Newsflash: Has anyone used Rocket Mortgage by Quicken Loans?

It reliable? Any thoughts?

Read more at http://www.reddit.com/r/RealEstate/comments/43ll8c/has_anyone_used_rocket_mortgage_by_quicken_loans/

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Newsflash: Looking at multiple houses within a 400 mile span. How do we handle buyer’s agent selection?

Normally it seems like people get a buyer’s agent and they show multiple houses within a region until the buyer finds one they want. Our issue is that we care more about the property itself rather than the region so we’re looking at properties within a span of about 400 miles (eastern VA to eastern TN, with some houses down in NC). It therefore doesn’t really seem like we should be dealing with one agent since there’s no way an agent in eastern VA is going to know much about eastern TN, plus it’d be crazy of us to expect an agent to deal with that drive. They probably wouldn’t even have a license there anyways.So say we have five houses we want to see within that span. Do we get multiple buyer’s agents, one for each general area? Do we tour houses with the listing agent and then quickly get a buyer’s agent once we pick a house and are ready to make an offer? Do we do something else?

Read more at http://www.reddit.com/r/RealEstate/comments/43lizm/looking_at_multiple_houses_within_a_400_mile_span/

Newsflash: Reaching out to leads for property management company.

I work for a property management company and my manager is giving me a list of the addresses of 1000 owners of rental properties. I was wondering what would be the best way to reach out to them?So far I thought of dropping off an envelope with their name written on it, which includes a pamphlet about the company and a letter explaining why our company is “better”.What do you guys think? Any suggestions? Any letter templates?

Read more at http://www.reddit.com/r/RealEstate/comments/43kiup/reaching_out_to_leads_for_property_management/

Newsflash: Help, Problems with water leakage in my apartment

I live in Miami. I have an apartment, it’s on the top floor, I have water leakage on my roof. The roof of the apartment building is old and the lack of maintenance is what is causing the leakage. I cannot fix it because the HOA told me that only they can fix the exterior problems of the building I have talked to the HOA. They charged a special assessment to every owner to fix the roof of the building. They have not done anything. It has yet to be fixed and my roof is messing up. What can I do? I appreciate any advise.

Read more at http://www.reddit.com/r/RealEstate/comments/43k9wl/help_problems_with_water_leakage_in_my_apartment/

Newsflash: Make me an offer – Purchasing a rental

We are currently living in a rental, my assignment was temporary but the company offered me a full time job. Anyway we live the house we are in the lady we are renting from wants to sell us the house. Here is the issue. She wants to sell it to us for whay she owes. Great deal on the house, but we are in master built community where all the houses around us are the same (basically) there are 3 or 4 houses with in the immediate area that are in foreclosure or preforclosure (military town) that are a good 20 to 25k less than what she owes, so I told her thanks but told her about the other houses. Well last week then realtor who runs a PMC that she has her house in calls me and says she says make her an offer. I am literally stumped on what to offer and where to start anyone have any tips? Tl;dr: owner wants to sell me the rental I’m in, tells me to make her an offer

Read more at http://www.reddit.com/r/RealEstate/comments/43k7a2/make_me_an_offer_purchasing_a_rental/

Newsflash: My realtor showed me a new home construction he is the sellers agent on and I really love it. How can I ensure he is being honest and he’s not taking me to the cleaners?

He’s essentially getting 6% to NOT represent me. I’ve expressed my concern for him getting it on both sides, and how I am hesitant if I’m going to be represented fairly. He’d assure me that I would be represented fairly. I have seen others suggest that he should recommend another realtor, possibly a co-agent in his firm. But I am hesitant if they are “good ol boys” and will have back room conversations.

Read more at http://www.reddit.com/r/RealEstate/comments/43k1xt/my_realtor_showed_me_a_new_home_construction_he/

Newsflash: Broker or bank?

