Newsflash: Considering Bay Area home with detached rental unit

I found a couple who wants to part with their 1 bedroom single family home in a very desirable part of Berkeley/Oakland. The home also comes with a detached rental unit in the back, that they currently rent for $1,800/month.They said they’d be happy to discuss selling to me before putting it on the market, which (at least in this area), I’m assuming is a good thing. It seems like a great opportunity to get something that would allow me to stay in the area long-term, which has always been a dream of mine. Before getting too excited, and given I’d be a first time home buyer in one of the most competitive markets in the country, I wanted to see if you guys had any thoughts. The home wouldn’t be available until early 2017, so I’m in no rush, but I figured it would be a good idea to start gathering information now.They also said they’d consider owner financing, so that’s something else to consider.Thanks in advance!

Read more at http://www.reddit.com/r/RealEstate/comments/48d6op/considering_bay_area_home_with_detached_rental/

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Newsflash: To people who own Triplex/Fourplexes–What are your maintenance expenses, roughly?

Looking to FHA into a Fourplex pretty soon. Would like to get some information from Reddit on what you other small-time MF owners are dealing with in repairs/maintenance. Would be especially interested in hearing from those who owned both SFH’s and MF’s, and how they compared against each other in expenses.

Read more at http://www.reddit.com/r/RealEstate/comments/48ckt7/to_people_who_own_triplexfourplexeswhat_are_your/

Newsflash: Purchase structure question

I just had a call from someone representing buyers who purchase based on an up front payment and then a series of tax savings over multiple years. It was a very general call and I kinda blew then off (when asked if they had a buyer or if they were at all familier with my city they said no to both).Any idea what they actually do?

Read more at http://www.reddit.com/r/RealEstate/comments/48b3u9/purchase_structure_question/

Newsflash: Right of first refusal

A neighbor would like to buy our house. We are planning to put it on the market in the next month or so. He asked for right of first refusal and I wondered how this works?Do we set a price and offer it to him first?Or do we put it on the market, see what offers we get and then go to him with the best price?We have a recent appraisal. Supposing we were to go to the neighbor w/o putting the house on the market, how do we set the price? I have been told to add 20% to the appraisal value and be willing to accept an offer of 20% lower. Is this good advice?[When we bought this house, it was from a neighbor, in a very neighborly way and it was an excellent decision. So selling it to a neighbor seems fitting.]Thank you!

Read more at http://www.reddit.com/r/RealEstate/comments/48b9mv/right_of_first_refusal/

Newsflash: Best Property Management Software

I run a property management company and am looking at options for a comprehensive software that tracks rents, generates reports, stores tenant information, etc. Just wondering what the best options are. I’ve been considering building my own system on FileMaker pro so I can have cloud accesibily for my employees and myself since we are all always out and about.

Read more at http://www.reddit.com/r/RealEstate/comments/48b3ag/best_property_management_software/

Newsflash: Los Angeles Suburbs – Inflated market to buy now?

I’m looking to purchase my first house late this year or next year, but feel uneasy about the high prices for mediocre homes available in my area (San Fernando Valley). In most areas, 400k will barely get you a 2bedroom, 50-60 year old house or apartment, plus HOA. I have no idea how to read the market, but I know pricing is definitely approaching the higher end and it’s a sellers market.I’m afraid of buying high and ending up with a home worth less than my loan amount in the next few years if the market levels out. On the other hand, we do have quiet a bit of development happening in the area, and I don’t want to miss out on what could be the lowest price left on some of these homes.What factors should I be considering so I don’t end up in a situation where I paid more than the house is worth?

Read more at http://www.reddit.com/r/RealEstate/comments/48b6ug/los_angeles_suburbs_inflated_market_to_buy_now/

Newsflash: Has anyone had experience with buying/selling options over realestate?

I had a look through the history of this sub but couldn’t find much that relates.Would anyone be able to share their experience of buying an option over commercial or residential realestate? In particular, i would like to know what the terms were (e.g. how long you had to exercise the option, how you set the purchase/sale price, the size of the premium etc)thanks in advance

Read more at http://www.reddit.com/r/RealEstate/comments/48atf6/has_anyone_had_experience_with_buyingselling/

Newsflash: [MA] Boston, first time home buyer putting in offer today – 35k over asking price of $479,900

We finally found a property that we like and is priced in our budget, despite being much smaller than we originally wanted. It’s only 2 bedrooms and 1 bathroom.There were about 100 people at the open houses over the weekend, and the listing agent told my realtor she is expecting about 15-20 offers. Per the recommendation of our realtor we are going to offer $515,000 on the house. I’m still not 100% confident we’ll get it, which will be disappointing.Such is the state of the Boston real estate market.Would love to hear from anyone who is in a similar situation and how the process went. How much did you offer over asking in a multi-bid situation? How much higher did you go after the first round and into the “best and final” round? Are we crazy for feeding into this hype?

Read more at http://www.reddit.com/r/RealEstate/comments/48apyo/ma_boston_first_time_home_buyer_putting_in_offer/