asking price & $4000 less that our offer. Which didn’t surprise us (buyers) as there is no garage, no fencing on the property, no major upgrades, etc. “Plain Jane” house – nothing fancy.Our realtor has been on vacation this week, so she’s just back & got a text from the Seller’s realtor. He stated to our realtor that he “heard from the appraiser that there is a discrepancy & will be revising it ASAP”. Apparently their realtor & the buyer’s are now excited that the amount could be going up.We just went back & looked over the report & sure enough, there is a mistake – appraiser listed it as a 2 bathroom & it’s only a 1 bathroom. Which means that the amount will most likely go down even further (good for us).My question is: Shouldn’t he have contacted us & the bank first to advise of the discrepancy? if we (buyers) & our lender hired the appraiser, why would he be contacting the sellers realtor at all? Is this normal?Again we’re first time buyers & just wondering if this is normal. Thanks in advance for your help!

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Newsflash: Appraisal square footage is 9%short should I back out ?

It’s not a big house . I like the location very much . Walkable score 78. Appraisal price exact as our purchase price .But I can’t pass it since the appraised square footage is much smaller than their advertising. Plus also the county number same with their listing square footage . I have heard that county might be wrong also .Should I back out ? I don’t mind it may cause deposit money lose . Is that negotiable for a lower price based on lower square footage ?

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Newsflash: Buying Land for personal use (CO/US)?

Hello,I was hoping someone could point me in the right direction. I feel like google isn’t much help nowadays. I have some questions regarding purchasing and owning land, and using it. If one wants to buy an acre of land in Colorado for this example, but did not want to use it for residential, commercial, or agricultural reasons (ie not looking to make money), where would I start my search? Am I free to use the land as I please, ie if I wanted to spend 20 years making a sculpture on the piece of land. Or scatter piles of rocks or sticks. Or dig a bunch of holes. Or make a large pointless structure. Or camp. Or ride dirt bikes. Or store bails of hay. You know, whatever – like having an extra large backyard. What expenses are there beyond the initial purchase (annual taxes, etc?? Where do I find info on what’s restricted? What can’t I build? Where in the US has the best land for this sort of open ended personal use?Thanks I’m advance!

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Newsflash: COMMISSION AGREEMENT

My parents are buying a house and the market is very hot. So they decided to tell the broker. They’re going to pay them extra $10,000.The broker recently sent me an email containing the contract about the agreement.Can someone help me double check for me really quick. Just to make sure everything is correct and the broker not pulling a fast one on us. Thank you ^__^Premises:Spicy houseSeller: REALTYPurchaser: Mom & DadIt is hereby agreed that:REALTY is the broker who brought together the above referenced-transaction.The commission due REALTY as result of the above-referenced transaction is $10,000.00 and shall be due and payable by the purchaser at the time of the closing transaction.The commission will not be negotiated after signing of the contract.Accepted & Agreed:REALTYBy: ______________________Date:__________________Purchaser’sDADBy: ______________________Date: _____________________MOMBy: ______________________Date: _______________________

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