Hi all! I wasn’t sure if this was the correct sub to post in. I currently have a condo in the Chicago area that I am paying mortgage for. I got my current loan through Wells Fargo.I got married about a year ago and we are ready to start house shopping. We have a realtor, lawyer and had a mortgage broker that our realtor recommend that I had a hard time with accepting.We are pretty well qualified buyers, no debt outside of mortgage, both our credit reports are in the green, never had one late payment since our credit was establisbed, no credit card debts, no car payments, no student loans, both our credit scores average about 800 between the bureaus and have about 100k to put down towards a house. We are looking for a starter home about 300-350k in the suburbs. We make combined about 120k annual. Possibly be looking at a 15 or 20 year loan.I brought up to my wife that I don’t feel comfortable going with a broker, I’d prefer going through a big bank. Chase, bank of america, Wells Fargo etc. She asked why and I couldn’t answer her. She has never gone through the process of buying property so this is all new to her. I explained going through a broker is like for people applying to private dealer loans, you won’t have as many options as getting offers for points, low mortgage rates, quick closing, options like bi-monthly payments, escrow account for property tax, easily accessible online access to your account.Am I paranoid and over thinking it to go to through a broker or should we stick to a big bank being that we are a little more qualified than your average home buyer having great credit and a nice down payment?Thanks in advance!

Read more at http://www.reddit.com/r/RealEstate/comments/43jyom/broker_or_bank/

Newsflash: Renting to tenant with evictions [FL]

I recently put a property up for lease and received quick interest from a potential tenant. After doing a court records check I found that this tenant has prior evictions, which in the past has been an immediate applicant dealbreaker for me. However, when I replied to the potential tenant to notify them about the evictions they offered to prepay 6 months rent in addition to security deposit. I have not yet replied to discuss any further, but I suppose I don’t have too much to lose if there is more than enough cash in hand to prevent any losses due to non-payment and eviction, right? Importantly, none of the previous landlords have submitted a complaint or lawsuit for damages to the properties and the previous evictions have been for non-payment with standard lease terms (month of prepaid rent and security deposits).Given that it is very fast and easy to evict in Florida; typically less than three weeks in my county from posting of pay-or-quit notice to writ of possession served by sheriff, it’s hard for me to see the downside here other than the hassle and possibility of damage to my property. I’m a little more tempted that I would be otherwise because this is a slow time of year for rentals and the upcoming vacancy is unexpected so I’m risking a significant vacancy if I turn this applicant away.Thoughts? Factors I am not considering?TL;DR: Applicant has multiple prior evictions for non-payment but offered to prepay 6 months rent. Would you ever consider accepting this arrangment?

Read more at http://www.reddit.com/r/RealEstate/comments/43jy8a/renting_to_tenant_with_evictions_fl/

Newsflash: Landlords: how much do you budget for maintenance and repairs?

I was listening to a Bigger Pockets episode last night, and they talked about calculating the cost of big repairs over time. The idea is you figure out how much a roof will cost, and how long it will last, and then figure out how much you have to set aside per month to have the capital to pay for a new roof when the time comes. Rinse and repeat for every major potential repair.They said that number comes out to $200-$250 a month on pretty much every house. Obvs this will vary depending on the house, the cost of labor in your area, etc, but it got me to thinking about how much I should be setting aside monthly to make sure my rentals are truly self-sustaining. It’s making me think I’ve been calculating monthly cash flow too optimistically.Then there’s also the money I should be setting aside for vacancies.I’m in escrow on my second rental right now, but let’s look at my existing rental. I’m going to be lazy and just use the numbers these Bigger Pockets guys figured out for maintenance over time, but go with the lower, $200 number because it’s a snug little 3BR row house so there are only two outside walls to maintain, and labor is pretty cheap here.Monthly rent: $1100 Mortgage (PITI): $520 Water (landlord pays): $60 Set-aside for vacancy (10%): $110 Maintenance: $200 Total expenses: $890 Monthly cash flow: $210Dang. I’ve been pulling more cash than $210 out of it per month, but now I’m thinking I should not. My maintenance costs have been minimal so far because I’ve had it less than two years and I fixed all the systems when I bought it. I’m also on my first tenants, but they’re making noises about moving out this summer so I need to be prepared to clean it up and get it rented again. It’s got light-colored carpet installed by the last owner, and I’m def not expecting it to survive beyond these tenants so I’ll have some significant costs ripping out the carpet and refinishing the hardwood floors.Thoughts? How much would you save monthly to be well-prepared for vacancies and big repairs?Bonus question: My cost basis for this house was about $100k (including purchase price, closing costs and initial renovations.) How do I figure out my cap rate?Thanks in advance!

Read more at http://www.reddit.com/r/RealEstate/comments/43jgga/landlords_how_much_do_you_budget_for_maintenance/